Document:

EX-4.2

 Exhibit 4.2 
  

 
  

NINTH SUPPLEMENTAL INDENTURE 

between 
 DIAMOND
OFFSHORE DRILLING, INC. 
 and 

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

as Trustee 
 Dated as of

 AUGUST 15, 2017 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	ARTICLE 1	 
	THE NOTES	 
			
	 Section 1.01.
	 	 Designation of Notes; Establishment of Form
	  	 	2	 
	 Section 1.02.
	 	 Transfer and Exchange
	  	 	4	 
	 Section 1.03.
	 	 Amount
	  	 	6	 
	 Section 1.04.
	 	 Regular Interest
	  	 	6	 
	 Section 1.05.
	 	 Denominations
	  	 	7	 
	 Section 1.06.
	 	 Place of Payment
	  	 	7	 
	 Section 1.07.
	 	 Sinking Fund
	  	 	7	 
	 Section 1.08.
	 	 Redemption
	  	 	7	 
	 Section 1.09.
	 	 Stated Maturity
	  	 	7	 
	 Section 1.10.
	 	 Discharge of Liability on the Notes
	  	 	7	 
	 Section 1.11.
	 	 Other Terms of the Notes
	  	 	7	 
	
	ARTICLE 2	 
	AMENDMENTS TO THE INDENTURE	 
			
	 Section 2.01.
	 	 Amendments Applicable Only to Notes
	  	 	7	 
	 Section 2.02.
	 	 Definitions
	  	 	8	 
	 Section 2.03.
	 	 Amendment to Section 305 of the Indenture
	  	 	13	 
	 Section 2.04.
	 	 Amendment to Section 306 of the Indenture
	  	 	14	 
	 Section 2.05.
	 	 Amendment to Article One of the Indenture
	  	 	14	 
	 Section 2.06.
	 	 Amendment to Article Two of the Indenture
	  	 	15	 
	 Section 2.07.
	 	 Amendment to Section 303 of the Indenture
	  	 	15	 
	 Section 2.08.
	 	 Amendment to Article Four of the Indenture
	  	 	15	 
	 Section 2.09.
	 	 Amendment to Section 501 of the Indenture
	  	 	16	 
	 Section 2.10.
	 	 Amendment to Section 704 of the Indenture
	  	 	18	 
	 Section 2.11.
	 	 Amendment to Section 801 of the Indenture
	  	 	18	 
	 Section 2.12.
	 	 Amendment to Section 901 of the Indenture
	  	 	19	 
	 Section 2.13.
	 	 Amendment to Section 902 of the Indenture
	  	 	19	 
	 Section 2.14.
	 	 Amendment to Article Ten of the Indenture
	  	 	19	 
	
	ARTICLE 3	 
	MISCELLANEOUS PROVISIONS	 
			
	 Section 3.01.
	 	 Integral Part
	  	 	25	 
	 Section 3.02.
	 	 Interpretation
	  	 	25	 
	 Section 3.03.
	 	 Adoption, Ratification and Confirmation
	  	 	25	 
	 Section 3.04.
	 	 Counterparts
	  	 	25	 
	 Section 3.05.
	 	 Governing Law; Consent to Jurisdiction
	  	 	26	 
	 Section 3.06.
	 	 Conflict of Any Provision of Indenture with Trust Indenture Act of 1939
	  	 	26	 

  
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	 Section 3.07.
	 	 Severability of Provisions
	  	 	26	 
	 Section 3.08.
	 	 Successors and Assigns
	  	 	26	 
	 Section 3.09.
	 	 Benefit of Ninth Supplemental Indenture
	  	 	26	 
	 Section 3.10.
	 	 Acceptance by Trustee
	  	 	26	 
	 Section 3.11.
	 	 Waiver of Jury Trial
	  	 	28	 
	 Section 3.12.
	 	 Force Majeure
	  	 	28	 

 ANNEX A – Form of Security 

  
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 DIAMOND OFFSHORE DRILLING, INC. 

NINTH SUPPLEMENTAL INDENTURE 

THIS NINTH SUPPLEMENTAL INDENTURE (this “Ninth Supplemental Indenture”), dated as of August 15, 2017, between Diamond Offshore
Drilling, Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A. (successor to The Bank of New York Mellon which was previously known as The Bank of New York) (as successor under the
Indenture (as defined below) to The Chase Manhattan Bank), a national banking association duly organized under the laws of the United States (the “Trustee”). 

WITNESSETH 
 WHEREAS, the
Company has heretofore executed and delivered to the Trustee an Indenture, dated as of February 4, 1997 (the “Indenture”), providing for the issuance from time to time of its debentures, notes, bonds or other evidences of
indebtedness in one or more fully registered series; 
 WHEREAS, Section 901(5) of the Indenture provides that the Company and the
Trustee may from time to time enter into one or more indentures supplemental thereto to establish the form and terms of Securities of a new series; 

WHEREAS, Sections 901(2) and 901(7) of the Indenture permit the execution of supplemental indentures without the consent of any Holders to add
to the covenants of the Company for the benefit of, and to add any additional Events of Default with respect to, all or any series of Securities; 

WHEREAS, Section 301 of the Indenture provides that the Company and the Trustee may enter into supplemental indentures to establish the
terms and provisions of a series of Securities issued pursuant to the Indenture; 
 WHEREAS, pursuant to the Indenture, the Company desires
to initially issue $500,000,000 aggregate principal amount of 7.875% Senior Notes due 2025 (the “Original Notes” and, together with all the Additional Notes (as defined herein), if any, hereinafter referred to, the
“Notes”), a new series of Security, the issuance of which was authorized by resolutions of the Board of Directors of the Company adopted on July 24, 2017, and resolutions of the Securities Committee of the Board of Directors of
the Company adopted on August 1, 2017; 
 WHEREAS, the Company, pursuant to the foregoing authority, proposes in and by this Ninth
Supplemental Indenture to supplement and amend in certain respects the Indenture insofar as it will apply only to the Notes (and not to any other series); and 

WHEREAS, all things necessary have been done to make the Notes, when executed and duly issued by the Company and authenticated and delivered
by the 

 
Trustee as provided in the Indenture, the valid and legally binding obligations of the Company, and to make this Ninth Supplemental Indenture a valid and legally binding agreement of the Company,
in accordance with their and its terms. 
 NOW THEREFORE: 

In consideration of the purchase and acceptance of the Notes by the Holders and for the premises provided for herein, the Company and the
Trustee mutually covenant and agree for the equal and proportionate benefit of all Holders of the Notes as follows: 
 ARTICLE 1 

THE NOTES 

Section 1.01.    Designation of Notes; Establishment of Form. There shall be a series of Securities
designated “7.875% Senior Notes due 2025” of the Company, and the form thereof shall be substantially as set forth in Annex A hereto, which is incorporated into and shall be deemed a part of this Ninth Supplemental Indenture, with
such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers of the Company executing such Notes, as evidenced by their execution of the Notes. 

(a)    Global Securities. All of the Notes shall be issued initially in the form of one or more notes in
registered, global form without interest coupons (collectively, the “Global Securities”). The Global Securities shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, at its Corporate Trust
Office, as Securities Custodian for the depositary, The Depository Trust Company (the “DTC”) (such depositary, or any successor thereto, being hereinafter referred to as the “Depositary”), and registered in the name
of its nominee, Cede & Co., in each case for credit to an account of a direct or indirect participant in the DTC (including, if applicable, Euroclear Bank S.A./N.V., as operator of the Euroclear System, and Clearstream Banking,
société anonyme), duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of a Global Security may from time to time be increased or decreased by adjustments made on the
records of the Securities Custodian as hereinafter provided, subject in each case to compliance with the Applicable Procedures. 
 Each
Global Security shall represent such of the Outstanding Notes as shall be specified therein and each shall provide that it shall represent the aggregate principal amount of Outstanding Notes from time to time endorsed thereon and that the aggregate
principal amount of Outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect 

  
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exchanges or redemptions of such Notes. Any endorsement of a Global Security to reflect the amount of any increase or decrease in the principal amount of Outstanding Notes represented thereby
shall be made by the Securities Custodian in accordance with the standing instructions and procedures existing between the Depositary and the Securities Custodian. 

Neither any members of, or participants in, the Depositary (“Agent Members”) nor any other Persons on whose behalf Agent
Members may act shall have rights under this Ninth Supplemental Indenture with respect to any Global Security held in the name of the Depositary or any nominee thereof, or under the Global Security, and the Depositary (including, for this purpose,
its nominee) may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and Holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall
(A) prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or (B) impair, as between the Depositary, its Agent
Members and any other Person on whose behalf an Agent Member may act, the operation of customary practices governing the exercise of the rights of a Holder of any Notes. 

(b)    Certificated Securities. Certificated Securities shall be issued only under the limited circumstances
provided in Section 1.02(a) hereof. 
 (c)    Paying Agent. The Company shall maintain an office or agency
where Notes may be presented for payment (“Paying Agent”). The Company shall enter into an appropriate agency agreement with any Paying Agent (if the Paying Agent is other than the Trustee). Any such agreement shall implement the
provisions of this Ninth Supplemental Indenture that relate to such agent. The Company shall notify the Trustee of the name and address of any such agent. If the Company fails to maintain a Paying Agent, the Trustee shall act as such and shall be
entitled to appropriate compensation therefor pursuant to Section 607 of the Indenture. The Company or any Subsidiary or an Affiliate of either of them may act as Paying Agent. The Company initially appoints the Trustee as Paying Agent in
connection with the Notes. 
 (d)    Additional Notes. Subject to the terms and conditions contained
herein, the Company may issue additional Securities (the “Additional Notes”) having the same ranking and the same interest rate, maturity and other terms as the Original Notes (except for the Issue Date, offering price, interest
accrued to the Issue Date and in some cases, first Interest Payment Date), without the consent of the Holders of the Notes then Outstanding, provided that if such Additional Notes are not fungible with the Original Notes for U.S. federal
income tax purposes, such Additional Notes will have a separate CUSIP, ISIN or Common Code, as applicable. The aggregate principal amount of the Additional Notes, if any, shall be unlimited. The Original Notes and the Additional Notes, if any, shall
constitute one series for all purposes under this Ninth Supplemental Indenture (and as such will vote together on matters under the Indenture). Any 

  
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Additional Notes may be issued by or pursuant to a Board Resolution or a supplement to the Indenture. Notwithstanding the foregoing, no Additional Notes may be issued if an Event of Default shall
have occurred and be continuing with respect to the Notes. 
 Section 1.02.    Transfer and Exchange. 

(a)    Transfer and Exchange of Global Securities. 

(1)    Certificated Securities. Certificated Securities shall be issued in exchange for interests in the Global
Securities only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as depositary for the Global Securities or if it at any time ceases to be a “clearing agency” registered under the Exchange Act if
so required by applicable law or regulation and a successor depositary is not appointed by the Company within 90 days or (ii) the Company at any time and in its sole discretion determines not to have the Notes represented by a Global Security.
In each case, the Company shall execute, and the Trustee shall, upon receipt of a Company Order (which the Company agrees to deliver promptly), authenticate and deliver Certificated Securities in an aggregate principal amount equal to the principal
amount of such Global Securities in exchange therefor. Certificated Securities issued in exchange for beneficial interests in Global Securities shall be registered in such names and shall be in such authorized denominations as the Depositary,
pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee, provided that such Certificated Securities shall be in denominations of $2,000 of principal amount and integral multiple of $1,000 in
excess thereof unless the Company instructs otherwise. The Trustee shall deliver or cause to be delivered such Certificated Securities to the persons in whose names such Securities are so registered. Such exchange shall be effected in accordance
with the Applicable Procedures. Nothing herein shall require the Trustee to communicate directly with beneficial owners, and the Trustee shall in connection with any transfers hereunder be entitled to rely on instructions received through the
registered Holder. 
 In the event that Certificated Securities are issued in exchange for beneficial interests in Global Securities in
accordance with the foregoing paragraph and, thereafter, the events or conditions specified in this Section 1.02(a)(1) which required such exchange shall have ceased to exist, the Company shall mail notice to the Trustee and to the Holders
stating that Holders may exchange Certificated Securities for interests in Global Securities by complying with the procedures set forth in this Indenture and briefly describing such procedures and the events or circumstances requiring that such
notice be given. 
 (2)    Notwithstanding any other provisions of this Indenture, a Global Security may not be
transferred, except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a

  
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successor Depositary or a nominee of such successor Depositary. Nothing in this Section 1.02(a)(2) shall prohibit or render ineffective any transfer of a beneficial interest in a Global
Security effected in accordance with the other provisions of this Section 1.02. 
 (b)    Restrictions on
Transfer of a Beneficial Interest in a Global Security for a Certificated Security. A beneficial interest in a Global Security may not be exchanged for a Certified Security except under the limited circumstances provided in Section 1.02(a)
hereof and upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a request in the form satisfactory to the Trustee from the Depositary or its nominee on behalf of a person having a beneficial interest in a Global
Security to register the transfer of all or a portion of such beneficial interest in accordance with Applicable Procedures for a Certificated Security, together with: 

(1)    written instructions to the Trustee to make, or direct the Security Registrar to make, an adjustment on its books
and records with respect to such Global Security to reflect a decrease in the aggregate principal amount of the Notes represented by the Global Security, such instructions to contain information regarding the Depositary account to be credited with
such decrease; and 
 (2)    if the Company or the Trustee so requests, a customary opinion of counsel, certificates and
other information reasonably acceptable to them, 
 then the Trustee shall cause, or direct the Security Registrar to cause, in accordance with the standing
instructions and procedures existing between the Depository and the Security Registrar, the aggregate principal amount of Notes represented by the Global Security to be decreased by the aggregate principal amount of the Certificated Security to be
issued, shall authenticate and deliver such Certificated Security and shall debit or cause to be debited to the account of the Person specified in such instructions a beneficial interest in the Global Security equal to the principal amount of the
Certificated Security so issued. 
 (c)    Transfer and Exchange of Certificated Securities. When Certificated
Securities are presented by a Holder to a Security Registrar with a request: 
 (1)    to register the transfer of the
Certificated Securities to a person who will take delivery thereof in the form of Certificated Securities only; or 

(2)    to exchange such Certificated Securities for an equal principal amount of Certificated Securities of other
authorized denominations; 
 such Security Registrar shall register the transfer or make the exchange as requested; provided, however, that the
Certificated Securities presented or surrendered for register of transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in accordance with the fifth paragraph of Section 305 of the Indenture. 

  
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 (d)    Transfers of Certificated Securities for Beneficial Interest in
Global Securities. If Certificated Securities are presented by a Holder to a Security Registrar with a request: 

(1)    to register the transfer of such Certificated Securities to a person who will take delivery thereof in the form of
a beneficial interest in a Global Security; or 
 (2)    to exchange such Certificated Securities for an equal principal
amount of beneficial interests in a Global Security, which beneficial interests will be owned by the Holder transferring such Certificated Securities; 

the Security Registrar shall register the transfer or make the exchange as requested by canceling such Certificated Security and causing, or directing the
Securities Custodian to cause, the aggregate principal amount of the applicable Global Security to be increased accordingly and, if no such Global Security is then outstanding, the Company shall issue and the Trustee shall authenticate and deliver a
new Global Security; provided, however, that the Certificated Securities presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in accordance with the fifth
paragraph of Section 305 of the Indenture. 
 (e)    Transfers to the Company. Nothing in this
Indenture or in the Securities shall prohibit the sale or other transfer of any Securities (including beneficial interests in Global Securities) to the Company or any of its Subsidiaries. Any Securities purchased by the Company shall thereupon be
canceled in accordance with Section 309 of the Indenture. 
 Section 1.03.    Amount. The
Trustee shall authenticate and deliver Original Notes for original issue in an aggregate principal amount of up to $500,000,000 upon a Company Order for the authentication and delivery of such Notes, without any further action by the Company. The
aggregate principal amount of Original Notes that may be authenticated and delivered under the Indenture may not exceed the amount set forth in the foregoing sentence, except for Notes authenticated and delivered upon registration of transfer of, or
in exchange for, or in lieu of, other Notes pursuant to Section 1.02 of this Ninth Supplemental Indenture or Section 204, 304, 305, 306, 906 or 1107 of the Indenture. 

Section 1.04.    Regular Interest. The principal of the Notes shall bear interest at the rate of 7.875%
per annum from August 15, 2017 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, payable semiannually in arrears on February 15 and August 15 of each year, commencing
February 15, 2018, to the Persons in whose names the Notes are 

  
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registered at the close of business on the February 1 or August 1 (whether or not a Business Day), as the case may be, preceding such Interest Payment Date. Interest on the Notes will
be computed on the basis of a 360-day year comprised of twelve 30-day months. 

Section 1.05.    Denominations. The Notes shall be in fully registered form without coupons in
denominations of $2,000 of principal amount or any integral multiple of $1,000 in excess thereof. 

Section 1.06.    Place of Payment. The Place of Payment for the Notes and the place or places where the
Notes may be surrendered for registration of transfer, exchange or redemption and where notices may be given to the Company in respect of the Notes is at the Corporate Trust Office of the Trustee and at the agency of the Trustee maintained for that
purpose at the office of the Trustee; provided, however, that payment of interest may be made at the option of the Company by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register (as
defined in the Indenture). 
 Section 1.07.    Sinking Fund. There shall be no sinking fund for the
retirement of the Notes. 
 Section 1.08.    Redemption. The Company, at its option, may redeem the
Notes in accordance with the provisions and at the Redemption Price set forth under the captions “Optional Redemption” and “Notice of Redemption” in the Notes and in accordance with the provisions of the Indenture, including,
without limitation, Article Eleven. 
 Section 1.09.    Stated Maturity. The date on which the
principal of the Notes is due and payable, unless accelerated, redeemed or required to be repurchased pursuant to the Indenture, shall be August 15, 2025. 

Section 1.10.    Discharge of Liability on the Notes. The Notes may be discharged by the Company in
accordance with the provisions of Article Four of the Indenture, as amended by Section 2.08 hereof. 

Section 1.11.    Other Terms of the Notes. Without limiting the foregoing provisions of this Article 1,
the terms of the Notes shall be as set forth in the form of the Notes set forth in Annex A hereto and as provided in the Indenture. 

ARTICLE 2 

AMENDMENTS TO THE INDENTURE 

Section 2.01.    Amendments Applicable Only to Notes. The amendments contained herein shall apply to
the Notes only and not to any other series of Security issued under the Indenture, and any covenants provided herein are expressly being included solely for the benefit of the Notes and not for the benefit of any other series of Security issued
under the Indenture. These amendments shall be effective for so long as there remain any Notes Outstanding. 

  
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 Section 2.02.    Definitions. Section 101 of the
Indenture is hereby amended, subject to Section 2.01 hereof and with respect to the Notes only, by inserting or restating, as the case may be, in their appropriate alphabetical position, the following definitions: 

“Notes” has the meaning specified in the recitals to this Ninth Supplemental Indenture. 

“Additional Notes” has the meaning specified in Section 1.01(d) of this Ninth Supplemental Indenture. 

“Agent Members” has the meaning specified in Section 1.01(a) of this Ninth Supplemental Indenture. 

“Applicable Procedures” means, with respect to any transfer or exchange of beneficial ownership interests in a Global
Security, the rules and procedures that are applicable to such transfer or exchange of the Depositary and its direct or indirect participants, including, if applicable, Euroclear Bank S.A./N.V., as operator of the Euroclear System, and Clearstream
Banking, société anonyme, which may change from time to time. 
 “Authorized Officers” has the meaning
specified in Section 3.10 of the Ninth Supplemental Indenture. 
 “Capital Stock” or “capital stock”
of any Person means any and all shares, interests, partnership interests, participations, rights or other equivalents (however designated) of equity interests (however designated) issued by that Person. 

“Certificated Security” means a Security that is in substantially the form attached hereto as Annex A and that does
not include the information or the schedule called for by footnotes 1, 2 and 3 thereto. 
 “Change of Control” means the
occurrence of any of the following: 
 (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way
of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole to any Person other than a Permitted Holder (including any
“person” (as that term is used in Section 13(d)(3) of the Exchange Act)), in each case which occurrence is followed by a Rating Event within 60 days thereafter; 

(2) the adoption by the stockholders of the Company of a plan relating to the liquidation or dissolution of the Company; or 

(3) the consummation of any transaction (including any merger or consolidation), the result of which is that any Person (including any
“person” (as 

  
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defined above)), other than a Permitted Holder, becomes the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of the Company, measured by voting power rather than
number of shares, units or the like, which occurrence is followed by a Rating Event within 60 days thereafter. 
 “Change of Control
Offer” has the meaning specified in Section 2.14 of this Ninth Supplemental Indenture. 
 “Change of Control
Payment” has the meaning specified in Section 2.14 of this Ninth Supplemental Indenture. 
 “Change of Control Payment
Date” has the meaning specified in Section 2.14 of this Ninth Supplemental Indenture. 
 “Change of Control Repurchase
Event” means the occurrence of both a Change of Control and a Rating Event with respect to the Notes. 
 “Comparable
Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term (“Remaining Life”) of the Notes being
redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes. 

“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of five Reference Treasury
Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such
quotations. 
 “Consolidated Net Tangible Assets” means the total amount of assets (less applicable reserves and other
properly deductible items) after deducting (1) all current liabilities (excluding the amount of those which are by their terms extendable or renewable at the option of the obligor to a date more than 12 months after the date as of which the
amount is being determined) and (2) all goodwill, tradenames, trademarks, patents, unamortized debt discount and expense and other like intangible assets, all as set forth on the most recent balance sheet of the Company and its consolidated
subsidiaries and determined in accordance with GAAP. 
 “Consolidated Net Worth” means, at any time, the Net Worth of the
Company and its Subsidiaries on a consolidated basis determined in accordance with GAAP. 
 “Corporate Trust Office” means
the principal office of the Trustee in Houston, Texas, at which at any particular time its corporate trust business shall be principally administered, which office at the date hereof is located at 601 Travis Street, 16th Floor, Houston, Texas 77002, Fax No. (713) 483-6979 (with a copy to The Bank of New York Mellon, Attn: Corporate Trust at 101 Barclay Street, 7E, New York,
New York 10286). 

  
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 “Depositary” has the meaning specified in Section 1.01(a) of this Ninth
Supplemental Indenture. 
 “DTC” has the meaning specified in Section 1.01(a) of this Ninth Supplemental Indenture.

 “Electronic Means” has the meaning specified in Section 3.10 of the Ninth Supplemental Indenture. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute. 

“Funded Debt” means indebtedness of the Company or a Subsidiary owning Restricted Property maturing by its terms more than
one year after its creation and indebtedness classified as long term debt under GAAP, and in each case ranking at least pari passu with the Securities. 

“GAAP” means generally accepted accounting principles as in effect on the date of determination in the United States. 

“Global Security” means a permanent Global Security that is in substantially the form attached hereto as Annex A and
that includes the information and schedule called for by footnotes 1, 2 and 3 thereto and which is deposited with the Depositary or the Securities Custodian and registered in the name of the Depositary or its nominee. 

“Indenture” has the meaning specified in the recitals to this Ninth Supplemental Indenture. 

“Independent Investment Banker” means one of the Reference Treasury Dealers that the Company appoints to act as the
Independent Investment Banker from time to time. 
 “Instructions” has the meaning specified in Section 3.10 of the
Ninth Supplemental Indenture. 
 “Issue Date” of any Notes means the date on which such Notes were originally issued or
deemed issued as set forth on the face of such Notes. 
 “Lien” means any mortgage, pledge, lien, encumbrance, charge or
security interest. 
 “Net Worth” means, at any time with respect to the Company or a Subsidiary thereof, the net worth of
the Company or such Subsidiary, as the case may be, determined in accordance with GAAP. 

  
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 “Opinion of Counsel” means a written opinion from counsel (which opinion is
reasonably acceptable to the Trustee), who may be an employee of or counsel to the Company. 
 “Original Notes” has the
meaning specified in the recitals to this Ninth Supplemental Indenture. 
 “Permitted Holder” means (i) Loews
Corporation and its affiliates, (ii) the Company, (iii) any Person of which the Company becomes a wholly-owned subsidiary, provided that immediately after such event, the beneficial owners of the Voting Stock of the Company immediately
prior to such event beneficially own, directly or indirectly, a majority of Voting Stock of such Person, (iv) any Subsidiary of any of the foregoing, and (v) any officer, director, manager, member or partner of any of the foregoing. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company or government or other entity. 
 “Rating Agencies” means, with
respect to the Notes, (1) each of Moody’s Investors Service, Inc. and S&P Global Ratings, and the successors of either and (2) if either of the aforementioned ceases to rate the Notes or fails to make a rating of the Notes
publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act,
selected by the Company as a replacement agency for each of the aforementioned, or both of them, as the case may be. 
 “Rating
Event” means, with respect to the Notes, the rating of such Notes is lowered from the rating received by such Notes upon issuance by each of the Rating Agencies on any date from the date of the public notice of an arrangement that could
reasonably be expected to result in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of Control (which
60-day period shall be extended so long as the rating of such Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies). 

“Redemption Date” means any date fixed for redemption of Notes by or pursuant to the Indenture. 

“Reference Treasury Dealer” means (1) Barclays Capital Inc. and J.P. Morgan Securities LLC and, in each case, their
respective successors; provided, however, that if any of the foregoing ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will appoint another Primary
Treasury Dealer as a substitute and (2) any other Primary Treasury Dealers selected by the Company. 

  
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 “Reference Treasury Dealer Quotations” means, for each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by the Reference
Treasury Dealer at 5:00 p.m. New York City time on the third Business Day preceding the Redemption Date for the Notes being redeemed. 

“Responsible Officer” means, when used with respect to the Trustee, any officer within the Corporate Trust Office of the
Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time
shall be such officers, respectively, and to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this
Indenture. 
 “Restricted Property” means (1) any drilling rig or drillship which is leased by the Company or any
Subsidiary as a lessee, or greater than a 50% interest in which is owned by the Company or any Subsidiary, and which is used for drilling offshore oil and gas wells, which, in the opinion of the Board of Directors, is of material importance to the
business of the Company and its Subsidiaries taken as a whole, but no such drilling rig or drillship, or portion thereof, shall be deemed of material importance if its net book value is less than 2% of Consolidated Net Tangible Assets, or
(2) any shares of capital stock or indebtedness of any Subsidiary owning any such drilling rig or drillship. 
 “Sale and
Leaseback Transaction” means any arrangement with any Person pursuant to which the Company or any Subsidiary leases any Restricted Property that has been or is to be sold or transferred by the Company or the Subsidiary to such Person, other
than (1) leases for a term, including renewals at the option of the lessee, of not more than five years, (2) leases between the Company and a Subsidiary or between Subsidiaries, (3) leases of a Restricted Property executed by the time
of, or within 12 months after the latest of, the acquisition, the completion of construction or improvement or the commencement of commercial operation of the Restricted Property, and (4) arrangements pursuant to any provision of law with an
effect similar to the former Section 168(f)(8) of the Internal Revenue Code of 1954. 
 “Securities” means any
securities authenticated and delivered under the Indenture, as the same may be amended or supplemented, including the Notes. 

“Securities Custodian” means the Trustee, as custodian with respect to the Securities in global form, or any successor
thereto. 

  
 12 

 “Significant Subsidiary” means any Subsidiary, the Net Worth of which represents
more than 10% of the Consolidated Net Worth of the Company and its Subsidiaries. 
 “Treasury Rate” means, with respect to
any Redemption Date, the rate per annum equal to: (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or
any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption
“Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue; provided, however, that, if no maturity is within three months before or after the Remaining Life of the Notes to be redeemed, yields
for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest month;
or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of the Comparable Treasury
Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated on the third Business Day
preceding the Redemption Date. 
 “Value” means, with respect to a Sale and Leaseback Transaction, an amount equal to the
present value (discounted at the rate set forth or implicit in the terms of the lease included in such transaction) of the lease payments (other than amounts required to be paid on account of taxes, maintenance, repairs, insurance, assessments,
utilities, operating and labor costs and other items that do not constitute payments for property rights) with respect to the term of the lease remaining on the date as of which the amount is being determined, without regard to any renewal or
extension options contained in the lease. In the case of any lease that is terminable by the lessee upon the payment of a penalty, such net amount shall be the lesser of the net amount determined assuming termination upon the first day such lease
may be terminated (in which case the net amount shall also include the amount of the penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated) or the net amount
determined assuming no such termination. 
 “Voting Stock” of any specified Person as of any date means the capital stock
of such Person that is at the time entitled to vote in the election of the board of directors (or similar governing body) of such Person. 

Section 2.03.    Amendment to Section 305 of the Indenture. The Indenture is hereby
amended, subject to Section 2.01 hereof and with respect to the Notes 

  
 13 

 
only, by replacing the seventh paragraph of Section 305 of the Indenture with the following paragraph: 

The Company shall not be required (i) to issue, register the transfer of or exchange the Securities of any series during a
period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Securities of that series selected for redemption and ending at the close of business on the day of such mailing, (ii) to register
the transfer of or exchange any Notes so selected for redemption in whole or in part, except the unredeemed portion of any Notes being redeemed in part, or (iii) to register the transfer of or exchange any Note during a Change of Control Offer
if such Note is validly tendered pursuant to such Change of Control Offer and not validly withdrawn. 

Section 2.04.    Amendment to Section 306 of the Indenture. The Indenture is hereby
amended, subject to Section 2.01 hereof and with respect to the Notes only, by replacing the second paragraph of Section 306 of the Indenture with the following paragraph: 

In case any such mutilated, destroyed, lost or stolen Security has or is about to become due and payable, or is about to be
redeemed by the Company pursuant to Article Eleven, the Company in its discretion may, instead of issuing a new Security, pay such Security. 

Section 2.05.    Amendment to Article One of the Indenture. Article One of the Indenture is hereby
amended, subject to Section 2.01 hereof and with respect to the Notes only, by adding a new Section 115 of the Indenture as follows: 

Section 115.    Legal Holidays. 

In any case where any Interest Payment Date, Redemption Date, Change of Control Payment Date or Stated Maturity of any Security
shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities) payment of principal and interest (and premium, if any) need not be made at such Place of Payment on such date,
but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, Change of Control Payment Date or Redemption Date, or at the Stated Maturity, provided that no
interest shall accrue or be payable for the intervening period on such payment. 

  
 14 

 Section 2.06.    Amendment to Article Two of the Indenture.
Article Two of the Indenture is hereby amended, subject to Section 2.01 hereof and with respect to the Notes only, by adding a new Section 205 of the Indenture as follows: 

Section 205.    CUSIP and ISIN Numbers. 

The Company in issuing the Notes may use “CUSIP”, “ISIN” or other similar numbers (if then generally in
use), and, if so, the Trustee shall use “CUSIP”, “ISIN” or other similar numbers in all notices issued to Holders as a convenience to such Holders; provided that any such notice may state that no representation is made as
to the correctness of such numbers either as printed on the Notes or on such notice and that reliance may be placed only on the other identification numbers printed on the Notes. The Company shall notify the Trustee in writing of any change in such
“CUSIP”, “ISIN” or other similar numbers.  
 Section 2.07.    Amendment to
Section 303 of the Indenture. Article Three of the Indenture is hereby amended, subject to Section 2.01 hereof and with respect to the Notes only, by deleting the first sentence of Section 303 of the Indenture
and replacing that sentence with the following: 
 The Securities shall be executed on behalf of the Company by its Chairman
of the Board, its President, one of its Vice Presidents or its Treasurer and attested by its Secretary or one of its Assistant Secretaries. 

Section 2.08.    Amendment to Article Four of the Indenture. Article Four of the Indenture is hereby
amended, subject to Section 2.01 hereof and with respect to the Notes only, by deleting Sections 401 and 403 of the Indenture and replacing those sections with the following: 

Section 401.    Discharge of Liability on Securities; Repayment to the Company. 

When (i) the Company delivers to the Trustee or any Paying Agent all Outstanding Notes (other than Notes replaced pursuant
to Section 306 of this Indenture) for cancellation or (ii) all Outstanding Notes have become due and payable and the Company has deposited with the Trustee or any Paying Agent (or, if the Company is acting as its own Paying Agent, has
segregated and held in trust as provided in Section 1003 of this Indenture) cash sufficient to pay all amounts due and owing on such Outstanding Notes (other than Notes replaced pursuant to Section 306 of this Indenture), and the Company
has paid all other sums payable hereunder by the Company, then this Indenture shall, subject to Section 607 of this Indenture, cease to be of further effect with respect to the Notes, except for the indemnification of the Trustee, which shall
survive. The Trustee shall join in the execution of a document prepared by the Company acknowledging satisfaction and discharge of this Indenture with respect to the Notes on demand of the Company accompanied by an Officers’ Certificate and
Opinion of Counsel and at the cost and expense of the Company. 
 The Trustee and the Paying Agent shall return to the
Company upon written request any money or securities held by them for the 

  
 15 

 
payment of any amount with respect to the Notes that remains unclaimed for two years, subject to applicable unclaimed property law. After return to the Company, Holders entitled to the money or
securities must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person and the Trustee and the Paying Agent shall have no further liability to the Holders of Notes with respect to
such money or securities for that period commencing after the return thereof. 
 Notwithstanding the satisfaction and
discharge of this Indenture with respect to the Notes, the obligations of the Company and the rights of the Trustee with respect to the Notes under Section 607 of this Indenture shall survive and the obligations of the Trustee under this
sentence and Sections 402 and 1003 of this Indenture shall survive. 
 Section 2.09.    Amendment to
Section 501 of the Indenture. Section 501 of the Indenture is hereby amended, subject to Section 2.01 hereof and with respect to the Notes only, by deleting subsections (1), (2), (3), (4), (5) and
(6) thereof, and inserting the following as new subsections (1), (2), (3), (4), (5) and (6) thereof: 

(1)    default in the payment of any interest upon the Notes when it becomes due and payable, and
continuance of such default for a period of 30 days; or 
 (2)    (a) default in the payment of the
principal amount at its Maturity on the Notes, or the Redemption Price for the Notes, by the Company or (b) the Company’s failure to repurchase all of the Notes tendered for purchase upon a Change of Control Repurchase Event under
Section 1011 of this Indenture; or 
 (3)    a default under any bonds, debentures, notes or other
evidences of indebtedness for money borrowed by the Company or a Subsidiary or under any mortgages, indentures or instruments under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the
Company or a Subsidiary, whether such indebtedness now exists or shall hereafter be created, which indebtedness, individually or in the aggregate, is in excess of $100.0 million principal amount (excluding any such indebtedness of any
Subsidiary other than a Significant Subsidiary, all the indebtedness of which Subsidiary is nonrecourse to the Company or any other Subsidiary), which default shall constitute a failure to pay any portion of the principal of such indebtedness when
due and payable after the expiration of any applicable grace or cure period with respect thereto or shall have resulted in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and
payable, without such indebtedness having been discharged, or such acceleration having been rescinded or annulled, within a period of 10 days after there 

  
 16 

 
shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Notes
a written notice specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such acceleration to be rescinded or annulled and stating that such notice is a “Notice of Default” hereunder; or 

(4)    default by the Company in the performance, or breach, of any covenant or warranty of the Company in
this Indenture (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section 501 specifically dealt with), and continuance of such default or breach for a period of 60 days after there has been
given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Notes a written notice specifying such default or breach and requiring it
to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(5)    the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in
respect of the Company or a Significant Subsidiary in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company or a
Significant Subsidiary a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company or a Significant Subsidiary under any applicable Federal or
State law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or a Significant Subsidiary or of any substantial part of their respective properties, or ordering the winding up or
liquidation of the affairs of the Company or a Significant Subsidiary, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; or 

(6)    the commencement by the Company or a Significant Subsidiary of a voluntary case or proceeding under
any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by either the Company or a Significant Subsidiary to the entry
of a decree or order for relief in respect of the Company or a Significant Subsidiary in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of
any bankruptcy or insolvency case or proceeding against either the Company or a Significant Subsidiary, or the filing by either the Company or a Significant Subsidiary of a petition or answer or consent seeking reorganization or relief under any
applicable 

  
 17 

 
Federal or State law, or the consent by either the Company or a Significant Subsidiary to the filing of such petition or to the appointment of or taking possession by a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the Company or a Significant Subsidiary or of any substantial part of their respective properties, or the making by either the Company or a Significant Subsidiary of an
assignment for the benefit of creditors, or the admission by either the Company or a Significant Subsidiary in writing of an inability to pay the debts of either the Company or a Significant Subsidiary generally as they become due, or the taking of
corporate action by the Company or a Significant Subsidiary in furtherance of any such action. 

Section 2.10.    Amendment to Section 704 of the Indenture. Section 704 of the
Indenture is hereby amended, subject to Section 2.01 hereof and with respect to the Notes only, by deleting such section and replacing it in its entirety with the following: 

Section 704    Reports by the Company. The Company shall comply with Section 314(a) of the
Trust Indenture Act. For the avoidance of doubt, any report, information or document required to be filed with the Trustee pursuant to Section 314(a)(1) of the Trust Indenture Act shall be deemed so filed to the extent the Company has filed or
furnished such report, information or document with the Commission using the EDGAR filing system (or any successor thereto) and such report, information or document is publicly available. Delivery of such reports, information and documents to the
Trustee is for informational purposes only and the Trustee’s receipt thereof shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

Section 2.11.    Amendment to Section 801 of the Indenture. Section 801 of the
Indenture is hereby amended, subject to Section 2.01 hereof and with respect to the Notes only, by deleting subsection (1) thereof, and inserting the following as new subsection (1) thereof: 

(1)    the Person formed by such consolidation or into which the Company is merged or the Person which
acquires by conveyance or transfer the properties and assets of the Company substantially as an entirety shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due
and punctual payment of the principal of (and premium, if any) and interest on all the Securities and the performance of every covenant of this Indenture on the part of the Company to be performed or observed; 

  
 18 

 Section 2.12.    Amendment to Section 901 of the
Indenture. Section 901 of the Indenture is hereby amended, subject to Section 2.01 hereof and with respect to the Notes only, by deleting subsection (1) thereof, and inserting the following as new subsection
(1) thereof: 
 (1)    to evidence the succession of another corporation or other Person to the
Company, and the assumption by any such successor of the covenants of the Company herein and in the Securities contained; or 

Section 2.13.    Amendment to Section 902 of the Indenture. Section 902 of the
Indenture is hereby amended, subject to Section 2.01 hereof and with respect to the Notes only, by deleting the period at the end of subsection (3) of the first paragraph and inserting the following at the end of the first paragraph: 

; or 

(4)    Adversely affect the repurchase or redemption provisions of this Indenture. 

Section 2.14.    Amendment to Article Ten of the Indenture. Article Ten of the Indenture is hereby
amended, subject to Section 2.01 hereof and with respect to the Notes only, by adding the following sections thereto: 

Section 1006    Maintenance of Properties. 

The Company will cause all properties used or useful in the conduct of its business or the business of any Subsidiary to be
maintained and kept in good condition, repair and working order, normal wear and tear excepted, and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof,
all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 1006 shall prevent
the Company from discontinuing the operation or maintenance of any of such properties, or disposing of any of them, if such discontinuance or disposition is, in the judgment of the Company, desirable in the conduct of its business or the business of
any Subsidiary. 
 Section 1007    Payment of Taxes and Other Claims. 

The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (1) all
taxes, assessments and governmental charges levied or imposed upon the Company or any Subsidiary or upon the income, profits or property of the Company or any Subsidiary, and (2) all lawful claims for labor, materials and supplies which, if
unpaid, might by law become a material Lien upon the property of the Company or any Subsidiary; provided, however, that 

  
 19 

 
the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in
good faith by appropriate proceedings. 
 Section 1008    Waiver of Certain Covenants. 

The Company may omit in any particular instance to comply with any covenant or condition set forth in Sections 1005 to 1011,
inclusive, of this Indenture if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Notes, by Act of such Holders, either waive such compliance in such instance or generally waive compliance
with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the
Trustee in respect of any such covenant or condition shall remain in full force and effect. 

Section 1009    Limitation on Liens. 

The Company shall not create, assume or suffer to exist any Lien on any Restricted Property to secure any debt of the Company,
any Subsidiary or any other Person, or permit any Subsidiary so to do, without making effective provision whereby the Notes then outstanding and having the benefit of this Section shall be secured by a Lien equally and ratably with such debt for so
long as such debt shall be so secured, except that the foregoing shall not prevent the Company or any Subsidiary from creating, assuming or suffering to exist Liens of the following character: 

(1)    any Lien existing on the Issue Date of the Notes; 

(2)    any Lien existing on Restricted Property owned or leased by a corporation or other entity at the
time it becomes a Subsidiary; 
 (3)    any Lien existing on Restricted Property at the time of the
acquisition thereof by the Company or a Subsidiary; 
 (4)    any Lien to secure any debt incurred prior
to, at the time of, or within 12 months after the acquisition of Restricted Property for the purpose of financing all or any part of the purchase price thereof and any Lien to the extent that it secures debt which is in excess of such purchase price
and for the payment of which recourse may be had only against such Restricted Property; 
 (5)    any
Lien to secure any debt incurred prior to, at the time of, or within 12 months after the completion of the construction and commencement of commercial operation, alteration, repair or improvement of Restricted Property for the purpose of financing
all or any 

  
 20 

 
part of the cost thereof and any Lien to the extent that it secures debt which is in excess of such cost and for the payment of which recourse may be had only against such Restricted Property;

 (6)    any Lien securing debt of a Subsidiary owing to the Company or to another Subsidiary; 

(7)    any Lien in favor of the United States of America or any State thereof or any other country, or any
agency, instrumentality or political subdivision of any of the foregoing, to secure partial, progress, advance or other payments or performance pursuant to the provisions of any contract or statute, or any Liens securing industrial development,
pollution control, or similar revenue bonds; 
 (8)    Liens imposed by law, such as mechanics’,
workmen’s, repairmen’s, materialmen’s, carriers’, warehousemen’s, vendors’ or other similar Liens arising in the ordinary course of business, or governmental (federal, state or municipal) Liens arising out of contracts
for the sale of products or services by the Company or any Subsidiary, or deposits or pledges to obtain the release of any of the foregoing; 

(9)    pledges or deposits under workmen’s compensation laws or similar legislation and Liens of
judgments thereunder which are not currently dischargeable, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of money) or leases to which the Company or any Subsidiary is a party, or deposits to secure
public or statutory obligations of the Company or any Subsidiary, or deposits in connection with obtaining or maintaining self insurance or to obtain the benefits of any law, regulation or arrangement pertaining to unemployment insurance, old age
pensions, social security or similar matters, or deposits of cash or obligations of the United States of America to secure surety, appeal or customs bonds to which the Company or any Subsidiary is a party, or deposits in litigation or other
proceedings such as, but not limited to, interpleader proceedings; 
 (10)    Liens created by or
resulting from any litigation or other proceeding which is being contested in good faith by appropriate proceedings, including Liens arising out of judgments or awards against the Company or any Subsidiary with respect to which the Company or such
Subsidiary is in good faith prosecuting an appeal or proceedings for review; or Liens incurred by the Company or any Subsidiary for the purpose of obtaining a stay or discharge in the course of any litigation or other proceeding to which the Company
or such Subsidiary is a party; 
 (11)    Liens for taxes or assessments or governmental charges or
levies not yet due or delinquent, or which can thereafter be paid without penalty, or which are being contested in good faith by appropriate proceedings; 

  
 21 

 (12)    any extension, renewal or replacement (or successive
extensions, renewals or replacements) in whole or in part of any Lien referred to in clauses (1) through (11) above, so long as the principal amount of the debt secured thereby does not exceed the principal amount of debt so secured at the time
of the extension, renewal or replacement (except that, where an additional principal amount of debt is incurred to provide funds for the completion of a specific project, the additional principal amount, and any related financing costs, may be
secured by the Lien as well) and the Lien is limited to the same property subject to the Lien so extended, renewed or replaced (plus improvements on the property); and 

(13)    any Lien not permitted by clauses (1) through (12) above securing debt that, together with the
aggregate outstanding principal amount of all other debt of the Company and its Subsidiaries secured by Liens which would otherwise be prohibited by the foregoing restrictions and the aggregate Value of existing Sale and Leaseback Transactions which
would be subject to the restrictions of Section 1010 of this Indenture but for this clause (13), does not at any time exceed 10% of Consolidated Net Tangible Assets. 

Section 1010    Limitation on Sale And Leasebacks. 

The Company shall not enter into any Sale and Leaseback Transaction covering any Restricted Property, nor permit any Subsidiary
so to do, unless either: 
 (1)    the Company or such Subsidiary would be entitled to incur debt, in a
principal amount at least equal to the Value of such Sale and Leaseback Transaction, which is secured by Liens on the property to be leased (without equally and ratably securing the Outstanding Notes) because such Liens would be of such character
that no violation of the provisions of Section 1009 of this Indenture would result, or 
 (2)    the
Company during the six months immediately following the effective date of such Sale and Leaseback Transaction causes to be applied to (A) the acquisition of Restricted Property or (B) the voluntary retirement of Funded Debt (whether by
redemption, defeasance, repurchase, or otherwise) an amount equal to the Value of such Sale and Leaseback Transaction. 

Section 1011    Change of Control Repurchase Event. 

(a)    Upon the occurrence of a Change of Control Repurchase Event with respect to the Notes, unless the
Company has previously or 

  
 22 

 
concurrently exercised its right to redeem all of the then Outstanding Notes, each Holder of Notes will have the right, except as provided below, to require the Company to repurchase all or any
part (in denominations of $2,000 of principal amount or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes at a purchase price in cash equal to 101.0% of the principal amount of the Notes to be repurchased, plus accrued
and unpaid interest, if any, thereon to, but not including, the date of repurchase (the “Change of Control Payment”). 

(b)    Not later than 45 days following any Change of Control Repurchase Event, unless the Company has
exercised its right to redeem all of the then Outstanding Notes, the Company will deliver, or cause to be delivered, to the Holders of record of the Notes, with a copy to the Trustee, a notice: 

(1)    describing the transaction or transactions that constitute the Change of Control Repurchase Event;

 (2)    offering to repurchase, pursuant to the procedures required by this Indenture and described in
such notice (a “Change of Control Offer”), on a date specified in the notice, which shall be a Business Day not earlier than 30 days, nor later than 60 days, from the date the notice is delivered (the “Change of Control
Payment Date”), and for the Change of Control Payment, all Notes that are properly tendered by such Holder pursuant to such Change of Control Offer prior to 5:00 p.m. New York time on the second Business Day preceding the Change of Control
Payment Date; and 
 (3)    describing the procedures, as determined by the Company, consistent with this
Indenture, that Holders of record of the Notes must follow to accept the Change of Control Offer. 

(c)    On or before the Change of Control Payment Date, the Company will, to the extent lawful, deposit
with the Paying Agent an amount equal to the Change of Control Payment in respect of the Notes or portions of Notes properly tendered. 

(d)    On the Change of Control Payment Date, the Company will, to the extent lawful: 

(1)    accept for payment all Notes or portions of Notes (in denominations of $2,000 or integral multiples
of $1,000 in excess thereof) properly tendered pursuant to the Change of Control Offer; and 

(2)    deliver or cause to be delivered to the Trustee the Notes so accepted together with an
Officers’ Certificate stating the aggregate principal amount of Notes or portions of the Notes being purchased by the Company. 

  
 23 

 (e)    The Paying Agent will promptly deliver to each Holder
who has so tendered Notes the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of
the Notes so tendered, if any; provided that each such new Note will be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof. 

(f)    If the Change of Control Payment Date is on or after an interest record date and on or before the
related Interest Payment Date, any accrued and unpaid interest, if any, to, but not including, such date will be paid on the relevant Interest Payment Date to the Person in whose name a Note is registered at the close of business on such record
date. 
 (g)    A Change of Control Offer will be required to remain open for at least 20 Business Days
or for such longer period as is required by law. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the date of purchase. 

(h)    The Company will not be required to make a Change of Control Offer upon a Change of Control
Repurchase Event if (i) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company and
purchases all Notes properly tendered and not withdrawn under such Change of Control Offer or (ii) the Company has given notice of the redemption of all of the Notes then Outstanding as set forth under the caption “Notice of
Redemption” in the Notes unless and until there is a default in the payment of the applicable Redemption Price. 

(i)    If Holders of not less than 90.0% in aggregate principal amount of the Outstanding Notes validly
tender and do not withdraw such Notes in a Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company as described above, purchases all of the Notes validly tendered and not withdrawn by such
Holders, the Company will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer, to redeem all Notes that remain Outstanding
following such purchase at a Redemption Price in cash equal to the applicable Change of Control Payment, plus, to the extent not included in the Change of Control Payment price, accrued and unpaid interest, if any, to, but not including, the
Redemption Date. 

  
 24 

 (j)    The Company will comply with all applicable securities
regulation in the United States, including, without limitation, the requirements of Rule 14e-1 under the Exchange Act and any other applicable laws and regulations in connection with the purchase of Notes
pursuant to a Change of Control Offer. To the extent that the provisions of any applicable securities laws or regulations conflict with this Section 1011, the Company shall comply with the applicable securities laws and regulations and will not
be deemed to have breached its obligations under this Section 1011 by virtue of such compliance. 

(k)    Notwithstanding anything to the contrary contained herein, a Change of Control Offer may be made in
advance of a Change of Control Repurchase Event, conditional upon such Change of Control Repurchase Event, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer. 

ARTICLE 3 

MISCELLANEOUS PROVISIONS 

Section 3.01.    Integral Part. This Ninth Supplemental Indenture constitutes an integral part of the
Indenture with respect to the Notes only. 
 Section 3.02.    Interpretation. For all purposes of
this Ninth Supplemental Indenture: 
 (a)    capitalized terms used herein without definition shall have the meanings
specified in the Indenture; 
 (b)    the terms “herein”, “hereof’, “hereunder” and other
words of similar import refer to this Ninth Supplemental Indenture; and 
 (c)    Article and Section headings herein
are for convenience only and shall not affect the construction hereof. 
 Section 3.03.    Adoption,
Ratification and Confirmation. The Indenture, as supplemented and amended by this Ninth Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed, and this Ninth Supplemental Indenture shall be deemed part of the
Indenture in the manner and to the extent herein and therein provided. The provisions of this Ninth Supplemental Indenture shall, subject to the terms hereof, supersede the provisions of the Indenture to the extent the Indenture is inconsistent
herewith. 
 Section 3.04.    Counterparts. This Ninth Supplemental Indenture may be executed in any
number of counterparts, each of which when so executed shall be deemed an original; and all such counterparts shall together constitute but one and the same instrument. 

  
 25 

 Section 3.05.    Governing Law; Consent to Jurisdiction.
THIS NINTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAW RULES OF SAID STATE. 

Any legal suit, action or proceeding arising out of or based upon this Ninth Supplemental Indenture or the transactions contemplated hereby
may be instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each case located in the City of New York, Borough of Manhattan, and each party irrevocably submits to
the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent allowed under any applicable statute or rule of
court) to such party’s address shall be effective service of process for any suit, action or other proceeding brought in any such court. The Company, the Trustee, and the Holders of Notes (by their acceptance of the Notes) each hereby
irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in such courts and irrevocably and unconditionally waive and agree not to plead or claim any such suit, action or other proceeding has
been brought in an inconvenient forum. 
 Section 3.06.    Conflict of Any Provision of Indenture with Trust
Indenture Act of 1939. If and to the extent that any provision of this Ninth Supplemental Indenture limits, qualifies or conflicts with a provision required under the terms of the Trust Indenture Act of 1939, as amended, such Trust
Indenture Act provision shall control. 
 Section 3.07.    Severability of Provisions. In case any
provision in this Ninth Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 3.08.    Successors and Assigns. All covenants and agreements in this Ninth Supplemental
Indenture by the parties hereto shall bind their respective successors and assigns and inure to the benefit of their respective successors and assigns, whether so expressed or not. 

Section 3.09.    Benefit of Ninth Supplemental Indenture. Nothing in this Ninth Supplemental Indenture,
express or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent, and their successors hereunder, and the Holders of the Notes, any benefit or any legal or equitable right, remedy or claim under
this Ninth Supplemental Indenture. 
 Section 3.10.    Acceptance by Trustee. The Trustee accepts the
amendments to the Indenture effected by this Ninth Supplemental Indenture and agrees to execute the trusts created by the Indenture as hereby amended, but only 

  
 26 

 
upon the terms and conditions set forth in this Ninth Supplemental Indenture and the Indenture. The Company shall notify the Trustee of any withholding obligation under applicable law, and the
Trustee and any Paying Agent may withhold amounts pursuant to applicable law without liability. Without limiting the generality of the foregoing, the Trustee assumes no responsibility for the correctness of the recitals contained herein, which shall
be taken as the statements of the Company and except as provided in the Indenture the Trustee shall not be responsible or accountable in any way whatsoever for or with respect to the validity or execution or sufficiency of this Ninth Supplemental
Indenture and the Trustee makes no representation with respect thereto. In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to,
loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. The Trustee shall not be deemed to have notice of any Default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof (i) in the case of a payment default, or (ii) in all other cases, unless written notice of any event which is in fact such a default is received by a Responsible Officer of
the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture. The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. When the Trustee incurs expenses or renders services in connection with
an Event of Default specified herein, the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable Federal or state
bankruptcy, insolvency or other similar law. 
 The Trustee shall have the right to accept and act upon instructions, including funds
transfer instructions (“Instructions”), given pursuant to the Indenture and delivered using Electronic Means (as defined below); provided, however, that the Company shall provide to the Trustee an incumbency certificate
listing officers by name and title with the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures of such Authorized Officers with their direct dial telephone numbers, which incumbency
certificate shall be amended by the Company whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such
Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling. The Company understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall
conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Company shall be responsible for ensuring that
only Authorized Officers transmit such Instructions to the Trustee and that the Company and all Authorized Officers are solely 

  
 27 

 
responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company. The Trustee shall not be liable
for any losses, costs or expenses arising directly or indirectly from the Trustee’s good faith reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written
instruction. The Company agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of
interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of transmitting
Instructions than the method(s) selected by the Company; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its
particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures. 

“Electronic Means” shall mean the following communications methods: S.W.I.F.T.,
e-mail, facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by
the Trustee as available for use in connection with its services hereunder. 
 Section 3.11.    Waiver of Jury
Trial. EACH OF THE COMPANY, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THIS
NINTH SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

Section 3.12.    Force Majeure. In no event shall the Trustee be responsible or liable for any failure
or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, the availability of the Federal Reserve Bank wire, communications or computer (software and hardware) services; it being understood
that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

[Signature page follows] 

  
 28 

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

					
	DIAMOND OFFSHORE DRILLING, INC.
		
	By:	 	 /s/ David L. Roland

		 	Name:	 	David L. Roland
		 	Title:	 	Senior Vice President, General Counsel and Secretary
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ R. Tarnas

		 	Name:	 	R. Tarnas
		 	Title:	 	Vice President

  
 [Signature Page to
Ninth Supplemental Indenture] 

 ANNEX A 

GLOBAL SECURITY 
 [FORM OF
FACE OF SECURITY] 
 [THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN
THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND
UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITORY TRUST COMPANY, OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN ARTICLE ONE OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]1 
  

 

	1 	These paragraphs should be included only if the Security is a Global Security. 

  
 A-1 

 [FORM OF FACE OF SECURITY] 

DIAMOND OFFSHORE DRILLING, INC. 

7.875% Senior Notes due 2025 
  

			
	Issue Date:	    	Principal Amount: $                    
		
		    	CUSIP: 25271CAP7
		
	Registered: No.	    	ISIN: US25271CAP77

 Diamond Offshore Drilling, Inc., a Delaware corporation (herein called the “Company”, which
term includes any successor corporation or other entity under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
                                         
                        DOLLARS
($                                ) on August 15, 2025, [or such greater or
lesser amount as is indicated in the Schedule of Exchanges of Securities on the other side of this Note]2 and to pay interest thereon from August 15, 2017 or from the most recent date to
which interest has been paid or duly provided for, semiannually in arrears on February 15 and August 15 in each year (each, an “Interest Payment Date”), commencing February 15 , 2018, at the rate of 7.875% per
annum, until the principal hereof is paid or duly made available for payment. If any Interest Payment Date falls on a day that is not a Business Day, the interest payment will be postponed to the next Business Day, and no interest will accrue or
be payable for the intervening period. Interest on these Notes shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. The interest so
payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest, which shall be the February 1 or August 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any interest which is payable, but is not punctually paid or
duly provided for, on any Interest Payment Date shall forthwith cease to be payable to the registered Holder hereof on the relevant Regular Record Date by virtue of having been such Holder, and may be paid to the Person in whose name this Note (or
one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Company, notice whereof shall be given to the Holders of Notes not less than 10 days
prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in such Indenture. 
  
  

	2 	To be included only if the Security is a Global Security. 

  
 A-2 

 Payment of the principal of and interest, if any, on this Note will be made at the office or
agency of the Company maintained for that purpose in The City of Houston, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at
the option of the Company, payment of interest, if any, may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-3 

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

 

							
	Dated:                                    
                                         
         	 		 	
			
		 		 	DIAMOND OFFSHORE DRILLING, INC.
				
		 		 	By:	 	  

		 		 		 	 Name:
 Title:

				
	  
	 		 		 	

 Corporate Secretary 

  
 A-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

	
	 THE BANK OF NEW YORK MELLON
 TRUST COMPANY,
N.A., as Trustee

	
	  

	Authorized Signature

 Date of Authentication:
                                         
                                         
               

  
 A-5 

 [FORM OF REVERSE SIDE OF SECURITY] 

DIAMOND OFFSHORE DRILLING, INC. 

7.875% SENIOR NOTES DUE 2025 

This Security is one of a duly authorized issue of senior securities of the Company (herein called the “Securities”), issued
and to be issued in one or more series under an Indenture, dated as of February 4, 1997, as amended by the Ninth Supplemental Indenture thereto, dated as of August 15, 2017 (as so amended, herein called the “Indenture”),
between the Company and The Bank of New York Mellon Trust Company, N.A. (successor to The Bank of New York Mellon which was previously known as The Bank of New York) (as successor under the Indenture to The Chase Manhattan Bank), as Trustee (herein
called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the
face hereof (herein called the “Notes”), created pursuant to the Ninth Supplemental Indenture. Capitalized terms used and not otherwise defined in this Note are used as defined in the Indenture. 

The Notes are general unsecured and unsubordinated obligations of the Company. The Indenture does not limit other indebtedness of the Company,
secured or unsecured. 
 Interest on Overdue Amounts 

If the principal amount hereof or any portion of such principal amount is not paid when due (whether upon acceleration pursuant to
Section 502 of the Indenture, upon the date set for payment of the Redemption Price as described under “Optional Redemption” or upon the Stated Maturity of this Note) or if interest due hereon, if any (or any portion of such
interest), is not paid when due, then in each such case the overdue amount shall, to the extent permitted by law, bear interest at the rate of 7.875% per annum, compounded semiannually, which interest shall accrue from the date such overdue
amount was originally due to the date payment of such amount, including interest thereon, has been made or duly provided for. All such interest shall be payable as set forth in the Indenture. 

Method of Payment 
 Payments in respect of
principal of and interest, if any, on the Notes shall be made by the Company in immediately available funds. 

  
 A-6 

 Paying Agent and Security Registrar 

Initially, the Trustee will act as Paying Agent and Security Registrar. The Company may appoint and change any Paying Agent, Security Registrar
or co-registrar without notice, other than notice to the Trustee, except that the Company will maintain at least one Paying Agent in the State of Texas, City of Houston, which shall initially be an office or
agency of the Trustee. The Company or any of its Subsidiaries or any of their Affiliates may act as Paying Agent, Security Registrar or co-registrar. 

No Sinking Fund 
 No sinking fund is
provided for the Notes. 
 Optional Redemption 

The Notes are redeemable, in whole or in part, at the Company’s option at any time. The Company may redeem the Notes prior to May 15,
2025, in whole or in part, at a Redemption Price, calculated by the Company, equal to the greater of: 
 (1) 100% of the principal amount of
the Notes to be redeemed; and 
 (2) the sum of the present values of the remaining scheduled payments of principal and interest (other than
interest accruing to the Redemption Date) on the Notes being redeemed, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 50 basis points. 
 The Company may redeem the Notes on or
after May 15, 2025, in whole or in part, at a Redemption Price equal to 100% of the principal amount thereof. 
 In the case of any
redemption, the Company will pay accrued and unpaid interest, if any, on the principal amount of the Notes being redeemed to, but excluding, the Redemption Date. 

On and after the Redemption Date for the Notes, interest will cease to accrue on the Notes or any portion thereof called for redemption,
unless the Company defaults in the payment of the Redemption Price. On or before the Redemption Date for the Notes, the Company will deposit with the Paying Agent or the Trustee (or, if the Company is acting as its own Paying Agent, segregate and
hold in trust as provided in Section 1003 of the Indenture), funds sufficient to pay the Redemption Price of the Notes to be redeemed on such Redemption Date. If less than all of the Notes are to be redeemed, the Notes to be redeemed will be
selected by the Trustee (i) by lot; (ii) pro rata; or (iii) by another method the Trustee considers fair and appropriate; provided, however, that no Notes of a principal amount of $2,000 or less shall be redeemed in
part. 

  
 A-7 

 Notice of Redemption 

Notice of any redemption will be mailed at least 15 days but not more than 60 days before the Redemption Date to each Holder of the Notes to be
redeemed; provided, however, that if the Trustee is asked to give such notice it shall be notified in writing of such request at least 15 days prior to the date of the giving of such notice. Once notice of redemption is mailed, the Notes
called for redemption will become due and payable on the Redemption Date and at the applicable Redemption Price, plus accrued and unpaid interest to, but excluding, the Redemption Date; provided, however, that in connection with any
redemption of Notes, any redemption may, at the Company’s discretion, be subject to one or more conditions precedent. 
 Change of Control
Repurchase Event 
 Upon the occurrence of a Change of Control Repurchase Event, each Holder will have the right, subject to certain
conditions and exceptions specified in the Indenture, to require the Company to repurchase all or any part of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if
any, thereon to, but not including, the date of repurchase as provided in, and subject to the terms of, the Indenture. 
 Transfer 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security
Register, upon surrender of this Note for registration or transfer at the office or agency in a Place of Payment for the Notes, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security
Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of any authorized denominations and for the same aggregate principal amount, executed by the Company and authenticated and
delivered by the Trustee, will be issued to the designated transferee or transferees. 
 The Securities are issuable only in registered form
without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations set forth therein and on the face of this Note, Notes are exchangeable for a like
aggregate principal amount of Notes of a different authorized denomination as requested by the Holder surrendering the same. 
 No service
charge shall be made for any such registration of transfer or exchange, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

  
 A-8 

 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee or
any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected
by notice to the contrary. 
 Amendment, Supplement and Waiver 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
the Company and the rights of the Holders of the Securities of each series to be effected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time
Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all
future Holders of this Note and of any Notes issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

Successor Corporation 
 When a successor
corporation or other entity assumes all the obligations of its predecessor under the Notes and the Indenture in accordance with the terms and conditions of the Indenture, the predecessor corporation or other entity will (except in certain
circumstances specified in the Indenture) be released from those obligations. 
 Defaults and Remedies 

Under the Indenture, Events of Default include (i) default in the payment of interest when it becomes due and payable which default
continues for a period of 30 days; (ii) default in payment of the principal amount or Redemption Price, as the case may be, in respect of the Securities when the same becomes due and payable or the Company’s failure to repurchase all of
the Notes tendered for purchase upon a Change of Control Repurchase Event as required by the Indenture; (iii) failure by the Company to comply with other agreements in the Indenture or the Securities, subject to notice and lapse of time;
(iv) default under any bond, debenture, note or other evidence of indebtedness for money borrowed of the Company or any Subsidiary having an aggregate outstanding principal amount of in excess of $100,000,000 (excluding such indebtedness of any
Subsidiary other than a Significant Subsidiary, all the indebtedness of which is nonrecourse to the Company or any other Subsidiary), which default shall be with respect to payment of principal or shall have resulted in such indebtedness being

  
 A-9 

 
accelerated, without such indebtedness being discharged or such acceleration having been rescinded or annulled, subject to notice and passage of time; and (v) certain events of bankruptcy,
insolvency or reorganization of the Company or any Significant Subsidiary. If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal amount through the acceleration date of and accrued and unpaid
interest on the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. If an Event of Default occurs as a result of certain events of bankruptcy, insolvency or reorganization of the
Company, the principal amount of and accrued and unpaid interest on the Securities Outstanding shall become due and payable immediately without any declaration or other act on the part of the Trustee or any Holder, all as and to the extent provided
in the Indenture. 
 No Recourse Against Others 

No recourse shall be had for the payment of the principal of or the interest, if any, on this Note, for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, shareholder, officer or director, as such, past, present or future, of the Company or Trustee or of any predecessor or
successor of the Company or Trustee, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment of penalty or otherwise, all such liability being, by acceptance hereof and as part of the consideration for
the issue hereof, expressly waived and released. 
 Authentication 

This Note shall not be valid until the Trustee or an authenticating agent manually signs the certificate of authentication on the other side of
this Note. 
 Indenture to Control; Governing Law 

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

THE INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE
CONFLICTS OF LAW RULES OF SAID STATE. 
 Abbreviations 

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

  
 A-10 

 SCHEDULE OF EXCHANGES OF SECURITIES3

 The following exchanges or redemptions of a part of this Global Security have been made: 

 

					
	 Date of Transaction
	 	 Amount of Decrease in

Principal Amount of
 this
Global Security
	 	 Amount of Increase

in Principal Amount
 of the
Global Security

		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	

  

	3 	This schedule should be included only if the Security is a Global Security. 

  
 A-11Exhibit 4.4

 

NEITHER THIS SECURITY
NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

WARRANT TO PURCHASE ORDINARY SHARES

 

ROSETTA
GENOMICS LTD.

 

	Warrant Shares: 649,635	Issue Date: August 9, 2017

 

 

THIS WARRANT TO PURCHASE
ORDINARY SHARES (the “Warrant”) certifies that, for value received, [     ] or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the Authorized Shares Increase Date (the “Initial Exercise Date”) and on or prior to 5:00 PM New York
City time on the fifth anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter,
to subscribe for and purchase from Rosetta Genomics Ltd., an Israeli company (the “Company”), up to 649,635
Ordinary Shares, NIS 7.2 par value (the “Ordinary Share(s)”) (as subject to adjustment hereunder, the “Warrant
Shares”). The purchase price of one Ordinary Share under this Warrant shall be equal to the Exercise Price, as defined
in Section 2(b).

 

Section 1.          Definitions.
In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Authorized
Shares Increase Date” shall mean the date on which the Company receives the Shareholder Approval.

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York or in the State of Israel are authorized or required by law or other
governmental action to close.

 

    	 	1	 

     

    

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Conversion
Shares” means, collectively, the Ordinary Shares issuable upon conversion of the Debenture in accordance with the terms
thereof.

 

“Debenture”
shall mean that certain convertible debenture issued on November 29, 2016.

 

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

 

“Ordinary
Share Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Ordinary Shares, including, without limitation, any debt, preferred share, right, option, warrant or other
instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to
receive, Ordinary Shares.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

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

 

“Shareholder
Approval” means the approval of the Company’s shareholders to amend the Company’s Articles of Association
to increase the number of authorized Ordinary Shares of the Company’s authorized Ordinary Shares to issue the Warrant Shares
hereunder and the Conversion Shares upon conversion of the Debenture and such approval is in effect.

 

“Trading Day”
means a day on which the principal Trading Market is open for Trading.

 

“Trading Market”
means any of the following markets or exchanges on which the Ordinary Shares are listed or quoted for trading on the date in question:
the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange
(or any successors to any of the foregoing).

 

“Transfer
Agent” means American Stock Transfer and Trust Company, LLC, the current transfer agent of the Company, with a mailing
address of 6201 15th Avenue, Brooklyn, New York 11219 and an email address of dpadilla@amstock.com, and any successor
transfer agent of the Company.

 

    	 	2	 

     

    

 

Section 2.          Exercise.

 

a)        Exercise
of Warrant. Subject to Section 2(e), exercise of the purchase rights represented by this Warrant may be made, in whole or
in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company
(or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address
of the Holder appearing on the books of the Company) of a duly executed facsimile copy (or .pdf copy via e-mail attachment)
of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i)
three (3) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i)
herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares
specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless
the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original
Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice
of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been
exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading
Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases
of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number
of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and
the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company
shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and
any assignee, by acceptance of this Warrant, acknowledge and agree that (i) as of the date of the issuance of this Warrant the
Company does not have a sufficient number of authorized Ordinary Shares to cover the shares issuable upon exercise of this Warrant,
and, therefore, this Warrant will only become exercisable on the Initial Exercise Date, subject to Shareholder Approval (as such
terms are defined above), and (ii) by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount
stated on the face hereof.

 

Without limiting the
rights of a Holder to receive Warrant Shares on a “cashless exercise” and without limiting the liquidated damages provision
in Section 2(d)(i) and the buy-in provision in Section 2(d)(iv), in no event will the Company be required to net cash settle a
Warrant exercise.

 

b)        Exercise
Price. The exercise price per Ordinary Share under this Warrant shall be $1.50, subject to adjustment hereunder (the
“Exercise Price”).

 

c)        Cashless
Exercise. If at any time after the Initial Exercise Date, there is no effective registration statement registering, or no current
prospectus available for, the resale of the Warrant Shares by the Holder, then this Warrant may only be exercised, in whole or
in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of
Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

    	 	3	 

     

    

 

		(A)	= as applicable: (i) the VWAP on the Trading Day immediately
preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant
to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on
a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated
under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day
immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Ordinary Shares on the principal
Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise
if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two
(2) hours thereafter pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the
date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section
1(a) hereof after the close of “regular trading hours” on such Trading Day;

 

		(B)	= the Exercise Price of this Warrant, as adjusted hereunder;
and

 

		(X)	= the number of Warrant Shares that would be issuable upon
exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather
than a cashless exercise.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period
of the Warrant Shares being issued may be tacked on to the holding period of this Warrant.  The Company agrees not to
take any position contrary to this Section 2(c).

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary
Shares are then listed or quoted on a Trading Market, the bid price of the Ordinary Shares for the time in question (or the nearest
preceding date) on the Trading Market on which the Ordinary Shares are then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Ordinary Shares not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary
Shares are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency
succeeding to its functions of reporting prices), the most recent bid price per Ordinary Share so reported, or (d) in all
other cases, the fair market value of a share of Ordinary Shares as determined by an independent appraiser selected in good faith
by the Holders of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees
and expenses of which shall be paid by the Company.

 

    	 	4	 

     

    

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares are then
listed or quoted on a Trading Market, the daily volume weighted average price of the Ordinary Shares for such date (or the nearest
preceding date) on the Trading Market on which the Ordinary Shares are then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary
Shares then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency
succeeding to its functions of reporting prices), the most recent bid price per share of the Ordinary Shares so reported, or (d) in
all other cases, the fair market value of an Ordinary Share as determined by an independent appraiser selected in good faith by
the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees
and expenses of which shall be paid by the Company.

 

Notwithstanding anything
herein to the contrary, subject to the limitations set forth in Section 2(e), on the Termination Date, this Warrant shall be automatically
exercised via cashless exercise pursuant to this Section 2(c).

 

    	 	5	 

     

    

 

d)          Mechanics
of Exercise.

 

		i.	Delivery of Warrant Shares Upon Exercise. The Company
shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account
of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal
at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an
effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or
(B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144
(assuming cashless exercise of the Warrants), and otherwise by physical delivery of a certificate, registered in the Company’s
share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant
to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earlier of (i) three
(3) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company
of the Notice of Exercise (such date, the “Warrant Share Delivery Date”) provided that payment of the aggregate
Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) three (3) Trading Days and
(ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. Upon delivery
of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant
Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided
that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of
(i) three (3) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of
the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of
Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a
penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Ordinary Shares on the date of the
applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated
damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date (subject to receipt of the aggregate exercise
price of the applicable exercise (other than in the case of a cashless exercise)) until such Warrant Shares are delivered or Holder
rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this
Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard
settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Ordinary
Shares as in effect on the date of delivery of the Notice of Exercise.

 

ii.         Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.

 

iii.      Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i)
by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

    	 	6	 

     

    

 

iv.     Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (subject to receipt of the aggregate
exercise price of the applicable exercise (other than in the case of a cashless exercise)), and if after such date the Holder
is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise
purchases, Ordinary Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated
receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount,
if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the Ordinary Shares
so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to
deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such
purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent
number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver
to the Holder the number of Ordinary Shares that would have been issued had the Company timely complied with its exercise and
delivery obligations hereunder. For example, if the Holder purchases Ordinary Shares having a total purchase price of $11,000
to cover a Buy-In with respect to an attempted exercise of Ordinary Shares with an aggregate sale price giving rise to such purchase
obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder
$1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In
and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue
any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance
and/or injunctive relief with respect to the Company’s failure to timely deliver Ordinary Shares upon exercise of the Warrant
as required pursuant to the terms hereof.

 

v.       No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of an Ordinary Share which the Holder would otherwise be entitled to purchase upon such exercise,
the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such
fraction multiplied by the Exercise Price or round up to the next whole Ordinary Share.

 

vi.     Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or
other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the
Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder;
provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder,
this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder
and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental
thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees
to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day
electronic delivery of the Warrant Shares.

 

    	 	7	 

     

    

 

vii.     Closing
of Books. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of
this Warrant, pursuant to the terms hereof.

 

e)          Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution
Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes
of the foregoing sentence, the number of Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties
shall include the number of Ordinary Shares issuable upon exercise of this Warrant with respect to which such determination is
being made, but shall exclude the number of Ordinary Shares which would be issuable upon (i) exercise of the remaining, nonexercised
portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion
of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Ordinary
Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes
of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder
that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules
required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission
of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant
is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify
or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall
be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes
of this Section 2(e), in determining the number of outstanding Ordinary Shares, a Holder may rely on the number of outstanding
Ordinary Shares as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the
case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer
Agent setting forth the number of Ordinary Shares outstanding.  Upon the written or oral request of a Holder, the Company
shall within two Trading Days confirm orally and in writing to the Holder the number of Ordinary Shares then outstanding. 
In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of
securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of
which such number of outstanding Ordinary Shares were reported. The “Beneficial Ownership Limitation” shall
be [9.99%/4.99%] of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares
issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership
Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the
number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares upon exercise of this
Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership
Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of
this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership
Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation.
The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

    	 	8	 

     

    

 

Section 3.          Certain
Adjustments.

 

a)       Share
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise
makes a distribution or distributions on Ordinary Shares or any other equity or equity equivalent securities payable in Ordinary
Shares (which, for avoidance of doubt, shall not include any Ordinary Shares issued by the Company upon exercise of this Warrant),
(ii) subdivides outstanding Ordinary Shares into a larger number of shares, (iii) combines (including by way of reverse share split)
outstanding Ordinary Shares into a smaller number of shares or (iv) issues by reclassification of Ordinary Shares any capital shares
of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number
of Ordinary Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall
be the number of Ordinary Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this
Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment
made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders
entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of
a subdivision, combination or re-classification.

 

    	 	9	 

     

    

 

b)       [RESERVED]

 

c)       Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues
or sells any Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record
holders of any class of Ordinary Shares (the “Purchase Rights”), then the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder
had held the number of Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on
exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record
is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record
holders of Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the
extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial
ownership of such Ordinary Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall
be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the
Beneficial Ownership Limitation).

 

d)        Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or
other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by way of return of capital
or otherwise (including, without limitation, any distribution of cash, shares or other securities, property or options by way
of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) other
than a dividend or other distribution of the type described in Section 3(a) above (a “Distribution”), at any
time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of Ordinary Shares acquirable
upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the
Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such
record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the participation in such
Distribution (provided, however, to the extent that the Holder's right to participate in any such Distribution would
result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such
Distribution to such extent (or in the beneficial ownership of any Ordinary Shares as a result of such Distribution to such extent)
and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its
right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

    	 	10	 

     

    

 

e)       Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Ordinary Shares are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Ordinary
Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more
related transactions consummates a share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires more than 50% of the outstanding Ordinary Shares (not including any Ordinary Shares held by the other Person or other
Persons making or party to, or associated or affiliated with the other Persons making or party to, such share purchase agreement
or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this
Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately
prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section
2(e) on the exercise of this Warrant), the number of Ordinary Shares of the successor or acquiring corporation or of the Company,
if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable
as a result of such Fundamental Transaction by a holder of the number of Ordinary Shares for which this Warrant is exercisable
immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).
For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one Ordinary Share in such Fundamental Transaction,
and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration. If holders of Ordinary Shares are given any choice as to the
securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to
the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding
anything to the contrary, in the event of a Fundamental Transaction (other than a Fundamental Transaction that was not approved
by, or required to be approved by, the board of directors of the Company, in which case the right to receive cash equal to the
Black Scholes Value of the remaining unexercised portion of this Warrant described below shall not apply), the Company or any Successor
Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after,
the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental
Transaction), purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value
of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction. “Black
Scholes Value” means the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from the
“OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable
Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate
for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination
Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg
as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying
price per share used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the value
of any non-cash consideration, if any, being offered in such Fundamental Transaction and (D) a remaining option time equal to the
time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date. The payment
of the Black Scholes Value will be made by wire transfer of immediately available funds within five Business Days of the Holder’s
election (or, if later, on the effective date of the Fundamental Transaction). The Company shall cause any successor entity in
a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing
all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions
of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by
the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to
the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar
in form and substance to this Warrant which is exercisable for a corresponding number of capital shares of such Successor Entity
(or its parent entity) equivalent to the Ordinary Shares acquirable and receivable upon exercise of this Warrant (without regard
to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies
the exercise price hereunder to such capital shares (but taking into account the relative value of the Ordinary Shares pursuant
to such Fundamental Transaction and the value of such capital shares, such number of capital shares and such exercise price being
for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction),
and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction,
the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to
the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company
under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company
herein.

 

    	 	11	 

     

    

 

f)         Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of an Ordinary Shares, as the case
may be. For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall
be the sum of the number of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

 

g)       Notice
to Holder.

 

i.            Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.           Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares,
(C) the Company shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase
any capital shares of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection
with any reclassification of the Ordinary Shares, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary Shares are converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email
to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least
20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to
be taken, the date as of which the holders of the Ordinary Shares of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or
share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Ordinary Shares
of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein
or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the
extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company
or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report
on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice
to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

    	 	12	 

     

    

 

Section 4.          Transfer
of Warrant.

 

a)        Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment
of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient
to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant
in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date the Holder
delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith,
may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b)        New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the original
Issue Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

 

c)        Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and
for all other purposes, absent actual notice to the contrary.

 

    	 	13	 

     

    

 

Section 5.          Miscellaneous.

 

a)        No
Rights as Shareholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in
Section 3.

 

b)        Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any share certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of
the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or share certificate,
if mutilated, the Company will make and deliver a new Warrant or share certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or share certificate.

 

c)        Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

d)        Authorized
Shares.

 

The Company covenants
that, subject to Shareholder Approval, during the period the Warrant is outstanding, it will reserve from its authorized and unissued
Ordinary Shares a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase
rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its
officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this
Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued
as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which
the Ordinary Shares may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase
rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such
Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes,
liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue).

 

    	 	14	 

     

    

 

Except and
to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions
as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting
the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before taking
any action that would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise
Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any
public regulatory body or bodies having jurisdiction thereof.

 

e)        Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed
and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law
thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders,
partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New
York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of
New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper
or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight
delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action,
suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be
reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such action or proceeding.

 

    	 	15	 

     

    

 

f)         Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered and the Holder does
not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g)       Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that all
rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with any provision of
this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be
sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of
appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its
rights, powers or remedies hereunder.

 

h)       Notices.
Any notices, consents, waivers or other document or communications required or permitted to be given or delivered under the terms
of this Warrant must be in writing and will be deemed to have been delivered: (i) upon receipt, if delivered personally; (ii) when
sent, if sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file
by the sending party); (iii) when sent, if sent by e-mail (provided that such sent e-mail is kept on file (whether electronically
or otherwise) by the sending party and the sending party does not receive an automatically generated message from the recipient’s
e-mail server that such e-mail could not be delivered to such recipient) and (iv) if sent by overnight courier service, one (1)
Trading Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed
to the party to receive the same. The addresses, facsimile numbers and e-mail addresses for such communications shall be:

 

If to the Company:

 

Rosetta Genomics Ltd.

10 Plaut Street, Science
Park

Rehovot 76706 POB 4059

Israel

E-mail: ronk@rosettagx.com

Attention:
Ron Kalfus

 

With a copy (for informational
purposes only) to:

 

Mintz, Levin,
Cohn, Ferris, Glovsky and Popeo, P.C.

44 Montgomery
Street, 36th floor

San Francisco,
CA 94104

E-mail: REBurwell@mintz.com

Attention:
Robert E. Burwell

 

    	 	16	 

     

    

 

If to a Holder, to
its address, facsimile number or e-mail address set forth herein or on the books and records of the Company.

 

i)         Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder
for the purchase price of any Ordinary Shares or as a shareholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

j)         Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

k)        Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant
and shall be enforceable by the Holder or holder of Warrant Shares.

 

l)         Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

m)       Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

n)        Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

********************

 

(Signature Page Follows)

 

    	 	17	 

     

    

 

IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	ROSETTA GENOMICS LTD.
	 	 
	 	By: 	/s/ Kenneth A. Berlin
	 	 	Name: Kenneth A. Berlin
	 	 	Title: President and CEO

 

    	 	18	 

     

    

NOTICE OF EXERCISE

 

To:ROSETTA
GENOMICS LTD.

 

(1)        The
undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes,
if any.

 

(2)        Payment
shall take the form of (check applicable box):

 

 ̈
in lawful money of the United States; or

 

 ̈
if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth
in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless
exercise procedure set forth in subsection 2(c).

 

(3)        Please
issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

	 	 

  

The Warrant Shares shall be delivered to
the following DWAC Account Number:

 

	 	 
	 	 
	 	 
	 	 
	 	 

  

[SIGNATURE
OF HOLDER]

 

	Name of Investing Entity:	 
	Signature of Authorized Signatory of Investing Entity:  	 
	Name of Authorized Signatory:	 
	Title of Authorized Signatory:	 
	Date:	 

 

     

     

    

 

EXHIBIT B

 

ASSIGNMENT
FORM

(To assign the foregoing Warrant, execute
this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing Warrant
and all rights evidenced thereby are hereby assigned to

 

	Name:	 
	 	(Please Print)
	 	 
	Address:	 
	 	(Please Print)
	Phone Number:	 
	 	 
	Email Address: 	 
	 	 
	Dated: _______________ __, ______	 
	 	 
	Holder’s Signature:____________________	 
	 	 
	Holder’s Address:_____________________

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