Document:

EX-4.1

 Exhibit 4.1 

 
  

 
 FXCM INC. 

AND 
 The Bank of
New York Mellon, 
 as Trustee 
 INDENTURE 
 Dated as of June 3, 2013 

2.25% Convertible Senior Notes due 2018 
  

 
  

 TABLE OF CONTENTS 

 
  

 

							
	 	 	 	  	PAGE	 
	
	ARTICLE 1	  
	DEFINITIONS	 
			
	 Section 1.01.
	 	 Definitions
	  	 	1	 
	 Section 1.02.
	 	 References to Interest
	  	 	11	 
	
	ARTICLE 2	  
	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE
OF NOTES	 
			
	 Section 2.01.
	 	 Designation and Amount
	  	 	11	 
	 Section 2.02.
	 	 Form of Notes
	  	 	11	 
	 Section 2.03.
	 	 Date and Denomination of Notes; Payments of Interest and Defaulted Amounts
	  	 	12	 
	 Section 2.04.
	 	 Execution, Authentication and Delivery of Notes
	  	 	13	 
	 Section 2.05.
	 	 Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary
	  	 	14	 
	 Section 2.06.
	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	20	 
	 Section 2.07.
	 	 Temporary Notes
	  	 	21	 
	 Section 2.08.
	 	 Cancellation of Notes Paid, Converted, Etc.
	  	 	21	 
	 Section 2.09.
	 	 CUSIP Numbers
	  	 	21	 
	 Section 2.10.
	 	 Additional Notes; Purchases
	  	 	22	 
	
	ARTICLE 3	  
	SATISFACTION AND DISCHARGE	 
			
	SECTION 3.01.	 	 Satisfaction and Discharge
	  	 	22	 
	
	ARTICLE 4	  
	PARTICULAR COVENANTS OF THE COMPANY	 
			
	 Section 4.01.
	 	 Payment of Principal and Interest
	  	 	23	 
	 Section 4.02.
	 	 Maintenance of Office or Agency
	  	 	23	 
	 Section 4.03.
	 	 Appointments to Fill Vacancies in Trustee’s Office
	  	 	23	 
	 Section 4.04.
	 	 Provisions as to Paying Agent
	  	 	23	 
	 Section 4.05.
	 	 Existence
	  	 	24	 
	 Section 4.06.
	 	 Rule 144A Information Requirement and Annual Report and Additional Interest
	  	 	25	 
	 Section 4.07.
	 	 Stay, Extension and Usury Laws
	  	 	26	 
	 Section 4.08.
	 	 Compliance Certificate; Statements as to Defaults
	  	 	26	 
	 Section 4.09.
	 	 Further Instruments and Acts
	  	 	27	 

  
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	ARTICLE 5	  
	[RESERVED]	 
	
	ARTICLE 6	  
	DEFAULTS AND REMEDIES	 
			
	 Section 6.01.
	 	Events of Default	  	 	27	 
	 Section 6.02.
	 	Acceleration; Rescission and Annulment	  	 	28	  
	 Section 6.03.
	 	Additional Interest	  	 	29	 
	 Section 6.04.
	 	Payments of Notes on Default; Suit Therefor	  	 	30	 
	 Section 6.05.
	 	Application of Monies Collected by Trustee	  	 	31	 
	 Section 6.06.
	 	Proceedings by Holders	  	 	32	 
	 Section 6.07.
	 	Proceedings by Trustee	  	 	33	 
	 Section 6.08.
	 	Remedies Cumulative and Continuing	  	 	33	 
	 Section 6.09.
	 	Direction of Proceedings and Waiver of Defaults by Majority of Holders	  	 	33	 
	Section 6.10.	 	Notice of Defaults	  	 	34	 
	 Section 6.11.
	 	Undertaking to Pay Costs	  	 	34	 
	
	ARTICLE 7	  
	CONCERNING THE TRUSTEE	 
			
	 Section 7.01.
	 	Duties and Responsibilities of Trustee	  	 	35	 
	 Section 7.02.
	 	Certain Rights of the Trustee	  	 	36	 
	 Section 7.03.
	 	No Responsibility for Recitals, Etc.	  	 	38	 
	 Section 7.04.
	 	Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes	  	 	38	 
	 Section 7.05.
	 	Monies and Shares of Class A Common Stock to Be Held in Trust	  	 	38	 
	 Section 7.06.
	 	Compensation and Expenses of Trustee	  	 	38	 
	 Section 7.07.
	 	Officer’s Certificate as Evidence	  	 	39	 
	Section 7.08.	 	Eligibility of Trustee	  	 	39	 
	 Section 7.09.
	 	Resignation or Removal of Trustee	  	 	39	 
	 Section 7.10.
	 	Acceptance by Successor Trustee	  	 	40	 
	 Section 7.11.
	 	Succession by Merger, Etc.	  	 	41	 
	 Section 7.12.
	 	Trustee’s Application for Instructions from the Company	  	 	41	 
	Section 7.13.	 	Conflicting Interests of Trustee	  	 	42	 
	
	ARTICLE 8	  
	CONCERNING THE HOLDERS	 
			
	 Section 8.01.
	 	Action by Holders	  	 	42	 
	 Section 8.02.
	 	Proof of Execution by Holders	  	 	42	 
	 Section 8.03.
	 	Who Are Deemed Absolute Owners	  	 	42	 
	 Section 8.04.
	 	Company-Owned Notes Disregarded	  	 	43	 
	 Section 8.05.
	 	Revocation of Consents; Future Holders Bound	  	 	43	 

  
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	ARTICLE 9	  
	ACTS OF HOLDERS	 
			
	 Section 9.01.
	 	Acts of Holders	  	 	44	 
	
	ARTICLE 10	  
	SUPPLEMENTAL INDENTURES	 
			
	 Section 10.01.
	 	Supplemental Indentures Without Consent of Holders	  	 	45	 
	 Section 10.02.
	 	Supplemental Indentures with Consent of Holders	  	 	45	 
	 Section 10.03.
	 	Effect of Supplemental Indentures	  	 	46	 
	 Section 10.04.
	 	Notation on Notes	  	 	47	 
	 Section 10.05.
	 	Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee	  	 	47	 
	
	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	  	 	48	 
	 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
	  	 	54	 
	 Section 14.04.
	 	 Adjustment of Conversion Rate
	  	 	56	 
	 Section 14.05.
	 	 Adjustments of Prices
	  	 	65	 
	 Section 14.06.
	 	 Shares to Be Fully Reserved
	  	 	66	 
	 Section 14.07.
	 	 Effect of Recapitalizations, Reclassifications and Changes of the Class A Common Stock
	  	 	66	 
	 Section 14.08.
	 	 Certain Covenants
	  	 	68	 
	 Section 14.09.
	 	 Responsibility of Trustee
	  	 	68	 
	 Section 14.10.
	 	 Notice to Holders Prior to Certain Actions
	  	 	69	 
	 Section 14.11.
	 	Stockholder Rights Plans	  	 	69	 

  
 iii

							
	 ARTICLE 15
	   

	 PURCHASE OF NOTES AT OPTION
OF HOLDERS
	  

			
	 Section 15.01.
	 	Intentionally Omitted	  	 	70	 
	 Section 15.02.
	 	Purchase at Option of Holders Upon a Fundamental Change	  	 	70	 
	 Section 15.03.
	 	Withdrawal of Fundamental Change Purchase Notice	  	 	72	 
	 Section 15.04.
	 	Deposit of Fundamental Change Purchase Price	  	 	73	 
	 Section 15.05.
	 	Covenant to Comply with Applicable Laws Upon Purchase of Notes	  	 	73	 
	
	 ARTICLE 16
	   

	 NO OPTIONAL REDEMPTION
	  

			
	 Section 16.01.
	 	No Optional Redemption	  	 	74	 
	
	 ARTICLE 17
	   

	 MISCELLANEOUS PROVISIONS
	  

			
	 Section 17.01.
	 	Provisions Binding on Company’s Successors	  	 	74	 
	 Section 17.02.
	 	Official Acts by Successor Corporation	  	 	74	 
	 Section 17.03.
	 	Addresses for Notices, Etc.	  	 	74	 
	 Section 17.04.
	 	Governing Law	  	 	75	 
	 Section 17.05.
	 	Intentionally Omitted	  	 	75	 
	 Section 17.06.
	 	Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	  	 	75	 
	 Section 17.07.
	 	Legal Holidays	  	 	76	 
	 Section 17.08.
	 	No Security Interest Created	  	 	76	 
	 Section 17.09.
	 	Benefits of Indenture	  	 	76	 
	 Section 17.10.
	 	Table of Contents, Headings, Etc.	  	 	76	 
	 Section 17.11.
	 	Authenticating Agent	  	 	76	 
	 Section 17.12.
	 	Execution in Counterparts	  	 	77	 
	 Section 17.13.
	 	Severability	  	 	77	 
	 Section 17.14.
	 	Waiver of Jury Trial; Submission of Jurisdiction	  	 	77	 
	 Section 17.15.
	 	Force Majeure	  	 	78	 
	 Section 17.16.
	 	Calculations	  	 	78	 
	 Section 17.17.
	 	U.S.A. Patriot Act	  	 	78	 
	
	 EXHIBIT
	   

			
	Exhibit A	 	Form of Note	  	 	A-1	  

  
 iv 

 INDENTURE dated as of June 3, 2013 between FXCM Inc., a Delaware corporation, as issuer
(the “Company”, as more fully set forth in Section 1.01) and The Bank of New York Mellon, 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 2.25% Convertible Senior Notes due 2018 (the “Notes”), initially in an aggregate principal
amount not to exceed $172,500,000, 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 Purchase 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 4.06(d), Section 4.06(e) and
Section 6.03, as applicable. 
 “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. 
 “Bid Solicitation Agent” means 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 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. 

“Cash Percentage” means the percentage of the Daily Share Amounts for each VWAP Trading Day in the Observation Period
for the relevant Conversion Date to be settled in cash, as specified in the related Cash Percentage Notice. 
 “Cash
Percentage Notice” shall have the meaning specified in Section 14.02(k). 
 “Class A Common
Stock” means the Class A common stock of the Company, par value $0.01 per share, 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). 

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

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

  
 2 

 “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 an Officer of the Company. 
 “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 date, $1,000, divided by the Conversion
Rate as of such date. 
 “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 101 Barclay Street, Floor 4W, New York, New York, 10286, Attn: Corporate Trust Administration, 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 40 consecutive VWAP Trading Days
during the Observation Period, 1/40th of the product of (i) the Conversion Rate on such VWAP Trading Day; and (ii) the Daily VWAP on such VWAP Trading Day. 
 “Daily Net Cash Portion” means, if the Company timely specifies a Cash Percentage for a Conversion Date, the amount of cash that the Company shall deliver in lieu of all or the applicable
portion of the shares of Class A Common Stock comprising the Daily Share Amount for any VWAP Trading Day in the applicable Observation Period, which shall equal the product of (i) the Cash Percentage; (ii) the Daily Share Amount for
such VWAP Trading Day; and (iii) the Daily VWAP for such VWAP Trading Day. 

  
 3 

 “Daily Settlement Amount,” for each of the 40 consecutive VWAP Trading Days
during the Observation Period, shall consist of: 
 (a) cash in an amount equal to the lesser of (i) $25 and
(ii) the Daily Conversion Value for such VWAP Trading Day; and 
 (b) if the Daily Conversion Value on such
VWAP Trading Day exceeds $25, a number of shares of Class A Common Stock equal to the Daily Share Amount; provided, however, that the Company has the right to deliver cash in lieu of all or a portion of the Daily Share Amount as provided
in Section 14.02(k). 
 “Daily Share Amount” means for each of the 40 consecutive VWAP Trading Days during
the Observation Period, a number of shares equal to (i) the difference between the Daily Conversion Value and $25, divided by (ii) the Daily VWAP for such VWAP Trading Day. 

“Daily VWAP” means, for each of the 40 consecutive VWAP Trading Days during the applicable Observation Period, the per
share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “FXCM<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 VWAP Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of Class A Common Stock on such VWAP
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 Fundamental Change Purchase 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(b) 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” means, for purposes of Section 14.04, the first date on which the shares of the Class A
Common Stock trade on the applicable exchange or in the applicable market, regular way, reflecting the relevant transaction. 

“Effective Date” shall have the meaning specified in Section 14.03(c). 

“Event of Default” shall have the meaning specified in Section 6.01. 

“Ex-Dividend Date” means the first date on which shares of Class A Common Stock trade on the applicable exchange or
in the applicable market, regular way, without the right to 

  
 4 

 
receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of Class A Common Stock on such exchange or market (in the form of due bills
or otherwise) as determined by such exchange or market. 
 “Exchange Act” means the Securities Exchange Act of
1934, as amended, and the rules and regulations promulgated thereunder. 
 “Expiration Date” shall have the
meaning specified in Section 14.04(e). 
 “Expiration Time” shall have the meaning specified in
Section 14.04(e). 
 “Form of Assignment and Transfer” shall mean the “Form of Assignment and
Transfer” attached as Attachment 3 to the Form of Note attached hereto as Exhibit A. 
 “Form of Fundamental Change
Purchase Notice” shall mean the “Form of Fundamental Change Purchase Notice” attached as Attachment 2 to the Form of Note attached hereto as Exhibit A. 
 “Form of Notice of Conversion” shall mean 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 such time after the Notes are originally issued that 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 Subsidiaries and the employee benefit plans of the Company and its Subsidiaries, has become the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the
Company’s Common Equity representing more than 50% of the voting power of the Company’s Common Equity; 

(b) the consummation of (A) any recapitalization, reclassification or change of the Class A Common Stock (other
than changes resulting from a subdivision or combination) as a result of which the Class A Common Stock would be converted into, or exchanged for, stock, other securities, or other property or assets; (B) any share exchange, consolidation
or merger of the Company pursuant to which the Class A Common Stock will be converted into cash, securities or other 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 Subsidiaries; provided, however, that neither (i) 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 nor (ii) any merger primarily for the purpose of changing the Company’s jurisdiction of
incorporation and resulting in a reclassification, conversion or exchange of outstanding shares of the Class A Common Stock solely into shares of common stock of the surviving entity shall be a Fundamental Change pursuant to this clause (b);

  
 5 

 (c) the stockholders of the Company approve any plan or proposal for the
liquidation or dissolution of the Company; or 
 (d) the Class A Common 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); 
 provided, however, that a transaction or transactions described in clauses (a) or (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 Company’s Class A Common Stock, excluding cash payments for fractional shares, in connection with such transaction or transactions consists of shares of common stock that are listed or quoted on any
of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors) or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions (such
securities, “Publicly Traded Securities”) and as a result of such transaction or transactions the Notes become convertible into such Publicly Traded Securities (subject to the provisions of Section 14.02). 

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

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

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

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

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

“Holder,” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), shall
mean 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 June 15 and December 15 of each year, beginning on December 15, 2013.

 “Last Reported Sale Price” of the Class A Common 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 

  
 6 

 
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 Relevant Stock Exchange. If the
Class A Common Stock is not listed, quoted or traded on any U.S. national or regional securities exchange on the relevant date, the “Last Reported Sale Price” shall be the last quoted bid price per share for the Class A
Common 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 A Common 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 per share for the Class A Common 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
(determined after giving effect to any exceptions to or exclusions from the definition thereof, but without regard to subclause (i) of the proviso in clause (b) of the definition thereof). 

“Make-Whole Fundamental Change Company Notice” shall have the meaning specified in Section 14.03(b). 

“Market Disruption Event” means (a) a failure by the Relevant Stock Exchange 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 A Common 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 A Common Stock or in any option contracts or futures contracts relating to the
Class A Common Stock. 
 “Maturity Date” means June 15, 2018. 

“Measurement Period” shall have the meaning specified in Section 14.01(b)(i). 

“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. 

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

“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 March 15, 2018, the 40 consecutive VWAP Trading Day period beginning on, and including, the third VWAP Trading Day after such Conversion Date; and (ii) if the relevant Conversion Date occurs on or after March 15, 2018,
the 40 consecutive VWAP Trading Day Period beginning on, and including, the 42nd Scheduled Trading Day immediately preceding the Maturity Date. 

  
 7 

 “Offering Circular” means the preliminary offering circular dated
May 28, 2013, as supplemented by the pricing term sheet dated May 28, 2013, relating to the offering and sale of the Notes. 
 “Officer” means, with respect to the Company, the President, the Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer, the Chief Accounting Officer, the Chief
Legal Officer, the General Counsel, the Treasurer, any assistant 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”). 
 “Officer’s Certificate,” when used with respect to the Company,
means a certificate that is delivered to the Trustee and that is signed by one Officer of the Company. Each such certificate shall include the statements provided for in Section 17.06 if and to the extent required by the provisions of such
Section. The Officer giving an Officer’s Certificate pursuant to Section 4.08 shall be the principal executive, financial or accounting officer of the Company. 
 “open of business” means 9:00 a.m. (New York City time). 

“Opinion of Counsel” means an opinion in writing, acceptable to the Trustee, signed by legal counsel, who may be an
employee of or counsel to the Company, that is delivered to the Trustee. Each such opinion shall include the statements provided for in Section 17.06 if and to the extent required by the provisions of such Section 17.06. 

“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; 
 (d) Notes converted pursuant to Article 14 and
required to be cancelled pursuant to Section 2.08; and 
 (e) Notes purchased by the Company pursuant to the
penultimate sentence of Section 2.10. 

  
 8 

 “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 multiples thereof. 

“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. 
 “Publicly Traded Securities” shall
have the meaning specified in the definition of “Fundamental Change.” 
 “Reference Property” shall
have the meaning specified in Section 14.07(a). 
 “Regular Record Date,” with respect to any Interest
Payment Date, shall mean the June 1 or December 1 (whether or not such day is a Business Day) immediately preceding the applicable June 15 or December 15 Interest Payment Date, respectively. 

“Relevant Stock Exchange” means The New York Stock Exchange or, if the Class A Common Stock (or other security for
which a Last Reported Sale Price must be determined) is not then listed on The New York Stock Exchange, on the principal other U.S. national or regional securities exchange on which the Class A Common Stock (or such other security) is then
listed. 
 “Resale Restriction Termination Date” shall have the meaning specified in Section 2.05(b).

 “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 secretary, senior associate, associate, 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. 
 “Restricted Securities” shall have the meaning specified in Section 2.05(b). 

“Rule 144A” means Rule 144A as promulgated under the Securities Act. 

“Scheduled Trading Day” means a day that is scheduled to be a Trading Day on the Relevant Stock Exchange. If the
Class A Common Stock is not so listed or admitted for trading, “Scheduled Trading Day” means a Business Day. 

  
 9 

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

 “Significant Subsidiary” means a Subsidiary of the Company that meets the definition of “significant
subsidiary” in Article 1, Rule 1-02(w) of Regulation S-X under the Exchange Act. 
 “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 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 A Common Stock (or other security for
which a Last Reported Sale Price must be determined) generally occurs on the Relevant Stock Exchange; and (ii) a Last Reported Sale Price for the Class A Common Stock (or such other security) is available on the Relevant Stock Exchange;
provided that if the Class A Common Stock (or such other security) is not listed, quoted or traded on any U.S. securities exchange or any other market, “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 such 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 A Common Stock and the applicable Conversion Rate. 

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

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

  
 10 

 “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. 
 “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. 
 “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).

 “VWAP Trading Day” means a day on which (i) there is no Market Disruption Event; and (ii) trading
in the Class A Common Stock generally occurs on the Relevant Stock Exchange. If the Class A Common Stock is not so listed or admitted for trading, “VWAP Trading Day” means a Business Day. 

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 any of Section 4.06(d), Section 4.06(e) and 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 “2.25% Convertible Senior Notes due 2018.” The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $172,500,000, 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 pursuant to Section 2.05, Section 2.06, Section 2.07, Section 10.04, Section 14.02 and Section 15.04.

 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. 
 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. 

  
 11 

 Any of the Notes may have such letters, numbers or other marks of identification and such
notations, legends or endorsements as the Officers 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 purchases, cancellations, conversions, transfers or exchanges permitted hereby. Any endorsement of the 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 Fundamental Change Purchase Price, if applicable) of, and accrued and unpaid interest on, the 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 multiples of $1,000 in excess thereof. Each Note shall be dated the date
of its authentication and shall bear interest from the date specified on the face of the form of Note attached as Exhibit A hereto. Accrued interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months.

 (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. Interest 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. The Company shall pay interest (i) on any Physical Notes (A) to Holders holding Physical Notes having an aggregate principal
amount of $5,000,000 or less, by check mailed to the Holders of these Notes at their address as it appears in the Note Register and (B) to Holders holding Physical Notes having an aggregate principal amount of more than $5,000,000, either by
check mailed to such Holders or, upon application by such Holder to the Note Registrar not later than the relevant Regular Record Date, by wire transfer in immediately available funds to that Holder’s account within the United States, 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. 

  
 12 

 (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 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 mailed, first-class postage prepaid, to each Holder at its address as it appears in the Note Register, 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 mailed, 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 satisfactory to the Trustee. 

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 Officers. 
 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 Trustee in accordance with such Company Order shall
authenticate and deliver such Notes, without any further action by the Company hereunder. 

  
 13 

 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 signatory of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 17.11), 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; Restrictions on Transfer; Depositary. 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 or procedures as it may prescribe, the Company shall provide for the registration of Notes and 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-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 and bearing such restrictive legends as may be required by this Indenture. 
 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. 

  
 14 

 No service charge shall be imposed by the Company, the Trustee, the Note Registrar or any
co-Note Registrar for any exchange or registration of transfer of Notes, but the Company or the Trustee may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required by law or permitted
pursuant to Section 14.02(d) or Section 14.02(e). 
 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 or (ii) any Notes, or a
portion of any Note, surrendered for purchase (and not withdrawn) in accordance with Article 15. 
 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. 
 (a) 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(b) 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 (including the restrictions on transfer set forth herein) and the procedures of the Depositary therefor. 
 (b) Every Note that bears or is required under this Section 2.05(b) to bear the legend set forth in this Section 2.05(b) (together with any Class A Common Stock issued upon conversion of
the Notes and required to bear the legend set forth in Section 2.05(c), collectively, the “Restricted Securities”) shall be subject to the restrictions on transfer set forth in this Section 2.05(b) (including the legend
set forth below), unless such restrictions on transfer shall be eliminated or otherwise waived by written consent of the Company, and the Holder of each such Restricted Security, by such Holder’s acceptance thereof, agrees to be bound by all
such restrictions on transfer. As used in this Section 2.05(b) and Section 2.05(c), the term “transfer” encompasses any sale, pledge, transfer or other disposition whatsoever of any Restricted Security. 

  
 15 

 Until the date (the “Resale Restriction Termination Date”) that is the
later of (1) the date that is one year after the date of original issuance of the Notes, or such shorter period of time as permitted by Rule 144 under the Securities Act or any successor provision thereto, and (2) such later date, if any,
as may be required by applicable law, any certificate evidencing such Note (and all securities issued in exchange therefor or substitution thereof, other than Class A Common Stock, if any, issued upon conversion thereof which shall bear the
legend set forth in Section 2.05(c), if applicable) shall bear a legend in substantially the following form (unless such Notes have been transferred pursuant to a registration statement that has become or been declared effective under the
Securities Act and that continues to be effective at the time of such transfer, or sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by
the Company in writing, with notice thereof to the Trustee): 
 THIS SECURITY AND THE CLASS A COMMON STOCK, IF ANY, ISSUABLE
UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING
SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 
 (1) REPRESENTS THAT IT
AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 

(2) AGREES FOR THE BENEFIT OF FXCM INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE
TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR
PROVISION THERETO, AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 
 (A) TO
THE COMPANY OR ANY SUBSIDIARY THEREOF, OR 
 (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE
UNDER THE SECURITIES ACT, OR 
 (C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE
SECURITIES ACT, OR 
 (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES
ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION OF
ANY TRANSFER IN ACCORDANCE WITH (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED
TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

  
 16 

 No transfer of any Note prior to the Resale Restriction Termination Date will be registered
by the Note Registrar unless the applicable box on the Form of Assignment and Transfer has been checked. 
 Any Note (or
security issued in exchange or substitution therefor) as to which such restrictions on transfer shall have expired in accordance with their terms may, upon surrender of such Note for exchange to the Note Registrar in accordance with the provisions
of this Section 2.05, be exchanged for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear the restrictive legend required by this Section 2.05(b) and shall not be assigned a restricted CUSIP number. The
Company shall be entitled to instruct the Custodian in writing to so surrender any Global Note as to which such restrictions on transfer shall have expired in accordance with their terms for exchange, and, upon such instruction, the Custodian shall
so surrender such Global Note for exchange; and any new Global Note so exchanged therefor shall not bear the restrictive legend specified in this Section 2.05(b) and shall not be assigned a restricted CUSIP number. The Company shall promptly
notify the Trustee upon the occurrence of the Resale Restriction Termination Date and promptly after a registration statement, if any, with respect to the Notes or any Class A Common Stock issued upon conversion of the Notes has been declared
effective under the Securities Act. 
 Notwithstanding any other provisions of this Indenture (other than the provisions set
forth in this Section 2.05(b)), 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 transfers of portions of a Global Note in certificated form made upon request of a member of, or a participant in, the
Depositary (for itself or on behalf of a beneficial owner) by written notice given to the Trustee by or on behalf of the Depositary in accordance with customary procedures of the Depositary and in compliance with this Section 2.05(b).

 The Depositary shall be a clearing agency registered under the Exchange Act. The Company initially appoints The Depository
Trust Company to act as the “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 Officer’s Certificate, Opinion of Counsel 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 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. 

  
 17 

 Physical Notes issued in exchange for all or a part of the Global Note pursuant to this
Section 2.05(b) 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, 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, purchased 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, purchased 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.

 Neither the Company, the Trustee nor 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. 

(c) Until the Resale Restriction Termination Date, any stock certificate representing Class A Common Stock issued upon conversion of
a Note shall bear a legend in substantially the following form (unless the Note or such Class A Common Stock has been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that
continues to be effective at the time of such transfer, or pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or such Class A Common Stock has been issued upon
conversion of Notes that have been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or pursuant to the exemption
from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company with written notice thereof to the Trustee and any transfer agent for the Class A Common Stock):

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

(1) REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 
 (2) AGREES FOR THE BENEFIT OF FXCM INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT
IS THE LATER OF (X) ONE YEAR AFTER THE ORIGINAL ISSUE DATE OF THE NOTES UPON THE CONVERSION OF WHICH THIS SECURITY WAS ISSUED OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO
AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 
 (A) TO THE COMPANY OR ANY
SUBSIDIARY THEREOF, OR 

  
 18 

 (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER
THE SECURITIES ACT, OR 
 (C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE
SECURITIES ACT, OR 
 (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES
ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION OF
ANY TRANSFER IN ACCORDANCE WITH (2)(D) ABOVE, THE COMPANY AND THE TRANSFER AGENT RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE
PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

(d) Any such Class A Common Stock as to which such restrictions on transfer shall have expired in accordance with their terms may,
upon surrender of the certificates representing such shares of Class A Common Stock for exchange in accordance with the procedures of the transfer agent for the Class A Common Stock, be exchanged for a new certificate or certificates for a
like aggregate number of shares of Class A Common Stock, which shall not bear the restrictive legend required by Section 2.05(c). 
 (e) Any Note or Class A Common Stock issued upon the conversion of a Note that is purchased or owned by any Affiliate of the Company may not be resold by such Affiliate unless registered under the
Securities Act or resold pursuant to an exemption from the registration requirements of the Securities Act in a transaction that results in such Note or Class A Common Stock, as the case may be, no longer being “restricted securities”
(as defined under Rule 144 under the Securities Act). The Trustee shall have no obligation or duty to monitor, 

  
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determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including
any transfers between or among members of, or participants in, the Depositary or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by,
and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

(f) Neither the Trustee nor any agent of the Trustee shall have any responsibility for any actions taken or not taken by the Depositary.

 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. Upon the issuance of any substitute Note, the Company or the Trustee may require the payment by the Holder of a sum sufficient to cover any
tax, assessment or other governmental charge that may be imposed in relation thereto and any other expenses connected therewith. In case any Note that has matured or is about to mature or has been surrendered for required purchase 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 

  
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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 or payment or
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 or
payment or conversion of negotiable instruments or other securities without their surrender. 
 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, purchase (not including Notes purchased pursuant to cash-settled swaps or other derivatives), 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. If the Company or any of its Subsidiaries shall acquire any of the Notes, such acquisition shall not operate as a purchase or
satisfaction of the indebtedness represented by such Notes unless and until the same are delivered to the Trustee for cancellation. 

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.

  
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 Section 2.10. Additional Notes; Purchases. (a) The Company may, from time to time,
without notice to or consent of the Holders, reopen this Indenture and issue additional Notes hereunder with the same terms and with the same CUSIP number as the Notes initially issued hereunder 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 or securities law purposes, such additional Notes shall have one or more separate CUSIP numbers. Such additional
Notes and the Notes initially issued hereunder shall rank equally and ratably and shall be treated as a single series for all purposes under this Indenture. Prior to the issuance of any such additional Notes, the Company shall deliver to the Trustee
a Company Order, an Officer’s Certificate and an Opinion of Counsel, such Officer’s Certificate and Opinion of Counsel to cover such matters, in addition to those required by Section 17.06, as the Trustee shall reasonably request.

 (b) The Company may, to the extent permitted by law, and directly or indirectly (regardless of whether such Notes are
surrendered to the Company), purchase 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 purchased (other than Notes purchased pursuant to cash-settled swaps or other derivatives) to be surrendered to the Trustee for cancellation in accordance with
Section 2.08, and they will no longer be considered outstanding under this Indenture upon their purchase. 
 ARTICLE 3

 SATISFACTION AND DISCHARGE 

Section 3.01. Satisfaction and Discharge. This Indenture shall upon request of the Company contained in an Officer’s 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 (x) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.06 and (y) Notes for whose payment money has theretofore been deposited in trust or segregated and held in
trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 4.04(d)) have been delivered to the Trustee for cancellation; or (ii) the Company has deposited with the Trustee or delivered
to Holders, as applicable, after all the Notes have become due and payable, whether at the Maturity Date or any Fundamental Change Purchase Date, and/or have been converted (and the related Settlement Amounts have been determined), cash or cash and
shares of Class A Common Stock, if any (solely to satisfy the Company’s Conversion Obligation, if applicable), as applicable, sufficient to pay all of the outstanding Notes and/or satisfy all conversions, as the case may be, and pay all
other sums due and payable under this Indenture by the Company; and (b) the Company has delivered to the Trustee an Officer’s 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. 

  
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 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 Fundamental Change Purchase 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 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 the Corporate
Trust Office and the office or agency of the Trustee in the Borough of Manhattan, The City of New York, each shall be considered as one such office or agency of the Company for each of the aforesaid purposes. 

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. 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 Fundamental Change Purchase 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 Fundamental Change Purchase 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. 

  
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 The Company shall, by 11:00 A.M. (New York City time) on each due date of the principal
(including the Fundamental Change Purchase 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 Fundamental Change Purchase Price, if applicable)
or accrued and unpaid interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of any failure to take such action. 
 (b) If the Company shall act as its own Paying Agent, it will, on or before each due date of the principal (including the Fundamental Change Purchase 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 Fundamental Change Purchase 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 Fundamental Change Purchase 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 A Common 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 Fundamental Change Purchase Price, if applicable) of, and accrued
and unpaid interest on, any Note and remaining unclaimed for two years after such principal (including the Fundamental Change Purchase Price, if applicable) or interest has become due and payable shall be paid to the Company on request of the
Company contained in an Officer’s 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 A Common Stock, and all liability of the Company as trustee thereof, shall thereupon cease. 

Section 4.05. Existence. [Reserved]. 

  
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 Section 4.06. Rule 144A Information Requirement and Annual Report and Additional
Interest. (a) For as long as any Notes are outstanding hereunder, at any time the Company is not subject to Sections 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Notes or any shares of Class A Common
Stock issued upon conversion thereof shall, at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, promptly provide to the Trustee and shall, upon written request, provide to any
Holder, beneficial owner or prospective purchaser of such Notes or any shares of Class A Common Stock issued upon conversion of such Notes, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to
facilitate the resale of such Notes or shares of Class A Common Stock pursuant to Rule 144A under the Securities Act. For as long as any Notes are outstanding hereunder, the Company shall take such further action as any Holder or beneficial
owner of such Notes or such Class A Common Stock may reasonably request to the extent from time to time required to enable such Holder or beneficial owner to sell such Notes or shares of Class A Common Stock in accordance with Rule 144A
under the Securities Act, as such rule may be amended from time to time. 
 (b) 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(b) as of the time such documents are filed via the EDGAR system; provided that the Trustee shall have no responsibility to determine whether such filing has occurred. 

(c) Delivery of the reports and documents described in Section 4.06(b) 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 Officer’s Certificate). 
 (d) If, at any time during the six-month
period beginning on, and including, the date that is six months after the last date of original issuance of the Notes, the Company fails to timely file any document or report that it is required to file with the Commission pursuant to
Section 13 or 15(d) of the Exchange Act, as applicable (other than reports on Form 8-K), the Company shall pay Additional Interest on the Notes. Such Additional Interest shall accrue 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 period, for which the Company’s failure to file has occurred and is continuing. As used in this Section 4.06(d), documents or reports that the Company is required to
“file” with the Commission pursuant to Section 13 or 15(d) of the Exchange Act does not include documents or reports that the Company furnishes to the Commission pursuant to Section 13 or 15(d) of the Exchange Act. 

(e) If, and for so long as, the restrictive legend on the Notes specified in Section 2.05(b) has not been removed, the Notes are
assigned a restricted CUSIP or the Notes are not otherwise freely tradable by Holders other than the Company’s Affiliates (without restrictions pursuant to U.S. securities law or the terms of this Indenture or the Notes) as of the 365th day

  
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after the last date of original issuance of the Notes, the Company shall pay Additional Interest on the Notes at a rate equal to (i) 0.50% per annum of the principal amount of Notes
outstanding until the restrictive legend on the Notes shall have been so removed or the Notes are otherwise freely tradable by such Holders. 
 (f) Additional Interest will be payable in arrears on each Interest Payment Date following accrual in the same manner as regular interest on the Notes. 

(g) If Additional Interest is accruing and payable under Section 4.06(d) or Section 4.06(e) and the Company has elected
pursuant to Section 6.03 to have the accrual of Additional Interest be the sole remedy for any such Event of Default, no Additional Interest shall be payable pursuant to Section 6.03 for so long as Additional Interest is accruing and
payable under Section 4.06(d) or Section 4.06(e). 
 (h) If Additional Interest is payable by the Company pursuant to
Section 4.06(d) or Section 4.06(e), the Company shall deliver to the Trustee an Officer’s Certificate to that effect stating (i) the amount of such Additional Interest that is payable and (ii) the date on which such
Additional Interest is payable. Unless and until a Responsible Officer of the Trustee receives at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no such Additional Interest is payable. If the Company has
paid Additional Interest directly to the Persons entitled to it, the Company shall deliver to the Trustee an Officer’s Certificate setting forth the particulars of such payment. 
 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 December 31, 2013) an Officer’s Certificate stating whether or not the signers thereof have knowledge of any Default and, if so, specifying each
such Default and the nature thereof. 
 In addition, the Company shall deliver to the Trustee, within 30 days after the Company
becomes aware of the occurrence of any Event of Default or Default, an Officer’s Certificate setting forth the details of such Event of Default or Default, its status and the action that the Company is taking or proposes to take with respect
thereto; provided that no notice shall be required to the extent that the event that would constitute a Default has been cured or waived. 

  
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 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. 
 ARTICLE 5 
 [RESERVED] 

ARTICLE 6 

DEFAULTS AND REMEDIES 
 Section 6.01. Events of Default. The following events shall be “Events 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 any required purchase, 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 and such failure continues for a period of five Business Days following the scheduled settlement date; 

(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 (iii) or a Make-Whole Fundamental Change Company Notice in accordance with Section 14.03(b), in each case when due; 

(e) failure by the Company to comply with its obligations 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 (a copy of which notice, if given by Holders, is also to be given to the Trustee) 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 may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed having a principal amount in excess of $30,000,000 (or its foreign currency equivalent) in the aggregate of the Company and/or any
Significant Subsidiary, whether such indebtedness exists on the date hereof or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or
interest of any such indebtedness when due and payable at its stated maturity, upon required purchase, upon declaration of acceleration or otherwise; provided that any such Event of Default shall be deemed cured and not continuing upon
payment of such indebtedness or rescission or annulment of such declaration of acceleration; 

  
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 (h) a final judgment for the payment of $30,000,000 (or its foreign currency equivalent) or
more (excluding any amounts covered by insurance) rendered against the Company or any Significant Subsidiary of the Company, which judgment is not discharged 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 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 60 consecutive days. 
 Section 6.02. Acceleration; Rescission and Annulment. In case 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 (and not
with respect to a Significant Subsidiary) and subject to Section 6.03), 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, and the Trustee, at the request of such Holders shall, declare 100% of the principal of, and
accrued and unpaid interest, if any, on, all the Notes to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, anything in this Indenture or in the Notes contained 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 (and not with respect to a Significant Subsidiary) 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. 

  
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 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, and on such principal at the rate borne by the Notes) 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 or otherwise remedied 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 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 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(b) shall, for the first 180 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 the first 90 days after the occurrence of such Event
of Default and 0.50% per annum of the principal amount of the Notes outstanding for each day from the 91st day until the 180th day following the occurrence of such an Event of Default during which such Event of Default is continuing
beginning on, and including, the date on which such an Event of Default first occurs. If Additional Interest is accruing and payable under Section 4.06(d) or Section 4.06(e) and the Company has been elected pursuant to this
Section 6.03 to have the accrual of Additional Interest be the sole remedy for any such Event of Default, no Additional Interest shall be payable pursuant to this Section 6.03 for so long as Additional Interest is accruing and payable
under Section 4.06(d) or Section 4.06(e). If the Company so elects, such Additional Interest shall be payable in the same manner and on the same dates as regular interest on the Notes. On the 181st day after such Event of Default (if the
Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) is not cured or waived prior to such 181st day), the Notes will be subject to acceleration as provided in Section 6.02.
No Additional Interest shall accrue after such 180th day,
regardless of whether such failure has occurred or is continuing. 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 elects to make such payment
but does not pay the Additional Interest when due, the Notes shall immediately be subject to acceleration as provided in Section 6.02. 

  
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 In order to elect to pay Additional Interest as the sole remedy during the first 180 days
after the occurrence of any Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b), the Company must notify all Holders of the Notes, the Trustee and the Paying Agent of such
election on or prior to the beginning of such 180-day period. Upon the Company’s 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 monies 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

  
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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. 

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

  
 31 

 
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; 
 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 Fundamental Change Purchase 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 Fundamental Change Purchase 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 Fundamental Change Purchase 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 Fundamental Change Purchase Price) or interest when due, or the right to receive payment and/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 request and offer of
security and/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, 

  
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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 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 (it being understood that the Trustee does not have an affirmative duty to
ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). 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, the right of
any Holder to receive payment or delivery, as the case may be, of (x) the principal (including the Fundamental Change Purchase 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, and such right to receive such
payment or delivery, as the case may be, on or after such respective dates against the Company shall not be impaired or affected without the consent of such Holder. 
 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. 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 Notes; provided, however, that i) such 

  
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direction shall not be in conflict with any rule of law or with this Indenture, and ii) 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 Holders of all of the Notes waive any past Default or Event of Default hereunder and its consequences except (1) a default in the payment of
accrued and unpaid interest, if any, on, or the principal (including any Fundamental Change Purchase Price) of, the Notes, (2) a failure by the Company to deliver the consideration due upon conversion of the Notes or (3) 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 a Responsible Officer has actual knowledge, mail to all Holders as the names and addresses of such Holders appear upon the Note Register, notice of all Defaults known to a
Responsible Officer, 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 Fundamental Change Purchase 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 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 (including, but not limited to, the Fundamental Change Purchase Price with respect to the
Notes being purchased as provided in this Indenture) or accrued and unpaid interest, if any, on any Note 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 in
accordance with the provisions of Article 14. 

  
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 ARTICLE 7 
 CONCERNING THE TRUSTEE 
 Section 7.01. Duties
and Responsibilities of Trustee. 
 (a) 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 or willful
misconduct on the part of the Trustee, unless a Responsible Officer has actual knowledge to the contrary, 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); 

(b) In case an Event of Default has occurred that has not been cured or waived the Trustee shall exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own
negligent failure to act or its own willful misconduct, except that: 
 (i) this Subsection shall not be
construed to limit the effect of Subsection (a) of this Section; 
 (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 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 written 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 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. 

  
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 (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 7.01. 

Section 7.02. Certain Rights of the Trustee. 
 (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 Officer’s 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 of its selection 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, at a reasonable time on any Business Day, 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 duly authorized 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) the Trustee shall not be required to give any bond or
surety in respect of the performance of its powers and duties hereunder; 

  
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 (h) 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; 
 (i) in
no event shall the Trustee be 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; 
 (j) the Trustee shall not be charged with knowledge of any Default or Event of
Default with respect to the Notes, unless either (1) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) 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 at the Corporate Trust Office of the Trustee; 
 (k) the
Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters relating to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co-Note
Registrar with respect to the Notes; 
 (l) if any party fails to deliver a notice relating to an event the fact of which,
pursuant to this Indenture, requires notice to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless such Responsible Officer of the Trustee had actual
knowledge of such event; 
 (m) in the absence of written investment direction from the Company, all cash received by the
Trustee shall be placed in a non-interest bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses, fees, taxes or other charges incurred thereon or for losses incurred as a result
of the liquidation of any such investment prior to its maturity date or the failure of the party directing such investments prior to its maturity date or the failure of the party directing such investment to provide timely written investment
direction, and the Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the absence of such written investment direction from the Company; 
 (n) the rights and protections afforded to the Trustee pursuant to this Article 7 shall also be afforded to the Trustee in each of its capacities hereunder, and each agent, custodian and other Person
employed to act hereunder; 
 (o) 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 satisfactory to the Trustee against the costs, expenses and liabilities which
might be incurred by it in compliance with such request or direction; and 
 (p) 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. 

  
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 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, Bid Solicitation Agent or Note Registrar May Own Notes.
The Trustee, any Paying Agent, any Conversion Agent, the Custodian, Bid Solicitation 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, the Custodian, Bid Solicitation Agent or Note Registrar. 
 Section 7.05. Monies and Shares of
Class A Common Stock to Be Held in Trust. All monies and shares of Class A Common 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 A Common 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 A
Common Stock received by it hereunder except as may be agreed from time to time by the Company and the Trustee. 
 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, such 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 hereunder (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 negligence or willful misconduct. The Company also covenants to indemnify the Trustee (which
for purposes of this Section 7.06 shall include its officers, directors, employees and agents) 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 negligence or willful misconduct 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 (whether asserted
by the Company, a Holder or any other Person) 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 

  
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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, final payment of the Notes and the earlier resignation or removal of 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. Officer’s Certificate as Evidence. Except as otherwise provided in Section 7.01, whenever in the
administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, such matter (unless other evidence in respect thereof be
herein specifically prescribed) may, in the absence of negligence, willful misconduct, recklessness and bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the
Trustee, and such Officer’s Certificate, in the absence of negligence, willful misconduct, recklessness and bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted by it under the provisions of
this Indenture upon the faith thereof. 
 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 7.08, the combined capital and surplus of 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 7. 

Section 7.09. Resignation or Removal of Trustee. The Trustee may at any time resign by giving written notice of such resignation to the
Company and by mailing notice thereof to the Holders at their addresses as they shall appear on the Note Register. 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 30
days after the mailing of such notice of resignation to the Holders, the resigning Trustee may, at the expense of the Company, upon ten Business Days’ notice to the Company and 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 may, subject to the provisions of Section 6.11, on behalf of himself 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. 

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

(i) the Trustee shall fail to comply with Section 7.13 within a reasonable time after written request therefor by the
Company or by any Holder who has been a bona fide Holder of a Note or Notes for at least six (6) months; 

(ii) 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 
 (iii) 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 any such 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 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 may, on behalf of himself and all others similarly situated, 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. 

(b) 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 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. If no
successor trustee shall have been so appointed and have accepted appointment within 30 days after removal of the Trustee by the Holders, the Trustee may, at the expense of the Company, upon ten Business Days’ notice to the Company and the
Holders, petition any court of competent jurisdiction for the appointment of a successor trustee. 
 (c) 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 predecessor trustee shall, upon payment of any amounts then due it pursuant to the provisions of 

  
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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 mail or cause to be mailed notice of the succession of such
trustee hereunder to the Holders at their addresses as they shall appear on the Note Register. If the Company fails to mail such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such
notice to be mailed 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. 
 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 of authentication shall have the full force which it is anywhere in the Notes or in this Indenture
provided that the certificate of authentication 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 

  
 41 

 
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 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 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. Conflicting Interests of Trustee. If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust
Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of this Indenture. 
 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 (i) by any instrument or any number of instruments of similar tenor executed by Holders in person or by agent or proxy appointed in writing, or (ii) by the record of
the Holders voting in favor thereof at any meeting of Holders duly called and held, or (iii) by a combination of such instrument or instruments and any such record of such a meeting of Holders. Whenever the Company or the Trustee solicits the
taking of any action by the Holders of the 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. The Trustee may act at the direction of the requisite Holders without liability. 

Section 8.02. Proof of Execution by Holders. Subject to the provisions of Section 7.01 and Section 7.02, 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. 
 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

  
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of the principal 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 A Common Stock so paid or delivered, effectual to satisfy and discharge the liability for monies payable or shares deliverable upon any such Note. Notwithstanding anything to the contrary in this Indenture or the
Notes following an Event of Default, any Holder of a beneficial interest in a Global Note may directly enforce against the Company, without the consent, solicitation, proxy, authorization or any other action of the Depositary or any other Person,
such Holder’s right to exchange such beneficial interest for a Note in certificated form in accordance with the provisions of this Indenture. 
 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 or by any Affiliate of the Company shall be disregarded (from both the numerator and the denominator) 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 or any Affiliate of the Company. 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 Officer’s 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 Officer’s 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. 
 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.

  
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 ARTICLE 9 
 ACTS OF HOLDERS 
 Section 9.01. Acts of
Holders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this
Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. 
 (b) The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds,
certifying that the individual signing such instrument or writing acknowledged to such officer the execution thereof. Where such execution is by a signer acting in a capacity other than such signer’s individual capacity, such certificate or
affidavit shall also constitute sufficient proof of such signer’s authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which
the Trustee deems sufficient; 
 (c) The ownership of Notes shall be proved by the Note Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind every future
Holder of the same Note and the holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance
thereon, whether or not notation of such action is made upon such Note. 
 (e) If the Company shall solicit from the Holders any
request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request,
demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be
given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of outstanding Notes have
authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the outstanding Notes shall be computed as of such record date; provided that no such
authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 

  
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 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
that does not adversely affect Holders of the Notes; 
 (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 make provisions with respects to conversion
rights of the Holders pursuant to and in accordance with Section 14.07; 
 (d) to appoint a successor trustee; 

(e) to add guarantees with respect to the Notes; 
 (f) to secure the Notes; 
 (g) to add to the covenants or Events of Default for
the benefit of the Holders or surrender any right or power conferred upon the Company; 
 (h) to make any other change that does
not adversely affect the rights of any Holder; or 
 (i) to conform the provisions of this Indenture or the Notes to the
“Description of Notes” section of the Offering Circular. 
 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 

  
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of the Notes then outstanding (determined in accordance with Article 8 and including, without limitation, consents obtained in connection with a purchase 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 Fundamental Change Purchase Price of any Note or amend or modify in any manner adverse to the Holders the Company’s
obligation to make such payments; 
 (f) make any Note payable in a currency other than that stated in the Note; 

(g) change the ranking of the Notes in any manner adverse to Holders; 

(h) impair the right of any Holder to receive payment of principal of and interest, on such Holder’s Notes on or after the due dates
therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes; or 
 (i) 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 mail 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 

  
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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 in form approved by the Trustee as to any matter provided for in such supplemental
indenture. If the Company or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and 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 17.11) 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 17.06, the Trustee shall receive an Officer’s 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 and it is the legal, valid and binding obligation of the Company, enforceable 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. 

  
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 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 and/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 may exercise every right and power of and be substituted for, the Company, with the same effect as if it had
been named herein as the party of the first part, except in the case of a lease of all or substantially all of the Company’s properties and assets. 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 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 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 consolidation, merger, sale, conveyance, transfer or lease shall be effective unless the Trustee shall receive an
Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or lease and any such assumption complies with the provisions of this Article 11 and, if a supplemental
indenture is required in connection with such transaction, such supplemental indenture, complies with the provisions of this Article 11 and Article 10. 
 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 

  
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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. 

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 in excess 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 March 15, 2018 under the circumstances and during the periods set forth in Section 14.01(b), and
(ii) on or after March 15, 2018, at any time 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 53.2992 shares of Class A Common
Stock (subject to adjustment as provided in Section 14.04, the “Conversion Rate”) per $1,000 principal amount of Notes (subject to the settlement provisions of Section 14.02, the “Conversion Obligation”).

 (b) 
 (i) Prior to the close of business on the Business Day immediately preceding March 15, 2018, the Notes may be surrendered for conversion 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 A Common Stock and the Conversion Rate on each such Trading Day. The Trading Prices shall be determined by the Bid Solicitation Agent at
the request of the Company 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 the Bid Solicitation
Agent, the Company shall have no obligation to determine the 

  
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Trading Price) unless a Holder provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes would be less than 98% of the product of the Last Reported
Sale Price of the Class A Common Stock and the Conversion Rate, at which time the Company shall instruct the Bid Solicitation Agent to (or, if the Company is acting as the 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 A Common Stock and the Conversion Rate. If 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, if the Company is acting as the Bid Solicitation Agent, the Company fails to obtain bids) 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 A Common 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 A Common Stock and the applicable Conversion Rate, 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 March 15, 2018, the Company elects to: 
 (A) issue or distribute to all or
substantially all holders of its Class A Common Stock any rights, options or warrants entitling them, for a period of not more than 45 calendar days after the public announcement date for such issuance or distribution, to subscribe for or
purchase shares of its Class A Common Stock, at a price per share that is less than the average of the Last Reported Sale Prices of the Class A Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading
Day immediately preceding the date of public announcement of such issuance or distribution; or 
 (B) distribute
to all or substantially all holders of its Class A Common Stock the Company’s assets, debt 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 A Common Stock on the Trading Day immediately preceding the date of public 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 45 Scheduled Trading Days prior to the Ex-Dividend Date
for such issuance or distribution. Once the Company has given such notice, the Holders may surrender all or a portion of their Notes for conversion at any time until the earlier 

  
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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. 
 Holders may not exercise a conversion right pursuant to this Section 14.01(b)(ii)
if they will participate (as a result of holding Notes and at the same time and on the same terms as holders of Class A Common Stock participate) in any of the transactions described in this Section 14.01(b)(ii) as if such Holders held a
number of shares of Class A Common Stock equal to the Conversion Rate, multiplied by the principal amount of Notes held by such Holders divided by $1,000, without having to convert their Notes. 

(iii) If, prior to the close of business on the Business Day immediately preceding March 15,
2018, a Fundamental Change or a Make-Whole Fundamental Change occurs or the Company is a party to a consolidation, merger, binding share exchange, or sale, lease or other transfer of all or substantially all of its assets, pursuant to which the
Class A Common Stock would be converted into cash, securities or other assets (including any combination thereof), the Notes may be surrendered for conversion at any time from or after the date that is 45 Scheduled Trading Days prior to the
anticipated effective date of the transaction (or, if later, the Business Day after the Company gives notice of such transaction) until the close of business on the 35th Trading Day after the actual effective date of such transaction or, if such transaction also constitutes a Fundamental
Change, the related Fundamental Change Purchase Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) has promptly as practicable following the date the Company publicly announces such transaction;
provided that the Company shall deliver such notice in no event later than the actual effective date of such transaction. 
 If a Holder has delivered a Fundamental Change Purchase Notice with respect to a Note, such Holder may not surrender such Note for conversion until such Holder has validly withdrawn such Fundamental
Change Purchase Notice in accordance with the terms of Section 15.03. 
 (iv) Prior to the close of business
on the Business Day immediately preceding March 15, 2018, the Notes may be surrendered for conversion during any fiscal quarter commencing after the fiscal quarter ending on September 30, 2013 (and only during such fiscal quarter), if the
Last Reported Sale Price of the Class A Common 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 fiscal quarter is
greater than or equal to 130% of the Conversion Price on each applicable Trading Day. 
 Section 14.02. Conversion Procedure; Settlement
Upon Conversion. (a) Except as provided in Section 14.03(b) and Section 14.07(a), upon conversion of any Note, on the third Business Day immediately following the last Trading Day of the relevant Observation Period, 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, a “Settlement Amount” equal to the sum of the Daily Settlement Amounts for each of the
40 consecutive VWAP Trading Days during the applicable Observation Period for such Note. The Daily Settlement Amounts and the Daily Conversion Values shall be determined by the Company promptly following the last VWAP

  
 51 

 
Trading Day of the Observation Period. Promptly after such determination, the Company shall notify the Trustee and the Conversion Agent (if other than the Trustee) of such amount. The Trustee and
the Conversion Agent (if other than the Trustee) shall have no responsibility for such determination. 
 (b) In order to be
entitled to convert a Note as set forth above, a 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 pay any tax owed pursuant to Section 14.02(e) 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 A Common 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) and pay any tax owed pursuant to Section 14.02(e). 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 Purchase Notice to the Company in respect of such Notes and not validly withdrawn such Fundamental Change Purchase Notice in accordance with Section 15.03. 

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 Section 14.02(b). If any shares of Class A Common Stock are due to converting Holders, the Company shall issue or cause to be issued, and deliver to the Conversion Agent or to such Holder, or such Holder’s nominee or
nominees, certificates or a book-entry transfer through the Depositary for the full number of shares of Class A Common Stock to which such Holder shall be entitled in satisfaction of the Company’s Conversion Obligation, subject to the
Company’s right to pay cash in lieu of all or a portion of such shares as pursuant to Section 14.02(k). 
 (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 transfer
tax or similar governmental charge required 

  
 52 

 
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 A Common 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 A Common 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 issued upon the conversion of any Note as provided in this Article 14. 
 (g) Upon the conversion of an interest in a Global Note, the Trustee and Depositary shall reflect the reduction in the principal amount represented thereby on their books and records. 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 delivery of the Settlement Amount 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 Conversion Date. As a result, accrued and unpaid interest, if any, to, but not including, the Conversion Date shall be deemed to be paid in full
rather than cancelled, extinguished or forfeited. Upon a conversion of Notes, accrued and unpaid interest shall 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 and prior to the open of business on the immediately following Interest Payment Date, Holders of such Notes as of the close of business on such Regular Record Date shall 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 such Interest Payment Date on the Notes so converted (regardless of whether the converting Holder was the Holder of record on the corresponding
Regular Record Date); 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 Fundamental Change Purchase Date
that is after a Regular Record Date and on or prior to the Business Day immediately following the corresponding Interest Payment Date; or (3) to the extent of any overdue interest, if any overdue interest exists at the time of conversion with
respect to such Note. For the avoidance of doubt, all Holders on the Regular Record Date immediately preceding the Maturity Date shall receive and retain the full interest payment due on the Maturity Date regardless of whether their Notes are
converted following such Regular Record Date. 

  
 53 

 (i) The Person in whose name the certificate for any shares of Class A Common Stock
delivered upon conversion is registered (or with respect to which book-entry transfer through the Depositary shall be effected) shall be treated as a stockholder of record as of the close of business on the last VWAP Trading Day of the relevant
Observation Period. 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 A Common Stock upon conversion of the Notes and shall instead pay cash in lieu of any fractional shares of Class A Common Stock
issuable upon conversion based on the Daily VWAP on the Last VWAP Trading Day of the applicable Observation Period. For each Note surrendered for conversion, the full number of shares that shall be issued upon conversion thereof (subject to the
Company’s right to pay cash in lieu of all or a portion of such shares pursuant to subsection (k) of this Section 14.02) shall be computed on the basis of the aggregate Daily Settlement Amounts for the applicable Observation Period
and any fractional shares remaining after such computation shall be paid in cash. 
 (k) The Company may elect to settle all or
a portion of the Daily Share Amount in cash. To make such election with respect to a Conversion Date, the Company must deliver to each converting Holder, the Trustee and the Conversion Agent (if other than the Trustee), a written notice specifying
the Cash Percentage (such notice, the “Cash Percentage Notice”). The Company shall deliver the Cash Percentage Notice no later than the close of business on the Business Day immediately following such Conversion Date; provided,
however, that the Company shall deliver the Cash Percentage Notice no later than the close of business on the Business Day immediately preceding March 15, 2018 to all Holders, the Trustee and the Conversion Agent (if other than the Trustee)
with respect to all conversions occurring on or after March 15, 2018. If the Company timely specifies a Cash Percentage for a Conversion Date, the Company shall deliver to each converting Holder the Daily Net Cash Portion and a number of shares
of Class A Common Stock, if any, equal to a percentage of the Daily Share Amount equal to 100% minus the Cash Percentage. If the Company fails to timely specify a Cash Percentage for a Conversion Date, the Company shall no longer have the right
to specify a Cash Percentage with respect to the applicable conversion and shall settle the Daily Share Amount for each VWAP Trading Day in the applicable Observation Period in shares of Class A Common Stock, if any. 

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 A Common 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 (or, in the case of a Global Note, the relevant notice of conversion in accordance with the Depositary’s applicable
procedures) is received by the Conversion Agent from, and including, the Effective Date of the Make-Whole Fundamental Change up to, and including, the close of business on the Business Day immediately preceding the related Fundamental Change

  
 54 

 
Purchase Date (or, in the case of a Make-Whole Fundamental Change that would have been a Fundamental Change but for subclause (i) of the proviso in clause (b) of the definition
thereof, the 35th Trading Day immediately following the Effective Date of such Make-Whole Fundamental Change). 
 (b) The
Company shall notify Holders and the Trustee of the Effective Date of any Make-Whole Fundamental Change and issue a press release announcing such Effective Date no later than 5 Business Days after such Effective Date (the “Make-Whole
Fundamental Change Company Notice”). Upon surrender of Notes for conversion in connection with a Make-Whole Fundamental Change, the Company shall satisfy the related Conversion Obligation in accordance with Section 14.02 based on the
Conversion Rate as increased to reflect the Additional Shares pursuant to the table below; provided, however, that if, in the case of a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change,
the Reference Property 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. 
 (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 A Common Stock in the Make-Whole Fundamental Change. If the holders of the Class A Common Stock receive 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 A Common 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 of the event occurs, during such five Trading Day period. 

(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 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. 

  
 55 

 (e) The following table sets forth the number of Additional Shares by which the Conversion
Rate per $1,000 principal amount of Notes shall be increased pursuant to this Section 14.03 for each Stock Price and Effective Date set forth below: 
  

																																									
	 	  	Stock Price	 
	 Effective Date
	  	 $14.16
	 	  	 $16.00
	 	  	 $18.00
	 	  	 $20.00
	 	  	 $23.00
	 	  	 $26.00
	 	  	 $30.00
	 	  	 $35.00
	 	  	 $40.00
	 	  	 $50.00
	 
	 June 3, 2013
	  	 	17.3222	  	  	 	12.9468	  	  	 	9.5877	  	  	 	7.1871	  	  	 	4.7400	  	  	 	3.1613	  	  	 	1.8472	  	  	 	0.9173	  	  	 	0.4124	  	  	 	0.0000	  
	 June 15, 2014
	  	 	17.3222	  	  	 	13.3058	  	  	 	9.7115	  	  	 	7.1707	  	  	 	4.6216	  	  	 	3.0134	  	  	 	1.7110	  	  	 	0.8239	  	  	 	0.3642	  	  	 	0.0221	  
	 June 15, 2015
	  	 	17.3222	  	  	 	13.2152	  	  	 	9.3995	  	  	 	6.7481	  	  	 	4.1556	  	  	 	2.5793	  	  	 	1.3617	  	  	 	0.5858	  	  	 	0.2168	  	  	 	0.0002	  
	 June 15, 2016
	  	 	17.3222	  	  	 	12.6065	  	  	 	8.5636	  	  	 	5.8369	  	  	 	3.2955	  	  	 	1.8557	  	  	 	0.8425	  	  	 	0.2782	  	  	 	0.0577	  	  	 	0.0000	  
	 June 15, 2017
	  	 	17.3222	  	  	 	11.2715	  	  	 	6.8934	  	  	 	4.1306	  	  	 	1.8453	  	  	 	0.7817	  	  	 	0.2114	  	  	 	0.0121	  	  	 	0.0000	  	  	 	0.0000	  
	 June 15, 2018
	  	 	17.3222	  	  	 	9.2008	  	  	 	2.2564	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  

 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 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 $50.00 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 Section 14.03(d), no Additional Shares shall be added to the Conversion Rate; and 

(iii) if the Stock Price is less than $14.16 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 Section 14.03(d), 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 70.6214 shares of Class A Common
Stock, subject to adjustment in the same manner as the Conversion Rate pursuant to Section 14.04. 
 (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 a share split or share combination), at the same time and upon the same terms as holders of the Class A Common 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 A Common Stock equal to the Conversion Rate, multiplied by
the principal amount of Notes held by such Holder, divided by $1,000. 

  
 56 

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

 
 

 
 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;
			
	 CR1
	  	=	  	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date or effective date, as applicable;
			
	 OS0
	  	=	  	the number of shares of Class A Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date or effective date, as applicable; and
			
	 OS1
	  	=	  	the number of shares of Class A Common 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 that results in an adjustment under this Section 14.04(a) but is not so paid or made, or the outstanding shares of Class A Common Stock are not split or combined, as the case may be, the Conversion Rate
shall be immediately readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution or to effect such split or combination, to the Conversion Rate that would then be in effect if such dividend or
distribution or share split or share combination had not been declared or announced. 

  
 57 

 (b) If the Company issues or distributes to all or substantially all holders of its
Class A Common Stock any rights, options or warrants entitling them, for a period of not more than 45 calendar days after the date of public announcement of such issuance or distribution, to subscribe for or purchase shares of Class A
Common Stock at a price per share that is less than the average of the Last Reported Sale Prices of the Class A Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of
public announcement of such issuance or distribution, the Conversion Rate shall be increased based on the following formula: 
  

 
 where, 
  

					
	 CR0
	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;
			
	 CR1
	  	=	  	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;
			
	 OS0
	  	=	  	the number of shares of Class A Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;
			
	 X
	  	=	  	the total number of shares of Class A Common Stock issuable pursuant to such rights, options or warrants; and
			
	 Y
	  	=	  	the number of shares of Class A Common 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 A Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of public 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 such rights, options or warrants are not exercised prior to their expiration or shares of
Class A Common 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 A Common 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 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 A Common Stock at less than such average of the Last
Reported Sale Prices of the Class A Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of public announcement of such issuance, and in determining the aggregate
offering price of such shares of Class A Common Stock, there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such
consideration, if other than cash, to be determined by the Board of Directors. 
 (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 A Common 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 an adjustment was effected
pursuant to Section 14.04(d) and (iii) Spin-Offs as to which the provisions set forth below in this Section 14.04(c) shall apply (any of 

  
 58 

 
such shares of Capital Stock, evidences of indebtedness, other assets or property or rights, options or warrants to acquire Capital Stock or other securities of the Company, the
“Distributed Property”), then the Conversion Rate shall be increased based on the following formula: 
  

 
 where, 
  

					
	
CR0
	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;
			
	
CR1
	  	=	  	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 A Common 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 A Common Stock as of 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 dividend or 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 A Common 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 A Common 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 A Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution.

  
 59 

 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 A Common 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: 

 
 

 
 where, 
  

					
	
CR0
	  	=	  	the Conversion Rate in effect immediately prior to the end of the Valuation Period;
			
	
CR1
	  	=	  	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 A Common Stock applicable to one share of the
Class A Common 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 A Common Stock were to such Capital Stock or similar equity interest) over the first 10
consecutive Trading Day period after, and including, the effective date of the Spin-Off (the “Valuation Period”); and
			
	
MP0
	  	=	  	the average of the Last Reported Sale Prices of the Class A Common Stock over the Valuation Period.

 The adjustment to the Conversion Rate under the preceding paragraph shall occur after the close of business on the last
Trading Day of the Valuation Period; provided that in respect of any conversion during the Valuation Period, references in the portion of this Section 14.04(c) related to Spin-Offs to 10 Trading Days shall be deemed to be replaced with
such lesser number of Trading Days as have elapsed between the effective date of such Spin-Off and the Conversion Date in determining the Conversion Rate. 
 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 its Class A Common Stock
entitling them to subscribe for or purchase shares of the Company’s Capital Stock, including Class A Common Stock (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified
event or events (“Trigger Event”): (i) are deemed to be transferred with such shares of the Class A Common Stock; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of the
Class A Common 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 

  
 60 

 
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 A Common Stock with respect to such rights, options or
warrants (assuming such holder had retained such rights, options or warrants), made to all holders of Class A Common 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), any dividend or distribution to which this Section 14.04(c) is applicable that also includes one or both
of: 
 (A) a dividend or distribution of shares of Class A Common 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 (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, 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 A Common Stock included in the Clause A Distribution or Clause B Distribution shall be deemed not to be “outstanding
immediately prior to the open of business on 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 A Common Stock other than a regular quarterly cash dividend that does not exceed $0.06 per share (the “Initial Dividend Threshold”) (subject to adjustment as provided below), the Conversion Rate shall be increased based
on the following formula: 
  
 

 

  
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 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	SP0	  	=	  	the average of the Last Reported Sale Prices of the Class A Common Stock over the 10 consecutive Trading Day period ending on and including, the Trading Day immediately preceding
the the Ex-Dividend Date for such dividend or distribution (or, if the Company declares such dividend or distribution less than 11 Trading Days prior to such Ex-Dividend Date, 10 shall be replaced with a smaller number of Trading Days that will have
occurred after, and not including, such declaration date and prior to, but not including, such Ex-Dividend Date);
			
	T	  	=	  	the Initial Dividend Threshold; provided that if the dividend or distribution in question is not a regular, quarterly cash dividend, the Initial Dividend Threshold will be
deemed to be zero; and
			
	C	  	=	  	the amount in cash per share the Company distributes to holders of its Class A Common Stock.

 The Initial Dividend Threshold is subject to concurrent adjustment in a manner inversely proportional to adjustments to
the Conversion Rate, provided that no adjustment will be made to the Initial Dividend Threshold for any adjustment to the Conversion Rate pursuant to this Section 14.04(d). 
 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 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 A Common Stock, the amount of cash that such
Holder would have received if such Holder owned a number of shares of Class A Common 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 A Common Stock,
to the extent that the cash and value of any 

  
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other consideration included in the payment per share of the Class A Common Stock exceeds the average of the Last Reported Sale Prices of the Class A Common 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 (such date, the “Expiration Date”), the
Conversion Rate shall be increased based on the following formula: 
  
 

 
 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Trading Day next succeeding the Expiration Date;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the open of business on the Trading Day next succeeding the Expiration Date;
			
	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 A Common Stock purchased in such tender or
exchange offer;
			
	OS0	  	=	  	the number of shares of Class A Common Stock outstanding immediately prior to the time (the “Expiration Time”) such tender or exchange offer expires (prior to
giving effect to the purchase of all shares of Class A Common Stock accepted for purchase or exchange in such tender or exchange offer);
			
	OS1	  	=	  	the number of shares of Class A Common Stock outstanding immediately after the Expiration Time (after giving effect to the purchase of all shares of Class A Common Stock accepted
for purchase or exchange in such tender or exchange offer); and
			
	SP1	  	=	  	the average of the Last Reported Sale Prices of the Class A Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the
Expiration Date.

 The adjustment to the Conversion Rate under this Section 14.04(e) shall occur at the close of business on the 10th
consecutive Trading Day immediately following, and including, the Trading Day next succeeding the Expiration Date; provided that in respect of any conversion within the 10 Trading Days immediately following, and including, the Expiration Date
of any tender or exchange offer, references in this Section 14.04(e) with respect to 10 Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed between such Expiration Date and the Conversion Date in
determining the Conversion Rate. 
 If the Company is obligated to purchase shares pursuant to any such tender or exchange offer, but the
Company is permanently prevented by applicable law from effecting all or any such purchases or all or any portion of such purchases are rescinded, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect if such
tender or exchange offer had been made only in respect of the purchases actually effected. 

  
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 (f) If the application of the formulas in clauses (a), (b), (c), (d) and (e) of
this Section 14.04 would result in a decrease in the Conversion Rate, no adjustment to the Conversion Rate will be made (other than as a result of a reverse share split or share combination). In no event will the Company adjust the Conversion
Rate to the extent that the adjustment would reduce the Conversion Price below the par value per share of the Class A Common Stock. In no event shall the Conversion Rate per $1,000 principal amount of the Notes exceed 70.6214 shares of
Class A Common Stock, subject to adjustment in the same manner as the Conversion Rate as set forth in this Section 14.04. 
 (g) 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 (1/10,000) of a share. 

(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 The New York Stock Exchange, 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, the Company may (but is not required to) increase the Conversion Rate to avoid or diminish any income tax to holders of Class A Common Stock or rights to
purchase shares of Class A Common Stock in connection with a dividend or distribution of shares of Class A Common Stock (or rights to acquire shares of Class A Common Stock) or similar event. Whenever the Conversion Rate is increased
pursuant to either of the preceding two sentences, the Company shall mail to the Holder of each Note at its last address appearing on the Note Register 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. 
 (i)
Except as stated herein, the Company shall not adjust the Conversion Rate for the issuance of shares of its Class A Common Stock or any securities convertible into or exchangeable for shares of its Class A Common Stock or the right to
purchase shares of its Class A Common Stock or such convertible or exchangeable securities. In addition, notwithstanding anything to the contrary in this Article 14, the Conversion Rate shall not be adjusted: 

(i) upon the issuance of any shares of Class A Common Stock pursuant to any present or future plan providing for the
reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Class A Common Stock under any plan; 

(ii) for stock repurchases that are not tender or exchange offers referred to in Section 14.04(e), including
structured or derivative transactions 

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

(iv) upon the issuance of any shares of the Class A Common 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 A Common Stock; 

(vi) upon any exchange of units of FXCM Holdings, LLC for shares of Class A Common Stock; or 

(vii) for accrued and unpaid interest, if any. 
 (j) [Reserved]. 
 (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 Officer’s 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 Officer’s 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 mail such notice of such adjustment of the Conversion Rate to each Holder at its last address appearing on the Note Register of this Indenture. Failure to deliver such notice shall not affect the
legality or validity of any such adjustment. 
 (l) For purposes of this Section 14.04, the number of shares of
Class A Common Stock at any time outstanding shall not include shares 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 A Common Stock held in the treasury of
the Company, but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Class A Common Stock. 
 (m) If the Conversion Rate is adjusted pursuant to this Indenture, to the extent such adjustment results in a constructive distribution to beneficial owners of Notes under Section 305 of the Code
with respect to which the Company is obligated to deduct and withhold a tax under the Code, the Company may, to the extent of the withholding tax obligations required by United States law, recoup or set-off such liability against any payments
(whether in cash or Class A Common Stock) subsequently made with respect to the Notes (or any Class A Common Stock received upon conversion thereof) to such beneficial owners. 
 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

  
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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 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 Reserved. The Company shall reserve, out of its authorized but unissued shares or shares held in treasury, sufficient shares of Class A Common
Stock to provide for conversion of the Notes from time to time as such Notes are presented for conversion (assuming that at the time of computation of such number of shares, all such Notes would be converted by a single Holder). 

Section 14.07. Effect of Recapitalizations, Reclassifications and Changes of the Class A Common Stock. (a) In the case of:

 (i) any recapitalization, reclassification or change of the Class A Common Stock (other than changes
resulting from a subdivision or combination); 
 (ii) any consolidation, merger or combination involving the
Company, or any statutory share exchange; or 
 (iii) any sale, lease or other transfer to a third party of all
or substantially all of the consolidated assets of the Company and the Company’s Subsidiaries, 
 in each case, as a result of which the
Class A Common Stock would be converted into, or exchanged for cash, securities or other assets (including any combination thereof) (any such event, a “Share Exchange Event” and any such cash, securities or other assets
(including any combination thereof, “Reference Property” and the amount of Reference Property that a holder of one share of the Class A Common Stock immediately prior to such transaction would have been entitled to receive upon
the occurrence of such transaction, a “Unit of Reference Property”), then the Company, or the successor or purchasing company, as the case may be, will execute with the Trustee, without the consent of the Holders, a supplemental
indenture providing that, at and after the effective time of the transaction, the right to convert each $1,000 principal amount of Notes into cash and, if applicable, shares of the Class A Common Stock will be changed into a right to convert
such principal amount of Notes into cash and, if applicable, Units of Reference Property; provided, however, that at and after the effective time of the Share Exchange Event, the Conversion Obligation shall be calculated and settled in
accordance with Section 14.02 such that (A) the amount payable in cash upon conversion of the Notes as set forth under Section 14.02 shall continue to be payable in cash, (B) the number of shares of Class A Common Stock
otherwise deliverable upon conversion of the Notes in accordance with Section 14.02 shall instead be deliverable in the amount and type of Reference Property, if any (subject to the obligor’s right to pay cash in lieu of all or a portion
of such units of Reference Property), that a holder of that number of shares of Class A Common Stock would have been entitled to receive in such Share Exchange Event and (C) the Daily VWAP shall be calculated based on the value of a unit
of Reference Property; provided further, however, that if the Holders receive only 

  
 66 

 
cash in such transaction, then for all conversions that occur after the effective date of such transaction (i) 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 (subject to adjustment as described in this Section 14.03), multiplied by the price paid per share of Class A Common Stock in such transaction
and (ii) settlement shall occur on the third Business Day immediately following the Conversion Date. 
 If the Share
Exchange Event causes the Class A Common 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 stockholder election), then the Reference Property
used to calculate the Daily VWAP shall be deemed to be the weighted average of the types and amounts of consideration received by the holders of Class A Common Stock that affirmatively make such an election. 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 adjustments that shall be as nearly equivalent as is possible to the adjustments provided for in this
Article 14. The Initial Dividend Threshold shall be adjusted based on the number of shares of common stock, if any, comprising the Reference Property and, if applicable, the value of any non-stock consideration comprising the Reference Property. If
the Reference Property is comprised solely of non-stock consideration, the Initial Dividend Threshold shall be zero. 
 If, in
the case of any Share Exchange Event, the Reference Property includes securities or other assets (including any combination thereof) of a Person other than the successor or purchasing corporation, as the case may be, in such Share Exchange Event,
then such supplemental indenture shall also be executed by such other Person and shall contain such additional provisions to protect the interests of the Holders of the Notes as the Board of Directors shall reasonably consider necessary by reason of
the foregoing, including to the extent required by the Board of Directors and practicable the provisions providing for the purchase rights set forth in Article 15. 
 (b) In the event the Company shall execute a supplemental indenture pursuant to Section 14.07(a), the Company shall promptly file with the Trustee an Officer’s Certificate briefly stating the
reasons therefor, the kind or amount of cash, securities or other assets (including any combination thereof) that will comprise the Reference Property after any such Share Exchange Event, any adjustment to be made with respect thereto and that all
conditions precedent have been complied with, and shall promptly mail notice thereof to all Holders. The Company shall cause notice of the execution of such supplemental indenture to be mailed to each Holder, at its address appearing on the Note
Register provided for in this Indenture, 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 Share Exchange 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 and shares of Class A Common Stock, if any, (subject to the Company’s right to deliver cash in lieu of all or a portion of such shares)
as set forth in Section 14.01 and Section 14.02 prior to the effective date of such Share Exchange Event. 
 (d) The
above provisions of this Section shall similarly apply to successive Share Exchange Events. 

  
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 Section 14.08. Certain Covenants. 

(a) The Company covenants that all shares of Class A Common Stock issued upon conversion of Notes will be fully paid and
non-assessable by the Company and free from all preemptive rights and taxes, liens and charges with respect to the issue thereof. 
 (b) The Company covenants that, if any shares of Class A Common 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 may be validly issued upon conversion, the Company shall, 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 A Common 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 A Common Stock shall be so listed on such exchange or automated quotation system, any Class A Common 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 A Common Stock, or of any securities, property or cash that may at any time be issued or delivered upon the conversion of any Note; and the
Trustee and any other Conversion Agent make no representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares of Class A Common
Stock or stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article. 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 Officer’s Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of any such 

  
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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) Share Exchange 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 mailed to each Holder at its address appearing on the Note Register, 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 A
Common 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 Share Exchange 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 A Common Stock of record shall be entitled to exchange their Class A Common Stock for securities or other property deliverable upon such Share Exchange 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, Share Exchange Event, dissolution, liquidation or
winding-up. 
 Section 14.11. Stockholder Rights Plans. To the extent that the Company has a rights plan in effect upon
conversion of the Notes, each share of Class A Common 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 A Common 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. If at the time of conversion, however, the rights have separated from
the shares of Class A Common Stock in accordance with the provisions of the applicable stockholder rights plan so that the Holders would not be entitled to receive any rights in respect of Class A Common Stock, if any, issuable upon
conversion of the Notes, the Conversion Rate shall be adjusted at the time of separation as if the Company distributed to all or substantially all holders of Class A Common 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. 

  
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 ARTICLE 15 
 PURCHASE OF NOTES AT OPTION OF HOLDERS 
 Section 15.01. Intentionally Omitted. 
 Section 15.02. Purchase at Option of
Holders Upon a Fundamental Change. (a) If a Fundamental Change occurs at any time prior to the Maturity Date, each Holder shall have the right, at such Holder’s option, to require the Company to purchase 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 in excess thereof, on the date (the “Fundamental Change Purchase 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 purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon to, but not including, the Fundamental
Change Purchase Date (the “Fundamental Change Purchase Price”), unless the Fundamental Change Purchase 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 Purchase Price shall be equal to 100% of the principal amount of Notes to be
purchased pursuant to this Article 15. 
 (b) Purchases 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 Purchase 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 Purchase Date; and 

(ii) delivery of the Notes, if the Notes are Physical Notes, to the Paying Agent on or before the close of business on the
Business Day immediately preceding the Fundamental Change Purchase 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 Purchase Price therefor. 
 The Fundamental Change Purchase Notice in respect of any Notes to be repurchased shall state: 
 A. in the case of Physical Notes, the certificate numbers of the Notes to be delivered for purchase; 

  
 70 

 B. the portion of the principal amount of Notes to be purchased, which must
be $1,000 or a multiple thereof; and 
 C. that the Notes are to be purchased 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 Purchase Notice must comply with appropriate procedures of the Depositary. 
 Notwithstanding anything herein to the
contrary, any Holder delivering to the Paying Agent the Fundamental Change Purchase Notice contemplated by this Section 15.02 shall have the right to withdraw, in whole or in part, such Fundamental Change Purchase Notice at any time prior to
the close of business on the Business Day immediately preceding the Fundamental Change Purchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 15.03. 

If a Holder has delivered a Fundamental Change Purchase Notice with respect to a Note, such Holder may not surrender such Note for
conversion until such Holder has validly withdrawn such Fundamental Change Purchase Notice in accordance with Section 15.03. 
 The Paying Agent shall promptly notify the Company of the receipt by it of any Fundamental Change Purchase 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 Fundamental Change and of the purchase
right at the option of the Holders arising as a result thereof. Such notice shall be by first class mail or, in the case of Global Notes, 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 or on the Company’s website or through a press release or 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; 

(ii) the date of the Fundamental Change; 

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

(iv) the Fundamental Change Purchase Price; 

(v) the Fundamental Change Purchase Date; 

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

(vii) the Conversion Rate and any adjustments to the Conversion Rate; 

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

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

No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders’ purchase rights or affect the
validity of the proceedings for the purchase of the Notes pursuant to this Section 15.02. 
 At the Company’s written
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 purchased 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 Purchase 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 Purchase 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 Purchase Notice with respect thereto shall be deemed to have been withdrawn. 

(e) Notwithstanding the foregoing, the Company will not be required to make an offer to purchase Notes upon a Fundamental Change if a
third party makes such an offer in the manner and at the times required and otherwise in compliance with the requirements for an offer made by the Company pursuant to this Article 15 and such third party purchases all Notes validly tendered and not
validly withdrawn under its offer. 
 Section 15.03. Withdrawal of Fundamental Change Purchase Notice. A Fundamental Change
Purchase Notice may be withdrawn (in whole or in part) by means of a written notice of withdrawal delivered to 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 Purchase Date, specifying: 
 (a) the principal amount of the Notes with respect
to which such notice of withdrawal is being submitted, 
 (b) if Physical Notes have been issued, the certificate
number of the Note in respect of which such notice of withdrawal is being submitted, and 
 (c) the principal
amount, if any, of such Note that remains subject to the original Fundamental Change Purchase Notice, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000 in excess thereof; 

  
 72 

 provided, however, that if the Notes are Global Notes, the withdrawal notice must comply with
appropriate procedures of the Depositary. 
 Section 15.04. Deposit of Fundamental Change Purchase 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 Purchase Date an amount of money sufficient to purchase all of the Notes to be purchased at the appropriate Fundamental Change Purchase Price. Subject to receipt of funds by the Trustee (or other Paying Agent
appointed by the Company), payment for Notes surrendered for purchase (and not validly withdrawn prior to the close of business on the Business Day immediately preceding the Fundamental Change Purchase Date) will be made on the later of (i) the
Fundamental Change Purchase Date with respect to such Note (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 Purchase Price 
 (b) If by 11:00 a.m. New York City time,
on the Fundamental Change Purchase 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 purchased on such Fundamental Change Purchase Date,
then, with respect to Notes that have been properly tendered and not validly withdrawn, (i) such Notes shall cease to be outstanding, (ii) interest shall 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 (x) the right to receive the Fundamental Change Purchase Price) or (y) if
the Fundamental Change Purchase Date falls after a Regular Record Date but on or prior to the related Interest Payment Date, the right of the Holder on such Regular Record Date to receive the related interest payment). 

(c) Upon surrender of a Note that is to be purchased 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 unpurchased portion of the Note surrendered. 
 Section 15.05. Covenant to Comply with Applicable Laws Upon Purchase of Notes. In connection with any purchase offer, the Company will, if required: 

(a) comply with the provisions of the tender offer rules under the Exchange Act that may then be applicable; 

  
 73 

 (b) file a Schedule TO or any successor or similar schedule required under the Exchange Act;
and 
 (c) otherwise comply with all applicable federal and state securities laws in connection with any offer by the Company to
purchase the Notes; 
 in each case, so as to permit the rights and obligations under this Article 15 to be exercised in the time and in the
manner specified in this Article 15. 
 ARTICLE 16 
 NO OPTIONAL REDEMPTION 
 Section 16.01. No
Optional Redemption. The Notes shall not be redeemable by the Company prior to the Maturity Date, and no sinking fund is provided for the 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 in writing (including facsimile and electronic mail in PDF format) and 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 FXCM Inc., 55 Water Street, FL 50, New York, New York 10041, Attention: General Counsel. Any notice, direction, request or demand hereunder to
or upon the Trustee shall be in writing (including facsimile and electronic mail in PDF format) and 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. 

  
 74 

 Any notice or communication mailed to a Holder 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. 
 Failure to mail 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 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. 
 In addition to the foregoing, the Trustee agrees to accept and act upon notice, instructions or directions
pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and
the Trustee in its discretion elects to act upon such instructions, 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 party providing electronic instructions 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. 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. 

Section 17.05. Intentionally Omitted. 
 Section 17.06. 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 Officer’s Certificate and Opinion of Counsel stating that in the opinion of the signors, all conditions precedent and covenants, if any,
provided for in this Indenture relating to the proposed action have been satisfied. 
 Each Officer’s 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 Officer’s Certificates provided for in Section 4.08) shall
include (i) a statement that the Person making such certificate has read such covenant or condition; (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statement contained in such
certificate is based; (iii) 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 

  
 75 

 
to express an informed judgment as to whether or not such covenant or condition has been complied with; and (iv) a statement as to whether or not, in the judgment of such Person, such
covenant or condition has been complied with. 
 Notwithstanding anything to the contrary in this Section 17.06, if any
provision in this Indenture specifically provides that the Trustee shall or may receive an Opinion of Counsel in connection with any action to be taken by the Trustee or the Company hereunder, the Trustee shall be entitled to such Opinion of
Counsel. 
 Section 17.07. Legal Holidays. In any case where any Interest Payment Date, Fundamental Change Purchase Date,
Conversion Date or 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 17.08. 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 17.09. Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other
than the parties hereto, any Paying Agent, any Custodian, any Bid Solicitation Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder or the Holders, any benefit or any legal or equitable right,
remedy or claim under this Indenture. 
 Section 17.10. 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. 

Section 17.11. 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

  
 76 

 
any corporation or other entity succeeding to all or substantially all 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 17.11, 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 mail notice of such appointment to all Holders as the names and addresses of such Holders appear on the Note Register. 
 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 7.06, Section 8.03 and this Section 17.11 shall be applicable to any authenticating agent. 
 If an
authenticating agent is appointed pursuant to this Section 17.11, 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

 Section 17.12. 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 17.13. 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 17.14. Waiver of Jury Trial; Submission of Jurisdiction. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN 

  
 77 

 
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. THE COMPANY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK
STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE AND
THE NOTES, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS. 
 Section 17.15. 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 17.16. Calculations. Except as otherwise provided herein, the
Company or its agents shall be responsible for making all calculations called for under the Notes or this Indenture. These calculations include, but are not limited to, determinations of the Last Reported Sale Prices of the Class A Common
Stock, Daily Conversion Values, Daily Settlement Amounts, Daily VWAP, accrued interest payable on the Notes and the Conversion Rate of the Notes. The Company or its agents 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 or its agents 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 written request of that Holder at the sole
cost and expense of the Company. In no event shall the Trustee or the Conversion Agent be charged with knowledge of or have any duty to monitor Stock Price or Measurement Period. 
 Section 17.17. U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. 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 is required to satisfy the requirements of the U.S.A. Patriot Act. 

  
 78 

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

					
	FXCM INC.
		
	By:	 	 /s/ David S. Sassoon

		 	Name:	 	David S. Sassoon
		 	Title:	 	General Counsel
	
	The Bank of New York Mellon, as Trustee
		
	By:	 	 /s/ Francine Kincaid

		 	Name:	 	Francine Kincaid
		 	Title:	 	Vice President

 [Signature Page to Indenture] 

 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 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.] 
 [INCLUDE FOLLOWING LEGEND IF A RESTRICTED SECURITY]

 [THIS SECURITY AND THE CLASS A COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN,
THE ACQUIRER: 
 (1) REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL
BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 
 (2) AGREES FOR THE BENEFIT OF FXCM INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE
LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH OTHER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO, AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY
APPLICABLE LAW, EXCEPT: 
 (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR 

(B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OF THE COMPANY THAT COVERS THE RESALE OF THIS SECURITY OR SUCH CLASS A
COMMON STOCK, OR 

  
 1 

 (C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER
THE SECURITIES ACT, OR 
 (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE
SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE
REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE
THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]

  
 2 

 FXCM Inc. 
 2.25% Convertible Senior Note due 2018 
  

			
	 No. R-[    ]
	  	Initially $[    ]

 CUSIP No. 302693 AA4 
 FXCM Inc., a corporation duly organized and validly existing under the laws of the State of Delaware (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., or registered assigns, the principal amount of $[    ] or such other amount as reflected on the books and records
of the Trustee and the Depositary, on June 15, 2018 and interest thereon as set forth below. 
 This Note shall bear
interest at the rate of 2.25% per year from June 3, 2013 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 June 15, 2018, unless earlier
converted or purchased. Accrued interest on this Note shall be computed on the basis of a 360-day year composed of twelve 30-day months. Interest is payable semi-annually in arrears on each June 15 and December 15, commencing on
December 15, 2013, to Holders of record at the close of business on the preceding June 1 and December 1 (whether or not such day is a Business Day), respectively. Additional Interest will be payable as set forth in
Section 4.06(d), Section 4.06(e) and 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 any of such Section 4.06(d), Section 4.06(e) or 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 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, 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 Company has initially designated the Trustee as its Paying Agent and Note Registrar in respect of the Notes and its agency in New
York, New York as a place where Notes may be presented for payment or for registration of transfer. 
 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 

  
 3 

 
Note into cash and shares of Class A Common Stock, if any (subject to the Company’s right to deliver cash in lieu of all or a portion of such shares), 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. 

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 manually
signed by the Trustee or a duly authorized authenticating agent under the Indenture. 
 [Remainder of page intentionally left
blank] 

  
 4 

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

 

			
	FXCM Inc.
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: 
  

			
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION
 The Bank of New York Mellon,

as Trustee, certifies that this is one of the Notes described

in the within-named Indenture.

			
		
	By:	 	  

		 	Authorized Signatory

  
 5 

 [FORM OF REVERSE OF NOTE] 

FXCM Inc. 
 2.25%
Convertible Senior Note due 2018 
 This Note is one of a duly authorized issue of Notes of the Company, designated as its 2.25%
Convertible Senior Notes due 2018 (the “Notes”), limited to the aggregate principal amount of $172,500,000 all issued under and pursuant to an Indenture dated as of June 3, 2013 (the “Indenture”), between the
Company and The Bank of New York Mellon (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 Conversion Agent, 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. 

In case an Event of Default, as defined in the Indenture, 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 Purchase Price 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. 
 No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal (including the Fundamental Change Purchase Price, if applicable) of or the consideration due upon conversion of,
as the case may be, and accrued and unpaid interest on this Note at the place, at the respective times, at the rate and in the lawful money herein prescribed. 

  
 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 are not subject to redemption through the operation of any sinking fund or otherwise. 

Upon the occurrence of a Fundamental Change, the Holder has the right, at such Holder’s option, to require the Company to purchase
for cash all of such Holder’s Notes or any portion thereof (in principal amounts of $1,000 or integral multiples in excess thereof) on the Fundamental Change Purchase Date at a price equal to the Fundamental Change Purchase 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
in excess thereof, into cash and shares of Class A Common Stock, if any (subject to the Company’s right to deliver cash in lieu of all or a portion of such shares), at the Conversion Rate specified in the Indenture, as adjusted from time
to time as provided in the Indenture. 
 Terms used in this Note and defined in the Indenture are used herein as therein
defined. 

  
 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. 

ATTACHMENT 1 
 [FORM OF NOTICE OF CONVERSION] 
 To: FXCM Inc. 

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 in excess thereof) below designated, into cash and shares of Class A Common Stock, if any (subject to the Company’s right to deliver cash in lieu of all or a portion of such shares), in accordance
with the terms of the Indenture referred to in this Note, and directs that any cash payable and any shares of Class A Common 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 A Common 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. 
  

							
	Dated:	 	  
	 		 	  

			
		 		 	  

		 		 	Signature(s)

  
 8 

							
	  
	 		 	
	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 A Common Stock are to be issued, or Notes are to be delivered, other than to and in the name of the registered
holder.	 		 	
			
	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

  
 9 

 ATTACHMENT 2 
 [FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE] 
 To: FXCM Inc. 

The undersigned registered owner of this Note hereby acknowledges receipt of a notice from FXCM Inc. (the “Company”) as
to the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Purchase 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 in excess thereof) below designated, and (2) if such Fundamental Change
Purchase 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 Purchase Date. 

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. 
 In connection with any transfer of the within Note occurring prior to the Resale Restriction
Termination Date, as defined in the Indenture governing such Note, the undersigned confirms that such Note is being transferred: 
  ̈ To FXCM Inc. or a subsidiary thereof; or 
  ̈
Pursuant to a registration statement that has become or been declared effective under the Securities Act of 1933, as amended; or 
  ̈ Pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended; or 
  ̈ Pursuant to and in compliance with Rule 144 under the Securities Act of 1933, as amended, or any other available exemption from the registration requirements of the Securities Act of 1933, as amended.

  
 1 

			
	Dated:	 	  

	
	  

	
	  

	Signature(s)
	
	  

	Signature Guarantee
	
	Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stockbrokers, 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. 

  
 2EX-10.1

 Exhibit 10.1 
 EXECUTION VERSION 
 $150,000,000 

FXCM INC. 

2.25% Convertible Senior Notes due June 15, 2018 
 PURCHASE AGREEMENT 
 May 28, 2013 

CREDIT SUISSE SECURITIES (USA) LLC 
 MERRILL LYNCH, PIERCE, FENNER & SMITH 
                     INCORPORATED 
 As Representatives of the Several Purchasers (“Representatives”), 
 c/o Credit
Suisse Securities (USA) LLC, 
                 Eleven Madison
Avenue 
                   New York, N.Y. 10010-3629

 Dear Sirs: 
 1.
Introductory. FXCM Inc., a Delaware corporation (the “Company”), agrees with the several initial purchasers named in Schedule A hereto (the “Purchasers” and each, a “Purchaser”), subject to
the terms and conditions stated herein, to issue and sell to the several Purchasers $150,000,000 principal amount of its 2.25% Convertible Senior Notes due June 15, 2018 (the “Firm Securities”) and also agrees to sell to the
Purchasers, at the option of the Purchasers, an aggregate of up to an additional $22,500,000 principal amount (“Optional Securities”) of its 2.25% Convertible Senior Notes due June 15, 2018, each to be issued under an
indenture, dated as of June 3, 2013 (the “Indenture”), between the Company and The Bank of New York Mellon, as trustee (the “Trustee”). The Firm Securities and the Optional Securities which the Purchasers may
elect to purchase pursuant to Section 3 hereof are herein collectively called the “Offered Securities”. 

2. Representations and Warranties of the Company. The Company represents and warrants to, and agrees with, the several
Purchasers that: 
 (i) Offering Documents; Certain Defined Terms. The Company has prepared or will
prepare a Preliminary Offering Circular and a Final Offering Circular. 
 For purposes of this Agreement: 

“Applicable Time” means 5:30 p.m. (Eastern time) on the date of this Agreement. 

“Closing Date” has the meaning defined in Section 3 hereof. 

“Commission” means the Securities and Exchange Commission. 

 “Exchange Act” means the United States Securities Exchange Act of 1934, as
amended. 
 “Final Offering Circular” means the final offering circular and the documents, if any, incorporated
by reference therein, relating to the Offered Securities be offered by the Purchasers that discloses the offering price and other final terms of the Offered Securities and is dated as of the date of this Agreement (even if finalized and issued
subsequent to the date of this Agreement). 
 “Free Writing Communication” means a written communication (as
such term is defined in Rule 405) that constitutes an offer to sell or a solicitation of an offer to buy the Offered Securities and is made by means other than the Preliminary Offering Circular or the Final Offering Circular. 

“General Disclosure Package” means the Preliminary Offering Circular together with any Issuer Free Writing Communication
existing at the Applicable Time and the information in which is intended for general distribution to prospective investors, as evidenced by its being specified in Schedule B to this Agreement. 

“Issuer Free Writing Communication” means a Free Writing Communication prepared by or on behalf of the Company, used or
referred to by the Company or containing a description of the final terms of the Offered Securities or of their offering, in the form retained in the Company’s records. 
 “Preliminary Offering Circular” means the preliminary offering circular and the documents, if any, incorporated by reference therein, relating to the Offered Securities to be offered by
the Purchasers, dated May 28, 2013. 
 “Rules and Regulations” means the rules and regulations of the
Commission. 
 “Securities Act” means the United States Securities Act of 1933, as amended. 

“Securities Laws” means, collectively, the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”), the
Securities Act, the Exchange Act, the Rules and Regulations, the auditing principles, rules, standards and practices applicable to auditors of “issuers” (as defined in Sarbanes-Oxley) promulgated or approved by the Public Company
Accounting Oversight Board and, as applicable, the rules of The New York Stock Exchange and the NASDAQ Stock Market (“Exchange Rules”). 
 “Supplemental Marketing Material” means any Issuer Free Writing Communication other than any Issuer Free Writing Communication specified in Schedule B hereto. Supplemental Marketing
Materials include, but are not limited to, any Issuer Free Writing Communication listed on Schedule C to this Agreement. 

“Underlying Shares” means the shares of Class A common stock of the Company, par value $0.01 per share
(“Class A Common Stock”), if any, into which the Offered Securities are convertible. 

  
 2 

 Unless otherwise specified, a reference to a “rule” is to the indicated rule under
the Securities Act. 
 (ii) Disclosure. As of the date of this Agreement, the Final
Offering Circular does not, and as of each Closing Date, the Final Offering Circular will not include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances
in which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from any such document based upon written information furnished to the Company by any Purchaser through the Representatives specifically for
use therein, it being understood and agreed that the only such information is that described as such in Section 8(b) hereof. At the Applicable Time neither (i) the General Disclosure Package, nor (ii) any individual Supplemental
Marketing Material, when considered together with the General Disclosure Package, included any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Preliminary Offering Circular or Final Offering Circular, the General Disclosure Package or any Supplemental
Marketing Material based upon written information furnished to the Company by any Purchaser through the Representatives specifically for use therein, it being understood and agreed that the only such information furnished by a Purchaser consists of
the information described as such in Section 8(a) hereof. Except as disclosed in the General Disclosure Package, on the date of this Agreement, the Company’s Annual Report on Form 10-K most recently filed with the Commission and all
subsequent reports (collectively, the “Exchange Act Reports”) incorporated by reference in the General Disclosure Package or the Final Offering Memorandum do not include any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Such documents, when they were filed with the Commission, conformed in all material respects to the
requirements of the Exchange Act and the Rules and Regulations. 
 (iii) Good Standing of the Company. The
Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware, with power and authority (corporate and other) to own its properties and conduct its business as described in the
General Disclosure Package; and the Company is duly qualified to do business as a foreign corporation in good standing (to the extent such concept exists) in all other jurisdictions in which its ownership or lease of property or the conduct of its
business requires such qualification in each case except as would not reasonably be expected to have a material adverse effect on the condition (financial or otherwise), results of operations, business, properties or prospects of the Company and its
subsidiaries taken as a whole (“Material Adverse Effect”). 
 (iv) Subsidiaries. Each
subsidiary of the Company has been duly incorporated or formed and is validly existing as a corporation or other entity in good standing (to the extent such concept exists) under the laws of the jurisdiction of its incorporation or formation, in
each case except as would not reasonably be expected to have a Material Adverse Effect. Each subsidiary of the Company has full corporate or limited liability 

  
 3 

 
company or other entity power and authority to own its properties and conduct its business as currently being carried on and described in the General Disclosure Package except as would not
reasonably be expected to have a Material Adverse Effect. Each subsidiary of the Company is duly qualified to do business as a foreign corporation or other entity in good standing (to the extent such concept exists) in each jurisdiction in which its
ownership or lease of property or the conduct of its business requires such qualification and in which the failure to so qualify would have a Material Adverse Effect. 

(v) Indenture. The Indenture has been duly authorized; the Offered Securities have been duly authorized; and when
the Offered Securities are delivered and paid for pursuant to this Agreement on the Closing Date, the Indenture will have been duly executed and delivered, such Offered Securities will have been duly executed, authenticated, issued and delivered and
will conform to the description of such Offered Securities contained in the General Disclosure Package, the Final Offering Circular and the Indenture and such Offered Securities will constitute valid and legally binding obligations of the Company,
enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles
and entitled to the benefits provided by the Indenture. 
 (vi) Offered Securities. The Offered Securities
have been duly and validly authorized by the Company; and when Offered Securities are delivered by the Company and paid for by the Purchasers in accordance with the terms of this Agreement on the relevant Closing Date for such Offered Securities,
such Offered Securities will have been duly executed, authenticated, issued and delivered by the Company and, assuming authentication of such Offered Securities by the Trustee in accordance with the Indenture, will constitute valid and legally
binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’
rights and to general equitable principles, and will be convertible in accordance with the terms of the Indenture; and the Offered Securities will conform in all material respects to the description thereof contained in the General Disclosure
Package and the Final Offering Circular. 
 (vii) Underlying Shares. The maximum number of Underlying
Shares initially issuable upon conversion of the Offered Securities (including the maximum number of shares of Class A Common Stock that may be issued upon conversion of the Offered Securities in connection with a make-whole fundamental change,
assuming the Company elects to issue and deliver solely shares of Class A Common Stock in respect of all such conversions) (the “Maximum Number of Underlying Shares”) have been duly authorized and reserved for issuance upon
such conversion and, when issued upon conversion of the Offered Securities in accordance with the terms of the Indenture, will be validly issued, fully paid and nonassessable; the Underlying Shares conform in all material respects to the description
thereof contained in the General Disclosure Package and in the Final Offering Circular; the outstanding shares of Class A Common Stock have been duly authorized and validly issued, are fully paid and nonassessable, will conform in all material
respects to the description thereof contained in the General Disclosure Package and the Final Offering Circular; and the stockholders of the Company have no preemptive rights with respect to the Offered Securities or the Underlying Shares.

  
 4 

 (viii) Capitalization. The authorized equity capitalization of the
Company is as set forth in the General Disclosure Package; all outstanding shares of capital stock of the Company are validly issued, fully paid and nonassessable; and none of the outstanding shares of capital stock of the Company have been issued
in violation of any preemptive or similar rights of any security holder. 
 (ix) No Finder’s Fee.
Except as disclosed in the General Disclosure Package, there are no contracts, agreements or understandings between the Company and any person that would give rise to a valid claim against the Company or any Purchaser for a brokerage commission,
finder’s fee or other like payment in connection with this offering. 
 (x) Absence of Further
Requirements. No consent, approval, authorization, or order of, or filing or registration with, any governmental agency or body or any court is required to be obtained or made by the Company for the consummation of the transactions contemplated
by this Agreement, or the Indenture in connection with the offering, issuance and sale of the Offered Securities, except such as have been obtained, or made and such as may be required under the Securities Act, the Exchange Act, the rules of the
Financial Industry Regulatory Authority, Inc. (“FINRA”) and state securities laws. 
 (xi)
Absence of Defaults and Conflicts Resulting from Transaction. The execution, delivery and performance of the Indenture, and this Agreement, and the issuance and sale of the Offered Securities and the Underlying Shares issuable upon conversion
thereof, and compliance with the terms and provisions thereof will not result in a breach or violation of any of the terms and provisions of, or constitute a default or a Debt Repayment Triggering Event (as defined below) under, or result in the
imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to, (i) the charter, by-laws or similar organizational document of the Company, (ii) the charter, by-laws or
similar organizational document of any subsidiary of the Company, (iii) any statute, rule, regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the Company or any of its subsidiaries
or any of their properties, or (iv) any agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the properties of the Company or any of
its subsidiaries is subject, except for, in the case of foregoing clauses (iii) and (iv), any such breach, violation, default or imposition that would not, individually or in the aggregate, result in a Material Adverse Effect or adversely
affect the ability of the Company to perform its obligations under this Agreement or consummate the transactions contemplated hereby; a “Debt Repayment Triggering Event” means any event or condition that gives, or with the giving of
notice or lapse of time would give, the holder of any note, debenture, or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such
indebtedness by the Company or any of its subsidiaries. 

  
 5 

 (xii) Absence of Existing Defaults and Conflicts. The Company and its
subsidiaries are not in violation of its respective charter or by-laws or in default (or with the giving of notice or lapse of time would be in default) under any existing obligation, agreement, covenant or condition contained in any indenture, loan
agreement, mortgage, lease or other agreement or instrument to which any of them is a party or by which any of them is bound or to which any of the properties of any of them is subject, except such defaults that would not, individually or in the
aggregate, result in a Material Adverse Effect. 
 (xiii) Authorization of Agreement. This Agreement has
been duly authorized, executed and delivered by the Company. 
 (xiv) Possession of Licenses and Permits.
Except as would not reasonably be expected to have a Material Adverse Effect, the Company and each of its subsidiaries possess, and are in compliance with the terms of, all consents, certificates, authorizations, franchises, licenses, exemptions and
permits, orders of and from federal, state, local, and foreign government and/or regulatory authorities, all self-regulatory organizations, and all courts or tribunals (“Licenses”) necessary to the conduct of the business now
conducted or proposed in the General Disclosure Package to be conducted by them and, except as would not reasonably be expected to have a Material Adverse Effect, have not received any notice of investigation, inquiry or proceedings relating to the
revocation or modification of any Licenses. 
 (xv) Absence of Labor Dispute. No labor dispute with the
employees of the Company or any of its subsidiaries exists or, to the knowledge of the Company, is imminent that could have a Material Adverse Effect. 
 (xvi) Intellectual Property. The Company and its subsidiaries own, possess or can acquire on reasonable terms sufficient trademarks, trade names, patent rights, copyrights, domain names, licenses,
approvals, trade secrets, inventions, technology, know-how and other intellectual property and similar rights, including registrations and applications for registration thereof (collectively, “Intellectual Property Rights”)
necessary to the conduct of the business now conducted or proposed in the General Disclosure Package to be conducted by them, except to the extent the failure of such ownership, possession or acquisition (and/or the expected expiration) of any such
Intellectual Property Rights would not, individually or in the aggregate, have a Material Adverse Effect. Except as disclosed in the General Disclosure Package (i) there are no rights of third parties to any of the Intellectual Property Rights
owned by the Company or its subsidiaries; (ii) there is no infringement, misappropriation, breach, default or other violation by the Company or its subsidiaries of any of the Intellectual Property Rights of any other persons; (iii) there
is no pending or threatened action, suit, proceeding or claim by others challenging the Company’s or any subsidiary’s rights in or to any of their Intellectual Property Rights, and the Company is unaware of any facts which would form a
reasonable basis for any such claim; (iv) there is no pending or threatened action, suit, proceeding or claim by others challenging the validity, enforceability or scope of any such Intellectual Property Rights, and the Company is unaware of
any facts which would form a reasonable basis for any such claim; (v) there is no pending or threatened action, 

  
 6 

 
suit, proceeding or claim by others that the Company or any subsidiary infringes, misappropriates or otherwise violates or conflicts with any Intellectual Property Rights or other proprietary
rights of others and the Company is unaware of any other fact which would form a reasonable basis for any such claim; and (vi) none of the Intellectual Property Rights used by the Company or its subsidiaries in their businesses has been
obtained or is being used by the Company or its subsidiaries in violation of any contractual obligation binding on the Company or any of its subsidiaries or in violation of the rights of any persons, except in each case covered by clauses
(i)–(vi) such as would not, if determined adversely to the Company or any of its subsidiaries, individually or in the aggregate, have a Material Adverse Effect. 

(xvii) Accurate Disclosure. The statements in the General Disclosure Package and the Final Offering Circular under
the headings “Material United States Federal Income and Estate Tax Consequences to Non-U.S. Holders,” “Description of Capital Stock” and “Description of Notes,” insofar as such statements summarize legal matters,
agreements, documents or proceedings discussed therein, are accurate and fair summaries of such legal matters, agreements, documents or proceedings. 
 (xviii) Absence of Manipulation. The Company has not taken, directly or indirectly, any action that is designed to or that has constituted or that would reasonably be expected to cause or result in
the unlawful stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Offered Securities. 
 (xix) Statistical and Market-Related Data. Any third-party statistical and market-related data included in the General Disclosure Package or the Final Offering Circular are based on or derived from
sources that the Company believes to be reliable and accurate in all material respects. 
 (xx) Internal
Controls and Compliance with the Sarbanes-Oxley Act. Except as set forth in the General Disclosure Package, the Company, its subsidiaries and the Company’s Board of Directors (the “Board”) are in compliance with all
applicable Exchange Rules and all provisions of Sarbanes-Oxley and all rules and regulations promulgated thereunder or implementing the provisions thereof with which the Company is required to comply. The Company maintains a system of internal
controls, including, but not limited to, disclosure controls and procedures, internal controls over accounting matters and financial reporting, an internal audit function, and legal and regulatory compliance controls (collectively, “Internal
Controls”) that are sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) and to maintain accountability for assets, (iii) access to assets is permitted only in accordance with
management’s general or specific authorization, (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences, and (v) the
interactive data in eXtensible Business Reporting Language included or incorporated by reference in the General Disclosure Package and the Final Offering Circular fairly presents the information called for in all material respects and is prepared in
accordance with the Commission’s rules and guidelines applicable thereto. 

  
 7 

 (xxi) Litigation. Except as disclosed in the General Disclosure
Package, there are no pending actions, suits or proceedings (including any inquiries or investigations by any court or governmental agency or body, domestic or foreign) against or affecting the Company, any of its subsidiaries or any of their
respective properties that would individually or in the aggregate be reasonably expected to have a Material Adverse Effect, or would materially and adversely affect the ability of the Company to perform its obligations under the Indenture, or this
Agreement, or which are otherwise material in the context of the sale of the Offered Securities; and no such actions, suits or proceedings (including any inquiries or investigations by any court or governmental agency or body, domestic or foreign)
are, to the Company’s knowledge, threatened or contemplated. 
 (xxii) Financial Statements. The
statement of financial condition of the Company included in the General Disclosure Package and the Final Offering Circular presents fairly, in all material respects, the financial position of the Company as of the date indicated, in conformity with
GAAP. The statement of financial condition of Lucid Markets Trading Limited and Lucid Markets LLP (together, “Lucid Markets”) included in the General Disclosure Package and the Final Offering Circular presents fairly, in all
material respects, the financial position of Lucid Markets as of the dates indicated, in conformity with United Kingdom Accounting Standards and the assumptions used in preparing the pro forma financial statements included in the General Disclosure
Package and the Final Offering Circular have been prepared in accordance with the Commission’s rules and guidelines applicable thereto. Ernst & Young LLP which has expressed their opinion related to the Company with respect to certain
financial statements included in the General Disclosure Package and the Final Offering Circular is (x) an independent public accounting firm within the meaning of the Securities Act and the Rules and Regulations, (y) a registered public
accounting firm (as defined in Section 2(a)(12) of the Sarbanes-Oxley Act) and (z) not in violation of the auditor independence requirements of the Sarbanes-Oxley Act. The interactive data in eXtensible Business Reporting Language included
or incorporated by reference in the General Disclosure Package and the Final Offering Circular fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines
applicable thereto. 
 (xxiii) No Material Adverse Change in Business. Except as disclosed in the General
Disclosure Package, since the end of the period covered by the latest audited financial statements included in the General Disclosure Package (i) there has been no change, nor any development or event involving a prospective change, in the
condition (financial or otherwise), results of operations, business, properties or prospects of the Company and its subsidiaries, taken as a whole, that is material and adverse, (ii) except as disclosed in or contemplated by the General
Disclosure Package, there has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock and (iii) except as disclosed in or contemplated by the General Disclosure Package, there has
been no material adverse change in the capital stock of the Company or the consolidated short-term indebtedness, long-term indebtedness, net current assets or net assets of the Company and its subsidiaries. 

  
 8 

 (xxiv) Investment Company Act. The Company is not and, after giving
effect to the offering and sale of the Offered Securities and the application of the proceeds thereof as described in the General Disclosure Package, will not be an “investment company” as defined in the Investment Company Act of 1940, as
amended (the “Investment Company Act”). 
 (xxv) Anti-bribery. Neither the Company nor
any of its subsidiaries, nor any director, officer or employee, nor, to the Company’s knowledge, any agent or representative of the Company or of any of its subsidiaries, has taken or will take any unlawful action in furtherance of an offer,
payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any “government official” (including any officer or employee of a government or
government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) to
influence official action or secure an improper advantage; and the Company and its subsidiaries have conducted their businesses in material compliance with applicable anti-corruption laws and have instituted and maintain and will continue to
maintain policies and procedures designed to promote and achieve compliance with such laws and with the representation and warranty contained herein. 
 (xxvi) Anti-money Laundering. The operations of the Company and its subsidiaries are and, except as described in the General Disclosure Package have been conducted at all times in material
compliance with the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT ACT), to the extent applicable, and the
applicable anti-money laundering statutes of jurisdictions where the Company and its subsidiaries conduct business, and the rules and regulations thereunder (collectively, the “Anti-Money Laundering Laws”), and no action, suit or
proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Company,
threatened. 
 (xxvii) OFAC. None of the Company, any of its subsidiaries or, to the knowledge of the
Company, any director, officer, agent, employee, affiliate or other person, in each case acting on behalf of the Company (each, a, “Person”) has in the past knowingly engaged in or is now knowingly engaged in any dealings or
transactions with any person, or in any country or territory, that at the time of the dealing or transaction was or is: (a) the target of sanctions administered by the U.S. Department of Treasury’s Office of Foreign Assets Control,
(b) the target of restrictions set forth in applicable non-U.S. government sanctions lists, including, but not limited to, the sanctions lists maintained by the United Nations, by the United Kingdom’s HM Treasury, by Canada’s Office
of the Superintendent of Financial Institutions, and as set forth in Canada’s Cumulative 

  
 9 

 
Warning List (collectively, with subsection (a), “Sanctions”), or (c) named on the list of Specially Designated Nationals and Blocked Persons, or subject to a list issued
pursuant to Section 326 of the USA PATRIOT ACT, as such time as the applicable person was engaged in business with the Company or an applicable subsidiary or affiliate, nor is the Company located, organized or resident in a country or territory
that is the subject of Sanctions; and the Company will not directly or indirectly use the proceeds of the sale of the Securities, or lend, contribute or otherwise make available such proceeds to any subsidiaries, joint venture partners or other
Person, to fund any activities of or business with any Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions or in any other manner that will result in a violation by any Person (including any Person
participating in the transaction, whether as purchaser, advisor, investor or otherwise) of Sanctions. 
 (xxviii)
Taxes. The Company and its subsidiaries have filed all federal, state, local and non-U.S. tax returns that are required to be filed or have requested extensions thereof (except in any case in which the failure so to file would not have a
Material Adverse Effect); and, except as set forth (including, for the avoidance of doubt, through the establishment of appropriate reserves) in the General Disclosure Package, the Company and its subsidiaries have paid all taxes (including any
assessments, fines or penalties) required to be paid by them, except for any such taxes, assessments, fines or penalties currently being contested in good faith or as would not, individually or in the aggregate, have a Material Adverse Effect.

 (xxix) Insurance. The Company and its subsidiaries are insured by insurers with appropriately rated
claims paying abilities against such losses and risks as the Company believes to be adequate for the conduct of its business and as is customary for companies engaged in similar businesses in similar industries. 

(xxx) Ratings. The Company does not have any debt securities rated by a “nationally recognized statistical
rating organization” as such term is defined for purposes of Rule 436(g)(2) or preferred stock outstanding. 

(xxxi) Rule 144A Eligibility. The Offered Securities are eligible for resale pursuant to Rule 144A and will
not be, at the Closing Date, of the same class as securities listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted in a U.S. automated interdealer quotation system. 

(xxxii) No Registration. The offer and sale of the Offered Securities in the manner contemplated by this Agreement
will be exempt from the registration requirements of the Securities Act by reason of Section 4(2) thereof; and it is not necessary to qualify the Indenture in respect of the Offered Securities under the United States Trust Indenture Act of
1939, as amended (the “Trust Indenture Act”). 
 (xxxiii) Similar Offerings. Neither the
Company nor any of its affiliates, as such term is defined in Rule 501(b) of Regulation D under the Securities Act (each, an “Affiliate”), has, directly or indirectly, solicited any offer to buy, sold or offered to sell or
otherwise negotiated in respect of, or will solicit any offer to buy, sell or offer to sell or 

  
 10 

 
otherwise negotiate in respect of, in the United States or to any United States citizen or resident, any security which is or would be integrated with the sale of the Offered Securities in a
manner that would require the Offered Securities to be registered under the Securities Act. 
 (xxxiv)
Reporting Status. The Company is subject to Section 13 or 15(d) of the Exchange Act and has filed all reports required under the Exchange Act in the last twelve month period. 

3. Purchase, Sale and Delivery of Offered Securities. On the basis of the representations, warranties and agreements and subject
to the terms and conditions set forth herein, the Company agrees to sell to each Purchaser and each Purchaser agrees, severally and not jointly, to purchase from the Company, at a purchase price of 97.00% of the principal amount thereof plus accrued
interest, if any, from June 3, 2013 to the First Closing Date (as hereinafter defined), the respective principal amounts of Firm Securities set forth opposite the name of such Purchaser in Schedule A hereto. 

The Company will deliver the Firm Securities to or as instructed by Credit Suisse for the accounts of the several Purchasers in a form
reasonably acceptable to Credit Suisse against payment of the purchase price in Federal (same day) funds by official bank check or checks or wire transfer to an account at a bank acceptable to Credit Suisse drawn to the order of FXCM Inc., at the
office of Shearman & Sterling LLP, at 10:00 A.M., New York time, on June 3, 2013, or at such other time not later than seven full business days thereafter as Credit Suisse and the Company determine, such time being herein referred to
as the “First Closing Date”. For purposes of Rule 15c6-1 under the Exchange Act, the First Closing Date (if later than the otherwise applicable settlement date) shall be the settlement date for payment of funds and delivery of
securities for all the Offered Securities sold pursuant to the offering. The Company shall deliver the Firm Securities through the facilities of The Depository Trust Company (“DTC”) unless Credit Suisse shall otherwise instruct.

 In addition, upon written notice from Credit Suisse given to the Company from time to time not more than 30 days subsequent
to the date of the Final Offering Circular, the Purchasers may purchase all or less than all of the Optional Securities at the purchase price per Security to be paid for the Firm Securities. The Company agrees to sell to the Purchasers the principal
amount of Optional Securities specified in such notice and the Purchasers agree, severally and not jointly, to purchase such Optional Securities. Such Optional Securities shall be purchased from the Company for the account of each Purchaser in the
same proportion as the principal amount of Firm Securities set forth opposite such Purchaser’s name in Schedule A hereto bears to the principal amount of Firm Securities (subject to adjustment by Credit Suisse to eliminate fractions) and
may be purchased by the Purchasers only for the purpose of covering over-allotments made in connection with the sale of the Firm Securities. No Optional Securities shall be sold or delivered unless the Firm Securities previously have been, or
simultaneously are, sold and delivered. The right to purchase the Optional Securities or any portion thereof may be exercised from time to time and to the extent not previously exercised may be surrendered and terminated at any time upon notice by
Credit Suisse to the Company. 

  
 11 

 Each time for the delivery of and payment for the Optional Securities, being herein referred
to as an “Optional Closing Date”, which may be the First Closing Date (the First Closing Date and each Optional Closing Date, if any, being sometimes referred to as a “Closing Date”), shall be determined by Credit
Suisse but shall be not later than five full business days after written notice of election to purchase Optional Securities is given. The Company will deliver the Optional Securities being purchased on each Optional Closing Date to or as instructed
by Credit Suisse for the accounts of the several Purchasers in a form reasonably acceptable to Credit Suisse, against payment of the purchase price therefor in Federal (same day) funds by official bank check or checks or wire transfer to an account
at a bank acceptable to Credit Suisse drawn to the order of FXCM Inc., at the above office of Shearman & Sterling LLP. The Company shall deliver the Optional Securities through the facilities of DTC, unless Credit Suisse shall otherwise
instruct. 
 4. Representations by Purchasers; Resale by Purchasers. 

(a) Each Purchaser severally represents and warrants to the Company that it is an “accredited investor” within
the meaning of Regulation D under the Securities Act. 
 (b) Each Purchaser severally agrees that it and
each of its affiliates has not entered and will not enter into any contractual arrangement with respect to the distribution of the Offered Securities except for any such arrangements with the other Purchasers or affiliates of the other Purchasers or
with the prior written consent of the Company. 
 (c) Each Purchaser severally agrees that it and each of its
affiliates will not offer or sell the Offered Securities in the United States by means of any form of general solicitation or general advertising within the meaning of Rule 502(c), including, but not limited to (i) any advertisement, article,
notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, or (ii) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising. Each
Purchaser severally agrees, with respect to resales made in reliance on Rule 144A of any of the Offered Securities, to deliver either with the confirmation of such resale or otherwise prior to settlement of such resale a notice to the effect that
the resale of such Offered Securities has been made in reliance upon the exemption from the registration requirements of the Securities Act provided by Rule 144A. 
 5. Certain Agreements of the Company. The Company agrees with the several Purchasers that: 
 (a) Amendments and Supplements to Offering Circular. The Company will promptly advise the Representatives of any proposal to amend or supplement the Preliminary or Final Offering Circular and will
not effect such amendment or supplementation in a form reasonably objected to by the Representatives. If, at any time prior to the completion of the resale of the Offered Securities by the Purchasers, there occurs an event or development as a result
of which the Preliminary or Final Offering Circular, the General Disclosure Package or any Supplemental Marketing Material, if republished immediately following such event or development, included or would include an untrue statement of a material
fact or omit to state any material fact necessary 

  
 12 

 
to make the statements therein, in the light of the circumstances under which they were made, not misleading, the Company will promptly notify the Representatives of such event and will promptly
prepare and furnish, at its own expense, or at any time nine months or more after the date hereof, at the expense of the Purchasers, to the Purchasers and the dealers and any other dealers upon request of the Representatives, an amendment or
supplement which will correct such statement or omission. Neither the absence of the Representatives’ objection to, nor the Purchasers’ delivery of, any such amendment or supplement shall constitute a waiver of any of the conditions set
forth in Section 7 hereof. 
 (b) Furnishing of Offering Circulars. The Company will furnish at its
own expense or, at any time nine months or more after the date hereof, at the expense of the Purchasers, to the Representatives copies of the Preliminary Offering Circular, each other document comprising a part of the General Disclosure Package, the
Final Offering Circular, all amendments and supplements to such documents and each item of Supplemental Marketing Material, in each case as soon as available and in such quantities as the Representatives reasonably request. At any time when the
Offered Securities remain outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act and the Company is not subject to Section 13 or 15(d) of the Exchange Act, the Company will promptly
furnish or cause to be furnished to the Representatives (and, upon request, to each of the other Purchasers) and, upon request of holders and prospective purchasers of the Offered Securities, to such holders and purchasers, copies of the information
required to be delivered to holders and prospective purchasers of the Offered Securities pursuant to Rule 144A(d)(4) (or any successor provision thereto) in order to permit compliance with Rule 144A in connection with resales by such holders of the
Offered Securities. Except as described above, the Company will pay the expenses of printing and distributing to the Purchasers all such documents. 
 (c) Blue Sky Qualifications. The Company will arrange for the qualification of the Offered Securities for sale under the laws of such states and other jurisdictions as Credit Suisse designates and
will continue such qualifications in effect so long as required for the resale of the Offered Securities by the Purchasers, provided that the Company shall not be obligated to qualify as a foreign corporation in any jurisdiction in which it is not
so qualified or file a general consent to service of process in any such jurisdiction or take any action that would subject it to taxation in any such jurisdiction where it is not then so subject. 

(d) Reporting Requirements. For so long as the Offered Securities remain outstanding, the Company will furnish to
the Representatives and, upon request, to each of the other Purchasers, as soon as practicable after the end of each fiscal year, a copy of its annual report to shareholders for such year; and the Company will furnish to the Representatives and,
upon request, to each of the other Purchasers (i) as soon as available, a copy of each report and any definitive proxy statement of the Company filed with the Commission under the Exchange Act or mailed to shareholders, and (ii) from time
to time, such other information concerning the Company as the Representatives may reasonably request. However, so long as the Company is subject to the reporting requirements of either Section 13 or Section 15(d) of the Exchange Act and is
timely 

  
 13 

 
filing reports with the Commission on its Electronic Data Gathering, Analysis and Retrieval system (“EDGAR”), it is not required to furnish such reports or statements to the
Purchasers. 
 (e) Transfer Restrictions. During the period of one year after the later of the First
Closing Date and the last Optional Closing Date, the Company will, upon request, furnish to the Representatives, each of the other Purchasers and any holder of Offered Securities a copy of the restrictions on transfer applicable to the Offered
Securities. 
 (f) No Resales by Affiliates. During the period of two years after the later of the First
Closing Date and the last Optional Closing Date, the Company will not, and will not permit any of its affiliates (as defined in Rule 144) to, resell any of the Offered Securities that have been reacquired by any of them. 

(g) Payment of Expenses. The Company agrees with the several Purchasers that the Company will pay all expenses
incident to the performance of the obligations of the Company under this Agreement and the Indenture, including but not limited to (i) the fees and expenses of the Trustee and its professional advisers, (ii) fees and expenses incident to
listing the Underlying Shares on The New York Stock Exchange and other national and foreign exchanges, (iii) all expenses in connection with the execution, issue, authentication, packaging and initial delivery of the Offered Securities, the
preparation and printing of this Agreement, the Offered Securities, the Indenture, the Preliminary Offering Circular, any other documents comprising any part of the General Disclosure Package, the Final Offering Circular, all amendments and
supplements thereto, each item of Supplemental Marketing Material and any other document relating to the issuance, offer, sale and delivery of the Offered Securities, (iv) any expenses (including reasonable fees and disbursements of counsel to
the Purchasers) incurred in connection with qualification of the Offered Securities for sale under the laws of such jurisdictions as Credit Suisse designates and the preparation and printing of memoranda relating thereto, costs and expenses related
to the review by FINRA of the Offered Securities (including filing fees and the reasonable fees and expenses of counsel for the Purchasers relating to such review) (v) expenses incurred in distributing the Preliminary Offering Circular, any
other documents comprising any part of the General Disclosure Package, the Final Offering Circular (including any amendments and supplements thereto) and any Supplemental Marketing Material to the Purchasers and (vi) costs and expenses relating
to investor presentations or any “road show” in connection with the offering and sale of the Offered Securities including, without limitation, any travel expenses of the Company’s officers and employees and any other expenses of the
Company. Except as provided in this Section 5(g), the Company shall not be responsible for any other expenses. 
 (h) Use of Proceeds. The Company will use the net proceeds received in connection with this offering in the manner described in the “Use of Proceeds” section of the General Disclosure
Package. 
 (i) Absence of Manipulation. The Company will not take, directly or indirectly, any action
designed to or that would constitute or that might reasonably be expected to cause or result in, unlawful stabilization or manipulation of the price of any securities of the Company to facilitate the sale or resale of the Offered Securities.

  
 14 

 (j) Restriction on Sale of Securities by Company. For the period
specified below (the “Lock-Up Period”), the Company will not, directly or indirectly, take any of the following actions with respect to its Class A Common Stock or any securities convertible into or exchangeable or exercisable
for any of its Class A Common Stock (“Lock-Up Securities”): (i) offer, sell, issue, contract to sell, pledge or otherwise dispose of Lock-Up Securities, (ii) offer, sell, issue, contract to sell, contract to purchase
or grant any option, right or warrant to purchase Lock-Up Securities, (iii) enter into any swap, hedge or any other agreement that transfers, in whole or in part, the economic consequences of ownership of Lock-Up Securities, (iv) establish
or increase a put equivalent position or liquidate or decrease a call equivalent position in Lock-Up Securities within the meaning of Section 16 of the Exchange Act or (v) file with the Commission a registration statement under the
Securities Act relating to Lock-Up Securities, or publicly disclose the intention to take any such action, without the prior written consent of the Representatives; provided that the foregoing restrictions shall not apply to (i) the Offered
Securities to be sold by the Company hereunder or any transaction involving, including any repurchase, redemption or conversion of, the Offered Securities, including but not limited to the issuance of any Underlying Shares upon the conversion of the
Offered Securities, (ii) shares or other securities issuable pursuant to employee benefit plans, qualified stock option plans or other employee compensation plans or outstanding convertible or exchangeable securities existing on the date hereof
or as described or contemplated in the General Disclosure Package, the Final Offering Circular or the proxy statement on Schedule 14A for the Company’s 2013 annual meeting of stockholders, filed April 30, 2013, (iii) the sale,
purchase or issuance by the Company of Class A Common Stock or other securities pursuant to any convertible note hedge transactions or warrant transactions entered into by the Company with one or more of the Purchasers (or affiliate(s) thereof)
in connection with the offering of the Offered Securities and (iv) the issuance of securities in connection with the acquisition of, or a joint venture with, another company if both (A) each recipient of such securities shall have executed
and delivered to the Representatives an agreement substantially in the form of Exhibit A hereto and (B) the aggregate number of securities issued in such transactions, taken together, does not exceed 10% of the aggregate number of shares of
Class A Common Stock outstanding immediately following the offering contemplated hereby (assuming all limited liability company units of FXCM Holdings, LLC then outstanding are redeemed or exchanged for newly issued shares of Class A
Common Stock on a one-for-one basis). The initial Lock-Up Period will commence on the date hereof and continue for 90 days after the date hereof or such earlier date that the Representatives consent to in writing; provided, however, that if
(1) during the last 17 days of the initial Lock-Up Period, the Company releases earnings results or material news or a material event relating to the Company occurs or (2) prior to the expiration of the initial Lock-Up Period, the Company
announces that it will release earnings results during the 16-day period beginning on the last day of the initial Lock-Up Period, then in each case the Lock-Up Period will be extended until the expiration of the 18-day period beginning on the date
of release of the earnings results or the occurrence of the material news or material event, as applicable, unless the Representatives waive, in writing, such 

  
 15 

 
extension. The Company will provide the Representatives with notice of any announcement described in clause (2) of the preceding sentence that gives rise to an extension of the Lock-Up
Period. 
 (k) Underlying Shares. The Company will reserve and keep available at all times, free of
pre-emptive rights, shares of Class A Common Stock for the purpose of enabling the Company to satisfy all obligations to issue Underlying Shares upon conversion of the Offered Securities. The Company will use all reasonable best efforts to
cause the Maximum Number of Underlying Shares to be listed on The New York Stock Exchange and to maintain such listing for so long as any Offered Securities are outstanding. 

(l) Integration. The Company agrees that it will not and will cause its affiliates not to, directly or indirectly,
solicit any offer to buy, sell or make any offer or sale of, or otherwise negotiate in respect of, securities of the Company of any class if, as a result of the doctrine of “integration” referred to in Rule 502 under the Regulations
promulgated under the Securities Act, such offer or sale would render invalid (for the purpose of (i) the sale of the offered Securities by the Company to the Purchasers, (ii) the resale of the offered Securities by the Purchasers to
subsequent purchasers or (iii) the resale of the offered Securities by such subsequent purchasers to others) the exemption from the registration requirements of the Securities Act provided by Section 4(2) thereof or by Rule 144A thereunder
or otherwise. 
 (m) Rule 144A Information. The Company agrees that, in order to render the offered
Securities eligible for resale pursuant to Rule 144A, while any of the offered Securities remain outstanding, it will make available, upon request, to any holder of offered Securities or prospective purchasers of Securities the information specified
in Rule 144A(d)(4), unless the Company furnishes information to the Commission pursuant to Section 13 or 15(d) of the Exchange Act. 
 (n) Restriction on Repurchases. Until the expiration of one year after the original issuance of the offered Securities, the Company will not, and will cause its affiliates not to, resell any
offered Securities which are “restricted securities” (as such term is defined under Rule 144(a)(3)), whether as beneficial owner or otherwise (except as agent acting as a securities broker on behalf of and for the account of customers in
the ordinary course of business in unsolicited broker’s transactions). 
 6. Free Writing Communications.

 (a) Issuer Free Writing Communications. The Company represents and agrees that, unless it obtains the
prior consent of the Representatives, and each Purchaser represents and agrees that, unless it obtains the prior consent of the Company and the Representatives, it has not made and will not make any offer relating to the Offered Securities that
would constitute an Issuer Free Writing Communication. 
 (b) Term Sheets. The Company consents to the use
by any Purchaser of a Free Writing Communication that contains only (A) information describing the preliminary 

  
 16 

 
terms of the Offered Securities or their offering or (B) information that describes the final terms of the Offered Securities or their offering and that is included in or is subsequently
included in the Final Offering Circular or (ii) does not contain “issuer information” (as defined in Rule 433(h)(2) under the Securities Act), including, for the avoidance of doubt, customary Bloomberg communication by the Purchasers
to potential purchasers in connection with the preliminary pricing of the offering (or such other Bloomberg communications by the Purchasers as may be approved in advance by the Company). 

7. Conditions of the Obligations of the Purchasers. The obligations of the several Purchasers to purchase and pay for the Firm
Securities on the First Closing Date and the Optional Securities to be purchased on each Optional Closing Date will be subject (i) to the accuracy of the representations and warranties of the Company herein (as though made on such Closing
Date), (ii) to the accuracy of the statements of Company officers made pursuant to the provisions hereof, (iii) to the performance in all material respects by the Company of its obligations hereunder and (iv) to the following
additional conditions precedent: 
 (a) Accountants’ Comfort Letter. The Representatives shall have
received letters, dated, respectively, the date hereof and each Closing Date, of Ernst & Young LLP confirming that they are a registered public accounting firm and independent public accountants within the meaning of the Securities Laws and
substantially in form and substance acceptable to the Representatives. 
 (b) Accountants’ Comfort
Letter. The Representatives shall have received letters, dated, respectively, the date hereof and each Closing Date, of PricewaterhouseCoopers confirming that they are independent accountants within the meaning of the Securities Laws and
substantially in form and substance acceptable to the Representatives. 
 (c) No Material
Adverse Change. Subsequent to the execution and delivery of this Agreement, there shall not have occurred (i) any change, or any development or event involving a prospective change, in the condition (financial or otherwise), results of
operations, business, properties or prospects of the Company and its subsidiaries taken as a whole which, in the judgment of the Representatives, is material and adverse and makes it impractical or inadvisable to market the Offered Securities;
(ii) any change in U.S. or international financial, political or economic conditions or currency exchange rates or exchange controls the effect of which is such as to make it, in the judgment of the Representatives, impractical to market or to
enforce contracts for the sale of the Offered Securities, whether in the primary market or in respect of dealings in the secondary market; (iii) any suspension or material limitation of trading in securities generally on The New York Stock
Exchange or the NASDAQ Stock Market, or any setting of minimum or maximum prices for trading on such exchange; (iv) any suspension of trading of any securities of the Company on any exchange or in the over-the-counter market; (v) any
banking moratorium declared by any U.S. federal or New York authorities; (vi) any major disruption of settlements of securities, payment or clearance services in the United States or any other country where such securities are listed or
(vii) any attack on, outbreak or escalation of hostilities or act of terrorism involving the United States, any declaration of war by Congress or any other national or international calamity

  
 17 

 
or emergency if, in the judgment of the Representatives, the effect of any such attack, outbreak, escalation, act, declaration, calamity or emergency is such as to make it impractical or
inadvisable to market the Offered Securities or to enforce contracts for the sale of the Offered Securities. 

(d) Opinion of Counsel for the Company. The Representatives shall have received (i) an opinion and 10b-5
letter, each dated such Closing Date, of Simpson Thacher & Bartlett LLP, counsel for the Company, substantially in the form previously submitted to Shearman & Sterling LLP, counsel for the Purchasers and (ii) an opinion, dated
the Closing Date, of David Sassoon, General Counsel to the Company, substantially in the form previously submitted to Shearman & Sterling LLP, counsel for the Purchasers. 

(e) Opinion of Counsel for Purchasers. The Representatives shall have received from Shearman & Sterling
LLP, counsel for the Purchasers, such opinion or opinions, dated such Closing Date, with respect to such matters as the Representatives may require, and the Company shall have furnished to such counsel such documents as they request for the purpose
of enabling them to pass upon such matters. 
 (f) Officers’ Certificate. The Representatives shall
have received a certificate, dated such Closing Date, of an executive officer of the Company and a principal financial or accounting officer of the Company in which such officers shall state that: the representations and warranties of the Company in
this Agreement are true and correct; the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to such Closing Date in all material respects; and subsequent to the
respective dates of the most recent financial statements in the General Disclosure Package, there has been no material adverse change, nor any development or event involving a prospective material adverse change, in the condition (financial or
otherwise), results of operations, business, properties or prospects of the Company and its subsidiaries taken as a whole except as set forth in the General Disclosure Package or as described in such certificate. 

(g) CFO Certificate. The Representatives shall have received a certificate of the Chief Financial Officer of the
Company, dated, respectively, the date hereof and each Closing Date, respectively, in form and substance satisfactory to counsel for the Underwriters, confirming certain financial information relating to Company and Lucid Markets Trading Limited
included or incorporated by reference in the General Disclosure Package and the Final Offering Circular. 
 (h)
Lock-Up Agreements. On or prior to the date hereof, the Representatives shall have received lockup letters, in the form set forth on Exhibit A hereto, from each person listed on Schedule C hereto. 

(i) Listing of Additional Shares. An application for the listing of the Maximum Number of Underlying Shares shall
have been submitted to the New York Stock Exchange. 

  
 18 

 The Company will furnish the Representatives with such conformed copies of such opinions,
certificates, letters and documents as the Representatives reasonably request. The Representatives may in their sole discretion waive on behalf of the Purchasers compliance with any conditions to the obligations of the Purchasers hereunder, whether
in respect of an Optional Closing Date or otherwise. 
 8. Indemnification and Contribution. 

(a) Indemnification of Purchasers by Company. The Company will indemnify and hold harmless each Purchaser, its
partners, members, directors, officers, employees, agents, affiliates and each person, if any, who controls such Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each an
“Indemnified Party”), against any and all losses, claims, damages or liabilities, joint or several, to which such Indemnified Party may become subject, under the Securities Act, the Exchange Act, other Federal or state statutory law
or regulation or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Preliminary
Offering Circular or the Final Offering Circular, in each case as amended or supplemented, or any Supplemental Marketing Material/Issuer Free Writing Communication or the Exchange Act Reports, or arise out of or are based upon the omission or
alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse each Indemnified Party for any legal or other expenses reasonably incurred by such Indemnified Party in
connection with investigating or defending against any loss, claim, damage, liability, action, litigation, investigation or proceeding whatsoever (whether or not such Indemnified Party is a party thereto) whether threatened or commenced and in
connection with the enforcement of this provision with respect to any of the above as such expenses are incurred; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability
arises out of or is based upon an untrue statement or alleged untrue statement in or omission or alleged omission from any of such documents in reliance upon and in conformity with written information furnished to the Company by any Purchaser
through the Representatives specifically for use therein, it being understood and agreed that the only such information furnished by any Purchaser consists of the information described as such in subsection (b) below. 

(b) Indemnification of Company. Each Purchaser will severally and not jointly indemnify and hold harmless the
Company, each of its directors and officers and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each, a “Purchaser Indemnified
Party”), against any losses, claims, damages or liabilities to which such Purchaser Indemnified Party may become subject, under the Securities Act, the Exchange Act or other Federal or state statutory law or regulation or otherwise, insofar
as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Preliminary Offering Circular or the Final Offering
Circular, in each case as amended or supplemented, or any Supplemental Marketing Material/Issuer Free Writing Communication or arise out of or are based upon the omission or the alleged omission of a material fact necessary to make the statements
therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission 

  
 19 

 
or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by such Purchaser through the Representatives specifically for use therein, and
will reimburse any legal or other expenses reasonably incurred by such Purchaser Indemnified Party in connection with investigating or defending against any such loss, claim, damage, liability, action, litigation, investigation or proceeding
whatsoever (whether or not such Purchaser Indemnified Party is a party thereto) whether threatened or commenced based upon any such untrue statement or omission, or any such alleged untrue statement or omission as such expenses are incurred, it
being understood and agreed that the only such information furnished by any Purchaser consists of the following information in the Final Offering Circular furnished on behalf of each Purchaser: the first paragraph under the caption “Plan of
Distribution — Stabilization and Short Positions”; provided, however, that the Purchasers shall not be liable for any losses, claims, damages or liabilities arising out of or based upon the Company’s failure to perform its obligations
under Section 5(a) of this Agreement. 
 (c) Actions against Parties; Notification. Promptly after
receipt by an indemnified party under this Section of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party under subsection (a) or (b) above,
notify the indemnifying party of the commencement thereof; but the failure to notify the indemnifying party shall not relieve it from any liability that it may have under subsection (a) or (b) above except to the extent that it has been
materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party
otherwise than under subsection (a) or (b) above. In case any such action is brought against any indemnified party and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate
therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party (who shall not, except with the consent of the indemnified
party, be counsel to the indemnifying party), and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will not be liable to such indemnified party under this
Section for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation. No indemnifying party shall, without the prior written consent of the
indemnified party, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party unless such settlement
(i) includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action and (ii) does not include a statement as to or an admission of fault, culpability or failure to act
by or on behalf of an indemnified party. 
 (d) Contribution. If the indemnification provided for in this
Section is unavailable or insufficient to hold harmless an indemnified party under subsection (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the
losses, claims, damages or liabilities referred to in subsection (a) or (b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Purchasers on the other from
the offering of the Offered Securities and the application of the proceeds therefor or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is

  
 20 

 
appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company on the one hand and the Purchasers on the other in connection
with the statements or omissions which resulted in such losses, claims, damages or liabilities as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Purchasers on the other
shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Company bear to the total discounts and commissions received by the Purchasers. The relative fault shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Purchasers and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in
the first sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim which is the subject of this
subsection (d). Notwithstanding the provisions of this subsection (d), no Purchaser shall be required to contribute any amount in excess of the amount by which the total price at which the Offered Securities purchased by it were resold
exceeds the amount of any damages which such Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Purchasers’ obligations in this subsection (d) to contribute are several in proportion
to their respective purchase obligations and not joint. The Company and the Purchasers agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were determined by pro rata allocation (even if the Purchasers
were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 8(d). 

9. Default of Purchasers. If any Purchaser or Purchasers default in their obligations to purchase Offered Securities hereunder on
either the First or any Optional Closing Date and the aggregate principal amount of Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchase does not exceed 10% of the total principal amount of Offered Securities
that the Purchasers are obligated to purchase on such Closing Date, the Representatives may make arrangements satisfactory to the Company for the purchase of such Offered Securities by other persons, including any of the Purchasers, but if no such
arrangements are made by such Closing Date, the non-defaulting Purchasers shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Offered Securities that such defaulting Purchasers agreed but failed to
purchase on such Closing Date. If any Purchaser or Purchasers so default and the aggregate principal amount of Offered Securities with respect to which such default or defaults occur exceeds 10% of the total principal amount of Offered Securities
that the Purchasers are obligated to purchase on such Closing Date and arrangements satisfactory to the Representatives and the Company for the purchase of such Offered Securities by other persons are not made within 36 hours after such
default, this Agreement will terminate without liability on the part of any non-defaulting Purchaser or the Company, except as provided in Section 10 (provided that, if such default occurs with respect to Optional Securities after the First
Closing Date, this Agreement will not terminate as to the Firm Securities or any Optional Securities purchased prior to such termination). As used in this Agreement, the term “Purchaser” includes any person substituted for a Purchaser
under this Section. Nothing herein will relieve a defaulting Purchaser from liability for its default. 

  
 21 

 10. Survival of Certain Representations and Obligations. The respective indemnities,
agreements, representations, warranties and other statements of the Company or its officers and of the several Purchasers set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation, or
statement as to the results thereof, made by or on behalf of any Purchaser, the Company or any of their respective representatives, officers or directors or any controlling person, and will survive delivery of and payment for the Offered Securities.
If the purchase of the Offered Securities by the Purchasers is not consummated for any reason other than solely because of the termination of this Agreement pursuant to Section 9 hereof, the Company will reimburse the Purchasers for all
out-of-pocket expenses (including fees and disbursements of counsel) reasonably incurred by them in connection with the offering of the Offered Securities, and the respective obligations of the Company and the Purchasers pursuant to Section 8
hereof shall remain in effect shall remain in effect. In addition, if any Offered Securities have been purchased hereunder, the representations and warranties in Section 2 and all obligations under Section 5 shall also remain in effect.
Notwithstanding the foregoing, if this Agreement is terminated pursuant to (a) Section 9 by reason of the default of one or more Purchasers, the Company shall not be obligated to reimburse any defaulting Purchaser for its expenses pursuant
to Section 5(g) or (b) clauses (ii), (iii), (v), (vi) or (vii) of Section 7(c), the Company shall not be obligated to reimburse any Purchaser for its expenses pursuant to Section 5(g). 

11. Notices. All communications hereunder will be in writing and, if sent to the Purchasers will be mailed, delivered or
telegraphed and confirmed to the Representatives at Credit Suisse Securities (USA) LLC, Eleven Madison Avenue, New York, N.Y. 10010-3629, Attention: LCD-IBD, Attention: General Counsel, Merrill Lynch, Pierce, Fenner & Smith
Incorporated, One Bryant Park, New York, N.Y. 10036, Attention: ECM Syndicate Department, Attention: ECM legal, with a copy to Shearman & Sterling LLP, 599 Lexington Avenue, New York, N.Y. 10022, Attention: Robert Evans III, Esq., or, if
sent to the Company, will be mailed, delivered or telegraphed and confirmed to it at FXCM Inc., 55 Water Street, 50th Floor, New York, New York 10041, Attention: Chief Financial Officer; provided, however, that any notice to a Purchaser pursuant to
Section 8 will be mailed, delivered or telegraphed and confirmed to such Purchaser. 
 12. Successors. This
Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers and directors and controlling persons referred to in Section 8, and no other person will have any right or obligation
hereunder. 
 13. Representation. The Representatives will act for the several Purchasers in connection with the
transactions contemplated by this Agreement, and any action under this Agreement taken by the Representatives jointly will be binding upon all the Purchasers. 
 14. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same
Agreement. 

  
 22 

 15. Absence of Fiduciary Relationship. The Company acknowledges and agrees that:

 (a) No Other Relationship. The Representatives have been retained solely to act as
initial purchasers in connection with the initial purchase, offering and resale of the Offered Securities and that no fiduciary, advisory or agency relationship between the Company, on the one hand, and the Representatives, on the other, has been
created in respect of any of the transactions contemplated by this Agreement or the Final Offering Circular, irrespective of whether the Representatives have advised or are advising the Company on other matters; 

(b) Arm’s Length Negotiations. The purchase price of the Offered Securities set forth in this Agreement was
established by the Company following discussions and arms-length negotiations with the Representatives and the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions
contemplated by this Agreement; 
 (c) Absence of Obligation to Disclose. The Company has been advised
that the Representatives and their affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company and that the Representatives have no obligation to disclose such interests and transactions
to the Company by virtue of any fiduciary, advisory or agency relationship; and 
 (d) Waiver. The Company
waives, to the fullest extent permitted by law, any claims it may have against the Representatives for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that the Representatives shall have no liability (whether direct or
indirect) to the Company in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including stockholders, employees or creditors of the Company. 

16. Patriot Act Notice. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)), the Purchasers are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may include the name and address of their respective clients, as well as
other information that will allow the Purchasers to properly identify their respective clients. 
 17. Applicable
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. 
 The Company hereby submits to the non-exclusive jurisdiction of the Federal and state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to
this Agreement or the transactions contemplated hereby. The Company irrevocably and unconditionally waives any objection to the laying of venue of any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby in Federal and state courts in the Borough of Manhattan in the City of New York and irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such suit or proceeding in any such court has been brought
in an inconvenient forum. 

  
 23 

 If the foregoing is in accordance with the Representatives’ understanding of our
agreement, kindly sign and return to the Company one of the counterparts hereof, whereupon it will become a binding agreement among the Company and the several Purchasers in accordance with its terms. 

 

			
	Very truly yours,
	
	 FXCM Inc.

		
	By	 	 /s/ David Sakhai

 [Signature Page to FXCM Purchase Agreement] 

 The foregoing Purchase Agreement 
 is hereby confirmed and accepted 
 as of the date first above written. 

 

							
	CREDIT SUISSE SECURITIES (USA) LLC
			
		 	By:	 	  /s/ Vik Hebatpuria

		 		 	Name:	 	Vik Hebatpuria
		 		 	Title:	 	Director

  

							
	 MERRILL LYNCH, PIERCE, FENNER &
SMITH

                        
INCORPORATED

			
		 	By:	 	  /s/ Prasanth B. Rao-Kathi

		 		 	Name:	 	Prasanth B. Rao-Kathi
		 		 	Title:	 	Managing Director

 Acting on behalf of themselves and as the 

    Representatives of the several Purchasers. 

  

[Signature Page to FXCM Purchase Agreement] 

 SCHEDULE A 

 

					
	 Manager
	  	Principal Amount
of Firm Securities	 
	 Credit Suisse Securities (USA) LLC
	  	$	55,875,000	  
	 Merrill Lynch, Pierce, Fenner & Smith

                   
  Incorporated
	  	 	55,875,000	  
	 Morgan Stanley & Co. LLC
	  	 	18,750,000	  
	 Barclays Capital Inc.
	  	 	7,500,000	  
	 CJS Securities, Inc.
	  	 	12,000,000	  
		  	  
	  
	 
	 Total
	  	$	150,000,000	  

  
 Sch. A-1

 SCHEDULE B 

 

	1.	Issuer Free Writing Communications (included in the General Disclosure Package) 

 

	 	1.	Final term sheet, dated May 28, 2013. 

  

	2.	Other Information Included in the General Disclosure Package 

 The following information is also included in the General Disclosure Package: 

None. 

  
 Sch. B-1

 SCHEDULE C 
 William Ahdout 
 James Brown 
 Robin Davis 
 Perry Fish 
 Kenneth Grossman 
 Arthur Gruen 
 Eric LeGoff 
 Dror (Drew) Niv 
 Andreas Putz 
 David Sakhi 
 Ryan Silverman 
 Matthew Wilhelm 
 Eduard Yusupov 

  
 Sch. C-1

 EXHIBIT A 
 May 28, 2013 
 FXCM Inc. 
 55 Water Street 
 50th Floor 
 New
York, N.Y. 10041 
 CREDIT SUISSE SECURITIES (USA) LLC 

MERRILL LYNCH, PIERCE, FENNER & SMITH 

                        
INCORPORATED 
 As Representatives of the Several Purchasers, 
 c/o Credit Suisse Securities (USA) LLC, 

            Eleven Madison Avenue, 
               New York, N.Y. 10010-3629 
 Dear Sirs: 
 As an inducement to the Purchasers to execute the Purchase Agreement,
pursuant to which an offering of FXCM Inc.’s (the “Company”) 2.25% Convertible Senior Notes due June 15, 2018 will be made, the undersigned hereby agrees that during the period specified in the following paragraph (the
“Lock-Up Period”), the undersigned will not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any shares of Class A Common Stock of the Company or securities convertible into or exchangeable
or exercisable for any shares of Class A Common Stock enter into a transaction which would have the same effect, or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of
ownership of the Class A Common Stock, whether any such aforementioned transaction is to be settled by delivery of the Class A Common Stock or such other securities, in cash or otherwise, or publicly disclose the intention to make any such
offer, sale, pledge or disposition, or to enter into any such transaction, swap, hedge or other arrangement, without, in each case, the prior written consent of Credit Suisse Securities (USA) LLC (“Credit Suisse”) and Merrill Lynch,
Pierce, Fenner & Smith Incorporated (collectively, the “Representatives”). In addition, the undersigned agrees that, without the prior written consent of the Representatives, it will not, during the Lock-Up Period, make any
demand for or exercise any right with respect to, the registration of any Class A Common Stock or any security convertible into or exercisable or exchangeable for the Class A Common Stock. 

The initial Lock-Up Period will commence on the date of this Lock-Up Agreement and continue and include the date 90 days after the
offering date set forth on the final offering circular used to sell the Securities (the “Offering Date”) pursuant to the Purchase Agreement, to which you are or expect to become parties, or such earlier date that the Representatives
consent to in writing; provided, however, that if (1) during the last 17 days of the initial Lock-Up Period, the Company releases earnings results or material news or a material event relating to the Company occurs or (2) prior to the
expiration of the initial Lock-Up Period, 

  
 Ex. A-1

 
the Company announces that it will release earnings results during the 16-day period beginning on the last day of the initial Lock-Up Period, then in each case the Lock-Up Period will be extended
until the expiration of the 18-day period beginning on the date of release of the earnings results or the occurrence of the material news or material event, as applicable, unless the Representatives waive, in writing, such extension. 

The undersigned hereby acknowledges and agrees that written notice of any extension of the Lock-Up Period pursuant
to the previous paragraph will be delivered by each of the Representatives to the Company (in accordance with Section 5(j) of the Purchase Agreement) and that any such notice properly delivered will be deemed to have been given to, and received
by, the undersigned. The undersigned further agrees that, prior to engaging in any transaction or taking any other action that is subject to the terms of this Lock-Up Agreement during the period from the date of this Lock-Up Agreement to and
including the 34th day following the expiration of the
initial Lock-Up Period, it will give notice thereof to the Company and will not consummate such transaction or take any such action unless it has received written confirmation from the Company that the Lock-Up Period (as may have been extended
pursuant to the previous paragraph) has expired. 
 Notwithstanding the foregoing, the restrictions set forth herein shall not
apply to (i) transactions contemplated by the Purchase Agreement, (ii) any Securities acquired by the undersigned in the open market, (iii) the exercise of stock options or other similar awards granted pursuant to the Company’s
equity incentive plans; provided that such restriction shall apply to any of the undersigned’s Securities issued upon such exercise, (iv) the establishment of any contract, instruction or plan (a “Plan”) that satisfies all
of the requirements of Rule 10b5-1(c)(1)(i)(B) under the Securities Exchange Act of 1934 (the “Exchange Act”), provided that no sales of the undersigned’s Securities shall be made pursuant to such a Plan prior to the expiration
of the Lock-Up Period (as such may have been extended pursuant to the provisions hereof), (v) transfers as a bona fide gift or gifts or by will or intestacy, (vi) distributions to members, limited partners or stockholders of the
undersigned, (vii) transfers to a member or members of the undersigned’s immediate family or to a trust, the beneficiaries or which are the undersigned and/or a member or members of his or her immediate family, (viii) transfers to any
corporation, partnership, limited liability company or other entity that is wholly-owned by the undersigned and/or by a member or members of his or her immediate family or (ix) the sale, purchase or issuance by the Company of Class A
Common Stock or other securities pursuant to a convertible note hedge confirmation and a warrant confirmation related to convertible note hedge transactions and warrant transactions made in connection with the transactions contemplated in the
Purchase Agreement; provided that in the case of any transfer or distribution pursuant to clause (v), (vi), (vii) or (viii), each transferee or distributee shall execute and deliver to the Representatives a lock-up letter in the form of this
letter. For the purposes of this Agreement, “immediate family” shall mean any relationship by blood, marriage or adoption, no more remote than first cousin. 
 In furtherance of the foregoing, the Company and its transfer agent and registrar are hereby authorized to decline to make any transfer of shares of Securities if such transfer would constitute a
violation or breach of this Agreement. 

  
 Ex. A-2

 This Agreement shall be binding on the undersigned and the successors, heirs, personal
representatives and assigns of the undersigned. This Agreement shall lapse and become null and void if the Offering Date shall not have occurred on or before June 30, 2013. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of New York. 
  

	
	Very truly yours,
	
	  

	[Name of stockholder]

  
 Ex. A-3

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