Document:

Document

Exhibit 10.9

LIMITED GUARANTY

THIS LIMITED GUARANTY (“Guaranty”) is made as of March 12, 2021, by TERRA PROPERTY TRUST, INC., a Maryland corporation (the “Guarantor”), whose address is set forth below, in favor of WESTERN ALLIANCE BANK, an Arizona corporation (“Lender”), whose address is set forth below.
RECITALS
A.Guarantor is executing this Guaranty to induce Lender to extend to TERRA MORTGAGE PORTFOLIO II, LLC, a Delaware limited liability company (“Borrower”), a credit facility (the “Loan”) in the maximum amount of $75,000,000.00, subject to the terms and conditions of which are more particularly described in the Business Loan and Security Agreement dated as of March 12, 2021 (as amended, supplemented, restated or otherwise modified from time to time, the “Loan Agreement”), and the Loan Documents (as herein defined).  
B.The Loan is evidenced by that certain Promissory Note dated of even date herewith (as amended, supplemented, restated or otherwise modified from time to time, the “Note”) made payable to Lender in the principal amount of the Loan.  (The term “Loan” is used throughout this Guaranty in its most comprehensive sense and means any and all loans, advances, debts, obligations, liabilities of any kind or nature owed by Borrower to Lender, made, incurred or created, arising from the Loan Documents, whether due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined, secured or unsecured, whether on original, renewed, extended or revised terms (including, without limitation, those evidenced by new or additional instruments or agreements or those changing the applicable rate of interest or which release any obligor with respect thereto), whether principal, interest, fees, or expenses, whether Borrower may be liable individually or jointly with others, whether recovery upon such indebtedness may be or hereafter becomes barred by any statute of limitations, and whether such indebtedness may be or hereafter becomes invalid or otherwise unenforceable.  In the event a petition under the United States Bankruptcy Code is filed by or against Borrower, the term “Borrower” shall also mean and include Borrower in its status as a debtor, debtor-in-possession and/or reorganized debtor under the United States Bankruptcy Code.
C.This Guaranty, the Loan Agreement, the Note and all other documents and instruments that evidence, secure, or otherwise pertain to the Loan are collectively referred to as the “Loan Documents”.
GUARANTY
1.Borrower Obligations.
(a)     Guarantor hereby unconditionally and irrevocably guarantees and promises to pay to Lender, or order, on demand, in immediately available funds, and to defend, indemnify and hold harmless Lender and Lender’s agents, employees, representatives, directors, officers, 
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successors and assigns for, from and against any and all claims, suits, actions, proceedings, obligations, damages, losses, liability, judgments, awards, amounts paid in settlement of whatever kind or nature,  fines, charges, fees, costs and expenses suffered or incurred by Lender or Lender’s agents, employees, representatives, directors, officers, successors and assigns to the extent resulting from the occurrence of any of the following:
(i)     fraud or intentional misrepresentation by Borrower, Guarantor or any other person or entity acting on behalf of such party in connection with (A) the Loan Documents, or (B) any financial information, including, but not limited to, financial statements, affidavits, certifications, representations or warranties given to Lender in connection with the Loan by Borrower, Guarantor or any other person or entity acting on behalf of such party;
(ii)     misapplication or misappropriation in violation of the Loan Documents of (1) Loan proceeds, (2) proceeds from any collateral that secures all or any portion of the Loan, (3) other funds pledged or assigned to Lender or required to be pledged or assigned to Lender, (4) insurance proceeds or (5) any other amounts required to be paid or turned over to Lender pursuant to the Loan Documents;
(iii)    willful misconduct, or criminal acts perpetrated by Borrower or Guarantor, resulting in forfeiture or seizure of any portion of any collateral that secures all or any portion of the Loan, or any other assets of Borrower or Guarantor;
(iv)     wrongful removal or disposal of any portion of any collateral that secures the Loan;
(v)       the making of any distribution, dividend or payment of any kind in violation of the Loan Documents;
(vi)        the failure to pay insurance policy premiums to maintain insurance as required under the Loan Documents;
(vii)    any consensual or intentional transfer, assignment, sale or encumbrance of any collateral that secures all or any portion of the Loan, except as otherwise permitted by the Loan Agreement;
(viii)     any transfer or disposal of any portion of the collateral securing the Loan by Borrower or Guarantor after a default under or breach of any of the Loan Documents;
(ix)      any encumbrances, liens, or security interests affecting any of the collateral securing the Loan (including, but not limited to judgment liens and tax liens) to the extent arising from the act or omission of Borrower or Guarantor, except as otherwise permitted by the Loan Agreement, and except that this clause will not apply to any encumbrance, lien or security interest arising because of the default of any Collateral Loan Obligor to pay any amount required under the Collateral Loan Documents due to the financial inability of such Collateral Loan Obligor  (unless sufficient funds for such payment for that purpose or in a reserve or 
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escrow account controlled by Borrower and Borrower refuses to release such reserved or escrow amounts).
(b)   Upon the occurrence of any of the events listed below in this Section 1(b) Guarantor absolutely, unconditionally and irrevocably guarantees to Lender, the full and prompt payment of the principal sum of the Note in accordance with its terms when due, by acceleration or otherwise, together with all interest accrued thereon, the full and prompt payment of all other sums, together with all interest accrued thereon, when due under the terms of the Loan Documents:
(i)      Borrower or Guarantor filing a voluntary petition under Title 11 of the United States Code (as now or hereafter amended or recodified, the “Bankruptcy Code”)  or any other federal or state bankruptcy or insolvency law;
(ii)    Borrower, Guarantor or any of their respective affiliates, officers, directors, agents or representatives or any other person or entity that controls, is controlled by or is under common control with Borrower or Guarantor (in each case whether directly or indirectly) filing, filing an answer consenting to, or otherwise acquiescing in, or joining in the filing of, a voluntary or involuntary petition against Borrower or Guarantor under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law, or soliciting or causing to be solicited petitioning creditors for any involuntary petition against Borrower or Guarantor from any person or entity;  
(iii)    Borrower or Guarantor making an assignment for the benefit of creditors, or admitting, in writing or in any legal proceeding, its insolvency or inability to pay its debts as they become due; and 
(iv)       Any transfer of ownership rights or interests in Borrower or change of control of Guarantor (so long as Guarantor is managed by Terra Capital Partners LLC or an Affiliate, no change of control of Guarantor will be deemed to have occurred).  
The obligations guaranteed pursuant to Section 1(a) and 1(b) are hereinafter referred to as the “Recourse Obligations”.  If there is more than a single entity or person included in the terms “Guarantor” or “Borrower,” respectively, each reference herein to such terms shall mean any and all, and one or more of such entities and persons both jointly and severally, and if more than one person or entity executes this Guaranty, the obligations and liabilities hereunder of Guarantor are and shall be both joint and several.  If Borrower is a corporation, partnership, limited liability company or association, each reference herein to the term “Borrower” shall include any successor entity to Borrower.  If there is more than one guaranty of the obligations of Borrower, the liabilities of all Guarantors are joint and several.  As used in this Guaranty, neuter terms include the masculine and feminine, and vice versa.

2.Guarantor’s Liability.  Guarantor agrees, represents and warrants to Lender as follows:
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(a)    In addition to the Recourse Obligations, Guarantor unconditionally guarantees and agrees to pay to Lender, on demand at any time from and after an Event of Default (as defined in the Loan Agreement), in lawful money of the United States of America, (i) the Maximum Guaranty Amount (as herein defined), provided that no amount shall be payable under this clause (i) until the Lender has accelerated the Loan as a consequence of such Event of Default, the Loan has otherwise matured pursuant to the stated maturity date contained in the Loan Documents, or Borrower is in breach of any or all of subparagraphs 1(b)(i), (ii) or (iii) above,  (ii) the Recourse Obligations, and (iii) the fees, expenses and costs enumerated in paragraph 16 below (individually and collectively, “Fees and Costs”).  This Guaranty is a guaranty of payment and not of collection.  Any payment received by Lender from Guarantor, Borrower or any other Person or from proceeds of Collateral granted by Borrower or any other Person shall not reduce Guarantor’s liability hereunder, except to the extent of the permanent reduction of the Loan.  As used herein, (x) the term “Maximum Guaranty Amount” means an amount equal to the product of (i) twenty-five percent (25%) and (ii) the outstanding principal amount of the Loan as set forth in a written notice from Lender to Guarantor that an Event of Default has occurred under the Loan Agreement and that Lender has accelerated the Loan (or the Loan has otherwise matured pursuant to the stated maturity date contained in the Loan Documents, or Borrower is in breach of any or all of subparagraphs 1(b)(i), (ii) or (iii) above) and is entitled to recover the Maximum Guaranty Amount pursuant to this Guaranty, and setting forth the outstanding principal amount of the Loan as of the date of such notice, subject to the provisions of Section 2(b), and (y) the terms Maximum Guaranty Amount, Recourse Obligations and Fees and Costs mean, individually and collectively, “Obligations”.
(b)     Notwithstanding anything herein to the contrary, (i) unless and until Lender makes written demand (“Demand”) on Guarantor for payment of the Maximum Guaranty Amount, any payment made by Guarantor on the outstanding principal amount of the Loan shall be considered a voluntary payment by Guarantor and shall not be credited against the Maximum Guaranty Amount; and (ii) in the event Guarantor makes any payment following a Demand that is applied to the Maximum Guaranty Amount, in addition to all other rights and remedies available to Lender under the Loan Documents,  Borrower shall not be entitled to any further Advances under the Loan and the Loan shall not be eligible for reinstatement as a revolving line of credit..  For the avoidance of doubt, any default notice provided to Guarantor is not a Demand unless included in the default notice is a written demand on Guarantor for payment of the Maximum Guaranty Amount.
(c)     Guarantor shall continue to be liable under this Guaranty and the provisions hereof shall remain in full force and effect notwithstanding (i) any modification, agreement or stipulation between Borrower and Lender, or their respective successors and assigns, with respect to the Loan Documents or the obligations encompassed thereby, including, without limitation, the Obligations; or (ii) Lender’s waiver of or failure to enforce any of the terms, covenants or conditions contained in the Loan Documents or in any modification thereof; or (iii) any release of Borrower or any other guarantor from any liability with respect to the Obligations; (iv) any release or subordination of any real or personal property then held by Lender as security for the performance of the Obligations; (v) any disability of Borrower, or the dissolution, insolvency, or bankruptcy of Borrower, Guarantor, or any other party at any time 
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liable for the payment of any or all of the Obligations; (vi) the unenforceability or invalidity of any or all of the Obligations or any of the Loan Documents; (vii) any payment by Borrower or any other party to Lender is held to constitute a preference under applicable bankruptcy or insolvency law or if for any other reason Lender is required to refund any payment or pay the amount thereof to someone else; (viii) the settlement or compromise of any of the Obligations; (ix) the non-perfection of any security interest or lien securing any or all of the Obligations; or (x) any impairment of any collateral securing any or all of the Obligations.
(d)     Guarantor’s liability under this Guaranty shall continue until all sums due under the Note have been paid in full and until all of Borrower’s other obligations to Lender have been paid and performed in full, and shall not be reduced by virtue of any payment by Borrower of any amount due under the Note or under any of the Loan Documents or by Lender’s recourse to any collateral or security.  Guarantor acknowledges that Lender may apply any payment made by Borrower to Lender to any obligation of Borrower to Lender under the terms of any Loan Documents in such amounts and such manner as Lender may elect, regardless of whether such application complies with any instruction or designation given or made by Borrower with respect to such payment and agrees that any such application shall not in any manner reduce, extinguish or otherwise affect the liability of Guarantor hereunder.
(e)      Guarantor acknowledges that it has and will continue to have full and complete access to any and all information concerning the transactions contemplated by the Loan Documents or referred to therein, the value of the assets owned or to be acquired by Borrower, Borrower’s financial status and its ability to pay and perform its obligations under the Loan Documents.  Guarantor further warrants and represents that it has reviewed and approved copies of the Loan Documents and is fully informed of the remedies Lender may pursue, with or without notice to Borrower, in the event of default under the Note or other Loan Documents.  So long as any of the Obligations remains unsatisfied or owing to Lender, Guarantor shall keep itself fully informed as to all aspects of Borrower’s financial condition and the performance of Borrower’s obligations under the Loan Documents.
(f)     If acceleration of the time for payment of any amount payable by Borrower under the Loan Documents is stayed upon the insolvency, bankruptcy, or reorganization of Borrower, all such amounts otherwise subject to acceleration under the terms of the Loan Documents shall nonetheless be payable by Guarantor hereunder forthwith on demand by Lender.
(g)     Lender is not required to inquire into the powers of Borrower or Guarantor or of the officers, directors, or other agents acting or purporting to act on their behalf, and any indebtedness or obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed under this Guaranty.
3.Fair Consideration; Solvency
(a)      Guarantor represents and warrants to Lender that:  (i) Guarantor is receiving fair consideration and reasonably equivalent value for its execution of this Guaranty; (ii) Guarantor is not now insolvent, nor will the execution of this Guaranty render Guarantor 
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insolvent; (iii) the execution of this Guaranty will not leave Guarantor with unreasonably small capital or assets in order to conduct the business of Guarantor as it is currently conducted; (iv) the obligations incurred under this Guaranty have not been incurred with the intent to hinder, delay, or defraud present or future creditors; and (v) the execution of this Guaranty is not intended or believed by Guarantor to be an incurrence of an obligation or debt of Guarantor beyond Guarantor’s ability to pay such obligation or debt as it becomes due.
(b)      Guarantor acknowledges that:  (i) the execution of this Guaranty by Guarantor is a necessary condition for the extension of a loan by Lender to Borrower; and (ii) the loan by Lender to Borrower are of substantial economic benefit to Borrower and, therefore, beneficial to Guarantor.
4.Fraudulent Transfer
. In the event that, notwithstanding the representations, warranties and acknowledgements of Guarantor contained in Section 3 above, the incurring of the obligations under this Guaranty is found, by a final, non-appealable judgment or order of a court, to constitute a fraudulent transfer under the Uniform Fraudulent Transfer Act (Arizona Revised Statutes (“ARS”) Section 44-1001 et seq., as amended, and any successor statute), the Bankruptcy Code (Title 11 of the United States Code), or any similar statutes, then the amount of the Recourse Obligations of Guarantor pursuant to this Guaranty shall be reduced to $1.00 less than the amount that would otherwise make this Guaranty a fraudulent conveyance.  The limitation on the liability of Guarantor contained in this Section 4 shall not limit any right of Lender against Guarantor available at law or in equity, including, without limitation, rights of Lender against Guarantor based upon any inaccuracy of, or the failure of Guarantor to comply with, the provisions of Section 3 above.
5.Independent Obligation
.  The obligations of Guarantor hereunder are separate and independent of the obligations of Borrower and of every other guarantor, and a separate action or actions may be brought and prosecuted against Guarantor regardless of whether an action is brought against Borrower or any other guarantor or whether Borrower or any other guarantor is joined in any such action or actions, or whether Lender forecloses upon, sells or otherwise disposes of or collects any collateral securing the Loan.  This Guaranty may be enforced against Guarantor regardless of whether a judicial or non-judicial foreclosure sale is held under any security agreement, deed of trust, mortgage, or other security instrument securing all or any part of the Loan.
6.Nature of Guaranty.  The liability of Guarantor under this Guaranty is a guaranty of payment and performance and not of collection, and is not conditioned or contingent upon the genuineness, validity, regularity or enforceability of the Loan Documents or other instruments relating to the creation or performance of the Obligations or the pursuit by Lender of any remedies which it now has or may hereafter have with respect thereto under the Loan Documents, at law, in equity or otherwise.
7.Guarantor Waivers.  Guarantor hereby fully and completely waives, releases and relinquishes:  (a) all notices to Guarantor, to Borrower, or to any other person or entity, 
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including, without limitation, notices of the acceptance of this Guaranty, or the creation, renewal, extension, modification or accrual of any of Borrower’s obligations to Lender under the Loan Documents and, except to the extent set forth herein, enforcement of any right or remedy with respect thereto, and notice of any other matters relating thereto; (b) diligence and demand of payment, presentment, protest, dishonor and notice of dishonor; (c) any statute of limitations affecting Guarantor’s liability hereunder or the enforcement thereof; (d) all defenses and claims based on principles of suretyship and/or guaranty; (e) any and all benefits under ARS Sections 12-1641 through 121646, Section 44-142 and Rule 17(e) of the Arizona Rules of Civil Procedure, as now enacted or hereafter modified, amended or replaced; and (f) any “one action” or “anti-deficiency” law, including, without limitation, ARS Sections 33-814 and 33-729, as now enacted or hereafter modified, amended or replaced.  Notwithstanding any foreclosure of the lien of any security agreement, deed of trust, mortgage, or other security instrument with respect to any or all of any real or personal property secured thereby, whether by the exercise of the power of sale, by an action for judicial foreclosure or by an acceptance of a deed in lieu of foreclosure, Guarantor shall remain bound under this Guaranty.  Guarantor further agrees that Lender may enforce this Guaranty upon the occurrence and during the continuation of an Event of Default, notwithstanding the existence of any dispute between Borrower and Lender with respect to the existence of the Event of Default or performance of any of Borrower’s obligations under the Loan Documents, or any counterclaim, setoff or other claim which Borrower may allege against Lender with respect thereto (provided that Guarantor is not waiving its right to assert in good faith that no Event of Default then exists or is continuing as a defense to payment under this Guaranty).  Moreover, Guarantor agrees that its obligations shall not be affected by any circumstances which constitute a legal or equitable discharge of a guarantor or surety.
8.No Duty To Pursue Others.  Guarantor agrees that Lender may enforce this Guaranty without the necessity of resorting to or exhausting any security or collateral and without the necessity of proceeding against Borrower or any other guarantor, including, without limitation, any other Guarantor named herein.  Guarantor hereby waives the right to require Lender to proceed against Borrower, to proceed against any other guarantor, including, without limitation, any other Guarantor named herein, to foreclose any lien on any real or personal property, to exercise any right or remedy under the Loan Documents, to pursue any other remedy or to enforce any other right.
9.Authorization of Lender
.  Guarantor authorizes Lender, without notice or demand, and without affecting Guarantor’s liability hereunder, from time to time to: (a) amend, modify, or restate any instrument, document or agreement evidencing or relating to all or any portion of the Obligations; (b) renew, compromise, extend, accelerate or otherwise change the time for payment of, or otherwise change the terms of Borrower’s obligations under the Loan Documents or any part thereof, including, without limitation, any increase or decrease of the rate of interest thereon or any late charge; (c) take and hold collateral as security for the payment of this Guaranty or Borrower’s obligations under the Loan Documents, and exchange, substitute, subordinate, enforce, waive and release any such collateral; (d) apply any and all payments from Borrower, Guarantor or any other guarantor, or recoveries from any collateral securing all or any 
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portion of the Loan, in such order or manner as Lender in its sole and absolute discretion may determine; (e) direct the order or manner of sale of any collateral securing any part of Borrower’s obligations under the Loan Documents as Lender in its sole and absolute discretion may determine; (f) release or substitute any one or more of the Borrower, Guarantor or any other guarantor, or acquire additional guarantors; and (g) assign its rights under this Guaranty in whole or in part.
10.Waivers of Subrogation and Other Rights and Defenses.
(a)      Guarantor agrees that nothing contained herein shall prevent Lender from suing on the Note or from exercising any rights available to it thereunder or under any of the Loan Documents and that the exercise of any of the aforesaid rights shall not constitute a legal or equitable discharge of any Guarantor.  Guarantor understands that the exercise by Lender of certain rights and remedies contained in the Loan Documents may affect or eliminate Guarantor’s right of subrogation against Borrower and that Guarantor may therefore incur a partially or totally nonreimbursable liability hereunder; nevertheless, Guarantor hereby authorizes and empowers Lender to exercise, in its sole and absolute discretion, any rights and remedies, or any combination thereof, which may then be available to Lender, because it is the intent and purpose of Guarantor that the obligations hereunder shall be absolute, independent and unconditional under any and all circumstances.
(b)    Guarantor hereby waives, releases, and relinquishes any and all rights of reimbursement, contribution, and subrogation, which Guarantor may now or hereafter have against Borrower.  Guarantor further agrees that, to the extent the waiver of its rights of subrogation as set forth herein is found by a court of competent jurisdiction to be void or voidable for any reason, any rights of subrogation Guarantor may have against Borrower or against any collateral or security shall be junior and subordinate to any right Lender may have against Borrower and to all right, title and interest Lender may have in any collateral or security.  Lender may use, sell or dispose of any item of collateral or security as it sees fit without regard to any subrogation right Guarantor may have, and upon disposition or sale, any right of subrogation Guarantor may have shall terminate.  With respect to the enforced collection of Borrower’s obligations under the Loan Documents or the foreclosure of any security interest in any personal property collateral then securing any of Borrower’s obligations under the Loan Documents, Lender agrees to give Guarantor ten (10) days’ prior written notice, in the manner set forth in Section 13 hereof, of any sale or disposition of any such personal property collateral, other than collateral which is perishable, threatens to decline speedily in value, is of a type customarily sold on a recognized market, or is cash, cash equivalents, certificates of deposit or the like.
(c)       Guarantor’s sole right with respect to any such foreclosure of real or personal property collateral shall be to bid at such sale in accordance with applicable law.  Guarantor acknowledges and agrees that Lender may also bid at any such sale and in the event such collateral is sold to Lender in whole or in partial satisfaction of the Obligations, Guarantor shall have no further right or interest with respect thereto.  Notwithstanding anything to the contrary contained herein, no provision of this Guaranty shall be deemed to limit, decrease, or in 
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any way to diminish any rights of setoff Lender may have with respect to any cash, cash equivalents, certificates of deposit or the like which may now or hereafter be put on deposit with Lender by Borrower.
(d)      If, after the date hereof, an additional guarantor of obligations owed to Lender hereunder is added, then, to the extent any dispute exists at any time between or among any of the guarantors as to Guarantor’s right to contribution or otherwise, Guarantor agrees to indemnify, defend and hold Lender harmless for, from and against any loss, damage, claim, demand, cost or any other liability (including reasonable attorneys’ fees and costs) Lender may suffer as a result of such dispute.
(e)       If from time to time Borrower shall have liabilities or obligations to Guarantor (collectively the “Subordinate Obligations”), such Subordinate Obligations shall be subject to the following terms:
(i)      The Subordinate Obligations and any and all assignments as security, grants in trust, liens, mortgages, security interests, other encumbrances, and other interests and rights securing such liabilities and obligations shall at all times be fully subordinate with respect to (1) assignment as security, grant in trust, lien, mortgage, security interest, other encumbrance, and other interest and right (if any), (2) time and right of payment and performance, and (3) rights against any collateral therefor (if any), to payment and performance in full of the Obligations and the right of Lender to realize upon any or all security for such Obligations.  
(ii)      Guarantor agrees that the Subordinate Obligations shall not be secured by any assignment as security, grant in trust, lien, mortgage, security interest, other encumbrance or other interest or right in any property, interests in property, or rights to property of Borrower. 
(iii)    Guarantor agrees that all promissory notes, accounts receivable, ledgers, records, or any other evidence of Subordinate Obligations shall contain a specific written notice thereon that the indebtedness evidenced thereby is subordinated under the terms of this Guaranty.
(iv)     Guarantor agrees that after the occurrence and during the continuance of an Event of Default, no payments of principal or interest may be made or given, directly or indirectly, by or on behalf of the Borrower or received, accepted, retained or applied by Guarantor unless and until the Obligations shall have been paid and performed in full.  Prior to the occurrence and continuance of an Event of Default, Guarantor shall have the right to receive payments on the Subordinate Obligations made in the ordinary course of business.  
(v)    If Guarantor receives any payment from Borrower or any other party on account of the Subordinate Obligations when such payment is not permitted hereunder, such payment shall be held in trust by Guarantor for the benefit of Lender, shall be segregated from the other funds of Guarantor, and shall forthwith be paid by Guarantor to Lender, without 
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affecting the liability of Guarantor under this Guaranty, and applied to payment of the Obligations, whether or not then due.
(vi)     Without the prior written consent of Lender, Guarantor shall not (1) file suit against Borrower or exercise or enforce any other creditor’s right it may have against Borrower, or (2) foreclose, repossess, sequester, appoint a receiver or otherwise take steps or institute any action or proceedings (judicial or otherwise, including, without limitation, the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, security interests, collateral rights, judgments or other encumbrances held by Guarantor on assets of Borrower.
(vii)   To secure the Obligations, Guarantor grants to Lender a lien and security interest in all Subordinate Obligations and any documents or instruments evidencing or pertaining to the Subordinate Obligations, and in all of Guarantor’s right, title, and interest in and to any payments, property, interests in property, or rights to property acquired or received by Guarantor from Borrower in respect of the Subordinate Obligations.
(viii)  In the event of any receivership, bankruptcy, reorganization, rearrangement, debtor’s relief, or other insolvency proceeding involving Borrower as debtor, Lender shall have the right to prove and vote any claim under the Subordinate Obligations and to receive directly from the receiver, trustee or other court custodian all dividends, distributions, and payments made in respect of the Subordinate Obligations.  Lender may apply any such dividends, distributions, and payments against the Obligations in such order and manner as Lender may determine in its sole discretion.   
11.Guarantor’s Representations and Warranties.  As an inducement to Lender to make the Loan and disburse the proceeds of the Loan to Borrower, Guarantor represents and warrants to Lender that the following statements are true, correct and complete as of the date hereof and will be true, correct and complete as of the closing date of the Loan and as of the date that each advance of Loan proceeds is made under the Loan.
(a)   No approvals, authorizations or consents of any trustee or holder of any indebtedness or obligation of Guarantor are required for the due execution, delivery and performance by Guarantor of this Guaranty or any of the other Loan Documents to which Guarantor is a party.
(b)     This Guaranty and any other Loan Documents to which Guarantor is a party have been duly executed by Guarantor, and are legally valid and binding obligations of Guarantor, enforceable against Guarantor in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general principles of equity.
(c)    There exists no material violation of or material default by Guarantor and no event has occurred which, upon the giving of notice or the passage of time, or both, would constitute a material default with respect to (i) the terms of any instrument evidencing or securing any obligations of Guarantor, (ii) any lease or other agreement to which Guarantor is a 
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party, (iii) any license, permit, statute, ordinance, law, judgment, order, writ, injunction, decree, rule or regulation of any governmental authority, or any determination or award of any arbitrator to or by which Guarantor or Guarantor’s property may be subject or bound, or (iv) any deed of trust, mortgage, security agreement, instrument, or other agreement by which Guarantor or any of its property is bound which, in any such case, is likely, as determined by Lender in its reasonable discretion, to (1) materially and adversely affect the ability of Guarantor to perform its obligations under this Guaranty or any other material instrument, agreement or document to which it is a party, or (2) adversely affect the priority of the liens and security interests created by this Guaranty or any of the other Loan Documents.
(d)    There is no action, suit, investigation, proceeding or arbitration (whether or not purportedly on behalf of Guarantor) at law or in equity or before or by any foreign or domestic court or other governmental entity (a “Legal Action”), pending or, to the knowledge of Guarantor, threatened against or affecting Guarantor or any of its assets which could reasonably be expected to materially and adversely affect Guarantor’s ability to perform its obligations under this Guaranty and any of the other Loan Documents to which it is a party.  Guarantor is not (i) in violation of any applicable law which violation materially and adversely affects or is reasonably likely to materially and adversely affect Guarantor’s ability to perform its obligations under this Guaranty or any other Loan Documents to which it is a party, or (ii) subject to, or in default with respect to, any other legal requirement that would have a materially adverse effect on Guarantor’s ability to perform its obligations under this Guaranty or any other Loan Documents to which it is a party.  There is no Legal Action pending or, to the knowledge of Guarantor, threatened against or affecting Guarantor questioning the validity or the enforceability of this Guaranty or any of the other Loan Documents as to which there is a reasonable likelihood that, upon resolution of such Legal Action, such validity or enforceability will be impaired.
(e)   Guarantor has good, sufficient and legal title in all material respects to all properties and assets reflected in its most recent balance sheet or financial statement, as applicable, delivered to Lender.  
(f)     All tax returns, extension filings, and reports of Guarantor required to be filed by it have been timely filed, and all taxes, assessments, fees and other governmental charges upon Guarantor or upon its properties, assets, income and franchises which are due and payable have been paid when due and payable, except to the extent of items which, in the aggregate, are not material to Guarantor’s financial condition.  Guarantor does not know of any proposed tax assessment against it or its property that would be material to its financial condition, and Guarantor has not contracted with any government entity in connection with such taxes.
(g)     The financial statements and all financial data previously delivered to Lender in connection with the Loan and/or relating to Guarantor are true, correct and complete in all material respects.  Such financial statements fairly present the financial position of the subject thereof as of the date thereof.  No material adverse change has occurred in such financial position since the date of the most recent of such statements and, except for this Loan, no borrowings 
4125961.4  |  100775-0196     11

have been made by Guarantor since the date thereof which are secured by, or might reasonably give rise to, a lien or claim against the proceeds of the Loan or any collateral that secures the Loan.
12.Financial Covenants; No Transfers.  
(a)    Guarantor covenants and agrees to provide to Lender the financial statements required with respect to Guarantor as provided in Schedule 6.5 of the Loan Agreement.  
(b)     Guarantor covenants and agrees to maintain the financial covenants applicable to Guarantor as provided in Schedule 6.18 of the Loan Agreement.
(c)      Guarantor has not and will not, without the prior written consent of Lender, sell, lease, assign, encumber, hypothecate, transfer or otherwise dispose of all or substantially all of Guarantor’s assets or any interest therein.  Guarantor further covenants and agrees that no assets belonging to Guarantor (whether or not disclosed in a financial statement or loan application to Lender) have been transferred into an asset protection trust or an irrevocable trust within two (2) years prior to the date of this Guaranty, and Guarantor will not transfer any assets into an asset protection trust or an irrevocable trust while this Guaranty is outstanding without Lender’s prior written consent.
13.Notices.  All notices, requests and other communications to any party hereunder shall be in writing (including electronic transmission) and shall be given to such party at its address set forth below.  Each such notice, request or other communication shall be effective (a) if given by mail, upon delivery by certified mail to the address specified below (or upon failure of the addressee to accept such delivery), or (b) if given by reputable overnight delivery service, when delivered to a secure location at such address.
    To Lender:    WESTERN ALLIANCE BANK
                2701 East Camelback Road, Suite 110
                Phoenix, Arizona 85016
                Attention: Seth Davis, Senior Director
                Email: sdavis@westernalliancebank.com

            WESTERN ALLIANCE BANK
                2701 East Camelback Road, Suite 110
                Phoenix, Arizona 85016
                Attention: docs@westernalliancebank.com and
                   notefinance@westernalliancebank.com

        To Guarantor:    TERRA PROPERTY TRUST, INC.
    c/o Terra Capital Partners, LLC
    550 Fifth Avenue, Sixth Floor
    New York, NY 10036
    Attention:  Vik Uppal and Greg Pinkus
4125961.4  |  100775-0196     12

    With a copy to:    TERRA CAPITAL PARTNERS, LLC
    550 Fifth Avenue, Sixth Floor
    New York, NY 10036
    Attention:  Chief Legal Officer

14.Successors and Assigns.  This Guaranty shall be binding upon Guarantor, its successors and assigns and shall inure to the benefit of and shall be enforceable by Lender, its successors, endorsees and assigns.  
15.[Reserved].
16.Costs of Enforcement.  If any or all of the Obligations are not paid when due, Guarantor agrees to pay all costs of enforcement and collection of such Obligations and preparation therefore (including, without limitation, reasonable attorneys’ fees and any amounts disbursed by Lender in connection with enforcing Lender’s remedies under the Loan Documents) whether or not any action or proceeding is brought (including, without limitation, all such costs incurred in connection with any bankruptcy, receivership, or other court proceedings (whether at the trial or appellate level)) together with interest thereon from the date of demand at the default rate applicable to the Note.  
17.WAIVER OF DEFENSES AND RELEASE OF CLAIMS. The undersigned hereby (a) represents that neither the undersigned nor any affiliate or principal of the undersigned has any defenses to or setoffs against any indebtedness or other obligations owing by the undersigned, or by the undersigned’s affiliates or principals, to Lender or Lender’s affiliates (the “Liabilities”), nor any claims against Lender or Lender’s affiliates for any matter whatsoever, related or unrelated to the Liabilities, and (b) releases Lender and Lender’s affiliates, officers, directors, employees and agents from all claims, causes of action, and costs, in law or equity, known or unknown, whether or not matured or contingent, existing as of the date hereof that the undersigned has or may have by reason of any matter of any conceivable kind or character whatsoever, related or unrelated to the Liabilities, including, without limitation, the subject matter of this Guaranty.  The foregoing release does not apply, however, to claims for future performance of express contractual obligations that mature after the date hereof that are owing to the undersigned by Lender or Lender’s affiliates.  The undersigned acknowledges that Lender has been induced to enter into or continue the Liabilities by, among other things, the waivers and releases in this paragraph.
18.JURY WAIVER.  GUARANTOR WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH GUARANTOR AND LENDER MAY BE PARTIES, ARISING OUT OF, IN CONNECTION WITH OR IN ANY WAY PERTAINING TO, THIS GUARANTY, THE NOTE OR ANY OF THE OTHER LOAN DOCUMENTS.  IT IS AGREED AND UNDERSTOOD THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST ALL PARTIES TO SUCH ACTION OR PROCEEDINGS, INCLUDING CLAIMS AGAINST PARTIES WHO ARE NOT PARTIES TO THIS GUARANTY.  THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY 
4125961.4  |  100775-0196     13

MADE BY GUARANTOR, AND GUARANTOR HEREBY REPRESENTS THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT.  GUARANTOR FURTHER REPRESENTS AND WARRANTS THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS GUARANTY AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.  THIS PROVISION IS A MATERIAL INDUCEMENT TO LENDER TO PROVIDE THE FINANCING DESCRIBED HEREIN OR IN THE OTHER LOAN DOCUMENTS.
19.Right of Setoff.  In addition to all liens upon, and rights of setoff against, the monies, instruments, certificates of deposit, securities or other property of Guarantor given to Lender by law, Lender shall have a lien and a right of setoff against, and Guarantor hereby grants to Lender a security interest in, all monies, instruments, certificates of deposit, securities and other property of Guarantor now or hereafter in the possession of or on deposit with Lender, whether held in a general or special account or deposit including any account or deposit held jointly by Guarantor with any other person or entity, or for safekeeping or otherwise, except to the extent specifically prohibited by law.  Every such lien, right of setoff and security interest may be exercised without demand upon or notice to Guarantor.  No lien, right of setoff, or security interest shall be deemed to have been waived by any act or conduct on the part of Lender, by any neglect to exercise such right of setoff or to enforce such lien or security interest, or by any delay in so doing.  The rights and remedies of Lender hereunder are in addition to other rights and remedies (including, without limitation, other rights of setoff) which Lender may have.  
20.GOVERNING LAW; JURISDICTION.  
i.THIS GUARANTY HAS BEEN DELIVERED IN ARIZONA AND SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF ARIZONA, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES.  
ii.Guarantor irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Lender or any affiliate of the Lender in any way relating to this Guaranty or any other Loan Document or the transactions relating hereto or thereto, in any forum other than the courts of the State of Arizona sitting in Maricopa County, and of the United States District Court of the District of Arizona, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such  courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such Arizona State court or, to the fullest extent permitted by applicable law, in such federal court.  Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in 
4125961.4  |  100775-0196     14

other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Guaranty or in any other Loan Document shall affect any right that the Lender may otherwise have to bring any action or proceeding relating to this Guaranty or any other Loan Document against the Guarantor or its properties in the courts of any jurisdiction.
21.No Third Party Beneficiaries.  This Guaranty is solely for the benefit of Lender, its successors, endorsees and assigns, and is not intended to nor shall it be deemed to be for the benefit of any third party, including Borrower.
22.Severability.  If any provision of this Guaranty is unenforceable, the enforceability of the other provisions shall not be affected and they shall remain in full force and effect.
23.Counterparts.  This Guaranty may be executed in counterparts, all of which executed counterparts shall together constitute a single document.
24.Counsel.  Guarantor acknowledges that Guarantor has had adequate opportunity to carefully read this Guaranty and to consult with an attorney of Guarantor’s choice prior to signing it.
25.Amendments.  No amendment or waiver of any provision of this Guaranty or consent to any departure by Guarantor therefrom shall in any event be effective unless the same shall be in writing and signed by Lender.
26.Events of Default.  Each of the following shall constitute an “Event of Default” under this Guaranty:  (i) any breach by Guarantor of its covenants contained in Section 12, (ii) any failure of Guarantor to pay any amount due  hereunder within ten (10) Business Days after notice from Lender, or (iii) any default by Guarantor in any other provision hereof that remains uncured thirty (30) days after such default, provided if cure of such default cannot reasonably be accomplished within such 30-day period, then such cure period will be extended to accommodate Guarantor’s reasonable efforts to cure, provided that in no event shall such cure period extend more than 60 days beyond the original notice delivered by Lender to Guarantor as to such default.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

4125961.4  |  100775-0196     15

IN WITNESS WHEREOF, Guarantor has executed this Guaranty as of the day and year first above written.

GUARANTOR:

TERRA PROPERTY TRUST, INC., 
a Maryland corporation

By:_/s/ Greg Pinkus______________________
Name:  Greg Pinkus
Its:  Authorized Signatory

4125961.4  |  100775-0196     16EX-4.1

Table of Contents

 Exhibit 4.1 
  

 
  

MAGNITE, INC., 
 the GUARANTORS
from time to time party hereto 
 and 

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

as Trustee 
 INDENTURE 

Dated as of March 18, 2021 

0.25% Convertible Senior Notes due 2026 
  

 
  

Table of Contents

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
	Article 1.	 	 Definitions; Rules of Construction
	  	 	1	 
				
		 	 Section 1.01.
	  	Definitions	  	 	1	 
				
		 	 Section 1.02.
	  	Other Definitions	  	 	9	 
				
		 	 Section 1.03.
	  	Rules of Construction	  	 	10	 
			
	Article 2.	 	 The Notes
	  	 	11	 
				
		 	 Section 2.01.
	  	Form, Dating and Denominations	  	 	11	 
				
		 	 Section 2.02.
	  	Execution, Authentication and Delivery	  	 	11	 
				
		 	 Section 2.03.
	  	Initial Notes and Additional Notes	  	 	12	 
				
		 	 Section 2.04.
	  	Method of Payment	  	 	12	 
				
		 	 Section 2.05.
	  	Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business Day	  	 	12	 
				
		 	 Section 2.06.
	  	Registrar, Paying Agent and Conversion Agent	  	 	13	 
				
		 	 Section 2.07.
	  	Paying Agent and Conversion Agent to Hold Property in Trust	  	 	14	 
				
		 	 Section 2.08.
	  	Holder Lists	  	 	14	 
				
		 	 Section 2.09.
	  	Legends	  	 	14	 
				
		 	 Section 2.10.
	  	Transfers and Exchanges; Certain Transfer Restrictions	  	 	15	 
				
		 	 Section 2.11.
	  	Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change or Redemption	  	 	18	 
				
		 	 Section 2.12.
	  	Removal of Transfer Restrictions	  	 	19	 
				
		 	 Section 2.13.
	  	Replacement Notes	  	 	19	 
				
		 	 Section 2.14.
	  	Registered Holders; Certain Rights with Respect to Global Notes	  	 	20	 
				
		 	 Section 2.15.
	  	Cancellation	  	 	20	 
				
		 	 Section 2.16.
	  	Notes Held by the Company or its Affiliates	  	 	20	 
				
		 	 Section 2.17.
	  	Temporary Notes	  	 	20	 
				
		 	 Section 2.18.
	  	Outstanding Notes	  	 	20	 
				
		 	 Section 2.19.
	  	Repurchases by the Company	  	 	21	 
				
		 	 Section 2.20.
	  	CUSIP and ISIN Numbers	  	 	21	 
			
	Article 3.	 	 Covenants
	  	 	21	 
				
		 	 Section 3.01.
	  	Payment On Notes	  	 	21	 
				
		 	 Section 3.02.
	  	Exchange Act Reports	  	 	21	 
				
		 	 Section 3.03.
	  	Rule 144A Information	  	 	22	 
				
		 	 Section 3.04.
	  	Additional Interest	  	 	22	 
				
		 	 Section 3.05.
	  	Compliance and Default Certificates	  	 	23	 
				
		 	 Section 3.06.
	  	Stay, Extension and Usury Laws	  	 	23	 
				
		 	 Section 3.07.
	  	Corporate Existence	  	 	23	 
				
		 	 Section 3.08.
	  	Additional Guarantors	  	 	23	 
			
	Article 4.	 	 Repurchase and Redemption
	  	 	24	 
				
		 	 Section 4.01.
	  	No Sinking Fund	  	 	24	 

  
 i 

Table of Contents

									
		 	Section 4.02.	  	Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change	  	 	24	 
				
		 	Section 4.03.	  	Right of the Company to Redeem the Notes	  	 	27	 
			
	 Article 5.
	 	Conversion	  	 	29	 
				
		 	Section 5.01.	  	Right to Convert	  	 	29	 
				
		 	Section 5.02.	  	Conversion Procedures	  	 	32	 
				
		 	Section 5.03.	  	Settlement Upon Conversion	  	 	33	 
				
		 	Section 5.04.	  	Reserve and Status of Common Stock Issued Upon Conversion	  	 	36	 
				
		 	Section 5.05.	  	Adjustments to the Conversion Rate	  	 	36	 
				
		 	Section 5.06.	  	Voluntary Adjustments	  	 	43	 
				
		 	Section 5.07.	  	Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change	  	 	43	 
				
		 	Section 5.08.	  	Exchange in Lieu of Conversion	  	 	44	 
				
		 	Section 5.09.	  	Effect of Common Stock Change Event	  	 	45	 
				
		 	Section 5.10.	  	Adjustment Deferral	  	 	46	 
			
	 Article 6.
	 	Successors	  	 	47	 
				
		 	Section 6.01.	  	When the Company or a Guarantor May Merge, Etc.	  	 	47	 
				
		 	Section 6.02.	  	Successor Corporation Substituted	  	 	47	 
			
	 Article 7.
	 	Defaults and Remedies	  	 	48	 
				
		 	Section 7.01.	  	Events of Default	  	 	48	 
				
		 	Section 7.02.	  	Acceleration	  	 	49	 
				
		 	Section 7.03.	  	Sole Remedy for a Failure to Report	  	 	50	 
				
		 	Section 7.04.	  	Other Remedies	  	 	50	 
				
		 	Section 7.05.	  	Waiver of Past Defaults	  	 	51	 
				
		 	Section 7.06.	  	Control By Majority	  	 	51	 
				
		 	Section 7.07.	  	Limitation on Suits	  	 	51	 
				
		 	Section 7.08.	  	Absolute Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration	  	 	52	 
				
		 	Section 7.09.	  	Collection Suit by Trustee	  	 	52	 
				
		 	Section 7.10.	  	Trustee may File Proofs of Claim	  	 	52	 
				
		 	Section 7.11.	  	Priorities	  	 	52	 
				
		 	Section 7.12.	  	Undertaking for Costs	  	 	53	 
			
	 Article 8.
	 	Amendments, Supplements and Waivers	  	 	53	 
				
		 	Section 8.01.	  	Without the Consent of Holders	  	 	53	 
				
		 	Section 8.02.	  	With the Consent of Holders	  	 	54	 
				
		 	Section 8.03.	  	Notice of Amendments, Supplements and Waivers	  	 	55	 
				
		 	Section 8.04.	  	Revocation, Effect and Solicitation of Consents; Special Record Dates; Etc.	  	 	55	 
				
		 	Section 8.05.	  	Notations and Exchanges	  	 	55	 
				
		 	Section 8.06.	  	Trustee to Execute Supplemental Indentures	  	 	56	 
			
	 Article 9.
	 	Satisfaction and Discharge	  	 	56	 
				
		 	Section 9.01.	  	Termination of Company’s Obligations	  	 	56	 
				
		 	Section 9.02.	  	Repayment to Company	  	 	56	 

  
 ii 

Table of Contents

									
		 	Section 9.03. Reinstatement	  	 	56	 
			
	 Article 10.
	 	Trustee	  	 	57	 
				
		 	Section 10.01.	  	Duties of the Trustee	  	 	57	 
				
		 	Section 10.02.	  	Rights of the Trustee	  	 	58	 
				
		 	Section 10.03.	  	Individual Rights of the Trustee	  	 	59	 
				
		 	Section 10.04.	  	Trustee’s Disclaimer	  	 	59	 
				
		 	Section 10.05.	  	Notice of Defaults	  	 	59	 
				
		 	Section 10.06.	  	Compensation and Indemnity	  	 	60	 
				
		 	Section 10.07.	  	Replacement of the Trustee	  	 	60	 
				
		 	Section 10.08.	  	Successor Trustee by Merger, Etc.	  	 	61	 
				
		 	Section 10.09.	  	Eligibility; Disqualification	  	 	61	 
			
	 Article 11.
	 	Miscellaneous	  	 	61	 
				
		 	Section 11.01.	  	Notices	  	 	61	 
				
		 	Section 11.02.	  	Delivery of Officer’s Certificate and Opinion of Counsel as to Conditions Precedent	  	 	63	 
				
		 	Section 11.03.	  	Statements Required In Officer’s Certificate and Opinion of Counsel	  	 	63	 
				
		 	Section 11.04.	  	Rules by the Trustee, the Registrar and the Paying Agent	  	 	64	 
				
		 	Section 11.05.	  	No Personal Liability of Directors, Officers, Employees and Stockholders	  	 	64	 
				
		 	Section 11.06.	  	Governing Law; Waiver of Jury Trial	  	 	64	 
				
		 	Section 11.07.	  	Submission to Jurisdiction	  	 	64	 
			
		 	Section 11.08. No Adverse Interpretation of Other Agreements	  	 	64	 
				
		 	Section 11.09.	  	Successors	  	 	64	 
				
		 	Section 11.10.	  	Force Majeure	  	 	64	 
				
		 	Section 11.11.	  	U.S.A	  	 	65	 
				
		 	Section 11.12.	  	Calculations	  	 	65	 
				
		 	Section 11.13.	  	Severability	  	 	65	 
				
		 	Section 11.14.	  	Counterparts	  	 	65	 
				
		 	Section 11.15.	  	Table of Contents, Headings, Etc.	  	 	65	 
				
		 	Section 11.16.	  	Withholding Taxes	  	 	65	 
			
	 Article 12.
	 	Guarantees	  	 	66	 
				
		 	Section 12.01.	  	Guarantees Generally	  	 	66	 
				
		 	Section 12.02.	  	Execution and Delivery of Guarantee	  	 	66	 
				
		 	Section 12.03.	  	Limitation of Guarantee	  	 	67	 
				
		 	Section 12.04.	  	Release of Guarantor	  	 	67	 
				
		 	Section 12.05.	  	Waiver of Subrogation	  	 	68	 

 Exhibits 
  

					
	Exhibit A: Form of Note	  	 	A-1	 
	Exhibit B-1: Form of Restricted Note Legend	  	 	B-1	 
	Exhibit B-2: Form of Global Note Legend	  	 	B-2	 
	Exhibit B-3: Form of Non-Affiliate Legend	  	 	B-3	 

  
 iii 

Table of Contents

 INDENTURE, dated as of March 18, 2021, between Magnite, Inc., a Delaware
corporation, as issuer (the “Company”), the Guarantors from time to time party hereto and The Bank of New York Mellon Trust Company, N.A., not in its individual capacity but solely as trustee (the “Trustee”). 

Each party to this Indenture (as defined below) agrees as follows for the benefit of the other party and for the equal and ratable benefit of
the Holders (as defined below) of the Company’s 0.25% Convertible Senior Notes due 2026 (the “Notes”). 
 Article 1.
DEFINITIONS; RULES OF CONSTRUCTION 
 Section 1.01. DEFINITIONS. 

“Additional Interest” means any interest that accrues on any Note pursuant to Section 3.04. 

“Affiliate” has the meaning set forth in Rule 144 as in effect on the Issue Date. 

“Authorized Denomination” means, with respect to a Note, a principal amount thereof equal to $1,000 or any integral multiple
of $1,000 in excess thereof. 
 “Bankruptcy Law” means Title 11, United States Code, or any similar U.S. federal or state
or non-U.S. law for the relief of debtors. 
 “Bid Solicitation Agent” means the
Person who is required to obtain bids for the Trading Price in accordance with Section 5.01(C)(i)(2) and the definition of “Trading Price.” The initial Bid Solicitation Agent on the Issue Date will be the Company;
provided, however, that the Company may appoint any other Person (including any of the Company’s Subsidiaries) to be the Bid Solicitation Agent at any time after the Issue Date without prior notice. 

“Board of Directors” means the board of directors of the Company or a committee of such board duly authorized to act on
behalf of such board. 
 “Business Day” means any day other than a Saturday, a Sunday or any day on which the Federal
Reserve Bank of New York is authorized or required by law or executive order to close or be closed. 
 “Capital Stock” of
any Person means any and all shares of, interests in, rights to purchase, warrants or options for, participations in, or other equivalents of, in each case however designated, the equity of such Person, but excluding any debt securities convertible
into such equity. 
 “Close of Business” means 5:00 p.m., New York City time. 

“Common Equity” of any person means capital stock of such person that is generally entitled (i) if such person is a
corporation, to vote in the election of directors of such person or (ii) if such person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the management
or policies of such person. 
 “Common Stock” means the common stock of the Company, par value $0.00001 per share, at the
date of this Indenture, subject to Section 5.09. 
 “Company” means the Person named as such in
the first paragraph of this Indenture and, subject to Article 6, its successors and assigns. 
 “Company Order”
means a written request or order signed on behalf of the Company by one (1) of its Officers and delivered to the Trustee. 

“Conversion Date” means, with respect to a Note, the first Business Day on which the requirements set forth in
Section 5.02(A) to convert such Note are satisfied, subject to Section 5.03(C). 

  
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Table of Contents

 “Conversion Price” means, as of any time, an amount equal to (A) one
thousand dollars ($1,000) divided by (B) the Conversion Rate in effect at such time. 
 “Conversion Rate”
initially means 15.6539 shares of Common Stock per $1,000 principal amount of Notes; provided, however, that the Conversion Rate is subject to adjustment pursuant to Article 5; provided, further, that whenever this
Indenture refers to the Conversion Rate as of a particular date without setting forth a particular time on such date, such reference will be deemed to be to the Conversion Rate immediately after the Close of Business on such date. 

“Conversion Share” means any share of Common Stock issued or issuable upon conversion of any Note. 

“Corporate Trust Office” means the designated corporate trust office of the Trustee at which at any time its corporate trust
business shall be administered, presently located at 400 South Hope Street, Suite 500, Los Angeles, CA 90071, Attention: Corporate Trust, or such other address as the Trustee may designate from time to time, or the designated corporate trust office
of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice. 
 “Daily Cash
Amount” means, with respect to any VWAP Trading Day, the lesser of (A) the applicable Daily Maximum Cash Amount; and (B) the Daily Conversion Value for such VWAP Trading Day. 

“Daily Conversion Value” means, with respect to any VWAP Trading Day, one-fortieth
(1/40th) of the product of (A) the Conversion Rate on such VWAP Trading Day; and (B) the Daily VWAP per share of Common Stock on such VWAP Trading Day. 

“Daily Maximum Cash Amount” means, with respect to the conversion of any Note, the quotient obtained by dividing (A) the
Specified Dollar Amount applicable to such conversion by (B) forty (40). 
 “Daily Share Amount” means, with respect
to any VWAP Trading Day, the quotient obtained by dividing (A) the excess, if any, of the Daily Conversion Value for such VWAP Trading Day over the applicable Daily Maximum Cash Amount by (B) the Daily VWAP for such VWAP Trading Day. For
the avoidance of doubt, the Daily Share Amount will be zero for such VWAP Trading Day if such Daily Conversion Value does not exceed such Daily Maximum Cash Amount. 

“Daily VWAP” means, for any VWAP Trading Day, the per share volume-weighted average price of the Common Stock as displayed
under the heading “Bloomberg VWAP” on Bloomberg page “MGNI <EQUITY> AQR” (or, if such page is not available, its equivalent successor page) in respect of the period from the scheduled open of trading until the scheduled
close of trading of the primary trading session on such VWAP Trading Day (or, if such volume-weighted average price is unavailable, the market value of one share of Common Stock on such VWAP Trading Day, determined, using a volume-weighted average
price method, by a nationally recognized independent investment banking firm or independent valuation firm selected by the Company, which may include any of the Initial Purchasers). The Daily VWAP will be determined without regard to after-hours
trading or any other trading outside of the regular trading session. 
 “De-Legending
Deadline Date” means, with respect to any Note, the fifteenth (15th) day after the Free Trade Date of such Note; provided, however, that if such fifteenth (15th) day is after a Regular Record Date and on or before the next
Interest Payment Date, then the De-Legending Deadline Date for such Note will instead be the Business Day immediately after such Interest Payment Date. 

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

“Default Settlement Method” means, initially, Combination Settlement with a Specified Dollar Amount of $1,000 per $1,000
principal amount of Notes; provided, however, that (x) subject to Section 5.03(A)(iii), the Company may, from time to time, change the Default Settlement Method by sending written notice of the new
Default Settlement Method to the Holders, the Trustee and the Conversion Agent (if other than the Trustee) (it being understood that no such change will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any
Note pursuant to this Indenture); and (y) the Default Settlement Method will be subject to Section 5.03(A)(ii). 

“Depositary” means The Depository Trust Company or its successor. 

“Depositary Participant” means any member of, or participant in, the Depositary. 

  
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 “Depositary Procedures” means, with respect to any conversion, transfer,
exchange or transaction involving a Global Note or any beneficial interest therein, the rules and procedures of the Depositary applicable to such conversion, transfer, exchange or transaction. 

“DTC” means The Depositary Trust Company. 

“Electronic Means” shall mean the following communications methods: e-mail, facsimile
transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for use in connection with its
services hereunder. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder. 
 “Ex-Dividend Date” means, with respect to an
issuance, dividend or distribution on the Common Stock, the first date on which shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance, dividend or distribution
(including pursuant to due bills or similar arrangements required by the relevant stock exchange). For the avoidance of doubt, any alternative trading convention on the applicable exchange or market in respect of the Common Stock under a separate
ticker symbol or CUSIP number will not be considered “regular way” for this purpose. 
 “Existing Credit Agreement”
means the Second Amended and Restated Loan and Security Agreement dated as of September 25, 2020, among, Magnite, Inc., the other borrowers party thereto and Silicon Valley Bank, including any notes, guarantees, collateral and security
documents, instruments and agreements executed in connection therewith, and in each case as otherwise amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time.

 “Free Trade Date” means, with respect to any Note, the date that is one (1) year after the Last Original Issue Date
of such Note. 
 “Freely Tradable” means, with respect to any Note, that such Note would be eligible to be offered, sold or
otherwise transferred pursuant to Rule 144 or otherwise if held by a Person that is not an Affiliate of the Company, and that has not been an Affiliate of the Company during the immediately preceding three (3) months, without any requirements
as to volume, manner of sale, availability of current public information or notice under the Securities Act (except that, during the six (6) month period beginning on, and including, the date that is six (6) months after the Last Original
Issue Date of such Note, any such requirement as to the availability of current public information will be disregarded if the same is satisfied at that time); provided, however, that from and after the Free Trade Date of such Note,
such Note will not be “Freely Tradable” unless such Note (x) is not identified by a “restricted” CUSIP or ISIN number; and (y) is not represented by any certificate that bears the Restricted Note Legend. For the
avoidance of doubt, whether a Note is deemed to be identified by a “restricted” CUSIP or ISIN number or to bear the Restricted Note Legend is subject to Section 2.12. 

“Fundamental Change” means any of the following events: 

(A) a “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act), other than the Company or its
Wholly Owned Subsidiaries, files any report with the SEC indicating that such person or group has become the direct or indirect “beneficial owner” (as defined below) of shares of the Common Equity representing more than fifty percent (50%)
of the voting power of all of the Company’s Common Stock; 
 (B) the consummation of (i) any sale, lease or other transfer, in one
transaction or a series of transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person; or (ii) any transaction or series of related transactions in connection with which (whether
by means of merger, consolidation, share exchange, combination, reclassification, recapitalization, acquisition, liquidation or otherwise) all of the Common Stock is exchanged for, converted into, acquired for, or constitutes solely the right to
receive, other securities, cash or other property; provided, however, that any merger, consolidation, share exchange or combination of the Company pursuant to which the Persons that directly or indirectly “beneficially owned”
(as defined below) all classes of the Company’s Common Equity immediately before such transaction directly or indirectly “beneficially own,” immediately after such transaction, more than fifty percent (50%) of all classes of Common
Equity of the surviving, continuing or acquiring company or other transferee, as applicable, or the parent thereof, in substantially the same proportions
vis-à-vis each other as immediately before such transaction will be deemed not to be a Fundamental Change pursuant to this clause (B); 

  
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 (C) the Company’s stockholders approve any plan or proposal for the liquidation or
dissolution of the Company; or 
 (D) the Common Stock ceases to be listed on any of The New York Stock Exchange, The NASDAQ Global Market or
The NASDAQ Global Select Market (or any of their respective successors); 
 provided, however, that a transaction or event described in
clause (A) or (B) above will not constitute a Fundamental Change if at least ninety percent (90%) of the consideration received or to be received by the holders of Common Stock (excluding cash payments for fractional shares
or pursuant to dissenters rights), in connection with such transaction or event, consists of shares of common stock listed on any of The New York Stock Exchange, The NASDAQ Global Market or The NASDAQ Global Select Market (or any of their respective
successors), or that will be so listed when issued or exchanged in connection with such transaction or event, and such transaction or event constitutes a Common Stock Change Event whose Reference Property consists of such consideration. 

If any transaction in which the Common Stock is replaced by the securities of another entity occurs, following completion of any related
Make-Whole Fundamental Change Conversion Period (or, in the case of a transaction that would have been a Fundamental Change or a Make-Whole Fundamental Change but for the proviso to the immediately preceding paragraph, following the effective date
of such transaction), references to the Company for purposes of this definition of “Fundamental Change” shall instead be references to such other entity. 

For the purposes of this definition, (x) any transaction or event described in both clause (A) and in clause (B)(i)
or (ii) above (without regard to the proviso in clause (B)) will be deemed to occur solely pursuant to clause (B) above (subject to such proviso); and (y) whether a Person is a
“beneficial owner” and whether shares are “beneficially owned” will be determined in accordance with Rule 13d-3 under the Exchange Act. 

“Fundamental Change Repurchase Date” means the date fixed for the repurchase of any Notes by the Company pursuant to a
Repurchase Upon Fundamental Change. 
 “Fundamental Change Repurchase Notice” means a notice (including a notice
substantially in the form of the “Fundamental Change Repurchase Notice” set forth in Exhibit A) containing the information, or otherwise complying with the requirements, set forth in Section 4.02(F)(i) and
Section 4.02(F)(ii). 
 “Fundamental Change Repurchase Price” means the cash price payable by the
Company to repurchase any Note upon its Repurchase Upon Fundamental Change, calculated pursuant to Section 4.02(D). 

“Global Note” means a Note that is represented by a certificate substantially in the form set forth in Exhibit A,
registered in the name of the Depositary or its nominee, duly executed by the Company and authenticated by the Trustee, and deposited with the Trustee, as custodian for the Depositary. 

“Global Note Legend” means a legend substantially in the form set forth in Exhibit
B-2. 
 “Guarantor” means each of (i) the Company’s Wholly
Owned Domestic Subsidiaries listed on the signature pages to this Indenture and (ii) any other Subsidiary of the Company that becomes a Guarantor in accordance with Section 3.08 of this Indenture, in each case, until such time as any such
Guarantor shall be released and relieved of its obligations pursuant to Section 12.04 of this Indenture 
 “Holder”
means a person in whose name a Note is registered on the Registrar’s books. 
 “Indenture” means this Indenture, as
amended or supplemented from time to time. 
 “Initial Purchasers” means Goldman Sachs & Co. LLC, SG Americas
Securities, LLC, SVB Leerink LLC and Fifth Third Securities, Inc. 
 “Interest Payment Date” means, with respect to a Note,
each March 15 and September 15 of each year, commencing on September 15, 2021 (or commencing on such other date specified in the certificate representing such Note). For the avoidance of doubt, the Maturity Date is an Interest Payment
Date. 

  
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 “Issue Date” means March 18, 2021. 

“Last Original Issue Date” means (A) with respect to any Notes issued pursuant to the Purchase Agreement, and any Notes
issued in exchange therefor or in substitution thereof, the Issue Date; and (B) with respect to any Notes issued pursuant to Section 2.03(B), and any Notes issued in exchange therefor or in substitution thereof, either
(i) the later of (x) the date such Notes are originally issued and (y) the last date any Notes are originally issued as part of the same offering pursuant to the exercise of an option granted to the initial purchaser(s) of such Notes
to purchase additional Notes; or (ii) such other date as is specified in an Officer’s Certificate delivered to the Trustee before the original issuance of such Notes. 

“Last Reported Sale Price” of the Common Stock for any Trading Day means the closing sale price per share (or, if no closing
sale price is reported, the average of the last bid price and the last ask price per share or, if more than one in either case, the average of the average last bid prices and the average last ask prices per share) of Common Stock on such Trading Day
as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is then listed. If the Common Stock is not listed on a U.S. national or regional securities exchange on such Trading Day,
then the Last Reported Sale Price will be the last quoted bid price per share of Common Stock on such Trading Day in the over-the-counter market as reported by OTC
Markets Group Inc. or a similar organization. If the Common Stock is not so quoted on such Trading Day, then the Last Reported Sale Price will be the average of the mid-point of the last bid price and the last
ask price per share of Common Stock on such Trading Day from each of at least three (3) nationally recognized independent investment banking firms selected by the Company, which may include any of the Initial Purchasers. Neither the Trustee nor
the Conversion Agent will have any duty to determine the Last Reported Sale Price. The Last Reported Sale Price will be determined without regard to after-hours trading or any other trading outside of regular trading session hours. 

“Make-Whole Fundamental Change” means (A) a Fundamental Change (determined after giving effect to the proviso
immediately after clause (D) of the definition thereof, but without regard to the proviso to clause (B)(ii) of such definition); or (B) the sending of a Redemption Notice pursuant to
Section 4.03(G); provided, however, that, subject to Section 4.03(J), the sending of a Redemption Notice will constitute a Make-Whole Fundamental Change only with respect to the Notes
called (or deemed to be called pursuant to Section 4.03) for Redemption pursuant to such Redemption Notice and not with respect to any other Notes. 

“Make-Whole Fundamental Change Conversion Period” has the following meaning: 

(A) in the case of a Make-Whole Fundamental Change pursuant to clause (A) of the definition thereof, the period from, and
including, the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change to, and including, the thirty-fifth (35th) Trading Day after such Make-Whole Fundamental Change Effective Date (or, if such Make-Whole Fundamental
Change also constitutes a Fundamental Change, to, but excluding, the related Fundamental Change Repurchase Date); and 
 (B) in the case of a
Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof, the period from, and including, the Redemption Notice Date for the related Redemption to, and including, the Business Day immediately before the
related Redemption Date; 
 provided, however, that if the Conversion Date for the conversion of a Note that has been called (or deemed
called) for Redemption occurs during the Make-Whole Fundamental Change Conversion Period for both a Make-Whole Fundamental Change occurring pursuant to clause (i) of the definition of “Make-Whole Fundamental Change” and a
Make-Whole Fundamental Change resulting from such Redemption pursuant to clause (B) of such definition, then, solely for purposes of such conversion, (x) such conversion date will be deemed to occur solely during the Make-Whole
Fundamental Change Conversion Period for the Make-Whole Fundamental Change with the earlier Make-Whole Fundamental Change Effective Date; and (y) the Make-Whole Fundamental Change with the later Make-Whole Fundamental Change Effective Date will
be deemed not to have occurred. 
 “Make-Whole Fundamental Change Effective Date” means (A) with respect to a
Make-Whole Fundamental Change pursuant to clause (A) of the definition thereof, the date on which such Make-Whole Fundamental Change occurs or becomes effective; and (B) with respect to a Make-Whole Fundamental Change
pursuant to clause (B) of the definition thereof, the applicable Redemption Notice Date. 
 “Market Disruption
Event” means, with respect to any date, the occurrence or existence, during the one-half hour period ending at the scheduled close of trading on such date on the principal U.S. national or regional
securities exchange (or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is listed for trading or trades), of any material suspension or limitation
imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock. 

  
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 “Maturity Date” means March 15, 2026. 

“Non-Affiliate Legend” means a legend substantially in the form set forth in
Exhibit B-3. 
 “Note Agent” means any Registrar, Paying Agent or Conversion
Agent. 
 “Notes” means the 0.25% Convertible Senior Notes due 2026 issued by the Company pursuant to this Indenture. 

“Observation Period” means, with respect to any Note to be converted, (A) subject to clause
(B) below, if the Conversion Date for such Note occurs before September 15, 2025, the forty (40) consecutive VWAP Trading Days beginning on, and including, the second (2nd) VWAP Trading Day immediately after such Conversion
Date; and (B) if such Conversion Date occurs on or after the date the Company has sent a Redemption Notice calling such Note for Redemption pursuant to Section 4.03(F) and before the related Redemption Date, the forty
(40) consecutive VWAP Trading Days beginning on, and including, the forty-first (41st) Scheduled Trading Day immediately before such Redemption Date; and (C) subject to clause (B) above, if such Conversion Date occurs on
or after September 15, 2025, the forty (40) consecutive VWAP Trading Days beginning on, and including, the forty-first (41st) Scheduled Trading Day immediately before the Maturity Date. 

“Officer” means the Chairman of the Board of Directors, the Chief Executive Officer, the President, the Chief Operating
Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of the Company. 

“Officer’s Certificate” means a certificate that is signed on behalf of the Company by one (1) of its Officers and
that meets the requirements of Section 11.03. 
 “Open of Business” means 9:00 a.m., New York
City time. 
 “Opinion of Counsel” means an opinion, from legal counsel (including an employee of, or counsel to, the
Company or any of its Subsidiaries) that meets the requirements of Section 11.03, subject to customary qualifications and exclusions. 

“Person” or “person” means any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof. Any division or series of a limited liability company, limited partnership or trust will constitute a
separate “person” under this Indenture. 
 “Physical Note” means a Note (other than a Global Note) that is
represented by a certificate substantially in the form set forth in Exhibit A, registered in the name of the Holder of such Note and duly executed by the Company and authenticated by an authorized signatory of the Trustee. 

“Purchase Agreement” means that certain Purchase Agreement, dated March 15, 2021, among the Company, the Guarantors
party thereto and Goldman Sachs & Co. LLC, as representative of the Initial Purchasers. 
 “Redemption” means the
repurchase of any Note by the Company pursuant to Section 4.03. 
 “Redemption Date” means
the date fixed, pursuant to Section 4.03(D), for the settlement of the repurchase of any Notes by the Company pursuant to a Redemption. 

“Redemption Notice Date” means, with respect to a Redemption, the date on which the Company sends the Redemption Notice for
such Redemption pursuant to Section 4.03(F). 
 “Redemption Price” means the cash price payable
by the Company to redeem any Note upon its Redemption, calculated pursuant to Section 4.03(E). 

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

“Repurchase Upon Fundamental Change” means the repurchase of any Note by the Company pursuant to
Section 4.02. 
 “Responsible Officer” means, when used with respect to the Trustee, any officer
within the corporate trust department of the Trustee (or any successor group of the Trustee), including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who
customarily performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the
particular subject and, in each case, who shall have direct responsibility for the administration of this Indenture. 
 “Restricted
Note Legend” means a legend substantially in the form set forth in Exhibit B-1. 

“Restricted Stock Legend” means, with respect to any Conversion Share, a legend substantially to the effect that the offer
and sale of such Conversion Share have not been registered under the Securities Act and that such Conversion Share cannot be sold or otherwise transferred except pursuant to a transaction that is registered under the Securities Act or that is exempt
from, or not subject to, the registration requirements of the Securities Act. 
 “Rule 144” means Rule 144 under the
Securities Act (or any successor rule thereto), as the same may be amended from time to time. 
 “Rule 144A” means Rule
144A under the Securities Act (or any successor rule thereto), as the same may be amended from time to time. 
 “Scheduled Trading
Day” means any day that is scheduled to be a Trading Day on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional
securities exchange, on the principal other market on which the Common Stock is then traded. If the Common Stock is not so listed or traded, then “Scheduled Trading Day” means a Business Day. 

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

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Security” means any Note or Conversion Share. 

“Senior Credit Agreement” means that certain Credit Agreement to be entered into among, Magnite, Inc., as the borrower, the
lenders party thereto and Goldman Sachs Bank USA, as administrative agent and collateral agent, including any notes, guarantees, collateral and security documents, instruments and agreements executed in connection therewith, and in each case as
otherwise amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time. 

“Senior Credit Facilities” means (a) the revolving loans provided pursuant to the Existing Credit Agreement and
(b) the term loans and revolving loans provided pursuant to the Senior Credit Agreement, as applicable. 
 “Settlement
Method” means Cash Settlement, Physical Settlement or Combination Settlement. 
 “Significant Subsidiary” means,
with respect to any Person, any Subsidiary of such Person that constitutes, or any group of Subsidiaries of such Person that, in the aggregate, would constitute, a “significant subsidiary” (as defined in Rule
1-02(w) of Regulation S-X under the Exchange Act) of such Person. 

“Special Interest” means any interest that accrues on any Note pursuant to Section 7.03. 

  
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 “Specified Dollar Amount” means, with respect to the conversion of a Note
to which Combination Settlement applies, the maximum cash amount per $1,000 principal amount of such Note deliverable upon such conversion (excluding cash in lieu of any fractional share of Common Stock). 

“Stock Price” has the following meaning for any Make-Whole Fundamental Change: (A) if the holders of Common Stock
receive only cash in consideration for their shares of Common Stock in such Make-Whole Fundamental Change and such Make-Whole Fundamental Change is pursuant to clause (B) of the definition of “Fundamental Change,” then
the Stock Price is the amount of cash paid per share of Common Stock in such Make-Whole Fundamental Change; and (B) in all other cases, the Stock Price is the average of the Last Reported Sale Prices per share of Common Stock for the five
(5) consecutive Trading Days ending on, and including, the Trading Day immediately before the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change. 

“Subsidiary” means, with respect to any Person, (A) any corporation, association or other business entity (other than a
partnership or limited liability company) of which more than fifty percent (50%) of the total voting power of the Capital Stock entitled (without regard to the occurrence of any contingency, but after giving effect to any voting agreement or
stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation, association or other business entity is owned or controlled, directly or
indirectly, by such Person or one or more of the other Subsidiaries of such Person; and (B) any partnership or limited liability company where (i) more than fifty percent (50%) of the capital accounts, distribution rights, equity and
voting interests, or of the general and limited partnership interests, as applicable, of such partnership or limited liability company are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such
Person, whether in the form of membership, general, special or limited partnership or limited liability company interests or otherwise; and (ii) such Person or any one or more of the other Subsidiaries of such Person is a controlling general
partner of, or otherwise controls, such partnership or limited liability company. 
 “Trading Day” means any day on which
(A) trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities
exchange, on the principal other market on which the Common Stock is then traded; and (B) there is no Market Disruption Event. If the Common Stock is not so listed or traded, then “Trading Day” means a Business Day. 

“Trading Price” of the Notes on any Trading Day means the average of the secondary market bid quotations, expressed as a cash
amount per $1,000 principal amount of Notes, obtained by the Bid Solicitation Agent for two million dollars ($2,000,000) (or such lesser amount as may then be outstanding) in principal amount of Notes at approximately 3:30 p.m., New York City time,
on such Trading Day from three (3) nationally recognized independent securities dealers selected by the Company, which may include any of the Initial Purchasers; provided, however, that, if three (3) such bids cannot
reasonably be obtained by the Bid Solicitation Agent but two (2) such bids are obtained, then the average of the two (2) bids will be used, and if only one (1) such bid can reasonably be obtained by the Bid Solicitation Agent, then
that one (1) bid will be used. If, on any Trading Day, (A) the Bid Solicitation Agent cannot reasonably obtain at least one (1) bid for two million dollars ($2,000,000) (or such lesser amount as may then be outstanding) in principal
amount of Notes from a nationally recognized independent securities dealer; (B) the Company is not acting as the Bid Solicitation Agent and the Company fails to instruct the Bid Solicitation Agent to obtain bids when required; or (C) the
Bid Solicitation Agent fails to solicit bids when required, then, in each case, the Trading Price per $1,000 principal amount of Notes on such Trading Day will be deemed to be less than ninety eight percent (98%) of the product of the Last Reported
Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. 
 “Transfer-Restricted
Security” means any Security that constitutes a “restricted security” (as defined in Rule 144); provided, however, that such Security will cease to be a Transfer-Restricted Security upon the earliest to occur of the
following events: 
 (A) such Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company)
pursuant to a registration statement that was effective under the Securities Act at the time of such sale or transfer; 
 (B) such Security
is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to an available exemption (including Rule 144) from the registration and prospectus-delivery requirements of, or in a transaction not
subject to, the Securities Act and, immediately after such sale or transfer, such Security ceases to constitute a “restricted security” (as defined in Rule 144); and 

  
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 (C) such Security is eligible for resale, by a Person that is not an Affiliate of the
Company and that has not been an Affiliate of the Company during the immediately preceding three (3) months, pursuant to Rule 144 without any limitations thereunder as to volume, manner of sale, availability of current public information or
notice. 
 The Trustee is under no obligation to determine whether any Security is a Transfer-Restricted Security and shall receive and be
entitled to conclusively rely on an Officer’s Certificate with respect thereto. 
 “Trust Indenture Act” means the
U.S. Trust Indenture Act of 1939, as amended. 
 “Trustee” means the Person named as such in the first paragraph of this
Indenture until a successor replaces it in accordance with the provisions of this Indenture and, thereafter, means such successor. 

“VWAP Market Disruption Event” means, with respect to any date, (A) the failure by the principal U.S. national or
regional securities exchange on which the Common Stock is then listed, or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, the principal other market on which the Common Stock is then traded, to open for
trading during its regular trading session on such date; or (B) the occurrence or existence, for more than one half hour period in the aggregate during the regular trading session, of any suspension or limitation imposed on trading (by reason
of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock, and such suspension or limitation occurs or exists at any time
before 1:00 p.m., New York City time, on such date. 
 “VWAP Trading Day” means a day on which (A) there is no VWAP
Market Disruption Event; and (B) trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national
or regional securities exchange, on the principal other market on which the Common Stock is then traded. If the Common Stock is not so listed or traded, then “VWAP Trading Day” means a Business Day. 

“Wholly Owned Domestic Subsidiary” means any Wholly Owned Subsidiary of the Company that is incorporated or organized under
the laws of the United States of America or any state thereof or the District of Columbia. 
 “Wholly Owned Subsidiary” of
a Person means any Subsidiary of such Person all of the outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares) are owned by such Person or one or more Wholly Owned Subsidiaries of such Person.

 Section 1.02. OTHER DEFINITIONS. 
  

					
	 Term
	  	Defined in Section	 
	 “Additional Shares”
	  	 	5.07(A)	 
	 “Business Combination Event”
	  	 	6.01(A)	 
	 “Cash Settlement”
	  	 	5.03(A)	 
	 “Certain Distributions Notification”
	  	 	5.01(C)(i)(3)	 
	 “Certain Distributions Conversion Period End Date”
	  	 	5.01(C)(i)(3)	 
	 “Combination Settlement”
	  	 	5.03(A)	 
	 “Common Stock Change Event”
	  	 	5.09(A)	 
	 “Conversion Agent”
	  	 	2.06(A)	 
	 “Conversion Consideration”
	  	 	5.03(B)	 
	 “Default Interest”
	  	 	2.05(B)	 
	 “Defaulted Amount”
	  	 	2.05(B)	 
	 “Designated Financial Institution”
	  	 	5.08(A)	 
	 “Event of Default”
	  	 	7.01(A)	 
	 “Exchange Election”
	  	 	5.08(A)	 
	 “Expiration Date”
	  	 	5.05(A)(v)	 
	 “Expiration Time”
	  	 	5.05(A)(v)	 
	 “Fundamental Change Notice”
	  	 	4.02(E)	 
	 “Fundamental Change Repurchase Right”
	  	 	4.02(A)	 
	 “Guarantee”
	  	 	12.01(A)	 
	 “Guarantor Business Combination Event”
	  	 	6.01(B)	 
	 “Initial Notes”
	  	 	2.03(A)	 

  
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	 Term
	  	Defined in Section	 
	 “Measurement Period”
	  	 	5.01(C)(i)(2)	 
	 “Partial Redemption Limitation”
	  	 	4.03(J)	 
	 “Paying Agent”
	  	 	2.06(A)	 
	 “Physical Settlement”
	  	 	5.03(A)	 
	 “Redemption Notice”
	  	 	4.03(G)	 
	 “Reference Property”
	  	 	5.09(A)	 
	 “Reference Property Unit”
	  	 	5.09(A)	 
	 “Register”
	  	 	2.06(B)	 
	 “Registrar”
	  	 	2.06(A)	 
	 “Reporting Event of Default”
	  	 	7.03(A)	 
	 “Specified Courts”
	  	 	11.07	 
	 “Spin-Off”
	  	 	5.05(A)(iii)(2)	 
	 “Spin-Off Valuation Period”
	  	 	5.05(A)(iii)(2)	 
	 “Stated Interest”
	  	 	2.05(A)	 
	 “Successor Corporation”
	  	 	6.01(A)	 
	 “Successor Guarantor”
	  	 	6.01(B)	 
	 “Successor Person”
	  	 	5.09(A)	 
	 “Tender/Exchange Offer Valuation Period”
	  	 	5.05(A)(v)	 
	 “Trading Price Condition”
	  	 	5.01(C)(i)(2)	 

 Section 1.03. RULES OF CONSTRUCTION. 

For purposes of this Indenture: 

(A) “or” is not exclusive; 

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

(C) “will” expresses a command; 

(D) the “average” of a set of numerical values refers to the arithmetic average of such numerical values; 

(E) a merger involving, or a transfer of assets by, a limited liability company, limited partnership or trust will be deemed to
include any division of or by, or an allocation of assets to a series of, such limited liability company, limited partnership or trust, or any unwinding of any such division or allocation; 

(F) words in the singular include the plural and in the plural include the singular, unless the context requires otherwise;

 (G) “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to
any particular Article, Section or other subdivision of this Indenture, unless the context requires otherwise; 
 (H)
references to currency mean the lawful currency of the United States of America, unless the context requires otherwise; 

(I) the exhibits, schedules and other attachments to this Indenture are deemed to form part of this Indenture; and 

(J) the term “interest,” when used with respect to a Note, includes any Additional Interest and Special
Interest, unless the context requires otherwise. 

  
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 Article 2. THE NOTES 

Section 2.01. FORM, DATING AND DENOMINATIONS. 

The Notes and the Trustee’s certificate of authentication will be substantially in the form set forth in Exhibit A. The Notes will
bear the legends required by Section 2.09 and may bear notations, legends or endorsements required by law, stock exchange rule or usage or the Depositary. Each Note will be dated as of the date of its authentication. 

Except to the extent otherwise provided in a Company Order delivered to the Trustee in connection with the issuance and authentication
thereof, the Notes will be issued initially in the form of one or more Global Notes. Global Notes may be exchanged for Physical Notes, and Physical Notes may be exchanged for Global Notes, only as provided in Section 2.10.

 The Notes will be issuable only in registered form without interest coupons and only in Authorized Denominations. 

Each certificate representing a Note will bear a unique registration number that is not affixed to any other certificate representing another
outstanding Note. 
 The terms contained in the Notes constitute part of this Indenture, and, to the extent applicable, the Company, the
Guarantors and the Trustee, by their execution and delivery of this Indenture, agree to such terms and to be bound thereby; provided, however, that, to the extent that any provision of any Note conflicts with the provisions of this
Indenture, the provisions of this Indenture will control for purposes of this Indenture and such Note. 
 Section 2.02. EXECUTION,
AUTHENTICATION AND DELIVERY. 
 (A) Due Execution by the Company. At
least one (1) duly authorized Officer will sign the Notes on behalf of the Company by manual, electronic (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic
Signatures and Records Act or other applicable law, e.g., www.docusign.com) or facsimile signature. A Note’s validity will not be affected by the failure of any Officer whose signature is on any Note to hold, at the time such Note is
authenticated, the same or any other office at the Company. 
 (B) Authentication by the Trustee and Delivery. 

(i) No Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be duly authenticated only when an
authorized signatory of the Trustee (or a duly appointed authenticating agent) manually, electronically (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures
and Records Act or other applicable law, e.g., www.docusign.com), or by facsimile signs the certificate of authentication of such Note. 

(ii) The Trustee will cause an authorized signatory of the Trustee (or a duly appointed authenticating agent) to manually,
electronically (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com), or by facsimile
sign the certificate of authentication of a Note only if (1) the Company delivers such Note to the Trustee; (2) such Note is executed by the Company in accordance with Section 2.02(A); and (3) the Company
delivers a Company Order to the Trustee that (a) requests the Trustee to authenticate such Note; and (b) sets forth the name of the Holder of such Note and the date as of which such Note is to be authenticated. If such Company Order also
requests the Trustee to deliver such Note to any Holder or to the Depositary, then the Trustee will promptly deliver such Note in accordance with such Company Order. 

(iii) The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. A duly appointed
authenticating agent may authenticate Notes whenever the Trustee may do so under this Indenture, and a Note authenticated as provided in this Indenture by such an agent will be deemed, for purposes of this Indenture, to be authenticated by the
Trustee. Each duly appointed authenticating agent will have the same rights to deal with the Company as the Trustee would have if it were performing the duties that the authentication agent was validly appointed to undertake. 

  
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 (iv) So long as the Notes are eligible for book-entry settlement with the
Depositary, unless otherwise required by law, subject to the seventh-to-last paragraph of Section 2.10(B)(i) and to Section 2.12, all Global Notes will be
issued in reliance on Rule 144A of the Securities Act. The transfer and exchange of beneficial interests in a Global Note that does not involve the issuance of a Physical Note will be effected through the Depositary (but not the Trustee or the
Custodian) in accordance with this Indenture and the procedures of the Depositary therefor. 
 Section 2.03. INITIAL
NOTES AND ADDITIONAL NOTES. 
 (A) Initial Notes. On
the Issue Date, there will be originally issued four hundred million dollars ($400,000,000) aggregate principal amount of Notes, subject to the provisions of this Indenture (including Section 2.02). Notes issued pursuant to
this Section 2.03(A), and any Notes issued in exchange therefor or in substitution thereof, are referred to in this Indenture as the “Initial Notes.” 

(B) Additional Notes. Without the consent of any Holder, the Company may, subject to the provisions of this Indenture
(including Section 2.02), issue additional Notes with the same terms as the Initial Notes (except, to the extent applicable, with respect to the date as of which interest begins to accrue on such additional Notes and the
first Interest Payment Date and the Last Original Issue Date of such additional Notes), which additional Notes will, subject to the foregoing, be considered to be part of the same series of, and rank equally and ratably with all other, Notes issued
under this Indenture; provided, however, that if any such additional Notes (and any Notes that are resold after such Notes have been purchased or otherwise acquired by the Company or its Subsidiaries) are not fungible with other Notes
issued under this Indenture for U.S. federal income tax purposes or U.S. federal securities laws purposes, then such additional Notes (or resold Notes) will be identified by a separate CUSIP number or by no CUSIP number. 

Section 2.04. METHOD OF PAYMENT. 

(A) Global Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on
the Maturity Date, Redemption on a Redemption Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, interest on, and any cash Conversion Consideration for, any Global Note to the Depositary by wire transfer of immediately
available funds to the registered holder thereof (which, in the case of global notes registered in the name of or held by DTC or its nominee, will be to DTC or its nominee), no later than the time the same is due as provided in this Indenture. 

(B) Physical Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on
the Maturity Date, Redemption on a Redemption Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, interest on, and any cash Conversion Consideration due upon conversion of, any Physical Note no later than the time the same
is due as provided in this Indenture as follows: (i) if the principal amount of such Physical Note is at least five million dollars ($5,000,000) (or such lower amount as the Company may choose in its sole and absolute discretion) and the Holder
of such Physical Note entitled to such payment has delivered to the Paying Agent or the Trustee, no later than the time set forth in the immediately following sentence, a written request that the Company make such payment by wire transfer to an
account of such Holder within the United States, by wire transfer of immediately available funds to such account; and (ii) in all other cases, by check mailed to the address of the Holder of such Physical Note entitled to such payment as set
forth in the Register. To be timely, such written request must be so delivered no later than the Close of Business on the following date: (x) with respect to the payment of any interest due on an Interest Payment Date, the immediately preceding
Regular Record Date; (y) with respect to any cash Conversion Consideration due upon conversion, the applicable Conversion Date; and (z) with respect to any other payment, the date that is fifteen (15) calendar days immediately before
the date such payment is due. 
 Section 2.05. ACCRUAL OF INTEREST; DEFAULTED
AMOUNTS; WHEN PAYMENT DATE IS NOT A BUSINESS DAY. 

(A) Accrual of Interest. Each Note will accrue interest at a rate per annum equal to 0.25% (the “Stated
Interest”), plus any Additional Interest and Special Interest that may accrue pursuant to Sections 3.04 and 7.03, respectively. Stated Interest on each Note will (i) accrue from, and including, the most recent date to
which Stated Interest has been paid or duly provided for (or, if no Stated Interest has theretofore been paid or duly provided for, the date set forth in the certificate representing such Note as the date from, and including, which Stated Interest
will begin to accrue in such circumstance) to, but excluding, 

  
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the date of payment of such Stated Interest; and (ii) be, subject to Sections 4.02(D), 4.03(E) and 5.02(D) (but without duplication of any payment of interest), payable
semi-annually in arrears on each Interest Payment Date, beginning on the first Interest Payment Date set forth in the certificate representing such Note, to the Holder of such Note as of the Close of Business on the immediately preceding Regular
Record Date. Stated Interest, and, if applicable, Additional Interest and Special Interest, on the Notes will be computed on the basis of a 360-day year comprised of twelve
30-day months. 
 (B) Defaulted Amounts. If the Company fails to pay any
amount (a “Defaulted Amount”) payable on a Note on or before the due date therefor as provided in this Indenture, then, regardless of whether such failure constitutes an Event of Default, (i) such Defaulted Amount will
forthwith cease to be payable to the Holder of such Note otherwise entitled to such payment; (ii) to the extent lawful, interest (“Default Interest”) will accrue on such Defaulted Amount at a rate per annum equal to the sum of
(x) the rate per annum at which Stated Interest accrues plus (y) fifty (50) basis points, from, and including, such due date to, but excluding, the date of payment of such Defaulted Amount and Default Interest; (iii) such
Defaulted Amount and Default Interest will be paid on a payment date selected by the Company to the Holder of such Note as of the Close of Business on a special record date selected by the Company, provided that such special record date must
be no more than fifteen (15), nor less than ten (10), calendar days before such payment date; and (iv) at least fifteen (15) calendar days before such special record date, the Company will send notice to the Trustee and the Holders that
states such special record date, such payment date and the amount of such Defaulted Amount and Default Interest to be paid on such payment date. Notwithstanding the foregoing, any interest which is paid prior to the expiration of the 30 day period
set forth in Section 7.01(A)(ii) shall be paid to Holders as of the record date for the Interest Payment Date for which interest has not been paid. 

(C) Delay of Payment when Payment Date is Not a Business Day. If the due date for a payment on a Note as provided in
this Indenture is not a Business Day, then, notwithstanding anything to the contrary in this Indenture or the Notes, such payment may be made on the immediately following Business Day and no interest will accrue on such payment as a result of the
related delay. Solely for purposes of the immediately preceding sentence, a day on which the applicable place of payment is authorized or required by law or executive order to close or be closed will be deemed not to be a “Business Day.”

 Section 2.06. REGISTRAR, PAYING AGENT AND CONVERSION
AGENT. 
 (A) Generally. The Company will maintain (i) an office or agency in the continental
United States where Notes may be presented for registration of transfer or for exchange (the “Registrar”); (ii) an office or agency in the continental United States where Notes may be presented for payment (the “Paying
Agent”); and (iii) an office or agency in the continental United States where Notes may be presented for conversion (the “Conversion Agent”). The Company hereby designates the Corporate Trust Office, as such office. If
the Company fails to maintain a Registrar, Paying Agent or Conversion Agent, then the Trustee will act as such and will receive compensation therefor in accordance with this Indenture and any other agreement between the Trustee and the Company. For
the avoidance of doubt, the Company or any of its Subsidiaries may act as Registrar, Paying Agent or Conversion Agent. 
 (B)
Duties of the Registrar. The Registrar will keep a record (the “Register”) of the names and addresses of the Holders, the Notes held by each Holder and the transfer, exchange, repurchase, Redemption and conversion of Notes.
Absent manifest error, the entries in the Register will be conclusive and the Company and the Trustee may treat each Person whose name is recorded as a Holder in the Register as a Holder for all purposes. The Register will be in written form or in
any form capable of being converted into written form reasonably promptly. 
 (C)
Co-Agents; Company’s Right to Appoint Successor Registrars, Paying Agents and Conversion Agents. The Company may appoint one or more co-Registrars, co-Paying Agents and co-Conversion Agents, each of whom will be deemed to be a Registrar, Paying Agent or Conversion Agent, as applicable, under this Indenture. Subject to
Section 2.06(A), the Company may change any Registrar, Paying Agent or Conversion Agent (including appointing itself or any of its Subsidiaries to act in such capacity) without notice to any Holder. The Company will notify
the Trustee (and, upon request, any Holder) in writing of the name and address of each Note Agent, if any, not a party to this Indenture and will enter into an appropriate agency agreement with each such Note Agent, which agreement will implement
the provisions of this Indenture that relate to such Note Agent. 
 (D) Initial Appointments. The Company appoints the
Trustee as the initial Paying Agent, the initial Registrar and the initial Conversion Agent. 

  
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 Section 2.07. PAYING AGENT AND
CONVERSION AGENT TO HOLD PROPERTY IN TRUST. 

The Company will require each Paying Agent or Conversion Agent that is not the Trustee to agree in writing that such Note Agent will
(A) hold in trust for the benefit of Holders or the Trustee all money and other property held by such Note Agent for payment or delivery due on the Notes; and (B) notify the Trustee in writing of any default by the Company in making any
such payment or delivery. The Company, at any time, may, and the Trustee, while any Default continues, may, require a Paying Agent or Conversion Agent to pay or deliver, as applicable, all money and other property held by it to the Trustee, after
which payment or delivery, as applicable, such Note Agent (if not the Company or any of its Subsidiaries) will have no further liability for such money or property. If the Company or any of its Subsidiaries acts as Paying Agent or Conversion Agent,
then (A) it will segregate and hold in a separate trust fund for the benefit of the Holders or the Trustee all money and other property held by it as Paying Agent or Conversion Agent; and (B) references in this Indenture or the Notes to
the Paying Agent or Conversion Agent holding cash or other property, or to the delivery of cash or other property to the Paying Agent or Conversion Agent, in each case for payment or delivery to any Holders or the Trustee or with respect to the
Notes, will be deemed to refer to cash or other property so segregated and held separately, or to the segregation and separate holding of such cash or other property, respectively. Upon the occurrence of any event pursuant to clause
(ix) or (x) of Section 7.01(A) with respect to the Company (or with respect to any Subsidiary of the Company acting as Paying Agent or Conversion Agent), the Trustee will serve as the Paying Agent or
Conversion Agent, as applicable, for the Notes. 
 Section 2.08. HOLDER LISTS. 

If the Trustee is not the Registrar, the Company will furnish to the Trustee, no later than seven (7) Business Days before each Interest
Payment Date, and at such other times as the Trustee may request, a list, in such form and as of such date or time as the Trustee may reasonably require, of the names and addresses of the Holders. 

Section 2.09. LEGENDS. 

(A) Global Note Legend. Each Global Note will bear the Global Note Legend (or any similar legend, not inconsistent with
this Indenture, required by the Depositary for such Global Note). 
 (B)
Non-Affiliate Legend. Each Note will bear the Non-Affiliate Legend. 

(C) Restricted Note Legend. Subject to Section 2.12, 

(i) each Note that is a Transfer-Restricted Security will bear the Restricted Note Legend; and 

(ii) if a Note is issued in exchange for, in substitution of, or to effect a partial conversion of, another Note (such other
Note being referred to as the “old Note” for purposes of this Section 2.09(C)(ii)), including pursuant to Section 2.10(B), 2.10(C), 2.11 or 2.13, then such Note will bear the
Restricted Note Legend if such old Note bore the Restricted Note Legend at the time of such exchange or substitution, or on the related Conversion Date with respect to such conversion, as applicable; provided, however, that such Note
need not bear the Restricted Note Legend if such Note does not constitute a Transfer-Restricted Security immediately after such exchange or substitution, or as of such Conversion Date, as applicable. 

(D) Other Legends. A Note may bear any other legend or text, not inconsistent with this Indenture, as may be required by
applicable law or by any securities exchange or automated quotation system on which such Note is traded or quoted. 
 (E)
Acknowledgment and Agreement by the Holders. A Holder’s acceptance of any Note bearing any legend required by this Section 2.09 will constitute such Holder’s acknowledgment of, and agreement to comply with,
the restrictions set forth in such legend. 
 (F) Restricted Stock Legend. 

  
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 (i) Each Conversion Share will bear the Restricted Stock Legend if the Note
upon the conversion of which such Conversion Share was issued was (or would have been had it not been converted) a Transfer-Restricted Security at the time such Conversion Share was issued; provided, however, that such Conversion Share
need not bear the Restricted Stock Legend if the Company determines, in its reasonable discretion, that such Conversion Share need not bear the Restricted Stock Legend. 

(ii) Notwithstanding anything to the contrary in this Section 2.09(F), a Conversion Share need not
bear a Restricted Stock Legend if such Conversion Share is issued in an uncertificated form that does not permit affixing legends thereto, provided the Company takes measures (including the assignment thereto of a “restricted” CUSIP
number) that it reasonably deems appropriate to enforce the transfer restrictions referred to in the Restricted Stock Legend. 
 Section 2.10.
TRANSFERS AND EXCHANGES; CERTAIN TRANSFER RESTRICTIONS. 

(A) Provisions Applicable to All Transfers and Exchanges. 

(i) Subject to this Section 2.10, Physical Notes and beneficial interests in Global Notes may be
transferred or exchanged from time to time. The Registrar will record each such transfer or exchange of Physical Notes in the Register. 

(ii) Each Note issued upon transfer or exchange of any other Note (such other Note being referred to as the “old
Note” for purposes of this Section 2.10(A)(ii)) or portion thereof in accordance with this Indenture will be the valid obligation of the Company, evidencing the same indebtedness, and entitled to the same benefits
under this Indenture, as such old Note or portion thereof, as applicable. 
 (iii) The Company, the Trustee and the Note
Agents will not impose any service charge on any Holder for any transfer, exchange or conversion of Notes, but the Company, the Trustee, the Registrar and the Conversion Agent may require payment of a sum sufficient to cover any transfer tax or
similar governmental charge that may be imposed in connection with any transfer, exchange or conversion of Notes, other than exchanges pursuant to Section 2.11, 2.17 or 8.05 not involving any transfer. 

(iv) Notwithstanding anything to the contrary in this Indenture or the Notes, a Note may not be transferred or exchanged in
part unless the portion to be so transferred or exchanged is in an Authorized Denomination. 
 (v) The Trustee will have no
obligation or duty to monitor, determine or inquire as to compliance with any transfer restrictions imposed under this Indenture or applicable law (including, but not limited to, state, federal or Canadian securities laws) with respect to any
Security, other than to require the delivery of such certificates or other documentation or evidence as expressly required by this Indenture and to examine the same to determine substantial compliance as to form with the requirements of this
Indenture. 
 (vi) Each Note issued upon transfer of, or in exchange for, another Note will bear each legend, if any,
required by Section 2.09. 
 (vii) Upon satisfaction of the requirements of this Indenture to
effect a transfer or exchange of any Note, the Registrar will cause such transfer or exchange to be effected as soon as reasonably practicable after the date of such satisfaction. 

(viii) For the avoidance of doubt, and subject to the terms of this Indenture, as used in this
Section 2.10, an “exchange” of a Global Note or a Physical Note includes (x) an exchange effected for the sole purpose of removing any Restricted Note Legend affixed to such Global Note or Physical Note; and
(y) if such Global Note or Physical Note is identified by a “restricted” CUSIP number, an exchange effected for the sole purpose of causing such Global Note or Physical Note to be identified by an “unrestricted” CUSIP
number. Neither the Trustee nor the Registrar shall be responsible for making any Notes eligible at the Depositary after the Issue Date. 

  
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 (ix) Neither the Trustee nor any Note Agent will have any responsibility,
nor incur any liability, for any action taken or not taken by the Depositary. 
 (x) The Trustee and the Paying Agent will
have no responsibility or obligation to any beneficial owner of a Global Note or a Depositary Participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof with
respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any Redemption Notice) or the payment of any amount,
under or with respect to such Notes. The rights of beneficial owners in any Global Note will be exercised only through the Depositary subject to the Depositary Procedures. The Trustee may rely and shall be fully protected in relying upon information
furnished by the Depositary with respect to its members, participants and any beneficial owners. 
 (B) Transfers and
Exchanges of Global Notes. 
 (i) Subject to the immediately following sentence, no Global Note may be transferred or
exchanged in whole except (x) by the Depositary to a nominee of the Depositary; (y) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary; or (z) by the Depositary or any such nominee to a successor
Depositary or a nominee of such successor Depositary. No Global Note (or any portion thereof) may be transferred to, or exchanged for, a Physical Note; provided, however, that a Global Note will be exchanged, pursuant to customary
procedures, for one or more Physical Notes if: 
 (1) (x) the Depositary notifies the Company or the Trustee that the
Depositary is unwilling or unable to continue as depositary for such Global Note or (y) the Depositary ceases to be a “clearing agency” registered under Section 17A of the Exchange Act and, in each case, the Company fails to
appoint a successor Depositary within ninety (90) days of such notice or cessation; 
 (2) an Event of Default has
occurred and is continuing and the Company, the Trustee or the Registrar has received a written request from the Depositary, or from a holder of a beneficial interest in such Global Note, to exchange such Global Note or beneficial interest, as
applicable, for one or more Physical Notes; or 
 (3) the Company, in its sole discretion, permits the exchange of any
beneficial interest in such Global Note for one or more Physical Notes at the request of the owner of such beneficial interest. 
 In
connection with any proposed transfer outside the book-entry only system, the Company or the Depositary shall provide to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including
without limitation any cost basis reporting obligations under the Internal Revenue Code Section 6045. The Trustee may conclusively rely on the information provided to it and shall have no responsibility to verify or ensure the accuracy of such
information. 
 (ii) Upon satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Global
Note (or any portion thereof): 
 (1) the Trustee will reflect any resulting decrease of the principal amount of such Global
Note by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note (and, if such notation results in such Global Note having a principal amount of zero, the Company may (but is not required to)
instruct the Trustee in writing to cancel such Global Note pursuant to Section 2.15); 
 (2) if
required to effect such transfer or exchange, then the Trustee will reflect any resulting increase of the principal amount of any other Global Note by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of
such other Global Note; 
 (3) if required to effect such transfer or exchange, then the Company will issue, execute and
deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a new Global Note bearing each legend, if any, required by Section 2.09; and 

  
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 (4) if such Global Note (or such portion thereof), or any beneficial
interest therein, is to be exchanged for one or more Physical Notes, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical
Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such Global Note to be so exchanged; (y) are registered in such name(s) as the Depositary specifies (or as otherwise
determined pursuant to customary procedures); and (z) bear each legend, if any, required by Section 2.09. 

(iii) Each transfer or exchange of a beneficial interest in any Global Note will be made in accordance with the Depositary
Procedures. 
 (C) Transfers and Exchanges of Physical Notes. 

(i) Subject to this Section 2.10, a Holder of a Physical Note may (x) transfer such Physical
Note (or any portion thereof in an Authorized Denomination) to one or more other Person(s); (y) exchange such Physical Note (or any portion thereof in an Authorized Denomination) for one or more other Physical Notes in Authorized Denominations
having an aggregate principal amount equal to the aggregate principal amount of the Physical Note (or portion thereof) to be so exchanged; and (z) if then permitted by the Depositary Procedures, transfer such Physical Note (or any portion
thereof in an Authorized Denomination) in exchange for a beneficial interest in one or more Global Notes; provided, however, that, to effect any such transfer or exchange, such Holder must: 

(1) surrender such Physical Note to be transferred or exchanged to the designated Corporate Trust Office of the Registrar,
together with any endorsements or transfer instruments reasonably required by the Company, the Trustee or the Registrar; and 

(2) deliver such certificates, documentation or evidence as may be required pursuant to
Section 2.10(D). 
 (ii) Upon the satisfaction of the requirements of this Indenture to effect a
transfer or exchange of any Physical Note (such Physical Note being referred to as the “old Physical Note” for purposes of this Section 2.10(C)(ii)) of a Holder (or any portion of such old Physical Note in an
Authorized Denomination): 
 (1) such old Physical Note will be promptly cancelled pursuant to
Section 2.15; 
 (2) if such old Physical Note is to be so transferred or exchanged only in part,
then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an
aggregate principal amount equal to the principal amount of such old Physical Note not to be so transferred or exchanged; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by
Section 2.09; 
 (3) in the case of a transfer: 

(a) to the Depositary or a nominee thereof that will hold its interest in such old Physical Note (or such portion thereof) to
be so transferred in the form of one or more Global Notes, the Trustee will reflect an increase of the principal amount of one or more existing Global Notes by notation on the “Schedule of Exchanges of Interests in the Global Note” forming
part of such Global Note(s), which increase(s) are in Authorized Denominations and aggregate to the principal amount to be so transferred, and which Global Note(s) bear each legend, if any, required by Section 2.09;
provided, however, that if such transfer cannot be so effected by notation on one or more existing Global Notes (whether because no Global Notes bearing each legend, if any, required by Section 2.09 then
exist, because any such increase will result in any Global Note having an aggregate principal amount exceeding the maximum aggregate principal amount permitted by the Depositary or otherwise), then the Company will issue, execute and deliver, and
the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Global Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount to be
so transferred; and (y) bear each legend, if any, required by Section 2.09; and 

  
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 (b) to a transferee that will hold its interest in such old Physical Note
(or such portion thereof) to be so transferred in the form of one or more Physical Notes, the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or
more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount to be so transferred; (y) are registered in the name of such transferee; and (z) bear each legend, if
any, required by Section 2.09; and 
 (4) in the case of an exchange, the Company will issue,
execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to
the principal amount to be so exchanged; (y) are registered in the name of the Person to whom such old Physical Note was registered; and (z) bear each legend, if any, required by Section 2.09. 

(D) Requirement to Deliver Documentation and Other Evidence. If a Holder of any Note that is identified by a
“restricted” CUSIP number or that bears a Restricted Note Legend or is a Transfer-Restricted Security requests to: 

(i) cause such Note to be identified by an “unrestricted” CUSIP number; 

(ii) remove such Restricted Note Legend; or 

(iii) register the transfer of such Note to the name of another Person, 

then the Company, the Trustee and the Registrar may refuse to effect such identification, removal or transfer, as applicable, unless there is delivered to the
Company, the Trustee and the Registrar the certificate attached to the form of the Indenture or such certificates or other documentation or evidence as the Company, the Trustee and the Registrar may reasonably require for the Company to determine
that such identification, removal or transfer, as applicable, complies with the Securities Act and other applicable securities laws; provided, however, that no such certificates, documentation or evidence need be so delivered on and
after the Free Trade Date with respect to such Note unless the Company determines, in its reasonable discretion, that such Note is not eligible to be offered, sold or otherwise transferred pursuant to Rule 144 or otherwise without any requirements
as to volume, manner of sale, availability of current public information or notice under the Securities Act. 
 (E)
Transfers of Notes Subject to Redemption, Repurchase or Conversion. Notwithstanding anything to the contrary in this Indenture or the Notes, the Company, the Trustee and the Registrar will not be required to register the transfer of or
exchange any Note that (i) has been surrendered for conversion, except to the extent that any portion of such Note is not subject to conversion; (ii) is subject to a Fundamental Change Repurchase Notice validly delivered, and not
withdrawn, pursuant to Section 4.02(F), except to the extent that any portion of such Note is not subject to such notice or the Company fails to pay the applicable Fundamental Change Repurchase Price when due; or
(iii) has been selected for Redemption pursuant to a Redemption Notice, except to the extent that any portion of such Note is not subject to Redemption or the Company fails to pay the applicable Redemption Price when due. 

Section 2.11. EXCHANGE AND CANCELLATION OF NOTES TO
BE CONVERTED OR TO BE REPURCHASED PURSUANT TO A REPURCHASE UPON
FUNDAMENTAL CHANGE OR REDEMPTION. 
 (A) Partial Conversions
of Physical Notes and Partial Repurchases of Physical Notes Pursuant to a Repurchase Upon Fundamental Change or Redemption. If only a portion of a Physical Note of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a
Repurchase Upon Fundamental Change or Redemption, then, as soon as reasonably practicable after such Physical Note is surrendered for such conversion, Redemption or repurchase, as applicable, the Company will cause such Physical Note to be
exchanged, pursuant and subject to Section 2.10(C), for (i) one or more Physical Notes that are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such Physical Note
that is not to be so converted, redeemed or repurchased, as applicable, and deliver such Physical Note(s) to such Holder; and (ii) a Physical Note having a principal amount equal to the principal amount to be so converted, redeemed or
repurchased, as applicable, which Physical Note will be converted, redeemed or repurchased, as applicable, pursuant to the terms of this Indenture; provided, however, that the Physical Note referred to in this clause (ii) need not
be issued at any time after which such principal amount subject to such conversion, Redemption or repurchase, as applicable, is deemed to cease to be outstanding pursuant to Section 2.18. 

  
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 (B) Cancellation of Notes that Are Converted and Notes that Are Repurchased
Pursuant to a Repurchase Upon Fundamental Change or Redemption. 
 (i) Physical Notes. If a Physical Note (or any
portion thereof that has not theretofore been exchanged pursuant to Section 2.11(A)) of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption,
then, promptly after the later of the time such Physical Note (or such portion) is deemed to cease to be outstanding pursuant to Section 2.18 and the time such Physical Note is surrendered for such conversion or repurchase,
as applicable, (1) such Physical Note will be cancelled pursuant to Section 2.15; and (2) in the case of a partial conversion, Redemption or repurchase, as applicable, the Company will issue, execute and deliver
to such Holder, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the
principal amount of such Physical Note that is not to be so converted or repurchased, as applicable; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by Section 2.09. 

(ii) Global Notes. If a Global Note (or any portion thereof) is to be converted pursuant to Article 5 or
repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption, then, promptly after the time such Note (or such portion) is deemed to cease to be outstanding pursuant to Section 2.18, the Trustee will reflect a
decrease of the principal amount of such Global Note in an amount equal to the principal amount of such Global Note to be so converted, redeemed or repurchased, as applicable, by notation on the “Schedule of Exchanges of Interests in the Global
Note” forming part of such Global Note (and, if the principal amount of such Global Note is zero following such notation, cancel such Global Note pursuant to Section 2.15). 

Section 2.12. REMOVAL OF TRANSFER RESTRICTIONS. 

Without limiting the generality of any other provision of this Indenture (including Section 3.04), the Restricted
Note Legend affixed to any Note will be deemed, pursuant to this Section 2.12 and the footnote to such Restricted Note Legend, to be removed therefrom upon the Company’s delivery to the Trustee of written notice,
signed on behalf of the Company by one (1) of its Officers, to such effect (and, for the avoidance of doubt, such notice need not be accompanied by an Officer’s Certificate or an Opinion of Counsel in order to be effective to cause such
Restricted Note Legend to be deemed to be removed from such Note unless a new note is to be authenticated in connection therewith). If such Note bears a “restricted” CUSIP or ISIN number at the time of such delivery, then, upon such
delivery, such Note will be deemed, pursuant to this Section 2.12 and the footnotes to the CUSIP and ISIN numbers set forth on the face of the certificate representing such Note, to thereafter bear the
“unrestricted” CUSIP and ISIN numbers identified in such footnotes; provided, however, that if such Note is a Global Note and the Depositary thereof requires a mandatory exchange or other procedure to cause such Global Note
to be identified by “unrestricted” CUSIP and ISIN numbers in the facilities of such Depositary, then (i) the Company will effect such exchange or procedure as soon as reasonably practicable; and (ii) for purposes of
Section 3.04 and the definition of Freely Tradable, such Global Note will not be deemed to be identified by “unrestricted” CUSIP and ISIN numbers until such time as such exchange or procedure is effected. 

Section 2.13. REPLACEMENT NOTES. 

If a Holder of any Note claims that such Note has been mutilated, lost, destroyed or wrongfully taken, then the Company will issue, execute and
deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a replacement Note upon surrender to the Trustee of such mutilated Note, or upon delivery to the Trustee of evidence of such loss,
destruction or wrongful taking reasonably satisfactory to the Trustee and the Company. In the case of a lost, destroyed or wrongfully taken Note, the Company and the Trustee may require the Holder thereof to provide such security or indemnity that
is reasonably satisfactory to the Company to protect the Company and that is satisfactory to the Trustee to protect the Trustee from any loss that any of them may suffer if such Note is replaced. 

Every replacement Note issued pursuant to this Section 2.13 will be an additional obligation of the Company and will
be entitled to all of the benefits of this Indenture equally and ratably with all other Notes issued under this Indenture. 

  
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 Section 2.14. REGISTERED HOLDERS; CERTAIN
RIGHTS WITH RESPECT TO GLOBAL NOTES. 
 Only
the Holder of a Note will have rights under this Indenture as the owner of such Note. Without limiting the generality of the foregoing, Depositary Participants will have no rights as such under this Indenture with respect to any Global Note held on
their behalf by the Depositary or its nominee, or by the Trustee as its custodian, and the Company, the Trustee and the Note Agents, and their respective agents, may treat the Depositary as the absolute owner of such Global Note for all purposes
whatsoever; provided, however, that (A) the Holder of any Global Note may grant proxies and otherwise authorize any Person, including Depositary Participants and Persons that hold interests in Notes through Depositary
Participants, to take any action that such Holder is entitled to take with respect to such Global Note under this Indenture or the Notes; and (B) the Company and the Trustee, and their respective agents, may give effect to any written
certification, proxy or other authorization furnished by the Depositary. 
 Section 2.15. CANCELLATION. 

The Company may at any time deliver Notes to the Trustee for cancellation. The Registrar, the Paying Agent and the Conversion Agent will
forward to the Trustee each Note duly surrendered to them for transfer, exchange, payment or conversion. The Trustee will promptly cancel all Notes so surrendered to it in accordance with its then customary procedures. Without limiting the
generality of Section 2.03(B), the Company may not originally issue new Notes to replace Notes that it has paid or that have been cancelled upon transfer, exchange, payment or conversion. 

Section 2.16. NOTES HELD BY THE COMPANY OR
ITS AFFILIATES. 
 Without limiting the generality of Section 2.18, in
determining whether the Holders of the required aggregate principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company or any of its Affiliates will be deemed not to be outstanding; provided,
however, that, for purposes of determining whether the Trustee is protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned will be so disregarded. 

Section 2.17. TEMPORARY NOTES. 

Until definitive Notes are ready for delivery, the Company may issue, execute and deliver, and the Trustee will authenticate, in each case in
accordance with Section 2.02, temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have variations that the Company considers appropriate for temporary Notes. The Company will
promptly prepare, issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, definitive Notes in exchange for temporary Notes. Until so exchanged, each temporary Note will
in all respects be entitled to the same benefits under this Indenture as definitive Notes. 
 Section 2.18. OUTSTANDING
NOTES. 
 (A) Generally. The Notes that are outstanding at any time will be deemed to be those
Notes that, at such time, have been duly executed and authenticated, excluding those Notes (or portions thereof) that have theretofore been (i) cancelled by the Trustee or delivered to the Trustee for cancellation in accordance with
Section 2.15; (ii) assigned a principal amount of zero by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of any Global Note representing such Note; (iii) paid in
full (including upon conversion) in accordance with this Indenture; or (iv) deemed to cease to be outstanding to the extent provided in, and subject to, clause (B), (C) or (D) of this
Section 2.18. 
 (B) Replaced Notes. If a Note is replaced pursuant to
Section 2.13, then such Note will cease to be outstanding at the time of its replacement, unless the Trustee and the Company receive proof reasonably satisfactory to them that such Note is held by a “bona fide
purchaser” under applicable law. 
 (C) Maturing Notes and Notes Called for Redemption or Subject to
Repurchase. If, on a Redemption Date, a Fundamental Change Repurchase Date or the Maturity Date, the Paying Agent holds money sufficient to pay the aggregate Redemption Price, Fundamental Change Repurchase Price or principal amount,
respectively, together, in each case, with the aggregate interest, in each case due on such date, then (unless there occurs a Default in the payment of any such amount) (i) the Notes (or portions thereof) to be redeemed or repurchased, or that
mature, on such date will be deemed, as of such date, to cease to be outstanding, except to the extent provided in Sections 4.02(D), 4.03(E) or 5.02(D); and (ii) the rights of the Holders of such Notes (or such portions
thereof), as such, will terminate with respect to such Notes (or such portions thereof), other than the right to receive the Redemption Price, Fundamental Change Repurchase Price or principal amount, as applicable, of, and accrued and unpaid
interest on, such Notes (or such portions thereof), in each case as provided in this Indenture. 

  
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 (D) Notes to Be Converted. At the Close of Business on the Conversion
Date for any Note (or any portion thereof) to be converted, such Note (or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to Section 5.03(B) or
Section 5.02(D), upon such conversion) be deemed to cease to be outstanding, except to the extent provided in Section 5.02(D) or Section 5.08. 

(E) Cessation of Accrual of Interest. Except as provided in Sections 4.02(D), 4.03(E) or 5.02(D),
interest will cease to accrue on each Note from, and including, the date that such Note is deemed, pursuant to this Section 2.18, to cease to be outstanding, unless there occurs a default in the payment or delivery of any
cash or other property due on such Note. 
 Section 2.19. REPURCHASES BY THE COMPANY.

 The Company may, from time to time, repurchase Notes in open market purchases or in negotiated transactions without delivering prior
notice to Holders. Notes that the Company or any of its Subsidiaries have purchased or otherwise acquired will be deemed to remain outstanding (except to the extent provided in Section 2.16) until such time as such Notes
are delivered to the Trustee for cancellation and, upon receipt of a written order from the Company, the Trustee will cause all Notes surrendered to be cancelled in accordance with Section 2.15. Any Note that is repurchased or owned by any
Affiliate of the Company may not be resold by such Affiliate unless registered under the Securities Act or resold pursuant to an exemption from the registration requirements of the Securities Act in a transaction that results in such Note no longer
being a ‘‘restricted security’’ (as defined in Rule 144 under the Securities Act). 
 Section 2.20. CUSIP AND
ISIN NUMBERS. 
 Subject to Section 2.12, the Company may use one or more CUSIP or ISIN numbers
to identify any of the Notes, and, if so, the Company and the Trustee will use such CUSIP or ISIN number(s) in notices to Holders; provided, however, that (i) the Trustee makes no representation as to the correctness or accuracy
of any such CUSIP or ISIN number; (ii) the Trustee shall have no liability for any defect in the CUSIP numbers as they appear on any notice, Note, or elsewhere; and (iii) the effectiveness of any such notice will not be affected by any
defect in, or omission of, any such CUSIP or ISIN number. The Company will promptly notify the Trustee in writing of any change in the CUSIP or ISIN number(s) identifying any Notes. 

Article 3. COVENANTS 

Section 3.01. PAYMENT ON NOTES. 

(A) Generally. The Company will pay or cause to be paid all the principal of, the Fundamental Change Repurchase Price
and Redemption Price for, interest on, and other amounts due with respect to, the Notes on the dates and in the manner set forth in this Indenture. 

(B) Deposit of Funds. Before 10:00 A.M., New York City time, on each Redemption Date, Fundamental Change Repurchase Date
or Interest Payment Date, and on the Maturity Date or any other date on which any cash amount is due on the Notes, the Company or a Guarantor will deposit, or will cause there to be deposited, with the Paying Agent cash, in funds immediately
available on such date, sufficient to pay the cash amount due on the applicable Notes on such date. The Paying Agent will return to the Company, as soon as practicable, any money not required for such purpose. 

Section 3.02. EXCHANGE ACT REPORTS. 

(A) Generally. The Company will send to the Trustee copies of all reports that the Company is required to file with or
furnish to the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act within fifteen (15) calendar days after the date that the Company is required to file or furnish the same (after giving effect to all applicable grace periods under
the Exchange Act); provided, however, that the Company need not send to the Trustee any material for which the Company has received, or is seeking in good faith and has not been denied, confidential treatment by the SEC, or any
correspondence with the SEC. Any report that the Company files with or furnishes to the SEC through the EDGAR system (or any successor thereto) will be deemed to be sent to the Trustee at the time such report is so filed or furnished via the EDGAR
system (or such successor), it being understood that the Trustee shall not be responsible for determining whether such filings have been made or for their timeliness or their content. Upon the request of any Holder, the Company will provide to such
Holder a copy of any report that the Company has sent the Trustee pursuant to this Section 3.02(A), other than a report that is deemed to be sent to the Trustee pursuant to the preceding sentence. 

  
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 (B) Trustee’s Disclaimer. The Trustee will not be responsible
for determining whether the Company has filed any material via the EDGAR system (or such successor) or for the timeliness of its content. Delivery of reports, information and documents to the Trustee is for informational purposes only and receipt of
such reports and documents shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the Company’s or any Guarantor’s compliance with any of its
covenants under this Indenture (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). The Trustee shall not be obligated whatsoever to monitor or confirm, on a continuing basis or otherwise, the Company’s or
any Guarantor’s compliance with the covenants under this Indenture or the Notes or with respect to any reports or other documents filed with the SEC pursuant to Section 3.02(A) through the EDGAR system (or any
successor thereto) or any website under this Indenture. The Trustee will not be obligated to participate in any conference calls. 
 Section 3.03.
RULE 144A INFORMATION. 
 If the Company is not subject to Section 13 or 15(d) of the Exchange Act at
any time when any Notes or shares of Common Stock issuable upon conversion of the Notes are outstanding and constitute “restricted securities” (as defined in Rule 144), then the Company (or its successor) will promptly provide, to the
Trustee and, upon written request, to any Holder, beneficial owner or prospective purchaser of such Notes or shares, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes
or shares pursuant to Rule 144A. 
 Section 3.04. ADDITIONAL INTEREST. 

(A) Accrual of Additional Interest. 

(i) If, at any time during the six (6) month period beginning on, and including, the date that is six (6) months
after the Last Original Issue Date of any Note, 
 (1) the Company fails to timely file any report (other than Form 8-K reports) that the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act (after giving effect to all applicable grace periods thereunder); or 

(2) such Note is not otherwise Freely Tradable, then Additional Interest will accrue on such Note for each day during such
period on which such failure is continuing or such Note is not Freely Tradable. 
 (ii) In addition, Additional Interest will
accrue on a Note on each day on which such Note is not Freely Tradable on or after the De-Legending Deadline Date for such Note. 

(B) Amount and Payment of Additional Interest. Any Additional Interest that accrues on a Note pursuant to
Section 3.04(A) will be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one quarter of one percent (0.25%) of the principal amount thereof
for the first ninety (90) days on which Additional Interest accrues and, thereafter, at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided, however, that in no event will Additional
Interest that may accrue pursuant to Section 3.04(A)(i)(1), together with any Special Interest that is payable at the Company’s election pursuant to Section 7.03 as the sole remedy for any
Reporting Event of Default, accrue on any day on a Note at a combined rate per annum that exceeds one half of one percent (0.50%), regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest or
Special Interest. For the avoidance of doubt, any Additional Interest that accrues on a Note pursuant to this Section 3.04 will be in addition to the Stated Interest that accrues on such Note, subject to the proviso in the
previous sentence, and in additional to any Special Interest that accrues on such Note pursuant to Section 7.03. 

  
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 (C) Notice of Accrual of Additional Interest; Trustee’s
Disclaimer. The Company will send notice to the Holder of each Note, and to the Trustee, of the commencement and termination of any period in which Additional Interest pursuant to this Section 3.04 accrues on such Note.
In addition, if Additional Interest accrues on any Note, then, no later than five (5) Business Days before each date on which such Additional Interest is to be paid, the Company will deliver an Officer’s Certificate to the Trustee and the
Paying Agent stating (i) that the Company is obligated to pay Additional Interest pursuant to this Section 3.04 on such Note on such date of payment; and (ii) the amount of such Additional Interest that is payable
on such date of payment. The Trustee will have no duty to determine whether any Additional Interest is payable or the amount thereof. 

(D) Exclusive Remedy. The accrual of Additional Interest pursuant to this Section 3.04 will be
the exclusive remedy available to Holders for the failure of their Notes to become Freely Tradable. 
 Section 3.05. COMPLIANCE
AND DEFAULT CERTIFICATES. 
 (A) Annual Compliance Certificate.
Within ninety (90) days after December 31, 2021 and each fiscal year of the Company ending thereafter, the Company will deliver an Officer’s Certificate to the Trustee stating (i) that the signatory thereto has supervised a
review of the activities of the Company and its Subsidiaries during such fiscal year with a view towards determining whether any Default or Event of Default has occurred; and (ii) whether, to such signatory’s knowledge, a Default or Event
of Default has occurred during such year or is continuing (and, if so, describing all such Defaults or Events of Default and what action the Company is taking or proposes to take with respect thereto). 

(B) Default Certificate. If a Default or Event of Default occurs, then the Company will promptly deliver an
Officer’s Certificate to the Trustee describing the same and what action the Company is taking or proposes to take with respect thereto; provided, however, that the Company will not be required to deliver such notice if such Default or
Event of Default, as applicable, has been cured within the applicable grace period, if any, provided in this Indenture. 
 Section 3.06.
STAY, EXTENSION AND USURY LAWS. 
 To the extent that it may
lawfully do so, the Company and each Guarantor (A) agrees that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law (wherever or whenever enacted or
in force) that may affect the covenants or the performance of this Indenture; and (B) expressly waives all benefits or advantages of any such law and agrees that it will not, by resort to any such law, hinder, delay or impede the execution of
any power granted to the Trustee by this Indenture, but will suffer and permit the execution of every such power as though no such law has been enacted. 

Section 3.07. CORPORATE EXISTENCE. 

Subject to Article 6, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its
corporate existence. 
 Section 3.08. ADDITIONAL GUARANTORS. 

If, after the Issue Date, (A) any Wholly Owned Domestic Subsidiary (including any newly formed or newly acquired Wholly Owned Domestic
Subsidiary) that is not a Guarantor guarantees any of the Company’s or any Guarantor’s indebtedness outstanding under the Senior Credit Facilities or (B) the Company otherwise elects to have any Subsidiary become a Guarantor, then, in
each such case, the Company shall cause such Subsidiary to execute and deliver to the Trustee (in the case of clause (A), by the date that is 60 days after becoming a guarantor under the Senior Credit Facilities; and in the case of clause
(B), by the date selected by the Company) a supplemental indenture in form satisfactory to the Trustee pursuant to which such Subsidiary shall unconditionally guarantee all of the Company’s obligations under the Notes and this Indenture.
The Guarantees will be subject to release and discharge pursuant to Section 12.04 prior to payment in full of the Notes. 

  
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 Article 4. REPURCHASE AND REDEMPTION 

Section 4.01. NO SINKING FUND. 

No sinking fund is required to be provided for the Notes. 

Section 4.02. RIGHT OF HOLDERS TO REQUIRE THE
COMPANY TO REPURCHASE NOTES UPON A FUNDAMENTAL CHANGE. 

(A) Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. Subject to the other terms of
this Section 4.02, if a Fundamental Change occurs, then each Holder will have the right (the “Fundamental Change Repurchase Right”) to require the Company to repurchase such Holder’s Notes (or any
portion thereof in an Authorized Denomination) on the Fundamental Change Repurchase Date for such Fundamental Change for a cash purchase price equal to the Fundamental Change Repurchase Price. 

(B) Repurchase Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such
acceleration has not been rescinded on or before the Fundamental Change Repurchase Date for a Repurchase Upon Fundamental Change (including as a result of the payment of the related Fundamental Change Repurchase Price, and any related interest
pursuant to the proviso to Section 4.02(D), on such Fundamental Change Repurchase Date), then (i) the Company may not repurchase any Notes pursuant to this Section 4.02; and (ii) the
Company will cause any Notes theretofore surrendered for such Repurchase Upon Fundamental Change to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the Company,
the Trustee or the Paying Agent of the applicable beneficial interest in such Notes in accordance with the Depositary Procedures). 

(C) Fundamental Change Repurchase Date. The Fundamental Change Repurchase Date for any Fundamental Change will be a
Business Day of the Company’s choosing that is no more than forty five (45), nor less than twenty (20), Business Days after the date the Company sends the related Fundamental Change Notice pursuant to Section 4.02(E).

 (D) Fundamental Change Repurchase Price. The Fundamental Change Repurchase Price for any Note to be repurchased
upon a Repurchase Upon Fundamental Change following a Fundamental Change is an amount in cash equal to the principal amount of such Note plus accrued and unpaid interest on such Note to, but excluding, the Fundamental Change Repurchase Date for such
Fundamental Change; provided, however, that if such Fundamental Change Repurchase Date is after a Regular Record Date and on or before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on
such Regular Record Date will be entitled, notwithstanding such Repurchase Upon Fundamental Change, to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to,
but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date, if such Fundamental Change Repurchase Date is before such Interest Payment Date); and
(ii) the Fundamental Change Repurchase Price will not include accrued and unpaid interest on such Note to, but excluding, such Fundamental Change Repurchase Date. For the avoidance of doubt, if an Interest Payment Date is not a Business Day
within the meaning of Section 2.05(C) and such Fundamental Change Repurchase Date occurs on the Business Day immediately after such Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but
excluding, such Interest Payment Date will be paid, in accordance with Section 2.05(C), on the next Business Day to Holders as of the Close of Business on the immediately preceding Regular Record Date; and (y) the
Fundamental Change Repurchase Price will include interest on Notes to be repurchased from, and including, such Interest Payment Date to, but excluding, the Fundamental Change Repurchase Date. 

(E) Fundamental Change Notice. On or before the twentieth (20th) calendar day after the effective date of a Fundamental
Change, the Company will send to each Holder, in writing, with a copy to the Trustee, the Conversion Agent (if other than the Trustee) and the Paying Agent a notice of such Fundamental Change (a “Fundamental Change Notice”).
Substantially contemporaneously, the Company will issue a press release through such national newswire service as the Company then uses (or publish the same through such other widely disseminated public medium as the Company then uses, including its
website) containing the information set forth in the Fundamental Change Notice. 

  
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 Such Fundamental Change Notice must state: 

(i) briefly, the events causing such Fundamental Change; 

(ii) the effective date of such Fundamental Change; 

(iii) the procedures that a Holder must follow to require the Company to repurchase its Notes pursuant to this
Section 4.02, including the deadline for exercising the Fundamental Change Repurchase Right and the procedures for submitting and withdrawing a Fundamental Change Repurchase Notice; 

(iv) the Fundamental Change Repurchase Date for such Fundamental Change; 

(v) the Fundamental Change Repurchase Price per $1,000 principal amount of Notes for such Fundamental Change (and, if such
Fundamental Change Repurchase Date is after a Regular Record Date and on or before the next Interest Payment Date, the amount, manner and timing of the interest payment payable pursuant to the proviso to Section 4.02(D));

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

(vii) the Conversion Rate in effect on the date of such Fundamental Change Notice and a description and quantification of any
adjustments to the Conversion Rate that may result from such Fundamental Change (including pursuant to Section 5.07); 

(viii) that Notes for which a Fundamental Change Repurchase Notice has been duly tendered and not duly withdrawn must be
delivered to the Paying Agent or tender agent for the Holder thereof to be entitled to receive the Fundamental Change Repurchase Price; 

(ix) that Notes (or any portion thereof) that are subject to a Fundamental Change Repurchase Notice that has been duly tendered
may be converted only if such Fundamental Change Repurchase Notice is withdrawn in accordance with this Indenture; and 
 (x)
the CUSIP and ISIN numbers, if any, of the Notes. 
 Neither the failure to deliver a Fundamental Change Notice nor any
defect in a Fundamental Change Notice will limit the Fundamental Change Repurchase Right of any Holder or otherwise affect the validity of any proceedings relating to any Repurchase Upon Fundamental Change. 

(F) Procedures to Exercise the Fundamental Change Repurchase Right. 

(i) Delivery of Fundamental Change Repurchase Notice and Notes to Be Repurchased. To exercise its Fundamental Change
Repurchase Right for a Note following a Fundamental Change, the Holder thereof must deliver to the Paying Agent or the tender agent appointed to facilitate such repurchase: 

(1) before the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date (or such
later time as may be required by law), a duly completed, written Fundamental Change Repurchase Notice with respect to such Note; and 

(2) such Note, duly endorsed for transfer (if such Note is a Physical Note) or by book-entry transfer (if such Note is a Global
Note). The Paying Agent will promptly deliver to the Company a copy of each Fundamental Change Repurchase Notice that it receives. 

(ii) Contents of Fundamental Change Repurchase Notices. Each Fundamental Change Repurchase Notice with respect to a Note
must state: 
 (1) if such Note is a Physical Note, the certificate number of such Note; 

  
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 (2) the principal amount of such Note to be repurchased, which must be an
Authorized Denomination; and 
 (3) that such Holder is exercising its Fundamental Change Repurchase Right with respect to
such principal amount of such Note; 
 provided, however, that if such Note is a Global Note, then such Fundamental Change
Repurchase Notice must comply with the Depositary Procedures (and any such Fundamental Change Repurchase Notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this
Section 4.02(F)). 
 (iii) Withdrawal of Fundamental Change Repurchase Notice. A Holder that
has delivered a Fundamental Change Repurchase Notice with respect to a Note may withdraw such Fundamental Change Repurchase Notice by delivering a written notice of withdrawal to the Paying Agent or tender agent at any time before the Close of
Business on the Business Day immediately before the related Fundamental Change Repurchase Date. Such withdrawal notice must state: 

(1) if such Note is a Physical Note, the certificate number of such Note; 

(2) the principal amount of such Note to be withdrawn, which must be an Authorized Denomination; and 

(3) the principal amount of such Note, if any, that remains subject to such Fundamental Change Repurchase Notice, which must be
an Authorized Denomination; provided, however, that if such Note is a Global Note, then such withdrawal notice must comply with the Depositary Procedures (and any such withdrawal notice delivered in compliance with the Depositary
Procedures will be deemed to satisfy the requirements of this Section 4.02(F)). 
 Upon receipt of any such
withdrawal notice with respect to a Note (or any portion thereof), the Paying Agent or tender agent will (x) promptly deliver a copy of such withdrawal notice to the Company; and (y) if such Note is surrendered to the Paying Agent or
tender agent, cause such Note (or such portion thereof in accordance with Section 2.11, treating such Note as having been then surrendered for partial repurchase in the amount set forth in such withdrawal notice as
remaining subject to repurchase) to be returned to the Holder thereof (or, if applicable with respect to any Global Note, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial
interest in such Note in accordance with the Depositary Procedures). 
 (G) Payment of the Fundamental Change Repurchase
Price. Without limiting the Company’s obligation to deposit the Fundamental Change Repurchase Price within the time proscribed by Section 3.01(B), the Company will cause the Fundamental Change Repurchase Price for
a Note (or portion thereof) to be repurchased pursuant to a Repurchase Upon Fundamental Change to be paid to the Holder thereof on or before the later of (i) the applicable Fundamental Change Repurchase Date; and (ii) the date
(x) such Note is delivered to the Paying Agent (in the case of a Physical Note) or (y) the Depositary Procedures relating to the repurchase, and the delivery to the Paying Agent, of such Holder’s beneficial interest in such Note to be
repurchased are complied with (in the case of a Global Note). For the avoidance of doubt, interest payable pursuant to the proviso to Section 4.02(D) on any Note to be repurchased pursuant to a Repurchase Upon Fundamental
Change must be paid pursuant to such proviso regardless of whether such Note is delivered or such Depositary Procedures are complied with pursuant to the first sentence of this Section 4.02(G). 

(H) Compliance with Applicable Securities Laws. To the extent applicable, the Company will comply in all material
respects with all U.S. federal and state securities laws in connection with a Repurchase Upon Fundamental Change (including complying with Rules 13e-4 and 14e-1 under
the Exchange Act and filing any required Schedule TO, to the extent applicable) so as to permit effecting such Repurchase Upon Fundamental Change in the manner set forth in this Indenture. The Fundamental Change Repurchase Date shall be subject to
postponement in order to allow the Company to comply with applicable law as a result of changes to such applicable law occurring after the date of this Indenture. However, to the extent that the Company’s obligations to offer to repurchase or
to repurchase Notes pursuant to Section 4.02 conflict with any law or regulation that is applicable to the Company and enacted after the date the Company initially issues the Notes, the Company’s compliance with such
law or regulation will not be considered to be a breach of those obligations. 

  
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 (I) Repurchase in Part. Subject to the terms of this
Section 4.02, Notes may be repurchased pursuant to a Repurchase Upon Fundamental Change in part, but only in Authorized Denominations. Provisions of this Section 4.02 applying to the repurchase of
a Note in whole will equally apply to the repurchase of a permitted portion of a Note. 
 (J) Repurchases by Third
Party. Notwithstanding anything to the contrary in this Section 4.02, the Company will not be required to repurchase, or make an offer to repurchase, the Notes upon a Fundamental Change if (i) one or more or more third parties conduct
any Repurchase Upon Fundamental Change and related offer to repurchase Notes otherwise required by this Section 4.02 in a manner that would have satisfied the Company’s obligations to do the same if conducted directly by the Company; and
(ii) an owner of a beneficial interest in the Notes would not receive a lesser amount (as a result of taxes, additional expenses or for any other reason) than such owner would have received had the Company repurchased such Notes. 

Section 4.03. RIGHT OF THE COMPANY TO REDEEM
THE NOTES. 
 (A) No Right to Redeem Before March 20, 2024. The
Company may not redeem the Notes at its option at any time before March 20, 2024. 
 (B) Right to Redeem the Notes on
or After March 20, 2024. Subject to the terms of this Section 4.03, the Company has the right, at its election, to redeem all, or any portion (subject to the Partial Redemption Limitation) in an
Authorized Denomination, of the Notes, at any time, and from time to time, on a Redemption Date on or after March 20, 2024 and on or before the fortieth (40th) Scheduled Trading Day immediately before the Maturity Date, for a cash purchase
price equal to the Redemption Price, but only if the Last Reported Sale Price per share of Common Stock exceeds one hundred and thirty percent (130%) of the Conversion Price on (i) each of at least twenty (20) Trading Days (whether or not
consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the Trading Day immediately before the Redemption Notice Date for such Redemption; and (ii) the Trading Day immediately before such Redemption Notice
Date. For the avoidance of doubt, the calling of any Notes for Redemption will constitute a Make-Whole Fundamental Change with respect to such Notes pursuant to clause (B) of the definition thereof. If the Company elects to redeem
less than all of the outstanding Notes, then the Redemption will not constitute a Make-Whole Fundamental Change with respect to such Notes not called for Redemption, except to the extent provided in Section 4.03(J). 

(C) Redemption Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such
acceleration has not been rescinded on or before the Redemption Date (including as a result of the payment of the related Redemption Price, and any related interest pursuant to the proviso to Section 4.03(E), on such
Redemption Date), then (i) the Company may not call for Redemption or otherwise redeem any Notes pursuant to this Section 4.03; and (ii) the Company will cause any Notes theretofore surrendered for such Redemption
to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interests in such Notes in accordance
with the Depositary Procedures). 
 (D) Redemption Date. The Redemption Date for any Redemption will be a Business Day
of the Company’s choosing that is no more than sixty five (65), nor less than forty five (45), Scheduled Trading Days after the Redemption Notice Date for such Redemption; provided, however, that if the Company is then otherwise
permitted to settle conversions of Notes by Physical Settlement (and, for the avoidance of doubt, has not irrevocably elected another Settlement Method), and the Company elects to settle all conversions of Notes with a Conversion Date that occurs on
or after such Redemption Notice Date and on or before the Business Day immediately before the Redemption Date by Physical Settlement, then the Company may instead elect to choose a Redemption Date that is a Business Day no more than forty five (45),
nor less than fifteen (15), Scheduled Trading Days after such Redemption Notice Date. The Redemption Date shall be a Business Day and the Company may not specify a Redemption Date that falls after the 40th Scheduled Trading Day immediately preceding
the Maturity Date. 
 (E) Redemption Price. The Redemption Price for any Note called for Redemption is an amount in
cash equal to the principal amount of such Note plus accrued and unpaid interest on such Note to, 

  
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but excluding, the Redemption Date for such Redemption; provided, however, that if such Redemption Date is after a Regular Record Date and on or before the next Interest Payment
Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such Redemption, to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid
interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date, if such Redemption Date is before such Interest
Payment Date); and (ii) the Redemption Price will not include accrued and unpaid interest on such Note to, but excluding, such Redemption Date. For the avoidance of doubt, if an Interest Payment Date is not a Business Day within the meaning of
Section 2.05(C) and such Redemption Date occurs on the Business Day immediately after such Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but excluding, such Interest Payment Date will be
paid, in accordance with Section 2.05(C), on the next Business Day to Holders as of the Close of Business on the immediately preceding Regular Record Date; and (y) the Redemption Price will include interest on Notes to
be redeemed from, and including, such Interest Payment Date to, but excluding, such Redemption Date. 
 (F) Notices to
Trustee. If the Company elects to redeem Notes pursuant to this Section 4.03, then it will furnish to the Trustee, at least three Business Days before the related Redemption Notice Date (unless a shorter notice period is satisfactory to the
Trustee), an Officer’s Certificate setting forth the Section of this Indenture pursuant to which the Redemption will occur, the applicable Redemption Date, the principal amount of Notes to be redeemed and the Redemption Price. If the Registrar
is not the Trustee, then the Company will, concurrently with each Redemption Notice, deliver, or cause the Registrar to deliver, to the Trustee a certificate (upon which the Trustee may conclusively rely exclusively) setting forth the principal
amounts of Notes held by each Holder. 
 (G) Redemption Notice. To call any Notes for Redemption, the Company must
(x) send to each Holder of such Notes, the Trustee and the Paying Agent a written notice of such Redemption (a “Redemption Notice”); and (y) substantially contemporaneously therewith, issue a press release through such
national newswire service as the Company then uses (or publish the same through such other widely disseminated public medium as the Company then uses, including its website) containing the information set forth in the Redemption Notice. 

Such Redemption Notice must state: 

(i) that such Notes have been called for Redemption, briefly describing the Company’s Redemption right under this
Indenture; 
 (ii) the Redemption Date for such Redemption; 

(iii) the Redemption Price per $1,000 principal amount of Notes for such Redemption (and, if the Redemption Date is after a
Regular Record Date and on or before the next Interest Payment Date, the amount, manner and timing of the interest payment payable pursuant to the proviso to Section 4.03(E)); 

(iv) the name and address of the Paying Agent and the Conversion Agent; 

(v) that Notes called for Redemption may be converted at any time before the Close of Business on the Business Day immediately
before the Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full); 

(vi) the Conversion Rate in effect on the Redemption Notice Date for such Redemption and a description and quantification of
any adjustments to the Conversion Rate that may result from such Redemption (including pursuant to Section 5.07); 

(vii) the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after such
Redemption Notice Date and on or before the Business Day before such Redemption Date; and 
 (viii) the CUSIP and ISIN
numbers, if any, of the Notes. 

  
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 On or before the Redemption Notice Date, the Company will send a copy of such Redemption
Notice to the Trustee, the Paying Agent and the Conversion Agent. 
 (H) Selection and Conversion of Notes to Be Redeemed
in Part. If less than all Notes then outstanding are called for Redemption, then: 
 (i) the Notes to be redeemed will be
selected by the Company as follows: (1) in the case of Global Notes, in accordance with the Depositary Procedures; and (2) in the case of Physical Notes, the Company will select the Notes to be redeemed (in an Authorized Denomination) by
lot, on a pro rata basis or in such other manner as it shall deem appropriate and fair; and 
 (ii) if only a portion of a
Note is subject to Redemption and such Note is converted in part, then the converted portion of such Note will be deemed to be from the portion of such Note that was subject to Redemption. 

(I) Payment of the Redemption Price. Without limiting the Company’s obligation to deposit the Redemption Price by
the time proscribed by Section 3.01(B), the Company will cause the Redemption Price for a Note (or portion thereof) subject to Redemption to be paid to the Holder thereof on or before the applicable Redemption Date. For the
avoidance of doubt, interest payable pursuant to the proviso to Section 4.03(E) on any Note (or portion thereof) subject to Redemption must be paid pursuant to such proviso. 

(J) Special Provisions for Partial Calls. If the Company elects to redeem less than all of the outstanding Notes, at
least one hundred million dollars ($100,000,000) aggregate principal amount of Notes must be outstanding and not subject to Redemption as of the relevant Redemption Notice Date (such requirement, the “Partial Redemption
Limitation”). In addition, if the Company elects to redeem less than all of the outstanding Notes pursuant to this Section 4.03, and the Holder of any Note, or any owner of a beneficial interest in any Global Note,
is reasonably not able to determine, before the Close of Business on the forty second (42nd) Scheduled Trading Day (or, if, in accordance with Section 5.03(A)(i)(3), the Company has elected to settle all conversions of
Notes with a Conversion Date that occurs on or after the Redemption Notice Date for such Redemption and on or before the Business Day immediately before the Redemption Date by Physical Settlement, the tenth (10th) Scheduled Trading Day) immediately
before the Redemption Date for such Redemption, whether such Note or beneficial interest, as applicable, is to be redeemed pursuant to such Redemption, then such Holder or owner, as applicable, will be entitled to convert such Note or beneficial
interest, as applicable, at any time before the Close of Business on the Business Day immediately before such Redemption Date, and each such conversion will be deemed to be of a Note called for Redemption for purposes of this
Section 4.03 and Sections 5.01(C)(i)(4) and 5.07. The Trustee shall have no obligation to make any determination in connection with the foregoing. 

Article 5. CONVERSION 

Section 5.01. RIGHT TO CONVERT. 

(A) Generally. Subject to the provisions of this Article 5, each Holder may, at its option, convert such
Holder’s Notes into Conversion Consideration. 
 (B) Conversions in Part. Subject to the terms of this Indenture,
Notes may be converted in part, but only in Authorized Denominations. Provisions of this Article 5 applying to the conversion of a Note in whole will equally apply to conversions of a permitted portion of a Note. 

(C) When Notes May Be Converted. 

(i) Generally. Subject to Section 5.01(C)(ii), a Note may be converted only in the following
circumstances: 
 (1) Conversion upon Satisfaction of Common Stock Sale Price Condition. A Holder may convert its
Notes during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on June 30, 2021, if the Last Reported Sale Price per share of Common Stock exceeds one hundred and thirty percent (130%) of
the Conversion Price for each of at least twenty (20) 

  
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Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter. If the
conditions in this Section 5.01(C)(i)(1) have been met, the Company will notify in writing the Holders, the Trustee and the Conversion Agent (if other than the Trustee) of the same. 

(2) Conversion upon Satisfaction of Note Trading Price Condition. A Holder may convert its Notes during the five
(5) consecutive Business Days immediately after any ten (10) consecutive Trading Day period (such ten (10) consecutive Trading Day period, the “Measurement Period”) if the Trading Price per $1,000 principal amount of
Notes, as determined following a request by a Holder in accordance with the procedures set forth below, for each Trading Day of the Measurement Period was less than ninety eight percent (98%) of the product of the Last Reported Sale Price per share
of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. The condition set forth in the preceding sentence is referred to in this Indenture as the “Trading Price Condition.” 

The Trading Price will be determined by the Bid Solicitation Agent pursuant to this Section 5.01(C)(i)(2) and the
definition of “Trading Price.” The Bid Solicitation Agent (if not the Company) will have no obligation to solicit the Trading Price of the Notes unless the Company has requested such solicitation in writing, and the Company will have no
obligation to make such request (or seek bids itself) unless a Holder holding at least $5,000,000 in aggregate principal amount of Notes (or such lesser amount as may then be outstanding) provides the Company with reasonable evidence that the
Trading Price per $1,000 principal amount of Notes would be less than ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock and the Conversion Rate. If a Holder provides such evidence, then the Company
will (if acting as Bid Solicitation Agent), or will instruct the Bid Solicitation Agent to, in each case in writing, determine the Trading Price of the Notes, in accordance with the bids solicited by the Bid Solicitation Agent, beginning on the next
Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such
Trading Day and the Conversion Rate on such Trading Day. Any determination of the Trading Price per $1,000 principal amount of Notes will be conclusive absent manifest error. If the Trading Price Condition has been met as set forth above,
then the Company will notify in writing the Holders, the Trustee and the Conversion Agent of the same. If, on any Trading Day after the Trading Price Condition has been met as set forth above, the Trading Price per $1,000 principal amount of Notes
is greater than or equal to ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day, then the Company will notify in writing the Holders, the
Trustee and the Conversion Agent (if other than the Trustee) of the same. 
 (3) Conversion upon Specified Corporate
Events. 
 (a) Certain Distributions. If the Company elects to: 

(I) distribute, to all or substantially all holders of Common Stock, any rights, options or warrants (other than rights issued
pursuant to a stockholder rights plan, so long as such rights have not separated from the Common Stock and are not exercisable until the occurrence of a triggering event, except that such rights will be deemed to be distributed under this clause
(I) upon their separation from the Common Stock or upon the occurrence of such triggering event) entitling them, for a period of not more than sixty (60) calendar days after the record date of such distribution, to subscribe for
or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately
before the date such distribution is announced (determined in the manner set forth in the third paragraph of Section 5.05(A)(ii)); or 

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

  
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 then, in either case, the Company shall notify in writing all Holders of the Notes, the
Trustee and the Conversion Agent (if other than the Trustee) (such notification, the “Certain Distributions Notification”) (x) at least 45 Scheduled Trading Days or (y) if the Company is otherwise then permitted to elect
Physical Settlement (and, for the avoidance of doubt, the Company has not selected another Settlement Method to apply), and in the Certain Distributions Notification the Company irrevocably elects Physical Settlement in respect of any conversions
with Conversion Dates that occur on or after the date of delivery to the Holders of the Certain Distributions Notification until the Certain Distributions Conversion Period End Date, at least 10 Scheduled Trading Days, in either case, before the Ex-Dividend Date for such distribution (or, if later in the case of any such separation of rights issued pursuant to a stockholder rights plan or the occurrence of any such triggering event under a stockholder
rights plan, as soon as reasonably practicable after we become aware that such separation or triggering event has occurred or will occur). Once the Company has given such notice, a Holder may surrender all or any portion of its Notes for conversion
at any time until the earlier of (1) the close of business on the Business Day immediately preceding the Ex-Dividend Date for such distribution and (2) the Company’s announcement that such
distribution will not take place (such earlier date and time, the “Certain Distributions Conversion Period End Date”), in each case, even if the Notes are not otherwise convertible at such time. No Holder may convert any of its
Notes pursuant to the condition in this Section 5.01(C)(i)(3)(a) if such Holder otherwise participates in such distribution, at the same time and upon the same terms as holders of the Common Stock and as a result of holding the Notes, without
having to convert such Notes, as if the Holder held a number of Common Stock equal to the applicable Conversion Rate, multiplied by the principal amount (expressed in thousands) of Notes held by such Holder. 

(b) Certain Corporate Events. If a Fundamental Change, Make-Whole Fundamental Change (other than a Make-Whole
Fundamental Change pursuant to clause (B) of the definition thereof) or Common Stock Change Event occurs, then, in each case, Holders may convert their Notes at any time from, and after, the effective date of such transaction or
event to, and including, the thirty fifth (35th) Trading Day after such effective date (or, if such transaction or event also constitutes a Fundamental Change, to, but excluding, the related Fundamental Change Repurchase Date); provided,
however, that if the Company does not provide the notice referred to in the immediately following sentence by such effective date, then the last day on which the Notes are convertible pursuant to this sentence will be extended by the number
of Business Days from, and including, such effective date to, but excluding, the date the Company provides such notice. No later than such effective date, the Company will send written notice to the Holders, the Trustee and the Conversion Agent (if
other than the Trustee) of such transaction or event, such effective date and the related right to convert Notes. 
 (4)
Conversion upon Redemption. If the Company calls any Note for Redemption, then the Holder of such Note called for Redemption may convert such Note at any time before the Close of Business on the Business Day immediately before the related
Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full). 

(5) Conversions During Free Convertibility Period. A Holder may convert its Notes at any time from, and including,
September 15, 2025 until the Close of Business on the second (2nd) Scheduled Trading Day immediately before the Maturity Date. 
 For
the avoidance of doubt, the Notes may become convertible pursuant to any one or more of the preceding sub-paragraphs of this Section 5.01(C)(i) and the Notes ceasing to be convertible
pursuant to a particular sub-paragraph of this Section 5.01(C)(i) will not preclude the Notes from being convertible pursuant to any other
sub-paragraph of this Section 5.01(C)(i). 

  
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 (ii) Limitations and Closed Periods. Notwithstanding anything to the
contrary in this Indenture or the Notes: 
 (1) Notes may be surrendered for conversion only after the Open of Business and
before the Close of Business on a day that is a Business Day; 
 (2) in no event may any Note be converted after the Close
of Business on the second (2nd) Scheduled Trading Day immediately before the Maturity Date; 
 (3) if the Company calls any
Note for Redemption pursuant to Section 4.03, then the Holder of such Note may not convert such Note after the Close of Business on the Business Day immediately before the applicable Redemption Date, except to the extent
the Company fails to pay the Redemption Price for such Note in accordance with this Indenture; and 
 (4) if a Fundamental
Change Repurchase Notice is validly delivered pursuant to Section 4.02(F) with respect to any Note, then such Note may not be converted, except to the extent (a) such Note is not subject to such notice; (b) such
notice is withdrawn in accordance with Section 4.02(F); or (c) the Company fails to pay the Fundamental Change Repurchase Price for such Note (or a third party fails to make such payment in lieu of the Company in
accordance with Section 4.02(J)) in accordance with this Indenture. 
 Section 5.02. CONVERSION
PROCEDURES. 
 (A) Generally. 

(i) Global Notes. To convert a beneficial interest in a Global Note that is convertible pursuant to
Section 5.01(C), the owner of such beneficial interest must (1) comply with the Depositary Procedures for converting such beneficial interest (at which time such conversion will become irrevocable unless the Company,
in its sole and absolute discretion agrees to permit the owner of the beneficial interest to withdraw such conversion and such withdrawal is reasonably feasible pursuant to the Depositary Procedures); and (2) pay any amounts due pursuant to
Section 5.02(D) or Section 5.02(E). 
 (ii) Physical Notes. To
convert all or a portion of a Physical Note that is convertible pursuant to Section 5.01(C), the Holder of such Note must (1) complete, manually sign and deliver to the Conversion Agent the conversion notice attached
to such Physical Note or a facsimile of such conversion notice; (2) deliver such Physical Note to the Conversion Agent (at which time such conversion will become irrevocable); (3) furnish any endorsements and transfer documents that the
Company or the Conversion Agent may require; and (4) pay any amounts due pursuant to Section 5.02(D) or Section 5.02(E). 

(B) Effect of Converting a Note. At the Close of Business on the Conversion Date for a Note (or any portion thereof) to
be converted, such Note (or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to Section 5.03(B) or 5.02(D), upon such conversion) be deemed
to cease to be outstanding (and, for the avoidance of doubt, no Person will be deemed to be a Holder of such Note (or such portion thereof) as of the Close of Business on such Conversion Date), except to the extent provided in
Section 5.02(D). 
 (C) Holder of Record of Conversion Shares. The Person in whose name any
share of Common Stock is issuable upon conversion of any Note will be deemed to become the holder of record of such share as of the Close of Business on (i) the Conversion Date for such conversion, in the case of Physical Settlement; or
(ii) the last VWAP Trading Day of the Observation Period for such conversion, in the case of Combination Settlement. 

(D) Interest Payable upon Conversion in Certain Circumstances. If the Conversion Date of a Note is after a Regular
Record Date and before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such conversion (and, for the avoidance of doubt, notwithstanding
anything set forth in the proviso to this sentence), to receive, on or, at the Company’s election, before such Interest Payment Date, unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming,
solely for these purposes, that 

  
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such Note remained outstanding through such Interest Payment Date); and (ii) the Holder surrendering such Note for conversion must deliver to the Conversion Agent, at the time of such
surrender, an amount of cash equal to the amount of such interest referred to in clause (i) above; provided, however, that the Holder surrendering such Note for conversion need not deliver such cash (v) if the Company has
specified a Redemption Date that is after such Regular Record Date and on or before the Business Day immediately after such Interest Payment Date; (w) if such Conversion Date occurs after the Regular Record Date immediately before the Maturity
Date; (x) if the Company has specified a Fundamental Change Repurchase Date that is after such Regular Record Date and on or before the Business Day immediately after such Interest Payment Date; or (y) to the extent of any overdue interest
or interest that has accrued on any overdue interest. For the avoidance of doubt, as a result of, and without limiting the generality of, the foregoing, if a Note is converted with a Conversion Date that is after the Regular Record Date immediately
before the Maturity Date, any Redemption Date and any Fundamental Change Repurchase Date described in clauses (v) through (x) above, then the Company will pay, as provided above, the interest that would have accrued on such Note to, but
excluding, the Maturity Date or other applicable Interest Payment Date to Holders as of the Close of Business on the Regular Record Date immediately before the Maturity Date or other applicable Interest Payment Date. For the avoidance of doubt, if
the Conversion Date of a Note to be converted is on an Interest Payment Date, then the Holder of such Note at the Close of Business on the Regular Record Date immediately before such Interest Payment Date will be entitled to receive, on such
Interest Payment Date, the unpaid interest that has accrued on such Note to, but excluding, such Interest Payment Date, and such Note, when surrendered for conversion, need not be accompanied by any cash amount pursuant to the first sentence of this
Section 5.02(D). 
 (E) Taxes and Duties. If a Holder converts a Note, the Company will pay
any documentary, stamp or similar issue or transfer tax or duty due on the issue or delivery of any shares of Common Stock upon such conversion; provided, however, that if any tax or duty is due because such Holder requested such
shares to be registered in a name other than such Holder’s name, then such Holder will pay such tax or duty and, until having received a sum sufficient to pay such tax or duty, the Conversion Agent may refuse to deliver any such shares to be
issued in a name other than that of such Holder. 
 (F) Conversion Agent to Notify Company of Conversions. If any Note
is submitted for conversion to the Conversion Agent or the Conversion Agent receives any notice of conversion with respect to a Note, then the Conversion Agent will promptly (and, in any event, no later than the Business Day following the date the
Conversion Agent receives such Note or notice) notify the Company and the Trustee of such occurrence, together with any other information reasonably requested by the Company, and will cooperate with the Company to determine the Conversion Date for
such Note. 
 Section 5.03. SETTLEMENT UPON CONVERSION. 

(A) Settlement Method. Upon the conversion of any Note, the Company will settle such conversion by paying or delivering,
as applicable and as provided in this Article 5, either (x) shares of Common Stock, together, if applicable, with cash in lieu of fractional shares as provided in Section 5.03(11)(i)(1) (a “Physical
Settlement”); (y) solely cash as provided in Section 5.03(11)(i)(2) (a “Cash Settlement”); or (z) a combination of cash and shares of Common Stock, together, if applicable, with cash in
lieu of fractional shares as provided in Section 5.03(11)(i)(3) (a “Combination Settlement”). 

(i) The Company’s Right to Elect Settlement Method. The Company will have the right to elect the Settlement Method
applicable to any conversion of a Note; provided, however, that: 
 (1) subject to clause
(3) below, all conversions of Notes with a Conversion Date that occurs on or after September 15, 2025 will be settled using the same Settlement Method, and the Company will send notice of such Settlement Method to Holders, the
Trustee and the Conversion Agent no later than the Open of Business on September 15, 2025; 
 (2) subject to clause
(3) below, if the Company elects a Settlement Method with respect to the conversion of any Note whose Conversion Date occurs before September 15, 2025, then the Company will send written notice of such Settlement Method to the
Holder of such Note, the Trustee and the Conversion Agent (if other than the Trustee) no later than the Close of Business on the Business Day immediately after such Conversion Date; 

  
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 (3) if any Notes are called for Redemption, then (1) the Company will
specify, in the related Redemption Notice (and, in the case of a Redemption of less than all outstanding Notes, in a notice simultaneously sent to all Holders of Notes not called for Redemption) sent pursuant to
Section 4.03(G), the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after the related Redemption Notice Date and on or before the Business Day before the related
Redemption Date; and (2) if such Redemption Date occurs on or after September 15, 2025, then such Settlement Method must be the same Settlement Method that, pursuant to clause (1) above, applies to all conversions of
Notes with a Conversion Date that occurs on or after September 15, 2025; 
 (4) the Company will use the same Settlement
Method for all conversions of Notes with the same Conversion Date (and, for the avoidance of doubt, the Company will not be obligated to use the same Settlement Method with respect to conversions of Notes with different Conversion Dates, except as
provided in clause (1) or (3) above); 
 (5) if the Company does not timely elect a Settlement
Method with respect to the conversion of a Note, then the Company will be deemed to have elected the Default Settlement Method (and, for the avoidance of doubt, the failure to timely make such election will not constitute a Default or Event of
Default); 
 (6) if the Company timely elects Combination Settlement with respect to the conversion of a Note but does not
timely notify the Holder of such Note, the Trustee and the Conversion Agent (if other than the Trustee) in writing of the applicable Specified Dollar Amount, then the Specified Dollar Amount for such conversion will be deemed to be $1,000 per $1,000
principal amount of Notes (and, for the avoidance of doubt, the failure to timely send such notification will not constitute a Default or Event of Default); and 

(7) the Settlement Method will be subject to Sections 4.03(D), 5.09(A)(2) and 5.01(C)(i)(3)(a). 

(ii) The Company’s Right to Irrevocably Fix the Settlement Method. The Company will have the right, exercisable at
its election by sending written notice of such exercise to the Holders (with a copy to the Trustee and the Conversion Agent (if other than the Trustee)), to (1) irrevocably fix the Settlement Method that will apply to all conversions of Notes
with a Conversion Date that occurs on or after the date such notice is sent to Holders; or (2) irrevocably elect Combination Settlement to apply to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is
sent to Holders, and eliminate a Specified Dollar Amount or range of Specified Dollar Amounts that will apply to such conversions, provided, in each case, that (w) the Settlement Method(s) so elected pursuant to clause
(1) or (2) above must be a Settlement Method or Settlement Method(s), as applicable, that the Company is then permitted to elect (for the avoidance of doubt, including pursuant to, and subject to, the other provisions of this
Section 5.03(A)); (x) no such irrevocable election will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to this Indenture (including pursuant to
Section 8.01(G) or this Section 5.03(A)); (y) upon any such irrevocable election pursuant to clause (1) above, the Default Settlement Method will automatically be deemed to
be set to the Settlement Method so fixed; and (z) upon any such irrevocable election pursuant to clause (2) above, the Company will, if needed, simultaneously change the Default Settlement Method to Combination Settlement
with a Specified Dollar Amount that is consistent with such irrevocable election. Such notice, if sent, must set forth the applicable Settlement Method and expressly state that the election is irrevocable and applicable to all conversions of Notes
with a Conversion Date that occurs on or after the date such notice is sent to Holders. For the avoidance of doubt, such an irrevocable election, if made, will be effective without the need to amend this Indenture or the Notes, including pursuant to
Section 8.01(G) (it being understood, however, that the Company may nonetheless choose to execute such an amendment at its option). 

(iii) Requirement to Publicly Disclose the Fixed or Default Settlement Method. If the Company changes the Default
Settlement Method pursuant to clause (x) of the proviso to the definition of such term or irrevocably fixes the Settlement Method(s) pursuant Section 5.03(A)(ii), then the Company will either post the
Default Settlement Method or fixed Settlement Method(s), as applicable, on its website or disclose the same in a Current Report on Form 8-K (or any successor form) that is filed with, or furnished to, the SEC.

  
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 (B) Conversion Consideration. 

(i) Generally. Subject to Section 5.03(B)(ii) and
Section 5.03(B)(iii), the type and amount of consideration (the “Conversion Consideration”) due in respect of each $1,000 principal amount of a Note to be converted will be as follows: 

(1) if Physical Settlement applies to such conversion, a number of shares of Common Stock equal to the Conversion Rate in
effect on the Conversion Date for such conversion; 
 (2) if Cash Settlement applies to such conversion, cash in an amount
equal to the sum of the Daily Conversion Values for each VWAP Trading Day in the Observation Period for such conversion; or 

(3) if Combination Settlement applies to such conversion, consideration consisting of (a) a number of shares of Common
Stock equal to the sum of the Daily Share Amounts for each VWAP Trading Day in the Observation Period for such conversion; and (b) an amount of cash equal to the sum of the Daily Cash Amounts for each VWAP Trading Day in such Observation
Period. 
 (ii) Cash in Lieu of Fractional Shares. If Physical Settlement or Combination Settlement applies to the
conversion of any Note and the number of shares of Common Stock deliverable pursuant to Section 5.03(B)(i) upon such conversion is not a whole number, then such number will be rounded down to the nearest whole number and
the Company will deliver, in addition to the other consideration due upon such conversion, cash in lieu of the related fractional share in an amount equal to the product of (1) such fraction and (2) (x) the Daily VWAP on the
Conversion Date for such conversion (or, if such Conversion Date is not a VWAP Trading Day, the immediately preceding VWAP Trading Day), in the case of Physical Settlement; or (y) the Daily VWAP on the last VWAP Trading Day of the Observation
Period for such conversion, in the case of Combination Settlement. 
 (iii) Conversion of Multiple Notes by a Single
Holder. If a Holder converts more than one (1) Note on a single Conversion Date, then the Conversion Consideration due in respect of such conversion will (in the case of any Global Note, to the extent permitted by, and practicable under,
the Depositary Procedures) be computed based on the total principal amount of Notes converted on such Conversion Date by such Holder. 

(iv) Notice of Calculation of Conversion Consideration. If Cash Settlement or Combination Settlement applies to the
conversion of any Note, then the Company will determine the Conversion Consideration due thereupon promptly following the last VWAP Trading Day of the applicable Observation Period and will promptly thereafter send notice to the Trustee and the
Conversion Agent of the same and the calculation thereof in reasonable detail. Neither the Trustee nor the Conversion Agent will have any duty to make or verify any such determination. 

(C) Delivery of the Conversion Consideration. Except as set forth in Sections 5.05(D) and 5.09, the
Company will pay or deliver, as applicable, the Conversion Consideration due upon the conversion of any Note to the Holder as follows: (i) if Cash Settlement or Combination Settlement applies to such conversion, on the second (2nd) Business Day
immediately after the last VWAP Trading Day of the Observation Period for such conversion; and (ii) if Physical Settlement applies to such conversion, on the second (2nd) Business Day immediately after the Conversion Date for such conversion;
provided, however, that if Physical Settlement applies to the conversion of any Note with a Conversion Date that is after the Regular Record Date (if Special Interest were payable) immediately before the Maturity Date, then, solely for
purposes of such conversion, (x) the Company will pay or deliver, as applicable, the Conversion Consideration due upon such conversion on the Maturity Date (or, if the Maturity Date is not a Business Day, the next Business Day); and
(y) the Conversion Date will instead be deemed to be the second (2nd) Business Day immediately before the Maturity Date. 

(D) Deemed Payment of Principal and Interest; Settlement of Accrued Interest Notwithstanding Conversion. If a Holder
converts a Note, then the Company will not adjust the Conversion Rate to account for any accrued and unpaid interest on such Note, and, except as provided in Section 5.02(D), the Company’s delivery of the Conversion
Consideration due in respect of such conversion will be deemed to fully satisfy and discharge the Company’s obligation to pay the principal of, and accrued and unpaid interest, if any, on, such Note to, but excluding the Conversion Date. As a
result, upon conversion, except as provided in Section 5.02(D), a Holder will not receive any separate cash payment for accrued and unpaid interest and any accrued and unpaid interest on a converted Note will be deemed to
be paid in full rather than cancelled, extinguished or forfeited. In addition, subject to Section 5.02(D), if the Conversion Consideration for a Note consists of both cash and shares of Common Stock, then accrued and unpaid
interest that is deemed to be paid therewith will be deemed to be paid first out of such cash. 

  
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 Section 5.04. RESERVE AND STATUS OF
COMMON STOCK ISSUED UPON CONVERSION. 
 (A)
Stock Reserve. At all times when any Notes are outstanding, the Company will reserve (out of its authorized but unissued and unreserved shares of Common Stock that are not reserved for other purposes) a number of shares of Common Stock
sufficient to permit the conversion of all then-outstanding Notes, assuming (x) Physical Settlement will apply to such conversion; and (y) the Conversion Rate is increased by the maximum amount pursuant to which the Conversion Rate may be
increased pursuant to Section 5.07. 
 (B) Status of Conversion Shares; Listing. Each
Conversion Share, if any, delivered upon conversion of any Note will be a newly issued or treasury share (except that any Conversion Share delivered by a Designated Financial Institution pursuant to Section 5.08 need not be
a newly issued or treasury share) and will be duly and validly issued, fully paid, non-assessable, free from preemptive rights and free of any lien or adverse claim (except to the extent of any lien or adverse
claim created by the action or inaction of the Holder of such Note or the Person to whom such Conversion Share will be delivered). If the Common Stock is then listed on any securities exchange, or quoted on any inter-dealer quotation system, then
the Company will cause each Conversion Share, when delivered upon conversion of any Note, to be admitted for listing on such exchange or quotation on such system. 

Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE. 

(A) Events Requiring an Adjustment to the Conversion Rate. The Conversion Rate will be adjusted from time to time as
follows: 
 (i) Stock Dividends, Splits and Combinations. If the Company issues solely shares of Common Stock as a
dividend or distribution on all or substantially all shares of the Common Stock, or if the Company effects a stock split or a stock combination of the Common Stock (in each case excluding an issuance solely pursuant to a Common Stock Change Event,
as to which Section 5.09 will apply), then the Conversion Rate will be adjusted based on the following formula: 
  

			
	CR1 = CRo x	  	    OS1    
	  	    OS0    

 where: 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately before the Open of Business on the effective
date of such stock split or stock combination, as applicable;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date or the open of business on such effective date, as applicable;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date or effective date, as applicable, without giving effect to such dividend,
distribution, stock split or stock combination;
			
	OS1	  	=	  	and the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, stock split or stock combination.

 For the avoidance of doubt, each adjustment to the Conversion Rate made pursuant to this
Section 5.05(A)(i) will become effective as of the time set forth in the preceding definition of CR1. If any dividend, distribution, stock split or stock combination of the type described in this
Section 5.05(A)(i) is declared or announced, but not so paid or made, then the Conversion Rate will be readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution or to
effect such stock split or stock combination, to the Conversion Rate that would then be in effect had such dividend, distribution, stock split or stock combination not been declared or announced. 

  
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 (ii) Rights, Options and Warrants. If the Company distributes, to all
or substantially all holders of Common Stock, rights, options or warrants (other than rights issued or otherwise distributed pursuant to a stockholder rights plan, as to which Sections 5.05(A)(iii)(1) and 5.05(F) will apply) entitling
such holders, for a period of not more than sixty (60) calendar days after the record date of such distribution, to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale
Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced, then the Conversion Rate will be increased based on the following
formula: 
  

			
	CR1 = CRo x	  	    OS+X    
	  	    OS+Y    

 where: 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	OS	  	=	  	the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date;
			
	X	  	=	  	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
			
	Y	  	=	  	a number of shares of Common Stock obtained by dividing (x) the aggregate price payable to exercise such rights, options or warrants by (y) the average of the Last Reported Sale Prices per share of Common Stock for the ten
(10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced.

 For the avoidance of doubt, each adjustment to the Conversion Rate made pursuant to this
Section 5.05(A)(ii) will become effective as of the time set forth in the preceding definition of CR1. To the extent such rights, options or warrants are not so distributed, the Conversion Rate will be readjusted to
the Conversion Rate that would then be in effect had the increase to the Conversion Rate for such distribution been made on the basis of only the rights, options or warrants, if any, actually distributed. In addition, to the extent that shares of
Common Stock are not delivered after the expiration of such rights, options or warrants (including as a result of such rights, options or warrants not being exercised), the Conversion Rate will be readjusted to the Conversion Rate that would then be
in effect had the increase to the Conversion Rate for such distribution been made on the basis of delivery of only the number of shares of Common Stock actually delivered upon exercise of such rights, option or warrants. 

For purposes of this Section 5.05(A)(ii) and Section 5.01(C)(i)(3)(a)(I), in determining
whether any rights, options or warrants entitle holders of Common Stock to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of Common Stock for the ten
(10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date the distribution of such rights, options or warrants is announced, and in determining the aggregate price payable to exercise such rights,
options or warrants, there will be taken into account any consideration the Company receives for such rights, options or warrants and any amount payable on exercise thereof, with the value of such consideration, if not cash, to be determined by the
Board of Directors. 
 (iii) Spin-Offs and Other Distributed Property. 

(1) Distributions Other than Spin-Offs. If the Company distributes shares of its Capital Stock, evidences of its
indebtedness or other assets or property of the Company, or rights, options or warrants to acquire Capital Stock of the Company or other securities, to all or substantially all holders of the Common Stock, excluding: 

(a) dividends, distributions, rights, options or warrants for which an adjustment to the Conversion Rate is required (or would
be required without regard to Section 5.10) pursuant to Section 5.05(A)(i) or 5.05(A)(ii); 

(b) dividends or distributions paid exclusively in cash for which an adjustment to the Conversion Rate is required (or would
be required without regard to Section 5.10) pursuant to Section 5.05(A)(iv); 

  
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 (c) rights issued or otherwise distributed pursuant to a stockholder rights
plan, except to the extent provided in Section 5.05(E); 
 (d) Spin-Offs for which an adjustment
to the Conversion Rate is required (or would be required without regard to Section 5.10) pursuant to Section 5.05(A)(iii)(2); 

(e) a distribution solely pursuant to a tender offer or exchange offer for shares of Common Stock, as to which
Section 5.05(A) (v) will apply; and 
 (f) a distribution solely pursuant to a
Common Stock Change Event, as to which Section 5.09 will apply, then the Conversion Rate will be increased based on the following formula: 

 

			
	CR1 = CRo x	  	    SP            
	  	    SP-FMV    

 where: 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	SP	  	=	  	the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before such
Ex-Dividend Date; and
			
	FMV	  	=	  	the fair market value, as of such Ex-Dividend Date, of the shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants to acquire capital stock or other
securities distributed per share of Common Stock pursuant to such distribution;

 provided, however, that if FMV is equal to or greater than SP, then, in lieu
of the foregoing adjustment to the Conversion Rate, each Holder will receive, for each $1,000 principal amount of Notes held by such Holder on the record date for such distribution, at the same time and on the same terms as holders of Common Stock,
the amount and kind of shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants to acquire capital stock or other securities that such Holder would have received if such Holder had owned, on such record date,
a number of shares of Common Stock equal to the Conversion Rate in effect on such record date. For the avoidance of doubt, each adjustment to the Conversion Rate made pursuant to this Section 5.05(A)(iii)(1) will become
effective at the time set forth in the definition of CR1 above. 
 To the extent such distribution is not so paid or made, the
Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the distribution, if any, actually made or paid. 

(2) Spin-Offs. If the Company distributes or dividends shares of Capital Stock of any class or series, or similar equity
interests, of or relating to an Affiliate, a Subsidiary or other business unit of the Company to all or substantially all holders of the Common Stock (other than solely pursuant to (x) a Common Stock Change Event, as to which
Section 5.09 will apply; or (y) a tender offer or exchange offer for shares of Common Stock, as to which Section 5.05(A)(v) will apply), and such Capital Stock or equity interests are listed
or quoted (or will be listed or quoted upon the consummation of the transaction) on a U.S. national securities exchange (a “Spin-Off”), then the Conversion Rate will be increased based on the
following formula: 
  

			
	CR1 = CRo x	  	    SP            
	  	    SP-FMV    

  
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 where: 

 

					
	CR0	  	=	  	the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Spin-Off Valuation Period for such
Spin-Off;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Spin-Off Valuation Period;
			
	FMV	  	=	  	the product of (x) the average of the Last Reported Sale Prices per share or unit of the Capital Stock or equity interests distributed in such Spin-Off over the ten (10) consecutive
Trading Day period (the “Spin-Off Valuation Period”) beginning on, and including, the Ex-Dividend Date for such
Spin-Off (such average to be determined as if references to Common Stock in the definitions of Last Reported Sale Price, Trading Day and Market Disruption Event were instead references to such Capital Stock or
equity interests); and (y) the number of shares or units of such Capital Stock or equity interests distributed per share of Common Stock in such Spin-Off; and
			
	SP	  	=	  	the average of the Last Reported Sale Prices per share of Common Stock for each Trading Day in the Spin-Off Valuation Period.

 For the avoidance of doubt, each adjustment to the Conversion Rate made pursuant to this
Section 5.05(A)(iii)(2) will become effective at the time set forth in the definition of CR1 above. Notwithstanding anything to the contrary in this Section 5.05(A)(iii)(2), (i) if any
VWAP Trading Day of the Observation Period for a Note whose conversion will be settled pursuant to Cash Settlement or Combination Settlement occurs during the Spin-Off Valuation Period for such Spin-Off, then, solely for purposes of determining the Conversion Rate for such VWAP Trading Day for such conversion, such Spin-Off Valuation Period will be deemed to consist
of the Trading Days occurring in the period from, and including, the Ex-Dividend Date for such Spin-Off to, and including, such VWAP Trading Day; and (ii) if the
Conversion Date for a Note whose conversion will be settled pursuant to Physical Settlement occurs during the Spin-Off Valuation Period for such Spin-Off, then, solely
for purposes of determining the Conversion Consideration for such conversion, such Spin-Off Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Ex-Dividend Date for such Spin-Off to, and including, such Conversion Date. 

To the extent any dividend or distribution of the type set forth in this Section 5.05(A)(iii)(2) is declared but not
made or paid, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid. 

(iv) Cash Dividends or Distributions. If any cash dividend or distribution is made to all or substantially all holders
of Common Stock, then the Conversion Rate will be increased based on the following formula: 
  

			
	CR1 = CRo x	  	    SP            
	  	SP-D

 where: 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	SP	  	=	  	the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before such Ex-Dividend Date; and
			
	D	  	=	  	the cash amount distributed per share of Common Stock in such dividend or distribution;

 provided, however, that if D is equal to or greater than SP, then, in lieu of
the foregoing adjustment to the Conversion Rate, each Holder will receive, for each $1,000 principal amount of Notes held by such Holder on the record date for such dividend or distribution, at the same time and on the same terms as holders of
Common Stock and without having to convert its Notes, the amount of cash that such Holder would have received if such Holder had owned, on such record date, a number of shares of Common Stock equal to the Conversion Rate in effect on such record
date. 
 To the extent such dividend or distribution is declared but not made or paid, the Conversion Rate will be readjusted to the
Conversion Rate that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid. For the avoidance of doubt, each adjustment to the Conversion Rate made pursuant to this
Section 5.05(A)(iv) will become effective at the time set forth in the definition of CR1 above. 

(v) Tender Offers or Exchange Offers. If the Company or any of its Subsidiaries makes a payment in respect of a tender
offer or exchange for purposes of this Section 5.05(A)(v)) offer for shares of Common Stock (other than an odd-lot tender offer that satisfies the requirements of Rule 13e-4(h)(5), or any successor rule), and the value 

  
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(determined as of the Expiration Time by the Board of Directors in good faith) of the cash and other consideration paid per share of Common Stock in such tender or exchange offer exceeds the
average of the Last Reported Sale Price per share of Common Stock over the Tender/Exchange Offer Valuation Period beginning on and including the Trading Day immediately after the last date (the “Expiration Date”) on which tenders or
exchanges may be made pursuant to such tender or exchange offer (as it may be amended), then the Conversion Rate will be increased based on the following formula: where: 

 

			
	CR1 = CRo x	  	    AC+(SPxOS1)
	  	        SP-OS0

 where: 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period for such tender or exchange offer;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period;
			
	AC	  	=	  	the aggregate value (determined by the Board of Directors in good faith as of the time (the “Expiration Time”) such tender or exchange offer expires) of all cash and other consideration paid for shares of Common
Stock purchased or exchanged in such tender or exchange offer;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately before the Expiration Time (including all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);
			
	OS1	  	=	  	the number of shares of Common Stock outstanding immediately after the Expiration Time (excluding all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and
			
	SP	  	=	  	the average of the Last Reported Sale Prices per share of Common Stock over the ten (10) consecutive Trading Day period (the “Tender/Exchange Offer Valuation Period”) beginning on, and including, the Trading
Day immediately after the Expiration Date;

 provided, however, that the Conversion Rate will in no event be adjusted down pursuant to
this Section 5.05(A)(v), except to the extent provided in the immediately following paragraph. For the avoidance of doubt, each adjustment to the Conversion Rate made pursuant to this
Section 5.05(A)(v) will become effective at the time set forth in the definition of CR1 above. Notwithstanding anything to the contrary in this Section 5.05(A)(v), (i) if any VWAP
Trading Day of the Observation Period for a Note whose conversion will be settled pursuant to Cash Settlement or Combination Settlement occurs during the Tender/Exchange Offer Valuation Period for such tender or exchange offer, then, solely for
purposes of determining the Conversion Rate for such VWAP Trading Day for such conversion, such Tender/Exchange Offer Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Trading Day
immediately after the Expiration Date for such tender or exchange offer to, and including, such VWAP Trading Day; and (ii) if the Conversion Date for a Note whose conversion will be settled pursuant to Physical Settlement occurs during the
Tender/Exchange Offer Valuation Period for such tender or exchange offer, then, solely for purposes of determining the Conversion Consideration for such conversion, such Tender/Exchange Offer Valuation Period will be deemed to consist of the Trading
Days occurring in the period from, and including, the Trading Day immediately after the Expiration Date to, and including, such Conversion Date. For the avoidance of doubt, for purposes of this Section 5.05(A)(v), the term
“tender offer” is used as such term is used in the Exchange Act and the term “exchange offer” means an exchange offer that constitutes a tender offer. 

To the extent such tender or exchange offer is announced but not consummated (including as a result of the Company being precluded from
consummating such tender or exchange offer under applicable law), or any purchases or exchanges of shares of Common Stock in such tender or exchange offer are rescinded, the Conversion Rate will be readjusted to the Conversion Rate that would then
be in effect had the adjustment been made on the basis of only the purchases or exchanges of shares of Common Stock, if any, actually made, and not rescinded, in such tender or exchange offer. 

(B) No Adjustments in Certain Cases. 

(i) Where Holders Participate in the Transaction or Event Without Conversion. Notwithstanding anything to the contrary
in Section 5.05(A), the Company will not be obligated to adjust the Conversion Rate on 

  
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account of a transaction or other event otherwise requiring an adjustment pursuant to Section 5.05(A) (other than a stock split or combination of the type set forth in
Section 5.05(A)(i) or a tender or exchange offer of the type set forth in Section 5.05(A)(v)) if each Holder participates, at the same time and on the same terms as holders of Common Stock, and
solely by virtue of being a Holder of Notes, in such transaction or event without having to convert such Holder’s Notes and as if such Holder held a number of shares of Common Stock equal to the product of (i) the Conversion Rate in effect
on the related record date; and (ii) the aggregate principal amount (expressed in thousands) of Notes held by such Holder on such date. 

(ii) Certain Events. The Company will not be required to adjust the Conversion Rate except as provided in
Section 5.05 or Section 5.07. Without limiting the foregoing, the Company will not be obligated to adjust the Conversion Rate on account of: 

(1) except as otherwise provided in Section 5.05, the sale of shares of Common Stock for a purchase
price that is less than the market price per share of Common Stock or less than the Conversion Price; 
 (2) the issuance of
any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock under any
such plan; 
 (3) the issuance of any shares of Common Stock or options or rights to purchase shares of Common Stock pursuant
to any present or future employee, director or consultant benefit plan or program of, or assumed by, the Company or any of its Subsidiaries; 

(4) the issuance of any shares of Common Stock pursuant to any option, warrant, right or convertible or exchangeable security
of the Company outstanding as of the Issue Date; 
 (5) for a third party tender offer by any party other than a tender offer
by the Company or one or more of its subsidiaries as described in Section 5.05(A)(v); 
 (6) on
account of open market share repurchases, including structured or derivative transactions, or transactions pursuant to a share repurchase program approved by the Board of Directors, or otherwise, in each case, that are not tender offers of the type
described in Section 5.05(A)(v); 
 (7) solely a change in the par value of the Common Stock; or

 (8) accrued and unpaid interest, if any, on the Notes. 

(C) Adjustments Not Yet Effective. Notwithstanding anything to the contrary in this Indenture or the Notes, if: 

(i) a Note is to be converted pursuant to Physical Settlement or Combination Settlement; 

(ii) the record date, effective date or Expiration Time for any event that requires an adjustment to the Conversion Rate
pursuant to Section 5.05(A) has occurred on or before the Conversion Date for such conversion (in the case of Physical Settlement) or on or before any VWAP Trading Day in the Observation Period for such conversion (in the
case of Combination Settlement), but an adjustment to the Conversion Rate for such event has not yet become effective as of such Conversion Date or VWAP Trading Day, as applicable; 

(iii) the Conversion Consideration due upon such conversion includes any whole shares of Common Stock (in the case of Physical
Settlement) or due in respect of such VWAP Trading Day includes any whole or fractional shares of Common Stock (in the case of Combination Settlement); and 

  
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 (iv) such shares are not entitled to participate in such event (because they
were not held on the related record date or otherwise), then, solely for purposes of such conversion, the Company will, without duplication, give effect to such adjustment on such Conversion Date (in the case of Physical Settlement) or such VWAP
Trading Day (in the case of Combination Settlement). In such case, if the date on which the Company is otherwise required to deliver the consideration due upon such conversion is before the first date on which the amount of such adjustment can be
determined, then the Company will delay the settlement of such conversion until the second (2nd) Business Day after such first date, and such delay will not be a default under this Indenture or the Notes. 

(D) Conversion Rate Adjustments where Converting Holders Participate in the Relevant Transaction or Event.
Notwithstanding anything to the contrary in this Indenture or the Notes, if: 
 (i) a Conversion Rate adjustment for any
dividend or distribution becomes effective on any Ex-Dividend Date pursuant to Section 5.05(A); 

(ii) a Note is to be converted pursuant to Physical Settlement or Combination Settlement; 

(iii) the Conversion Date for such conversion (in the case of Physical Settlement) or any VWAP Trading Day in the Observation
Period for such conversion (in the case of Combination Settlement) occurs on or after such Ex-Dividend Date and on or before the related record date; 

(iv) the Conversion Consideration due upon such conversion includes any whole shares of Common Stock (in the case of Physical
Settlement) or due in respect of such VWAP Trading Day includes any whole or fractional shares of Common Stock (in the case of Combination Settlement), in each case based on a Conversion Rate that is adjusted for such dividend or distribution; and

 (v) such shares would be entitled to participate in such dividend or distribution (including pursuant to
Section 5.02(C)), 
 then (x) in the case of Physical Settlement, such Conversion Rate adjustment will not be
given effect for such conversion and the shares of Common Stock issuable upon such conversion based on such unadjusted Conversion Rate will not be entitled to participate in such dividend or distribution, but there will be added, to the Conversion
Consideration otherwise due upon such conversion, the same kind and amount of consideration that would have been delivered in such dividend or distribution with respect to such shares of Common Stock had such shares been entitled to participate in
such dividend or distribution; and (y) in the case of Combination Settlement, the Conversion Rate adjustment relating to such Ex-Dividend Date will be made for such conversion in respect of such VWAP
Trading Day, but the shares of Common Stock issuable with respect to such VWAP Trading Day based on such adjusted Conversion Rate will not be entitled to participate in such dividend or distribution. 

(E) Stockholder Rights Plans. If any shares of Common Stock are to be issued upon conversion of any Note and, at the
time of such conversion, the Company has in effect any stockholder rights plan, then the Holder of such Note will be entitled to receive, in addition to, and concurrently with the delivery of, the Conversion Consideration otherwise payable under
this Indenture upon such conversion, the rights set forth in such stockholder rights plan, unless, prior to the applicable Conversion Date, such rights have separated from the Common Stock at such time, in which case, and only in such case, the
Conversion Rate will be adjusted pursuant to Section 5.05(A)(iii)(1) on account of such separation as if, at the time of such separation, the Company had made a distribution of the type referred to in such Section to all
holders of the Common Stock, subject to potential readjustment in accordance with the last paragraph of Section 5.05(A)(iii)(1). For the avoidance of doubt, in all other cases, the issuance of rights pursuant to a
stockholder rights plan will not result in an adjustment to the Conversion Rate pursuant to the last paragraph of Section 5.05(A)(iii)(1). 

(F) Limitation on Effecting Transactions Resulting in Certain Adjustments. The Company will not engage in or be a party
to any transaction or event that would require the Conversion Rate to be adjusted pursuant to Section 5.05(A) or Section 5.07 to an amount that would result in the Conversion Price per share of
Common Stock being less than the par value per share of Common Stock. 
 (G) Equitable Adjustments to Prices. Whenever
any provision of this Indenture requires the Company to calculate the average of the Last Reported Sale Prices, or any function thereof, over a period of multiple days (including to calculate the Stock Price or an adjustment to the Conversion Rate),
or to calculate 

  
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Daily VWAPs over an Observation Period, the Company will make proportionate adjustments, if any, to such calculations to account for any adjustment to the Conversion Rate pursuant to
Section 5.05(A)(i) that becomes effective, or any event requiring such an adjustment to the Conversion Rate where the Ex-Dividend Date or effective date, as applicable, of such event
occurs, at any time during such period or Observation Period, as applicable. 
 (H) Calculation of Number of Outstanding
Shares of Common Stock. For purposes of Section 5.05(A), the number of shares of Common Stock outstanding at any time will (i) include shares issuable in respect of scrip certificates issued in lieu of fractions of
shares of Common Stock; and (ii) exclude shares of Common Stock held in the Company’s treasury (unless the Company pays any dividend or makes any distribution on shares of Common Stock held in its treasury). 

(I) Calculations. All calculations with respect to the Conversion Rate and adjustments thereto will be made to the
nearest 1/10,000th of a share of Common Stock (with 5/100,000ths rounded upward). 
 (J) Notice of Conversion Rate
Adjustments. Upon the effectiveness of any adjustment to the Conversion Rate pursuant to Section 5.05(A), the Company will promptly send written notice to the Holders, and an Officer’s Certificate to the Trustee
and the Conversion Agent (if other than the Trustee) containing (i) a brief description of the transaction or other event on account of which such adjustment was made; (ii) the Conversion Rate in effect immediately after such adjustment;
and (iii) the effective time of such adjustment. 
 Section 5.06. VOLUNTARY ADJUSTMENTS. 

(A) Generally. To the extent permitted by law and applicable stock exchange rules, the Company, from time to time, may
(but is not required to) increase the Conversion Rate by any amount if (i) the Board of Directors determines that such increase is either (x) in the best interest of the Company; or (y) advisable to avoid or diminish any income tax
imposed on holders of Common Stock or rights to purchase Common Stock as a result of any dividend or distribution of shares (or rights to acquire shares) of Common Stock or any similar event; (ii) such increase is in effect for a period of at
least twenty (20) Business Days; and (iii) such increase is irrevocable during such period. 
 (B) Notice of
Voluntary Increases. If the Board of Directors determines to increase the Conversion Rate pursuant to Section 5.06(A), then, no later than the first Business Day of the related twenty (20) Business Day period
referred to in Section 5.06(A), the Company will send notice to each Holder, the Trustee and the Conversion Agent of such increase, the amount thereof and the period during which such increase will be in effect. 

Section 5.07. ADJUSTMENTS TO THE CONVERSION RATE IN
CONNECTION WITH A MAKE-WHOLE FUNDAMENTAL CHANGE. 

(A) Generally. If a Make-Whole Fundamental Change occurs and the Conversion Date for the conversion of a Note occurs
during the related Make-Whole Fundamental Change Conversion Period, then, subject to this Section 5.07, the Conversion Rate applicable to such conversion will be increased by a number of shares (the “Additional
Shares”) set forth in the table below corresponding (after interpolation as provided in, and subject to, the provisions below) to the Make-Whole Fundamental Change Effective Date and the Stock Price of such Make-Whole Fundamental Change:

  

																																																	
	Make-Whole Fundamental Change
Effective Date	  	$45.63	 	  	$50.00	 	  	$55.00	 	  	$63.88	 	  	$70.00	 	  	$83.05	 	  	$90.00	 	  	$100.00	 	  	$150.00	 	  	$200.00	 	  	$250.00	 	  	$300.00	 
	 March 18, 2021
	  	 	6.2615	 	  	 	5.2774	 	  	 	4.3849	 	  	 	3.2271	 	  	 	2.6487	 	  	 	1.7902	 	  	 	1.4727	 	  	 	1.1262	 	  	 	0.3395	 	  	 	0.1100	 	  	 	0.0304	 	  	 	0.0035	 
	 March 15, 2022
	  	 	6.2615	 	  	 	5.2210	 	  	 	4.2749	 	  	 	3.0642	 	  	 	2.4694	 	  	 	1.6055	 	  	 	1.2938	 	  	 	0.9607	 	  	 	0.2488	 	  	 	0.0663	 	  	 	0.0123	 	  	 	0.0000	 
	 March 15, 2023
	  	 	6.2615	 	  	 	5.0892	 	  	 	4.0822	 	  	 	2.8172	 	  	 	2.2103	 	  	 	1.3559	 	  	 	1.0591	 	  	 	0.7518	 	  	 	0.1529	 	  	 	0.0280	 	  	 	0.0012	 	  	 	0.0000	 
	 March 15, 2024
	  	 	6.2615	 	  	 	4.8896	 	  	 	3.7975	 	  	 	2.4629	 	  	 	1.8469	 	  	 	1.0253	 	  	 	0.7587	 	  	 	0.4977	 	  	 	0.0649	 	  	 	0.0039	 	  	 	0.0000	 	  	 	0.0000	 
	 March 15, 2025
	  	 	6.2615	 	  	 	4.5926	 	  	 	3.3462	 	  	 	1.8968	 	  	 	1.2829	 	  	 	0.5648	 	  	 	0.3689	 	  	 	0.2020	 	  	 	0.0071	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 
	 March 15, 2026
	  	 	6.2615	 	  	 	4.3461	 	  	 	2.5279	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 

  
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 If such Make-Whole Fundamental Change Effective Date or Stock Price is not set forth in the
table above, then: 
 (i) if such Stock Price is between two Stock Prices in the table above or the Make-Whole Fundamental
Change Effective Date is between two dates in the table above, then the number of Additional Shares will be determined by straight-line interpolation between the numbers of Additional Shares set forth for the higher and lower Stock Prices in the
table above or the earlier and later dates in the table above, based on a 365- or 366-day year, as applicable; and 

(ii) if the Stock Price is greater than $300.00 (subject to adjustment in the same manner as the Stock Prices set forth in the
column headings of the table above are adjusted pursuant to Section 5.07(B)), or less than $45.63 (subject to adjustment in the same manner), per share, then no Additional Shares will be added to the Conversion Rate. 

Notwithstanding anything to the contrary in this Indenture or the Notes, in no event will the Conversion Rate be increased to an amount that
exceeds 21.9154 shares of Common Stock per $1,000 principal amount of Notes, which amount is subject to adjustment in the same manner as, and at the same time and for the same events for which, the Conversion Rate is required to be adjusted pursuant
to Section 5.05(A). 
 For the avoidance of doubt, but subject to Section 4.03(J),
(x) the sending of a Redemption Notice will constitute a Make-Whole Fundamental Change only with respect to the Notes called (or deemed called) for Redemption pursuant to such Redemption Notice, and not with respect to any other Notes; and
(y) the Conversion Rate applicable to the Notes not so called for Redemption will not be subject to increase pursuant to this Section 5.07 on account of such Redemption Notice. 

If the Conversion Date for the conversion of a Note occurs during a Make-Whole Fundamental Change Conversion Period relating to both a
Make-Whole Fundamental Change resulting from the Company calling Notes for Redemption and another Make-Whole Fundamental Change, then, solely for purposes of that conversion, such Conversion Date will be deemed to occur only during the period
relating to the Make-Whole Fundamental Change with the earlier Make-Whole Fundamental Change Effective Date. In that circumstance, the Make-Whole Fundamental Change with the later Make-Whole Fundamental Change Effective Date will be deemed not to
occur for purposes of such conversion. 
 (B) Adjustment of Stock Prices and Number of Additional Shares. The Stock
Prices in the first row (i.e., the column headers) of the table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same events for which, the Conversion Price is
adjusted as a result of the operation of Section 5.05(A). The numbers of Additional Shares in the table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and
for the same events for which, the Conversion Rate is adjusted pursuant to Section 5.05(A). 
 (C)
Notice of the Occurrence of a Make-Whole Fundamental Change. The Company will notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing of each Make-Whole Fundamental Change (i) occurring pursuant to
clause (A) of the definition thereof in accordance with Section 5.01(C)(i)(3)(b); and (ii) occurring pursuant to clause (B) of the definition thereof in accordance with
Section 4.03(G), as applicable. 
 Section 5.08. EXCHANGE IN LIEU
OF CONVERSION. 
 (A) When a Holder surrenders its Notes for conversion, the Company may,
at its election (an “Exchange Election”), cause, on or prior to the Trading Day immediately following the Conversion Date, such Notes to be delivered to one or more financial institutions designated by the Company in writing (each,
a “Designated Financial Institution”) for exchange in lieu of conversion. In order to accept any Notes surrendered for conversion, the Designated Financial Institution(s) must agree to timely pay or deliver, as the case may be, the
Conversion Consideration. If the Company makes an Exchange Election, the Company shall, by the close of business on the Trading Day following the relevant Conversion Date, notify in writing the Trustee, the Conversion Agent (if other than the
Trustee) and the Holder surrendering Notes for conversion that the Company has made the Exchange Election, and the Company shall promptly notify the Designated Financial Institution(s) of the relevant deadline for delivery of the Conversion
Consideration and the type of Conversion Consideration to be paid and/or delivered, as the case may be. The Company, the Holders surrendering Notes for conversion and the Conversion Agent shall cooperate with applicable procedures of the Depositary
to cause such Notes to be delivered to the Designated Financial Institution. The Conversion Agent will be entitled to conclusively rely upon the Company’s instruction in connection with effecting any Exchange Election outside of the Conversion
Agent’s control and will have no liability in respect of such Exchange Election. 

  
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 (B) Any Notes delivered to the Designated Financial Institution(s) shall
remain outstanding, notwithstanding the applicable procedures of the Depositary. If the Designated Financial Institution(s) agree(s) to accept any Notes for exchange but does not timely pay and/or deliver, as the case may be, the related Conversion
Consideration, or if such Designated Financial Institution does not accept the Notes for exchange, the Company shall pay and/or deliver, as the case may be, the relevant Conversion Consideration, as, and at the time, required pursuant to this
Indenture as if the Company had not made the Exchange Election. 
 (C) The Company’s designation of any Designated
Financial Institution(s) to which the Notes may be submitted for exchange does not require such Designated Financial Institution(s) to accept any Notes. So long as the Notes are eligible for book-entry settlement with the Depositary, the Company
will comply with the applicable procedures of the Depositary. 
 Section 5.09. EFFECT OF COMMON
STOCK CHANGE EVENT. 
 (A) Generally. If there occurs any: 

(i) recapitalization, reclassification or change of the Common Stock (other than (x) changes solely resulting from a
subdivision or combination of the Common Stock, (y) a change only in par value or from par value to no par value or no par value to par value and (z) stock splits and stock combinations that do not involve the issuance of any other series
or class of securities); 
 (ii) consolidation, merger, combination or binding or statutory share exchange involving the
Company; 
 (iii) sale, lease or other transfer of all or substantially all of the assets of the Company and its
Subsidiaries, taken as a whole, to any Person; or 
 (iv) other similar event, 

and, as a result of which, the Common Stock is converted into, or is exchanged for, or represents solely the right to receive, other securities, cash or other
property, or any combination of the foregoing (such an event, a “Common Stock Change Event,” and such other securities, cash or property, the “Reference Property,” and the amount and kind of Reference Property that
a holder of one (1) share of Common Stock would be entitled to receive on account of such Common Stock Change Event (without giving effect to any arrangement not to issue or deliver a fractional portion of any security or other property), a
“Reference Property Unit”), then, notwithstanding anything to the contrary in this Indenture or the Notes, 

(1) from and after the effective time of such Common Stock Change Event, (I) the Conversion Consideration due upon
conversion of any Note, and the conditions to any such conversion, will be determined in the same manner as if each reference to any number of shares of Common Stock in this Article 5 (or in any related definitions) were instead a reference
to the same number of Reference Property Units; (II) for purposes of Section 4.03, each reference to any number of shares of Common Stock in such Section (or in any related definitions) will instead be deemed to be a
reference to the same number of Reference Property Units; and (III) for purposes of the definitions of “Fundamental Change” and “Make-Whole Fundamental Change,” references to “Common Stock” and the Company’s
“Common Equity” will be deemed to refer to the Common Equity, if any, forming part of such Reference Property; 

(2) if such Reference Property Unit consists entirely of cash, then the Company will be deemed to elect Physical Settlement in
respect of all conversions whose Conversion Date occurs on or after the effective date of such Common Stock Change Event and will pay the cash due upon such conversions no later than the second (2nd) Business Day after the relevant Conversion Date;
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 (3) for these purposes, (I) the Daily VWAP of any Reference Property
Unit or portion thereof that consists of a class of Common Equity securities will be determined by reference to the definition of “Daily VWAP,” substituting, if applicable, the Bloomberg page for such class of securities in such
definition; and (II) the Daily VWAP of any Reference Property Unit or portion thereof that does not consist of a class of Common Equity securities, and the Last Reported Sale Price of any Reference Property Unit or portion thereof that does not
consist of a class of securities, will be the fair value of such Reference Property Unit or portion thereof, as applicable, determined in good faith by the Company (or, in the case of cash denominated in U.S. dollars, the face amount thereof). 

If the Reference Property consists of more than a single type of consideration to be determined based in part upon any form of stockholder
election, then the composition of the Reference Property Unit will be deemed to be the weighted average of the types and amounts of consideration actually received, per share of Common Stock, by the holders of Common Stock. The Company will notify
Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing of such weighted average as soon as practicable after such determination is made. 

At or before the effective time of such Common Stock Change Event, the Company, each Guarantor and the resulting, surviving or transferee
Person (if not the Company) of such Common Stock Change Event (the “Successor Person”) will execute and deliver to the Trustee a supplemental indenture pursuant to Section 8.01(F), which supplemental
indenture will (x) provide for subsequent conversions of Notes in the manner set forth in this Section 5.09; (y) provide for subsequent adjustments to the Conversion Rate pursuant to
Section 5.05(A) in a manner consistent with this Section 5.09; and (z) contain such other provisions, if any, that the Company reasonably determines are appropriate to preserve the economic
interests of the Holders and to give effect to the provisions of this Section 5.09(A). If the Reference Property includes shares of stock or other securities or assets (other than cash) of a Person other than the Successor
Person, then such other Person will also execute such supplemental indenture and such supplemental indenture will contain such additional provisions, if any, that the Company reasonably determines are appropriate to preserve the economic interests
of the Holders. 
 (B) Notice of Common Stock Change Events. The Company will provide notice of each Common Stock
Change Event in the manner provided in Section 5.01(C)(i)(3)(b). 
 (C) Compliance Covenant.
The Company will not become a party to any Common Stock Change Event unless its terms are consistent with this Section 5.09. 

Section 5.10. ADJUSTMENT DEFERRAL. 

If an adjustment to the Conversion Rate otherwise required by this Article 5 would result in a change of less than 1% to the Conversion
Rate, then, notwithstanding anything to the contrary in this Article 5, the Company may, at its election, defer such adjustment, except that all such deferred adjustments must be given effect immediately upon the earliest of the following:
(i) when all such deferred adjustments would result in an aggregate change of at least 1% to the Conversion Rate; (ii) the Conversion Date of any Note, or any VWAP Trading Day of an Observation Period for, any Note; (iii) the date a
Fundamental Change or Make-Whole Fundamental Change occurs; (iv) the date the Company calls any Notes for Redemption; and (iv) September 15, 2025. 

Section 5.11. RESPONSIBILITY OF TRUSTEE. 

The Trustee and any other Conversion Agent shall not at any time be under any duty or responsibility to any Holder to determine the Conversion
Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including any increase) of the Conversion Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to
the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee and any other Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any
shares of Common Stock, monitoring the Company’s stock trading price or of any securities, property or cash that may at any time be issued or delivered upon the conversion of any Note; and the Trustee and any other Conversion Agent make no
representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares of Common Stock or stock certificates or other securities or property or
cash upon the surrender of any Note for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article 5. Without limiting the generality of the foregoing, neither the Trustee
nor any Conversion Agent shall be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into pursuant to Section 5.09 relating either to the kind or amount of shares of stock or
securities or property (including cash) receivable by Holders upon the conversion of their Notes after any event referred to in such Section 5.09 or to any adjustment to be made with respect thereto, but, subject to the provisions of
Section 10.01, may accept (without any independent investigation) as conclusive evidence of the correctness of any such provisions, and shall be protected in relying upon, the Officer’s Certificate (which the Company shall be obligated to
file with the Trustee prior to the execution of any such supplemental indenture) with 

  
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respect thereto. Neither the Trustee nor the Conversion Agent shall be responsible for determining whether any event contemplated by Section 5.01 has occurred that makes the Notes eligible
for conversion or no longer eligible therefor until the Company has delivered to the Trustee and the Conversion Agent the notices referred to in Section 5.01 with respect to the commencement or termination of such conversion rights, on which
notices the Trustee and the Conversion Agent may conclusively rely, and the Company agrees to deliver such notices to the Trustee and the Conversion Agent immediately after the occurrence of any such event or at such other times as shall be provided
for in Section 5.01. 
 Article 6. SUCCESSORS 

Section 6.01. WHEN THE COMPANY OR A GUARANTOR
MAY MERGE, ETC. 
 (A) Business Combination Events Involving the
Company. The Company will not consolidate with or merge with or into, or (directly, or indirectly through one or more of its Subsidiaries) sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially
all of the assets of the Company and its Subsidiaries, taken as a whole, to another Person (a “Business Combination Event”), unless: 

(i) the resulting, surviving or transferee Person either (x) is the Company or (y) if not the Company, is a
corporation (the “Successor Corporation”) duly organized and existing under the laws of the United States of America, any State thereof or the District of Columbia that expressly assumes (by executing and delivering to the Trustee,
at or before the effective time of such Business Combination Event, a supplemental indenture pursuant to Section 8.01(E)) all of the Company’s obligations under this Indenture and the Notes; and 

(ii) immediately after giving effect to such Business Combination Event, no Default or Event of Default will have occurred and
be continuing. 
 In connection with a Business Combination Event involving a Successor Corporation, the Officer’s Certificate and
Opinion of Counsel required in connection with the execution of such supplemental indenture under Section 8.06 shall include a statement that such Business Combination Event complies with this
Section 6.01(A). 
 (B) Business Combination Events Involving a Guarantor. Subject to
Section 12.04, no Guarantor will consolidate with or merge with or into, or (directly, or indirectly through one or more of its Subsidiaries) sell, lease or otherwise transfer, in one transaction or a series of
transactions, all or substantially all of the assets of such Guarantor and its Subsidiaries, taken as a whole, to another Person (a “Guarantor Business Combination Event”), unless: 

(i) the resulting, surviving or transferee Person either (x) is such Guarantor or (y) if not such Guarantor, is a
corporation (the “Successor Guarantor”) duly organized and existing under the laws of the United States of America, any State thereof or the District of Columbia that expressly assumes (by executing and delivering to the Trustee, at
or before the effective time of such Guarantor Business Combination Event, a supplemental indenture pursuant to Section 8.01(E)) all of such Guarantor’s obligations under this Indenture and the Notes; and 

(ii) immediately after giving effect to such Guarantor Business Combination Event, no Default or Event of Default will have
occurred and be continuing. 
 Section 6.02. SUCCESSOR CORPORATION SUBSTITUTED. 

At the effective time of any Business Combination Event or Guarantor Business Combination Event that complies with
Section 6.01(A) or 6.01(B), the Successor Corporation (if not the Company) or Successor Guarantor (if not the Guarantor) will succeed to, and may exercise every right and power of, the Company or such Guarantor, as
applicable, under this Indenture and the Notes with the same effect as if such Successor Corporation or Successor Guarantor had been named as the Company or a Guarantor in this Indenture and the Notes, and, except in the case of a lease, the
predecessor Company or Guarantor will be discharged from its obligations under this Indenture and the Notes. 

  
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 Article 7. DEFAULTS AND REMEDIES 

Section 7.01. EVENTS OF DEFAULT. 

(A) Definition of Events of Default. “Event of Default” means the occurrence of any of the following:

 (i) a default in the payment when due (whether at maturity, upon Redemption or Repurchase Upon Fundamental Change or
otherwise) of the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, any Note; 
 (ii) a
default for thirty (30) days in the payment when due of interest on any Note; 
 (iii) the Company’s failure to
deliver, when required by this Indenture, a Fundamental Change Notice, a notice of a Make-Whole Fundamental Change or a notice pursuant to Section 5.01(C)(i)(3), in each case when due and such failure continues for three
(3) Business Days after its occurrence; 
 (iv) a default in the Company’s or any Guarantor’s obligation to
convert a Note in accordance with Article 5 upon the exercise of the conversion right with respect thereto, if such default is not cured within three (3) Business Days after its occurrence; 

(v) a default in the Company’s or any Guarantor’s obligations under Article 6; 

(vi) a default in any of the Company’s or any Guarantor’s obligations or agreements under this Indenture or the Notes
(other than a default set forth in clause (i), (ii), (iii), (iv) or (v) of this Section 7.01(A)) where such default is not cured or waived within sixty (60) days after
written notice to the Company by the Trustee, or to the Company and the Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, which notice must specify such default, demand that it be
remedied and state that such notice is a “Notice of Default”; 
 (vii) a default by the Company or a Guarantor with
respect to any one or more mortgages, agreements or other instruments under which there is outstanding, or by which there is secured or evidenced, any indebtedness for money borrowed of at least fifteen million dollars ($15,000,000) (or its foreign
currency equivalent) in the aggregate of the Company or any of the Guarantors, whether such indebtedness exists as of the Issue Date or is thereafter created, where such default: 

(1) constitutes a failure to pay the principal, or premium or interest on, any of such indebtedness when due and payable at its
stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, in each case after the expiration of any applicable grace period; or 

(2) results in such indebtedness becoming or being declared due and payable before its stated maturity, 

in each case where such default is not cured or waived within thirty (30) days after written notice to the Company by the Trustee or to
the Company and the Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding; 

(viii) the Company or any of its Significant Subsidiaries, pursuant to or within the meaning of any Bankruptcy Law, either:

 (1) commences a voluntary case or proceeding; 

(2) consents to the entry of an order for relief against it in an involuntary case or proceeding; 

(3) consents to the appointment of a custodian of it or for any substantial part of its property; 

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

(5) takes any comparable action under any foreign Bankruptcy Law; or 

(6) generally is not paying its debts as they become due; or 

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

(1) is for relief against the Company or any of its Significant Subsidiaries in an involuntary case or proceeding; 

(2) appoints a custodian of the Company or any of its Significant Subsidiaries, or for any substantial part of the property of
the Company or any of its Significant Subsidiaries; 
 (3) orders the winding up or liquidation of the Company or any of its
Significant Subsidiaries; or 
 (4) grants any similar relief under any foreign Bankruptcy Law, 

and, in each case under this Section 7.01(A)(x), such order or decree remains unstayed and in effect for at least
sixty (60) days. 
 (x) one or more final judgments being rendered against a Guarantor, the Company or any of the
Company’s or such Guarantor’s respective subsidiaries for the payment of at least fifteen million dollars ($15,000,000) (or its foreign currency equivalent) in the aggregate (excluding any amounts covered by insurance or bond), where such
judgment is not discharged, stayed, vacated or otherwise satisfied within sixty (60) days after (i) the date on which the right to appeal the same has expired, if no such appeal has commenced; or (ii) the date on which all rights to
appeal have been extinguished; and 
 (xi) except as permitted by this Indenture, the Guarantee of the Notes by any Guarantor
shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect, or any Guarantor, or any person acting on its behalf, shall deny or disaffirm its obligation under its Guarantee.

 (B) Cause Irrelevant. Each of the events set forth in Section 7.01(A) will constitute an
Event of Default regardless of the cause thereof or whether voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body. 
 Section 7.02. ACCELERATION. 

(A) Automatic Acceleration in Certain Circumstances. If an Event of Default set forth in
Section 7.01(A)(viii) or 7.01(A)(ix) occurs with respect to the Company or any Guarantor (and not solely with respect to a Significant Subsidiary of the Company or a Guarantor, other than the Company or such
Guarantor), then the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding will immediately become due and payable without any further action or notice by any Person. 

(B) Optional Acceleration. Subject to Section 7.03, if an Event of Default (other than an Event of Default set
forth in Section 7.01(A) (viii) or 7.01(A)(ix) with respect to the Company or any Guarantor and not solely with respect to a Significant Subsidiary of the Company or a Guarantor, other than the Company or such Guarantor) occurs and is
continuing, then the Trustee, by notice to the Company, or Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, by written notice to the Company and the Trustee, may declare the principal amount
of, and all accrued and unpaid interest on, all of the Notes then outstanding to become due and payable immediately. 

  
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 (C) Rescission of Acceleration. Notwithstanding anything to the
contrary in this Indenture or the Notes, the Holders of a majority in aggregate principal amount of the Notes then outstanding, by written notice to the Company and the Trustee, may, on behalf of all Holders, rescind any acceleration of the Notes
and its consequences if (i) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and (ii) all existing Events of Default (except the non-payment of
principal of, or interest on, the Notes that has become due solely because of such acceleration) have been cured or waived. No such rescission will affect any subsequent Default or impair any right consequent thereto. 

Section 7.03. SOLE REMEDY FOR A FAILURE TO
REPORT. 
 (A) Generally. Notwithstanding anything to the contrary in this Indenture or the Notes,
the Company may elect that the sole remedy for any Event of Default (a “Reporting Event of Default”) pursuant to Section 7.01(A)(vi) arising from the Company’s failure to comply with
Section 3.02 will, for each of the first three hundred and sixty five (365) calendar days on which a Reporting Event of Default has occurred and is continuing, consist exclusively of the accrual of Special Interest on
the Notes. If the Company has made such an election, then (i) the Notes will be subject to acceleration pursuant to Section 7.02 on account of the relevant Reporting Event of Default from, and including, the three
hundred and sixty sixth (366th) calendar day on which a Reporting Event of Default has occurred and is continuing or if the Company fails to pay any accrued and unpaid Special Interest when due; and (ii) Special Interest will cease to accrue on
any Notes from, and including, such three hundred and sixty sixth (366th) calendar day (it being understood that interest on any defaulted Special Interest will nonetheless accrue pursuant to Section 2.05(B)). 

(B) Amount and Payment of Special Interest. Any Special Interest that accrues on a Note pursuant to
Section 7.03(A) will be on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one quarter of one percent (0.25%) of the principal amount thereof for the
first ninety (90) days on which Special Interest accrues, and, thereafter, at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof, in each case as long as such Reporting Event of Default is continuing;
provided, however, that in no event will Additional Interest pursuant to Section 3.04(A)(i)(1), together with any Special Interest that is payable at the Company’s election pursuant to this
Section 7.03 as the sole remedy for any Reporting Event of Default, accrue on any day on a Note at a combined rate per annum that exceeds one half of one percent (0.50%). For the avoidance of doubt, any Special Interest
that accrues pursuant to Section 7.03(A) will be in addition to the Stated Interest that accrues on such Note, subject to the proviso in the previous sentence, and in addition to any Additional Interest that accrues on such
Note. 
 (C) Notice of Election. To make the election set forth in Section 7.03(A), the
Company must send to the Holders, the Trustee and the Paying Agent, before the date on which each Reporting Event of Default first occurs, a notice that (i) briefly describes the report(s) that the Company failed to file with or furnish to the
SEC; (ii) states that the Company is electing that the sole remedy for such Reporting Event of Default consist of the accrual of Special Interest pursuant to Section 7.03(A); and (iii) briefly describes the periods during which and
rate at which Special Interest will accrue and the circumstances under which the Notes will be subject to acceleration on account of such Reporting Event of Default. 

(D) Notice to Trustee and Paying Agent; Trustee’s Disclaimer. If any Special Interest accrues on any Note pursuant
to Section 7.03(A), then, no later than five (5) Business Days before each date on which such Special Interest is to be paid, the Company will deliver an Officer’s Certificate to the Trustee and the Paying Agent
stating (i) that the Company is obligated to pay Special Interest pursuant to Section 7.03(A) on such Note on such date of payment; and (ii) the amount of such Special Interest that is payable on such date of
payment. The Trustee will have no duty to determine whether any Special Interest is payable or the amount thereof. 
 (E)
No Effect on Other Events of Default. No election pursuant to this Section 7.03 with respect to a Reporting Event of Default will affect the rights of any Holder with respect to any other Event of Default, including
with respect to any other Reporting Event of Default. 
 Section 7.04. OTHER REMEDIES. 

(A) Trustee May Pursue All Remedies. If an Event of Default occurs and is continuing, then the Trustee may pursue any
available remedy to collect the payment of any amounts due with respect to the Notes or to enforce the performance of any provision of this Indenture or the Notes. 

  
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 (B) Procedural Matters. The Trustee may maintain a proceeding even if
it does not possess any of the Notes or does not produce any of them in such proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy following an Event of Default will not impair the right or remedy or
constitute a waiver of, or acquiescence in, such Event of Default. All remedies will be cumulative to the extent permitted by law. 
 Section 7.05.
WAIVER oF PAST DEFAULTS. 
 An Event of Default pursuant to clause
(i), (ii), (iv) or (vi) of Section 7.01(A) (that, in the case of clause (vi) only, results from a Default under any covenant that cannot be amended without the consent
of each affected Holder), and a Default that could lead to such an Event of Default, can be waived only with the consent of each affected Holder. Each other Default or Event of Default may be waived, on behalf of all Holders, by the Holders of a
majority in aggregate principal amount of the Notes then outstanding. If an Event of Default is so waived, then it will cease to exist. If a Default is so waived, then it will be deemed to be cured and any Event of Default arising therefrom will be
deemed not to occur. However, no such waiver will extend to any subsequent or other Default or Event of Default or impair any right arising therefrom. 

Section 7.06. CONTROL BY MAJORITY. 

Holders of a majority in aggregate principal amount of the Notes then outstanding may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law, this Indenture or the Notes, or that, subject to
Section 10.01, the Trustee determines may be unduly prejudicial to the rights of other Holders (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such directions are unduly
prejudicial to the rights of any other Holder) or may involve the Trustee in liability, unless the Trustee is offered, and, if requested, provided, security and indemnity satisfactory to the Trustee against any loss, claim, liability, damage, cost
or expense to the Trustee that may result from the Trustee’s following such direction. 
 Section 7.07. LIMITATION
ON SUITS. 
 No Holder may pursue any remedy with respect to this Indenture or the Notes (except to enforce
(x) its rights to receive the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, or interest on, any Notes; or (y) the Company’s obligations to convert any Notes pursuant to Article 5), unless:

 (A) such Holder has previously delivered to the Trustee notice that an Event of Default is continuing; 

(B) Holders of at least twenty five percent (25%) in aggregate principal amount of the Notes then outstanding deliver a written
request to the Trustee to pursue such remedy; 
 (C) such Holder or Holders offer and, if requested, provide to the Trustee
security and indemnity satisfactory to the Trustee against any loss, liability, claim, damage, cost or expense to the Trustee that may result from the Trustee’s following such request; 

(D) the Trustee does not comply with such request within sixty (60) calendar days after its receipt of such request and
such offer of security or indemnity; and 
 (E) during such sixty (60) calendar day period, Holders of a majority in
aggregate principal amount of the Notes then outstanding do not deliver to the Trustee a direction that is inconsistent with such request. 

A Holder of a Note may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another
Holder. The Trustee will have no duty to determine whether any Holder’s use of this Indenture complies with the preceding sentence. 

  
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 Section 7.08. ABSOLUTE RIGHT OF HOLDERS
TO INSTITUTE SUIT FOR THE ENFORCEMENT OF THE RIGHT TO RECEIVE PAYMENT
AND CONVERSION CONSIDERATION. 
 Notwithstanding anything to the contrary in this Indenture
or the Notes (but without limiting Section 8.01), the right of each Holder of a Note to bring suit for the enforcement of any payment or delivery, as applicable, of the principal of, or the Redemption Price or Fundamental
Change Repurchase Price for, or any interest on, or the Conversion Consideration due pursuant to Article 5 upon conversion of, such Note on or after the respective due dates therefor provided in this Indenture and the Notes, will not be
impaired or affected without the consent of such Holder. 
 Section 7.09. COLLECTION SUIT BY
TRUSTEE. 
 The Trustee will have the right, upon the occurrence and continuance of an Event of Default pursuant to
clause (i), (ii) or (iv) of Section 7.01(A), to recover judgment in its own name and as trustee of an express trust against the Company or any Guarantor for the total unpaid or undelivered
principal of, or Redemption Price or Fundamental Change Repurchase Price for, or interest on, or Conversion Consideration due pursuant to Article 5 upon conversion of, the Notes, as applicable, and, to the extent lawful, any Default Interest
on any Defaulted Amounts, and such further amounts sufficient to cover the costs and expenses of collection, including compensation provided for in Section 10.06. 

Section 7.10. TRUSTEE MAY FILE PROOFS OF CLAIM. 

The Trustee has the right to (A) file such proofs of claim and other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes) or its creditors or property and (B) collect, receive and distribute any money or other property payable
or deliverable on any such claims. Each Holder authorizes any custodian in such proceeding to make such payments to the Trustee, and, if such payments directly to the Holders, to pay to the Trustee any amount due to the Trustee for the reasonable
compensation, expenses, disbursements and advances of the Trustee, and its agents and counsel, and any other amounts payable to the Trustee pursuant to Section 10.06. To the extent that the payment of any such compensation,
expenses, disbursements, advances and other amounts out of the estate in such proceeding, is denied for any reason, payment of the same will be secured by a claim (senior to the rights of Holders) on, and will be paid out of, any and all
distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding (whether in liquidation or under any plan of reorganization or arrangement or otherwise). Nothing in this Indenture will
be deemed to authorize the Trustee to authorize, consent to, accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding. 
 Section 7.11. PRIORITIES. 

The Trustee will pay or deliver in the following order any money or other property that it collects pursuant to this Article 7: 

First: to the Trustee, the other Note Agents and each of their agents and attorneys for amounts due under
Section 10.06, including payment of all fees, compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the Note Agents and the costs and expenses of collection; 

Second: to Holders for unpaid amounts or other property due on the Notes, including the principal of, or the Redemption
Price or Fundamental Change Repurchase Price for, or any interest on, or any Conversion Consideration due upon conversion of, the Notes, ratably, and without preference or priority of any kind, according to such amounts or other property due
and payable on all of the Notes; and 
 Third: to the Company or such other Person as a court of competent
jurisdiction directs. 
 The Trustee may fix a record date and payment date for any payment or delivery to the Holders pursuant to this
Section 7.11, in which case the Trustee will instruct the Company to, and the Company will, deliver, at least fifteen (15) calendar days before such record date, to each Holder and the Trustee a notice stating such
record date, such payment date and the amount of such payment or nature of such delivery, as applicable. 

  
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 Section 7.12. UNDERTAKING FOR COSTS. 

In any suit for the enforcement of any right or remedy under this Indenture or the Notes or in any suit against the Trustee for any action
taken or omitted by it as Trustee, a court, in its discretion, may (A) require the filing by any litigant party in such suit of an undertaking to pay the costs of such suit, and (B) assess reasonable costs and expenses (including
reasonable attorneys’ fees and expenses) against any litigant party in such suit, having due regard to the merits and good faith of the claims or defenses made by such litigant party; provided, however, that this
Section 7.12 does not apply to any suit by the Trustee, any suit by a Holder pursuant to Section 7.08 or any suit by one or more Holders of more than ten percent (10%) in aggregate principal amount
of the Notes then outstanding. 
 Article 8. AMENDMENTS, SUPPLEMENTS AND WAIVERS 

Section 8.01. WITHOUT THE CONSENT OF HOLDERS. 

Notwithstanding anything to the contrary in Section 8.02, the Company, the Guarantors (if applicable) and the Trustee
may amend or supplement this Indenture, the Notes or the Guarantees without the consent of any Holder to: 
 (A) cure any
ambiguity or correct any omission, defect or inconsistency in this Indenture or the Notes; 
 (B) add additional Guarantees
with respect to the Company’s obligations under this Indenture or the Notes; 
 (C) secure the Notes or the Guarantees;

 (D) add to the Company’s or any Guarantor’s covenants or Events of Default for the benefit of the Holders or
surrender any right or power conferred on the Company; 
 (E) provide for the assumption of the Company’s or any
Guarantor’s obligations under this Indenture and the Notes pursuant to, and in compliance with, Article 6; 
 (F)
enter into supplemental indentures pursuant to, and in accordance with, Section 5.09 in connection with a Common Stock Change Event, including, a Fundamental Change described in the third sentence of the definition thereof;

 (G) irrevocably elect or eliminate any Settlement Method or Specified Dollar Amount or range of Specified Dollar Amounts;
provided, however, that no such election or elimination will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to Section 5.03(A); 

(H) evidence or provide for the acceptance of the appointment, under this Indenture, of a successor Trustee, Registrar, Paying
Agent, Bid Solicitation Agent or Conversion Agent or facilitate the administration of the trusts under this Indenture by more than one Trustee; 

(I) conform the provisions of this Indenture and the Notes to the “Description of the Notes” section of the
Company’s preliminary offering memorandum, dated March 1, 2021, as supplemented by the related pricing term sheet, dated March 2, 2021; 

(J) provide for or confirm the issuance of additional Notes pursuant to Section 2.03(B); 

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

(L) comply with any requirement of the SEC in connection with any qualification of this Indenture or any supplemental indenture
under the Trust Indenture Act, as then in effect; 

  
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 (M) comply with the rules of the securities depositary for the Notes in a
manner that does not adversely affect the rights of any Holder; 
 (N) to provide for any transfer restrictions that apply to
any Notes issued under this Indenture that, at the time of their original issuance, constitute “restricted securities” within the meaning of Rule 144 under the Securities Act or that are issued in reliance upon Regulation S under the
Securities Act; or 
 (O) make any other change to this Indenture or the Notes that does not adversely affect the rights of
the Holders, as such, in any material respect (other than Holders that have consented to such change), as determined by the Company in good faith and a commercially reasonable manner. 

At the written request of any Holder of a Note or owner of a beneficial interest in a Global Note, the Company will provide a copy of the
“Description of the Notes” section and pricing term sheet referred to in Section 8.01(I). 
 Section 8.02.
WITH THE CONSENT OF HOLDERS. 
 (A)
Generally. Subject to Sections 8.01, 7.05 and 7.08 and the immediately following sentence, the Company, the Guarantors (if applicable) and the Trustee may, with the consent of the Holders of a majority in aggregate
principal amount of the Notes then outstanding, amend or supplement this Indenture or the Notes or waive compliance with any provision of this Indenture, the Guarantees or the Notes. Notwithstanding anything to the contrary in the foregoing
sentence, but subject to Section 8.01, without the consent of each affected Holder, no amendment or supplement to this Indenture or the Notes, or waiver of any provision of this Indenture, the Guarantees or the Notes, may:

 (i) reduce the principal, or extend the stated maturity, of any Note; 

(ii) reduce the Redemption Price or Fundamental Change Repurchase Price for any Note or change the times at which, or the
circumstances under which, the Notes may or will be redeemed or repurchased by the Company; 
 (iii) reduce the rate, or
extend the time for the payment, of any interest on any Note (other than Additional Interest or Special Interest); 
 (iv)
make any change that adversely affects the conversion rights of any Note; 
 (v) impair the absolute rights of any Holder set
forth in Section 7.08 (as such section is in effect on the Issue Date); 
 (vi) contractually
subordinate the Notes or the Guarantees to any other indebtedness; 
 (vii) modify or impair the obligations of any of the
Company’s Subsidiaries to, or the obligation for the Company to cause any Subsidiary to, Guarantee the Notes; 
 (viii)
make any Note payable in money, or at a place of payment, other than that stated in this Indenture or the Note; 
 (ix)
reduce the amount of Notes whose Holders must consent to any amendment, supplement, waiver or other modification; 
 (x)
release a Guarantor, if any, from its obligations in respect of the Notes and this Indenture, except in accordance with the terms of this Indenture or a supplemental indenture in respect of its Guarantee; or 

(xi) make any direct or indirect change to any amendment, supplement, waiver or modification provision of this Indenture or the
Notes that requires the consent of each affected Holder. 

  
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 For the avoidance of doubt, pursuant to clauses (i), (ii), (iii) and
(iv) of this Section 8.02(A), no amendment or supplement to this Indenture or the Notes, or waiver of any provision of this Indenture or the Notes, may change the amount or type of consideration due on
any Note (whether on an Interest Payment Date, Redemption Date, Fundamental Change Repurchase Date or the Maturity Date or upon conversion, or otherwise), or the date(s) or time(s) such consideration is payable or deliverable, as applicable, without
the consent of each affected Holder. 
 (B) Holders Need Not Approve the Particular Form of any Amendment. A consent
of any Holder pursuant to this Section 8.02 need approve only the substance, and not necessarily the particular form, of the proposed amendment, supplement or waiver. 

Section 8.03. NOTICE OF AMENDMENTS, SUPPLEMENTS AND WAIVERS.

 As soon as reasonably practicable after any amendment, supplement or waiver pursuant to Section 8.01 or
8.02 becomes effective, the Company will send to the Holders and the Trustee notice that (A) describes the substance of such amendment, supplement or waiver in reasonable detail and (B) states the effective date thereof;
provided, however, that the Company will not be required to provide such notice to the Holders if such amendment, supplement or waiver is included in a periodic report filed by the Company with the SEC within four (4) Business
Days of its effectiveness. The failure to send, or the existence of any defect in, such notice will not impair or affect the validity of such amendment, supplement or waiver. 

Section 8.04. REVOCATION, EFFECT AND SOLICITATION OF
CONSENTS; SPECIAL RECORD DATES; ETC. 
 (A)
Revocation and Effect of Consents. The consent of a Holder of a Note to an amendment, supplement or waiver will bind (and constitute the consent of) each subsequent Holder of any Note to the extent the same evidences any portion of the same
indebtedness as the consenting Holder’s Note, subject to the right of any Holder of a Note to revoke (if not prohibited pursuant to Section 8.04(B)) any such consent with respect to such Note by delivering notice of
revocation to the Trustee before the time such amendment, supplement or waiver becomes effective. 
 (B) Special Record
Dates. The Company may, but is not required to, fix a record date for the purpose of determining the Holders entitled to consent or take any other action in connection with any amendment, supplement or waiver pursuant to this Article 8.
If a record date is fixed, then, notwithstanding anything to the contrary in Section 8.04(A), only Persons who are Holders as of such record date (or their duly designated proxies) will be entitled to give such consent, to
revoke any consent previously given or to take any such action, regardless of whether such Persons continue to be Holders after such record date; provided, however, that no such consent will be valid or effective for more than one
hundred and twenty (120) calendar days after such record date. 
 (C) Solicitation of Consents. For the avoidance
of doubt, each reference in this Indenture or the Notes to the consent of a Holder will be deemed to include any such consent obtained in connection with a repurchase of, or tender or exchange offer for, any Notes. 

(D) Effectiveness and Binding Effect. Each amendment, supplement or waiver pursuant to this Article 8 will become
effective in accordance with its terms and, when it becomes effective with respect to any Note (or any portion thereof), will thereafter bind every Holder of such Note (or such portion). 

Section 8.05. NOTATIONS AND EXCHANGES. 

If any amendment, supplement or waiver changes the terms of a Note, then the Trustee, at the written direction of the Company, or the Company
may require the Holder of such Note to deliver such Note to the Trustee so that the Trustee may place an appropriate notation prepared by the Company on such Note and return such Note to such Holder. Alternatively, at its discretion, the Company
may, in exchange for such Note, issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a new Note that reflects the changed terms. The failure to make any appropriate
notation or issue a new Note pursuant to this Section 8.05 will not impair or affect the validity of such amendment, supplement or waiver. 

  
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 Section 8.06. TRUSTEE TO EXECUTE
SUPPLEMENTAL INDENTURES. 
 The Trustee will execute and deliver any amendment or supplemental indenture
authorized pursuant to this Article 8; provided, however, that the Trustee need not (but may, in its sole and absolute discretion) execute or deliver any such amendment or supplemental indenture that the Trustee concludes
adversely affects the Trustee’s rights, duties, liabilities or immunities. In executing any amendment or supplemental indenture, the Trustee will be entitled to receive, and (subject to Sections 10.01 and 10.02) will be fully
protected in relying on, an Officer’s Certificate and an Opinion of Counsel stating that (A) the execution and delivery of such amendment or supplemental indenture is authorized or permitted by this Indenture; (B) that all covenants
and conditions precedent to the execution such amendment or supplemental indenture have been complied with; and (C) in the case of the Opinion of Counsel, such amendment or supplemental indenture is valid, binding and enforceable against the
Company in accordance with its terms. 
 Article 9. SATISFACTION AND DISCHARGE 

Section 9.01. TERMINATION OF COMPANY’S OBLIGATIONS. 

This Indenture and the Guarantees will be discharged, and will cease to be of further effect as to all Notes issued under this Indenture, when:

 (A) all Notes then outstanding (other than Notes replaced pursuant to Section 2.13) have
(i) been delivered to the Trustee for cancellation; or (ii) become due and payable (whether on a Redemption Date, a Fundamental Change Repurchase Date, the Maturity Date, upon conversion or otherwise) for an amount of cash or Conversion
Consideration, as applicable, that has been fixed; 
 (B) the Company or any Guarantor has caused there to be irrevocably
deposited with the Trustee, or with the Paying Agent (or, with respect to Conversion Consideration, the Conversion Agent), in each case for the benefit of the Holders, or has otherwise caused there to be delivered to the Holders, cash (or, with
respect to Notes to be converted, Conversion Consideration) sufficient to satisfy all amounts or other property due and payable under this Indenture by the Company and Guarantors on all Notes then outstanding (other than Notes replaced pursuant to
Section 2.13); 
 (C) the Company has paid all other amounts payable by it under this Indenture;
and 
 (D) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that the conditions precedent to the discharge of this Indenture have been satisfied; 
 provided, however, that Article 10 and
Section 11.01 will survive such discharge and, until no Notes remain outstanding, Section 2.15 and the obligations of the Trustee, the Paying Agent and the Conversion Agent with respect to money or
other property deposited with them will survive such discharge. 
 At the Company’s request contained in an Officer’s Certificate
and at the expense of the Company, the Trustee will acknowledge the satisfaction and discharge of this Indenture. 
 Section 9.02.
REPAYMENT TO COMPANY. 
 Subject to applicable unclaimed property law, the Trustee, the
Paying Agent and the Conversion Agent will promptly notify the Company if there exists (and, at the Company’s written request, promptly deliver to the Company) any cash, Conversion Consideration or other property held by any of them for payment
or delivery on the Notes that remain unclaimed two (2) years after the date on which such payment or delivery was due. After such delivery to the Company, the Trustee, the Paying Agent and the Conversion Agent will have no further liability to
any Holder with respect to such cash, Conversion Consideration or other property, and Holders entitled to the payment or delivery of such cash, Conversion Consideration or other property must look to the Company for payment as a general creditor of
the Company. 
 Section 9.03. REINSTATEMENT. 

If the Trustee, the Paying Agent or the Conversion Agent is unable to apply any cash or other property deposited with it pursuant to
Section 9.01 because of any legal proceeding or any order or judgment of any court or other governmental authority that enjoins, restrains or otherwise prohibits such application, then the discharge of this Indenture or the
Guarantees pursuant to Section 9.01 will be rescinded; provided, however, that if the Company or a Guarantor thereafter pays or delivers any cash or other property due on the Notes to the Holders thereof, then
the Company or such Guarantor will be subrogated to the rights of such Holders to receive such cash or other property from the cash or other property, if any, held by the Trustee, the Paying Agent or the Conversion Agent, as applicable. 

  
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 Article 10. TRUSTEE 

Section 10.01. DUTIES OF THE TRUSTEE. 

(A) If an Event of Default has occurred and is continuing of which a Responsible Officer of the Trustee has written notice or
actual knowledge, the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of
such person’s own affairs; provided that the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders have offered, and if requested,
provided, to the Trustee indemnity or security satisfactory to Trustee against any loss, claim, liability, cost, damage or expense that might be incurred by it in compliance with such request or direction. 

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

(i) the duties of the Trustee will be determined solely by the express provisions of this Indenture, and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee; and 

(ii) in the absence of bad faith or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel that are provided to the Trustee and conform to the requirements of this Indenture. However, the Trustee will examine the
certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(C) The Trustee may not be relieved from liabilities for its gross negligence or willful misconduct as determined by a final non-appealable order of a court of competent jurisdiction, except that: 
 (i) this
paragraph will not limit the effect of Section 10.01(B); 
 (ii) the Trustee will not be liable for
any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was grossly negligent in ascertaining the pertinent facts; 

(iii) the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 7.06; and 
 (iv) no provision of this Indenture will
require the Trustee to expend or risk its own funds or incur any liability in the performance of any of its duties under this Indenture, or in the exercise of any of its rights or powers, if it has reasonable grounds to believe that repayment of
such funds or adequate indemnity against such liability is not reasonably assured to it. 
 (D) Each provision of this
Indenture that in any way relates to the Trustee is subject to this Section 10.01 and Section 10.02, regardless of whether such provision so expressly provides. 

(E) No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. 

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

(G) Whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of,
or affording protection to, the Trustee will be subject to the provisions of this Section 10.01 and Section 10.02. 

(H) The Trustee will not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any
other matters relating to payment) or notice effected by the Company or any Paying Agent (except in its capacity as Paying Agent pursuant to the terms of this Indenture) or any records maintained by any
co-Note Registrar with respect to the Notes. 

  
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 (I) If any party fails to deliver a notice relating to an event the fact of
which, pursuant to this Indenture, requires notice to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless a Responsible Officer of the Trustee had
actual knowledge of such event. 
 (J) Under no circumstances will the Trustee be liable in its individual capacity for the
obligations evidenced by the Notes. 
 Section 10.02. RIGHTS OF THE TRUSTEE. 

(A) The Trustee may conclusively rely on any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, judgment, bond, debenture, note, other evidence of indebtedness or other paper or document that it believes to be genuine and signed or presented by the proper Person, and the Trustee need not investigate any fact or
matter stated in such document. 
 (B) Before the Trustee acts or refrains from acting, it may require, and may conclusively
rely on, an Officer’s Certificate, an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may
consult with counsel of its reasonable selection; and the advice of such counsel, or any Opinion of Counsel, will constitute full and complete authorization of the Trustee to take or omit to take any action in good faith in reliance thereon without
liability. 
 (C) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or
negligence of any such agent appointed with due care. 
 (D) The Trustee will not be liable for any action it takes or omits
to take in good faith and that it believes to be authorized or within the rights or powers vested in it by this Indenture. 

(E) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be
sufficient if signed by an Officer of the Company. 
 (F) The Trustee need not exercise any rights or powers vested in it by
this Indenture at the request or direction of any Holder unless such Holder has offered, and if requested, provided, the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense that it may incur in complying
with such request or direction. 
 (G) The Trustee will not be responsible or liable for any punitive, special, indirect,
incidental or consequential loss or damage (including lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(H) The Trustee will not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, judgment, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee may make such further inquiry or investigation into such
facts or matters as it may see fit, and the Trustee will incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(I) The Trustee will not be deemed to have notice of any Default or Event of Default unless written notice of any event that is
a Default or Event of Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office, and such notice references the Notes and this Indenture and states that it is a “Notice of Default”; 

(J) The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified,
are extended to, and will be enforceable by, the Trustee in each of its capacities under this Indenture, including as Note Agent. 

  
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 (K) The Trustee may request that the Company deliver a certificate setting
forth the names of individuals or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

(L) The permissive right of the Trustee to take actions permitted by this Indenture will not be construed as an obligation or
duty to do so. 
 (M) The Trustee will not be required to give any bond or surety in respect of the execution of the trusts
and powers under this Indenture. 
 (N) Neither the Trustee nor any Agent will have any responsibility or liability for any
actions taken or not taken by the Depositary. 
 (O) Notwithstanding anything to the contrary in this Indenture, other than
this Indenture and the Notes, the Trustee will have no duty to know or inquire as to the performance or nonperformance of any provision of any other agreement, instrument, or contract, nor will the Trustee be responsible for, nor chargeable with,
knowledge of the terms and conditions of any other agreement, instrument, or contract, whether or not a copy of such agreement has been provided to the Trustee. 

(P) Neither the Trustee nor any Agent, shall have any obligation to (a) monitor the stock price, make any calculation or
determine whether the Notes may be surrendered for conversion or (b) notify the Company, the Depository or the Holders, whether the Notes have become convertible. 

(Q) The rights, protections, immunities and indemnities afforded to the Trustee under this Indenture shall also be afforded to
each Note Agent hereunder; provided (i) a Note Agent shall only be liable to extent of its gross negligence or willful misconduct; and (ii) in and during an Event of Default, only the Trustee, and not any Note Agent, shall be subject to
the prudent person standard. 
 Section 10.03. INDIVIDUAL RIGHTS OF THE
TRUSTEE. 
 The Trustee, in its individual or any other capacity, may become the owner or pledgee of any Note and may
otherwise deal with the Company or any of its Affiliates with the same rights that it would have if it were not Trustee; provided, however, that if the Trustee acquires a “conflicting interest” (within the meaning of
Section 310(b) of the Trust Indenture Act), then it must eliminate such conflict within ninety (90) days or resign as Trustee. Each Note Agent will have the same rights and duties as the Trustee under this
Section 10.03. 
 Section 10.04. TRUSTEE’S DISCLAIMER. 

The Trustee will not be (A) responsible for, and makes no representation as to, the validity or adequacy of this Indenture or the Notes;
(B) accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture; (C) responsible for the use or application of any money
received by any Paying Agent other than the Trustee; and (D) responsible for any statement or recital in this Indenture, the Notes or any other document relating to the sale of the Notes or this Indenture, other than the Trustee’s
certificate of authentication. 
 Section 10.05. NOTICE OF DEFAULTS. 

If a Default or Event of Default occurs and is continuing and is actually known to a Responsible Officer of the Trustee, then the Trustee shall
send Holders a notice of such Default or Event of Default within ninety (90) days after the earlier of receipt of such notice or obtaining actual knowledge thereof; provided, however, that, except in the case of a Default or Event
of Default in the payment of the principal of, or interest, if any, on, any Note, the Trustee may withhold such notice if and for so long as it in good faith determines that withholding such notice is in the interests of the Holders. 

  
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 Section 10.06. COMPENSATION AND INDEMNITY. 

(A) The Company will, from time to time, pay the Trustee and the Note Agents reasonable compensation for its acceptance of this
Indenture and services under this Indenture and the Notes as the Company and the Trustee shall from time to time agree in writing. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. In
addition to the compensation for the Trustee’s services, the Company will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it under this Indenture, including the reasonable
compensation, disbursements and expenses of the Trustee’s agents and counsel. 
 (B) The Company will indemnify the
Trustee (in each of its capacities) and its directors, officers, employees and agents, in their capacities as such, and hold them harmless against any and all losses, claims, liabilities, costs, damages and expenses (including attorneys’ fees)
incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this
Section 10.06) and defending itself against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties under this
Indenture, except to the extent any such loss, liability or expense may be attributable to its gross negligence or willful misconduct as determined by a final non-appealable order of a court of competent
jurisdiction. The Trustee will promptly notify the Company of any claim for which it may seek indemnity, but the Trustee’s failure to so notify the Company will not relieve the Company of its obligations under this
Section 10.06(B), except to the extent the Company is materially prejudiced by such failure. The Company will defend such claim, and the Trustee will cooperate in such defense. The Trustee may retain separate counsel, and
the Company will pay the reasonable fees, expenses and court costs of such counsel. The Company need not pay for any settlement of any such claim made without its consent, which consent will not be unreasonably withheld. 

(C) The obligations of the Company under this Section 10.06 will survive the resignation or removal
of the Trustee and the discharge of this Indenture. 
 (D) To secure the Company’s payment obligations in this
Section 10.06, the Trustee will have a claim prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of, or interest on, particular Notes, which claim will
survive the discharge of this Indenture. 
 (E) If the Trustee incurs expenses or renders services after an Event of Default
pursuant to clause (ix) or (x) of Section 7.01(A) occurs, then such expenses and the compensation for such services (including the fees, expenses and court costs of its agents and counsel) are
intended to constitute administrative expenses for purposes of priority under any Bankruptcy Law. 
 Section 10.07. REPLACEMENT
OF THE TRUSTEE. 
 (A) Notwithstanding anything to the contrary in this
Section 10.07, a resignation or removal of the Trustee, and the appointment of a successor Trustee, will become effective only upon such successor Trustee’s acceptance of appointment as provided in this
Section 10.07. 
 (B) The Trustee may resign at any time and be discharged from the trust created
by this Indenture by so notifying the Company. The Holders of a majority in aggregate principal amount of the Notes then outstanding may remove the Trustee by so notifying the Trustee and the Company in writing at least 30 days prior to the
requested date of removal. The Company may remove the Trustee if: 
 (i) the Trustee fails to comply with
Section 10.09; 
 (ii) the Trustee is adjudged to be bankrupt or insolvent or an order for relief
is entered with respect to the Trustee under any Bankruptcy Law; 
 (iii) a custodian or public officer takes charge of the
Trustee or its property; or 
 (iv) the Trustee becomes incapable of acting. 

(C) If the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for any reason, then (i) the
Company will promptly appoint a successor Trustee; and (ii) at any time within one (1) year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the Notes then outstanding may appoint a
successor Trustee to replace such successor Trustee appointed by the Company. 

  
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 (D) If a successor Trustee does not take office within thirty (30) days
after the retiring Trustee resigns or is removed, then the retiring Trustee, the Company or the Holders of at least ten percent (10%) in aggregate principal amount of the Notes then outstanding may petition any court of competent jurisdiction for
the appointment of a successor Trustee, at the sole cost and expense of the Company. 
 (E) If the Trustee, after written
request by a Holder of at least six (6) months, fails to comply with Section 10.09, then such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee. 
 (F) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the
Company, upon which notice the resignation or removal of the retiring Trustee will become effective and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will send notice of
its succession to Holders. The retiring Trustee will, upon payment of all amounts due to it under this Indenture, promptly transfer all property held by it as Trustee to the successor Trustee, which property will, for the avoidance of doubt, be
subject to the claim provided for in Section 10.06(D). 
 Section 10.08. SUCCESSOR TRUSTEE
BY MERGER, ETC. 
 If the Trustee consolidates, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation or banking association, then such corporation or banking association will become the successor Trustee without any further act and will have all of the rights, powers and
duties of the Trustee under this Indenture. 
 Section 10.09. ELIGIBILITY; DISQUALIFICATION. 

There will at all times be a Trustee under this Indenture that is a corporation organized and doing business under the laws of the United
States of America or of any state thereof, that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least
$50.00 million as set forth in its most recent published annual report of condition. 
 Section 10.10. TAX
WITHHOLDING 
 In connection with any payment by the Trustee hereunder, recipients may be required to provide the Trustee
with certified tax identification numbers by furnishing appropriate forms W-9 or W-8 and such other forms and documents that the Trustee may request. If such tax
reporting documentation is not provided and certified to the Trustee, the Trustee may be required by the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder, to withhold a portion of any interest or other income
earned on any investment, and shall have no liability in respect thereof. 
 Article 11. MISCELLANEOUS 

Section 11.01. NOTICES. 

Any notice or communication by the Company or the Trustee to the other will be deemed to have been duly given if in writing and delivered in
person or by first class mail (registered or certified, return receipt requested or by overnight air courier guaranteeing next day delivery), facsimile transmission, electronic transmission or other similar means of unsecured electronic
communication or overnight air courier guaranteeing next day delivery, or to the other’s address, which initially is as follows: 
 If
to the Company: 
 Magnite, Inc. 

12181 Bluff Creek Drive, 4th Floor 

Los Angeles, CA 90094 
 Attention:
Corporate Secretary 

  
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 with a copy (which will not constitute notice) to: 

Gibson Dunn & Crutcher LLP 

333 South Grand Avenue 
 Los
Angeles, CA 90071-3197 
 Attn: Bradford P. Weirick and Stewart L. McDowell 

If to the Trustee: 
 The Bank of
New York Mellon Trust Company, N.A. 
 400 South Hope Street, Suite 500 

Los Angeles, CA 90071 
 Attention:
Corporate Trust 
 The Company or the Trustee, by notice to the other, may designate additional or different addresses (including facsimile
numbers and electronic addresses) for subsequent notices or communications. 
 Any communication sent to Trustee under this Indenture that
requires a signature must be in the form of a document that is signed manually, by facsimile or by way of a digital signature provided by DocuSign (or such other digital signature provider as specified in writing to Trustee by an authorized
representative of the Company). The Company agrees to assume all risks arising out of its use of digital signatures and electronic methods to submit communications to Trustee, including the risk of the Trustee acting on unauthorized instructions and
the risk of interception and misuse by third parties. 
 All notices and communications (other than those sent to Holders) will be deemed to
have been duly given: (A) at the time delivered by hand, if personally delivered; (B) five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; (C) when receipt acknowledged, if transmitted by
facsimile, electronic transmission or other similar means of unsecured electronic communication; and (D) the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery; provided that
any notice to the Trustee or any Note Agent shall be deemed given upon actual receipt by a Responsible Officer of the Trustee or such Note Agent. 

All notices or communications required to be made to a Holder pursuant to this Indenture must be made in writing and will be deemed to be duly
sent or given in writing if mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery, to its address shown on the Register; provided, however, that a
notice or communication to a Holder of a Global Note may, but need not, instead be sent pursuant to the Depositary Procedures (in which case, such notice will be deemed to be duly sent or given in writing). The failure to send a notice or
communication to a Holder, or any defect in such notice or communication, will not affect its sufficiency with respect to any other Holder. 

If the Trustee is then acting as the Depositary’s custodian for the Notes, then, at the reasonable written request of the Company to the
Trustee, the Trustee will cause any notice prepared by the Company to be sent to any Holder(s) pursuant to the Depositary Procedures, provided such request is evidenced in a Company Order delivered, together with the text of such notice, to
the Trustee at least two (2) Business Days before the date such notice is to be so sent. For the avoidance of doubt, such Company Order need not be accompanied by an Officer’s Certificate or Opinion of Counsel. The Trustee will not have
any liability relating to the contents of any notice that it sends to any Holder pursuant to any such Company Order. 
 The Trustee shall
have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”) given pursuant to this Indenture and delivered using Electronic Means; provided, however, that the Company and/or the Guarantors, as
applicable, shall provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures of such Authorized Officers, which incumbency
certificate shall be amended by the Company and/or the Guarantors, as applicable, whenever a person is to be added or deleted from the listing. If the Company and/or the Guarantors, as applicable, 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 and the Guarantors understand and agree 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 and the Guarantors shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Company, the Guarantors and all Authorized Officers are
solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon 

  
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receipt by the Company and/or the Guarantors, as applicable. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon
and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Company and the Guarantors agree: (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 and/or the Guarantors, as applicable;
(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. 
 If a notice or
communication is mailed or sent in the manner provided above within the time prescribed, it will be deemed to have been duly given, whether or not the addressee receives it. 

Notwithstanding anything to the contrary in this Indenture or the Notes, (A) whenever any provision of this Indenture requires a party to
send notice to another party, no such notice need be sent if the sending party and the recipient are the same Person acting in different capacities; and (B) whenever any provision of this Indenture requires a party to send notice to more than
one receiving party, and each receiving party is the same Person acting in different capacities, then only one such notice need be sent to such Person. 

Section 11.02. DELIVERY OF OFFICER’S CERTIFICATE AND
OPINION OF COUNSEL AS TO CONDITIONS PRECEDENT. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture (other than, with respect to (B), the
initial authentication of Notes under this Indenture), the Company will furnish to the Trustee: 
 (A) an Officer’s
Certificate in form reasonably satisfactory to the Trustee that complies with Section 11.03 and states that, in the opinion of the signatory thereto, all conditions precedent and covenants, if any, provided for in this
Indenture relating to such action have been complied with; and 
 (B) an Opinion of Counsel in form reasonably satisfactory
to the Trustee that complies with Section 11.03 and states that, in the opinion of such counsel, all such conditions precedent and covenants, if any, have been complied with provided that no Opinion of Counsel shall
be required to be delivered in connection with (1) the original issuance of Notes on the date hereof under this Indenture, (2) the mandatory exchange of the restricted CUSIP of the Restricted Notes to an unrestricted CUSIP pursuant to the
Applicable Procedures of the Depositary upon the Notes becoming freely tradable by non-Affiliates of the Company under Rule 144 unless a new Note is to be authenticated in connection therewith, or (3) a
request by the Company that the Trustee deliver a notice to Holders under the Indenture where the Trustee receives an Officer’s Certificate with respect to such notice. 

Section 11.03. STATEMENTS REQUIRED IN OFFICER’S
CERTIFICATE AND OPINION OF COUNSEL. 
 Each Officer’s
Certificate (other than an Officer’s Certificate pursuant to Section 3.05) or Opinion of Counsel with respect to compliance with a covenant or condition provided for in this Indenture will include: 

(A) a statement that the signatory thereto has read the covenants and conditions in the Indenture related to the requested
action, and the definitions related thereto; 
 (B) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained therein are based; 
 (C) a statement that, in the opinion of
such signatory, he, she or it has made such examination or investigation as is necessary to enable him, her or it to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(D) a statement as to whether, in the opinion of such signatory, all covenants or conditions precedent, if any, to such
requested action have been complied with. 

  
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 Section 11.04. RULES BY THE TRUSTEE,
THE REGISTRAR AND THE PAYING AGENT. 
 The
Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar, Paying Agent or Conversion Agent may make reasonable rules and set reasonable requirements for its functions. 

Section 11.05. NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS,
EMPLOYEES AND STOCKHOLDERS. 
 No past, present or future director, officer, employee,
incorporator or stockholder of the Company of any Guarantor, as such, will have any liability for any obligations of the Company or any Guarantor under this Indenture, the Guarantees or the Notes or for any claim based on, in respect of, or by
reason of, such obligations or their creation. By accepting any Note, each Holder waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 

Section 11.06. GOVERNING LAW; WAIVER OF JURY TRIAL. 

THIS INDENTURE, THE GUARANTEES AND THE NOTES, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE, THE GUARANTEES
OR THE NOTES, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY, THE GUARANTORS AND THE TRUSTEE AND THE HOLDERS (BY ACCEPTING THE NOTES) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE GUARANTEES, THE NOTES OR THE TRANSACTIONS CONTEMPLATED BY THIS INDENTURE, THE GUARANTEES OR THE NOTES. 

Section 11.07. SUBMISSION TO JURISDICTION. 

Any legal suit, action or proceeding arising out of or based upon this Indenture, the Guarantees, the Notes or the transactions contemplated by
this Indenture 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 (collectively, the “Specified
Courts”), 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 set forth in Section 11.01 will be effective service of process for any such suit, action or proceeding brought in any such
court. Each of the Company, the Trustee and each Holder (by its acceptance of any Note) irrevocably and unconditionally waives any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and
unconditionally waives and agrees not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum. 

Section 11.08. NO ADVERSE INTERPRETATION OF OTHER
AGREEMENTS. 
 None of this Indenture, the Guarantees nor the Notes may be used to interpret any other indenture, note,
guarantee, loan or debt agreement of the Company, the Guarantors or any the Company’s or the Guarantor’s Subsidiaries or of any other Person, and no such indenture, note, guarantee, loan or debt agreement may be used to interpret this
Indenture, the Guarantees or the Notes. 
 Section 11.09. SUCCESSORS. 

All agreements of the Company and the Guarantors in this Indenture, the Guarantees and the Notes will bind their successors. All agreements of
the Trustee in this Indenture will bind its successors. 
 Section 11.10. FORCE MAJEURE. 

The Trustee and each Note Agent will not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility
under this Indenture or the Notes by reason of any occurrence beyond its control (including any act or provision of any present or future law or regulation or governmental authority, act of God or war, civil unrest, local or national disturbance or
disaster, pandemics, epidemics, recognized public or national emergencies, act of terrorism or unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility). 

  
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 Section 11.11. U.S.A. PATRIOT ACT. 

The Company acknowledges that, in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee, like all financial institutions, in
order to help fight the funding of terrorism and money laundering, is required to obtain, verify and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The Company
agrees to provide the Trustee with such information as it may request to enable the Trustee to comply with the U.S.A. PATRIOT Act. 
 Section 11.12.
CALCULATIONS. 
 Except as otherwise provided in this Indenture, the Company will be responsible for making all
calculations called for under this Indenture or the Notes, including determinations of the Last Reported Sale Price, the Daily Conversion Value, the Daily Cash Amount, the Daily Share Amount, accrued interest on the Notes and the Conversion Rate.

 The Company will make all calculations in good faith, and, absent manifest error, its calculations will be final and binding on all
Holders, the Trustee and the Conversion Agent. The Company will provide a schedule of its calculations to the Trustee and the Conversion Agent, and each of the Trustee and the Conversion Agent may rely conclusively on the accuracy of the
Company’s calculations without independent verification. The Company will promptly forward a copy of each such schedule to a Holder upon its written request therefor, at the cost and expense of the Company. 

Section 11.13. SEVERABILITY. 

If any provision of this Indenture, the Guarantees or the Notes is invalid, illegal or unenforceable, then the validity, legality and
enforceability of the remaining provisions of this Indenture, the Guarantees or the Notes will not in any way be affected or impaired thereby. 

Section 11.14. COUNTERPARTS. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, and all of them together represent the same
agreement. Delivery of an executed counterpart of this Indenture by facsimile, electronically in portable document format or in any other format will be effective as delivery of a manually or electronically executed counterpart. In furtherance of
the foregoing, the words “execution”, “signed”, “signature”, “delivery” and words of like import in or relating to any document to be signed in connection with this Indenture and the transactions contemplated
hereby or thereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical
delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that, notwithstanding anything herein to the contrary, neither the Trustee is under any obligation to agree to accept
electronic signatures in any form or in any format unless expressly agreed to by the Trustee, , pursuant to procedures approved by the Trustee. As used herein, “Electronic Signature” means an electronic sound, symbol, or process attached
to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or other record. 

Section 11.15. TABLE OF CONTENTS, HEADINGS, ETC. 

The table of contents and the headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are
not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions of this Indenture. 

Section 11.16. WITHHOLDING TAXES. 

Each Holder of a Note agrees, and each beneficial owner of an interest in a Global Note, by its acquisition of such interest, is deemed to
agree, that if the Company or other applicable withholding agent pays withholding taxes or backup withholding on behalf of such Holder or beneficial owner as a result of an adjustment or the non-occurrence of
an adjustment to the Conversion Rate, then the Company or such withholding agent, as applicable, may, at its option, set off such payments against payments of cash or the delivery of other Conversion Consideration on such Note, any payments on the
Common Stock or sales proceeds received by, or other funds or assets of, such Holder or the beneficial owner of such Note. 

  
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 Section 11.17. OFAC 

The Company covenants and represents that neither it nor any of its affiliates, subsidiaries, directors or officers are the target or subject
of any sanctions enforced by the US Government, (including, the Office of Foreign Assets Control of the US Department of the Treasury (“OFAC”)), the United Nations Security Council, the European Union, HM Treasury, or other relevant
sanctions authority (collectively “Sanctions”). 
 The Company covenants and represents that neither it nor any of its affiliates,
subsidiaries, directors or officers will use any payments made pursuant to this Indenture, (i) to fund or facilitate any activities of or business with any person who, at the time of such funding or facilitation, is the subject or target of
Sanctions, (ii) to fund or facilitate any activities of or business with any country or territory that is the target or subject of Sanctions, or (iii) in any other manner that will result in a violation of Sanctions by any person. 

Article 12. GUARANTEES 

Section 12.01. GUARANTEES GENERALLY. 

Subject to the provisions of this Article 12, each Guarantor (including each Wholly Owned Domestic Subsidiary that executes this
Indenture as a “Guarantor” on the Issue Date and each Person that becomes a Guarantor in accordance with Section 3.08), by execution of this Indenture or a supplemental indenture to this Indenture, as applicable,
providing for such guarantee, jointly and severally, unconditionally guarantees (each, a “Guarantee” and collectively, the “Guarantees”) to each Holder and the Trustee (i) the due and punctual payment of the
principal of and interest on each Note, when and as the same shall become due and payable, whether at maturity, by acceleration, upon redemption, upon repurchase or otherwise, the due and punctual payment of interest on the overdue principal of and
interest on the Notes, and the Conversion Consideration will be promptly paid and/or delivered when due upon conversion, in each case, to the extent lawful, and the due and punctual payment of all obligations of the Company to the Holders or the
Trustee all in accordance with the terms of such Note and this Indenture, and (ii) in the case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same shall be promptly paid in full when due
or performed in accordance with the terms of the extension or renewal, at stated maturity, by acceleration, upon redemption, upon repurchase or otherwise. Each Guarantor, by execution of this Indenture or a supplemental indenture to this Indenture,
as applicable, agrees that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of any such Note or this Indenture, any failure to enforce the
provisions of any such Note or this Indenture, any waiver, modification or indulgence granted to the Company with respect thereto by the Holder of such Note, or any other circumstances which may otherwise constitute a legal or equitable discharge of
a surety or such Guarantor. 
 Each Guarantor, by execution of this Indenture or a supplemental indenture to this Indenture, as applicable,
waives diligence, presentment, demand for payment, filing of claims with a court in the event of merger or bankruptcy of the Company, any right to require a proceeding first against the Company, protest or notice with respect to any such Note or the
indebtedness evidenced thereby (except as expressly required hereunder, including pursuant to Article 7 hereof) and all demands whatsoever, and covenants that this Guarantee shall not be discharged as to any such Note except by complete
performance of the obligations contained in the Notes and this Indenture. Each Guarantor, by execution of this Indenture or a supplemental indenture to this Indenture, as applicable, agrees that, as between such Guarantor, on the one hand, and the
Holders and the Trustee, on the other hand, (i) the maturity of the obligations guaranteed pursuant to this Indenture or such supplemental indenture, as applicable, may be accelerated as provided in Article 7 for the purposes of this
Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed by execution of this Indenture or such supplemental indenture, as applicable, and (ii) in the event of
any declaration of acceleration of such obligations as provided in Article 7, such obligations (whether or not due and payable) shall forthwith become due and payable by each Guarantor for the purpose of the Guarantee. 

The Guarantees are not convertible and shall automatically terminate when a Note is converted for cash, shares of Common Stock or a
combination thereof. 
 Section 12.02. EXECUTION AND DELIVERY OF
GUARANTEE 
 The Guarantees shall be evidenced by the execution and delivery of this Indenture or a supplement to this
Indenture and no notation of any Guarantee need be endorsed on any Note. Each Guarantor hereby agrees that its Guarantee set forth in Section 12.01 shall remain in full force and effect notwithstanding the absence of the
endorsement of any notation of such Guarantee on the Notes. 

  
 66 

Table of Contents

 If an officer of a Guarantor whose signature is on this Indenture or a supplemental
indenture to this Indenture, as applicable, no longer holds that office at the time the Trustee authenticates the Note or at any time thereafter, such Guarantor’s Guarantee of such Note shall be valid nevertheless. 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of any Guarantee on behalf
of the Guarantor. 
 Section 12.03. LIMITATION OF GUARANTEE 

The obligations of any Guarantor under its Guarantee are limited to the maximum amount as shall, after giving effect to all other contingent
and fixed liabilities of such Guarantor (including, without limitation, any guarantees under the Senior Credit Facilities) and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under its Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer
under federal or state law. 
 Each Guarantor that makes a payment or distribution under its Guarantee would be entitled to a contribution
from each other Guarantor in a pro rata amount based on the adjusted net assets of each Guarantor. 
 Section 12.04. RELEASE
OF GUARANTOR. 
 A Guarantor will be automatically released from its obligations under its Guarantee and
its obligations under this Indenture: 
 (A) in the event of dissolution of such Guarantor; 

(B) concurrent with any direct or indirect sale or disposition (by merger or otherwise) of any Guarantor or any interest
therein, or in the event of any other transaction, not in violation of Section 6.01(B) of this Indenture, following which such Guarantor is no longer a Wholly Owned Domestic Subsidiary of the Company; 

(C) upon the merger or consolidation of any Guarantor with and into the Company or any other Guarantor that is the surviving
person in such merger or consolidation, or upon the liquidation of such Guarantor following the transfer of all of its assets to the Company or another Guarantor; 

(D) upon the substantially concurrent release, discharge or termination of the guarantee by such Guarantor under the Existing
Credit Agreement or the Senior Credit Agreement, as applicable (it being understood that a release subject to contingent reinstatement is still a release, and that if any such guarantee is reinstated, such Guarantee will also be reinstated to the
extent that such Guarantor would then be required to provide a Guarantee pursuant to Section 3.08 of this Indenture); or 

(E) in the case of any Subsidiary that becomes a Guarantor pursuant to clause (B) under
Section 3.08 of this Indenture, upon notice to the Trustee (unless otherwise provided in the applicable supplemental indenture pursuant to which such Subsidiary becomes a Guarantor) or in any other circumstance described in
the applicable supplemental indenture pursuant to which such Subsidiary becomes a Guarantor. 
 Additionally, the Guarantee of any Guarantor
will be released in the event such Guarantor no longer Guarantees any indebtedness under the Senior Credit Facilities. Upon receipt of an Officer’s Certificate and an Opinion of Counsel stating that all covenants and conditions precedent
thereto have been complied with, the Trustee shall execute any documents reasonably requested by the Company or a Guarantor in order to evidence the release of such Guarantor from its obligations under its Guarantee endorsed on the Notes and under
this Article 12. 

  
 67 

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 Section 12.05. WAIVER OF SUBROGATION 

Until the Notes have been paid in full, each Guarantor hereby irrevocably waives any claim or other rights which it may now or hereafter
acquire against the Company that arise from the existence, payment, performance or enforcement of such Guarantor’s obligations under its Guarantee and this Indenture, including, without limitation, any right of subrogation, reimbursement,
exoneration, indemnification, and any right to participate in any claim or remedy of any Holder against the Company, whether or not such claim, remedy or right arises in equity, or under contract, statute or common law, including, without
limitation, the right to take or receive from the Company, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or Notes on account of such claim or other rights. If
any amount shall be paid to any Guarantor in violation of the preceding sentence and the Notes shall not have been paid in full, such amount shall have been deemed to have been paid to such Guarantor for the benefit of, and held in trust for the
benefit of, the Holders, and shall forthwith be paid to the Trustee for the benefit of such Holders to be credited and applied upon the Notes, whether matured or unmatured, in accordance with the terms of this Indenture. Each Guarantor acknowledges
that it shall receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the waiver set forth in this Section 12.05 is knowingly made in contemplation of such benefits. 

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

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

			
	MAGNITE, INC.,
		
	By:	 	 /s/ David Day

		 	Name:    David Day
		 	Title:      Chief Financial Officer
	
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

AS TRUSTEE

		
	By:	 	 /s/ Julie Hoffman-Ramos

		 	Name:    Julie Hoffman Ramos
		 	Title:      Vice President

 [Signature Page to Indenture] 

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 EXHIBIT A 

FORM OF FACE OF NOTE 

[Insert Global Note Legend, if applicable] 

[Insert Restricted Note Legend, if applicable] 

[Insert Non-Affiliate Legend] 

MAGNITE, INC. 
 0.25%
Convertible Senior Note due 2026 
  

			
	CUSIP No.: [___][Insert for a “restricted” CUSIP number: *]	  	Certificate No. [    ]
	ISIN No.: [    ][Insert for a “restricted” ISIN number: *]	  	

 Magnite, Inc., a Delaware corporation, for value received, promises to pay to [Cede & Co.], or its
registered assigns, the principal sum of [    ] dollars ($[___]) [(as revised by the attached Schedule of Exchanges of Interests in the Global Note)]† on March 15, 2026 and to pay interest thereon, as provided in
the Indenture referred to below, until the principal and all accrued and unpaid interest are paid or duly provided for. 
 Interest Payment Dates:
March 15 and September 15 of each year, commencing on [________]. 
 Regular Record Dates: March 1 and September 1 (whether or not a
Business Day). 
 Additional provisions of this Note are set forth on the other side of this Note. 

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

 

	*	 This Note will be deemed to be identified by CUSIP No. [    ] and ISIN No.
[    ] from and after such time when the Company delivers, pursuant to Section 2.12 of the within-mentioned Indenture, written notice to the Trustee of the deemed removal of the Restricted Note Legend affixed to this
Note. 

	+	 Insert bracketed language for Global Notes only. 

  
 A-1 

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 IN WITNESS WHEREOF, Magnite, Inc. has caused this instrument to be duly executed as
of the date set forth below. 
  

							
		 	        	 	MAGNITE, INC.,
				
	Date:
                                         
                                         
      	 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

  
 A-2 

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 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

The Bank of New York Mellon Trust Company, N.A., as Trustee, certifies that this is one of the Notes referred to in the within-mentioned Indenture. 

 

									
	Date:	 	  
	 	            	  	By:	  	  

		 		 		  		  	Authorized Signatory

  
 A-3 

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 [FORM OF REVERSE OF NOTE] 

MAGNITE, INC. 

0.25% Convertible Senior Note due 2026 

This Note is one of a duly authorized issue of notes of Magnite, Inc., a Delaware corporation (the “Company”), designated as
its 0.25% Convertible Senior Notes due 2026 (the “Notes”), all issued or to be issued pursuant to an indenture, dated as of March 18, 2021 (as the same may be amended from time to time, the “Indenture”), among
the Company, the Guarantors from time to time party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee. Capitalized terms used in this Note without definition have the respective meanings ascribed to them in the Indenture. 

The Indenture sets forth the rights and obligations of the Company, the Guarantors, the Trustee and the Holders and the terms of the Notes.
Notwithstanding anything to the contrary in this Note, to the extent that any provision of this Note conflicts with the provisions of the Indenture, the provisions of the Indenture will control. 

1. Interest. This Note will accrue interest at a rate and in the manner set forth in Section 2.05 of the Indenture. Stated
Interest on this Note will begin to accrue from, and including, March 18, 2021. 
 2. Maturity. This Note will mature on
March 15, 2026, unless earlier repurchased, redeemed or converted. 
 3. Method of Payment. Cash amounts due on this Note
will be paid in the manner set forth in Section 2.04 of the Indenture. 
 4. Persons Deemed Owners. The Holder of this
Note will be treated as the owner of this Note for all purposes. 
 5. Denominations; Transfers and Exchanges. All Notes will
be in registered form, without coupons, in principal amounts equal to any Authorized Denominations. Subject to the terms of the Indenture, the Holder of this Note may transfer or exchange this Note by presenting it to the Registrar and delivering
any required documentation or other materials. 
 6. Right of Holders to Require the Company to Repurchase Notes upon a Fundamental
Change. If a Fundamental Change occurs, then each Holder will have the right to require the Company to repurchase such Holder’s Notes (or any portion thereof in an Authorized Denomination) for cash in the manner, and subject to the terms,
set forth in Section 4.02 of the Indenture. 
 7. Right of the Company to Redeem the Notes. The Company will have the
right to redeem the Notes for cash in the manner, and subject to the terms, set forth in Section 4.03 of the Indenture. 
 8.
Conversion. The Holder of this Note may convert this Note into Conversion Consideration in the manner, and subject to the terms, set forth in Article 5 of the Indenture. 

9. When the Company or a Guarantor May Merge, Etc. Article 6 of the Indenture places limited restrictions on the Company’s
and each Guarantor’s ability to be a party to a Business Combination Event or a Guarantor Business Combination Event, as applicable. 

10. Defaults and Remedies. If an Event of Default occurs, then the principal amount of, and all accrued and unpaid interest on,
all of the Notes then outstanding may (and, in certain circumstances, will automatically) become due and payable in the manner, and subject to the terms, set forth in Article 7 of the Indenture. 

11. Amendments, Supplements and Waivers. The Company, the Guarantors and the Trustee may amend or supplement the Indenture, the
Guarantees or the Notes or waive compliance with any provision of the Indenture, the Guarantees or the Notes in the manner, and subject to the terms, set forth in Section 7.05 and Article 8 of the Indenture. 

12. No Personal Liability of Directors, Officers, Employees and Stockholders. No past, present or future director, officer,
employee, incorporator or stockholder of the Company or of any Guarantor, as such, will have any liability for any obligations of the Company or of any Guarantor under the Indenture, the Guarantees or the Notes or for any claim based on, in respect
of, or by reason of, such obligations or their creation. By accepting any Note, each Holder waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes and the Guarantees. 

  
 A-1 

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 13. Authentication. No Note will be valid until it is authenticated by the
Trustee. A Note will be deemed to be duly authenticated only when an authorized signatory of the Trustee (or a duly appointed authenticating agent) manually electronically (including any electronic signature covered by the U.S. federal ESIGN Act of
2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com), or by facsimile signs the certificate of authentication of such Note. 

14. Abbreviations. Customary abbreviations may be used in the name of a Holder or its 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 Gift to Minors Act). 

15. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 * * * 

To request a copy of the Indenture, which the Company will provide to any Holder at no charge, please send a written request to the following
address: 
 Magnite, Inc. 
 12181
Bluff Creek Drive, 4th Floor 
 Los Angeles, CA 90094 

Attention: Corporate Secretary 

  
 A-2 

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 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

INITIAL PRINCIPAL AMOUNT OF THIS GLOBAL NOTE: $[    ] 

The following exchanges, transfers or cancellations of this Global Note have been made: 

 

							
	Date	 	 Amount of Increase

(Decrease) in
 Principal
Amount of
 this Global Note
	 	 Principal Amount of

this Global Note
 After Such
Increase
 (Decrease)
	  	 Signature of

Authorized
 Signatory of
Trustee

  

	*	 Insert for Global Notes only. 

  
 A-3 

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 CONVERSION NOTICE 

MAGNITE, INC. 
 0.25% Convertible
Senior Notes due 2026 
 The Bank of New York Mellon Trust Company, N.A. 

400 South Hope Street, Suite 500 
 Los Angeles, CA 90071 

Attention: Corporate Trust 
 Subject to the terms of the
Indenture, by executing and delivering this Conversion Notice, the undersigned Holder of the Note identified below directs the Company to convert (check one): 
  

	☐	 the entire principal amount of 

	☐	 $ * aggregate principal amount of the Note identified by CUSIP No. and Certificate No. . 

The undersigned acknowledges that if the Conversion Date of a Note to be converted is after a Regular Record Date and before the next Interest Payment Date,
then such Note, when surrendered for conversion, must, in certain circumstances, be accompanied with an amount of cash equal to the interest that would have accrued on such Note to, but excluding, such Interest Payment Date. 

 

									
	Date:	 	  
	 	            	 	  

		 		 		 	(Legal Name of Holder)
					
		 		 		 	By:	 	
		 		 		 		 	Name:
		 		 		 		 	Title:
				
		 		 		 	Signature Guaranteed:
		 		 		 	  

		 		 		 	 Participant in a Recognized Signature

Guarantee Medallion Program

				
		 		 		 	  

		 		 		 	Authorized Signatory

  

	*	 Must be an Authorized Denomination. 

  
 A-4 

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 FUNDAMENTAL CHANGE REPURCHASE NOTICE 

MAGNITE, INC. 
 0.25% Convertible
Senior Notes due 2026 
 The Bank of New York Mellon Trust Company, N.A. 

400 South Hope Street, Suite 500 
 Los Angeles, CA 90071 

Attention: Corporate Trust 
 Subject to the terms of the
Indenture, by executing and delivering this Fundamental Change Repurchase Notice, the undersigned Holder of the Note identified below is exercising its Fundamental Change Repurchase Right with respect to (check one): 

 

	☐	 the entire principal amount of 

	☐	 $ * aggregate principal amount of 

the Note identified by CUSIP No. and Certificate No. . 
 The
undersigned acknowledges that this Note, duly endorsed for transfer, must be delivered to the Paying Agent or tender agent before the Fundamental Change Repurchase Price will be paid. 

 

									
	Date:	 	  
	 	            	 	  

		 		 		 	(Legal Name of Holder)
					
		 		 		 	By:	 	
		 		 		 		 	Name:
		 		 		 		 	Title:
				
		 		 		 	Signature Guaranteed:
		 		 		 	  

		 		 		 	 Participant in a Recognized Signature

Guarantee Medallion Program

				
		 		 		 	  

		 		 		 	Authorized Signatory

  

	*	 Must be an Authorized Denomination. 

  
 A-5 

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 ASSIGNMENT FORM 

MAGNITE, INC. 
 0.25% Convertible
Senior Notes due 2026 
 The Bank of New York Mellon Trust Company, N.A. 

400 South Hope Street, Suite 500 
 Los Angeles, CA 90071 

Attention: Corporate Trust 
 Subject to the terms of the
Indenture, the undersigned Holder of the within Note assigns to: 
 Name: 

Address: 
 Social security or 

tax identification 
 number: 

the within Note and all rights thereunder irrevocably appoints: 

as agent to transfer the within Note on the books of the Company. The agent may substitute another to act for him/her. Date: 

 

									
	Date:	 	  
	 	            	 	  

		 		 		 	(Legal Name of Holder)
					
		 		 		 	By:	 	
		 		 		 		 	Name:
		 		 		 		 	Title:
				
		 		 		 	Signature Guaranteed:
		 		 		 	  

		 		 		 	 Participant in a Recognized Signature

Guarantee Medallion Program

				
		 		 		 	  

		 		 		 	Authorized Signatory

  
 A-6 

Table of Contents

 TRANSFEROR ACKNOWLEDGMENT 

If the within Note bears a Restricted Note Legend, the undersigned further certifies that (check one): 

 

					
	1.	  	☐	  	Such Transfer is being made to the Company or a Subsidiary of the Company.
			
	2.	  	☐	  	Such Transfer is being made pursuant to, and in accordance with, a registration statement that is effective under the Securities Act at the time of the Transfer.
			
	3.	  	☐	  	Such Transfer is being made pursuant to, and in accordance with, Rule 144A under the Securities Act, and, accordingly, the undersigned further certifies that the within Note is being transferred to a Person that the undersigned
reasonably believes is purchasing the within Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional
buyer” within the meaning of Rule 144A under the Securities Act in a transaction meeting the requirements of Rule 144A. If this item is checked, then the transferee must complete and execute the acknowledgment contained on the next
page.
			
	4.	  	☐	  	Such Transfer is being made pursuant to, and in accordance with, any other available exemption from the registration requirements of the Securities Act (including, if available, the exemption provided by Rule 144 under the
Securities Act).

  

			
	Dated:	 	
	  

	(Legal Name of Holder)
		
	By:	 	
		 	Name:
		 	Title:
	
	Signature Guaranteed:
	  

	 Participant in a Recognized Signature

Guarantee Medallion Program

	
	  

	Authorized Signatory

  
 A-7 

Table of Contents

 TRANSFEREE ACKNOWLEDGMENT 

The undersigned represents that it is purchasing the within Note for its own account, or for one or more accounts with respect to which the undersigned
exercises sole investment discretion, and that and the undersigned and each such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act. The undersigned acknowledges that the transferor is
relying, in transferring the within Note on the exemption from the registration and prospectus-delivery requirements of the Securities Act of 1933, as amended, provided by Rule 144A and that the undersigned has received such information regarding
the Company as the undersigned has requested pursuant to Rule 144A. 
  

			
	Dated:	 	
	  

	(Name of Transferee)
		
	By:	 	
		 	Name:
		 	Title:

  
 A-8 

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 EXHIBIT B-1 

FORM OF RESTRICTED NOTE LEGEND 

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

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

  

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

  

	 	(A)	 TO THE COMPANY OR ANY SUBSIDIARY THEREOF; 

 

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

  

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

  

	 	(D)	 PURSUANT TO RULE 144 UNDER THE SECURITIES ACT; 

 

	 	(E)	 PURSUANT TO REGULATION S UNDER THE SECURITIES ACT; OR 

 

	 	(F)	 PURSUANT TO ANY OTHER EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. 

 BEFORE THE REGISTRATION OF ANY SALE OR TRANSFER IN ACCORDANCE WITH (2)(C), (D), (E) OR (F) ABOVE,
THE COMPANY, THE TRUSTEE AND THE REGISTRAR RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH CERTIFICATES OR OTHER DOCUMENTATION OR EVIDENCE AS THEY MAY REASONABLY REQUIRE IN ORDER TO DETERMINE THAT THE PROPOSED SALE OR TRANSFER IS BEING MADE IN
COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.* 
  

	*	 This paragraph and the immediately preceding paragraph will be deemed to be removed from the face of this Note
at such time when the Company delivers written notice to the Trustee of such deemed removal pursuant to Section 2.12 of the within-mentioned Indenture and when the Applicable Procedures of the Depositary have been complied with, if applicable.

  
 B-1 

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 EXHIBIT B-2 

FORM OF GLOBAL NOTE LEGEND 
 THIS IS A
GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS THE OWNER AND HOLDER OF
THIS NOTE FOR ALL PURPOSES. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE WILL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC, OR
TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN ARTICLE 2 OF THE INDENTURE HEREINAFTER REFERRED TO. 

  
 B-2 

Table of Contents

 EXHIBIT B-3 

FORM OF NON-AFFILIATE LEGEND 

NO AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE COMPANY OR PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144
UNDER THE SECURITIES ACT) OF THE COMPANY DURING THE THREE IMMEDIATELY PRECEDING MONTHS MAY PURCHASE, OTHERWISE ACQUIRE OR OWN THIS SECURITY OR A BENEFICIAL INTEREST HEREIN. 

  
 B-3

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