Document:

Exhibit 10.1

Exhibit 10.1

 

AUTOWEB, INC.

2018 EQUITY INCENTIVE PLAN

 

AutoWeb, Inc. (“Company”), a Delaware corporation, hereby
establishes and adopts the following 2018 Equity Incentive Plan
(“Plan”).

 

 1.         
  PURPOSE OF THE PLAN

 

             
The purpose of the Plan is to assist the Company and its
Subsidiaries in attracting and retaining selected individuals to
serve as employees, directors, officers, consultants and/or
advisors who are expected to contribute to the Company’s
success and to achieve long-term objectives that will benefit
stockholders of the Company through the additional incentives
inherent in the Awards hereunder.

 

 2.        
   DEFINITIONS

 

             
“Award” means any Option, Stock Appreciation
Right, Restricted Stock Award, Restricted Stock Unit Award, Other
Share-Based Award, Performance Award or any other right, interest
or option relating to Shares or other property (including cash)
granted pursuant to the provisions of the Plan.

 

“Award
Agreement” means any
agreement, contract or other instrument or document evidencing any
Award hereunder, whether in writing or through an electronic
medium.

 

“Board” means the board of directors of the
Company.

 

“Board Approval
Date” means April 12,
2018, the date the Board approved this Plan.

 

“Business
Combination” has the
meaning set forth in Section 10.3(c).

 

“Change in
Control”
has the meaning set forth in Section
10.3.

 

“Code” means the
Internal Revenue Code of 1986, as amended from time to
time.

 

“Committee” means the Compensation Committee of the
Board or a subcommittee thereof formed by the Compensation
Committee to act as the Committee hereunder.  The Committee
must consist of no fewer than two Directors, each of whom is (i) a
“Non-Employee Director” within the meaning of Rule
16b-3 of the Exchange Act, (ii) to the extent required, an
“outside director” within the meaning of Section 162(m)
of the Code as in effect on immediately before the enactment of
Public Law No. 115-97, and (iii) an “independent
director” for purpose of the rules of the principal U.S.
national securities exchange on which the Shares are traded, to the
extent required by such rules.

 

“Company Voting
Securities” has the
meaning set forth in Section 10.3(b).

 

“Consultant” means any consultant or advisor who is a
natural person and who provides services to the Company or any
Subsidiary, so long as such person (i) renders bona fide services
that are not in connection with the offer and sale of the
Company’s securities in a capital raising transaction, (ii)
does not directly or indirectly promote or maintain a market for
the Company’s securities, and (iii) otherwise qualifies as a
consultant under the applicable rules of the Securities and
Exchange Commission for registration of shares of stock on a Form
S-8 registration statement.

 

 

“Director” means a non-employee member of the
Board.

 

“Dividend
Equivalents” has the
meaning set forth in Section 11.5.

 

“Effective
Date” has the meaning set
forth in Section 12.13.

 

 

-1-

 

 

“Employee” means any employee of the Company or any
Subsidiary and any prospective employee conditioned upon, and
effective not earlier than, such person becoming an employee of the
Company or any Subsidiary.

 

“Exchange Act” means the Securities Exchange Act of 1934,
as amended.

 

“Fair Market
Value” means, with
respect to Shares as of any date, (i) the closing price of the
Shares as reported on the principal U.S. national securities
exchange on which the Shares are listed and traded on that date,
or, if there is no closing price on that date, then on the last
preceding date on which a closing price was reported; (ii) if the
Shares are not listed on any U.S. national securities exchange but
are quoted in an inter-dealer quotation system on a last sale
basis, the final ask price of the Shares reported on the
inter-dealer quotation system for such date, or, if there is no
sale on that date, then on the last preceding date on which a sale
was reported; or (iii) if the Shares are neither listed on a U.S.
national securities exchange nor quoted on an inter-dealer
quotation system on a last sale basis, the amount determined by the
Committee to be the fair market value of the Shares as determined
by the Committee in its sole discretion. The Fair Market Value of
any property other than Shares means the market value of that
property determined by such methods or procedures as may be
established from time to time by the Committee.

 

“Fungible Share
Ratio” means the
rate at which Full-Value Awards are counted against Plan limits as
set forth in Sections 3.1(a) and 3.1(d).

 

“Full-Value
Awards” means Awards
other than Option and Stock Appreciation
Rights.

 

“Incumbent
Directors” has the
meaning set forth in Section 10.3(a).

 

“Incentive Stock
Option” means an Option
that when granted is intended to qualify as an incentive stock
option for purposes of Section 422 of the Code.

 

“Limitations” has the meaning set forth in Section
3.4.

 

“Non-Qualifying
Transaction” has the
meaning set forth in Section 10.3(c).

 

“Officer” means any officer of the Company or any
Subsidiary.

 

“Option” means any right granted to a Participant
under the Plan allowing that Participant to purchase Shares at such
price or prices and during such period or periods as the Committee
may determine.

 

“Other Share-Based
Awards” has the meaning
set forth in Section 8.1.

 

“Parent
Corporation” has the
meaning set forth in Section 10.3(c).

 

“Participant” means an Employee, Officer, Director or
Consultant who is selected by the Committee to receive an Award
under the Plan.

 

“Payee” has the meaning set forth in Section
12.2.

 

 “Performance
Award” means any Award of
Performance Cash, Performance Shares or Performance Units granted
pursuant to Article 9.

 

“Performance
Cash” means any cash
incentives granted pursuant to Article 9 payable to the Participant
upon the achievement of such performance goals as the Committee may
establish.

 

“Performance
Period” means the period
established by the Committee during which any performance goals
specified by the Committee with respect to a Performance Award are
to be measured.

 

 

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“Performance
Share” means any grant
pursuant to Article 9 of a unit valued by reference to a designated
number of Shares, which value may be paid to the Participant upon
achievement of such performance goals as the Committee may
establish.

 

“Performance
Unit” means any grant
pursuant to Article 9 of a unit valued by reference to a designated
amount of cash or property other than Shares, which value may be
paid to the Participant upon achievement of such performance goals
during the Performance Period as the Committee may
establish.

 

“Permitted
Assignee” has the meaning
set forth in Section 11.3.

 

“Plan Expiration
Date” means June 19,
2028.

 

“Prior Plans” means, collectively, the Company’s
1998 Stock Option Plan, 1999 Stock Option Plan, 2000 Stock Option
Plan, Amended and Restated 2001 Restricted Stock and Option Plan,
2004 Restricted Stock and Option Plan, 2010 Equity Incentive Plan,
and Amended and Restated 2014 Equity Incentive
Plan.

 

“Restricted
Stock” means any Share
issued with the restriction that the holder may not sell, transfer,
pledge or assign such Share and with such other restrictions as the
Committee, in its sole discretion, may impose, which restrictions
may lapse separately or in combination at such time or times, in
installments or otherwise, as the Committee may deem
appropriate.

 

“Restricted Stock
Award” has the meaning
set forth in Section 7.1.

 

“Restricted Stock
Unit” means an Award that
is valued by reference to a Share, which value may be paid to the
Participant in Shares or cash as determined by the Committee in its
sole discretion upon the satisfaction of vesting restrictions as
the Committee may establish, which restrictions may lapse
separately or in combination at such time or times, in installments
or otherwise, as the Committee may deem
appropriate.

 

“Restricted Stock Unit
Award” has the meaning
set forth in Section 7.1

 

“SEC” has the meaning set forth in Section
12.6.

 

“Shares” means the shares of common stock of the
Company, par value $0.001 per share.

 

“Stock Appreciation
Right” means the right
granted to a Participant pursuant to Article 6.

 

“Subsidiary” means any corporation, limited
liability company, partnership, joint venture or similar entity in
which the Company owns, directly or indirectly, an equity interest
possessing more than 50% of the combined voting power of the total
outstanding equity interests of such entity.  Provided, however, in the case of an
Incentive Stock Option, “Subsidiary” means any
corporation (other than the Company) in an unbroken chain of
corporations beginning with the Company if, at the relevant time
each of the corporations other than the last corporation in the
unbroken chain owns stock possessing 50% or more of the total
combined voting power of all classes of stock in one of the other
corporations in the chain.  For purposes of the preceding
sentence, the term “corporation” has the meaning
prescribed in Section 7701(a)(3) of the Code and the regulations
thereunder.

 

“Substitute
Awards” means Awards
granted or Shares issued by the Company in assumption of, or in
substitution or exchange for, awards previously granted, or the
right or obligation to make future awards, in each case by a
company acquired by the Company or any Subsidiary or with which the
Company or any Subsidiary combines.

 

             
“Surviving
Corporation” has the
meaning set forth in Section 10.3(c).

 

             
“Vesting
Period” means the period
of time specified by the Committee during which vesting
restrictions for an Award are applicable.

 

 

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3.        
   
SHARES SUBJECT TO THE PLAN

  

             

 3.1        

Number of Shares.

             

 

             
(a)           Subject
to adjustment as provided in Section 11.2, as of the Effective
Date, a maximum total of 2,003,758 Shares are authorized for grant
under the Plan, less one (1) Share for every one (1) Share that was
subject to an Option or Stock Appreciation Right granted under the
Amended and Restated 2014 Equity Incentive Plan after December 31,
2017 and prior to the Effective Date, and one and three-quarters
(1.75) Shares for every one (1) Share that was subject to
Full-Value Awards granted under the Amended and Restated 2014
Equity Incentive Plan after December 31, 2017 and prior to the
Effective Date.  Any Shares that are subject to Options
or Stock Appreciation Rights must be counted against this limit as
one (1) Share for every one (1) Share granted, and any Shares that
are subject to Full-Value Awards must be counted against this limit
as one and three-quarters (1.75) Shares for every one (1) Share
granted.  After the Effective Date, no awards may be granted
under any Prior Plan.

 

             
(b)           If
(i) any Shares subject to an Award are forfeited, an Award expires
or an Award is settled for cash (in whole or in part), or (ii)
after December 31, 2017 any Shares subject to an award under the
Prior Plans are forfeited, or an award under the Prior Plans
expires or is settled for cash (in whole or in part), the Shares
subject to such Award or award under the Prior Plans will, to the
extent of such forfeiture, expiration or cash settlement, again be
available for Awards under the Plan, in accordance with Section
3.1(d) below.  In the event that withholding tax liabilities
arising from an Award other than an Option or Stock Appreciation
Right or, after December 31, 2017, an award other than an option or stock appreciation
right under any Prior Plan are satisfied by the tendering of Shares
(either actually or by attestation) or by the withholding of Shares
by the Company, the Shares so tendered or withheld shall be added
to the Shares available for Awards under the Plan in accordance
with Section 3.1(d).  Notwithstanding anything to the contrary
contained herein, the following Shares may not be added to the
Shares authorized for grant under paragraph (a) of this Section
3.1: (i) Shares tendered by the Participant or withheld by the
Company in payment of the exercise price of an Option or after
December 31, 2017, an option granted under the Prior Plans, or to
satisfy any tax withholding obligation with respect to Options or
Stock Appreciation Rights or, after December 31,
2017, options or stock appreciation rights under the
Prior Plans, (ii) Shares subject to a Stock Appreciation Right, or
after December 31, 2017, a stock appreciation right granted under
the Prior Plans that are not issued in connection with its stock
settlement on exercise thereof, and (iii) Shares reacquired by the
Company on the open market or otherwise using cash proceeds from
the exercise of Options or after December 31, 2017, options granted
under the Prior Plans.

 

             
(c)           Substitute
Awards will not reduce the Shares authorized for grant under the
Plan or the Limitations applicable to a Participant under Section
3.4, nor will Shares subject to a Substitute Award again be
available for Awards under the Plan to the extent of any
forfeiture, expiration or cash settlement as provided in paragraph
(b) above.  Additionally, in the event that a company acquired
by the Company or any Subsidiary or with which the Company or any
Subsidiary combines has shares available under a pre-existing plan
approved by stockholders and not adopted in contemplation of such
acquisition or combination, the shares available for grant pursuant
to the terms of such pre-existing plan (as adjusted, to the extent
appropriate, using the exchange ratio or other adjustment or
valuation ratio or formula used in such acquisition or combination
to determine the consideration payable to the holders of common
stock of the entities party to such acquisition or combination) may
be used for Awards under the Plan and will not reduce the Shares
authorized for grant under the Plan; provided that Awards using such available shares may not be
made after the date awards or grants could have been made under the
terms of the pre-existing plan, absent the acquisition or
combination, and will only be made to individuals who were not
Employees or Directors prior to such acquisition or
combination.

 

              
(d)           Any
Shares that again become available for grant pursuant to this
Section must be added back as (i) one (1) Share if such Shares were
subject to Options or Stock Appreciation Rights granted under the
Plan or options or stock appreciation rights granted under the
Prior Plans, and (ii) as one and three-quarters (1.75) Shares if
such Shares were subject to Full-Value Awards granted under the
Plan or under the Prior Plans.

 

             

3.2     
  
Character of Shares.  Any Shares issued hereunder may
consist, in whole or in part, of authorized and unissued shares,
treasury shares or shares purchased in the open market or
otherwise.

             

 

3.3    
   
Limit on Awards to Non-Employee Directors. 
Notwithstanding any other provision of the Plan to the contrary,
the aggregate of the following during any single calendar year
shall not exceed $750,000: (i) the aggregate grant date fair value
(as calculated by the Company for financial accounting purposes) of
all Awards granted to any non-employee Director for services during
such calendar year and (ii) the sum of all cash payments to any
non-employee Director made for services during such calendar year.
For the avoidance of doubt, any compensation that is deferred shall
be counted toward this limit for the year in which it was first
earned, and not when paid or settled if later.

 

 

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3.4   
   
Limitations on Grants to Individual Participants.  Subject to adjustment as provided in
Section 11.2, no Participant may (i) be granted Options or Stock
Appreciation Rights during any calendar year with respect to more
than 500,000 Shares and (ii) be granted Restricted Stock Awards,
Restricted Stock Unit Awards, Performance Awards and/or Other
Share-Based Awards in any calendar year that are intended to comply
with the qualified performance-based exception under Section 162(m)
of the Code as in effect immediately before enactment of Public Law
No. 115-97 and applicable state tax law and denominated in Shares
and under which more than 500,000 Shares may be earned for
each 12 months in the Performance Period.  In addition to the foregoing,
during any calendar year no Participant may be granted
Performance Awards that are intended
to comply with the qualified performance-based exception under
Section 162(m) of the Code as in effect immediately before
enactment of Public Law No. 115-97 and applicable state tax law and
are denominated in cash under which more than
$2,500,000 may be earned for each 12 months in
the Performance Period (together,
collectively with the limitations in the preceding sentence, the
“Limitations”).  If an Award an individual
Participant is cancelled, the cancelled Award will continue to be
counted toward the applicable Limitation for such
Participant.

 

 
4.        
   ELIGIBILITY AND
ADMINISTRATION 

  

             

4.1   
     
Eligibility.  Any
Employee, Officer, Director or Consultant is eligible to be
selected as a Participant.

             

 

              

4.2     
    
Administration.

 

 

             
(a)          
The Plan must be administered by the
Committee.  The Committee has full power and authority,
subject to the provisions of the Plan and subject to such orders or
resolutions not inconsistent with the provisions of the Plan as may
from time to time be adopted by the Board, to:  (i) select the
Employees, Officers, Directors and Consultants to whom Awards may
from time to time be granted hereunder; (ii) determine the type or
types of Awards to be granted to each Participant hereunder; (iii)
determine the number of Shares (or dollar value) to be covered by
each Award granted hereunder; (iv) determine the terms and
conditions, not inconsistent with the provisions of the Plan, of
any Award granted hereunder; (v) determine whether, to what extent
and under what circumstances Awards may be settled in cash, Shares
or other property; (vi) determine whether, to what extent, and
under what circumstances cash, Shares, other property and other
amounts payable with respect to an Award made under the Plan will
be deferred either automatically or at the election of the
Participant; (vii) determine whether, to what extent and under what
circumstances any Award will be canceled, suspended, accelerated,
or vesting terms waived; (viii) interpret and administer the Plan
and any instrument or agreement entered into under or in connection
with the Plan, including any Award Agreement; (ix) correct any
defect, supply any omission or reconcile any inconsistency in the
Plan or any Award in the manner and to the extent that the
Committee deems desirable to carry it into effect; (x) establish
such rules and regulations and appoint such agents as it deems
appropriate for the proper administration of the Plan; (xi)
determine whether any Award, other than an Option or Stock
Appreciation Right, will have Dividend Equivalents; and (xii) make
any other determination and take any other action that the
Committee deems necessary or desirable for the administration of
the Plan.

                      

             
(b)          
Decisions of the Committee are final, conclusive
and binding on all persons or entities, including the Company, any
Participant, and any Subsidiary.  Meetings and actions of the
Committee are governed by, and must be held and taken in accordance
with the Company’s Bylaws and any rules adopted by the Board
not inconsistent with the Company’s
Bylaws.

 

             
(c)          
To the extent not inconsistent with applicable
law, including the rules and regulations of the principal U.S.
national securities exchange on which the Shares are traded, the
Committee may: (i) delegate to a committee of one or more directors
of the Company any of the authority of the Committee under the
Plan, including the right to grant, cancel or suspend Awards, and
(ii) authorize one or more executive officers to do one or
both of the following: (A) designate officers (other than officers
subject to Section 16 of the Exchange Act) and employees of the
Company or any Subsidiary to be recipients of Awards, and (B)
determine the number of such Awards to be received by those
officers and employees provided that any resolution of the Committee authorizing
such officer(s) must comply with Sections 152 or 157 of the
Delaware General Corporation Law, as the case may be, and the
Committee may not authorize an officer to designate himself or
herself as a recipient of an Award.

 

 

 

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 5.        
   
OPTIONS

 

             
5.1  
       
Grant of Options.  Options may be granted hereunder to
Participants either alone or in addition to other Awards granted
under the Plan.  Any Option is subject to the terms and
conditions of this Article and to such additional terms and
conditions, not inconsistent with the provisions of the Plan, as
the Committee deems desirable.

 

5.2   
      
Award Agreements.  All Options must be evidenced by a
written Award Agreement in such form and containing such terms and
conditions as the Committee determines which are not inconsistent
with the provisions of the Plan.  The terms and conditions of
Options need not be the same with respect to each
Participant.  Granting an Option pursuant to the Plan
does not impose any obligation on the recipient to exercise that
Option.  Any Participant who is granted an Option pursuant to
this Article may hold more than one Option granted pursuant to the
Plan at the same time.

 

5.3   
       
Option Price.  Other
than in connection with Substitute Awards, the option price per
each Share purchasable under any Option granted pursuant to this
Article must not be less than 100% of the Fair Market Value of one
Share on the date of grant of that Option; provided, however, that in the case of an Incentive Stock Option
granted to a Participant who, at the time of the grant, owns (or is
deemed to own pursuant to Section 424(d) of the Code) stock
representing more than 10% of the total combined voting power of
all classes of stock of the Company or any Subsidiary, the option
price per share must be no less than 110% of the Fair Market Value
of one Share on the date of grant.  Other than pursuant to
Section 11.2, the Committee may not without the approval of the
Company’s stockholders (i) lower the option price per Share
of an Option after it is granted, (ii) cancel an Option when the
option price per Share exceeds the Fair Market Value of one Share
in exchange for cash or another Award (other than in connection
with a Change in Control), or (iii) take any other action with
respect to an Option that would be treated as a repricing under the
rules and regulations of the principal U.S. national securities
exchange on which the Shares are traded.

 

             
5.4  
      
Option Term.  The
term of each Option must be fixed by the Committee in its sole
discretion; provided that no Option may be exercisable after the
expiration of seven (7) years from the date the Option is granted,
except in the event of death or disability of the
Participant; provided,
however, that the term of the
Option must not exceed five (5) years from the date the Option is
granted in the case of an Incentive Stock Option granted to a
Participant who, at the time of the grant, owns (or is deemed to
own pursuant to Section 424(d) of the Code) stock representing more
than 10% of the total combined voting power of all classes of stock
of the Company or any Subsidiary.

 

5.5          Exercise
of Options. 

 

                        
(a)         
Vested Options granted under the Plan
may be exercised by the Participant or by a Permitted Assignee
thereof (or by the Participant’s executors, administrators,
guardian or legal representative, as may be provided in an Award
Agreement) as to all or part of the Shares covered thereby, by
giving notice of exercise to the Company or its designated agent,
specifying the number of Shares to be purchased.  The notice
of exercise must be in such form, made in such manner, and must
comply with such other requirements consistent with the provisions
of the Plan as the Committee may prescribe from time to
time.

 

                        
(b)         
Unless otherwise provided in an Award Agreement,
full payment of the purchase price must be made at the time of
exercise and must be made (i) in cash or cash equivalents
(including certified check or bank check or wire transfer of
immediately available funds), (ii) by tendering previously acquired
Shares (either actually or by attestation) valued at their then
Fair Market Value, (iii) with the consent of the Committee, by
delivery of other consideration  having a Fair Market
Value on the exercise date equal to the total purchase price, (iv)
with the consent of the Committee, by withholding Shares otherwise
issuable in connection with the exercise of the Option, (v) through
any other method specified in an Award Agreement (including
same-day sales through a broker) or as authorized by the Committee,
including through any third party option administrator authorized
by the Committee, or (vi) any combination of any of the
foregoing.  The notice of exercise, accompanied by such
payment, must be delivered to the Company at its principal business
office or such other office or location as the Committee may from
time to time direct, including to a third party option
administrator authorized by the Committee, and must be in such
form, containing such further provisions consistent with the
provisions of the Plan, as the Committee may from time to time
prescribe.  In no event may any Option granted hereunder
be exercised for a fraction of a Share.

 

 

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(c)           Notwithstanding
the foregoing, an Award Agreement may provide that if on the last
day of the term of an Option the Fair Market Value of one Share
exceeds the option price per Share, the Participant has not
exercised the Option (or a tandem Stock Appreciation Right, if
applicable) and the Option has not expired, the Option may be
deemed to have been exercised by the Participant on that day with
payment made by withholding Shares otherwise issuable in connection
with the exercise of the Option.  In such event, the Company
must deliver to the Participant the number of Shares for which the
Option was deemed exercised, less the number of Shares required to
be withheld for the payment of the total purchase price and
required withholding taxes; provided,
however, any fractional Share
must be settled in cash.

 

             
5.6        

Form of Settlement.  In its sole discretion, the Committee
may provide that the Shares to be issued upon an Option’s
exercise will be in the form of Restricted Stock or other similar
securities.

 

             
5.7   
    
Incentive Stock Options.  The Committee may grant Incentive
Stock Options to any Employee of the Company or any Subsidiary,
subject to the requirements of Section 422 of the Code and the
regulations thereunder.  Solely for purposes of determining
whether Shares are available for the grant of Incentive Stock
Options under the Plan, the maximum aggregate number of Shares that
may be issued pursuant to Incentive Stock Options granted under the
Plan is 2,003,758 Shares, subject to adjustment as provided in
Sections 3.1(a) and 11.2.

 

 6.        
   
STOCK APPRECIATION RIGHTS

 

             
6.1      

Grant and Exercise.  The Committee may provide Stock
Appreciation Rights (i) in tandem with all or part of any
Option granted under the Plan or at any subsequent time during the
term of such Option, (ii) in tandem with all or part of any Award
(other than an Option) granted under the Plan or at any subsequent
time during the term of such Award, or (iii) without regard to
any Option or other Award in each case upon such terms and
conditions as the Committee may establish in its sole
discretion.

 

6.2   
    
Terms and Conditions.  Stock Appreciation Rights are subject
to such terms and conditions, not inconsistent with the provisions
of the Plan, as are determined from time to time by the Committee,
including the following:

 

                        
(a) Upon the exercise of a Stock Appreciation Right, the
holder has the right to receive, for each Share for which the Stock
Appreciation Right is exercised, the excess of (i) the Fair Market
Value of one Share on the date of exercise (or such amount less
than such Fair Market Value as the Committee so determines at any
time during a specified period before the date of exercise) over
(ii) the grant price of the Stock Appreciation Right.

 

                        
(b) The Committee may determine in its sole discretion whether
payment on exercise of a Stock Appreciation Right must be made in
cash, in whole Shares or other property, or any combination
thereof.

 

                        
(c) The terms and conditions of Stock Appreciation Rights need
not be the same with respect to each Participant.

 

                        
(d) The Committee may impose such other terms and conditions
on the exercise of any Stock Appreciation Right, as it deems
appropriate.  A Stock Appreciation Right must: (i) have a
grant price per Share of not less than the Fair Market Value of one
Share on the date of grant or, if applicable, on the date of grant
of an Option with respect to a Stock Appreciation Right granted in
exchange for or in tandem with, but subsequent to, the Option
(subject to the requirements of Section 409A of the Code) except in
the case of Substitute Awards or in connection with an adjustment
provided in Section 11.2, and (ii) have a term not greater than
seven (7) years.

 

                        
(e) An Award Agreement may provide that if on the last day of
the term of a Stock Appreciation Right the Fair Market Value of one
Share exceeds the grant price per Share of the Stock Appreciation
Right, the Participant has not exercised the Stock Appreciation
Right or the tandem Option (if applicable), and the Stock
Appreciation Right has not expired, the Stock Appreciation Right
will be deemed to have been exercised by the Participant on that
day.  In that event, the Company must make payment to the
Participant in accordance with this Section, reduced by the number
of Shares (or cash) required for withholding taxes; any fractional
Share must be settled in cash.

 

 

 

-7-

 

 

 

                        
(f) Without
the approval of the Company’s stockholders, other than
pursuant to Section 11.2, the Committee may not (i) reduce the
grant price of any Stock Appreciation Right after the date of
grant, (ii) cancel any Stock Appreciation Right when the grant
price per Share exceeds the Fair Market Value of one Share in
exchange for cash or another Award (other than in connection with a
Change in Control as defined in Section 10.3), or (iii) take any
other action with respect to a Stock Appreciation Right that would
be treated as a repricing under the rules and regulations of the
principal U.S. national securities exchange on which the Shares are
traded.

 

7.        
   RESTRICTED STOCK AND RESTRICTED
STOCK UNITS  

 

             
7.1        

Grants.  Awards of
Restricted Stock and of Restricted Stock Units may be issued
hereunder to Participants either alone or in addition to other
Awards granted under the Plan (a “Restricted Stock
Award” or
“Restricted Stock Unit
Award” respectively), and
such Restricted Stock Awards and Restricted Stock Unit Awards may
also be available as a form of payment of Performance Awards and
other earned cash-based incentive compensation.  A Restricted
Stock Award or Restricted Stock Unit Award may be subject to
vesting restrictions during the Vesting Period as specified by the
Committee.  The Committee has absolute discretion to determine
whether any consideration (other than services) is to be received
by the Company or any Subsidiary as a condition precedent to the
issuance of Restricted Stock or Restricted Stock
Units.

 

             
7.2       

Award Agreements.  The terms of any Restricted Stock
Award or Restricted Stock Unit Award granted under the Plan must be
set forth in an Award Agreement which must contain provisions
determined by the Committee and not inconsistent with the
Plan.  The terms of Restricted Stock Awards and Restricted
Stock Unit Awards need not be the same with respect to each
Participant.

 

             
7.3        

Rights of Holders of Restricted Stock and Restricted Stock
Units.  Unless
otherwise provided in the Award Agreement, beginning on the date of
grant of the Restricted Stock Award and subject to execution of the
Award Agreement, the Participant will become a stockholder of the
Company with respect to all Shares subject to the Award Agreement
and will have all of the rights of a stockholder, including the
right to vote those Shares and the right to receive distributions
made with respect to those Shares, subject to this Section
7.3.  A Participant receiving a Restricted Stock Unit Award
has only those rights specifically provided for in the Award
Agreements; provided,
however, in no event will the
Participant possess voting rights with respect to that Award. 
Notwithstanding anything in this Plan to the contrary, any Shares
or any other property distributable, credited, or accumulated as a
dividend, dividend equivalent, or otherwise with respect to any
Restricted Stock Award or Restricted Stock Unit Award as to which
the restrictions have not yet lapsed are subject to the same
restrictions and risk of forfeiture as the underlying Award, and
shall not vest or be paid unless and until the underlying Award
vests.

 

             
7.4     
  
Issuance of Shares.  Any Restricted Stock granted under
the Plan may be evidenced in such manner as the Board may deem
appropriate, including book-entry registration or issuance of a
stock certificate or certificates, which certificate or
certificates will be held by the Company.  Certificate or
certificates, if any, evidencing Restricted Stock must be
registered in the name of the Participant and must bear an
appropriate legend referring to the restrictions applicable to such
Restricted Stock.

 

8.
       
   
OTHER SHARE-BASED AWARDS

 

             
8.1        

Grants.  Other Awards
of Shares and other Awards that are valued in whole or in part by
reference to, or are otherwise based on, Shares or other property
(“Other Share-Based
Awards”), including
deferred stock units, may be granted hereunder to Participants
either alone or in addition to other Awards granted under the
Plan.  Other Share-Based Awards may also be available as a
form of payment of other Awards granted under the Plan and other
earned cash-based compensation.

 

             
8.2        

Award Agreements.  The terms of Other Share-Based Award
granted under the Plan must be set forth in an Award Agreement
which must contain provisions determined by the Committee and not
inconsistent with the Plan.  The terms of such Awards need not
be the same with respect to each Participant.  Notwithstanding
the provisions of this Section, dividend equivalents and any
property distributed as a dividend or otherwise with respect to the
number of Shares covered by an unvested Other Share-Based Award
will be subject to restrictions and risk of forfeiture to the same
extent as the underlying Award, and shall not be paid unless and
until the underlying Award vests. Other Share-Based Awards may be
subject to vesting restrictions during the Vesting Period as
specified by the Committee.

  

 

 

-8-

 

 

 

             
8.3
        Payment.  Except
as may be provided in an Award Agreement, Other Share-Based
Awards may be paid in cash, Shares, other property, or any
combination thereof in the sole discretion of the Committee. 
Other Share-Based Awards may be paid in a lump sum or in
installments or, in accordance with procedures established by the
Committee, on a deferred basis subject to the requirements of
Section 409A of the Code and the regulations
thereunder.

 

             
8.4      
   
Deferral of Director Fees.  Subject to the limits set forth in
Section 3.3, Directors must, if determined by the Board, receive
Other Share-Based Awards in the form of deferred stock units in
lieu of all or a portion of their annual retainer.  In
addition, Directors may elect to receive Other Share-Based Awards
in the form of deferred stock units in lieu of all or a portion of
their annual and committee retainers and annual meeting fees,
provided that such election is made in accordance with the
requirements of Section 409A of the Code and the regulations
thereunder and subject to the limits set forth in Section
3.3.  The Committee may, in its absolute discretion, establish
such rules and procedures as it deems appropriate for such
elections and for the payment in deferred stock
units.

 

9.        
   PERFORMANCE
AWARDS 
 

 

             
9.1        

Grants.  Performance
Awards in the form of Performance Cash, Performance Shares or
Performance Units, as determined by the Committee in its sole
discretion, may be granted hereunder to Participants, for no
consideration or for such minimum consideration as may be required
by applicable law, either alone or in addition to other Awards
granted under the Plan.  The performance goals to be achieved
for each Performance Period will be conclusively determined by the
Committee and may be based upon the criteria set forth in Section
9.5.

 

             
9.2        

Award Agreements.  The terms of any Performance Award
granted under the Plan must be set forth in an Award Agreement (or,
if applicable, in a resolution duly adopted by the Committee) which
must contain provisions determined by the Committee and not
inconsistent with the Plan, including whether such Awards will have
Dividend Equivalents.  The terms of Performance Awards need
not be the same with respect to each
Participant.

 

             
9.3        

Terms and Conditions.  The performance criteria to be
achieved during any Performance Period and the length of the
Performance Period must be determined by the Committee upon the
grant of each Performance Award; provided, however, that a
Performance Period may not be longer than five years.  The
amount of the Award to be distributed will be conclusively
determined by the Committee.

 

             
9.4         

Payment.  Except as
provided in Article 11 or as may be provided in an Award Agreement,
Performance Awards will be distributed only after the end of the
relevant Performance Period.  Performance Awards may be paid
in cash, Shares, other property, or any combination thereof, in the
sole discretion of the Committee.  Performance Awards may be
paid in a lump sum or in installments following the close of the
Performance Period or, in accordance with procedures established by
the Committee, on a deferred basis subject to the requirements of
Section 409A of the Code and the regulations
thereunder.

 

 

-9-

 

 

 

9.5        

Performance Criteria.  Notwithstanding any other provision
of the Plan, if the Committee determines at the time a Restricted
Stock Award, a Restricted Stock Unit Award, a Performance Award or
Other Share-Based Award is granted to a Participant who is, or is
likely to be, as of the end of the tax year in which the Company
would claim a deduction under applicable state law in connection
with such Award, a “covered employee” within the
meaning of Section 162(m) of the Code as in effect immediately
before the enactment of Public Law No. 115-97, then the Committee
may provide that this Section 9.5 is applicable to that Award. If
the Committee determines that an Award is intended to be subject to
this Section 9.5, the lapsing of restrictions thereon and the
distribution of cash, Shares or other property pursuant thereto, as
applicable will be subject to the achievement of one or more
objective performance goals established by the Committee, which
must be based on the attainment of specified levels of one or any
combination of the following: net sales; revenue; revenue growth or
product revenue growth; operating income (before or after taxes);
pre- or after-tax income or loss (before or after allocation of
corporate overhead and bonus); earnings or loss per share; net
income or loss (before or after taxes); return on equity; total
stockholder return; return on assets or net assets; appreciation in
and/or maintenance of the price of the Shares or any other
publicly-traded securities of the Company; market share; gross
profits; earnings or losses (including earnings or losses before
taxes, before interest and taxes, or before interest, taxes,
depreciation and amortization); economic value-added models or
equivalent metrics; comparisons with various stock market indices;
reductions in costs; cash flow or cash flow per share (before or
after dividends); return on capital (including return on total
capital or return on invested capital); cash flow return on
investment; improvement in or attainment of expense levels or
working capital levels, including cash, inventory and accounts
receivable; operating margin; gross margin; year-end cash; cash
margin; debt reduction; stockholders equity; operating
efficiencies; market share; customer satisfaction; customer growth;
employee satisfaction; regulatory achievements (including
submitting or filing applications or other documents with
regulatory authorities or receiving approval of any such
applications or other documents and passing pre-approval
inspections); strategic partnerships or transactions (including
in-licensing and out-licensing of intellectual property);
establishing relationships with commercial entities with respect to
the marketing, distribution and sale of the Company’s
products (including with group purchasing organizations,
distributors and other vendors); lead supply or other supply chain
achievements); co-development, co-marketing, profit sharing, joint
venture or other similar arrangements; financial ratios (including
those measuring liquidity, activity, profitability or leverage);
cost of capital or assets under management; financing and other
capital raising transactions (including sales of the
Company’s equity or debt securities); factoring transactions;
sales or licenses of the Company’s assets (including its
intellectual property, whether in a particular jurisdiction or
territory or globally; or through partnering transactions);
implementation, completion or attainment of measurable objectives
with respect to research, development, manufacturing,
commercialization, products or projects, production volume levels,
acquisitions and divestitures; factoring transactions; and
recruiting and maintaining personnel.  These performance
goals also may be based solely by reference to the Company’s
performance or the performance of a Subsidiary, division, business
segment or business unit of the Company, or based upon the relative
performance of other companies or upon comparisons of any of the
indicators of performance relative to other companies. Any
performance goals that are financial metrics, may be determined in
accordance with U.S. Generally Accepted Accounting Principles
(“GAAP”), in
accordance with accounting principles established by the
International Accounting Standards Board (“IASB Principles”), or may be
adjusted when established to include or exclude any items otherwise
includable or excludable under GAAP or under IASB Principles.
The Committee may also exclude the
impact of an event or occurrence which the Committee determines
should appropriately be excluded, including (i) restructurings,
discontinued operations, items of an unusual nature or infrequency
of occurrence or non-recurring items; (ii) an event either
not directly related to the operations of the Company, Subsidiary,
division, business segment or business unit or not within the
reasonable control of management;
(iii) the cumulative effects of tax or accounting changes in
accordance with U.S. generally accepted accounting
principles; (iv) asset write-downs, (v) litigation or claim
judgments or settlements; (vi) acquisitions or divestitures; (vii)
reorganization or change in the corporate structure or capital
structure of the Company; (vii) foreign exchange gains and losses;
(ix) a change in the fiscal year of the Company; (x) the
refinancing or repurchase of bank loans or debt securities; (xi),
unbudgeted capital expenditures; (xii) the issuance or repurchase
of equity securities and other changes in the number of outstanding
shares; (xiii) conversion of some or all of convertible securities
to common stock; (xiv) any business interruption event; or (xv) the
effect of changes in other laws or regulatory rules affecting
reported results. The Committee must
set these performance goals (and any exclusions) within the first
90 days of the Performance Period, unless otherwise determined by
the Committee in its sole discretion. Notwithstanding
the foregoing, the Committee, in its sole discretion, may grant
performance-based Awards that are based on other metrics, not
specifically set forth in this Section.

 

 

 

 

-10-

 

 

 

 9.6      
  
Adjustments. Notwithstanding any provision of the Plan
(other than Article 11), with respect to any Restricted Stock
Award, Restricted Stock Unit Award, Performance Award or Other
Share-Based Award that is subject to Section 9.5, the Committee may
adjust downwards, but not upwards, the amount payable pursuant to
such Award, and the Committee may not waive the achievement of the
applicable performance goals except in the case of the death or
disability of the Participant or a Change in Control of the
Company.

 

 9.7        

Restrictions. The Committee has the power to impose such
other restrictions on Awards subject to Section 9.5 as it may deem
necessary or appropriate to ensure that the Awards satisfy all
requirements for “qualified performance-based compensation"
within the meaning of Section 162(m) of the Code in effect
immediately before enactment of Public Law No. 115-97 and
applicable state tax law.

 

10.        
   
CHANGE IN CONTROL PROVISIONS

 

             
10.1   
    
Impact on Certain Awards.  Award Agreements may provide that in
the event of a Change in Control of the Company:  (i) Options
and Stock Appreciation Rights outstanding as of the date of the
Change in Control will be cancelled and terminated without payment
therefor if the Fair Market Value of one Share as of the date of
the Change in Control is less than the per Share Option exercise
price or Stock Appreciation Right grant price, and (ii) all
Performance Awards will be considered to be earned and payable
(either in full or pro rata based on the portion of the Performance
Period completed as of the date of the Change in Control), and any
limitations or other restrictions will lapse and such Performance
Awards will be immediately settled or
distributed.

10.2        Assumption
or Substitution of Certain Awards. 

 

                        
(a) Unless otherwise provided in
an Award Agreement, in the event of a Change in Control of the
Company in which the successor company assumes or substitutes for
an Option, Stock Appreciation Right, Restricted Stock Award,
Restricted Stock Unit Award or Other Share-Based Award (or in which
the Company is the ultimate parent corporation and continues the
Award), if a Participant’s employment with such successor
company (or the Company) or a subsidiary thereof terminates within
24 months following such Change in Control (or such other period
set forth in the Award Agreement, including prior thereto if
applicable) and under the circumstances specified in the Award
Agreement:  (i) Options and Stock Appreciation Rights
outstanding as of the date of such termination of employment will
immediately vest, become fully exercisable, and may thereafter be
exercised for 24 months (or the period of time set forth in the
Award Agreement), but in no event later than the earlier of (A) the
latest date on which the Option or Stock Appreciation Right would
have expired by its original terms or (B) the date that is seven
(7) years after the original date of grant of the Option or Stock
Appreciation Right, (ii) the restrictions, limitations and other
conditions applicable to Restricted Stock and Restricted Stock
Units outstanding as of the date of such termination of employment
will lapse and the Restricted Stock and Restricted Stock Units will
become free of all restrictions, limitations and conditions and
become fully vested, and (iii) the restrictions, limitations and
other conditions applicable to any Other Share-Based Awards or any
other Awards will lapse, and such Other Share-Based Awards or such
other Awards will become free of all restrictions, limitations and
conditions and become fully vested and transferable to the full
extent of the original grant.  For the purposes of this
Section 10.2, an Option, Stock Appreciation Right, Restricted Stock
Award, Restricted Stock Unit Award or Other Share-Based Award will
be considered assumed or substituted for if following the Change in
Control the Award confers the right to purchase or receive, for
each Share subject to the Option, Stock Appreciation Right,
Restricted Stock Award, Restricted Stock Unit Award or Other
Share-Based Award immediately prior to the Change in Control, the
consideration (whether stock, cash or other securities or property)
received in the transaction constituting a Change in Control by
holders of Shares for each Share held on the effective date of such
transaction (and if holders were offered a choice of consideration,
the type of consideration chosen by the holders of a majority of
the outstanding Shares); provided,
however, that if such
consideration received in the transaction constituting a Change in
Control is not solely common stock of the successor company, the
Committee may, with the consent of the successor company, provide
that the consideration to be received upon the exercise or vesting
of an Option, Stock Appreciation Right, Restricted Stock Award,
Restricted Stock Unit Award or Other Share-Based Award, for each
Share subject thereto, will be solely common stock of the successor
company substantially equal in fair market value to the per Share
consideration received by holders of Shares in the transaction
constituting a Change in Control.  The determination of
such substantial equality of value of consideration may be made by
the Committee in its sole discretion and its determination is
conclusive and binding.

 

 

 

-11-

 

 

 

                        
(b) Unless
otherwise provided in an Award Agreement, in the event of a Change
in Control of the Company to the extent the successor company does
not assume or substitute for an Option, Stock Appreciation Right,
Restricted Stock Award, Restricted Stock Unit Award or Other
Share-Based Award (or in which the Company is the ultimate parent
corporation and does not continue the Award), then immediately
prior to the Change in Control: (i) those Options and Stock
Appreciation Rights outstanding as of the date of the Change in
Control that are not assumed or substituted for (or continued) will
immediately vest and become fully exercisable, (ii) restrictions,
limitations and other conditions applicable to Restricted Stock and
Restricted Stock Units that are not assumed or substituted for (or
continued) will lapse and the Restricted Stock and Restricted Stock
Units will become free of all restrictions, limitations and
conditions and become fully vested, and (iii) the restrictions,
other limitations and other conditions applicable to any Other
Share-Based Awards or any other Awards that are not assumed or
substituted for (or continued) will lapse, and such Other
Share-Based Awards or such other Awards will become free of all
restrictions, limitations and conditions and become fully vested
and transferable to the full extent of the original
grant.

 

                         
(c) The Committee, in its discretion, may determine that, upon
the occurrence of a Change in Control of the Company, each Option
and Stock Appreciation Right outstanding will terminate within a
specified number of days after notice to the Participant, and/or
that each Participant will receive, with respect to each Share
subject to such Option or Stock Appreciation Right, an amount equal
to the excess of the Fair Market Value of such Share immediately
prior to the occurrence of such Change in Control over the exercise
price per Share of such Option and/or Stock Appreciation Right;
such amount to be payable in cash, in one or more kinds of stock or
property (including the stock or property, if any, payable in the
transaction) or in a combination thereof, as the Committee, in its
discretion, may determine.

 

             
10.3    
  
Change in Control.  For purposes of the Plan, unless
otherwise provided in an Award Agreement,
“Change
in Control” means the
occurrence of any one of the following events:

             

 

                        
(a) During any twenty-four (24)
month period, individuals who, as of the beginning of such period,
constitute the Board (“Incumbent
Directors”) cease for any
reason to constitute at least a majority of the Board, provided
that any person becoming a director subsequent to the beginning of
such period whose election or nomination for election was approved
by a vote of at least a majority of the Incumbent Directors then on
the Board (either by a specific vote or by approval of the proxy
statement of the Company in which such person is named as a nominee
for director, without written objection to such nomination) will be
an Incumbent Director; provided,
however, that no individual
initially elected or nominated as a director of the Company as a
result of an actual or threatened election contest with respect to
directors or as a result of any other actual or threatened
solicitation of proxies by or on behalf of any person other than
the Board will be deemed to be an Incumbent
Director;

 

                        
(b) Any
“person”
(as such term is defined in the Exchange Act and as used in
Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a
“beneficial
owner” (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing 50% or more of the combined
voting power of the Company’s then outstanding securities
eligible to vote for the election of the Board
(“Company Voting
Securities”);
provided,
however, that the event
described in this paragraph (b) will not be deemed to be a Change
in Control by virtue of any of the following
acquisitions:  (i) by the Company or any Subsidiary, (ii)
by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any Subsidiary, (iii) by any
underwriter temporarily holding securities pursuant to an offering
of such securities, (iv) pursuant to a Non-Qualifying Transaction,
as defined in paragraph (c), or (v) by any person of Voting
Securities from the Company, if a majority of the Incumbent Board
approves in advance the acquisition of beneficial ownership of 50%
or more of Company Voting Securities by that
person;

 

 

 

-12-

 

 

 

                        
(c) The consummation of a merger,
consolidation, statutory share exchange or similar form of
corporate transaction involving the Company or any of its
Subsidiaries that requires the approval of the Company’s
stockholders, whether for such transaction or the issuance of
securities in the transaction (a “Business
Combination”), unless
immediately following such Business Combination:  (i)
more than 50% of the total voting power of (A) the corporation
resulting from such Business Combination
(“Surviving
Corporation”), or (B) if
applicable, the ultimate parent corporation that directly or
indirectly has beneficial ownership of 100% of the voting
securities eligible to elect directors of the Surviving Corporation
(“Parent
Corporation”), is
represented by Company Voting Securities that were outstanding
immediately prior to such Business Combination (or, if applicable,
is represented by shares into which such Company Voting Securities
were converted pursuant to such Business Combination), and such
voting power among the holders thereof is in substantially the same
proportion as the voting power of such Company Voting Securities
among the holders thereof immediately prior to the Business
Combination, (ii) no person (other than any employee benefit plan
(or related trust) sponsored or maintained by the Surviving
Corporation or the Parent Corporation), is or becomes the
beneficial owner, directly or indirectly, of 50% or more of the
total voting power of the outstanding voting securities eligible to
elect directors of the Parent Corporation (or, if there is no
Parent Corporation, the Surviving Corporation) and (iii) at least a
majority of the members of the board of directors of the Parent
Corporation (or, if there is no Parent Corporation, the Surviving
Corporation) following the consummation of the Business Combination
were Incumbent Directors at the time of the Board’s approval
of the execution of the initial agreement providing for such
Business Combination (any Business Combination which satisfies all
of the criteria specified in (i), (ii) and (iii) above is deemed to
be a “Non-Qualifying
Transaction”);
or

 

                         
(d) The stockholders of the Company approve a plan of complete
liquidation or dissolution of the Company or the consummation of a
sale of all or substantially all of the Company’s
assets.

 

Notwithstanding the foregoing, a Change in Control
will not be deemed to occur solely because any person acquires
beneficial ownership of more than 50% of the Company Voting
Securities as a result of the acquisition of Company Voting
Securities by the Company which reduces the number of Company
Voting Securities outstanding; provided, that if after such acquisition by the Company
such person becomes the beneficial owner of additional Company
Voting Securities that increases the percentage of outstanding
Company Voting Securities beneficially owned by such person, a
Change in Control of the Company will then
occur.

 

11.        
   GENERALLY APPLICABLE
PROVISIONS
 

 

             
11.1       

Amendment and Termination of the Plan.  The Board may, from time to time,
alter, amend, suspend or terminate the Plan as it may deem
advisable, subject to any requirement for stockholder approval
imposed by applicable law, including the rules and regulations of
the principal U.S. national securities exchange on which the Shares
are traded; provided that the Board may not amend the Plan in any
manner that would result in noncompliance with Rule 16b-3 of the
Exchange Act; and further provided that the Board may not, without the approval of
the Company’s stockholders, amend the Plan to (i) increase
the number of Shares that may be the subject of Awards under the
Plan (except for adjustments pursuant to Section 11.2), (ii) expand
the types of awards available under the Plan, (iii) change the
class of persons eligible to receive grants of Incentive Stock
Options or materially expand the class of persons eligible to
participate in the Plan, (iv) increase the maximum number of Shares
that may be issued pursuant to Incentive Stock Options, (v) amend
Section 5.3 or Section 6.2(f) to eliminate the requirements
relating to minimum exercise price, minimum grant price and
stockholder approval, (vi) increase the maximum permissible term of
any Option specified by Section 5.4 or the maximum permissible term
of a Stock Appreciation Right specified by Section 6.2(d), or (vii)
increase the limits specified in Section 3.3 (except for
adjustments pursuant to Section 11.2).  Except pursuant
to Section 11.2, the Board may not, without the approval of the
Company’s stockholders, cancel an Option or Stock
Appreciation Right in exchange for cash when the exercise or grant
price per share exceeds the Fair Market Value of one Share or take
any action with respect to an Option or Stock Appreciation Right
that would be treated as a repricing under the rules and
regulations of the principal U.S. securities exchange on which the
Shares are traded, including a reduction of the exercise price of
an Option or the grant price of a Stock Appreciation Right or the
exchange of an Option or Stock Appreciation Right for cash or
another Award.  The Plan may be amended without shareholder
approval to provide for Awards that do not receive favorable tax
treatment under Code Sections 162(m) as in effect immediately
before enactment of Public Law 115-7 and applicable state tax law
or 422 or otherwise. In addition, no amendments to, or termination
of, the Plan will impair the rights of a Participant in any
material respect under any Award previously granted without such
Participant’s consent.

 

 

 

-13-

 

 

 

             
11.2
       
Adjustments.  In the
event of any merger, reorganization, consolidation,
recapitalization, dividend or distribution (whether in cash, shares
or other property, other than a regular cash dividend), stock
split, reverse stock split, spin-off or similar transaction or
other change in corporate structure affecting the Shares or the
value thereof, such adjustments and other substitutions must be
made to the Plan and to Awards as the Committee deems equitable or
appropriate taking into consideration the accounting and tax
consequences, including such adjustments in the aggregate number,
class and kind of securities that may be delivered under the Plan,
the number of Shares set forth in the Limitations contained in the
first sentence of Section 3.4 (but not the dollar amount set
forth in the second sentence of Section 3.4), the maximum number of
Shares that may be issued pursuant to Incentive Stock Options and,
in the aggregate or to any Participant, the number, class, and kind
of securities subject to outstanding Awards granted under the Plan
and the exercise price or grant price of such outstanding Awards
granted under the Plan (including, if the Committee deems
appropriate, the substitution of similar options to purchase the
shares of, or other awards denominated in the shares of, another
company) as the Committee may determine to be appropriate;
provided,
however, that the number of
Shares subject to any Award must always be a whole
number.

 

              
11.3      

Transferability of Awards.  Except as provided below, no Award
and no Shares that have not been issued or as to which any
applicable restriction, performance or deferral period has not
lapsed, may be sold, assigned, transferred, pledged or otherwise
encumbered, other than by will or the laws of descent and
distribution, and such Award may be exercised during the life of
the Participant only by the Participant or the Participant’s
guardian, members of a committee for incompetent former employees,
or similar persons duly authorized by law to administer the estate
or assets of former employees.  To the extent and under such
terms and conditions as determined by the Committee and except for
Incentive Stock Options, Options may be exercised and the Shares
acquired on exercise may be resold by a Participant’s family
member who has acquired the Options from the Participant through a
gift or a domestic relations order (a “Permitted
Assignee”).  For
purposes of this Section, “family member” includes any
child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law, including adoptive relationships, any person sharing
the Participant’s household (other than a tenant or
employee), a trust in which these persons have more than fifty
percent of the beneficial interest, a foundation in which these
persons (or the Participant) control the management of assets, and
any other entity in which these persons (or the Participant) own
more than fifty percent of the voting interests;
provided
that such Permitted Assignee will be
bound by and subject to all of the terms and conditions of the Plan
and the Award Agreement relating to the transferred Award and must
execute an agreement satisfactory to the Company evidencing such
obligations; and provided further that such Participant remains bound by the
terms and conditions of the Plan.  The Company must cooperate
with any Permitted Assignee and the Company’s transfer agent
in effectuating any transfer permitted under this Section. 
Awards may not be transferred to third party financial institutions
and Awards may not be transferred for value.  A transfer for
value does not include: (i) a transfer under a domestic relations
order in settlement of marital property rights; or (ii) a transfer
to an entity in which more than fifty percent of the voting
interests are owned by the family members (or the Participant) in
exchange for an interest in that entity.  An Incentive
Stock Option is not transferable (other than by will or by the laws
of descent and distribution) by the Participant and is exercisable,
during the lifetime of the Participant, only by the
Participant.

 

             
11.4      

Termination of Employment or Services.  The Committee must determine and set
forth in each Award Agreement whether any Awards granted in such
Award Agreement will continue to be exercisable, continue to vest
or be earned and the terms of such exercise, vesting or earning, on
and after the date that a Participant ceases to be employed by or
to provide services to the Company or any Subsidiary (including as
a Director), whether by reason of death, disability, voluntary or
involuntary termination of employment or services, or
otherwise.  The date of termination of a Participant’s
employment or services will be determined by the Committee, which
determination will be final.

 

             
11.5      

Deferral; Dividend Equivalents.  The Committee is authorized to
establish procedures pursuant to which the payment of any Award may
be deferred.  Subject to the provisions of the Plan and any
Award Agreement, the recipient of an Award other than an Option or
Stock Appreciation Right may, if so determined by the Committee, be
entitled to receive amounts equivalent to cash, stock or other
property dividends on Shares (“Dividend
Equivalents”) with
respect to the number of Shares covered by the Award, as determined
by the Committee, in its sole discretion.  The Committee may
provide that the Dividend Equivalents (if any) will be deemed to
have been reinvested in additional Shares or otherwise reinvested;
provided, however, that in all cases, the Dividend Equivalents
shall be subject to the same vesting or performance conditions and
risks of forfeiture as the underlying Award and shall not be paid
unless and until the underlying Award vests.

 

 

 

-14-

 

 

 

             
11.6
      
Mandatory Deferral of Income.
The Committee, in its sole discretion, may require that one or more
Award Agreements contain provisions which provide that, in the
event Section 162(m) of the Code as in effect on December 31, 2017
or any successor provision relating to excessive employee
remuneration, would operate to disallow a deduction by the Company
with respect to all or part of any Award, a Participant’s
receipt of the benefit relating to such Award that would not be
deductible by the Company shall be deferred until the next
succeeding year or years in which the Participant’s
remuneration does not exceed the limit set forth in such provisions
of the Code; provided, however, that such deferral does not violate
Code Section 409A.

 

12.        
   
MISCELLANEOUS

 

             
12.1     

Award Agreements.  Each Award Agreement must either be (i) in writing
in a form approved by the Committee and executed by the Company by
an officer duly authorized to act on its behalf, or (ii) an
electronic notice in a form approved by the Committee and recorded
by the Company (or its designee) in an electronic recordkeeping
system used for the purpose of tracking one or more types of Awards
as the Committee may provide; in each case and if required by the
Committee, the Award Agreement must be executed or otherwise
electronically accepted by the recipient of the Award in such form
and manner as the Committee may require.  The Committee may
authorize any officer of the Company to execute any or all Award
Agreements on behalf of the Company.  The Award Agreement must
set forth the material terms and conditions of the Award as
established by the Committee consistent with the provisions of the
Plan.

 

             
12.2     

Tax Withholding.  The
Company has the right to make all payments or distributions
pursuant to the Plan to a Participant (or a Permitted Assignee
thereof) (any such person, a “Payee”) net of any
applicable federal, state and local taxes required to be paid or
withheld (including any taxes, penalties and interest under Section
409A of the Code) as a result of (i) the grant of any Award, (ii)
the exercise of an Option or Stock Appreciation Right, (iii) the
delivery of Shares or cash, (iv) the lapse of any restrictions in
connection with any Award, (v) the vesting of any Award, or (vi)
any other event occurring pursuant to the Plan.  The Company
or any Subsidiary has the right to withhold from wages or other
amounts otherwise payable to such Payee such withholding taxes as
may be required by law, or to otherwise require the Payee to pay
such taxes, penalties and interest required to be withheld or paid
by the Participant.  If the Payee fails to make such tax
payments as are required, the Company or its Subsidiaries will, to
the extent permitted by law, have the right to deduct any such
taxes from any payment of any kind otherwise due to such Payee or
to take such other action as may be necessary to satisfy such
withholding obligations.  The Committee is authorized to
establish procedures for election by Participants to satisfy such
obligation for the payment of such taxes by tendering previously
acquired Shares (either actually or by attestation, valued at their
then Fair Market Value), or by directing the Company to retain
Shares (up to the Participant’s minimum required tax
withholding rate or such other rate that will not cause an adverse
accounting consequence or cost) otherwise deliverable in connection
with the Award.

 

             
12.3    

Right of Discharge Reserved; Claims to Awards.  Nothing in the Plan nor the grant of
an Award hereunder confers upon any Employee, Director, officer or
Consultant the right to continue in the employment or service of
the Company or any Subsidiary or affect any right that the Company
or any Subsidiary may have to terminate the employment or service
of (or to demote or to exclude from future Awards under the Plan)
any such Employee, Director, officer or Consultant at any time for
any reason.  Except as specifically provided by the
Committee, the Company will not be liable for the loss of existing
or potential profit from an Award granted in the event of
termination of an employment or other relationship.  No
Employee, Director, officer or Consultant will have any claim to be
granted any Award under the Plan, and there is no obligation for
uniformity of treatment of Employees, Directors, officers or
Consultants under the Plan.

 

             
12.4      

Substitute Awards.  Notwithstanding any other provision
of the Plan, the terms of Substitute Awards may vary from the terms
set forth in the Plan to the extent the Committee deems appropriate
to conform, in whole or in part, to the provisions of the awards in
substitution for which they are granted.

 

             
12.5      

Cancellation of Award; Forfeiture of Gain.  Notwithstanding anything to the
contrary contained herein, an Award Agreement may provide that the
Award will be canceled if the Participant, without the consent of
the Company, while employed by or providing services to the Company
or any Subsidiary or after termination of such employment or
service, violates a non-competition, non-solicitation or
non-disclosure covenant or agreement or otherwise engages in
activity that is in conflict with or adverse to the interest of the
Company or any Subsidiary (including conduct contributing to any
financial restatements or financial irregularities), as determined
by the Committee in its sole discretion.  The Committee may
provide in an Award Agreement that if within the time period
specified in the Agreement the Participant establishes a
relationship with a competitor or engages in an activity referred
to in the preceding sentence, the Participant will forfeit any gain
realized on the vesting or exercise of the Award and must repay
such gain to the Company.

  

 

 

-15-

 

 

 

             
12.6
     
Stop
Transfer Orders.  All
certificates or book-entries for Shares delivered under the Plan
pursuant to any Award will be subject to such stop-transfer orders
and other restrictions as the Committee may deem advisable under
the rules, regulations and other requirements of the Securities and
Exchange Commission (“SEC”), any stock exchange upon which the Shares
are then listed, and any applicable federal or state securities
law, and the Committee may cause a legend or legends to be put on
any such certificates or noted in the book entries to make
appropriate reference to such restrictions.

 

             
12.7      

Nature of Payments.  All Awards made pursuant to the Plan
are in consideration of services performed or to be performed for
the Company or any Subsidiary, division or business unit of the
Company.  Any income or gain realized pursuant to Awards under
the Plan constitutes a special incentive payment to the Participant
and must not be taken into account, to the extent permissible under
applicable law, as compensation for purposes of any of the employee
benefit plans of the Company or any Subsidiary except as may be
determined by the Committee or by the Board or board of directors
of the applicable Subsidiary.

 

             
12.8       

Other Plans.  Nothing
contained in the Plan prevents the Board from adopting other or
additional compensation arrangements, subject to stockholder
approval if such approval is required; and such arrangements may be
either generally applicable or applicable only in specific
cases.

 

             
12.9       

Severability.  The
provisions of the Plan are severable.  If any provision of the
Plan is held unlawful or otherwise invalid or unenforceable in
whole or in part by a court of competent jurisdiction or by reason
of change in a law or regulation, such provision will (i) be deemed
limited to the extent that such court of competent jurisdiction
deems it lawful, valid and/or enforceable and as so limited will
remain in full force and effect, and (ii) not affect any other
provision of the Plan or part thereof, each of which will remain in
full force and effect.  If the making of any payment or the
provision of any other benefit required under the Plan is held
unlawful or otherwise invalid or unenforceable by a court of
competent jurisdiction, such unlawfulness, invalidity or
unenforceability will not prevent any other payment or benefit from
being made or provided under the Plan, and if the making of any
payment in full or the provision of any other benefit required
under the Plan in full would be unlawful or otherwise invalid or
unenforceable, then such unlawfulness, invalidity or
unenforceability will not prevent such payment or benefit from
being made or provided in part, to the extent that it would not be
unlawful, invalid or unenforceable, and the maximum payment or
benefit that would not be unlawful, invalid or unenforceable will
be made or provided under the Plan.

 

             
12.10     

Construction.  As
used in the Plan, the words “include” and
“including,” and variations thereof, are not terms of
limitation, but rather must be deemed to be followed by the words
“without limitation.”

 

             
12.11      

Unfunded Status of the Plan.  The Plan is intended to constitute an
“unfunded” plan for incentive compensation.  With
respect to any payments not yet made to a Participant by the
Company, nothing contained herein gives any such Participant any
rights that are greater than those of a general creditor of the
Company.  In its sole discretion, the Committee may
authorize the creation of trusts or other arrangements to meet the
obligations created under the Plan to deliver the Shares or
payments in lieu of or with respect to Awards hereunder;
provided,
however, that the existence of
such trusts or other arrangements is consistent with the unfunded
status of the Plan.  No deferral of compensation within the
meaning of the Employee Retirement Income Security Act of 1974 is
permitted under this Plan or any Award Agreement for any
Participant that is not an executive officer or director of the
Company or a Subsidiary.

 

             
12.12      

Governing Law.  The Plan and all determinations made
and actions taken thereunder, to the extent not otherwise governed
by the Code or the laws of the United States, is governed by the
laws of the State of Delaware, without reference to principles of
conflict of laws, and construed accordingly.

 

             
12.13       

Effective Date of Plan; Termination of Plan.  The Plan will be effective as of the
date on which the stockholders approve the Plan in accordance with
the Company’s certificate of incorporation and bylaws and the
rules of the principal U.S. national securities exchange on which
the Shares are traded (“Effective
Date”).  For the
avoidance of doubt, the Effective Date is the date the
Company’s stockholders approve the Plan at the 2018 Annual
Meeting of Stockholders. The Plan will become effective on the
Effective Date and will be null and void and of no effect if the
foregoing approval is not obtained.  No Incentive Stock Option
may be granted under the Plan if the Plan is not approved by the
Company’s stockholders within 12 months of the Board Approval
Date.  Awards may be granted under the Plan at any time after
the Effective Date (or prior to the Effective Date, as long as any
such prior grants are subject to and conditioned upon the approval
of the Plan by the Company’s stockholders) and from time to
time on, or prior to, the Plan Expiration Date, on which date the
Plan will expire except as to Awards then outstanding under the
Plan. Such outstanding Awards will remain in effect until they
have been exercised or terminated, or have
expired.

 

 

 

-16-

 

 

 

             
12.14
      
Foreign
Employees and Consultants.  Awards may be granted to Participants
who are foreign nationals or employed or providing services outside
the United States, or both, on such terms and conditions different
from those applicable to Awards to Employees or Consultants
providing services in the United States as may, in the judgment of
the Committee, be necessary or desirable in order to recognize
differences in local law or tax policy.  The Committee
also may impose conditions on the exercise or vesting of Awards in
order to minimize the Company’s obligation with respect to
tax equalization for Employees or Consultants on assignments
outside their home country.

 

             
12.15       

Compliance with Section 409A of the Code.  This Plan is intended to comply and
must be administered in a manner that is intended to comply with
Section 409A of the Code and the regulations thereunder and must be
construed and interpreted in accordance with that
intent.

 

                        
(a)    
To the extent that an Award or the
payment, settlement or deferral thereof is subject to Section 409A
of the Code, the Award must be granted, paid, settled or deferred
in a manner that will comply with Section 409A of the Code,
including regulations or other guidance issued with respect
thereto, except as otherwise determined by the Committee.  Any
provision of this Plan that would cause the grant of an Award or
the payment, settlement or deferral thereof to fail to satisfy
Section 409A of the Code must be amended to comply with Section
409A of the Code on a timely basis, which may be made on a
retroactive basis, in accordance with regulations and other
guidance issued under Section 409A of the Code and the regulations
thereunder.

 

                    (b)     
Notwithstanding any other provision of
this Plan or any Award Agreement:

 

                                  
(i)            if
this Plan or any Award Agreement provides that a payment,
distribution or benefit constituting deferred compensation under
Code Section 409A and the regulations thereunder will be made or
provided to a Participant as a result of an event constituting a
Change in Control, such payment, distribution or benefit will not
be payable to such Participant as a result of such event unless
such event also constitutes a “change in control event”
as defined in Treasury Regulation Section 1.409A-3(i)(5)(i), and
any such payment, distribution or benefit payable as a result of
such a change in control event must be made or provided to such
Participant no later than five (5) days following the occurrence of
the change in control event.

 

                                  
(ii)            With
respect to a Participant who is a “specified employee”
within the meaning of Code Section 409A(a)(2)(B)(i) and the
regulations thereunder, no payment, distribution or benefit that
constitutes deferred compensation under Code Section 409A and the
regulations thereunder may be made or provided to such Participant
during the 6-month period following such Participant’s
“separation from service” (within the meaning of Code
Section 409A(a)(2)(A)(i) and the regulations thereunder), to
the extent necessary in order to avoid the imposition of excise
taxes.  However, if any payment, distribution or benefit is
delayed as a result of the previous sentence, then such payment,
distribution or benefit must be made or provided to the
Participant, without interest, on the first business day following
the end of such 6-month period (or such earlier date upon which
such amount can be paid without resulting in a prohibited
distribution under Code Section 409A(a)(2)(B)(i) and the
regulations thereunder, including as a result of the
Participant’s death).

 

12.16      

No Registration Rights; No Right to Settle in
Cash.  The Company
has no obligation to register with any governmental body or
organization (including, without limitation, the SEC) any of (i)
the offer or issuance of any Award, (ii) any Shares issuable upon
the exercise of any Award, or (iii) the sale of any Shares issued
upon exercise of any Award, regardless of whether the Company in
fact undertakes to register any of the foregoing.  In
particular, in the event that any of (x) any offer or issuance of
any Award, (y) any Shares issuable upon exercise of any Award, or
(z) the sale of any Shares issued upon exercise of any Award are
not registered with any governmental body or organization
(including, without limitation, the SEC), the Company will not
under any circumstance be required to settle its obligations, if
any, under this Plan in cash.

 

             
12.17      

Captions.  The
captions in the Plan are for convenience of reference only, and are
not intended to narrow, limit or affect the substance or
interpretation of the provisions contained
herein.

 

             
12.18      

Indemnification.  To the maximum extent permitted by
applicable law, each member of the Committee and the Board must be
indemnified and held harmless by the Company from and against: (i)
any loss, cost, liability, or expense (including attorneys’
fees and costs) that may be imposed upon or reasonably incurred by
him or her in connection with or resulting from any claim, action,
suit, or proceeding (whether civil, administrative, investigative
or criminal) to which he or she may be a party or in which he or
she may be involved by reason of any action taken or failure to act
under the Plan or any Award Agreement, and (ii) from any and all
amounts paid by him or her in settlement thereof, with the
Company’s approval, or paid by him or her in satisfaction of
any such claim, action, suit, or proceeding against him or
her.  The foregoing right to indemnification is not
exclusive of any other rights to indemnification to which a member
of the Committee or the Board may be entitled under the
Company’s Certificate of Incorporation, Bylaws, or agreement
or as a matter of law, or otherwise, or under any power that the
Company may have to indemnify the member or hold them
harmless.

 

 

 

 

 

 

-17-EX-4.4

 Exhibit 4.4 
  

 
  

ZILLOW GROUP, INC. 
 AND 

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

as Trustee 
 INDENTURE 

Dated as of [            ], 20[    ] 

[    ]% Convertible Senior Notes due 20[    ] 

 
  

 

 TABLE OF CONTENTS 

 
  

 

							
	 	 	 	  	PAGE	 
	ARTICLE 1	 
	DEFINITIONS	
			
	 Section 1.01. 
	 	 Definitions
	  	 	2	
	 Section 1.02. 
	 	 References to Interest
	  	 	13	
	
	ARTICLE 2	 
	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES	
			
	 Section 2.01. 
	 	 Designation and Amount
	  	 	13	
	 Section 2.02. 
	 	 Form of Notes
	  	 	13	
	 Section 2.03. 
	 	 Date and Denomination of Notes; Payments of Interest and Defaulted Amounts
	  	 	14	
	 Section 2.04. 
	 	 Execution, Authentication and Delivery of Notes
	  	 	16	
	 Section 2.05. 
	 	 Exchange and Registration of Transfer of Notes; Depositary
	  	 	16	
	 Section 2.06. 
	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	19	
	 Section 2.07. 
	 	 Temporary Notes
	  	 	20	
	 Section 2.08. 
	 	 Cancellation of Notes Paid, Converted, Etc
	  	 	20	
	 Section 2.09. 
	 	 CUSIP Numbers
	  	 	20	
	 Section 2.10. 
	 	 Additional Notes; Repurchases
	  	 	20	
	
	ARTICLE 3	 
	SATISFACTION AND DISCHARGE	
			
	 Section 3.01. 
	 	 Satisfaction and Discharge
	  	 	21	
	
	ARTICLE 4	 
	PARTICULAR COVENANTS OF THE COMPANY	
			
	 Section 4.01. 
	 	 Payment of Principal and Interest
	  	 	21	
	 Section 4.02. 
	 	 Maintenance of Office or Agency
	  	 	21	
	 Section 4.03. 
	 	 Appointments to Fill Vacancies in Trustee’s Office
	  	 	22	
	 Section 4.04. 
	 	 Provisions as to Paying Agent
	  	 	22	
	 Section 4.05. 
	 	 Existence
	  	 	23	
	 Section 4.06. 
	 	 Annual Reports
	  	 	24	
	 Section 4.07. 
	 	 Stay, Extension and Usury Laws
	  	 	24	
	 Section 4.08. 
	 	 Compliance Certificate; Statements as to Defaults
	  	 	24	
	 Section 4.09. 
	 	 Further Instruments and Acts
	  	 	24	
	
	ARTICLE 5	 
	LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE
TRUSTEE	
			
	 Section 5.01. 
	 	 Lists of Holders
	  	 	25	
	 Section 5.02. 
	 	 Preservation and Disclosure of Lists; Communications With Holders
	  	 	25	 
	 Section 5.03. 
	 	 Reports by the Trustee
	  	 	25	

  
 i 

							
	ARTICLE 6	 
	DEFAULTS AND REMEDIES	 
			
	 Section 6.01. 
	 	 Events of Default
	  	 	26	
	 Section 6.02.
	 	 Acceleration; Rescission and Annulment
	  	 	27	
	 Section 6.03.
	 	 Additional Interest
	  	 	28	
	 Section 6.04. 
	 	 Payments of Notes on Default; Suit Therefor
	  	 	29	
	 Section 6.05. 
	 	 Application of Monies Collected by Trustee
	  	 	30	
	 Section 6.06. 
	 	 Proceedings by Holders
	  	 	31	
	 Section 6.07. 
	 	 Proceedings by Trustee
	  	 	32	
	 Section 6.08. 
	 	 Remedies Cumulative and Continuing
	  	 	32	
	 Section 6.09. 
	 	 Direction of Proceedings and Waiver of Defaults by Majority of Holders
	  	 	32	
	 Section 6.10. 
	 	 Notice of Defaults
	  	 	33	
	 Section 6.11. 
	 	 Undertaking to Pay Costs
	  	 	33	
	
	ARTICLE 7	 
	CONCERNING THE TRUSTEE	
			
	 Section 7.01. 
	 	 Duties of the Trustee
	  	 	34	
	 Section 7.02. 
	 	 Rights of the Trustee
	  	 	35	
	 Section 7.03. 
	 	 No Responsibility for Recitals, Etc
	  	 	36	
	 Section 7.04. 
	 	 Trustee, Paying Agents, Conversion Agents or Note Registrar May Own Notes
	  	 	36	
	 Section 7.05. 
	 	 Monies and Shares of Class C Capital Stock to Be Held in Trust
	  	 	36	
	 Section 7.06. 
	 	 Compensation and Expenses of Trustee
	  	 	37	
	 Section 7.07. 
	 	 Intentionally Omitted
	  	 	37	
	 Section 7.08. 
	 	 Eligibility of Trustee
	  	 	37	
	 Section 7.09. 
	 	 Resignation or Removal of Trustee
	  	 	38	
	 Section 7.10. 
	 	 Acceptance by Successor Trustee
	  	 	39	
	 Section 7.11. 
	 	 Succession by Merger, Etc
	  	 	39	
	 Section 7.12. 
	 	 Trustee’s Application for Instructions from the Company
	  	 	40	 
	 Section 7.13. 
	 	 Preferential Collection of Claims Against the Company
	  	 	40	 
	
	ARTICLE 8	 
	CONCERNING THE HOLDERS	
			
	 Section 8.01. 
	 	 Action by Holders
	  	 	40	
	 Section 8.02. 
	 	 Proof of Execution by Holders
	  	 	41	
	 Section 8.03. 
	 	 Who Are Deemed Absolute Owners
	  	 	41	
	 Section 8.04. 
	 	 Company-Owned Notes Disregarded
	  	 	41	
	 Section 8.05. 
	 	 Revocation of Consents; Future Holders Bound
	  	 	42	

  
 ii 

							
	ARTICLE 9	 
	HOLDERS’ MEETINGS	 
			
	 Section 9.01. 
	 	 Purpose of Meetings
	  	 	42	
	 Section 9.02. 
	 	 Call of Meetings by Trustee
	  	 	42	
	 Section 9.03. 
	 	 Call of Meetings by Company or Holders
	  	 	43	
	 Section 9.04. 
	 	 Qualifications for Voting
	  	 	43	
	 Section 9.05. 
	 	 Regulations
	  	 	43	
	 Section 9.06. 
	 	 Voting
	  	 	44	
	 Section 9.07. 
	 	 No Delay of Rights by Meeting
	  	 	44	
	
	ARTICLE 10	 
	SUPPLEMENTAL INDENTURES	 
			
	 Section 10.01. 
	 	 Supplemental Indentures Without Consent of Holders
	  	 	44	
	 Section 10.02. 
	 	 Supplemental Indentures with Consent of Holders
	  	 	45	
	 Section 10.03. 
	 	 Effect of Supplemental Indentures
	  	 	46	
	 Section 10.04. 
	 	 Notation on Notes
	  	 	46	
	 Section 10.05. 
	 	 Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee
	  	 	46	
	
	ARTICLE 11	 
	CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE	 
			
	 Section 11.01. 
	 	 Company May Consolidate, Etc. on Certain Terms
	  	 	47	
	 Section 11.02. 
	 	 Successor Corporation to Be Substituted
	  	 	47	
	 Section 11.03. 
	 	 Opinion of Counsel to Be Given to Trustee
	  	 	48	
	
	ARTICLE 12	 
	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	
			
	 Section 12.01. 
	 	 Indenture and Notes Solely Corporate Obligations
	  	 	48	
	
	ARTICLE 13	 
	[INTENTIONALLY OMITTED]	 
	
	ARTICLE 14	 
	CONVERSION OF NOTES	 
			
	 Section 14.01. 
	 	 Conversion Privilege
	  	 	49	
	 Section 14.02. 
	 	 Conversion Procedure; Settlement Upon Conversion
	  	 	51	
	 Section 14.03. 
	 	 Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with
Make-Whole Fundamental Changes
	  	 	56	
	 Section 14.04. 
	 	 Adjustment of Conversion Rate
	  	 	58	
	 Section 14.05.
	 	 Adjustments of Prices
	  	 	67	
	 Section 14.06. 
	 	 Shares to Be Fully Paid
	  	 	67	
	 Section 14.07. 
	 	 Effect of Recapitalizations, Reclassifications and Changes of the Class C Capital Stock

	  	 	67	

  
 iii 

							
	 Section 14.08. 
	 	 Certain Covenants
	  	 	69	
	 Section 14.09. 
	 	 Responsibility of Trustee
	  	 	69	
	 Section 14.10. 
	 	 Notice to Holders Prior to Certain Actions
	  	 	70	
	 Section 14.11. 
	 	 Stockholder Rights Plans
	  	 	71	
	
	ARTICLE 15	 
	REPURCHASE OF NOTES AT OPTION OF HOLDERS	
			
	 Section 15.01. 
	 	 Intentionally Omitted
	  	 	71	
	 Section 15.02. 
	 	 Repurchase at Option of Holders Upon a Fundamental Change
	  	 	71	
	 Section 15.03. 
	 	 Withdrawal of Fundamental Change Repurchase Notice
	  	 	73	
	 Section 15.04. 
	 	 Deposit of Fundamental Change Repurchase Price
	  	 	74	
	 Section 15.05.
	 	 Covenant to Comply with Applicable Laws Upon Repurchase of Notes
	  	 	75	
	
	ARTICLE 16	 
	OPTIONAL REDEMPTION	
			
	 Section 16.01.
	 	 Optional Redemption
	  	 	75	
	 Section 16.02.
	 	 Notice of Optional Redemption; Selection of Notes
	  	 	75	
	 Section 16.03.
	 	 Payment of Notes Called for Redemption
	  	 	76	
	 Section 16.04.
	 	 Restrictions on Redemption
	  	 	77	
	
	ARTICLE 17	 
	MISCELLANEOUS PROVISIONS	
			
	 Section 17.01. 
	 	 Provisions Binding on Company’s Successors
	  	 	77	
	 Section 17.02. 
	 	 Official Acts by Successor Corporation
	  	 	77	
	 Section 17.03. 
	 	 Addresses for Notices, Etc
	  	 	77	
	 Section 17.04. 
	 	 Governing Law; Jurisdiction
	  	 	78	
	 Section 17.05. 
	 	 Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to
Trustee
	  	 	79	
	 Section 17.06. 
	 	 Legal Holidays
	  	 	79	
	 Section 17.07. 
	 	 No Security Interest Created
	  	 	79	
	 Section 17.08. 
	 	 Benefits of Indenture
	  	 	79	
	 Section 17.09. 
	 	 Table of Contents, Headings, Etc
	  	 	79	
	 Section 17.10. 
	 	 Authenticating Agent
	  	 	80	
	 Section 17.11. 
	 	 Execution in Counterparts
	  	 	81	
	 Section 17.12. 
	 	 Severability
	  	 	81	
	 Section 17.13. 
	 	 Waiver of Jury Trial
	  	 	81	
	 Section 17.14. 
	 	 Force Majeure
	  	 	81	
	 Section 17.15. 
	 	 Calculations
	  	 	81	
	 Section 17.16.
	 	 USA PATRIOT Act
	  	 	81	
	 Section 17.17.
	 	 Foreign Account Tax Compliance Act (FATCA)
	  	 	82	 
	 Section 17.18.
	 	 Conflict With Trust Indenture Act
	  	 	82	

  
 iv 

 EXHIBIT 
  

							
	 Exhibit A
	 	Form of Note	  	 	A-1	 

  
 i 

 TRUST INDENTURE ACT CROSS-REFERENCE TABLE1 

 

			
	 Section of Trust Indenture Act of 1939, as
amended
	  	 Section of Indenture

	 310(a)
	  	Section 7.08
	 310(b)
	  	Section 7.08
		  	 Section 7.09

	 310(c)
	  	Inapplicable
	 311(a)
	  	7.13
	 311(b)
	  	7.13
	 311(c)
	  	Inapplicable
	 312(a)
	  	 5.01
 5.02(a)

	 312(b)
	  	5.02(b)
	 312(c)
	  	5.02(b)
	 313(a)
	  	5.03(a)
	 313(b)
	  	5.03(b)
	 313(c)
	  	 5.03(a)
 5.03(b)

	 313(d)
	  	4.06
	 314(a)
	  	 4.06
 4.08

	 314(b)
	  	Inapplicable
	 314(c)
	  	17.05
	 314(d)
	  	Inapplicable
	 314(e)
	  	17.05
	 314(f)
	  	Inapplicable
	 315(a)
	  	 7.01(a)
 7.01(b)

7.01(c)

	 315(b)
	  	6.10
	 315(c)
	  	 7.01(a)
 7.01(b)

	 315(d)
	  	7.01(c)
	 315(e)
	  	6.11
	 316(a)
	  	 8.01
 8.04

	 316(b)
	  	6.06
	 316(c)
	  	8.01
	 317(a)
	  	6.04
	 317(b)
	  	4.04
	 318(a)
	  	17.18

  

	1 	This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions. 

 INDENTURE dated as of [            ],
20[     ] between Zillow Group, Inc., a Washington corporation, as issuer (the “Company,” as more fully set forth in Section 1.01) and
[                    ], as trustee (the “Trustee,” as more fully set forth in Section 1.01). 

W I T N E S S E T H: 
 WHEREAS,
for its lawful corporate purposes, the Company has duly authorized the issuance of its [    ]% Convertible Senior Notes due 20[     ] (the “Notes”), initially in an aggregate principal amount
not to exceed $[        ] [[                    ] (as increased by an amount equal to the aggregate principal
amount of any additional Notes purchased by the Underwriters pursuant to the exercise of their option to purchase additional Notes as set forth in the Underwriting Agreement)], and in order to provide the terms and conditions upon which the Notes
are to be authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Indenture; and 
 WHEREAS,
the Form of Note, the certificate of authentication to be borne by each Note, the Form of Notice of Conversion, the Form of Fundamental Change Repurchase Notice and the Form of Assignment and Transfer to be borne by the Notes are to be substantially
in the forms hereinafter provided; and 
 WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and
authenticated and delivered by the Trustee or a duly authorized authenticating agent, as in this Indenture provided, the valid, binding and legal obligations of the Company, and this Indenture a valid agreement according to its terms, have been done
and performed, and the execution of this Indenture and the issuance hereunder of the Notes have in all respects been duly authorized. 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

That in order to declare the terms and conditions upon which the Notes are, and are to be, authenticated, issued and delivered, and in
consideration of the premises and of the purchase and acceptance of the Notes by the Holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time to time of the Notes
(except as otherwise provided below), as follows: 
 ARTICLE 1 

DEFINITIONS 

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

“Additional Interest” means all amounts, if any, payable pursuant to Section 6.03. 

  
 2 

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

 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct or cause the direction of the management and policies of
such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. Notwithstanding anything
to the contrary herein, the determination of whether one Person is an “Affiliate” of another Person for purposes of this Indenture shall be made based on the facts at the time such determination is made or required to be made, as
the case may be, hereunder. 
 “Applicable Law” shall have the meaning specified in Section 17.17. 

“Bid Solicitation Agent” means the Company or the Person appointed by the Company to solicit bids for the Trading Price of
the Notes in accordance with Section 14.01(b)(i). The Company shall initially act as the Bid Solicitation Agent. 
 “Board of
Directors” means the board of directors of the Company or a committee of such board duly authorized to act for it hereunder. 

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

“Business Day” means, with respect to any Note, any day other than a Saturday, a Sunday or a day on which the Federal Reserve
Bank of New York is authorized or required by law or executive order to close or be closed. 
 “Capital Stock” means, for
any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by that entity, but excluding any debt securities convertible into such
equity. 
 “Cash Settlement” shall have the meaning specified in Section 14.02(a). 

“Class C Capital Stock” means the Class C capital stock of the Company, par value $0.0001 per share,
at the date of this Indenture, subject to Section 14.07. 
 “Clause A Distribution” shall have the meaning specified
in Section 14.04(c). 
 “Clause B Distribution” shall have the meaning specified in Section 14.04(c). 

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

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

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

  
 3 

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

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

“Company” shall have the meaning specified in the first paragraph of this Indenture, and subject to the provisions of Article
11, shall include its successors and assigns. 
 “Company Order” means a written order of the Company, signed by
(a) the Company’s Chief Executive Officer, Chief Financial Officer, President, Executive or Senior Vice President or any Vice President (whether or not designated by a number or numbers or word or words added before or after the title
“Vice President”), and includes an individual serving in such capacity on an interim basis, and (b) any such other Officer designated in clause (a) of this definition or the Company’s Treasurer or Assistant Treasurer or
Secretary or any Assistant Secretary, and delivered to the Trustee. 
 “Conversion Agent” shall have the meaning specified
in Section 4.02. 
 “Conversion Date” shall have the meaning specified in Section 14.02(c). 

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

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

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

“Corporate Trust Office” means the principal office of the Trustee at which at any time its corporate trust business shall be
administered, which office at the date hereof is located at [                    ], or such other address as the Trustee may designate from time to
time by notice to the Holders and the Company, or the principal corporate trust office of any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders and the Company). 

“Custodian” means the Trustee, as custodian for The Depository Trust Company, with respect to the Global Notes, or any
successor entity thereto. 
 “Daily Conversion Value” means, for each of the
[                    ] consecutive Trading Days during the Observation Period, [    ]% of the product of (a) the Conversion
Rate on such Trading Day and (b) the Daily VWAP for such Trading Day. 
 “Daily Measurement Value” means the Specified
Dollar Amount (if any), divided by [                    ]. 

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

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

  
 4 

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

“Daily VWAP” means, for each of the
[                    ] consecutive Trading Days during the relevant Observation Period, the per share volume-weighted average price as displayed
under the heading “Bloomberg VWAP” on Bloomberg page “Z <equity> AQR” (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of
trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of the Class C Capital Stock on such Trading Day determined, using a volume-weighted average
method, by a nationally recognized independent investment banking firm retained for this purpose by the Company). The “Daily VWAP” shall be determined without regard to after-hours trading or any other trading outside of the regular
trading session trading hours. 
 “Default” means any event that is, or after notice or passage of time, or both, would be,
an Event of Default. 
 “Defaulted Amounts” means any amounts on any Note (including, without limitation, the Redemption
Price, the Fundamental Change Repurchase Price, principal and interest) that are payable but are not punctually paid or duly provided for. 

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

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

“Effective Date” shall have the meaning specified in Section 14.03(c), except that, as used in Section 14.04 and
Section 14.05, “Effective Date” means the first date on which shares of the Class C Capital Stock trade on the applicable exchange or in the applicable market, regular way, reflecting the relevant share split or share
combination, as applicable. 
 “Event of Default” shall have the meaning specified in Section 6.01. 

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

  
 5 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder. 
 “Form of Assignment and Transfer” means the “Form of Assignment and
Transfer” attached as Attachment 3 to the Form of Note attached hereto as Exhibit A. 
 “Form of Fundamental Change Repurchase
Notice” means the “Form of Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form of Note attached hereto as Exhibit A. 

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

“Form of Notice of Conversion” means the “Form of Notice of Conversion” attached as Attachment 1 to the Form of
Note attached hereto as Exhibit A. 
 “Fundamental Change” shall be deemed to have occurred at the time after the Notes are
originally issued if any of the following occurs: 
 (a)    a “person” or “group”
within the meaning of Section 13(d) of the Exchange Act, other than the Company, its Wholly Owned Subsidiaries and the employee benefit plans of the Company and its Wholly Owned Subsidiaries, has become the direct or indirect “beneficial
owner,” as defined in Rule 13d-3 under the Exchange Act, of (i) the Company’s Common Equity representing more than 50% of the voting power of the Company’s Common Equity or (ii) more
than 50% of the then outstanding Class C Capital Stock; 
 (b)    the consummation of (A) any
recapitalization, reclassification or change of the Class C Capital Stock (other than changes resulting from a subdivision or combination) as a result of which the Class C Capital Stock would be converted into, or exchanged for, stock,
other securities, other property or assets; (B) any share exchange, consolidation or merger of the Company pursuant to which the Class C Capital Stock will be converted into cash, securities or other property or assets; or (C) any
sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person other than one of the Company’s Wholly
Owned Subsidiaries; provided, however, that a transaction described in clause (B) in which the holders of all classes of the Company’s Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of
all classes of Common Equity of the continuing or surviving corporation or transferee or the parent thereof immediately after such transaction in substantially the same proportions as such ownership immediately prior to such transaction shall not be
a Fundamental Change pursuant to this clause (b); 
 (c)    the shareholders of the Company approve any
plan or proposal for the liquidation or dissolution of the Company; or 
 (d)    the Class C Capital
Stock (or other common stock underlying the Notes) ceases to be listed or quoted on any of The New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors); 

  
 6 

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

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

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

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

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

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

“Holder,” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any
Person in whose name at the time a particular Note is registered on the Note Register. 
 “Indenture” means this instrument
as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented. 
 “Interest Payment
Date” means each [                    ] and
[                    ] of each year, beginning on [            ],
20[    ]. 
 “Last Reported Sale Price” of the Class C Capital Stock on any date means the closing
sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions
for the principal U.S. national or regional 

  
 7 

 
securities exchange on which the Class C Capital Stock is traded. If the Class C Capital Stock is not listed for trading on a U.S. national or regional securities exchange on the
relevant date, the “Last Reported Sale Price” shall be the last quoted bid price for the Class C Capital Stock in the over-the-counter market on
the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the Class C Capital Stock is not so quoted, the “Last Reported Sale Price” shall be the average of the
mid-point of the last bid and ask prices for the Class C Capital Stock on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the Company
for this purpose. 
 “Make-Whole Fundamental Change” means any transaction or event that constitutes a Fundamental Change
(as defined above and determined after giving effect to any exceptions to or exclusions from such definition, but without regard to the proviso in clause (b) of the definition thereof). 

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

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

“Maturity Date” means [            ],
20[    ]. 
 “Measurement Period” shall have the meaning specified in Section 14.01(b)(i). 

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

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

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

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

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

“Observation Period” with respect to any Note surrendered for conversion means: (i) if the relevant Conversion Date
occurs prior to [            ], 20[    ] and the Company has not issued a Redemption Notice with respect to the Notes pursuant to Section 16.02, the
[                    ] consecutive Trading Day period beginning on, and including, the second Trading Day immediately succeeding such Conversion
Date; (ii) if the relevant Conversion Date occurs on or after the date of the Company’s issuance of a Redemption Notice with respect to the Notes pursuant to Section 16.02 

  
 8 

 
and prior to the relevant Redemption Date (even if the relevant Conversion Date occurs on or after [            ],
20[    ]), the [                ] consecutive Trading Days beginning on, and including, the
[                    ] Scheduled Trading Day immediately preceding such Redemption Date; and (iii) if the relevant Conversion Date occurs on or
after [            ], 20[    ] and the Company has not issued a Redemption Notice with respect to the Notes pursuant to Section 16.02, the
[                    ] consecutive Trading Days beginning on, and including, the
[                        ] Scheduled Trading Day immediately preceding the Maturity Date. 

“Officer” means, with respect to the Company, the President, the Chief Executive Officer, the Chief Financial Officer, the
Treasurer, the Secretary, any Executive or Senior Vice President or any Vice President (whether or not designated by a number or numbers or word or words added before or after the title “Vice President”), and includes an individual serving
in such capacity on an interim basis. 
 “Officers’ Certificate,” when used with respect to the Company, means a
certificate that is delivered to the Trustee and that is signed by (a) two Officers of the Company or (b) one Officer of the Company and one of the Treasurer, any Assistant Treasurer, the Secretary, any Assistant Secretary or the
Controller of the Company. Each such certificate shall include the statements provided for in Section 17.05. One of the Officers giving an Officers’ Certificate pursuant to Section 4.08 shall be the principal executive, financial or
accounting officer of the Company (or an individual serving in such capacity on an interim basis). 
 “open of business”
means 9:00 a.m. (New York City time). 
 “Opinion of Counsel” means an opinion in writing signed by legal counsel, who may
be an employee of or counsel to the Company, or other counsel acceptable to the Trustee, that is delivered to the Trustee. Each such opinion shall include the statements provided for in Section 17.05. 

“Optional Redemption” shall have the meaning specified in Section 16.01. 

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

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

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

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

  
 9 

 (d)    Notes converted pursuant to Article 14 and required to
be cancelled pursuant to Section 2.08; 
 (e)    Notes redeemed pursuant to Article 16; and 

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

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

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

“Physical Notes” means permanent certificated Notes in registered form issued in denominations of $1,000 principal amount and
integral multiples thereof. 
 “Physical Settlement” shall have the meaning specified in Section 14.02(a). 

“Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.06 in lieu of or in exchange for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same
debt as the mutilated, lost, destroyed or stolen Note that it replaces. 
 “Prospectus Supplement” means the preliminary
prospectus supplement dated [            ], 20[    ], as supplemented by the related pricing term sheet dated
[            ], 20[    ], relating to the offering and sale of the Notes. 

“Record Date” means, with respect to any dividend, distribution or other transaction or event in which the holders of
Class C Capital Stock (or other applicable security) have the right to receive any cash, securities or other property or in which the Class C Capital Stock (or such other security) is exchanged for or converted into any combination of
cash, securities or other property, the date fixed for determination of holders of the Class C Capital Stock (or such other security) entitled to receive such cash, securities or other property (whether such date is fixed by the Board of
Directors, by statute, by contract or otherwise). 
 “Redemption Date” shall have the meaning specified in
Section 16.02(a). 
 “Redemption Notice” shall have the meaning specified in Section 16.02(a). 

“Redemption Price” means, for any Notes to be redeemed pursuant to Section 16.01, 100% of the principal amount of such
Notes, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date (unless the Redemption Date falls after a Regular Record Date but on or prior to the immediately succeeding Interest Payment Date, in which case interest

  
 10 

 
accrued to the Interest Payment Date will be paid to Holders of record of such Notes on such Regular Record Date, and the Redemption Price will be equal to 100% of the principal amount of such
Notes). The Company shall calculate the Redemption Price. 
 “Reference Property” shall have the meaning specified in
Section 14.07(a). 
 “Regular Record Date,” with respect to any Interest Payment Date, means the
[                    ] or [                    ]
(whether or not such day is a Business Day) immediately preceding the applicable [                    ] or
[                    ] Interest Payment Date, respectively. 

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

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

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

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

“Settlement Method” means, with respect to any conversion of Notes, Physical Settlement, Cash Settlement or Combination
Settlement, as elected (or deemed to have been elected) by the Company. 
 “Settlement Notice” has the meaning specified in
Section 14.02(a)(iii). 
 “Significant Subsidiary” means a Subsidiary of the Company that meets the definition of
“significant subsidiary” in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act. 
 “Specified Dollar
Amount” means the maximum cash amount per $1,000 principal amount of Notes to be received upon conversion as specified in the Settlement Notice related to any converted Notes. 

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

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

“Subsidiary” means, with respect to any Person, any corporation, association, partnership or other business entity of which
more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the 

  
 11 

 
occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such
Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person. 

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

“Trading Day” means a day on which (i) trading in the Class C Capital Stock (or other security for which a closing sale
price must be determined) generally occurs on The Nasdaq Global Select Market or, if the Class C Capital Stock (or such other security) is not then listed on The Nasdaq Global Select Market, on the principal other U.S. national or regional
securities exchange on which the Class C Capital Stock (or such other security) is then listed or, if the Class C Capital Stock (or such other security) is not then listed on a U.S. national or regional securities exchange, on the principal other
market on which the Class C Capital Stock (or such other security) is then traded and (ii) a Last Reported Sale Price for the Class C Capital Stock (or such other security) is available on such securities exchange or market; provided
that if the Class C Capital Stock (or such other security) is not so listed or traded, “Trading Day” means a Business Day; and provided, further, that for purposes of determining amounts due upon conversion only,
“Trading Day” means a day on which (x) there is no Market Disruption Event and (y) trading in the Class C Capital Stock generally occurs on The Nasdaq Global Select Market or, if the Class C Capital Stock is not then
listed on The Nasdaq Global Select Market, on the principal other U.S. national or regional securities exchange on which the Class C Capital Stock is then listed or, if the Class C Capital Stock is not then listed on a U.S. national or regional
securities exchange, on the principal other market on which the Class C Capital Stock is then listed or admitted for trading, except that if the Class C Capital Stock is not so listed or admitted for trading, “Trading Day” means a
Business Day. 
 “Trading Price” of the Notes on any date of determination means the average of the secondary market bid
quotations obtained by the Bid Solicitation Agent for $5,000,000 principal amount of Notes at approximately 3:30 p.m., New York City time, on such determination date from three independent nationally recognized securities dealers the Company selects
for this purpose; provided that if three such bids cannot reasonably be obtained by the Bid Solicitation Agent but two such bids are obtained, then the average of the two bids shall be used, and if only one such bid can reasonably be obtained
by the Bid Solicitation Agent, that one bid shall be used. If the Bid Solicitation Agent cannot reasonably obtain at least one bid for $5,000,000 principal amount of Notes from a nationally recognized securities dealer on any determination date,
then the Trading Price per $1,000 principal amount of Notes on such determination date shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the Class C Capital Stock and the Conversion Rate. 

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

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

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

  
 12 

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

[“Underwriting Agreement” means that certain Underwriting Agreement, dated as of
[            ], 20[    ] among the Company and the Underwriters.] 

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

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

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

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

ARTICLE 2 
 ISSUE,
DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES 

Section 2.01. Designation and Amount. The Notes shall be designated as the “[    ]% Convertible Senior
Notes due 20[    ].” The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $[        ]
[[                    ] (as increased by an amount equal to the aggregate principal amount of any additional Notes purchased by the Underwriters
pursuant to the exercise of their option to purchase additional Notes as set forth in the Underwriting Agreement)], subject to Section 2.10 and except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in
lieu of other Notes to the extent expressly permitted hereunder. 
 Section 2.02. Form of Notes. The Notes and the
Trustee’s certificate of authentication to be borne by such Notes shall be substantially in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and made a
part of this Indenture. To the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 

  
 13 

 Any Global Note may be endorsed with or have incorporated in the text thereof such legends or
recitals or changes not inconsistent with the provisions of this Indenture as may be required by the Custodian or the Depositary, or as may be required to comply with any applicable law or any regulation thereunder or with the rules and regulations
of any securities exchange or automated quotation system upon which the Notes may be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any
particular Notes are subject. 
 Any of the Notes may have such letters, numbers or other marks of identification and such notations,
legends or endorsements as the Officer executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or
with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage or to indicate any special
limitations or restrictions to which any particular Notes are subject. 
 Each Global Note shall represent such principal amount of the
outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be increased or reduced to reflect redemptions, repurchases, cancellations, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the
amount of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the Holder of such Notes in accordance with this Indenture. Payment of
principal (including the Redemption Price, the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, a Global Note shall be made to the Holder of such Note on the date of payment, unless a record date or other
means of determining Holders eligible to receive payment is provided for herein. 
 Section 2.03. Date and Denomination of
Notes; Payments of Interest and Defaulted Amounts. (a) The Notes shall be issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof. Each Note shall be dated the date of its
authentication and shall bear interest from the date specified on the face of such Note. Accrued interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of the
number of days actually elapsed in a 30-day month. 
 (b) The Person in whose name any Note (or its Predecessor Note) is registered
on the Note Register at the close of business on any Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date. The principal amount of any Note (x) in the case
of any Physical Note, shall be payable at the office or agency of the Company maintained by the Company for such purposes in the Borough of Manhattan, The City of New York, which shall initially be the Corporate Trust Office or an affiliate thereof
and (y) in the case of any Global Note, shall be payable by wire transfer of immediately available funds to the account of the Depositary or its nominee. The Company shall pay interest (i) on any Physical Notes by wire transfer in
immediately available funds to the 

  
 14 

 
account of Holders of these Notes within the United States, or, upon application by Holders of Physical Notes having an aggregate principal amount of $5,000,000 or less to the Note Registrar not
later than the relevant Regular Record Date, by check mailed to such Holder, which application shall remain in effect until the Holder notifies, in writing, the Note Registrar to the contrary or (ii) on any Global Note by wire transfer of
immediately available funds to the account of the Depositary or its nominee. 
 (c) Any Defaulted Amounts shall forthwith cease to be
payable to the Holder on the relevant payment date but shall accrue interest per annum at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including, such relevant payment date, and such Defaulted
Amounts together with such interest thereon shall be paid by the Company, at its election in each case, as provided in clause (i) or (ii) below: 

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

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

  
 15 

 Section 2.04. Execution, Authentication and Delivery of Notes. The Notes shall
be signed in the name and on behalf of the Company by the manual or facsimile signature of its Chief Executive Officer, President, Chief Financial Officer, Treasurer, Secretary or any of its Executive or Senior Vice Presidents (or an individual
serving in such capacity on an interim basis). 
 At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the documents to which the Trustee is entitled under Section
17.05 hereof, and the Trustee in accordance with such Company Order shall authenticate and deliver such Notes, without any further action by the Company hereunder. 

Only such Notes as shall bear thereon a certificate of authentication substantially in the form set forth on the Form of Note attached as
Exhibit A hereto, executed manually by an authorized officer of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 17.10), shall be entitled to the benefits of this Indenture or be valid or obligatory for any
purpose. Such certificate by the Trustee (or such an authenticating agent) upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated has been duly authenticated and delivered hereunder and that the Holder is
entitled to the benefits of this Indenture. 
 In case any Officer of the Company who shall have signed any of the Notes shall cease to be
such Officer before the Notes so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or disposed of as though the person who signed such Notes
had not ceased to be such Officer of the Company; and any Note may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Note, shall be the Officers of the Company, although at the date of the execution
of this Indenture any such person was not such an Officer. 
 Section 2.05. Exchange and Registration of Transfer of Notes;
Depositary. (a) The Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in any other office or agency of the Company designated pursuant to Section 4.02, the
“Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers of Notes. Such register shall be in written form or in any
form capable of being converted into written form within a reasonable period of time. The Trustee is hereby initially appointed the “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein
provided. The Company may appoint one or more co-Note Registrars in accordance with Section 4.02. 
 Upon surrender for registration
of transfer of any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.05, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount. 

  
 16 

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

All Notes presented or surrendered for registration of transfer or for exchange, repurchase or conversion shall (if so required by the
Company, the Trustee, the Note Registrar or any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and duly executed, by the Holder thereof or its
attorney-in-fact duly authorized in writing. 
 No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any
co-Note Registrar or the Paying Agent for any exchange or registration of transfer of Notes, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in connection
therewith as a result of the name of the Holder of new Notes issued upon such exchange or registration of transfer being different from the name of the Holder of the old Notes surrendered for exchange or registration of transfer. 

None of the Company, the Trustee, the Note Registrar or any co-Note Registrar shall be required to exchange or register a transfer of
(i) any Notes surrendered for conversion or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered for conversion, (ii) any Notes, or a portion of any Note, surrendered for repurchase (and not withdrawn)
in accordance with Article 15 or (iii) any Notes selected for redemption in accordance with Article 16, except the unredeemed portion of any Note being redeemed in part. 

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

(b) So long as the Notes are eligible for book-entry settlement with the Depositary, unless otherwise required by law, subject to the fourth
paragraph from the end of Section 2.05(c) all Notes shall be represented by one or more Notes in global form (each, a “Global Note”) registered in the name of the Depositary or the nominee of the Depositary. The transfer and
exchange of beneficial interests in a Global Note that does not involve the issuance of a Physical Note shall be effected through the Depositary (but not the Trustee or the Custodian) in accordance with this Indenture and the procedures of the
Depositary therefor. 
 (c) Notwithstanding any other provisions of this Indenture (other than the provisions set forth in this Section
2.05(c)), a Global Note may not be transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or
any such nominee to a successor Depositary or a nominee of such successor Depositary and (ii) for exchange of a Global Note or a portion thereof for one or more Physical Notes in accordance with the second immediately succeeding paragraph. 

  
 17 

 The Depositary shall be a clearing agency registered under the Exchange Act. The Company
initially appoints The Depository Trust Company to act as Depositary with respect to each Global Note. Initially, each Global Note shall be issued to the Depositary, registered in the name of Cede & Co., as the nominee of the Depositary,
and deposited with the Trustee as custodian for Cede & Co. 
 If (i) the Depositary notifies the Company at any time that the
Depositary is unwilling or unable to continue as depositary for the Global Notes and a successor depositary is not appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor
depositary is not appointed within 90 days or (iii) an Event of Default with respect to the Notes has occurred and is continuing and a beneficial owner of any Note requests that its beneficial interest therein be issued as a Physical Note, the
Company shall execute, and the Trustee, upon receipt of an Officers’ Certificate and a Company Order for the authentication and delivery of Notes, shall authenticate and deliver (x) in the case of clause (iii), a Physical Note to such
beneficial owner in a principal amount equal to the principal amount of such Note corresponding to such beneficial owner’s beneficial interest and (y) in the case of clause (i) or (ii), Physical Notes to each beneficial owner of the
related Global Notes (or a portion thereof) in an aggregate principal amount equal to the aggregate principal amount of such Global Notes in exchange for such Global Notes, and upon delivery of the Global Notes to the Trustee such Global Notes shall
be canceled. 
 Physical Notes issued in exchange for all or a part of the Global Note pursuant to this Section 2.05(c) shall be registered
in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, or, in the case of clause (iii) of the immediately preceding paragraph, the relevant
beneficial owner, shall instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes are so registered. 

At such time as all interests in a Global Note have been converted, canceled, repurchased, redeemed or transferred, such Global Note shall be,
upon receipt thereof, canceled by the Trustee in accordance with standing procedures and existing instructions between the Depositary and the Custodian. At any time prior to such cancellation, if any interest in a Global Note is exchanged for
Physical Notes, converted, canceled, repurchased, redeemed or transferred to a transferee who receives Physical Notes therefor or any Physical Note is exchanged or transferred for part of such Global Note, the principal amount of such Global Note
shall, in accordance with the standing procedures and instructions existing between the Depositary and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such Global Note, by the Trustee or
the Custodian, at the direction of the Trustee, to reflect such reduction or increase. 
 None of the Company, the Trustee or any agent of
the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note or maintaining, supervising or reviewing any records
relating to such beneficial ownership interests. 
 Neither the Trustee nor any agent of the Trustee shall have any responsibility for any
actions taken or not taken by the Depositary. 

  
 18 

 Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes. In case any Note
shall become mutilated or be destroyed, lost or stolen, the Company in its discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, a new Note, bearing a
registration number not contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every case the applicant for a substituted Note shall furnish
to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless from any loss, liability, cost or expense caused by or connected with such
substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such
Note and of the ownership thereof. 
 The Trustee or such authenticating agent may authenticate any such substituted Note and deliver
the same upon the receipt of such security or indemnity as the Trustee, the Company and, if applicable, such authenticating agent may require. No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note Registrar
or the Paying Agent upon the issuance of any substitute Note, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in connection therewith as a result of the name of
the Holder of the new substitute Note being different from the name of the Holder of the old Note that became mutilated or was destroyed, lost or stolen. In case any Note that has matured or is about to mature or has been surrendered for required
repurchase or is about to be converted in accordance with Article 14 shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute Note, pay or authorize the payment of or convert or
authorize the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall furnish to the Company, to the Trustee and, if applicable, to such
authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or theft,
evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent evidence of their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof. 

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

  
 19 

 Section 2.07. Temporary Notes. Pending the preparation of Physical Notes, the
Company may execute and the Trustee or an authenticating agent appointed by the Trustee shall, upon written request of the Company, authenticate and deliver temporary Notes (printed or lithographed). Temporary Notes shall be issuable in any
authorized denomination, and substantially in the form of the Physical Notes but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company. Every such temporary Note shall be
executed by the Company and authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Physical Notes. Without unreasonable delay, the Company shall
execute and deliver to the Trustee or such authenticating agent Physical Notes (other than any Global Note) and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each office or agency
maintained by the Company pursuant to Section 4.02 and the Trustee or such authenticating agent shall authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount of Physical Notes. Such exchange shall be made by
the Company at its own expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Physical Notes authenticated
and delivered hereunder. 
 Section 2.08. Cancellation of Notes Paid, Converted, Etc. The Company shall cause all
Notes surrendered for the purpose of payment, repurchase, redemption, registration of transfer or exchange or conversion, if surrendered to any Person other than the Trustee (including any of the Company’s agents, Subsidiaries or Affiliates),
to be surrendered to the Trustee for cancellation. All Notes delivered to the Trustee shall be canceled promptly by it, and no Notes shall be authenticated in exchange thereof except as expressly permitted by any of the provisions of this Indenture.
The Trustee shall dispose of canceled Notes in accordance with its customary procedures and, after such disposition, shall deliver a certificate of such disposition to the Company, at the Company’s written request in a Company Order. 

 Section 2.09. CUSIP Numbers. The Company in issuing the Notes may use “CUSIP” numbers (if then generally
in use), and, if so, the Trustee shall use “CUSIP” numbers in all notices issued to Holders as a convenience to such Holders; provided that any such notice may state that no representation is made as to the correctness of such
numbers either as printed on the Notes or on such notice and that reliance may be placed only on the other identification numbers printed on the Notes. The Company shall promptly notify the Trustee in writing of any change in the “CUSIP”
numbers.  
 Section 2.10. Additional Notes; Repurchases. The Company may, without the consent of the Holders and
notwithstanding Section 2.01, reopen this Indenture and issue additional Notes hereunder with the same terms as the Notes initially issued hereunder (other than differences in the issue price and interest accrued prior to the issue date of such
additional Notes) in an unlimited aggregate principal amount; provided that if any such additional Notes are not fungible with the Notes initially issued hereunder for U.S. federal income tax purposes, such additional Notes shall have
separate CUSIP and ISIN numbers. Prior to the issuance of any such additional Notes, the Company shall deliver to the Trustee a Company Order, an Officers’ Certificate and an Opinion of Counsel, such Officers’ Certificate and Opinion of
Counsel to cover such matters, in addition to those required by Section 17.05, as the Trustee shall 

  
 20 

 
reasonably request. In addition, the Company may, to the extent permitted by law, and directly or indirectly (regardless of whether such Notes are surrendered to the Company), repurchase Notes in
the open market or otherwise, whether by the Company or its Subsidiaries or through a private or public tender or exchange offer or through counterparties to private agreements, including by cash-settled swaps or other derivatives. The
Company shall cause any Notes so repurchased (other than Notes repurchased pursuant to cash-settled swaps or other derivatives) to be surrendered to the Trustee for cancellation in accordance with Section 2.08 and such Notes shall no
longer be considered outstanding under this Indenture upon their repurchase. 
 ARTICLE 3 

SATISFACTION AND DISCHARGE 

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

ARTICLE 4 

PARTICULAR COVENANTS OF THE COMPANY 

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

Section 4.02. Maintenance of Office or Agency. The Company will maintain in the Borough of Manhattan, The City of New York, an
office or agency where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase (“Paying Agent”) or for conversion (“Conversion Agent”) and where notices
and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office

  
 21 

 
or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office or the office or agency of the Trustee in the Borough of Manhattan, The City of New York. 

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

The Company hereby initially designates the Trustee as the Paying Agent, Note Registrar, Custodian and Conversion Agent and an office of an
affiliate of the Trustee as the office or agency in the Borough of Manhattan, The City of New York, where Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase or for conversion and where
notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. 
 Section 4.03. Appointments
to Fill Vacancies in Trustee’s Office. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.09, a Trustee, so that there shall at all times be a Trustee
hereunder. 
 Section 4.04. Provisions as to Paying Agent. (a) If the Company shall appoint a Paying Agent other than the
Trustee, the Company will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04: 

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

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

(iii) that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the
Trustee all sums so held in trust. 
 The Company shall, on or before each due date of the principal (including the Redemption Price and the
Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes, deposit with the Paying Agent a sum sufficient to pay such principal (including the Redemption Price and the Fundamental Change Repurchase Price,
if applicable) or accrued and unpaid interest, and (unless such Paying Agent is the Trustee) the 

  
 22 

 
Company will promptly notify the Trustee of any failure to take such action; provided that if such deposit is made on the due date, such deposit must be received by the Paying Agent by
11:00 a.m., New York City time, on such date. 
 (b) If the Company shall act as its own Paying Agent, it will, on or before each due date
of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes, set aside, segregate and hold in trust for the benefit of the Holders of the Notes a sum
sufficient to pay such principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) and accrued and unpaid interest so becoming due and will promptly notify the Trustee in writing of any failure to take such
action and of any failure by the Company to make any payment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes when the same shall become due
and payable. 
 (c) Anything in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of
obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held in trust by the Company or any Paying Agent hereunder as required by this Section 4.04, such
sums or amounts to be held by the Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be released from all further liability but only
with respect to such sums or amounts. 
 (d) Any money and shares of Class C Capital Stock deposited with the Trustee or any Paying Agent,
or then held by the Company, in trust for the payment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest on and the consideration due upon conversion of any
Note and remaining unclaimed for two years after such principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable), interest or consideration due upon conversion has become due and payable shall be paid to
the Company on request of the Company contained in an Officers’ Certificate, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the
Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money and shares of Class C Capital Stock, and all liability of the Company as trustee thereof, shall thereupon cease; provided,
however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published on each
Business Day and of general circulation in The Borough of Manhattan, The City of New York, notice that such money and shares of Class C Capital Stock remain unclaimed and that, after a date specified therein, which shall not be less than 30 days
from the date of such publication, any unclaimed balance of such money and shares of Class C Capital Stock then remaining will be repaid or delivered to the Company. 

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

  
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 Section 4.06. Annual Reports. (a) The Company shall file with the Trustee,
within 15 days after the same are required to be filed with the Commission, copies of any documents or reports that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act (giving effect to any
grace period provided by Rule 12b-25 under the Exchange Act). Any such document or report that the Company files with the Commission via the Commission’s EDGAR system shall be deemed to be filed with the Trustee for purposes of this Section
4.06(a) at the time such documents are filed via the EDGAR system. Notwithstanding anything to the contrary in this Indenture, if and to the extent not required to be filed with the Commission, the Company shall in no event be required to file with,
or otherwise provide or disclose to, the Trustee or any Holder any information for which the Company is requesting (assuming such request has not been denied), or has received, confidential treatment from the Commission. 

(b) Delivery of the reports and documents described in subsection (a) above to the Trustee is for informational purposes only, and the
Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which
the Trustee is entitled to conclusively rely on an Officers’ Certificate). 
 Section 4.07. Stay, Extension and Usury Laws.
The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would
prohibit or forgive the Company from paying all or any portion of the principal of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this
Indenture; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 4.08. Compliance Certificate; Statements as to Defaults. The Company shall deliver to the Trustee within 120 days after
the end of each fiscal year of the Company (beginning with the fiscal year ending on [            ], 20[    ]) an Officers’ Certificate stating whether the signers
thereof have knowledge of any failure by the Company to comply with all conditions and covenants then required to be performed under this Indenture and, if so, specifying each such failure and the nature thereof. 

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

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

  
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 ARTICLE 5 

LISTS OF HOLDERS AND REPORTS BY THE
COMPANY AND THE TRUSTEE 
 Section 5.01. Lists of Holders. The
Company covenants and agrees that it will furnish or cause to be furnished to the Trustee, semi-annually, not more than 15 days after each
[                    ] and [                    ]
in each year beginning with [                    ], and at such other times as the Trustee may request in writing, within 30 days after receipt by
the Company of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form as the Trustee may reasonably require of the names and
addresses of the Holders as of a date not more than 15 days (or such other date as the Trustee may reasonably request in order to so provide any such notices) prior to the time such information is furnished, except that no such list need be
furnished so long as the Trustee is acting as Note Registrar. 
 Section 5.02. Preservation and Disclosure of Lists; Communications
With Holders. (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the Holders contained in the most recent list furnished to it as provided in Section 5.01 or
maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee may dispose of any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished. 

(b) Holders may communicate as provided in Section 312(b) of the Trust Indenture Act with other Holders with respect to their rights
under this Indenture or under the Notes, and, in connection with any such communications, the Trustee shall satisfy its obligations under Section 312(b) of the Trust Indenture Act in accordance with the provisions of
Section 312(b) of the Trust Indenture Act. 
 Section 5.03 Reports by the Trustee. 

(a) If required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after each
[                    ], commencing the calendar year after the year in which the first Notes are issued hereunder, shall transmit by mail, first
class postage prepaid, to the Holders, as their names and addresses appear upon the Note Register, a brief report dated as of such
[                    ], which complies with Section 313(a) of the Trust Indenture Act. 

(b) The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act. 

(c) A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with the Company, with each
securities exchange upon which any Notes are listed (if so listed) and also with the Commission. The Company agrees to notify the Trustee in writing when any Notes become listed on any securities exchange or of any delisting thereof. 

  
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 ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01. Events of Default. Each of the following events shall be an “Event of Default” with respect to the
Notes: 
 (a) default in any payment of interest on any Note when due and payable, and the default continues for a period of 30 days; 

(b) default in the payment of principal of any Note when due and payable on the Maturity Date, upon Optional Redemption, upon any required
repurchase, upon declaration of acceleration or otherwise; 
 (c) failure by the Company to comply with its obligation to convert the Notes
in accordance with this Indenture upon exercise of a Holder’s conversion right; 
 (d) failure by the Company to issue a Fundamental
Change Company Notice in accordance with Section 15.02(c) or notice of a specified corporate event in accordance with Section 14.01(b)(ii) or 14.01(b)(iii), in each case when due; 

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

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

(g) default by the Company or any Significant Subsidiary of the Company with respect to any mortgage, agreement or other instrument under
which there is then outstanding, or by which there is then secured or evidenced, any indebtedness for money borrowed in excess of $50,000,000 (or its foreign currency equivalent) in the aggregate of the Company and/or any such Subsidiary, whether
such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness in excess of $50,000,000 becoming or being declared due and payable in full or (ii) constituting a failure to pay the principal or interest of
any such debt in excess of $50,000,000 when due and payable in full at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, each only upon the expiration of any applicable cure or notice period and regarding
which no waiver or other dispensation is granted; 
 (h) a final judgment or judgments for the payment of $50,000,000 (or its foreign
currency equivalent) or more (excluding any amounts covered by insurance) in the aggregate rendered against the Company or any Significant Subsidiary of the Company, which judgment is not discharged, bonded, paid, waived or stayed within 60 days
after (i) the date on which the right to appeal thereof has expired if no such appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished; 

(i) the Company or any Significant Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other
relief with respect to the Company or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar 

  
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law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company or any such Significant Subsidiary or any
substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the
benefit of creditors, or shall fail generally to pay its debts as they become due; or 
 (j) an involuntary case or other proceeding shall
be commenced against the Company or any Significant Subsidiary seeking liquidation, reorganization or other relief with respect to the Company or such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or
hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company or such Significant Subsidiary or any substantial part of its property, and such involuntary case or other
proceeding shall remain undismissed and unstayed for a period of 30 consecutive days. 
 Section 6.02. Acceleration; Rescission and
Annulment. If one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body), then, and in each and every such case (other than an Event of Default specified in Section 6.01(i) or Section 6.01(j) with respect to the
Company or any of its Significant Subsidiaries), unless the principal of all of the Notes shall have already become due and payable, either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding
determined in accordance with Section 8.04, by notice in writing to the Company (and to the Trustee if given by Holders), may declare 100% of the principal of, and accrued and unpaid interest on, all the Notes to be due and payable immediately, and
upon any such declaration the same shall become and shall automatically be immediately due and payable, anything contained in this Indenture or in the Notes to the contrary notwithstanding. If an Event of Default specified in Section 6.01(i) or
Section 6.01(j) with respect to the Company or any of its Significant Subsidiaries occurs and is continuing, 100% of the principal of, and accrued and unpaid interest, if any, on, all Notes shall become and shall automatically be immediately due and
payable. 
 The immediately preceding paragraph, however, is subject to the conditions that if, at any time after the principal of the Notes
shall have been so declared due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to
pay installments of accrued and unpaid interest upon all Notes and the principal of any and all Notes that shall have become due otherwise than by acceleration (with interest on overdue installments of accrued and unpaid interest to the extent that
payment of such interest is enforceable under applicable law, and on such principal at the rate borne by the Notes at such time) and amounts due to the Trustee pursuant to Section 7.06, and if (1) rescission would not conflict with any judgment
or decree of a court of competent jurisdiction and (2) any and all existing Events of Default under this Indenture, other than the nonpayment of the principal of and accrued and unpaid interest, if any, on Notes that shall have become due
solely by such acceleration, shall have been cured or waived pursuant to Section 6.09, then and in every such case (except as provided in the immediately succeeding sentence) the Holders of a majority in

  
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aggregate principal amount of the Notes then outstanding, by written notice to the Company and to the Trustee, may waive all Defaults or Events of Default with respect to the Notes and rescind
and annul such declaration and its consequences and such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver or rescission and annulment
shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any right consequent thereon. Notwithstanding anything to the contrary herein, no such waiver or rescission and annulment shall extend to or shall affect any
Default or Event of Default resulting from (i) the nonpayment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, any Notes, (ii) a failure to
repurchase any Notes when required or (iii) a failure to pay or deliver, as the case may be, the consideration due upon conversion of the Notes. 

Section 6.03. Additional Interest. Notwithstanding anything in this Indenture or in the Notes to the contrary, to the extent the
Company elects, the sole remedy for an Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(a) shall (i) for the first 90 days after the occurrence of such an Event of Default
consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to 0.25% per annum of the principal amount of the Notes outstanding for each day during such 90-day period on which such Event of Default is continuing
beginning on, and including, the date on which such an Event of Default first occurs and (ii) for the period from, and including, the 91st day after the occurrence of such an Event of Default to, and including, the 180th day after the
occurrence of such an Event of Default, consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to 0.50% per annum of the principal amount of the Notes outstanding for each day during such additional 90-day
period on which such an Event of Default is continuing. 
 If the Company so elects, such Additional Interest shall be payable in the same
manner and on the same dates as the stated interest payable on the Notes. On the 181st day after such Event of Default (if the Event of Default relating to the Company’s failure to file is not cured or waived prior to such 181st day), the Notes
shall be immediately subject to acceleration as provided in Section 6.02. The provisions of this paragraph will not affect the rights of Holders of Notes in the event of the occurrence of any Event of Default other than the Company’s failure to
comply with its obligations as set forth in Section 4.06(a). In the event the Company does not elect to pay Additional Interest following an Event of Default in accordance with this Section 6.03 or the Company elected to make such payment but does
not pay the Additional Interest when due, the Notes shall be immediately subject to acceleration as provided in Section 6.02. No Additional Interest shall accrue, and no right to declare the principal or other amounts due and payable in respect of
the Notes shall exist, after such violation has been cured. 
 In no event shall Additional Interest payable at the Company’s election
as the remedy for an Event of Default relating to the Company’s failure to comply with its obligations under Section 4.06(a) as set forth in this Section 6.03 accrue at a rate in excess of 0.50% per annum pursuant to this Indenture,
regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest. 
 In order to elect to
pay Additional Interest as the sole remedy during the first 180 days after the occurrence of any Event of Default described above, the Company must notify all 

  
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Holders of the Notes, the Trustee and the Paying Agent of such election prior to the beginning of such 180-day period. Upon the failure to timely give such notice, the Notes shall be immediately
subject to acceleration as provided in Section 6.02. 
 Section 6.04. Payments of Notes on Default; Suit Therefor. If an Event
of Default described in clause (a) or (b) of Section 6.01 shall have occurred, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on the Notes for
principal and interest, if any, with interest on any overdue principal and interest, if any, at the rate borne by the Notes at such time and, in addition thereto, such further amount as shall be sufficient to cover any amounts due to the Trustee
under Section 7.06. If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may
prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the
Company or any other obligor upon the Notes, wherever situated. 
 In the event there shall be pending proceedings for the bankruptcy or for
the reorganization of the Company or any other obligor on the Notes under Title 11 of the United States Code, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or
similar official shall have been appointed for or taken possession of the Company or such other obligor, the property of the Company or such other obligor, or in the event of any other judicial proceedings relative to the Company or such other
obligor upon the Notes, or to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 6.04, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole
amount of principal and accrued and unpaid interest, if any, in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents and to take such other actions as it may deem necessary or
advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceedings relative
to the Company or any other obligor on the Notes, its or their creditors, or its or their property, and to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute the same after the deduction of
any amounts due to the Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Holders to make such payments to the Trustee, as
administrative expenses, and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and disbursements, including
agents and counsel fees, and including any other amounts due to the Trustee under Section 7.06, incurred by it up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses, advances and disbursements out
of the estate in any such proceedings shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property that the Holders of the
Notes may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise. 

  
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 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or
accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting such Holder or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any
such proceeding. 
 All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the
Trustee without the possession of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Notes. 

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

In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or
abandoned because of any waiver pursuant to Section 6.09 or any rescission and annulment pursuant to Section 6.02 or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Holders
and the Trustee shall, subject to any determination in such proceeding, be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the Holders and the Trustee shall continue as
though no such proceeding had been instituted. 
 Section 6.05. Application of Monies Collected by Trustee. Any monies collected
by the Trustee pursuant to this Article 6 with respect to the Notes shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of such monies, upon presentation of the several Notes, and stamping thereon
the payment, if only partially paid, and upon surrender thereof, if fully paid: 
 First, to the payment of all amounts due the
Trustee under Section 7.06; 
 Second, in case the principal of the outstanding Notes shall not have become due and be unpaid, to the
payment of interest on, and any cash due upon conversion of, the Notes in default in the order of the date due of the payments of such interest and cash due upon conversion, as the case may be, with interest (to the extent that such interest has
been collected by the Trustee) upon such overdue payments at the rate borne by the Notes at such time, such payments to be made ratably to the Persons entitled thereto; 

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

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

Section 6.06. Proceedings by Holders. Except to enforce the right to receive payment of principal (including, if applicable, the
Redemption Price and the Fundamental Change Repurchase Price) or interest when due, or the right to receive payment or delivery of the consideration due upon conversion, no Holder of any Note shall have any right by virtue of or by availing of any
provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for any
other remedy hereunder, unless: 
 (a) such Holder previously shall have given to the Trustee written notice of an Event of Default and of
the continuance thereof, as herein provided; 
 (b) Holders of at least 25% in aggregate principal amount of the Notes then outstanding
shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; 
 (c)
such Holders shall have offered to the Trustee such security or indemnity reasonably satisfactory to it against any loss, liability or expense to be incurred therein or thereby; 

(d) the Trustee for 60 days after its receipt of such notice, request and offer of such security or indemnity, shall have neglected or refused
to institute any such action, suit or proceeding; and 
 (e) no direction that, in the opinion of the Trustee, is inconsistent with such
written request shall have been given to the Trustee by the Holders of a majority of the aggregate principal amount of the Notes then outstanding within such 60-day period pursuant to Section 6.09, 

it being understood and intended, and being expressly covenanted by the taker and Holder of every Note with every other taker and Holder and the Trustee that
no one or more Holders shall have any right in any manner whatever by virtue of or by availing of any provision of this 

  
 31 

 
Indenture to affect, disturb or prejudice the rights of any other Holder, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this
Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders (except as otherwise provided herein). For the protection and enforcement of this Section 6.06, each and every Holder and the Trustee shall
be entitled to such relief as can be given either at law or in equity. 
 Notwithstanding any other provision of this Indenture and any
provision of any Note, each Holder shall have the right to receive payment or delivery, as the case may be, of (x) the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, (y) accrued
and unpaid interest, if any, on, and (z) the consideration due upon conversion of, such Note, on or after the respective due dates expressed or provided for in such Note or in this Indenture, or to institute suit for the enforcement of any such
payment or delivery, as the case may be. 
 Section 6.07. Proceedings by Trustee. In case of an Event of Default, the
Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in equity or by action at law
or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable
right vested in the Trustee by this Indenture or by law. 
 Section 6.08. Remedies Cumulative and Continuing.
Except as provided in the last paragraph of Section 2.06, all powers and remedies given by this Article 6 to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other
powers and remedies available to the Trustee or the Holders of the Notes, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the
Trustee or of any Holder of any of the Notes to exercise any right or power accruing upon any Default or Event of Default shall impair any such right or power, or shall be construed to be a waiver of any such Default or Event of Default or any
acquiescence therein; and, subject to the provisions of Section 6.06, every power and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the
Trustee or by the Holders. 
 Section 6.09. Direction of Proceedings and Waiver of Defaults by Majority of
Holders. Subject to Section 7.02(j), the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Notes; provided, however, that (a) such direction shall not be in conflict with any
rule of law or with this Indenture, and (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. The Trustee may refuse to follow any direction that it determines is unduly prejudicial
to the rights of any other Holder or that would involve the Trustee in personal liability. The Holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 may on behalf of the
 

  
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Holders of all of the Notes waive any past Default or Event of Default hereunder and its consequences except (i) a default in the payment of accrued and unpaid interest, if any, on, or the
principal (including any Redemption Price and any Fundamental Change Repurchase Price) of, the Notes when due that has not been cured pursuant to the provisions of Section 6.01, (ii) a failure by the Company to pay or deliver, as the case may
be, the consideration due upon conversion of the Notes or (iii) a default in respect of a covenant or provision hereof which under Article 10 cannot be modified or amended without the consent of each Holder of an outstanding Note affected. Upon
any such waiver the Company, the Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right
consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section 6.09, said Default or Event of Default shall for all purposes of the Notes and this Indenture be deemed to have been cured and
to be not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 

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

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

  
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 ARTICLE 7 

CONCERNING THE TRUSTEE 

Section 7.01. Duties of the Trustee. (a) In the event an Event of Default has occurred and is continuing, the Trustee
shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own
affairs 
 (b) Prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may have
occurred: 
 (i) the duties and obligations of the Trustee shall be determined solely by the express provisions of this
Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee;
and 
 (ii) in the absence of bad faith and willful misconduct on the part of the Trustee, the Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but, in the case of any such certificates or
opinions that by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not
confirm or investigate the accuracy of any mathematical calculations or other facts stated therein). 
 (c) No provision of this Indenture
shall be construed to relieve the Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act or its own willful misconduct, except that: 

(i) this subsection shall not be construed to limit the effect of Subsection (b) of this Section 7.01; 

(ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the
Trustee, unless it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts; 
 (iii) the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a majority of the aggregate principal amount of the Notes at the time
outstanding determined as provided in Section 8.04 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; and

 (iv) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its 

  
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duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it. 
 (d) Whether or not therein provided, every provision of this Indenture relating to the conduct
or affecting the liability of, or affording protection to, the Trustee shall be subject to the provisions of this Section. 

Section 7.02. Rights of the Trustee. Except as otherwise provided in Section 7.01: 

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

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

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

(d) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the expense of the Company and shall incur no
liability of any kind by reason of such inquiry or investigation; 
 (e) the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, custodian, nominee or attorney appointed by
it with due care hereunder; 
 (f) the permissive rights of the Trustee enumerated herein shall not be construed as duties; 

(g) in no event shall the Trustee be responsible or liable for any special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; 

  
 35 

 (h) the Trustee shall not be charged with knowledge of any Default or Event of Default with
respect to the Notes, unless written notice of such Default or Event of Default shall have been given to a Responsible Officer of the Trustee by the Company or by any Holder of the Notes and such notice references the Notes and this Indenture; 

(i) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate; 

(j) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it
in compliance with such request or direction; 
 (k) the Trustee shall not be liable for any action taken, suffered, or omitted to be taken
by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

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

(m) the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture. 
 Section 7.03. No Responsibility for Recitals, Etc.
The recitals contained herein and in the Notes (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes
no representations as to the validity or sufficiency of this Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company of any Notes or the proceeds of any Notes authenticated and delivered by the
Trustee in conformity with the provisions of this Indenture. 
 Section 7.04. Trustee, Paying Agents, Conversion
Agents or Note Registrar May Own Notes. The Trustee, any Paying Agent, any Conversion Agent or Note Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with the same rights it would have if it were not
the Trustee, Paying Agent, Conversion Agent or Note Registrar. 
 Section 7.05. Monies and Shares of Class C Capital
Stock to Be Held in Trust. All monies and shares of Class C Capital Stock received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received. Money and shares of Class C
Capital Stock held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money or shares of Class C Capital Stock received by it
hereunder except as may be agreed from time to time by the Company and the Trustee. 

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

Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee and its agents and any authenticating
agent incur expenses or render services after an Event of Default specified in Section 6.01(i) or Section 6.01(j) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any bankruptcy,
insolvency or similar laws. 
 Section 7.07. Intentionally Omitted. 

Section 7.08. Eligibility of Trustee. There shall at all times be a Trustee hereunder which shall be a Person that is
eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or
examining authority, then for the purposes of this Section, the combined capital and surplus of  

  
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such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. If the Trustee has or shall acquire any “conflicting interest” within the meaning of
Section 310(b) of the Trust Indenture Act, the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. 

Section 7.09. Resignation or Removal of Trustee. (a) The Trustee may at any time resign by giving 30 days prior
written notice of such resignation to the Company and by delivering notice thereof to the Holders. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee by written instrument, in duplicate, executed by
order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 60 days after
the giving of such notice of resignation to the Holders, the resigning Trustee may, upon ten Business Days’ notice to the Holders, petition any court of competent jurisdiction for the appointment of a successor trustee, or any Holder who has
been a bona fide holder of a Note or Notes for at least six months (or since the date of this Indenture) may, subject to the provisions of Section 6.11, on behalf of himself or herself and all others similarly situated, petition any such court for
the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 

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

(i) the Trustee shall cease to be eligible in accordance with the provisions of Section 7.08 and shall fail to resign after
written request therefor by the Company or by any such Holder, or 
 (ii) the Trustee shall become incapable of acting, or
shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, 
 then, in either case, the Company may by a Board Resolution remove the Trustee and appoint a successor trustee by written
instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed 30 days prior to the effective date of removal and one copy to the successor trustee, or, subject to the
provisions of Section 6.11, any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this Indenture) may, on behalf of himself or herself and all others similarly situated, upon 30 days prior
written notice to the Trustee, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove
the Trustee and appoint a successor trustee. 
 (c) The Holders of a majority in aggregate principal amount of the Notes at the time
outstanding, as determined in accordance with Section 8.04, may at any time remove the Trustee 

  
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upon 30 days prior written notice to the Trustee and nominate a successor trustee that shall be deemed appointed as successor trustee unless within ten days after notice to the Company of such
nomination the Company objects thereto, in which case the Trustee so removed or any Holder, upon the terms and conditions and otherwise as in Section 7.09(a) provided, may petition any court of competent jurisdiction for an appointment of a
successor trustee. 
 (d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions
of this Section 7.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.10. 

Section 7.10. Acceptance by Successor Trustee. Any successor trustee appointed as provided in Section 7.09 shall execute,
acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without
any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Trustee herein; but, nevertheless, on the written request of the
Company or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the rights and
powers of the trustee so ceasing to act. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and
powers. Any trustee ceasing to act shall, nevertheless, retain a senior claim to which the Notes are hereby made subordinate on all money or property held or collected by such trustee as such, except for funds held in trust for the benefit of
Holders of particular Notes, to secure any amounts then due it pursuant to the provisions of Section 7.06. 
 No successor trustee
shall accept appointment as provided in this Section 7.10 unless at the time of such acceptance such successor trustee shall be eligible under the provisions of Section 7.08. 

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

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

  
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 In case at the time such successor to the Trustee shall succeed to the trusts created by
this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by such predecessor trustee,
and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor trustee may authenticate such Notes either in
the name of any predecessor trustee hereunder or in the name of the successor trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the
Trustee shall have; provided, however, that the right to adopt the certificate of authentication of any predecessor trustee or to authenticate Notes in the name of any predecessor trustee shall apply only to its successor or successors
by merger, conversion or consolidation. 
 Section 7.12. Trustee’s Application for Instructions from the
Company. Any application by the Trustee for written instructions from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders of the Notes under this
Indenture) may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The
Trustee shall not be liable to the Company for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than three
Business Days after the date any officer that the Company has indicated to the Trustee should receive such application actually receives such application, unless any such officer shall have consented in writing to any earlier date), unless, prior to
taking any such action (or the effective date in the case of any omission), the Trustee shall have received written instructions in accordance with this Indenture in response to such application specifying the action to be taken or omitted. 

 Section 7.13 Preferential Collection of Claims Against the Company. The Trustee shall comply with
Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust
Indenture Act to the extent included therein. 
 ARTICLE 8 

CONCERNING THE HOLDERS 

Section 8.01. Action by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage of
the aggregate principal amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action, the
Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Holders in person or by agent or proxy appointed in writing, or (b) by the record of
the Holders voting in favor thereof at any meeting of Holders duly called and held in accordance with the provisions of Article 9, or (c) by  

  
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a combination of such instrument or instruments and any such record of such a meeting of Holders. Whenever the Company or the Trustee solicits the taking of any action by the Holders of the
Notes, the Company or the Trustee may, but shall not be required to, fix in advance of such solicitation, a date as the record date for determining Holders entitled to take such action. The record date if one is selected shall be not more than
fifteen days prior to the date of commencement of solicitation of such action. 
 Section 8.02. Proof of Execution by
Holders. Subject to the provisions of Section 7.01, Section 7.02 and Section 9.05, proof of the execution of any instrument by a Holder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as
may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Notes shall be proved by the Note Register or by a certificate of the Note Registrar. The record of any Holders’ meeting shall be proved
in the manner provided in Section 9.06. 
 Section 8.03. Who Are Deemed Absolute Owners. The Company, the Trustee,
any authenticating agent, any Paying Agent, any Conversion Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not
such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on account of the principal (including any
Redemption Price and any Fundamental Change Repurchase Price) of and (subject to Section 2.03) accrued and unpaid interest on such Note, for conversion of such Note and for all other purposes; and neither the Company nor the Trustee nor any Paying
Agent nor any Conversion Agent nor any Note Registrar shall be affected by any notice to the contrary. All such payments or deliveries so made to any Holder for the time being, or upon its order, shall be valid, and, to the extent of the sums or
shares of Class C Capital Stock so paid or delivered, effectual to satisfy and discharge the liability for monies payable or shares deliverable upon any such Note. Following an Event of Default, any holder of a beneficial interest in a Global Note
may exchange such beneficial interest for a Note in certificated form. 
 Section 8.04. Company-Owned Notes
Disregarded. In determining whether the Holders of the requisite aggregate principal amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company, by any Subsidiary
thereof or by any Affiliate of the Company or any Subsidiary thereof shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be
protected in relying on any such direction, consent, waiver or other action only Notes that a Responsible Officer actually knows are so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as outstanding
for the purposes of this Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to so act with respect to such Notes and that the pledgee is not the Company, a Subsidiary thereof or an Affiliate of
the Company or a Subsidiary thereof. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the
Trustee promptly an Officers’ Certificate listing and identifying all Notes, if any, known by the Company to be owned or held by or for the account of any of the above described Persons; and, subject to Section 7.01, the Trustee shall be
entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination. 

  
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 Section 8.05. Revocation of Consents; Future Holders Bound. At any time prior
to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the Holders of the percentage of the aggregate principal amount of the Notes specified in this Indenture in connection with such action,
any Holder of a Note that is shown by the evidence to be included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon proof of holding as provided in
Section 8.02, revoke such action so far as concerns such Note. Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Note and of any Notes
issued in exchange or substitution therefor or upon registration of transfer thereof, irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor or upon registration of
transfer thereof. 
 ARTICLE 9 

HOLDERS’ MEETINGS 

Section 9.01. Purpose of Meetings. A meeting of Holders may be called at any time and from time to time pursuant to the
provisions of this Article 9 for any of the following purposes: 
 (a) to give any notice to the Company or to the Trustee or to give
any directions to the Trustee permitted under this Indenture, or to consent to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and its consequences, or to take any other action authorized to
be taken by Holders pursuant to any of the provisions of Article 6; 
 (b) to remove the Trustee and nominate a successor trustee pursuant
to the provisions of Article 7; 
 (c) to consent to the execution of an indenture or indentures supplemental hereto pursuant to the
provisions of Section 10.02; or 
 (d) to take any other action authorized to be taken by or on behalf of the Holders of any specified
aggregate principal amount of the Notes under any other provision of this Indenture or under applicable law. 
 Section 9.02.
Call of Meetings by Trustee. The Trustee may at any time call a meeting of Holders to take any action specified in Section 9.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Holders,
setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting and the establishment of any record date pursuant to Section 8.01, shall be delivered to Holders of such Notes. Such notice
shall also be delivered to the Company. Such notices shall be delivered not less than 20 nor more than 90 days prior to the date fixed for the meeting. 

  
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 Any meeting of Holders shall be valid without notice if the Holders of all Notes then outstanding
are present in person or by proxy or if notice is waived before or after the meeting by the Holders of all Notes then outstanding, and if the Company and the Trustee are either present by duly authorized representatives or have, before or after the
meeting, waived notice. 
 Section 9.03. Call of Meetings by Company or Holders. In case at any time the Company,
pursuant to a Board Resolution, or the Holders of at least 10% of the aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting of Holders, by written request setting forth in reasonable detail the
action proposed to be taken at the meeting, and the Trustee shall not have delivered the notice of such meeting within 20 days after receipt of such request, then the Company or such Holders may determine the time and the place for such meeting and
may call such meeting to take any action authorized in Section 9.01, by delivering notice thereof as provided in Section 9.02. 

Section 9.04. Qualifications for Voting. To be entitled to vote at any meeting of Holders a Person shall (a) be a
Holder of one or more Notes on the record date pertaining to such meeting or (b) be a Person appointed by an instrument in writing as proxy by a Holder of one or more Notes on the record date pertaining to such meeting. The only Persons who
shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the Company and its
counsel. 
 Section 9.05. Regulations. Notwithstanding any other provisions of this Indenture, the Trustee may
make such reasonable regulations as it may deem advisable for any meeting of Holders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission
and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit. 

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

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

  
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 Section 9.06. Voting. The vote upon any resolution submitted to any meeting of
Holders shall be by written ballot on which shall be subscribed the signatures of the Holders or of their representatives by proxy and the outstanding aggregate principal amount of the Notes held or represented by them. The permanent chairman of the
meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at
the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken
thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was delivered as provided in Section 9.02. The record shall show the aggregate principal
amount of the Notes voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the
other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. 
 Any
record so signed and verified shall be conclusive evidence of the matters therein stated. 
 Section 9.07. No Delay of Rights
by Meeting. Nothing contained in this Article 9 shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Holders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay
in the exercise of any right or rights conferred upon or reserved to the Trustee or to the Holders under any of the provisions of this Indenture or of the Notes. 

ARTICLE 10 

SUPPLEMENTAL INDENTURES 

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

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

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

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

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

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

(g) in connection with any Merger Event, to provide that the notes are convertible into Reference Property, subject to the provisions of
Section 14.02, and make such related changes to the terms of the Notes to the extent expressly required by Section 14.07; 
 (h) to conform
the provisions of this Indenture or the Notes to the “Description of Notes” section of the Prospectus Supplement; 
 (i) to comply
with any requirements of the Commission or any successor in connection with the qualification of this Indenture under the Trust Indenture Act, or 

(j) appoint a successor trustee for the Notes. 

Upon the written request of the Company, the Trustee is hereby authorized to join with the Company in the execution of any such supplemental
indenture, to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture that affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise. 
 Any supplemental indenture authorized by the provisions of this Section
10.01 may be executed by the Company and the Trustee without the consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 10.02. 

Section 10.02. Supplemental Indentures with Consent of Holders. With the consent (evidenced as provided in Article 8) of
the Holders of at least a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with Article 8 and including, without limitation, consents obtained in connection with a repurchase of, or tender or
exchange offer for, Notes), the Company, when authorized by the resolutions of the Board of Directors and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or any supplemental indenture or of modifying in any manner the rights of the Holders; provided, however, that,
without the consent of each Holder of an outstanding Note affected, no such supplemental indenture shall: 
 (a) reduce the amount of
Notes whose Holders must consent to an amendment; 
 (b) reduce the rate of or extend the stated time for payment of interest on any Note;

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

(d) make any change that adversely affects the conversion rights of any Notes; 

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

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

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

 Upon the written request of the Company, and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid and
subject to Section 10.05, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in
which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 
 Holders do not need
under this Section 10.02 to approve the particular form of any proposed supplemental indenture. It shall be sufficient if such Holders approve the substance thereof. After any such supplemental indenture becomes effective, the Company shall deliver
to the Holders a notice briefly describing such supplemental indenture. However, the failure to give such notice to all the Holders, or any defect in the notice, will not impair or affect the validity of the supplemental indenture. 

Section 10.03. Effect of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to the
provisions of this Article 10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the
Company and the Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be
part of the terms and conditions of this Indenture for any and all purposes. 
 Section 10.04. Notation on Notes.
Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article 10 may, at the Company’s expense, bear a notation as to any matter provided for in such supplemental indenture. If
the Company shall so determine, new Notes so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may, at the Company’s expense, be prepared and
executed by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 17.10) and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding.

 Section 10.05. Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee. In addition to the
documents required by Section 17.05, the Trustee shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies with the requirements of this Article 10
and is permitted or authorized by this Indenture. 

  
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 The Trustee shall also receive an Opinion of Counsel that the supplemental indenture is a legal,
valid and binding obligation of the Company enforceable against the Company in accordance with its terms. 
 ARTICLE 11 

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 

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

(a) the resulting, surviving or transferee Person (the “Successor Company”), if not the Company, shall be a
corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor Company (if not the Company) shall expressly assume, by supplemental indenture all of the obligations
of the Company under the Notes and this Indenture; and 
 (b) immediately after giving effect to such transaction, no Default or
Event of Default shall have occurred and be continuing under this Indenture. 
 For purposes of this Section 11.01, the sale, conveyance,
transfer or lease of all or substantially all of the properties and assets of one or more Subsidiaries of the Company to another Person, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or
substantially all of the properties and assets of the Company on a consolidated basis, shall be deemed to be the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Company to another Person. 

Section 11.02. Successor Corporation to Be Substituted. In case of any such consolidation, merger, sale, conveyance,
transfer or lease and upon the assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal of and accrued and unpaid
interest on all of the Notes, the due and punctual delivery or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be
performed by the Company, such Successor Company (if not the Company) shall succeed to and, except in the case of a lease of all or substantially all of the Company’s properties and assets, shall be substituted for the Company, with the same
effect as if it had been named herein as the party of the first part. Such Successor Company thereupon may cause to be signed, and may issue either in its own name or in the name of the Company any or all of the Notes issuable hereunder which
theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such Successor Company instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the
Trustee shall authenticate and shall deliver, or cause to be authenticated and delivered, any Notes that previously shall have been signed and delivered by the Officers of the Company to the Trustee for authentication, and any Notes that such
Successor Company thereafter shall cause to be signed and delivered to the  

  
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Trustee for that purpose. All the Notes so issued shall in all respects have the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with
the terms of this Indenture as though all of such Notes had been issued at the date of the execution hereof. In the event of any such consolidation, merger, sale, conveyance or transfer (but not in the case of a lease), upon compliance with this
Article 11 the Person named as the “Company” in the first paragraph of this Indenture (or any successor that shall thereafter have become such in the manner prescribed in this Article 11) may be dissolved, wound up and liquidated at any
time thereafter and, except in the case of a lease, such Person shall be released from its liabilities as obligor and maker of the Notes and from its obligations under this Indenture and the Notes. 

In case of any such consolidation, merger, sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance)
may be made in the Notes thereafter to be issued as may be appropriate. 
 Section 11.03. Opinion of Counsel to Be Given to
Trustee. No such consolidation, merger, sale, conveyance, transfer or lease shall be effective unless the Trustee shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger,
sale, conveyance, transfer or lease and any such assumption and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, complies with the provisions of this Article 11. 

ARTICLE 12 

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

  
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 ARTICLE 13 

[INTENTIONALLY OMITTED] 

ARTICLE 14 

CONVERSION OF NOTES 

Section 14.01. Conversion Privilege. (a) Subject to and upon compliance with the provisions of this Article 14, each
Holder of a Note shall have the right, at such Holder’s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral multiple thereof) of such Note (i) subject to satisfaction of the
conditions described in Section 14.01(b), at any time prior to the close of business on the Business Day immediately preceding [            ], 20[    ] under the
circumstances and during the periods set forth in Section 14.01(b), and (ii) regardless of the conditions described in Section 14.01(b), on or after [            ],
20[    ] and prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, in each case, at an initial conversion rate of
[                ] shares of Class C Capital Stock (subject to adjustment as provided in this Article 14, the “Conversion Rate”) per
$1,000 principal amount of Notes (subject to, and in accordance with, the settlement provisions of Section 14.01(b)(v), the “Conversion Obligation”). 

(b) (i) Prior to the close of business on the Business Day immediately preceding
[            ], 20[    ], a Holder may surrender all or any portion of its Notes for conversion at any time during the five Business Day period immediately after any
five consecutive Trading Day period (the “Measurement Period”) in which the Trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder of Notes in accordance with this subsection (b)(i), for
each Trading Day of the Measurement Period was less than 98% of the product of the Last Reported Sale Price of the Class C Capital Stock on each such Trading Day and the Conversion Rate on each such Trading Day. The Trading Prices shall be
determined by the Bid Solicitation Agent pursuant to this subsection (b)(i) and the definition of Trading Price set forth in this Indenture. The Company shall provide written notice to the Bid Solicitation Agent (if other than the Company) of the
three independent nationally recognized securities dealers selected by the Company pursuant to the definition of Trading Price, along with appropriate contact information for each. The Bid Solicitation Agent (if other than the Company) shall have no
obligation to determine the Trading Price per $1,000 principal amount of Notes unless the Company has requested such determination, and the Company shall have no obligation to make such request (or, if the Company is acting as Bid Solicitation
Agent, the Company shall have no obligation to determine the Trading Price per $1,000 principal amount of Notes) unless a Holder provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes on any Trading
Day would be less than 98% of the product of the Last Reported Sale Price of the Class C Capital Stock on such Trading Day and the Conversion Rate on such Trading Day, at which time the Company shall instruct the Bid Solicitation Agent (if other
than the Company) to determine, or if the Company is acting as Bid Solicitation Agent, the Company shall determine, the Trading Price per $1,000 principal amount of Notes beginning on the next Trading Day and on each successive Trading Day until the
Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of the Class C Capital Stock and the Conversion Rate. If (x) the Company is not acting as Bid Solicitation Agent,
and  

  
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the Company does not instruct the Bid Solicitation Agent to determine the Trading Price per $1,000 principal amount of Notes when obligated as provided in the preceding sentence, or if the
Company instructs the Bid Solicitation Agent to obtain bids and the Bid Solicitation Agent fails to make such determination, or (y) the Company is acting as Bid Solicitation Agent and the Company fails to make such determination when obligated
as provided in the preceding sentence, then, in either case, the Trading Price per $1,000 principal amount of Notes shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the Class C Capital Stock and the Conversion
Rate on each Trading Day of such failure. If the Trading Price condition set forth above has been met, the Company shall so notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee). If, at any time after the Trading Price
condition set forth above has been met, the Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of the Class C Capital Stock and the Conversion Rate for such date, the
Company shall so notify the Holders of the Notes, the Trustee and the Conversion Agent (if other than the Trustee). 
 (ii)
If, prior to the close of business on the Business Day immediately preceding [            ], 20[    ], the Company elects to: 

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

(B) distribute to all or substantially all holders of the Class C Capital Stock the Company’s assets, securities or rights
to purchase securities of the Company, which distribution has a per share value, as reasonably determined by the Board of Directors, exceeding 10% of the Last Reported Sale Price of the Class C Capital Stock on the Trading Day preceding the date of
announcement for such distribution, 
 then, in either case, the Company shall notify all Holders of the Notes, the Trustee and the Conversion Agent (if
other than the Trustee) at least 30 Scheduled Trading Days prior to the Ex-Dividend Date for such issuance or distribution. Once the Company has given such notice, a Holder may surrender all or any portion of its Notes for conversion at any time
until the earlier of (1) the close of business on the Business Day immediately preceding the Ex-Dividend Date for such issuance or distribution and (2) the Company’s announcement that such issuance or distribution will not take place,
in each case, even if the Notes are not otherwise convertible at such time. 
 (iii) If a transaction or event that
constitutes a Fundamental Change or a Make-Whole Fundamental Change occurs prior to the close of business on the Business Day immediately preceding [            ],
20[    ], regardless of whether a Holder has the right to require the Company to repurchase the Notes pursuant to Section 15.02, or if the Company is a party to a consolidation, merger, binding share exchange, or transfer or

  
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lease of all or substantially all of its assets that occurs prior to the close of business on the Business Day immediately preceding
[            ], 20[    ], in each case, pursuant to which the Class C Capital Stock would be converted into cash, securities or other assets, all or any portion of a
Holder’s Notes may be surrendered for conversion at any time from or after the date that is 30 Scheduled Trading Days prior to the anticipated effective date of the transaction (or, if later, the earlier of (x) the Business Day after the
Company gives notice of such transaction and (y) the actual effective date of such transaction) until 35 Trading Days after the actual effective date of such transaction or, if such transaction also constitutes a Fundamental Change, until the
related Fundamental Change Repurchase Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) (x) as promptly as practicable following the date the Company publicly announces such transaction but
in no event less than 30 Scheduled Trading Days prior to the anticipated effective date of such transaction or (y) if the Company does not have knowledge of such transaction at least 30 Scheduled Trading Days prior to the anticipated effective
date of such transaction, within one Business Day of the date upon which the Company receives notice, or otherwise becomes aware, of such transaction, but in no event later than the actual effective date of such transaction. 

(iv) Prior to the close of business on the Business Day immediately preceding
[            ], 20[    ], a Holder may surrender all or any portion of its Notes for conversion at any time during any calendar quarter commencing after the calendar
quarter ending on [            ], 20[    ] (and only during such calendar quarter), if the Last Reported Sale Price of the Class C Capital Stock for at least 20 Trading
Days (whether or not consecutive) during the period of 30 consecutive Trading Days ending on the last Trading Day of the immediately preceding calendar quarter is greater than or equal to 130% of the Conversion Price on each applicable Trading Day.
The Company shall determine at the beginning of each calendar quarter commencing after [            ], 20[    ] whether the Notes may be surrendered for conversion in
accordance with this clause (iv) and shall notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) if the Notes become convertible in accordance with this clause (iv). 

(v) If the Company calls any or all of the Notes for redemption pursuant to Article 16 prior to the close of business on the
Business Day immediately preceding [            ], 20[    ], then a Holder may surrender all or any portion of its Notes for conversion at any time prior to the close of
business on the Scheduled Trading Day prior to the Redemption Date, even if the Notes are not otherwise convertible at such time. After that time, the right to convert shall expire, unless the Company defaults in the payment of the Redemption Price,
in which case a Holder of Notes may convert its Notes until the Redemption Price has been paid or duly provided for. 
 Section 14.02.
Conversion Procedure; Settlement Upon Conversion.  
 (a) Subject to this Section 14.01(b)(v), Section 14.03(b) and
Section 14.07(a), upon conversion of any Note, the Company shall pay or deliver, as the case may be, to the converting Holder, in respect of each $1,000 principal amount of Notes being converted, cash (“Cash Settlement”), shares of
Class C Capital Stock, together with cash, if applicable, in lieu of delivering any fractional share of Class C Capital Stock in accordance with subsection (j) of this  

  
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Section 14.01(b)(v) (“Physical Settlement”) or a combination of cash and shares of Class C Capital Stock, together with cash, if applicable, in lieu of delivering any
fractional share of Class C Capital Stock in accordance with subsection (j) of this Section 14.01(b)(v) (“Combination Settlement”), at its election, as set forth in this Section 14.01(b)(v). 

(i) All conversions for which the relevant Conversion Date occurs on or after
[            ], 20[    ], and all conversions for which the relevant Conversion Date occurs after the Company’s issuance of a Redemption Notice with respect to the
Notes and prior to the related Redemption Date, shall be settled using the same Settlement Method. 
 (ii) Except for any
conversions for which the relevant Conversion Date occurs after the Company’s issuance of a Redemption Notice with respect to the Notes but prior to the related Redemption Date, and any conversions for which the relevant Conversion Date occurs
on or after [            ], 20[    ], the Company shall use the same Settlement Method for all conversions with the same Conversion Date, but the Company shall not have
any obligation to use the same Settlement Method with respect to conversions with different Conversion Dates. 
 (iii) If, in
respect of any Conversion Date (or one of the periods described in the third immediately succeeding set of parentheses, as the case may be), the Company elects to deliver a notice (the “Settlement Notice”) of the relevant Settlement
Method in respect of such Conversion Date (or such period, as the case may be), the Company, through the Trustee, shall deliver such Settlement Notice to converting Holders no later than the close of business on the Trading Day immediately following
the relevant Conversion Date (or, in the case of any conversions for which the relevant Conversion Date occurs (x) after the date of issuance of a Redemption Notice with respect to the Notes and prior to the related Redemption Date, in such
Redemption Notice or (y) on or after [            ], 20[    ], no later than [            ],
20[    ]). If the Company does not elect a Settlement Method prior to the deadline set forth in the immediately preceding sentence, the Company shall no longer have the right to elect Cash Settlement or Physical Settlement and
the Company shall be deemed to have elected Combination Settlement in respect of its Conversion Obligation, and the Specified Dollar Amount per $1,000 principal amount of Notes shall be equal to $1,000. Such Settlement Notice shall specify the
relevant Settlement Method and in the case of an election of Combination Settlement, the relevant Settlement Notice shall indicate the Specified Dollar Amount per $1,000 principal amount of Notes. If the Company delivers a Settlement Notice electing
Combination Settlement in respect of its Conversion Obligation but does not indicate a Specified Dollar Amount per $1,000 principal amount of Notes in such Settlement Notice, the Specified Dollar Amount per $1,000 principal amount of Notes shall be
deemed to be $1,000. 
 (iv) The cash, shares of Class C Capital Stock or combination of cash and shares of Class C
Capital Stock in respect of any conversion of Notes (the “Settlement Amount”) shall be computed as follows: 

(A) if the Company elects to satisfy its Conversion Obligation in respect of such conversion by Physical Settlement, the
Company shall deliver to 

  
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the converting Holder in respect of each $1,000 principal amount of Notes being converted a number of shares of Class C Capital Stock equal to the Conversion Rate in effect on the Conversion
Date; 
 (B) if the Company elects to satisfy its Conversion Obligation in respect of such conversion by Cash Settlement, the
Company shall pay to the converting Holder in respect of each $1,000 principal amount of Notes being converted cash in an amount equal to the sum of the Daily Conversion Values for each of the [     ] consecutive Trading Days
during the related Observation Period; and 
 (C) if the Company elects (or is deemed to have elected) to satisfy its
Conversion Obligation in respect of such conversion by Combination Settlement, the Company shall pay or deliver, as the case may be, in respect of each $1,000 principal amount of Notes being converted, a Settlement Amount equal to the sum of the
Daily Settlement Amounts for each of the [                     ] consecutive Trading Days during the related Observation Period. 

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

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

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

(c) A Note shall be deemed to have been converted immediately prior to the close of business on the date (the “Conversion
Date”) that the Holder has complied with the requirements set forth in subsection (b) above. Except as set forth in Section 14.03(b) and Section 14.07(a), the Company shall pay or deliver, as the case may be, the consideration due in
respect of the Conversion Obligation on the third Business Day immediately following the relevant Conversion Date, if the Company elects Physical Settlement (provided that for any Notes converted after the close of business on the
Regular Record Date immediately preceding the Maturity Date, the Company shall deliver the consideration due in respect of the Conversion Obligation on the Maturity Date), or on the third Business Day immediately following the last Trading Day of
the Observation Period, in the case of any other Settlement Method. If any shares of Class C Capital Stock are due to a converting Holder, the Company shall issue or cause to be issued, and deliver (if applicable) to the Conversion Agent or to such
Holder, or such Holder’s nominee or nominees, the full number of shares of Class C Capital Stock to which such Holder shall be entitled, in certificate form or in book-entry format, in satisfaction of the Company’s Conversion Obligation.

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

(e) If a Holder submits a Note for conversion, the Company shall pay any documentary, stamp or similar issue or transfer tax due on the issue
of any shares of Class C Capital Stock upon conversion, unless the tax is due because the Holder requests such shares to be issued in a name other than the Holder’s name, in which case the Holder shall pay that tax. The Conversion Agent may
refuse to deliver the certificates representing the shares of Class C Capital Stock being issued in a name other than the Holder’s name until the Trustee receives a sum sufficient to pay any tax that is due by such Holder in accordance with the
immediately preceding sentence. 
 (f) Except as provided in Section 14.04, no adjustment shall be made for dividends on any shares of Class
C Capital Stock issued upon the conversion of any Note as provided in this Article 14. 

  
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 (g) Upon the conversion of an interest in a Global Note, the Trustee, or the Custodian at the
direction of the Trustee, shall make a notation on such Global Note as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any conversion of Notes effected through any Conversion Agent
other than the Trustee. 
 (h) Upon conversion, a Holder shall not receive any separate cash payment for accrued and unpaid interest, if
any, except as set forth below. The Company’s settlement of the full Conversion Obligation shall be deemed to satisfy in full its obligation to pay the principal amount of the Note and accrued and unpaid interest, if any, to, but not including,
the relevant Conversion Date. As a result, accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date shall be deemed to be paid in full rather than cancelled, extinguished or forfeited. Upon a conversion of Notes into
a combination of cash and shares of Class C Capital Stock, accrued and unpaid interest will be deemed to be paid first out of the cash paid upon such conversion. Notwithstanding the foregoing, if Notes are converted after the close of business on a
Regular Record Date, Holders of such Notes as of the close of business on such Regular Record Date will receive the full amount of interest payable on such Notes on the corresponding Interest Payment Date notwithstanding the conversion. Notes
surrendered for conversion during the period from the close of business on any Regular Record Date to the open of business on the immediately following Interest Payment Date must be accompanied by funds equal to the amount of interest payable on the
Notes so converted; provided that no such payment shall be required (1) for conversions following the Regular Record Date immediately preceding the Maturity Date; (2) if the Company has specified a Redemption Date that is after a
Regular Record Date and on or prior to the corresponding Interest Payment Date; (3) if the Company has specified a Fundamental Change Repurchase Date that is after a Regular Record Date and on or prior to the Business Day immediately following
the corresponding Interest Payment Date; or (4) to the extent of any Defaulted Amounts, if any Defaulted Amounts exists at the time of conversion with respect to such Note. Therefore, for the avoidance of doubt, all Holders of record on the
Regular Record Date immediately preceding the Maturity Date shall receive the full interest payment due on the Maturity Date in cash regardless of whether their Notes have been converted following such Regular Record Date. 

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

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

  
 55 

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

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

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

  
 56 

 (d) The Stock Prices set forth in the column headings of the table below shall be adjusted as of
any date on which the Conversion Rate of the Notes is otherwise adjusted. The adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the
Conversion Rate immediately prior to such adjustment giving rise to the Stock Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The number of Additional Shares set forth in the table below shall be adjusted in the
same manner and at the same time as the Conversion Rate as set forth in Section 14.04. 
 (e) The following table sets forth the number of
Additional Shares of Class C Capital Stock by which the Conversion Rate shall be increased per $1,000 principal amount of Notes pursuant to this Section 14.03 for each Stock Price and Effective Date set forth below: 

 

																																													
	 	  	Stock Price	 
	 Effective Date
	  	[        ]	 	 	[        ]	 	 	[        ]	 	 	[        ]	 	 	[        ]	 	 	[        ]	 	 	[        ]	 	 	[        ]	 	 	[        ]	 	 	[        ]	 	 	[        ]	 
	 [            ],
20[    ]
	  	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 
	 [            ],
20[    ]
	  	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 
	 [            ],
20[    ]
	  	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 
	 [            ],
20[    ]
	  	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 
	 [            ],
20[    ]
	  	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 
	 [            ],
20[    ]
	  	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 	 	 	[        	] 

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

(i) if the Stock Price is between two Stock Prices in the table above or the Effective Date is between two Effective Dates in
the table, the number of Additional Shares shall be determined by a straight-line interpolation between the number of Additional Shares set forth for the higher and lower Stock Prices and the earlier and later Effective Dates, as applicable, based
on a 365-day year; 
 (ii) if the Stock Price is greater than $[        ] per share
(subject to adjustment in the same manner as the Stock Prices set forth in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate; and 

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

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

  
 57 

 (f) Nothing in this Section 14.03 shall prevent an adjustment to the Conversion Rate pursuant to
Section 14.04 in respect of a Make-Whole Fundamental Change. 
 Section 14.04. Adjustment of Conversion Rate. The Conversion
Rate shall be adjusted from time to time by the Company if any of the following events occurs, except that the Company shall not make any adjustments to the Conversion Rate if Holders of the Notes participate (other than in the case of (x) a
share split or share combination or (y) a tender or exchange offer), at the same time and upon the same terms as holders of the Class C Capital Stock and solely as a result of holding the Notes, in any of the transactions described in this
Section 14.04, without having to convert their Notes, as if they held a number of shares of Class C Capital Stock equal to the Conversion Rate, multiplied by the principal amount (expressed in thousands) of Notes held by such Holder. 

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

							
	CR’ = CR0 ×	 	 OS’ 	  		  	
	 	 OS0 	  		  	

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the open of business on the Effective Date of such share split or share
combination, as applicable;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the open of business on such Ex- Dividend Date or Effective Date;
			
	OS0	  	=	  	the number of shares of Class C Capital Stock outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date; and
			
	OS’	  	=	  	the number of shares of Class C Capital Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination.

 Any adjustment made under this Section 14.04(a) shall become effective immediately after the open of business on the
Ex-Dividend Date for such dividend or distribution, or immediately after the open of business on the Effective Date for such share split or share combination, as applicable. If any dividend or distribution of the type described in this Section
14.04(a) is declared but not so paid or made, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution, to the Conversion Rate that would then be in
effect if such dividend or distribution had not been declared. 
 (b) If the Company issues to all or substantially all holders of the Class
C Capital Stock any rights, options or warrants entitling them, for a period of not more than 45 calendar days 

  
 58 

 
after the announcement date of such issuance, to subscribe for or purchase shares of the Class C Capital Stock at a price per share that is less than the average of the Last Reported Sale Prices
of the Class C Capital Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, the Conversion Rate shall be increased based on the following formula:

  

							
	CR’ = CR0 ×	 	OS0 + X	  		  	
	 	OS0 + Y	  		  	

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex- Dividend Date for such issuance;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the open of business on such Ex- Dividend Date;
			
	OS0	  	=	  	the number of shares of Class C Capital Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;
			
	X	  	=	  	the total number of shares of Class C Capital Stock issuable pursuant to such rights, options or warrants; and
			
	Y	  	=	  	the number of shares of Class C Capital Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Last Reported Sale Prices of the Class C Capital Stock over the 10
consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

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

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

  
 59 

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

							
	CR’ = CR0 ×	 	      SP0       	  		  	
	 	SP0 – FMV	  		  	

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;
			
	SP0	  	=	  	the average of the Last Reported Sale Prices of the Class C Capital Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution;
and
			
	FMV	  	=	  	the fair market value (as determined by the Board of Directors) of the Distributed Property with respect to each outstanding share of the Class C Capital Stock on the Ex-Dividend Date for such distribution.

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

  
 60 

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

 

							
	CR’ = CR0 ×	 	FMV0 + MP0	  		  	
	 	       MP0       	  		  	

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the end of the Valuation Period;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the end of the Valuation Period;
			
	FMV0	  	=	  	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Class C Capital Stock applicable to one share of the Class C Capital Stock (determined by reference to the
definition of Last Reported Sale Price as set forth in Section 1.01 as if references therein to Class C Capital Stock were to such Capital Stock or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the
Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and
			
	MP0	  	=	  	the average of the Last Reported Sale Prices of the Class C Capital Stock over the Valuation Period.

 The increase to the Conversion Rate under the preceding paragraph shall occur at the close of business
on the last Trading Day of the Valuation Period; provided that (x) in respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date occurs during the Valuation Period, references to
“10” in the preceding paragraph shall be deemed to be replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off and the Conversion Date in determining the Conversion Rate and (y) in
respect of any conversion of Notes for which Cash Settlement or Combination Settlement is applicable, for any Trading Day that falls within the relevant Observation Period for such conversion and within the Valuation Period, references to
“10” in the preceding paragraph shall be deemed to be replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off and such Trading Day in determining the Conversion Rate as of such Trading
Day. If the Ex-Dividend Date of the Spin-Off is after the 10th Trading Day immediately preceding, and including, the end of any Observation Period in respect of a conversion of Notes, references to “10” or “10th” in the preceding
paragraph and this paragraph shall be deemed to be replaced, solely in respect of that conversion of Notes, with such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date for the Spin-Off to, and including, the
last Trading Day of such Observation Period. 

  
 61 

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

For purposes of Section 14.04(a), Section 14.04(b) and this Section 14.04(c), if any dividend or distribution to which this Section 14.04(c)
is applicable also includes one or both of: 
 (A) a dividend or distribution of shares of Class C Capital Stock to which Section 14.04(a)
is applicable (the “Clause A Distribution”); or 
 (B) a dividend or distribution of rights, options or warrants to which
Section 14.04(b) is applicable (the “Clause B Distribution”), 
 then, in either case, (1) such dividend or distribution, other than
the Clause A Distribution and the Clause B Distribution, shall be deemed to be a dividend or distribution to which this Section 14.04(c) is applicable (the “Clause C Distribution”) and any Conversion Rate adjustment required by this
Section 14.04(c) with respect to such Clause C Distribution shall then be made, 

  
 62 

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

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

					
	CR’ = CR0	 	×	 	    SP0    

	 	 	SP0 – C

 where, 
  

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

			
	SP0	  	=	  	the Last Reported Sale Price of the Class C Capital Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and
			
	C	  	=	  	the amount in cash per share the Company distributes to all or substantially all holders of the Class C Capital Stock.

 Any increase pursuant to this Section 14.04(d) shall become effective immediately after the open of business on the
Ex-Dividend Date for such dividend or distribution. If such dividend or distribution is not so paid, the Conversion Rate shall be decreased, effective as of the date the Board of Directors determines not to make or pay such dividend or distribution,
to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, for each $1,000 principal amount of Notes, at the same time and upon the same terms as holders of
shares of the Class C Capital Stock, the amount of cash that such Holder would have received if such Holder owned a number of shares of Class C Capital Stock equal to the Conversion Rate on the Ex-Dividend Date for such cash dividend or
distribution. 
 (e) If the Company or any of its Subsidiaries make a payment in respect of a tender or exchange offer for the Class C
Capital Stock (other than an odd-lot tender offer), to the extent that the cash and value of any other consideration included in the payment per share of the Class C Capital Stock exceeds the average of the Last Reported Sale Prices of the Class C
Capital 

  
 63 

 
Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or
exchange offer, the Conversion Rate shall be increased based on the following formula: 
  

					
	 CR’ = CR0
	 	×	 	AC + (SP’×OS’)
	 	 	OS0 × SP’

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;
			
	AC	  	=	  	the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for shares of Class C Capital Stock purchased in such tender or exchange offer;
			
	OS0	  	=	  	the number of shares of Class C Capital Stock outstanding immediately prior to the date such tender or exchange offer expires (prior to giving effect to the purchase of all shares of Class C Capital Stock accepted for purchase or
exchange in such tender or exchange offer);
			
	OS’	  	=	  	the number of shares of Class C Capital Stock outstanding immediately after the date such tender or exchange offer expires (after giving effect to the purchase of all shares of Class C Capital Stock accepted for purchase or exchange
in such tender or exchange offer); and
			
	SP’	  	=	  	the average of the Last Reported Sale Prices of the Class C Capital Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the date such tender or exchange offer
expires.

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

  
 64 

 
any tender or exchange offer, references to “10” or “10th” in the preceding paragraph shall be deemed replaced with such lesser number of Trading Days as have elapsed between
the expiration date of such tender or exchange offer and such Trading Day in determining the Conversion Rate as of such Trading Day. In addition, if the Trading Day next succeeding the date such tender or exchange offer expires is after the 10th
Trading Day immediately preceding, and including, the end of any Observation Period in respect of a conversion of Notes, references to “10” or “10th” in the preceding paragraph and this paragraph shall be deemed to be replaced,
solely in respect of that conversion of Notes, with such lesser number of Trading Days as have elapsed from, and including, the Trading Day next succeeding the date such tender or exchange offer expires to, and including, the last Trading Day of
such Observation Period. 
 (f) Notwithstanding this Section 14.04 or any other provision of this Indenture or the Notes, if a Conversion
Rate adjustment becomes effective on any Ex-Dividend Date, and a Holder that has converted its Notes on or after such Ex-Dividend Date and on or prior to the related Record Date would be treated as the record holder of the shares of Class C Capital
Stock as of the related Conversion Date as described under Section 14.02(i) based on an adjusted Conversion Rate for such Ex-Dividend Date, then, notwithstanding the Conversion Rate adjustment provisions in this Section 14.04, the Conversion Rate
adjustment relating to such Ex-Dividend Date shall not be made for such converting Holder. Instead, such Holder shall be treated as if such Holder were the record owner of the shares of Class C Capital Stock on an unadjusted basis and participate in
the related dividend, distribution or other event giving rise to such adjustment. 
 (g) Except as stated herein, the Company shall not
adjust the Conversion Rate for the issuance of shares of the Class C Capital Stock or any securities convertible into or exchangeable for shares of the Class C Capital Stock or the right to purchase shares of the Class C Capital Stock or such
convertible or exchangeable securities. 
 (h) In addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this
Section 14.04, and to the extent permitted by applicable law and subject to the applicable rules of any exchange on which any of the Company’s securities are then listed, the Company from time to time may increase the Conversion Rate by any
amount for a period of at least 20 Business Days if the Board of Directors determines that such increase would be in the Company’s best interest. In addition, to the extent permitted by applicable law and subject to the applicable rules of any
exchange on which any of the Company’s securities are then listed, the Company may (but is not required to) increase the Conversion Rate to avoid or diminish any income tax to holders of Class C Capital Stock or rights to purchase Class C
Capital Stock in connection with a dividend or distribution of shares of Class C Capital Stock (or rights to acquire shares of Class C Capital Stock) or similar event. Whenever the Conversion Rate is increased pursuant to either of the preceding two
sentences, the Company shall deliver to the Holder of each Note a notice of the increase at least 15 days prior to the date the increased Conversion Rate takes effect, and such notice shall state the increased Conversion Rate and the period during
which it will be in effect. 

  
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 (i) Notwithstanding anything to the contrary in this Article 14, the Conversion Rate shall not be
adjusted: 
 (i) on account of stock repurchases that are not tender offers or exchange offers referred to in Section 14.04
(d), including structured or derivative transactions, or pursuant to a stock repurchase program approved by the Board of Directors or otherwise; 

(ii) upon the issuance of any shares of Class C Capital 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 Class C Capital Stock under any plan; 

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

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

(v) solely for a change in the par value of the Class C Capital Stock; or 

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

(j) All calculations and other determinations under this Article 14 shall be made by the Company and shall be made to the nearest one-ten
thousandth (1/10,000th) of a share. If an adjustment to the Conversion Rate otherwise required under this Article 14 would result in a change of less than 1% to the Conversion Rate, then, notwithstanding this Article 14 or any other provision
of this Indenture or the Notes, the Company may, at its election, defer and carry forward such adjustment, except that all such deferred adjustments shall be given effect immediately upon the earliest to occur of the following: (i) when all
such deferred adjustments would result in an aggregate change of at least 1% to the Conversion Rate; (ii) the Conversion Date of, or any Trading Day of an Observation Period for, any Note; (iii) the Effective Date of any Fundamental Change
or Make-Whole Fundamental Change; and (iv) [    ], 20[    ]. 
 (k) Whenever the Conversion
Rate is adjusted as herein provided, the Company shall promptly file with the Trustee (and the Conversion Agent if not the Trustee) an Officers’ Certificate setting forth the Conversion Rate after such adjustment and setting forth a brief
statement of the facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee shall have received such Officers’ Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate
and may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the
adjusted Conversion Rate and the date on which each adjustment becomes effective and shall deliver such notice of such adjustment of the Conversion Rate to each Holder. Failure to deliver such notice shall not affect the legality or validity of any
such adjustment. 

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

Section 14.05. Adjustments of Prices. Whenever any provision of this Indenture requires the Company to calculate the Last Reported
Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts over a span of multiple days (including an Observation Period and the period for determining the Stock Price for purposes of a Make-Whole Fundamental Change),
the Board of Directors shall make appropriate adjustments to each to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date or
expiration date, as the case may be, of the event occurs, at any time during the period when the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts are to be calculated. 

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

Section 14.07. Effect of Recapitalizations, Reclassifications and Changes of the Class C Capital Stock. 

(a) In the case of: 

(i) any recapitalization, reclassification or change of the Class C Capital Stock (other than changes resulting from a
subdivision or combination), 
 (ii) any consolidation, merger, combination or similar transaction involving the Company,

 (iii) any sale, lease or other transfer to a third party of the consolidated assets of the Company and the Company’s
Subsidiaries substantially as an entirety or 
 (iv) any statutory share exchange, 

in each case, as a result of which the Class C Capital Stock would be converted into, or exchanged for, stock, other securities, other property or assets
(including cash or any combination thereof) (any such event, a “Merger Event”), then, at and after the effective time of such Merger Event, the right to convert each $1,000 principal amount of Notes shall be changed into a right to
convert such principal amount of Notes into the kind and amount of shares of stock, 

  
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other securities or other property or assets (including cash or any combination thereof) that a holder of a number of shares of Class C Capital Stock equal to the Conversion Rate immediately
prior to such Merger Event would have owned or been entitled to receive (the “Reference Property,” with each “unit of Reference Property” meaning the kind and amount of Reference Property that a holder of one share
of Class C Capital Stock is entitled to receive) upon such Merger Event and, prior to or at the effective time of such Merger Event, the Company or the successor or purchasing Person, as the case may be, shall execute with the Trustee a supplemental
indenture permitted under Section 10.01(g) providing for such change in the right to convert each $1,000 principal amount of Notes; provided, however, that at and after the effective time of the Merger Event (A) the Company shall
continue to have the right to determine the form of consideration to be paid or delivered, as the case may be, upon conversion of Notes in accordance with Section 14.01(b)(v) and (B) (I) any amount payable in cash upon conversion of the
Notes in accordance with Section 14.01(b)(v) shall continue to be payable in cash, (II) any shares of Class C Capital Stock that the Company would have been required to deliver upon conversion of the Notes in accordance with Section 14.01(b)(v)
shall instead be deliverable in the amount and type of Reference Property that a holder of that number of shares of Class C Capital Stock would have been entitled to receive in such Merger Event and (III) the Daily VWAP shall be calculated based on
the value of a unit of Reference Property. 
 If the Merger Event causes the Class C Capital Stock to be converted into, or exchanged for,
the right to receive more than a single type of consideration (determined based in part upon any form of shareholder election), then (i) the Reference Property into which the Notes will be convertible shall be deemed to be (x) the weighted
average of the types and amounts of consideration received by the holders of Class C Capital Stock that affirmatively make such an election or (y) if no holders of Class C Capital Stock affirmatively make such an election, the types and amounts
of consideration actually received by the holders of Class C Capital Stock, and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall refer to the consideration referred to in clause (i) attributable
to one share of Class C Capital Stock. If the holders of the Class C Capital Stock receive only cash in such Merger Event, then for all conversions for which the relevant Conversion Date occurs after the effective date of such Merger Event
(A) the consideration due upon conversion of each $1,000 principal amount of Notes shall be solely cash in an amount equal to the Conversion Rate in effect on the Conversion Date (as may be increased by any Additional Shares pursuant to Section
14.03), multiplied by the price paid per share of Class C Capital Stock in such Merger Event and (B) the Company shall satisfy the Conversion Obligation by paying cash to converting Holders on the third Business Day immediately following
the relevant Conversion Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) of such weighted average as soon as practicable after such determination is made. 

Such supplemental indenture described in the second immediately preceding paragraph shall provide for anti-dilution and other adjustments that
shall be as nearly equivalent as is possible to the adjustments provided for in this Article 14. If, in the case of any Merger Event, the Reference Property includes shares of stock, securities or other property or assets (including cash or any
combination thereof) of a Person other than the successor or purchasing corporation, as the case may be, in such Merger Event, then such supplemental indenture shall also be executed by such other Person and shall contain such additional provisions
to protect the 

  
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interests of the Holders of the Notes as the Board of Directors shall reasonably consider necessary by reason of the foregoing, including the provisions providing for the purchase rights set
forth in Article 15. 
 (b) When the Company executes a supplemental indenture pursuant to subsection (a) of this Section 14.07, the Company
shall promptly file with the Trustee an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of cash, securities or property or asset that will comprise a unit of Reference Property after any such Merger Event, any
adjustment to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly deliver notice thereof to all Holders. The Company shall cause notice of the execution of such supplemental indenture to be
delivered to each Holder within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture. 

(c) The Company shall not become a party to any Merger Event unless its terms are consistent with this Section 14.07. None of the foregoing
provisions shall affect the right of a holder of Notes to convert its Notes into cash, shares of Class C Capital Stock or a combination of cash and shares of Class C Capital Stock, as applicable, as set forth in Section 14.01 and Section 14.01(b)(v)
prior to the effective date of such Merger Event. 
 (d) The above provisions of this Section shall similarly apply to successive Merger
Events. 
 Section 14.08. Certain Covenants. (a) The Company covenants that all shares of Class C Capital Stock issued upon
conversion of Notes will be fully paid and non-assessable by the Company and free from all taxes, liens and charges with respect to the issue thereof. 

(b) The Company covenants that, if any shares of Class C Capital Stock to be provided for the purpose of conversion of Notes hereunder require
registration with or approval of any governmental authority under any federal or state law before such shares of Class C Capital Stock may be validly issued upon conversion, the Company will, to the extent then permitted by the rules and
interpretations of the Commission, secure such registration or approval, as the case may be. 
 (c) The Company further covenants that if at
any time the Class C Capital Stock shall be listed on any national securities exchange or automated quotation system the Company will list and keep listed, so long as the Class C Capital Stock shall be so listed on such exchange or automated
quotation system, any Class C Capital Stock issuable upon conversion of the Notes. 
 Section 14.09. Responsibility of Trustee.
The Trustee and any other Conversion Agent shall not at any time be under any duty or responsibility to any Holder to determine the Conversion Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including any
increase) of the Conversion Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the
same. The Trustee and any other Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Class C Capital Stock, or of any securities, 

  
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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 Class C Capital Stock or stock certificates or other securities or property or cash upon the surrender of any Note
for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article. Without limiting the generality of the foregoing, neither the Trustee nor any Conversion Agent shall be under
any responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into pursuant to Section 14.07 relating either to the kind or amount of shares of stock or securities or property (including cash)
receivable by Holders upon the conversion of their Notes after any event referred to in such Section 14.07 or to any adjustment to be made with respect thereto, but, subject to the provisions of Section 7.01, may accept (without any independent
investigation) as conclusive evidence of the correctness of any such provisions, and shall be protected in relying upon, the Officers’ Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of any such
supplemental indenture) with respect thereto. Neither the Trustee nor the Conversion Agent shall be responsible for determining whether any event contemplated by Section 14.01(b) has occurred that makes the Notes eligible for conversion or no longer
eligible therefor until the Company has delivered to the Trustee and the Conversion Agent the notices referred to in Section 14.01(b) with respect to the commencement or termination of such conversion rights, on which notices the Trustee and the
Conversion Agent may conclusively rely, and the Company agrees to deliver such notices to the Trustee and the Conversion Agent immediately after the occurrence of any such event or at such other times as shall be provided for in Section 14.01(b).

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

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

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

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

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

ARTICLE 15 

REPURCHASE OF NOTES AT OPTION OF
HOLDERS 
 Section 15.01. Intentionally Omitted 

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

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

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

  
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 (ii) delivery of the Notes, if the Notes are Physical Notes, to the Paying Agent
at any time after delivery of the Fundamental Change Repurchase Notice and on or before the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date (together with all necessary endorsements for transfer) at
the Corporate Trust Office of the Paying Agent, or book-entry transfer of the Notes, if the Notes are Global Notes, in compliance with the procedures of the Depositary, in each case such delivery being a condition to receipt by the Holder of the
Fundamental Change Repurchase Price therefor. 
 The Fundamental Change Repurchase Notice in respect of any Notes to be repurchased shall
state: 
 (i) in the case of Physical Notes, the certificate numbers of the Notes to be delivered for repurchase; 

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

 (iii) that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this
Indenture; 
 provided, however, that if the Notes are Global Notes, the Fundamental Change Repurchase Notice must comply with appropriate
Depositary procedures. 
 Notwithstanding anything herein to the contrary, any Holder delivering to the Paying Agent the Fundamental
Change Repurchase Notice contemplated by this Section 15.02 shall have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the close of business on the Business Day immediately preceding the
Fundamental Change Repurchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 15.03. 

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

(i) the events causing the Fundamental Change; 

  
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 (ii) the date of the Fundamental Change; 

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

(iv) the Fundamental Change Repurchase Price; 

(v) the Fundamental Change Repurchase Date; 

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

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

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

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

No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the
validity of the proceedings for the repurchase of the Notes pursuant to this Section 15.02. 
 At the Company’s request, the
Trustee shall give such notice in the Company’s name and at the Company’s expense; provided, however, that, in all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company. 

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

Section 15.03. Withdrawal of Fundamental Change Repurchase Notice. (a) A Fundamental Change Repurchase Notice may be
withdrawn (in whole or in part) by means of a  

  
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written notice of withdrawal delivered to the Corporate Trust Office of the Paying Agent in accordance with this Section 15.03 at any time prior to the close of business on the Business Day
immediately preceding the Fundamental Change Repurchase Date, specifying: 
 (i) the principal amount of the Notes with
respect to which such notice of withdrawal is being submitted, 
 (ii) if Physical Notes have been issued, the certificate
number of the Note in respect of which such notice of withdrawal is being submitted, and 
 (iii) the principal amount, if
any, of such Note that remains subject to the original Fundamental Change Repurchase Notice, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000; 

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

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

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

Section 15.05. Covenant to Comply with Applicable Laws Upon Repurchase of Notes. In connection with any repurchase offer,
the Company will, if required: 
 (a) comply with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the
Exchange Act; 
 (b) file a Schedule TO or any other required schedule under the Exchange Act; and 

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

in each case, so as to permit the rights and obligations described under this Article 15 to be exercised in the time and in the manner specified in this
Article 15. 
 ARTICLE 16 

OPTIONAL REDEMPTION 

Section 16.01. Optional Redemption. No sinking fund is provided for the Notes. The Notes shall not be redeemable by the
Company prior to [            ], 20[    ]. On or after [            ], 20[    ], the
Company may redeem (an “Optional Redemption”) for cash all or part of the Notes, at the Redemption Price, if the Last Reported Sale Price of the Class C Capital Stock has been at least 130% of the Conversion Price then
in effect for at least 20 Trading Days (whether or not consecutive) during any 30 consecutive Trading Day period (including the last trading day of such period) ending on, and including, the Trading Day immediately preceding the date on which the
Company provides the Redemption Notice in accordance with Section 16.02.  
 Section 16.02. Notice of Optional
Redemption; Selection of Notes. (a) In case the Company exercises its Optional Redemption right to redeem all or, as the case may be, any part of the Notes pursuant to Section 16.01, it shall fix a date for redemption (each, a
“Redemption Date”) and it or, at its written request received by the Trustee not less than 15 calendar days prior to the delivery of the Redemption Notice (or such shorter period of time as may be acceptable to the
Trustee), the Trustee, in the name of and at the expense of the Company, shall deliver or cause to be delivered a notice of such Optional Redemption (a “Redemption Notice”) not less than 40 nor more than 60 calendar
days prior to the Redemption Date to each Holder of Notes so to be redeemed as a whole or in part; provided, however, that, if the Company shall give such notice, it shall also give written notice of the Redemption Date to the Trustee
with an Officers’ Certificate received by the Trustee not less than 15 days prior to the delivery of the Redemption Notice (or such shorter period of time as may be acceptable to the Trustee). The Redemption Date must be a Business Day.

  
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 (b) The Redemption Notice, if delivered in the manner herein provided, shall be conclusively
presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such Redemption Notice by mail or any defect in the Redemption Notice to the Holder of any Note designated for redemption as a whole or in
part shall not affect the validity of the proceedings for the redemption of any other Note. 
 (c) Each Redemption Notice shall specify:

 (i) the Redemption Date; 

(ii) the Redemption Price; 

(iii) that on the Redemption Date, the Redemption Price will become due and payable upon each Note to be redeemed, and that
interest thereon, if any, shall cease to accrue on and after the Redemption Date; 
 (iv) the place or places where such
Notes are to be surrendered for payment of the Redemption Price; 
 (v) that Holders may surrender their Notes for conversion
at any time prior to the close of business on the Scheduled Trading Day immediately preceding the Redemption Date; 
 (vi)
the procedures a converting Holder must follow to convert its Notes and the Settlement Method and Specified Cash Amount, if applicable; 

(vii) the Conversion Rate and, if applicable, the number of Additional Shares added to the Conversion Rate in accordance with
Section 14.03; 
 (viii) the CUSIP, ISIN or other similar numbers, if any, assigned to such Notes and the statement provided
in Section 2.09; and 
 (ix) in case any Note is to be redeemed in part only, the portion of the principal amount thereof to
be redeemed and on and after the Redemption Date, upon surrender of such Note, a new Note in principal amount equal to the unredeemed portion thereof shall be issued. 

A Redemption Notice shall be irrevocable. 
 (d)
If fewer than all of the outstanding Notes are to be redeemed, the Notes to be redeemed shall be selected in accordance with the applicable procedures of the Depositary. If any Note selected for partial redemption is submitted for conversion in part
after such selection, the portion of the Note submitted for conversion shall be deemed (so far as may be possible) to be the portion selected for redemption. 

Section 16.03. Payment of Notes Called for Redemption. (a) If any Redemption Notice has been given in respect of the
Notes in accordance with Section 16.02, the Notes shall become due and payable on the Redemption Date at the place or places stated in the Redemption Notice  

  
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and at the applicable Redemption Price. On presentation and surrender of the Notes at the place or places stated in the Redemption Notice, the Notes shall be paid and redeemed by the Company at
the applicable Redemption Price. 
 (b) Prior to the open of business on the Redemption Date, the Company shall deposit with the Paying
Agent or, if the Company or a Subsidiary of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 7.05 an amount of cash (in immediately available funds if deposited on the Redemption Date), sufficient
to pay the Redemption Price of all of the Notes to be redeemed on such Redemption Date. Subject to receipt of funds by the Paying Agent, payment for the Notes to be redeemed shall be made on the Redemption Date for such Notes. The Paying Agent
shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the Redemption Price. 

Section 16.04. Restrictions on Redemption. The Company may not redeem any Notes on any date if the principal amount of the
Notes has been accelerated in accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or prior to the Redemption Date (except in the case of an acceleration resulting from a Default by the Company in the payment
of the Redemption Price with respect to such Notes). 
 ARTICLE 17 

MISCELLANEOUS PROVISIONS 

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

Section 17.02. Official Acts by Successor Corporation. Any act or proceeding by any provision of this Indenture authorized
or required to be done or performed by any board, committee or Officer of the Company shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation or other entity that shall at the time be
the lawful sole successor of the Company. 
 Section 17.03. Addresses for Notices, Etc. Any notice or demand that
by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders on the Company shall be deemed to have been sufficiently given or made, for all purposes if given or served by being deposited postage
prepaid by registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to Zillow Group, Inc., 1301 Second Avenue, Floor 31, Seattle, Washington 98101, Attention: General
Counsel. Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a
post office letter box addressed to the Corporate Trust Office. 
 The Trustee, by notice to the Company, may designate additional or
different addresses for subsequent notices or communications. 

  
 77 

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

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

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

The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf,
facsimile transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an incumbency certificate listing persons designated to give such instructions or directions and containing
specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee e-mail or facsimile instructions
(or instructions by a similar electronic method), the Trustee’s understanding of such instructions shall be deemed controlling. 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 instructions conflict or are inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such electronic
methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

Section 17.04. Governing Law; Jurisdiction. THIS INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING
UNDER OR RELATED TO THIS INDENTURE AND EACH NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF). 

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

  
 78 

 The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any
objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Indenture brought in the courts of the State of New York or the courts of the United
States located in the Borough of Manhattan, New York City, New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has
been brought in an inconvenient forum. 
 Section 17.05. Evidence of Compliance with Conditions Precedent; Certificates and
Opinions of Counsel to Trustee. Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate and Opinion of
Counsel stating that all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied with. 

Each Officers’ Certificate and Opinion of Counsel provided for, by or on behalf of the Company in this Indenture and delivered to the
Trustee with respect to compliance with this Indenture (other than the Officers’ Certificates provided for in Section 4.08) shall include (a) a statement that the person signing such certificate is familiar with the requested action and
this Indenture; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statement contained in such certificate is based; (c) a statement that, in the judgment of such person, he or she has made
such examination or investigation as is necessary to enable him or her to express an informed judgment as to whether or not such covenant or condition has been complied with; and (d) a statement as to whether or not, in the judgment of such
person, such covenant or condition has been complied with. 
 Section 17.06. Legal Holidays. In any case where any
Interest Payment Date, any Fundamental Change Repurchase Date or the Maturity Date is not a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding Business Day with the same
force and effect as if taken on such date, and no interest shall accrue in respect of the delay. 
 Section 17.07. No
Security Interest Created. Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect,
in any jurisdiction. 
 Section 17.08. Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed
or implied, shall give to any Person, other than the Holders, the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder, any benefit or any legal or equitable right,
remedy or claim under this Indenture. 
 Section 17.09. Table of Contents, Headings, Etc. The table of contents
and the titles and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

  
 79 

 Section 17.10. Authenticating Agent. The Trustee may appoint an authenticating
agent that shall be authorized to act on its behalf and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder, including under Section
2.04, Section 2.05, Section 2.06, Section 2.07, Section 10.04 and Section 15.04 as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver
Notes. For all purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a certificate of authentication executed
on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such authenticating agent shall at all times be a Person eligible to serve
as trustee hereunder pursuant to Section 7.08. 
 Any corporation or other entity into which any authenticating agent may be merged
or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding to the
corporate trust business of any authenticating agent, shall be the successor of the authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section 17.10, without the execution or filing of any
paper or any further act on the part of the parties hereto or the authenticating agent or such successor corporation or other entity. 
 Any
authenticating agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any authenticating agent by giving written notice of termination to such
authenticating agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under this Section, the Trustee may appoint a successor
authenticating agent (which may be the Trustee), shall give written notice of such appointment to the Company and shall deliver notice of such appointment to all Holders. 

The Company agrees to pay to the authenticating agent from time to time reasonable compensation for its services although the Company may
terminate the authenticating agent, if it determines such agent’s fees to be unreasonable. 
 The provisions of Section 7.02, Section
7.03, Section 7.04, Section 8.03 and this Section 17.10 shall be applicable to any authenticating agent. 
 If an authenticating agent is
appointed pursuant to this Section 17.10, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 

 

	
	                                      
  ,
	as Authenticating Agent, certifies that this is one of the Notes described in the within-named Indenture.
	
	By:
                                         
                             
	Authorized Officer

  
 80 

 Section 17.11. Execution in Counterparts. This Indenture may be executed in
any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall
constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their
original signatures for all purposes. 
 Section 17.12. Severability. In the event any provision of this Indenture
or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired. 

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

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

Section 17.15. Calculations. Except as otherwise provided herein, the Company shall be responsible for making all calculations
called for under the Notes. These calculations include, but are not limited to, determinations of the Last Reported Sale Prices of the Class C Capital Stock, the Daily VWAPs, the Daily Conversion Values, the Daily Settlement Amounts, accrued
interest payable on the Notes and the Conversion Rate of the Notes. The Company shall make all these calculations in good faith and, absent manifest error, the Company’s calculations shall be final and binding on Holders of Notes. The Company
shall provide a schedule of its calculations to each of the Trustee and the Conversion Agent, and each of the Trustee and Conversion Agent is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent
verification. The Trustee will forward the Company’s calculations to any Holder of Notes upon the request of that Holder at the sole cost and expense of the Company. Neither the Trustee nor the Conversion Agent shall be responsible for
performing any calculations under this Indenture or for monitoring any stock prices. 
 Section 17.16. USA PATRIOT Act.
The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify,
and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may
request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act. 

  
 81 

 Section 17.17. Foreign Account Tax Compliance Act (FATCA). In order to comply
with applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Law”), the Company agrees
(i) to provide to [                    ] sufficient information about holders or other applicable parties and/or transactions (including any
modification to the terms of such transactions) so [                    ] can determine whether it has tax-related obligations under Applicable Law,
(ii) that [                    ] shall be entitled to make any withholding or deduction from payments under the Indenture to the extent
necessary to comply with Applicable Law for which [                    ] shall not have any liability, and (iii) to hold harmless
[                    ] for any losses it may suffer due to the actions it takes to comply with such Applicable Law. The terms of this section shall
survive the termination of this Indenture.  
 Section 17.18. Conflict With Trust Indenture Act. If and to the
extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 

[Remainder of page intentionally left blank] 

  
 82 

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

			
	ZILLOW GROUP, INC.
		
	By:	 	
                     
                                

		 	Name:
		 	Title:
	[                                    
     ], as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT A 

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

  
 A-1 

 Zillow Group, Inc. 

[    ]% Convertible Senior Note due 20[    ] 

 

			
	No. [    ]	  	[Initially]2 $[        ]

 CUSIP No. [    ] 

Zillow Group, Inc., a corporation duly organized and validly existing under the laws of the State of Washington (the
“Company,” which term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE & CO.]3 [                    ]4, or registered
assigns, the principal sum [as set forth in the “Schedule of Exchanges of Notes” attached hereto]5 [of $[        ]]6, which amount, taken together with the principal amounts of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed
$[        ] in aggregate at any time [(or $[        ] if the Underwriters exercise their option to purchase additional Notes in full as set forth in the Underwriting
Agreement)], in accordance with the rules and procedures of the Depositary, on [            ], 20[    ], and interest thereon as set forth below. 

This Note shall bear interest at the rate of [    ]% per year from
[            ], 20[    ], or from the most recent date to which interest had been paid or provided for to, but excluding, the next scheduled Interest Payment Date until
[            ], 20[    ]. Interest is payable semi-annually in arrears on each
[                    ] and
[                    ], commencing on [            ], 20[    ], to
Holders of record at the close of business on the preceding [                    ] and
[                    ] (whether or not such day is a Business Day), respectively. Additional Interest will be payable as set forth in Section 6.03 of
the within-mentioned Indenture, and any reference to interest on, or in respect of, any Note therein shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to Section 6.03, and
any express mention of the payment of Additional Interest in any provision therein shall not be construed as excluding Additional Interest in those provisions thereof where such express mention is not made. 

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

The Company shall pay the principal of and interest on this Note, if and so long as such Note is a Global Note, in immediately available funds
to the Depositary or its nominee, as the case may be, as the registered Holder of such Note. As provided in and subject to the provisions of the Indenture, the Company shall pay the principal of any Notes (other than Notes that are Global Notes) at
the office or agency designated by the Company for that purpose. The 
  

	2 	Include if a global note. 

	3 	Include if a global note. 

	4 	Include if a physical note. 

	5 	Include if a global note. 

	6 	Include if a physical note. 

  
 A-2 

 
Company has initially designated the Trustee as its Paying Agent and Note Registrar in respect of the Notes and its agency in the Borough of Manhattan, The City of New York, as a place where
Notes may be presented for payment or for registration of transfer and exchange. 
 Reference is made to the further provisions of this Note
set forth on the reverse hereof, including, without limitation, provisions giving the Holder of this Note the right to convert this Note into cash, shares of Class C Capital Stock or a combination of cash and shares of Class C Capital Stock, as
applicable, on the terms and subject to the limitations set forth in the Indenture. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Note, and any claim, controversy or dispute arising under or related to this Note, shall be construed in accordance with and governed
by the laws of the State of New York (without regard to the conflicts of laws provisions thereof). 
 In the case of any conflict
between this Note and the Indenture, the provisions of the Indenture shall control and govern. 
 This Note shall not be valid or become
obligatory for any purpose until the certificate of authentication hereon shall have been signed manually or by facsimile by the Trustee or a duly authorized authenticating agent under the Indenture. 

[Remainder of page intentionally left blank] 

  
 A-3 

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

 

			
	ZILLOW GROUP, INC.
		
	By:	 	
                     
                

		 	Name:
		 	Title:

  
 A-4 

 Dated: 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

[                    
                    ] 
 as Trustee, certifies that this
is one of the Notes described 
 in the within-named Indenture. 
  

			
	By:	 	
                     
                    

		 	Authorized Officer

  
 A-5 

 [FORM OF REVERSE OF NOTE] 

Zillow Group, Inc. 

[    ]% Convertible Senior Note due 20[    ] 

This Note is one of a duly authorized issue of Notes of the Company, designated as its [    ]% Convertible Senior Notes
due 20[ ] (the “Notes”), limited to the aggregate principal amount of $[        ]
[[                    ] (as increased by an amount equal to the aggregate principal amount of any additional Notes purchased by the Underwriters
pursuant to the exercise of their option to purchase additional Notes as set forth in the Underwriting Agreement)] all issued or to be issued under and pursuant to an Indenture dated as of
[            ], 20[    ] (the “Indenture”), between the Company and
[                    ] (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a
description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal amount, subject to certain
conditions specified in the Indenture. Capitalized terms used in this Note and not defined in this Note shall have the respective meanings set forth in the Indenture. 

In case certain Events of Default shall have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by
either the Trustee or Holders of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and payable, in the manner, with the effect and subject to the conditions and certain exceptions set
forth in the Indenture. 
 Subject to the terms and conditions of the Indenture, the Company will make all payments and deliveries in
respect of the Fundamental Change Repurchase Price on the Fundamental Change Repurchase Date and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to a Paying Agent to collect such payments in respect
of the Note. The Company will pay cash amounts in money of the United States that at the time of payment is legal tender for payment of public and private debts. 

The Indenture contains provisions permitting the Company and the Trustee in certain circumstances, without the consent of the Holders of the
Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, evidenced as in the Indenture provided, to execute supplemental indentures
modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate principal amount of the Notes at the time outstanding may on
behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences. 
 Each
Holder shall have the right to receive payment or delivery, as the case may be, of (x) the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, (y) accrued and unpaid interest, if any,
on, and (z) the consideration due upon conversion of, this Note at the place, at the respective times, at the rate and in the lawful money or shares of Class C Capital Stock, as the case may be, herein prescribed. 

  
 A-6 

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

The Notes shall be redeemable at the Company’s option on or after
[            ], 20[    ] in accordance with the terms and subject to the conditions specified in the Indenture. 

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

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

  
 A-7 

 ABBREVIATIONS 

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

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act 
 CUST =
Custodian 
 TEN ENT = as tenants by the entireties 
 JT TEN =
joint tenants with right of survivorship and not as tenants in common 
 Additional abbreviations may also be used though not in the above
list. 

  
 A-8 

 SCHEDULE A7 

SCHEDULE OF EXCHANGES OF NOTES 

Zillow Group, Inc. 

[    ]% Convertible Senior Notes due 20[    ] 

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

									
	 Date of exchange
	 	 Amount of

decrease in
 principal amount

of this Global Note
	 	 Amount of

increase in
 principal amount

of this Global Note
	 	 Principal amount

of this Global Note
 following
such
 decrease or

increase
	 	 Signature of

authorized
 signatory of

Trustee or
 Custodian

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

  

	7 	Include if a global note. 

  
 A-9 

 ATTACHMENT 1 

[FORM OF NOTICE OF CONVERSION] 
  

	To:	Zillow Group, Inc. 

 1301 Second Avenue, Floor 31 

Seattle, WA 98101 
 Attn: General
Counsel 
 The undersigned registered owner of this Note hereby exercises the option to convert this Note, or the portion hereof (that is
$1,000 principal amount or an integral multiple thereof) below designated, into cash, shares of Class C Capital Stock or a combination of cash and shares of Class C Capital Stock, as applicable, in accordance with the terms of the Indenture referred
to in this Note, and directs that any cash payable and any shares of Class C Capital Stock issuable and deliverable upon such conversion, together with any cash for any fractional share, and any Notes representing any unconverted principal amount
hereof, be issued and delivered to the registered Holder hereof unless a different name has been indicated below. If any shares of Class C Capital Stock or any portion of this Note not converted are to be issued in the name of a Person other than
the undersigned, the undersigned will pay all documentary, stamp or similar issue or transfer taxes, if any in accordance with Section 14.02(d) and Section 14.02(e) of the Indenture. Any amount required to be paid to the undersigned on account of
interest accompanies this Note. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Indenture. 
  

											
	Dated:	 	
                     
                    
	 		 		 	  
	 	
						
		 		 		 		 	  
	 	
		 		 		 		 	Signature(s)	 	
					
	  
	 		 		 		 	
	Signature Guarantee	 		 		 		 	
					
	Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant
to Securities and Exchange Commission Rule 17Ad-15 if shares of Class C Capital Stock are to be issued, or Notes are to be delivered, other than to and in the name of the registered holder.	 		 		 		 	

  

  
 1 

  

	
	Fill in for registration of shares if to be issued, and Notes if to be delivered, other than to and in the name of the registered holder:
	
	  

	(Name)
	
	  

	(Street Address)
	
	  

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

  

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

	 Social Security or Other Taxpayer

Identification Number

  
 2 

 ATTACHMENT 2 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE] 

To:
 [                                        ]

        [                  
                      ] 

        [                  
                      ] 

        [                  
                      ] 

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

	
	  

	Signature(s)
	
	  

	 Social Security or Other Taxpayer

Identification Number

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

  
 1 

 ATTACHMENT 3 

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

			
	Dated:
                                         
           	 	
		
	  
	 	
		
	  
	 	
	Signature(s)	 	
		
	  
	 	
	Signature Guarantee	 	
		
	Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities
and Exchange Commission Rule 17Ad-15 if Notes are to be delivered, other than to and in the name of the registered holder.	 	
	
	NOTICE: The signature on the assignment must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

  
 1

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