Document:

Exhibit 4.1

 

Execution Version

 

===============================================================

 

SUZANO PAPEL E CELULOSE S.A.

 

AND

 

THE BANK OF NEW YORK MELLON

 

As Depositary

 

AND

 

OWNERS AND HOLDERS OF AMERICAN DEPOSITARY
SHARES

 

Amended and Restated Deposit Agreement

 

December 10, 2018

 

===============================================================

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE 1.     DEFINITIONS	 
	 	 	 
	SECTION 1.1. 	American Depositary Shares	2
	SECTION 1.2. 	Brazil	2
	SECTION 1.3. 	Central Bank	2
	SECTION 1.4. 	Commission	2
	SECTION 1.5. 	Company	2
	SECTION 1.6. 	Custodian	2
	SECTION 1.7. 	CVM	3
	SECTION 1.8. 	Delisting Event	3
	SECTION 1.9. 	Deliver; Surrender	3
	SECTION 1.10.	Deposit Agreement	4
	SECTION 1.11.	Depositary; Depositary’s Office	4
	SECTION 1.12.	Deposited Securities	4
	SECTION 1.13.	Disseminate	4
	SECTION 1.14.	Dollars	4
	SECTION 1.15.	DTC	4
	SECTION 1.16.	Foreign Registrar	5
	SECTION 1.17.	Holder	5
	SECTION 1.18.	Insolvency Event	5
	SECTION 1.19.	Owner	5
	SECTION 1.20.	Receipts	5
	SECTION 1.21.	Registrar	5
	SECTION 1.22.	Restricted Securities	6
	SECTION 1.23.	Securities Act of 1933	6
	SECTION 1.24.	Shares	6
	SECTION 1.25.	SWIFT	6
	SECTION 1.26.	Termination Option Event	6

 

	ARTICLE 2	FORM  OF RECEIPTS, DEPOSIT
OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES

 

	SECTION 2.1.	Form of Receipts; Registration and
    Transferability of American Depositary Shares	7
	SECTION 2.2.	Deposit of Shares	8
	SECTION 2.3.	Delivery of American Depositary Shares	9
	SECTION 2.4.	Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated American Depositary Shares	9

 

    - i -

     

    

 

	SECTION 2.5. 	Surrender of American Depositary Shares and Withdrawal of Deposited Securities	10
	SECTION 2.6. 	Limitations on Delivery, Transfer and Surrender of American Depositary Shares	11
	SECTION 2.7. 	Mutilated, Destroyed, Lost or Stolen Receipts	12
	SECTION 2.8. 	Cancellation and Destruction of Surrendered Receipts	12
	SECTION 2.9. 	DTC Direct Registration System and Profile Modification System	12
	SECTION 2.10.	Maintenance of Records	13
	 	 	 
	ARTICLE 3.     CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES	 
	 	 	 
	SECTION 3.1.	Filing Proofs, Certificates and Other Information	13
	SECTION 3.2.	Liability of Owner for Taxes	14
	SECTION 3.3. 	Warranties on Deposit of Shares	14
	SECTION 3.4. 	Disclosure of Interests	14
	SECTION 3.5. 	Delivery of Information to the CVM and the Central Bank	15
	 	 	 
	ARTICLE 4.     THE DEPOSITED SECURITIES	 
	 	 	 
	SECTION 4.1.  	Cash Distributions	15
	SECTION 4.2.  	Distributions Other Than Cash, Shares or Rights	16
	SECTION 4.3.  	Distributions in Shares	17
	SECTION 4.4.  	Rights	17
	SECTION 4.5.  	Conversion of Foreign Currency	19
	SECTION 4.6.  	Fixing of Record Date	20
	SECTION 4.7.  	Voting of Deposited Shares	20
	SECTION 4.8.  	Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities	22
	SECTION 4.9.  	Reports	24
	SECTION 4.10.	Lists of Owners	24
	SECTION 4.11.	Withholding	24

 

    - ii -

     

    

 

	ARTICLE 5.     THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY	 
	 	 	 
	SECTION 5.1.  	Maintenance of Office and Transfer Books by the Depositary	25
	SECTION 5.2.  	Prevention or Delay of Performance by the Company or the Depositary	25
	SECTION 5.3.  	Obligations of the Depositary and the Company	26
	SECTION 5.4.  	Resignation and Removal of the Depositary	28
	SECTION 5.5.  	The Custodian	28
	SECTION 5.6.  	Notices and Reports	29
	SECTION 5.7.  	Distribution of Additional Shares, Rights, etc.	29
	SECTION 5.8.  	Indemnification	30
	SECTION 5.9.  	Charges of Depositary	31
	SECTION 5.10.	Retention of Depositary Documents	32
	SECTION 5.11.	Exclusivity	32
	SECTION 5.12.	Information for Regulatory Compliance	32
	 	 	 
	ARTICLE 6.     AMENDMENT AND TERMINATION	 
	 	 	 
	SECTION 6.1. 	Amendment	33
	SECTION 6.2. 	Termination	33
	 	 	 
	ARTICLE 7.     MISCELLANEOUS	 
	 	 	 
	SECTION 7.1. 	Counterparts; Signatures	34
	SECTION 7.2. 	No Third-Party Beneficiaries	35
	SECTION 7.3. 	Severability	35
	SECTION 7.4.	Owners and Holders as Parties; Binding Effect	35
	SECTION 7.5. 	Notices	35
	SECTION 7.6. 	Appointment of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver	36
	SECTION 7.7. 	Waiver of Immunities	37
	SECTION 7.8. 	Governing Law	37

 

    - iii -

     

    

 

AMENDED AND RESTATED DEPOSIT AGREEMENT

 

AMENDED AND
RESTATED DEPOSIT AGREEMENT dated as of December 10, 2018 among SUZANO PAPEL E CELULOSE S.A., a company incorporated under the
laws of Brazil (herein called the Company), THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called the
Depositary), and all Owners and Holders (each as hereinafter defined) from time to time of American Depositary Shares issued
hereunder.

 

W I T N E S S E T H:

 

WHEREAS, the Company
and the Depositary entered into a deposit agreement dated as of November 1, 1993 for the purposes stated in that agreement
and subsequently amended and restated that agreement as of September 23, 2004 and August 20, 2014 and revised the form
of American Depositary Receipt included as an exhibit to that agreement on December 8, 2017 to reflect that the preferred
shares of the Company had been exchanged into common shares (that agreement, as so amended and restated and supplemented, the “Prior
Deposit Agreement”); and

 

WHEREAS, the Company
and the Depositary now wish to amend and restate the Prior Deposit Agreement in various respects in the form of this Amended and
Restated Deposit Agreement; and

 

WHEREAS, the Company
desires to provide, as set forth in this Amended and Restated Deposit Agreement, for the deposit of Shares (as hereinafter defined)
of the Company from time to time with the Depositary or with the Custodian (as hereinafter defined) under this Amended and Restated
Deposit Agreement, for the creation of American Depositary Shares representing the Shares so deposited and for the execution and
delivery of American Depositary Receipts evidencing the American Depositary Shares; and

 

WHEREAS, the American
Depositary Receipts are to be substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as set forth in this Deposit Agreement;

 

NOW, THEREFORE, in consideration
of the premises, it is agreed by and between the parties hereto that the Prior Deposit Agreement is hereby amended and restated
as follows:

 

    -1-

     

    

 

ARTICLE 1.

 

DEFINITIONS

 

The following definitions
shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit Agreement:

 

SECTION 1.1.     American
Depositary Shares.

 

The term “American
Depositary Shares” shall mean the securities created under this Deposit Agreement representing rights with respect to
the Deposited Securities. American Depositary Shares may be certificated securities evidenced by Receipts or uncertificated securities.
The form of Receipt annexed as Exhibit A to this Deposit Agreement shall be the prospectus required under the Securities Act
of 1933 for sales of both certificated and uncertificated American Depositary Shares. Except for those provisions of this Deposit
Agreement that refer specifically to Receipts, all the provisions of this Deposit Agreement shall apply to both certificated and
uncertificated American Depositary Shares.

 

Each American Depositary
Share shall represent the number of Shares specified in Exhibit A to this Deposit Agreement, except that, if there
is a distribution upon Deposited Securities covered by Section 4.3, a change in Deposited Securities covered by Section 4.8
with respect to which additional American Depositary Shares are not delivered or a sale of Deposited Securities under Sections
3.2 or 4.8, each American Depositary Share shall thereafter represent the amount of Shares or other Deposited Securities that are
then on deposit per American Depositary Share after giving effect to that distribution, change or sale.

 

SECTION 1.2.     Brazil.

 

The term “Brazil”
shall mean the Federative Republic of Brazil.

 

SECTION 1.3.     Central
Bank.

 

The term “Central
Bank” shall mean the Banco Central do Brasil or any successor governmental agency in Brazil.

 

SECTION 1.4.     Commission.

 

The term “Commission”
shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States.

 

SECTION 1.5.     Company.

 

The term “Company”
shall mean Suzano Papel e Celulose S.A., a company incorporated under the laws of Brazil, and its successors.

 

SECTION 1.6.     Custodian.

 

The term “Custodian”
shall mean Itau Unibanco S.A., as custodian for the Depositary in Brazil for the purposes of this Deposit Agreement, and any other
firm or corporation the Depositary appoints under Section 5.5 as a substitute custodian under this Deposit Agreement.

 

    -2-

     

    

 

SECTION 1.7.     CVM.

 

The term “CVM”
shall mean the Comissão de Valores Mobiliários, the Brazilian National Securities Commission, or any successor
governmental agency in Brazil.

 

SECTION 1.8.     Delisting
Event.

 

A “Delisting
Event” occurs if the American Depositary Shares are delisted from a securities exchange on which the American Depositary
Shares were listed and the Company has not listed or applied to list the American Depositary Shares on any other securities exchange.

 

SECTION 1.9.     Deliver;
Surrender.

 

(a)            The
term “deliver”, or its noun form, when used with respect to Shares or other Deposited Securities, shall mean
(i) book-entry transfer of those Shares or other Deposited Securities to an account maintained by an institution authorized
under applicable law to effect transfers of such securities designated by the person entitled to that delivery or (ii) physical
transfer of certificates evidencing those Shares or other Deposited Securities registered in the name of, or duly endorsed or accompanied
by proper instruments of transfer to, the person entitled to that delivery.

 

(b)            The
term “deliver”, or its noun form, when used with respect to American Depositary Shares, shall mean (i) registration
of those American Depositary Shares in the name of DTC or its nominee and book-entry transfer of those American Depositary Shares
to an account at DTC designated by the person entitled to that delivery, (ii) registration of those American Depositary Shares
not evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled to that delivery and mailing
to that person of a statement confirming that registration or (iii) if requested by the person entitled to that delivery,
execution and delivery at the Depositary’s Office to the person entitled to that delivery of one or more Receipts evidencing
those American Depositary Shares registered in the name requested by that person.

 

(c)            The
term “surrender”, when used with respect to American Depositary Shares, shall mean (i) one or more book-entry
transfers of American Depositary Shares to the DTC account of the Depositary, (ii) delivery to the Depositary at its Office
of an instruction to surrender American Depositary Shares not evidenced by a Receipt or (iii) surrender to the Depositary
at its Office of one or more Receipts evidencing American Depositary Shares.

 

    -3-

     

    

 

SECTION 1.10.     Deposit
Agreement.

 

The term “Deposit
Agreement” shall mean this Amended and Restated Deposit Agreement, as it may be amended from time to time in accordance
with the provisions of this Deposit Agreement.

 

SECTION 1.11.     Depositary;
Depositary’s Office.

 

The term “Depositary”
shall mean The Bank of New York Mellon, a New York banking corporation, and any successor as depositary under this Deposit Agreement.
The term “Office”, when used with respect to the Depositary, shall mean the office at which its depositary receipts
business is administered, which, at the date of this Deposit Agreement, is located at 240 Greenwich Street, New York, New York
10286.

 

SECTION 1.12.     Deposited
Securities.

 

The term “Deposited
Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement,
including without limitation, Shares that have not been successfully delivered upon surrender of American Depositary Shares, and
any and all other securities, property and cash received by the Depositary or the Custodian in respect of Deposited Securities
and at that time held under this Deposit Agreement.

 

SECTION 1.13.     Disseminate.

 

The term “Disseminate,”
when referring to a notice or other information to be sent by the Depositary to Owners, shall mean (i) sending that information
to Owners in paper form by mail or another means or (ii) with the consent of Owners, another procedure that has the effect
of making the information available to Owners, which may include (A) sending the information by electronic mail or electronic
messaging or (B) sending in paper form or by electronic mail or messaging a statement that the information is available and
may be accessed by the Owner on an internet website and that it will be sent in paper form upon request by the Owner, when that
information is so available and is sent in paper form as promptly as practicable upon request.

 

SECTION 1.14.     Dollars.

 

The term “Dollars”
shall mean United States dollars.

 

SECTION 1.15.     DTC.

 

The term “DTC”
shall mean The Depository Trust Company or its successor.

 

    -4-

     

    

 

SECTION 1.16.     Foreign
Registrar.

 

The term “Foreign
Registrar” shall mean the entity that carries out the duties of registrar for the Shares and any other agent of the Company
for the transfer and registration of Shares, including, without limitation, any securities depository for the Shares.

 

SECTION 1.17.     Holder.

 

The term “Holder”
shall mean any person holding a Receipt or a security entitlement or other interest in American Depositary Shares, whether for
its own account or for the account of another person, but that is not the Owner of that Receipt or those American Depositary Shares.

 

SECTION 1.18.     Insolvency
Event.

 

An “Insolvency
Event” occurs if the Company institutes proceedings to be adjudicated as bankrupt or insolvent, consents to the institution
of bankruptcy or insolvency proceedings against it, files a petition or answer or consent seeking reorganization or relief under
any applicable law in respect of bankruptcy or insolvency, consents to the filing of any petition of that kind or to the appointment
of a receiver, liquidator, assignee, trustee, custodian or sequestrator (or other similar official) of it or any substantial part
of its property or makes an assignment for the benefit of creditors, or if the Company publicly admits its inability to pay its
debts as they come due in the ordinary course of business.

 

SECTION 1.19.     Owner.

 

The term “Owner”
shall mean the person in whose name American Depositary Shares are registered on the books of the Depositary maintained for that
purpose.

 

SECTION 1.20.     Receipts.

 

The term “Receipts”
shall mean the American Depositary Receipts issued under this Deposit Agreement evidencing certificated American Depositary Shares,
as the same may be amended from time to time in accordance with the provisions of this Deposit Agreement.

 

SECTION 1.21.     Registrar.

 

The term “Registrar”
shall mean any corporation or other entity that is appointed by the Depositary to register American Depositary Shares and transfers
of American Depositary Shares as provided in this Deposit Agreement.

 

    -5-

     

    

 

 

SECTION 1.22.         Restricted
Securities.

 

 

The term “Restricted
Securities” shall mean Shares that (i) are “restricted securities,” as defined in Rule 144 under
the Securities Act of 1933, except for Shares that could be resold in reliance on Rule 144 without any conditions, (ii) are
beneficially owned by an officer, director (or person performing similar functions) or other affiliate of the Company, (iii) otherwise
would require registration under the Securities Act of 1933 in connection with the public offer and sale thereof in the United
States or (iv) are subject to other restrictions on sale or deposit under the laws of the Federative Republic of Brazil, a
shareholder agreement or the articles of association or similar document of the Company.

 

SECTION 1.23.         Securities
Act of 1933.

 

The term “Securities
Act of 1933” shall mean the United States Securities Act of 1933, as from time to time amended.

 

SECTION 1.24.         Shares.

 

The term “Shares”
shall mean common shares of the Company that are validly issued and outstanding, fully paid and non-assessable and that were not
issued in violation of any pre-emptive or similar rights of the holders of outstanding securities of the Company; provided,
however, that, if there shall occur any change in nominal or par value, a split-up or consolidation or any other reclassification
or, upon the occurrence of an event described in Section 4.8, an exchange or conversion in respect of the Shares of the Company,
the term “Shares” shall thereafter also mean the successor securities resulting from such change in nominal
value, split-up or consolidation or such other reclassification or such exchange or conversion.

 

SECTION 1.25.         SWIFT.

 

The term “SWIFT”
shall mean the financial messaging network operated by the Society for Worldwide Interbank Financial Telecommunication, or its
successor.

 

SECTION 1.26.         Termination
Option Event.

 

The term “Termination
Option Event” shall mean an event of a kind defined as such in Section 4.1, 4.2 or 4.8.

 

    -6-

     

    

 

ARTICLE 2.

 

FORM OF RECEIPTS, DEPOSIT OF SHARES,
DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES

 

 

SECTION 2.1.           Form of
Receipts; Registration and Transferability of American Depositary Shares.

 

Definitive Receipts shall
be substantially in the form set forth in Exhibit A to this Deposit Agreement, with appropriate insertions, modifications
and omissions, as permitted under this Deposit Agreement. No Receipt shall be entitled to any benefits under this Deposit Agreement
or be valid or obligatory for any purpose, unless that Receipt has been (i) executed by the Depositary by the manual signature
of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of
the Depositary and countersigned by the manual signature of a duly authorized signatory of the Depositary or the Registrar or a
co-registrar. The Depositary shall maintain books on which (x) each Receipt so executed and delivered as provided in this
Deposit Agreement and each transfer of that Receipt and (y) all American Depositary Shares delivered as provided in this Deposit
Agreement and all registrations of transfer of American Depositary Shares, shall be registered. A Receipt bearing the facsimile
signature of a person that was at any time a proper officer of the Depositary shall, subject to the other provisions of this paragraph,
bind the Depositary, even if that person has ceased to hold office at the Depositary prior to the execution and delivery of that
Receipt by the Registrar or was not a proper officer of the Depositary on the date of issuance of that Receipt.

 

The Receipts and statements
confirming registration of American Depositary Shares may have incorporated in or attached to them such legends or recitals or
modifications not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary or required to
comply with any applicable law or regulations thereunder or with the rules and regulations of any securities exchange upon
which American Depositary Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations
or restrictions to which any particular Receipts and American Depositary Shares are subject by reason of the date of issuance of
the underlying Deposited Securities or otherwise.

 

American Depositary Shares
evidenced by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments of transfer, shall be transferable
as certificated registered securities under the laws of the State of New York. American Depositary Shares not evidenced by Receipts
shall be transferable as uncertificated registered securities under the laws of the State of New York. The Depositary, notwithstanding
any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of
determining the person entitled to distribution of dividends or other distributions or to any notice provided for in this Deposit
Agreement and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any
liability under this Deposit Agreement to any Holder of American Depositary Shares (but only to the Owner of those American Depositary
Shares).

 

    -7-

     

    

 

SECTION 2.2.           Deposit
of Shares.

 

Subject to the terms
and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited under this Deposit Agreement
by delivery thereof to any Custodian, accompanied by any appropriate instruments or instructions for transfer, or endorsement,
in form satisfactory to the Custodian.

 

As conditions of accepting
Shares for deposit, the Depositary may require (i) any certification required by the Depositary or the Custodian in accordance
with the provisions of this Deposit Agreement, (ii) a written order directing the Depositary to deliver to, or upon the written
order of, the person or persons stated in that order American Depositary Shares representing those deposited Shares, (iii) evidence
satisfactory to the Depositary that those Shares have been re-registered in the books of the Company or the Foreign Registrar in
the name of the Depositary, a Custodian or a nominee of the Depositary or a Custodian, (iv) evidence satisfactory to the Depositary
that any necessary approval has been granted by any governmental body in each applicable jurisdiction and (v) an agreement
or assignment, or other instrument satisfactory to the Depositary, that provides for the prompt transfer to the Custodian of any
dividend, or right to subscribe for additional Shares or to receive other property, that any person in whose name those Shares
are or have been recorded may thereafter receive upon or in respect of those Shares, or, in lieu thereof, such agreement of indemnity
or other agreement as shall be satisfactory to the Depositary.

 

At the request and risk
and expense of a person proposing to deposit Shares, and for the account of that person, the Depositary may receive certificates
for Shares to be deposited, together with the other instruments specified in this Section, for the purpose of forwarding the Share
certificates to the Custodian for deposit under this Deposit Agreement.

 

The Depositary shall
instruct the Custodian that, upon each delivery to a Custodian of a certificate or certificates for Shares to be deposited under
this Deposit Agreement, together with the other documents specified in this Section, that Custodian shall, as soon as transfer
and recordation can be accomplished, present that certificate or those certificates to the Company or the Foreign Registrar, if
applicable, for transfer and recordation of the Shares being deposited in the name of the Depositary or its nominee or that Custodian
or its nominee.

 

Deposited Securities
shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other place or
places as the Depositary shall determine.

 

    -8-

     

    

 

SECTION 2.3.           Delivery
of American Depositary Shares.

 

 

The Depositary shall
instruct the Custodian that, upon receipt by that Custodian of any deposit pursuant to Section 2.2, together with the other
documents or evidence required under that Section, that Custodian shall notify the Depositary of that deposit and the person or
persons to whom or upon whose written order American Depositary Shares are deliverable in respect of that deposit. Upon receiving
a notice of a deposit from a Custodian, or upon the receipt of Shares or evidence of the right to receive Shares by the Depositary,
the Depositary, subject to the terms and conditions of this Deposit Agreement, shall deliver, to or upon the order of the person
or persons entitled thereto, the number of American Depositary Shares issuable in respect of that deposit, but only upon payment
to the Depositary of the fees and expenses of the Depositary for the delivery of those American Depositary Shares as provided in
Section 5.9, and of all taxes and governmental charges and fees payable in connection with that deposit and the transfer of
the deposited Shares. However, the Depositary shall deliver only whole numbers of American Depositary Shares.

 

SECTION 2.4.           Registration
of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated
American Depositary Shares.

 

The Depositary, subject
to the terms and conditions of this Deposit Agreement, shall, without unreasonable delay, register a transfer of American Depositary
Shares on its transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing
those American Depositary Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments
of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction
(including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9), and, in either case,
duly stamped as may be required by the laws of the State of New York and of the United States of America. Upon registration of
a transfer, the Depositary shall deliver the transferred American Depositary Shares to or upon the order of the person entitled
thereto.

 

The Depositary, subject
to the terms and conditions of this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting
a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number
of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts
surrendered.

 

The Depositary, upon
surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary Shares,
shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that
the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt of a proper
instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9) from
the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated American Depositary Shares,
shall cancel those uncertificated American Depositary Shares and register and deliver to the Owner a Receipt evidencing the same
number of certificated American Depositary Shares.

 

    -9-

     

    

 

The Depositary may appoint
one or more co-transfer agents for the purpose of effecting registration of transfers of American Depositary Shares and combinations
and split-ups of Receipts at designated transfer offices on behalf of the Depositary. The Depositary shall require each co-transfer
agent it appoints under this paragraph to give notice in writing to the Depositary accepting its appointment and agreeing to be
bound by the applicable terms of this Deposit Agreement. In carrying out its functions, a co-transfer agent may require evidence
of authority and compliance with applicable laws and other requirements by Owners or persons entitled to American Depositary Shares
and will be entitled to protection and indemnity to the same extent as the Depositary. If the Depositary appoints a co-transfer
agent under this paragraph, it shall notify the Company as soon as practicable and, if practicable, prior to the effective date
of that appointment.

 

SECTION 2.5.           Surrender
of American Depositary Shares and Withdrawal of Deposited Securities.

 

Upon surrender of American
Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment of the fee of the Depositary
for the surrender of American Depositary Shares as provided in Section 5.9 and payment of all taxes and governmental charges
payable in connection with that surrender and withdrawal of the Deposited Securities, and subject to the terms and conditions of
this Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery (to the extent delivery can
then be lawfully and practicably made), to or as instructed by that Owner, of the amount of Deposited Securities at the time represented
by those American Depositary Shares, but not any money or other property as to which a record date for distribution to Owners
has passed (since money or other property of that kind will be delivered or paid on the scheduled payment date to the Owner as
of that record date), and except that the Depositary shall not be required to accept surrender of American Depositary Shares
for the purpose withdrawal to the extent it would require delivery of a fraction of a Deposited Security. That delivery shall be
made, as provided in this Section, without unreasonable delay.

 

As a condition of accepting
a surrender of American Depositary Shares for the purpose of withdrawal of Deposited Securities, the Depositary may require (i) that
each surrendered Receipt be properly endorsed in blank or accompanied by proper instruments of transfer in blank and (ii) that
the surrendering Owner execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities
being withdrawn to be delivered to or upon the written order of a person or persons designated in that order.

 

    -10-

     

    

 

Thereupon, the Depositary
shall direct the Custodian to deliver, subject to Sections 2.6, 3.1 and 3.2, the other terms and conditions of this Deposit Agreement
and local market rules and practices, to the surrendering Owner or to or upon the written order of the person or persons designated
in the order delivered to the Depositary as above provided, the amount of Deposited Securities represented by the surrendered American
Depositary Shares, and the Depositary may charge the surrendering Owner a fee and its expenses for giving that direction by cable
(including SWIFT) or facsimile transmission.

 

If Deposited Securities
are delivered physically upon surrender of American Depositary Shares for the purpose of withdrawal, that delivery will be made
at the Custodian’s office, except that, at the request, risk and expense of an Owner surrendering American Depositary
Shares for withdrawal of Deposited Securities, and for the account of that Owner, the Depositary shall direct the Custodian to
forward any cash or other property comprising, and forward a certificate or certificates, if applicable, and other proper documents
of title, if any, for, the Deposited Securities represented by the surrendered American Depositary Shares to the Depositary for
delivery at the Depositary’s Office or to another address specified in the order received from the surrendering Owner.

 

SECTION 2.6.           Limitations
on Delivery, Transfer and Surrender of American Depositary Shares.

 

As a condition precedent
to the delivery, registration of transfer or surrender of any American Depositary Shares or split-up or combination of any Receipt
or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from the depositor of Shares
or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares not evidenced
by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration
fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment
of any applicable fees as provided in this Deposit Agreement, may require the production of proof satisfactory to it as to the
identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent
with the provisions of this Deposit Agreement, including, without limitation, this Section 2.6.

 

The delivery of American
Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended, or the registration
of transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding
American Depositary Shares generally may be suspended, during any period when the transfer books of the Depositary are closed,
or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because
of any requirement of law or of any government or governmental body or commission, or under any provision of this Deposit Agreement,
or for any other reason. Notwithstanding anything to the contrary in this Deposit Agreement, the surrender of outstanding American
Depositary Shares and withdrawal of Deposited Securities may not be suspended, subject only to (i) temporary delays caused
by closing of the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit of Shares
in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and
similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary
Shares or to the withdrawal of the Deposited Securities.

 

    -11-

     

    

 

The Depositary shall
not knowingly accept for deposit under this Deposit Agreement any Shares that, at the time of deposit, are Restricted Securities.
The Depositary will comply with the written instructions of the Company not to accept for deposit under this Deposit Agreement
any Shares identified in such instruction and under such circumstances as may be reasonably be specified in such instructions in
order to facilitate the Company’s compliance with U.S. securities laws.

 

SECTION 2.7.           Mutilated,
Destroyed, Lost or Stolen Receipts.

 

If a Receipt is mutilated,
destroyed, lost or stolen, the Depositary shall deliver to the Owner the American Depositary Shares evidenced by that Receipt in
uncertificated form or, if requested by the Owner, execute and deliver a new Receipt of like tenor in exchange and substitution
for such mutilated Receipt, upon surrender and cancellation of that mutilated Receipt, or in lieu of and in substitution for that
destroyed, lost or stolen Receipt. However, before the Depositary will deliver American Depositary Shares in uncertificated
form or execute and deliver a new Receipt, in substitution for a destroyed, lost or stolen Receipt, the Owner must (a) file
with the Depositary (i) a request for that replacement before the Depositary has notice that the Receipt has been acquired
by a bona fide purchaser and (ii) a sufficient indemnity bond and (b) satisfy any other reasonable requirements imposed
by the Depositary.

 

SECTION 2.8.           Cancellation
and Destruction of Surrendered Receipts.

 

The Depositary shall
cancel all Receipts surrendered to it and is authorized to destroy Receipts so cancelled. Cancelled Receipts shall not be entitled
to any benefits under this Deposit Agreement.

 

SECTION 2.9.           DTC
Direct Registration System and Profile Modification System.

 

(a)            Notwithstanding
the provisions of Section 2.4, the parties acknowledge that DTC’s Direct Registration System (“DRS”)
and Profile Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof
to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between registered holding of uncertificated
securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature
of DRS that allows a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary
to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares
to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register
that transfer.

 

    -12-

     

    

 

(b)            In
connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is
claiming to be acting on behalf of an Owner in requesting a registration of transfer and delivery as described in paragraph (a) above
has the actual authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code). For
the avoidance of doubt, the provisions of Sections 5.3 and 5.8 apply to the matters arising from the use of the DRS/Profile. The
parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile
system and otherwise in accordance with this Deposit Agreement shall not constitute negligence or bad faith on the part of the
Depositary.

 

SECTION 2.10.         Maintenance
of Records.

 

The Depositary agrees
to maintain records of all American Depositary Shares surrendered and Deposited Securities withdrawn under Section 2.5, substitute
Receipts delivered under Section 2.7, and cancelled or destroyed Receipts under Section 2.8, in keeping with procedures
ordinarily followed by stock transfer agents located in the United States.

 

ARTICLE 3.

 

CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS
OF AMERICAN DEPOSITARY SHARES

 

SECTION 3.1.           Filing
Proofs, Certificates and Other Information.

 

Any person presenting
Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such proof
of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company
or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary
may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of American Depositary Shares,
the distribution of any dividend or other distribution or of the proceeds thereof or the delivery of any Deposited Securities until
that proof or other information is filed or those certificates are executed or those representations and warranties are made. Upon
the written request and at the expense of the Company, the Depositary shall provide the Company with copies of all such certificates
and such written representations and warranties provided to the Depositary under this Section 3.1, to the extent that disclosure
is permitted under applicable law.

 

    -13-

     

    

 

SECTION 3.2.           Liability
of Owner for Taxes.

 

If any tax or other governmental
charge shall become payable by the Custodian or the Depositary with respect to or in connection with any American Depositary Shares
or any Deposited Securities represented by any American Depositary Shares or in connection with a transaction to which Section 4.8
applies, that tax or other governmental charge shall be payable by the Owner of those American Depositary Shares to the Depositary.
The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities
represented by those American Depositary Shares until that payment is made, and may withhold any dividends or other distributions
or the proceeds thereof, or may sell for the account of the Owner any part or all of the Deposited Securities represented by those
American Depositary Shares and apply those dividends or other distributions or the net proceeds of any sale of that kind in payment
of that tax or other governmental charge but, even after a sale of that kind, the Owner of those American Depositary Shares
shall remain liable for any deficiency. The Depositary shall distribute any net proceeds of a sale made under this Section that
are not used to pay taxes or governmental charges to the Owners entitled to them in accordance with Section 4.1. If the number
of Shares represented by each American Depositary Share decreases as a result of a sale of Deposited Securities under this Section,
the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number
of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of
American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them.

 

SECTION 3.3.           Warranties
on Deposit of Shares.

 

Every person depositing
Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each certificate therefor,
if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar rights
of the holders of outstanding securities of the Company and that the person making that deposit is duly authorized so to do. Every
depositing person shall also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. All
representations and warranties deemed made under this Section shall survive the deposit of Shares and delivery of American
Depositary Shares.

 

SECTION 3.4.           Disclosure
of Interests.

 

When required in order
to comply with applicable laws and regulations or the articles of association or similar document of the Company, the Company may
from time to time request each Owner and Holder to provide to the Depositary information relating to: (a) the capacity in
which it holds American Depositary Shares, (b) the identity of any Holders or other persons or entities then or previously
interested in those American Depositary Shares and the nature of those interests and (c) any other matter where disclosure
of such matter is required for that compliance. Each Owner and Holder agrees to provide all information known to it in response
to a request made pursuant to this Section. Each Holder consents to the disclosure by the Depositary and the Owner or any other
Holder through which it holds American Depositary Shares, directly or indirectly, of all information responsive to a request made
pursuant to this Section relating to that Holder that is known to that Owner or other Holder. The Depositary agrees to use
reasonable efforts to comply with written instructions requesting that the Depositary forward any request authorized under this
Section to the Owners and to forward to the Company any responses it receives in response to that request. The Depositary
may charge the Company a fee and its expenses for complying with requests under this Section 3.4.

 

    -14-

     

    

 

SECTION 3.5.           Delivery
of Information to the CVM and the Central Bank.

 

Each of the Depositary
and the Company hereby confirms to the other that for as long as this Deposit Agreement is in effect, it shall furnish the CVM
and the Central Bank, at any time and within the period that may be determined, with any information and documents related to the
American Depositary Share program and the American Depositary Shares issued hereunder. In the event that the Depositary or the
Custodian is advised in writing by reputable independent Brazilian counsel that the Depositary or Custodian reasonably could be
subject to criminal, or material, as reasonably determined by the Depositary, civil, liabilities as a result of the Company having
failed to provide such information or documents reasonably available only through the Company, the Depositary shall have the right
to terminate this Deposit Agreement, upon at least 15 days’ prior notice to the Owners and the Company, and the Depositary
shall not be subject to any liability hereunder on account of that termination or that determination. The effect of any termination
of this Deposit Agreement shall be as provided in Section 6.2.

 

ARTICLE 4.

 

THE DEPOSITED SECURITIES

 

SECTION 4.1.           Cash
Distributions.

 

Whenever the Depositary
or the Custodian receives any cash dividend or other cash distribution on Deposited Securities, the Depositary or the Custodian
shall, subject to the provisions of Section 4.5, convert that dividend or other distribution into Dollars, in accordance with
applicable law, and the Depositary shall distribute the amount thus received (in each case net of the fees and expenses of the
Depositary as provided in Section 5.9) to the Owners entitled thereto, in proportion to the number of American Depositary
Shares representing those Deposited Securities held by them respectively; provided, however, that if the Custodian
or the Depositary shall be required to withhold and does withhold from that cash dividend or other cash distribution an amount
on account of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares representing
those Deposited Securities shall be reduced accordingly. However, the Depositary will not pay any Owner a fraction of one
cent, but will round each Owner’s entitlement to the nearest whole cent.

 

    -15-

     

    

 

The Company or its agent
will remit to the appropriate governmental agency in each applicable jurisdiction all amounts withheld and owing to such agency.
The Depositary will forward to the Company or its agent such information from its records as the Company may reasonably request
to enable the Company or its agent to file necessary reports with governmental agencies.

 

If a cash distribution
would represent a return of all or substantially all the value of the Deposited Securities underlying American Depositary Shares,
the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender
of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares) as a condition of making
that cash distribution. A distribution of that kind shall be a Termination Option Event.

 

SECTION 4.2.           Distributions
Other Than Cash, Shares or Rights.

 

Subject to the provisions
of Sections 4.11 and 5.9, whenever the Depositary receives any distribution other than a distribution described in Section 4.1,
4.3 or 4.4 on Deposited Securities (but not in exchange for or in conversion or in lieu of Deposited Securities), the Depositary
shall cause the securities or property received by it or the Custodian to be distributed to the Owners entitled thereto, after
deduction or upon payment of any fees and expenses of the Depositary and any taxes or other governmental charges, in proportion
to the number of American Depositary Shares representing such Deposited Securities held by them respectively, in any manner that
the Depositary deems equitable and practicable for accomplishing that distribution (which may be a distribution of depositary shares
representing the securities received); provided, however, that if in the opinion of the Depositary such distribution
cannot be made proportionately among the Owners entitled thereto, or if for any other reason (including, but not limited to, any
requirement that the Company or the Depositary withhold an amount on account of taxes or other governmental charges or that securities
received must be registered under the Securities Act of 1933 in order to be distributed to Owners or Holders) the Depositary deems
such distribution not to be lawful and feasible, the Depositary may adopt such other method as it may deem equitable and practicable
for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the securities or
property thus received, or any part thereof, and distribution of the net proceeds of any such sale (net of the fees and expenses
of the Depositary as provided in Section 5.9) to the Owners entitled thereto, all in the manner and subject to the conditions
set forth in Section 4.1. The Depositary may withhold any distribution of securities under this Section 4.2 if it has
not received reasonably satisfactory assurances from the Company that the distribution does not require registration under the
Securities Act of 1933. The Depositary may sell, by public or private sale, an amount of securities or other property it would
otherwise distribute under this Section 4.2 that is sufficient to pay its fees and expenses in respect of that distribution.

 

    -16-

     

    

 

If a distribution under
this Section 4.2 would represent a return of all or substantially all the value of the Deposited Securities underlying American
Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct
the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares)
as a condition of making that distribution. A distribution of that kind shall be a Termination Option Event.

 

 

SECTION 4.3.           Distributions
in Shares.

 

Whenever the Depositary
receives any distribution on Deposited Securities consisting of a dividend in, or free distribution of, Shares, the Depositary
may, and shall if the Company shall so request in writing, deliver to the Owners entitled thereto, in proportion to the number
of American Depositary Shares representing those Deposited Securities held by them respectively, an aggregate number of American
Depositary Shares representing the amount of Shares received as that dividend or free distribution, subject to the terms and conditions
of this Deposit Agreement with respect to the deposit of Shares and issuance of American Depositary Shares, including withholding
of any tax or governmental charge as provided in Section 4.11 and payment of the fees and expenses of the Depositary as provided
in Section 5.9 (and the Depositary may sell, by public or private sale, an amount of the Shares received (or American Depositary
Shares representing those Shares) sufficient to pay its fees and expenses in respect of that distribution). In lieu of delivering
fractional American Depositary Shares, the Depositary may sell the amount of Shares represented by the aggregate of those fractions
(or American Depositary Shares representing those Shares) and distribute the net proceeds, all in the manner and subject to the
conditions described in Section 4.1. If and to the extent that additional American Depositary Shares are not delivered and
Shares or American Depositary Shares are not sold, each American Depositary Share shall thenceforth also represent the additional
Shares distributed on the Deposited Securities represented thereby.

 

If the Company declares
a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares or other securities
or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation
with the Company, make that right of election available for exercise by Owners in any manner the Depositary considers to be lawful
and practical. As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory
assurances from the Company that doing so does not require registration of any securities under the Securities Act of 1933.

 

SECTION 4.4.           Rights.

 

(a)            If
rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company
and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant
of rights. The Depositary may, to the extent deemed by it to be lawful and practical, (i) if requested in writing by the Company,
grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver
those securities or American Depositary Shares representing those securities to Owners, (ii) if requested in writing by the
Company, deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent lawful and practicable
and distribute the net proceeds of that sale to Owners entitled to those proceeds. To the extent rights are not exercised, delivered
or disposed of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised.

 

    -17-

     

    

 

(b)            If
the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth
the conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the
Depositary specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities
to be received upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase
the securities. The purchased securities shall be delivered to, or as instructed by, the Depositary. The Depositary shall (i) deposit
the purchased Shares under this Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner
or (ii) deliver or cause the purchased Shares or other securities to be delivered to or to the order of that Owner. The Depositary
will not act under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered under
the Securities Act of 1933 or the Depositary has received an opinion of United States counsel that is satisfactory to it to the
effect that those securities may be sold and delivered to the applicable Owners without registration under the Securities Act of
1933.

 

(c)            If
the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth
the conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver
the rights allocable to the American Depositary Shares of that Owner to an account specified by that Owner to which the rights
can be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable
law, the Depositary will deliver those rights as requested by that Owner.

 

(d)            If
the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion
to the number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled
to the rights that were sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because
of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise.

 

(e)            Payment
or deduction of the fees of the Depositary as provided in Section 5.9 and payment or deduction of the expenses of the Depositary
and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment of cash proceeds
under this Section 4.4.

 

    -18-

     

    

 

(f)            The
Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to
or exercise rights on behalf of Owners in general or any Owner in particular, or to sell rights.

 

 

SECTION 4.5.           Conversion
of Foreign Currency.

 

Whenever the Depositary
or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities,
property or rights, and if at the time of the receipt thereof the foreign currency so received can, in the reasonable judgment
of the Depositary, be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States,
the Depositary shall, as promptly as practicable, convert or cause to be converted, by sale or in any other manner that it may
determine in accordance with applicable law, that foreign currency into Dollars, and those Dollars shall be distributed, as promptly
as practicable, to the Owners entitled thereto. A cash distribution may be made upon an averaged or other practicable basis without
regard to any distinctions among Owners based on exchange restrictions, the date of delivery of any American Depositary Shares
or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9.

 

If a conversion of foreign
currency or the repatriation or distribution of Dollars can be effected only with the approval or license of any government or
agency thereof, the Depositary may, but will not be required to, file an application for that approval or license.

 

If the Depositary determines
that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable basis
into Dollars transferable to the United States, or if any approval or license of any government or agency thereof that is required
for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable period as determined by the
Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion may hold such
foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled to receive
the same.

 

If any conversion of
foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary
may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners
entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold that balance uninvested
and without liability for interest thereon for the account of, the Owners entitled thereto.

 

The Depositary may convert
currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not as agent, advisor,
broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it
will retain for its own account.  The revenue is based on, among other things, the difference between the exchange rate assigned
to the currency conversion made under this Deposit Agreement and the rate that the Depositary or its affiliate receives when buying
or selling foreign currency for its own account.  The Depositary makes no representation that the exchange rate used or obtained
in any currency conversion under this Deposit Agreement will be the most favorable rate that could be obtained at the time or that
the method by which that rate will be determined will be the most favorable to Owners, subject to the Depositary’s obligations
under Section 5.3. The methodology used to determine exchange rates used in currency conversions is available upon request.

 

    -19-

     

    

 

SECTION 4.6.           Fixing
of Record Date.

 

Whenever a cash dividend,
cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other securities are
issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance
with Section 4.4) or the Depositary receives notice that a distribution or issuance of that kind will be made, or whenever
the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company has requested the
Depositary to send a notice under Section 4.7, or whenever the Depositary will assess a fee or charge against the Owners,
or whenever the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever
the Depositary otherwise finds it necessary or convenient, the Depositary shall fix a record date, which shall be the same as,
or as near as practicable to, any corresponding record date set by the Company with respect to Shares, (a) for the determination
of the Owners (i) who shall be entitled to receive the benefit of that dividend or other distribution or those rights, (ii) who
shall be entitled to give instructions for the exercise of voting rights at that meeting, (iii) who shall be responsible for
that fee or charge or (iv) for any other purpose for which the record date was set, or (b) on or after which each American
Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections 4.1 through 4.5 and to the
other terms and conditions of this Deposit Agreement, the Owners on a record date fixed by the Depositary shall be entitled to
receive the amount distributable by the Depositary with respect to that dividend or other distribution or those rights or the net
proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively, to give voting instructions
or to act in respect of the other matter for which that record date was fixed, or be responsible for that fee or charge, as the
case may be.

 

SECTION 4.7.           Voting
of Deposited Shares.

 

(a)            Upon
receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing
by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which
shall be in the reasonable discretion of the Depositary, that shall contain (i) the information contained in the notice of
meeting received by the Depositary from the Company, (ii) a statement that the Owners as of the close of business on a specified
record date will be entitled, subject to any applicable provision of Brazilian law and of the bylaws of the Company, to instruct
the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective American
Depositary Shares, (iii) a statement as to the manner in which those instructions may be given, including, when applicable,
an express indication that instructions may be given (or, if applicable, deemed given in accordance with paragraph (b) below
if no instruction is received) to the Depositary to give a discretionary proxy to a person designated by the Company and (iv) the
last date on which the Depositary will accept instructions (the “Instruction Cutoff Date”).

 

    -20-

     

    

 

(b)    Upon
the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified
by the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the
Depositary, the Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as
practicable, to vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance
with the instructions set forth in that request. The Depositary shall give notice to the Company of the voting instructions received
by the Depositary from Owners in accordance with applicable Brazilian law. The Depositary shall not vote or attempt to exercise
the right to vote that attaches to the deposited Shares other than in accordance with instructions given by Owners and received
by the Depositary or as provided in the following sentence. If

 

(i) the Company
instructed the Depositary to Disseminate a notice under paragraph (a) above and complied with paragraph (d) below,

 

(ii) no instructions
are received by the Depositary from an Owner with respect to a matter and an amount of American Depositary Shares of that Owner
on or before the Instruction Cutoff Date and

 

(iii) the Depositary
has received from the Company, by the New York business day following the Instruction Cutoff Date, a written confirmation that,
as of the Instruction Cutoff Date, (x) the Company wishes a proxy to be given under this sentence, (y) the Company reasonably
does not know of any substantial opposition to the matter and (z) the matter is not materially adverse to the interests of
shareholders,

 

then, the Depositary shall deem that Owner
to have instructed the Depositary to give a discretionary proxy to a person designated by the Company with respect to that matter
and the amount of deposited Shares represented by that amount of American Depositary Shares and the Depositary shall give a discretionary
proxy to a person designated by the Company to vote that amount of deposited Shares as to that matter.

 

(c)            There
can be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph (a) above
in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.

 

    -21-

     

    

 

(d)            If
the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the
Depositary notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made available
to holders of Shares in connection with the meeting not less than 30 days prior to the meeting date. The instructions received
by the Depositary in connection with a certain vote or meeting shall also be applicable to any adjournment or postponement of that
vote or meeting.

 

 

(e)            Without
limiting any of the foregoing, to the extent the Depositary does not receive voting instructions from Owners, the Depositary shall
take such actions as are necessary, upon the written request of the Company and subject to applicable law and the terms of the
Deposited Securities, to cause the amount of Shares represented by the American Depositary Shares of those Owners to be counted
for the purpose of satisfying applicable quorum requirements.

 

SECTION 4.8.          Tender
and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities.

 

(a)            The
Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar
offer made to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do
so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.

 

(b)            If
the Depositary receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash
in a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”),
the Depositary, at the expense of the Company, shall (i) if required by the Company, surrender Deposited Securities that have
been redeemed to the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying
them of that Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C) notifying
them that the called American Depositary Shares have been converted into a right only to receive the money received by the Depositary
upon that Redemption and those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary
Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 and (iii) distribute
the money received upon that Redemption to the Owners entitled to it upon surrender by them of called American Depositary Shares
in accordance with Section 2.5 (and, for the avoidance of doubt, Owners shall not be entitled to receive that money under
Section 4.1). If the Redemption affects less than all the Deposited Securities, the Depositary shall call for surrender a
corresponding portion of the outstanding American Depositary Shares and only those American Depositary Shares will automatically
be converted into a right to receive the net proceeds of the Redemption. The Depositary shall allocate the American Depositary
Shares converted under the preceding sentence among the Owners pro-rata to their respective holdings of American Depositary Shares
immediately prior to the Redemption, except that the allocations may be adjusted so that no fraction of a converted American
Depositary Share is allocated to any Owner. A Redemption of all or substantially all of the Deposited Securities shall be a Termination
Option Event.

 

    -22-

     

    

 

(c)            If
the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification
of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation
affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as a
holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion,
replacement or in lieu of, Deposited Securities (a “Replacement”), the Depositary shall, if required by the
Company, surrender the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under
this Deposit Agreement, the new securities or other property delivered to it in that Replacement. However, the Depositary
may elect to sell those new Deposited Securities if in the opinion of the Depositary it is not lawful for it to hold those new
Deposited Securities under this Deposit Agreement because those new Deposited Securities may not be distributed to Owners without
registration under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and on such terms
as it deems proper and proceed as if those new Deposited Securities had been Redeemed under paragraph (b) above. A Replacement
shall be a Termination Option Event.

 

(d)            In
the case of a Replacement where the new Deposited Securities will continue to be held under this Deposit Agreement, the Depositary
may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities
and the number of those new Deposited Securities represented by each American Depositary Share. If the number of Shares represented
by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of the American
Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American
Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute
the net proceeds of that sale to the Owners entitled to them.

 

(e)            If
there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled,
or the Deposited Securities with respect to American Depositary Shares have become apparently worthless, the Depositary may call
for surrender of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and a
Termination Option Event occurs.

 

    -23-

     

    

 

SECTION 4.9.           Reports.

 

The Depositary shall
make available for inspection by Owners at its Office any reports and communications, including any proxy solicitation material,
received from the Company which are both (a) received by the Depositary or its nominee as the holder of the Deposited Securities
and (b) made generally available to the holders of those Deposited Securities by the Company. The Company shall furnish reports
and communications, including any proxy soliciting material to which this Section applies, to the Depositary in English, to
the extent those materials are required to be translated into English pursuant to any regulations of the Commission.

 

SECTION 4.10.         Lists
of Owners.

 

As promptly as practicable
upon written request by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of the most
recent practicable date, of the names, addresses and American Depositary Share holdings of all Owners.

 

SECTION 4.11.         Withholding.

 

If the Depositary determines
that any distribution received or to be made by the Depositary (including Shares and rights to subscribe therefor) is subject to
any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public or private
sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor) in the amounts and manner
the Depositary deems necessary and practicable to pay those taxes or charges, and the Depositary shall distribute the net proceeds
of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion to the number of American
Depositary Shares held by them respectively.

 

The Depositary or its
agent shall remit to appropriate governmental authorities and agencies in the United States all amounts, if any, withheld and owing
to such authorities and agencies by the Depositary.

 

Services for Owners and
Holders that may permit them to obtain reduced rates of tax withholding at source or reclaim excess tax withheld, and the fees
and costs associated with using services of that kind, are not provided under, and are outside the scope of, this Deposit Agreement.

 

Each Owner and Holder
agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents and affiliates
for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties
or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit received by it.

 

    -24-

     

    

 

 

ARTICLE 5.

 

THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY

 

SECTION
5.1.    Maintenance of Office and Transfer Books by the
Depositary.

 

Until termination of
this Deposit Agreement in accordance with its terms, the Depositary shall maintain facilities for the execution and delivery, registration,
registration of transfers and surrender of American Depositary Shares in accordance with the provisions of this Deposit Agreement.

 

The Depositary shall
keep books for the registration and transfers of American Depositary Shares, which shall be open for inspection by the Owners at
the Depositary’s Office during regular business hours, provided that such inspection is not for the purpose of communicating
with Owners in the interest of a business or object other than the business of the Company or a matter related to this Deposit
Agreement or the American Depositary Shares.

 

The Depositary may close
the transfer books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties
under this Deposit Agreement or at the written request of the Company.

 

If any American Depositary
Shares are listed on one or more stock exchanges in the United States, the Depositary shall act as Registrar or appoint a Registrar
or one or more co-registrars for registry of those American Depositary Shares in accordance with any requirements of that exchange
or those exchanges. The Depositary shall require each Registrar and co-registrar it appoints to give notice in writing to the Depositary
accepting its appointment and agreeing to be bound by the applicable terms of this Deposit Agreement.

 

The Company shall have
the right, at all reasonable times, to inspect transfer and registration records of the Depositary, the Registrar and any co-transfer
agents or co-registrars and to require them to supply copies of such portions of their records as the Company may reasonably request.

 

SECTION
5.2.    Prevention or Delay of Performance by the
Company or the Depositary.

 

Neither the Depositary
nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or
Holder:

 

    -25-

     

    

 

(i)            if
by reason of (A) any provision of any present or future law or regulation or other act of the government of the United States,
any State of the United States, Brazil or any other state or jurisdiction, or of any governmental or regulatory authority or stock
exchange; (B) any provision, present or future, of the bylaws (estatuto social) of the Company, or by reason of any
provision of any securities issued or distributed by the Company, or any offering or distribution thereof; or (C) any event
or circumstance, whether natural or caused by a person or persons, that is beyond the ability of the Depositary or the Company,
as the case may be, to prevent or counteract by reasonable care or effort (including, but not limited to, earthquakes, floods,
severe storms, fires, explosions, war, terrorism, civil unrest, labor disputes or criminal acts; interruptions or malfunctions
of utility services, Internet or other communications lines or systems; unauthorized access to or attacks on computer systems
or websites; or other failures or malfunctions of computer hardware or software or other systems or equipment), the Depositary
or the Company is, directly or indirectly, prevented from, forbidden to or delayed in, or could be subject to any civil or criminal
penalty on account of doing or performing and therefore does not do or perform, any act or thing that, by the terms of this Deposit
Agreement or the Deposited Securities, it is provided shall be done or performed;

 

 

(ii)           for
any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement (including any determination by
the Depositary to take, or not take, any action that this Deposit Agreement provides the Depositary may take);

 

(iii)          for
the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available
to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Owners or Holders;
or

 

(iv)          for
any special, consequential or punitive damages for any breach of the terms of this Deposit Agreement.

 

Where, by the terms of
a distribution to which Section 4.1, 4.2 or 4.3 applies, or an offering to which Section 4.4 applies, or for any other
reason, that distribution or offering may not be made available to Owners, and the Depositary may not dispose of that distribution
or offering on behalf of Owners and make the net proceeds available to Owners, then the Depositary shall not make that distribution
or offering available to Owners, and shall allow any rights, if applicable, to lapse.

 

SECTION
5.3.   Obligations of the Depositary and the
Company.

 

The Company assumes no
obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder, except that the Company
agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith.

 

The Depositary assumes
no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder (including, without
limitation, liability with respect to the validity or worth of the Deposited Securities), except that the Depositary agrees to
perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith, and the Depositary shall
not be a fiduciary or have any fiduciary duty to Owners or Holders.

 

    -26-

     

    

 

Neither the Depositary
nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect
of any Deposited Securities or in respect of the American Depositary Shares on behalf of any Owner or Holder or any other person.

 

Each of the Depositary
and the Company may rely, and shall be protected in relying upon, any written notice, request, direction or other document believed
by it to be genuine and to have been signed or presented by the proper party or parties.

 

Neither the Depositary
nor the Company shall be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel,
accountants, any person presenting Shares for deposit, any Owner or any other person believed by it in good faith to be competent
to give such advice or information.

 

The Depositary shall
not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of
the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that
in connection with the issue out of which such potential liability arises the Depositary performed its obligations without negligence
or bad faith while it acted as Depositary.

 

The Depositary shall
not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or
arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise.

 

In the absence of bad
faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited
Securities, or for the manner in which any such vote is cast or the effect of any such vote.

 

The Depositary shall
have no duty to make any determination or provide any information as to the tax status of the Company or any liability for any
tax consequences that may be incurred by Owners or Holders as a result of owning or holding American Depositary Shares. The Depositary
shall not be liable for the inability or failure of an Owner or Holder to obtain the benefit of a foreign tax credit, reduced rate
of withholding or refund of amounts withheld in respect of tax or any other tax benefit.

 

No disclaimer of liability
under the Securities Act of 1933 is intended by any provision of this Deposit Agreement.

 

    -27-

     

    

 

SECTION
5.4.    Resignation and Removal of the
Depositary.

 

The Depositary may at
any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company, to become effective
upon the appointment of a successor depositary and its acceptance of that appointment as provided in this Section. The effect of
resignation if a successor depositary is not appointed is provided for in Section 6.2.

 

The Depositary may at
any time be removed by the Company by 90 days’ prior written notice of that removal, to become effective upon the later of
(i) the 90th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and
its acceptance of its appointment as provided in this Section.

 

If the Depositary resigns
or is removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company
having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to the
Company an instrument in writing accepting its appointment under this Deposit Agreement. If the Depositary receives notice from
the Company that a successor depositary has been appointed following its resignation or removal, the Depositary, upon payment of
all sums due it from the Company, shall deliver to its successor a register listing all the Owners and their respective holdings
of outstanding American Depositary Shares and shall deliver the Deposited Securities to or to the order of its successor. When
the Depositary has taken the actions specified in the preceding sentence (i) the successor shall become the Depositary and
shall have all the rights and shall assume all the duties of the Depositary under this Deposit Agreement and (ii) the predecessor
depositary shall cease to be the Depositary and shall be discharged and released from all obligations under this Deposit Agreement,
except for its duties under Section 5.8 with respect to the time before that discharge. A successor depositary shall notify
the Owners of its appointment as soon as practical after assuming the duties of Depositary.

 

Any corporation or other
entity into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution
or filing of any document or any further act.

 

SECTION
5.5.   The Custodian.

 

The Custodian shall be
subject at all times and in all respects to the directions of the Depositary and shall be responsible solely to it. The Depositary
in its discretion may at any time appoint a substitute custodian, which shall thereafter be the Custodian under this Deposit Agreement.
If the Depositary receives notice that a Custodian is resigning, the Depositary shall, as promptly as practicable after receiving
that notice, appoint a substitute custodian,which shall thereafter be the Custodian under this Deposit Agreement. The Depositary
shall require the Custodian that resigns or is removed to deliver all Deposited Securities held by it to the substitute Custodian.
The Depositary agrees with the Company that at no time shall there be more than one Custodian acting in connection with this Deposit
Agreement.

 

    -28-

     

    

 

SECTION
5.6.    Notices and Reports.

 

If the Company takes
or decides to take any corporate action of a kind that is addressed in Sections 4.1 to 4.4, or 4.6 to 4.8, or that effects or will
effect a change of the name or legal structure of the Company, or that effects or will effect a change to the Shares, the Company
shall notify the Depositary and the Custodian of that action or decision as soon as it is lawful and practical to give that notice.
The notice shall be in English and shall include all details that the Company is required to include in any notice to any governmental
or regulatory authority or securities exchange or is required to make available generally to holders of Shares by publication or
otherwise.

 

The Company will arrange
for the translation into English, if not already in English, to the extent required pursuant to any regulations of the Commission,
and the prompt transmittal by the Company to the Depositary and the Custodian of all notices and any other reports and communications
which are made generally available by the Company to holders of its Shares. If requested in writing by the Company, the Depositary
will Disseminate, at the Company’s expense, those notices, reports and communications to all Owners or otherwise make them
available to Owners in a manner that the Company specifies as substantially equivalent to the manner in which those communications
are made available to holders of Shares and compliant with the requirements of any securities exchange on which the American Depositary
Shares are listed. The Company will timely provide the Depositary with the quantity of such notices, reports, and communications,
as requested by the Depositary from time to time, in order for the Depositary to effect that Dissemination.

 

The Company represents
that as of the date of this Deposit Agreement, the statements in Article 11 of the Receipt with respect to the Company’s
obligation to file periodic reports under the United States Securities Exchange Act of 1934, as amended, are true and correct.
The Company agrees to promptly notify the Depositary upon becoming aware of any change in the truth of any of those statements.

 

SECTION
5.7.    Distribution of Additional Shares,
Rights, etc.

 

If the Company determines
or the Company knows that an affiliate of the Company determines to make any issuance or distribution of (1) additional Shares,
(2) rights to subscribe for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such
securities (each a “Distribution”), the Company shall notify the Depositary in writing in English as promptly
as practicable and in any event before the Distribution starts and, if requested in writing by the Depositary, the Company shall
promptly furnish to the Depositary either (i) evidence satisfactory to the Depositary that the Distribution is registered
under the Securities Act of 1933 or (ii) a written opinion from U.S. counsel for the Company that is reasonably satisfactory
to the Depositary, stating that the Distribution does not require, or, if made in the United States, would not require, registration
under the Securities Act of 1933.

 

    -29-

     

    

 

In
the event that registration under the Securities Act of 1933 would be required in connection with any Distribution, the Company
shall have no obligation to effect such registration.

 

In
the event of any issuance of additional securities, the Company shall have no obligation to register such additional securities
under the Securities Act of 1933 and, to the extent the Company in its discretion deems it necessary or advisable in order to avoid
any requirement to register the additional securities under the Securities Act of 1933, may prevent Owners in the United States
from purchasing any such additional securities (whether pursuant to pre-emptive rights or otherwise) and direct the Depositary
not to accept any Shares for deposit for such period of time following the issuance of the additional securities and to adopt such
other specific measures as the Company may reasonably request in writing.

 

The Company agrees with
the Depositary that neither the Company nor any entity controlled by the Company will deposit any Shares that, at the time of deposit,
are Restricted Securities. The Depositary will comply with the written instructions of the Company not to accept knowingly for
deposit hereunder any Shares identified in such instructions at such times and under such circumstances as may be specified in
such instructions in order to facilitate the Company’s compliance with the securities laws of the United States.

 

SECTION
5.8.    Indemnification.

 

The Company agrees to
indemnify the Depositary, its directors, employees, agents and affiliates and the Custodian against, and hold each of them harmless
from, any liability or expense (including, but not limited to any fees and expenses incurred in seeking, enforcing or collecting
such indemnity and the reasonable fees and expenses of counsel) that may arise out of or in connection with (a) any registration
with the Commission of American Depositary Shares or Deposited Securities or the offer or sale thereof in the United States or
(b) acts performed or omitted, pursuant to the provisions of or in connection with this Deposit Agreement and the American
Depositary Shares, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or
the Custodian or their respective directors, employees, agents and affiliates, except for any liability or expense arising out
of the negligence or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents and affiliates.

 

The Company shall not
indemnify the Depositary or the Custodian against any liability or expense arising out of information relating to the Depositary
or the Custodian, as the case may be, furnished in writing to the Company and executed by the Depositary or the Custodian expressly
for the use in any registration statement, prospectus (or placement memorandum) or preliminary prospectus (or preliminary placement
memorandum) relating to the Shares evidenced by the American Depositary Shares (it being agreed that, as of the date of this Deposit
Agreement, the Depositary has not furnished any information of that kind).

 

    -30-

     

    

 

The Depositary agrees
to indemnify the Company, its directors, employees, agents and affiliates and hold them harmless from any liability or expense
(including, but not limited to, any fees and expenses incurred in seeking, enforcing or collecting such indemnity and the reasonable
fees and expenses of counsel) that may arise out of acts performed or omitted by the Depositary or any Custodian or their respective
directors, employees, agents and affiliates due to their negligence or failure to add in good faith.

 

Any
person seeking indemnification hereunder (an “indemnified person”) shall notify the person from whom it is seeking
indemnification (the “indemnifying person”) of a commencement of any indemnifiable action or claim promptly after such
indemnified person becomes aware of such commencement and shall consult in good faith with the indemnifying person as to the conduct
of the defense of such action or claim, which defense shall be reasonable under the circumstances. No indemnified person shall
compromise or settle any action or claim without the consent of the indemnifying person.

 

SECTION
5.9.    Charges of Depositary.

 

Except to the extent
that the Company is a depositor of Shares or an Owner, the Company shall not be responsible to pay the fees and expenses of the
Depositary provided for in this Section.

 

The following charges
shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares or to whom
American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared
by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American
Depositary Shares pursuant to Section 4.3), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such
registration fees as may from time to time be in effect for the registration of transfers of Shares generally on the Share register
of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee
or the Custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such cable (including SWIFT) and facsimile
transmission fees and expenses as are expressly provided in this Deposit Agreement, (4) such expenses as are incurred by the
Depositary in the conversion of foreign currency pursuant to Section 4.5, (5) a fee of $5.00 or less per 100 American
Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4
and the surrender of American Depositary Shares pursuant to Section 2.5 or 6.2, (6) a fee of $.05 or less per American
Depositary Share (or portion thereof) for any cash distribution made pursuant to this Deposit Agreement, including, but not limited
to Sections 4.1 through 4.4 and Section 4.8, (7) a fee for the distribution of securities pursuant to Section 4.2
or of rights pursuant to Section 4.4 (where the Depositary will not exercise or sell those rights on behalf of Owners), such
fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would
have been charged as a result of the deposit of such securities under this Deposit Agreement (for purposes of this item 7 treating
all such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in
addition to any fee charged under item 6 above, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum
for depositary services, which will be payable as provided in item 9 below, and (9) any other charges payable by the Depositary
or the Custodian, any of the Depositary's or Custodian’s agents or the agents of the Depositary's or Custodian’s agents,
in connection with the servicing of Shares or other Deposited Securities (which charges shall be assessed against Owners as of
the date or dates set by the Depositary in accordance with Section 4.6 and shall be payable at the sole discretion of the
Depositary by billing those Owners for those charges or by deducting those charges from one or more cash dividends or other cash
distributions).

 

    -31-

     

    

 

The Depositary may collect
any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities to be distributed, to
Owners that are obligated to pay those fees.

 

The Depositary, subject
to Section 2.9, may own and deal in any class of securities of the Company and its affiliates and in American Depositary Shares.

 

SECTION
5.10.  Retention of Depositary
Documents.

 

Except as otherwise explicitly
provided in this Deposit Agreement, the Depositary is authorized to destroy those documents, records, bills and other data compiled
during the term of this Deposit Agreement at the times permitted by the laws or regulations governing the Depositary unless the
Company requests that such papers be retained for a different period or turned over to the Company or to a successor depositary.

 

SECTION
5.11.  Exclusivity.

 

Without prejudice to
the Company’s rights under Section 5.4, the Company agrees not to appoint any other depositary for issuance of depositary
shares, depositary receipts or any similar securities or instruments so long as The Bank of New York Mellon is acting as Depositary
under this Deposit Agreement.

 

SECTION
5.12.  Information for Regulatory Compliance.

 

Each of the Company and
the Depositary shall provide to the other, as promptly as practicable, information from its records or otherwise available to it
that is reasonably requested by the other to permit the other to comply with applicable law or requirements of governmental or
regulatory authorities.

 

    -32-

     

    

 

ARTICLE 6.

 

AMENDMENT AND TERMINATION

 

SECTION
6.1.   Amendment.

 

The form of the Receipts
and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company
and the Depositary without the consent of Owners or Holders in any respect that they may deem necessary or desirable. Any amendment
that would impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable, telex
or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing
right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the expiration of 30 days
after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder,
at the time any amendment so becomes effective, shall be deemed, by continuing to hold American Depositary Shares or any interest
therein, to consent and agree to that amendment and to be bound by this Deposit Agreement as amended thereby. Upon the effectiveness
of an amendment to the form of Receipt, including a change in the number of Shares represented by each American Depositary Share,
the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of
American Depositary Shares to effect that change of ratio. In no event shall any amendment impair the right of the Owner to surrender
American Depositary Shares and receive delivery of the Deposited Securities represented thereby, except in order to comply with
mandatory provisions of applicable law.

 

SECTION 6.2.   Termination.

 

(a)           The
Company may initiate termination of this Deposit Agreement at any time by notice to the Depositary. The Depositary may initiate
termination of this Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the
Company a written resignation notice and a successor depositary has not been appointed and accepted its appointment as provided
in Section 5.4, (ii) an Insolvency Event or Delisting Event occurs with respect to the Company or (iii) a Termination
Option Event has occurred. If termination of this Deposit Agreement is initiated, the Depositary shall Disseminate a notice of
termination to the Owners of all American Depositary Shares then outstanding setting a date for termination (the “Termination
Date”), which shall be at least 90 days after the date of that notice, and this Deposit Agreement shall terminate on
that Termination Date. After the Termination Date, the Company shall be discharged from all obligations under this Deposit Agreement
except for its obligations to the Depositary under Sections 5.8 and 5.9.

 

    -33-

     

    

 

(b)           At
any time after the Termination Date, the Depositary may sell the Deposited Securities then held under this Deposit Agreement and
may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated
and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding,
and those Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash. After making
that sale, the Depositary shall be discharged from all obligations under this Deposit Agreement, except (i) to account
for the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary
Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions
of this Deposit Agreement and any applicable taxes or governmental charges) and (ii) for its obligations under Section 5.8
and (iii) to act as provided in paragraph (d) below.

 

(c)           After
the Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities
(that have not been sold), may sell rights and other property as provided in this Deposit Agreement and shall deliver Deposited
Securities (or sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of the
fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American
Depositary Shares in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental
charges). After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary Shares.
After the Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose
of withdrawal of Deposited Securities (that have not been sold) or reverse previously accepted surrenders of that kind that have
not settled if in its judgment the requested withdrawal would interfere with its efforts to sell the Deposited Securities, (ii) the
Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities until all Deposited Securities have
been sold and (iii) the Depositary may discontinue the registration of transfers of American Depositary Shares and suspend
the distribution of dividends and other distributions on Deposited Securities to the Owners and need not give any further notices
or perform any further acts under this Deposit Agreement except as provided in this Section.

 

ARTICLE
7.

 

MISCELLANEOUS

 

SECTION
7.1.    Counterparts; Signatures.

 

This Deposit Agreement
may be executed in any number of counterparts, each of which shall be deemed an original and all of those counterparts shall constitute
one and the same instrument. Copies of this Deposit Agreement shall be retained by the Depositary and filed with the Custodian
and shall be open to inspection by any Owner or Holder during regular business hours.

 

Any manual signature
on this Deposit Agreement that is faxed, scanned or photocopied, and any electronic signature valid under the Electronic Signatures
in Global and National Commerce Act, 15 U.S.C. § 7001, et. seq., shall for all purposes have the same validity, legal
effect and admissibility in evidence as an original manual signature, and the parties hereby waive any objection to the contrary.

 

    -34-

     

    

 

SECTION
7.2.    No Third-Party Beneficiaries.

 

This Deposit Agreement
is for the exclusive benefit of the Company, the Depositary, the Owners and the Holders and their respective successors and shall
not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person.

 

SECTION
7.3.    Severability.

 

In case any one or more
of the provisions contained in this Deposit Agreement or in a Receipt should be or become invalid, illegal or unenforceable in
any respect, the validity, legality and enforceability of the remaining provisions contained in this Deposit Agreement or that
Receipt shall in no way be affected, prejudiced or disturbed thereby.

 

SECTION
7.4.    Owners and Holders as Parties; Binding
Effect.

 

The Owners and Holders
from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions of this Deposit
Agreement and of the Receipts by acceptance of American Depositary Shares or any interest therein.

 

SECTION
7.5.    Notices.

 

Any and all notices to
be given to the Company shall be in writing and shall be deemed to have been duly given if personally delivered or sent by domestic
first class or international air mail or air courier or sent by facsimile transmission or email attaching a pdf or similar bit-mapped
image of a signed writing, provided that receipt of the facsimile transmission or email has been confirmed by the recipient,
addressed to Suzano Papel e Celulose S.A., Brigadeiro Faria Lima 1355, 8th Floor, São Paulo, SP CEP 01452-919,
Brazil, Attention: Managing Officer, or any other place to which the Company may have transferred its principal office with notice
to the Depositary.

 

Any and all notices to
be given to the Depositary shall be in writing and shall be deemed to have been duly given if in English and personally delivered
or sent by first class domestic or international air mail or air courier or sent by facsimile transmission or email attaching a
pdf or similar bit-mapped image of a signed writing, addressed to The Bank of New York Mellon, 101 Barclay Street, New York,
New York 10286, Attention: Depositary Receipt Administration, or any other place to which the Depositary may have transferred
its Office with notice to the Company.

 

    -35-

     

    

 

Delivery of a notice
to the Company or Depositary by mail or air courier shall be deemed effected when deposited, postage prepaid, in a post-office
letter box or received by an air courier service. Delivery of a notice to the Company or Depositary sent by facsimile transmission
or email shall be deemed effected when the recipient acknowledges receipt of that notice.

 

A notice to be given
to an Owner shall be deemed to have been duly given when Disseminated to that Owner. Dissemination in paper form will be effective
when personally delivered or sent by first class domestic or international air mail or air courier, addressed to that Owner at
the address of that Owner as it appears on the transfer books for American Depositary Shares of the Depositary, or, if that Owner
has filed with the Depositary a written request that notices intended for that Owner be mailed to some other address, at the address
designated in that request. Dissemination in electronic form will be effective when sent in the manner consented to by the Owner
to the electronic address most recently provided by the Owner for that purpose.

 

SECTION
7.6.    Appointment of Agent for Service of Process; Submission
to Jurisdiction; Jury Trial Waiver.

 

The Company hereby (i) designates
and appoints the person named in Exhibit A to this Deposit Agreement as the Company's authorized agent in the United States
upon which process may be served in any suit or proceeding arising out of or relating to the Deposited Securities, the American
Depositary Shares, the Receipts or this Deposit Agreement (a “Proceeding”), (ii) consents and submits to
the jurisdiction of any state or federal court located in the State of New York in which any Proceeding may be instituted and (iii) agrees
that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company
in any Proceeding. The Company agrees to deliver to the Depositary, promptly following the execution and delivery of this Deposit
Agreement, a written acceptance by the agent named in Exhibit A to this Deposit Agreement of its appointment as process agent.
The Company further agrees to take any and all action, including the filing of any and all such documents and instruments, as may
be necessary to continue that designation and appointment in full force and effect, or to appoint and maintain the appointment
of another process agent located in the United States as required above, and to deliver to the Depositary a written acceptance
by that agent of that appointment, for so long as any American Depositary Shares or Receipts remain outstanding or this Deposit
Agreement remains in force. In the event the Company fails to maintain the designation and appointment of a process agent in the
United States in full force and effect, the Company hereby waives personal service of process upon it and consents that a service
of process in connection with a Proceeding may be made by certified or registered mail, return receipt requested, directed to the
Company at its address last specified for notices under this Deposit Agreement, and service so made shall be deemed completed five
(5) days after the same shall have been so mailed.

 

    -36-

     

    

 

EACH PARTY TO THIS DEPOSIT
AGREEMENT (INCLUDING, FOR THE AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE
DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY
SHARES OR THE RECEIPTS, THIS DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING,
WITHOUT LIMITATION, ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

 

SECTION
7.7.    Waiver of Immunities.

 

To the extent that the
Company or any of its properties, assets or revenues may have or may hereafter become entitled to, or have attributed to it, any
right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any
relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment
upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process
or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may
at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection
with the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement, the Company, to
the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any immunity
of that kind and consents to relief and enforcement as provided above.

 

SECTION
7.8.    Governing Law.

 

This Deposit Agreement
and the Receipts shall be construed and interpreted in accordance with, and all rights hereunder and thereunder and provisions
hereof and thereof shall be governed by, the laws of the State of New York, other than its conflicts of laws rules.

 

    -37-

     

    

 

IN WITNESS WHEREOF, SUZANO
PAPEL E CELULOSE S.A. and THE BANK OF NEW YORK MELLON have duly executed this Deposit Agreement as of the day and year first set
forth above and all Owners and Holders shall become parties hereto upon acceptance by them of American Depositary Shares or any
interest therein.

 

 

	 	SUZANO PAPEL E CELULOSE S.A
	 
	 	By:	/s/ Marcelo Feriozzi Bacci
	 	Name: Marcelo Feriozzi Bacci
	 	Title: Chief Financial Officer
	 
	 	THE BANK OF NEW YORK MELLON,
	 	as Depositary
	 
	 	By:	/s/ Slawomir Soltowski
	 	Name: Slawomir Soltowski
	 	Title: Managing Director

 

    -38-

     

    

 

EXHIBIT A

 

	 	AMERICAN DEPOSITARY SHARES
	 	(Each American Depositary Share
represents two deposited Shares)

 

THE BANK OF NEW YORK
MELLON

AMERICAN DEPOSITARY
RECEIPT

FOR COMMON SHARES
OF

SUZANO PAPEL E CELULOSE
S.A.

(INCORPORATED UNDER THE LAWS OF THE FEDERATIVE
REPUBLIC OF BRAZIL)

 

The Bank of New York
Mellon, as depositary (hereinafter called the “Depositary”), hereby certifies that                                                                    ,
or registered assigns IS THE OWNER OF ____________________________________

 

AMERICAN DEPOSITARY SHARES

 

representing deposited common shares (herein
called “Shares”) of Suzano Papel e Celulose S.A., incorporated under the laws of the Federative Republic of
Brazil (herein called the “Company”). At the date hereof, each American Depositary Share represents two Shares
deposited or subject to deposit under the Deposit Agreement (as such term is hereinafter defined) with a custodian for the Depositary
(herein called the “Custodian”) that, as of the date of the Deposit Agreement, was Itaú Unibanco S.A.
located in Brazil. The Depositary's Office is located at a different address than its principal executive office. Its Office and
its principal executive office are located at 240 Greenwich Street, New York, N.Y. 10286.

 

THE DEPOSITARY'S OFFICE ADDRESS IS

240 GREENWICH STREET, NEW YORK, N.Y. 10286

 

    A-1

     

    

 

		1.	THE DEPOSIT AGREEMENT.

 

This American Depositary
Receipt is one of an issue (herein called “Receipts”), all issued and to be issued upon the terms and conditions
set forth in the Amended and Restated Deposit Agreement dated as of __________, 2018 (herein called the “Deposit Agreement”)
among the Company, the Depositary, and all Owners and Holders from time to time of American Depositary Shares issued thereunder,
each of whom by accepting American Depositary Shares agrees to become a party thereto and become bound by all the terms and conditions
thereof. The Deposit Agreement sets forth the rights of Owners and Holders and the rights and duties of the Depositary in respect
of the Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of
those Shares and held thereunder (those Shares, securities, property, and cash are herein called “Deposited Securities”).
Copies of the Deposit Agreement are on file at the Depositary's Office in New York City and at the office of the Custodian.

 

The statements made
on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified by and subject
to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined in the Deposit
Agreement and not defined herein shall have the meanings set forth in the Deposit Agreement.

 

		2.	SURRENDER OF AMERICAN DEPOSITARY SHARES AND WITHDRAWAL OF SHARES.

 

Upon surrender of American
Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment of the fee of the Depositary
for the surrender of American Depositary Shares as provided in Section 5.9 of the Deposit Agreement and payment of all taxes
and governmental charges payable in connection with that surrender and withdrawal of the Deposited Securities, and subject to the
terms and conditions of the Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery (to
the extent delivery can then be lawfully and practicably made), to or as instructed by that Owner, of the amount of Deposited Securities
at the time represented by those American Depositary Shares, but not any money or other property as to which a record date
for distribution to Owners has passed (since money or other property of that kind will be delivered or paid on the scheduled payment
date to the Owner as of that record date), and except that the Depositary shall not be required to accept surrender of American
Depositary Shares for the purpose withdrawal to the extent it would require delivery of a fraction of a Deposited Security. The
Depositary shall direct the Custodian with respect to delivery of Deposited Securities and may charge the surrendering Owner a
fee and its expenses for giving that direction by cable (including SWIFT) or facsimile transmission. If Deposited Securities are
delivered physically upon surrender of American Depositary Shares for the purpose of withdrawal, that delivery will be made at
the Custodian’s office, except that, at the request, risk and expense of the surrendering Owner, and for the account
of that Owner, the Depositary shall direct the Custodian to forward any cash or other property comprising, and forward a certificate
or certificates, if applicable, and other proper documents of title, if any, for, the Deposited Securities represented by the surrendered
American Depositary Shares to the Depositary for delivery at the Depositary’s Office or to another address specified in the
order received from the surrendering Owner.

 

    A-2

     

    

 

		3.	REGISTRATION OF TRANSFER OF AMERICAN DEPOSITARY SHARES; COMBINATION AND SPLIT-UP OF RECEIPTS; INTERCHANGE
OF CERTIFICATED AND UNCERTIFICATED AMERICAN DEPOSITARY SHARES.

 

The Depositary, subject
to the terms and conditions of the Deposit Agreement, shall, without unreasonable delay, register a transfer of American Depositary
Shares on its transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing
those American Depositary Shares, by the Owner in person or by a duly authorized attorney, properly endorsed or accompanied by
proper instruments of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of
a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9
of the Deposit Agreement), and, in either case, duly stamped as may be required by the laws of the State of New York and of the
United States of America. Upon registration of a transfer, the Depositary shall deliver the transferred American Depositary Shares
to or upon the order of the person entitled thereto.

 

The Depositary, subject
to the terms and conditions of the Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting
a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number
of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts
surrendered.

 

The Depositary, upon
surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary Shares,
shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that
the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt of a proper
instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9 of the
Deposit Agreement) from the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated American
Depositary Shares, shall cancel those uncertificated American Depositary Shares and register and deliver to the Owner a Receipt
evidencing the same number of certificated American Depositary Shares.

 

As a condition precedent
to the delivery, registration of transfer, or surrender of any American Depositary Shares or split-up or combination of any Receipt
or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may require payment from the depositor of
the Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares
not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer
or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn)
and payment of any applicable fees as provided in the Deposit Agreement, may require the production of proof satisfactory to it
as to the identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish
consistent with the provisions of the Deposit Agreement.

 

    A-3

     

    

 

The delivery of American
Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended, or the registration
of transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding
American Depositary Shares generally may be suspended, during any period when the transfer books of the Depositary are closed,
or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because
of any requirement of law or of any government or governmental body or commission, or under any provision of the Deposit Agreement,
or for any other reason. Notwithstanding anything to the contrary in the Deposit Agreement or this Receipt, the surrender of outstanding
American Depositary Shares and withdrawal of Deposited Securities may not be suspended subject only to (i) temporary delays
caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit of
Shares in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees,
taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the
American Depositary Shares or to the withdrawal of the Deposited Securities. The Depositary shall not knowingly accept for deposit
under the Deposit Agreement any Shares that, at the time of deposit, are Restricted Securities.

 

		4.	LIABILITY OF OWNER FOR TAXES.

 

If any tax or other
governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection with any American
Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection with a transaction
to which Section 4.8 of the Deposit Agreement applies, that tax or other governmental charge shall be payable by the Owner
of those American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary
Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until that payment is made, and
may withhold any dividends or other distributions or the proceeds thereof, or may sell for the account of the Owner any part or
all of the Deposited Securities represented by those American Depositary Shares, and may apply those dividends or other distributions
or the net proceeds of any sale of that kind in payment of that tax or other governmental charge but, even after a sale of that
kind, the Owner shall remain liable for any deficiency. The Depositary shall distribute any net proceeds of a sale made under Section 3.2
of the Deposit Agreement that are not used to pay taxes or governmental charges to the Owners entitled to them in accordance with
Section 4.1 of the Deposit Agreement. If the number of Shares represented by each American Depositary Share decreases as a
result of a sale of Deposited Securities under Section 3.2 of the Deposit Agreement, the Depositary may call for surrender
of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may
sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange
and distribute the net proceeds of that sale to the Owners entitled to them.

 

    A-4

     

    

 

		5.	WARRANTIES ON DEPOSIT OF SHARES.

 

Every person depositing
Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each certificate therefor,
if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar rights
of the holders of outstanding securities of the Company and that the person making that deposit is duly authorized so to do. Every
depositing person shall also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. All
representations and warranties deemed made under Section 3.3 of the Deposit Agreement shall survive the deposit of Shares
and delivery of American Depositary Shares.

 

		6.	FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.

 

Any person presenting
Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such proof
of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company
or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary
may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of any American Depositary Shares,
the distribution of any dividend or other distribution or of the proceeds thereof or the delivery of any Deposited Securities until
that proof or other information is filed or those certificates are executed or those representations and warranties are made. Each
Owner agrees to provide any information requested by the Company or the Depositary pursuant to this paragraph. As conditions of
accepting Shares for deposit, the Depositary may require (i) any certification required by the Depositary or the Custodian
in accordance with the provisions of the Deposit Agreement, (ii) a written order directing the Depositary to deliver to, or
upon the written order of, the person or persons stated in that order, the number of American Depositary Shares representing those
deposited Shares, (iii) evidence satisfactory to the Depositary that those Shares have been re-registered in the books of
the Company or the Foreign Registrar in the name of the Depositary, a Custodian or a nominee of the Depositary or a Custodian,
(iv) evidence satisfactory to the Depositary that any necessary approval has been granted by any governmental body in each
applicable jurisdiction and (v) an agreement or assignment, or other instrument satisfactory to the Depositary, that provides
for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property,
that any person in whose name those Shares are or have been recorded may thereafter receive upon or in respect of those Shares,
or, in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.

 

    A-5

     

    

 

		7.	CHARGES OF DEPOSITARY.

 

The following charges
shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares or to whom
American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared
by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American
Depositary Shares pursuant to Section 4.3 of the Deposit Agreement), or by Owners, as applicable: (1) taxes and other
governmental charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of
Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the
name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such
cable (including SWIFT) and facsimile transmission fees and expenses as are expressly provided in the Deposit Agreement, (4) such
expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.5 of the Deposit Agreement,
(5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary
Shares pursuant to Section 2.3, 4.3 or 4.4 of the Deposit Agreement and the surrender of American Depositary Shares pursuant
to Section 2.5 or 6.2 of the Deposit Agreement, (6) a fee of $.05 or less per American Depositary Share (or portion thereof)
for any cash distribution made pursuant to the Deposit Agreement, including, but not limited to Sections 4.1 through 4.4 and 4.8
of the Deposit Agreement, (7) a fee for the distribution of securities pursuant to Section 4.2 of the Deposit Agreement
or of rights pursuant to Section 4.4 of the Deposit Agreement (where the Depositary will not exercise or sell those rights
on behalf of Owners), such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares
referred to above which would have been charged as a result of the deposit of such securities under the Deposit Agreement (for
purposes of this item 7 treating all such securities as if they were Shares) but which securities are instead distributed by the
Depositary to Owners, (8) in addition to any fee charged under item 6, a fee of $.05 or less per American Depositary Share
(or portion thereof) per annum for depositary services, which will be payable as provided in item 9 below, and (9) any other
charges payable by the Depositary or the Custodian, any of the Depositary's or Custodian’s agents or the agents of the Depositary's
or Custodian’s agents, in connection with the servicing of Shares or other Deposited Securities (which charges shall be assessed
against Owners as of the date or dates set by the Depositary in accordance with Section 4.6 of the Deposit Agreement and shall
be payable at the sole discretion of the Depositary by billing those Owners for those charges or by deducting those charges from
one or more cash dividends or other cash distributions).

 

    A-6

     

    

 

The Depositary may
collect any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities to be distributed,
to Owners that are obligated to pay those fees.

 

The Depositary, subject
to Article 8 hereof, may own and deal in any class of securities of the Company and its affiliates and in American Depositary
Shares.

 

From time to time,
the Depositary may make payments to the Company to reimburse the Company for costs and expenses generally arising out of establishment
and maintenance of the American Depositary Shares program, waive fees and expenses for services provided by the Depositary or share
revenue from the fees collected from Owners or Holders. In performing its duties under the Deposit Agreement, the Depositary may
use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated with the Depositary and
that may earn or share fees, spreads or commissions.

 

		8.	DISCLOSURE OF INTERESTS.

 

When required in order
to comply with applicable laws and regulations or the articles of association or similar document of the Company, the Company may
from time to time request each Owner and Holder to provide to the Depositary information relating to: (a) the capacity
in which it holds American Depositary Shares, (b) the identity of any Holders or other persons or entities then
or previously interested in those American Depositary Shares and the nature of those interests and (c) any other matter
where disclosure of such matter is required for that compliance.   Each Owner and Holder agrees to provide all information
known to it in response to a request made pursuant to Section 3.4 of the Deposit Agreement.  Each Holder consents
to the disclosure by the Depositary and the Owner or other Holder through which it holds American Depositary Shares, directly or
indirectly, of all information responsive to a request made pursuant to that Section relating to that Holder that is
known to that Owner or other Holder.

 

		9.	TITLE TO AMERICAN DEPOSITARY SHARES.

 

It is a condition of
the American Depositary Shares, and every successive Owner and Holder of American Depositary Shares, by accepting or holding the
same, consents and agrees that American Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied
by proper instruments of transfer, shall be transferable as certificated registered securities under the laws of the State of New
York, and that American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities
under the laws of the State of New York. The Depositary, notwithstanding any notice to the contrary, may treat the Owner of American
Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends
or other distributions or to any notice provided for in the Deposit Agreement and for all other purposes, and neither the Depositary
nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement to any Holder of American
Depositary Shares, but only to the Owner.

 

    A-7

     

    

 

		10.	VALIDITY OF RECEIPT.

 

This Receipt shall
not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt shall
have been (i) executed by the Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed
by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature of a duly authorized
signatory of the Depositary or the Registrar or a co-registrar.

 

		11.	REPORTS; INSPECTION OF TRANSFER BOOKS.

 

The Company is subject
to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports with the
Securities and Exchange Commission. Those reports will be available for inspection and copying through the Commission's EDGAR system
or at public reference facilities maintained by the Commission in Washington, D.C.

 

The Depositary will
make available for inspection by Owners at its Office any reports, notices and other communications, including any proxy soliciting
material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities
and (b) made generally available to the holders of those Deposited Securities by the Company. The Company shall furnish reports
and communications, including any proxy soliciting material to which Section 4.9 of the Deposit Agreement applies, to the
Depositary in English, to the extent such materials are required to be translated into English pursuant to any regulations of the
Commission.

 

The Depositary will
keep books for the registration and transfers of American Depositary Shares, which shall be open for inspection by the Owners at
the Depositary’s Office during regular business hours, provided that such inspection shall not be for the purpose
of communicating with Owners in the interest of a business or object other than the business of the Company or a matter related
to the Deposit Agreement or the American Depositary Shares.

 

		12.	DIVIDENDS AND DISTRIBUTIONS.

 

Whenever the Depositary
or the Custodian receives any cash dividend or other cash distribution on Deposited Securities, the Depositary or the Custodian
will, if at the time of receipt thereof any amounts received in a foreign currency can, in the reasonable judgment of the Depositary,
be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, and subject to the
Deposit Agreement, convert, as promptly as practicable, that dividend or other cash distribution into Dollars and the Depositary
will distribute the amount thus received (in each case net of the fees and expenses of the Depositary as provided in Article 7
hereof and Section 5.9 of the Deposit Agreement), to the Owners entitled thereto; provided, however, that if
the Custodian or the Depositary is required to withhold and does withhold from that cash dividend or other cash distribution an
amount on account of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares
representing those Deposited Securities shall be reduced accordingly. If a cash distribution would represent a return of all or
substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender
of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether
or not it is also requiring surrender of American Depositary Shares) as a condition of making that cash distribution. A distribution
of that kind shall be a Termination Option Event.

 

    A-8

     

    

 

Subject to the provisions
of Section 4.11 and 5.9 of the Deposit Agreement, whenever the Depositary receives any distribution other than a distribution
described in Section 4.1, 4.3 or 4.4 of the Deposit Agreement on Deposited Securities (but not in exchange for or in conversion
or in lieu of Deposited Securities), the Depositary will cause the securities or property received by it or the Custodian to be
distributed to the Owners entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary and any
taxes or other governmental charges, in any manner that the Depositary deems equitable and practicable for accomplishing that distribution
(which may be a distribution of depositary shares representing the securities received); provided, however, that
if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners entitled thereto, or if for
any other reason the Depositary deems such distribution not to be lawful and feasible, the Depositary may adopt such other method
as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public
or private sale of the securities or property thus received, or any part thereof, and distribution of the net proceeds of any such
sale (net of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement)
to the Owners entitled thereto, all in the manner and subject to the conditions set forth in Section 4.1 of the Deposit Agreement.
The Depositary may withhold any distribution of securities under Section 4.2 of the Deposit Agreement if it has not received
reasonably satisfactory assurances from the Company that the distribution does not require registration under the Securities Act
of 1933. The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute
under this Article that is sufficient to pay its fees and expenses in respect of that distribution. If a distribution under
Section 4.2 of the Deposit Agreement would represent a return of all of substantially all the value of the Deposited Securities
underlying American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require
payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American
Depositary Shares) as a condition of making that distribution. A distribution of that kind shall be a Termination Option Event.

 

Whenever the Depositary
receives any distribution consisting of a dividend in, or free distribution of, Shares, the Depositary may, and shall if the Company
shall so request in writing, deliver to the Owners entitled thereto, an aggregate number of American Depositary Shares representing
the amount of Shares received as that dividend or free distribution, subject to the terms and conditions of the Deposit Agreement
with respect to the deposit of Shares and issuance of American Depositary Shares, including the withholding of any tax or other
governmental charge as provided in Section 4.11 of the Deposit Agreement and the payment of the fees and expenses of the Depositary
as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement (and the Depositary may sell, by public or private
sale, an amount of Shares received (or American Depositary Shares representing those Shares) sufficient to pay its fees and expenses
in respect of that distribution). In lieu of delivering fractional American Depositary Shares, the Depositary may sell the amount
of Shares represented by the aggregate of those fractions (or American Depositary Shares representing those Shares) and distribute
the net proceeds, all in the manner and subject to the conditions described in Section 4.1of the Deposit Agreement. If and
to the extent that additional American Depositary Shares are not delivered and Shares or American Depositary Shares are not sold,
each American Depositary Share shall thenceforth also represent the additional Shares distributed on the Deposited Securities represented
thereby.

 

    A-9

     

    

 

If the Company declares
a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares or other securities
or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation
with the Company, make that right of election available for exercise by Owners any manner the Depositary considers to be lawful
and practical. As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory
assurances from the Company that doing so does not require registration of any securities under the Securities Act of 1933.

 

If the Depositary determines
that any distribution received or to be made by the Depositary (including Shares and rights to subscribe therefor) is subject to
any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public or private
sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor) in the amounts and manner
the Depositary deems necessary and practicable to pay any those taxes or charges, and the Depositary shall distribute the net proceeds
of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion to the number of American
Depositary Shares held by them respectively.

 

Each Owner and Holder
agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents and affiliates
for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties
or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit received by it. Services for
Owners and Holders that may permit them to obtain reduced rates of tax withholding at source or reclaim excess tax withheld, and
the fees and costs associated with using services of that kind, are not provided under, and are outside the scope of, the Deposit
Agreement.

 

    A-10

     

    

 

		13.	RIGHTS.

 

(a)            If
rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company
and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant
of rights. The Depositary may, to the extent deemed by it to be lawful and practical, (i) if requested in writing by the Company,
grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver
those securities or American Depositary Shares representing those securities to Owners, (ii) if requested in writing by the
Company, deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent lawful and practicable
and distribute the net proceeds of that sale to Owners entitled to those proceeds. To the extent rights are not exercised, delivered
or disposed of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised.

 

(b)            If
the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth
the conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the
Depositary specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities
to be received upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase
the securities. The purchased securities shall be delivered to, or as instructed by, the Depositary. The Depositary shall (i) deposit
the purchased Shares under the Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner
or (ii) deliver or cause the purchased Shares or other securities to be delivered to or to the order of that Owner. The Depositary
will not act under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered under
the Securities Act of 1933 or the Depositary has received an opinion of United States counsel that is satisfactory to it to the
effect that those securities may be sold and delivered to the applicable Owners without registration under the Securities Act of
1933.

 

(c)            If
the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth
the conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver
the rights allocable to the American Depositary Shares of that Owner to an account specified by that Owner to which the rights
can be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable
law, the Depositary will deliver those rights as requested by that Owner.

 

(d)            If
the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion
to the number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled
to the rights that were sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because
of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise.

 

    A-11

     

    

 

(e)            Payment
or deduction of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement and payment or deduction of
the expenses of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities
or payment of cash proceeds under Section 4.4 of the Deposit Agreement.

 

(f)            The
Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to
or exercise rights on behalf of Owners in general or any Owner in particular, or to sell rights.

 

		14.	CONVERSION OF FOREIGN CURRENCY.

 

Whenever the Depositary
or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities,
property or rights, and if at the time of the receipt thereof the foreign currency so received can in the reasonable judgment of
the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the
Depositary shall convert or cause to be converted by sale or in any other manner that it may determine that foreign currency into
Dollars, and those Dollars shall be distributed to the Owners entitled thereto. A cash distribution may be made upon an averaged
or other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the date of delivery
of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary
as provided in Section 5.9 of the Deposit Agreement.

 

If a conversion of
foreign currency or the repatriation or distribution of Dollars can be effected only with the approval or license of any government
or agency thereof, the Depositary may, but will not be required to, file an application for that approval or license.

 

If the Depositary determines
that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable basis
into Dollars transferable to the United States, or if any approval or license of any government or agency thereof that is required
for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable period as determined by the
Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion may hold such
foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled to receive
the same.

 

If any conversion of
foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary
may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners
entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold that balance uninvested
and without liability for interest thereon for the account of, the Owners entitled thereto.

 

    A-12

     

    

 

The Depositary may
convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not as
agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction
spreads, that it will retain for its own account.  The revenue is based on, among other things, the difference between the
exchange rate assigned to the currency conversion made under the Deposit Agreement and the rate that the Depositary or its affiliate
receives when buying or selling foreign currency for its own account.  The Depositary makes no representation that the exchange
rate used or obtained in any currency conversion under the Deposit Agreement will be the most favorable rate that could be obtained
at the time or that the method by which that rate will be determined will be the most favorable to Owners, subject to the Depositary’s
obligations under Section 5.3 of that Agreement. The methodology used to determine exchange rates used in currency conversions
is available upon request.

 

		15.	RECORD DATES.

 

Whenever a cash dividend,
cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other securities are
issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance
with Section 4.4 of the Deposit Agreement) or the Depositary receives notice that a distribution or issuance of that kind
will be made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the
Company has requested the Depositary to send a notice under Section 4.7 of the Deposit Agreement, or whenever the Depositary
will assess a fee or charge against the Owners, or whenever the Depositary causes a change in the number of Shares that are represented
by each American Depositary Share, or whenever the Depositary otherwise finds it necessary or convenient, the Depositary shall
fix a record date, which shall be the same as, or as near as practicable to, any corresponding record date set by the Company with
respect to Shares, (a) for the determination of the Owners (i) who shall be entitled to receive the benefit of that dividend
or other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting rights at
that meeting, (iii) who shall be responsible for that fee or charge or (iv) for any other purpose for which the record
date was set, or (b) on or after which each American Depositary Share will represent the changed number of Shares. Subject
to the provisions of Sections 4.1 through 4.5 of the Deposit Agreement and to the other terms and conditions of the Deposit Agreement,
the Owners on a record date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary with
respect to that dividend or other distribution or those rights or the net proceeds of sale thereof in proportion to the number
of American Depositary Shares held by them respectively, to give voting instructions or to act in respect of the other matter for
which that record date was fixed, or be responsible for that fee or charge, as the case may be.

 

    A-13

     

    

 

		16.	VOTING OF DEPOSITED SHARES.

 

(a)            Upon
receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing
by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which
shall be in the reasonable discretion of the Depositary, that shall contain (i) the information contained in the notice of
meeting received by the Depositary from the Company, (ii) a statement that the Owners as of the close of business on a specified
record date will be entitled, subject to any applicable provision of Brazilian law and of the bylaws of the Company, to instruct
the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective American
Depositary Shares, (iii) a statement as to the manner in which those instructions may be given including, when applicable,
an express indication that instructions may be given (or, if applicable, deemed given in accordance with the following paragraph
if no instruction is received) to the Depositary to give a discretionary proxy to a person designated by the Company and (iv) the
last date on which the Depositary will accept instructions (the “Instruction Cutoff Date”).

 

(b)            Upon
the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified
by the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the
Depositary, the Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as
practicable, to vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance
with the instructions set forth in that request. The Depositary shall give notice to the Company of the voting instructions received
by the Delpositary from Owners in accordance with applicable Brazilian law. The Depositary shall not vote or attempt to exercise
the right to vote that attaches to the deposited Shares other than in accordance with instructions given by Owners and received
by the Depositary or as provided in the following sentence. If

 

(i) the Company
instructed the Depositary to Disseminate a notice under paragraph (a) above and complied with paragraph (d) below,

 

(ii) no instructions
are received by the Depositary from an Owner with respect to a matter and an amount of American Depositary Shares of that Owner
on or before the Instruction Cutoff Date and

 

(iii) the Depositary
has received from the Company, by the New York business day following the Instruction Cutoff Date, a written confirmation that,
as of the Instruction Cutoff Date, (x) the Company wishes a proxy to be given under this sentence, (y) the Company reasonably
does not know of any substantial opposition to the matter and (z) the matter is not materially adverse to the interests of
shareholders,

 

    A-14

     

    

 

then, the Depositary
shall deem that Owner to have instructed the Depositary to give a discretionary proxy to a person designated by the Company with
respect to that matter and the amount of deposited Shares represented by that amount of American Depositary Shares and the Depositary
shall give a discretionary proxy to a person designated by the Company to vote that amount of deposited Shares as to that matter.

 

(c)            There
can be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph (a) above
in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.

 

(d)            In
order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares,
if the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give
the Depositary notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made available
to holders of Shares in connection with the meeting not less than 30 days prior to the meeting date. The instructions received
by the Depositary in connection with a certain vote or meeting shall also be applicable to any adjournment or postponement of that
vote or meeting.

 

(e)            Without
limiting any of the foregoing, to the extent the Depositary does not receive voting instructions from Owners, the Depositary shall
take such actions as are necessary, upon the written request of the Company and subject to applicable law and the terms of the
Deposited Securities, to cause the amount of Shares represented by the American Depositary Shares of those Owners to be counted
for the purpose of satisfying applicable quorum requirements.

 

		17.	TENDER AND EXCHANGE OFFERS; REDEMPTION, REPLACEMENT OR CANCELLATION OF DEPOSITED SECURITIES.

 

(a)            The
Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar
offer made to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do
so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.

 

    A-15

     

    

 

(b)            If
the Depositary receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash
in a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”),
the Depositary, at the expense of the Company, shall (i) if required by the Company, surrender Deposited Securities that have
been redeemed to the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying
them of that Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C) notifying
them that the called American Depositary Shares have been converted into a right only to receive the money received by the Depositary
upon that Redemption and those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary
Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 of the
Deposit Agreement and (iii) distribute the money received upon that Redemption to the Owners entitled to it upon surrender
by them of called American Depositary Shares in accordance with Section 2.5 of the Deposit Agreement (and, for the avoidance
of doubt, Owners shall not be entitled to receive that money under Section 4.1 of the Deposit Agreement). If the Redemption
affects less than all the Deposited Securities, the Depositary shall call for surrender a corresponding portion of the outstanding
American Depositary Shares and only those American Depositary Shares will automatically be converted into a right to receive the
net proceeds of the Redemption. The Depositary shall allocate the American Depositary Shares converted under the preceding sentence
among the Owners pro-rata to their respective holdings of American Depositary Shares immediately prior to the Redemption, except
that the allocations may be adjusted so that no fraction of a converted American Depositary Share is allocated to any Owner.
A Redemption of all or substantially all of the Deposited Securities shall be a Termination Option Event.

 

(c)            If
the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification
of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation
affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as a
holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion,
replacement or in lieu of, Deposited Securities (a “Replacement”), the Depositary shall, if required, surrender
the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under the Deposit Agreement,
the new securities or other property delivered to it in that Replacement. However, the Depositary may elect to sell those
new Deposited Securities if in the opinion of the Depositary it is not lawful for it to hold those new Deposited Securities under
the Deposit Agreement because those new Deposited Securities may not be distributed to Owners without registration under the Securities
Act of 1933 or for any other reason, at public or private sale, at such places and on such terms as it deems proper and proceed
as if those new Deposited Securities had been Redeemed under paragraph (b) above. A Replacement shall be a Termination
Option Event.

 

(d)            In
the case of a Replacement where the new Deposited Securities will continue to be held under the Deposit Agreement, the Depositary
may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities
and the number of those new Deposited Securities represented by each American Depositary Share. If the number of Shares represented
by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of the American
Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American
Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute
the net proceeds of that sale to the Owners entitled to them.

 

    A-16

     

    

 

(e)            If
there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled,
or the Deposited Securities with respect to American Depositary Shares become apparently worthless, the Depositary may call for
surrender of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and a Termination
Option Event occurs.

 

		18.	LIABILITY OF THE COMPANY AND DEPOSITARY.

 

Neither the Depositary
nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or
Holder:

 

(i) if by reason
of (A) any provision of any present or future law or regulation or other act of the government of the United States, any State
of the United States or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange; (B) any
provision, present or future, of the bylaws (estatuto social) of the Company, or by reason of any provision of any securities
issued or distributed by the Company, or any offering or distribution thereof; or (C) any event or circumstance, whether natural
or caused by a person or persons, that is beyond the ability of the Depositary or the Company, as the case may be, to prevent or
counteract by reasonable care or effort (including, but not limited to earthquakes, floods, severe storms, fires, explosions, war,
terrorism, civil unrest, labor disputes or criminal acts; interruptions or malfunctions of utility services, Internet or other
communications lines or systems; unauthorized access to or attacks on computer systems or websites; or other failures or malfunctions
of computer hardware or software or other systems or equipment), the Depositary or the Company is, directly or indirectly, prevented
from, forbidden to or delayed in, or could be subject to any civil or criminal penalty on account of doing or performing and therefore
does not do or perform, any act or thing that, by the terms of the Deposit Agreement or the Deposited Securities, it is provided
shall be done or performed;

 

(ii) for any exercise
of, or failure to exercise, any discretion provided for in the Deposit Agreement (including any determination by the Depositary
to take, or not take, any action that the Deposit Agreement provides the Depositary may take);

 

(iii) for the
inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available to holders
of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Owners or Holders; or

 

(iv) for any special,
consequential or punitive damages for any breach of the terms of the Deposit Agreement.

 

Where, by the terms
of a distribution to which Section 4.1, 4.2 or 4.3 of the Deposit Agreement applies, or an offering to which Section 4.4
of the Deposit Agreement applies, or for any other reason, that distribution or offering may not be made available to Owners, and
the Depositary may not dispose of that distribution or offering on behalf of Owners and make the net proceeds available to Owners,
then the Depositary shall not make that distribution or offering available to Owners, and shall allow any rights, if applicable,
to lapse.

 

    A-17

     

    

 

Neither the Company
nor the Depositary assumes any obligation or shall be subject to any liability under the Deposit Agreement to Owners or Holders,
except that they agree to perform their obligations specifically set forth in the Deposit Agreement without negligence or bad faith.
The Depositary shall not be a fiduciary or have any fiduciary duty to Owners or Holders. The Depositary shall not be subject to
any liability with respect to the validity or worth of the Deposited Securities. Neither the Depositary nor the Company shall be
under any obligation to appear in, prosecute or defend any action, suit, or other proceeding in respect of any Deposited Securities
or in respect of the American Depositary Shares, on behalf of any Owner or Holder or other person. Neither the Depositary nor the
Company shall be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants,
any person presenting Shares for deposit, any Owner or Holder, or any other person believed by it in good faith to be competent
to give such advice or information. Each of the Depositary and the Company may rely, and shall be protected in relying upon, any
written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper
party or parties. The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection
with a previous act or omission of the Depositary or in connection with a matter arising wholly after the removal or resignation
of the Depositary, provided that in connection with the issue out of which such potential liability arises, the Depositary performed
its obligations without negligence or bad faith while it acted as Depositary. The Depositary shall not be liable for the acts or
omissions of any securities depository, clearing agency or settlement system in connection with or arising out of book-entry settlement
of American Depositary Shares or Deposited Securities or otherwise. In the absence of bad faith on its part, the Depositary shall
not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities or for the manner in which
any such vote is cast or the effect of any such vote. The Depositary shall have no duty to make any determination or provide any
information as to the tax status of the Company or any liability for any tax consequences that may be incurred by Owners or Holders
as a result of owning or holding American Depositary Shares. The Depositary shall not be liable for the inability or failure of
an Owner or Holder to obtain the benefit of a foreign tax credit, reduced rate of withholding or refund of amounts withheld in
respect of tax or any other tax benefit. No disclaimer of liability under the Securities Act of 1933 is intended by any provision
of the Deposit Agreement.

 

		19.	RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN.

 

The Depositary may
at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to the Company,
to become effective upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit
Agreement. The Depositary may at any time be removed by the Company by 90 days’ prior written notice of that removal, to
become effective upon the later of (i) the 90th day after delivery of the notice to the Depositary and (ii) the appointment
of a successor depositary and its acceptance of its appointment as provided in the Deposit Agreement. The Depositary in its discretion
may at any time appoint a substitute custodian.

 

    A-18

     

    

 

		20.	AMENDMENT.

 

The form of the Receipts
and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the Company and
the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or desirable. Any amendment
that would impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable, telex
or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing
right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the expiration of 30 days
after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder,
at the time any amendment so becomes effective, shall be deemed, by continuing to hold American Depositary Shares or any interest
therein, to consent and agree to that amendment and to be bound by the Deposit Agreement as amended thereby. Upon the effectiveness
of an amendment to the form of Receipt, including a change in the number of Shares represented by each American Depositary Share,
the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of
American Depositary Shares to effect that change of ratio. In no event shall any amendment impair the right of the Owner to surrender
American Depositary Shares and receive delivery of the Deposited Securities represented thereby, except in order to comply with
mandatory provisions of applicable law.

 

		21.	TERMINATION OF DEPOSIT AGREEMENT.

 

(a)            The
Company may initiate termination of the Deposit Agreement at any time by notice to the Depositary. The Depositary may initiate
termination of the Deposit Agreement if (i) 60 days shall have expired after the Depositary delivered to the Company a written
resignation notice and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4
of the Deposit Agreement, (ii) an Insolvency Event or Delisting Event occurs with respect to the Company or (iii) a Termination
Option Event has occurred. If termination of the Deposit Agreement is initiated, the Depositary shall Disseminate a notice of termination
to the Owners of all American Depositary Shares then outstanding setting a date for termination (the “Termination Date”),
which shall be at least 30 days after the date of that notice, and the Deposit Agreement shall terminate on that Termination Date.

 

(b)            After
the Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations
to the Depositary under Sections 5.8 and 5.9 of the Agreement.

 

    A-19

     

    

 

(c)            At
any time after the Termination Date, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and
may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated
and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding,
and those Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash. After making
that sale, the Depositary shall be discharged from all obligations under the Deposit Agreement, except (i) to account for
the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary
Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions
of the Deposit Agreement and any applicable taxes or governmental charges) and (ii) for its obligations under Section 5.8
of the Deposit Agreement and (iii) to act as provided in paragraph (d) below.

 

(d)            After
the Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities
(that have not been sold), may sell rights and other property as provided in the Deposit Agreement and shall deliver Deposited
Securities (or sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of the
fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American
Depositary Shares in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental
charges). After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary Shares.
After the Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose
of withdrawal of Deposited Securities (that have not been sold) or reverse previously accepted surrenders of that kind that have
not settled if in its judgment the requested withdrawal would interfere with its efforts to sell the Deposited Securities, (ii) the
Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities until all Deposited Securities have
been sold and (iii) the Depositary may discontinue the registration of transfers of American Depositary Shares and suspend
the distribution of dividends and other distributions on Deposited Securities to the Owners and need not give any further notices
or perform any further acts under the Deposit Agreement except as provided in Section 6.2 of the Deposit Agreement.

 

		22.	DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM.

 

(a)            Notwithstanding
the provisions of Section 2.4 of the Deposit Agreement, the parties acknowledge that DTC’s Direct Registration System
(“DRS”) and Profile Modification System (“Profile”) apply to the American Depositary Shares
upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between registered holding
of uncertificated securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile
is a required feature of DRS that allows a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares,
to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those
American Depositary Shares to the DTC account of that DTC participant without receipt by the Depositary of prior authorization
from the Owner to register that transfer.

 

    A-20

     

    

 

(b)            In
connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is
claiming to be acting on behalf of an Owner in requesting registration of transfer and delivery described in paragraph (a) above
has the actual authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code). For
the avoidance of doubt, the provisions of Sections 5.3 and 5.8 of the Deposit Agreement apply to the matters arising from the use
of the DRS/Profile. The parties agree that the Depositary’s reliance on and compliance with instructions received by the
Depositary through the DRS/Profile system and otherwise in accordance with the Deposit Agreement, shall not constitute negligence
or bad faith on the part of the Depositary.

 

		23.	APPOINTMENT OF AGENT FOR SERVICE OF PROCESS; SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER
OF IMMUNITIES.

 

The Company has (i) appointed
______________________________________, as the Company's authorized agent in the United States upon which process may be served
in any suit or proceeding arising out of or relating to the Deposited Securities, the American Depositary Shares, the Receipts
or the Deposit Agreement, (ii) consented and submitted to the jurisdiction of any state or federal court located in the State
of New York in which any such suit or proceeding may be instituted, and (iii) agreed that service of process upon said authorized
agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding.

 

EACH PARTY TO THE DEPOSIT
AGREEMENT (INCLUDING, FOR THE AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) THEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE
DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY
SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING
WITHOUT LIMITATION ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

 

    A-21

     

    

 

To the extent that
the Company or any of its properties, assets or revenues may have or hereafter become entitled to, or have attributed to it, any
right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any
relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment
upon or prior to judgment, from attachment in aid of execution or judgment, or other legal process or proceeding for the giving
of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with
respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited
Securities, the American Depositary Shares, the Receipts or the Deposit Agreement, the Company, to the fullest extent permitted
by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such
relief and enforcement.

 

		24.	DELIVERY OF INFORMATION TO THE CVM AND THE CENTRAL BANK.

 

Each of the Depositary
and the Company hereby confirms to the other that for as long as the Deposit Agreement is in effect, it shall furnish the CVM and
the Central Bank, at any time and within the period that may be determined, with any information and documents related to the American
Depositary Share program and the American Depositary Shares issued hereunder. In the event that the Depositary or the Custodian
is advised in writing by reputable independent Brazilian counsel that the Depositary or Custodian reasonably could be subject to
criminal, or material, as reasonably determined by the Depositary, civil, liabilities as a result of the Company having failed
to provide such information or documents reasonably available only through the Company, the Depositary shall have the right to
terminate the Deposit Agreement, upon at least 15 days’ prior notice to the Owners and the Company, and the Depositary shall
not be subject to any liability hereunder on account of that termination or that determination. The effect of any termination of
the Deposit Agreement shall be as provided in Section 6.2 of the Deposit Agreement.

 

    A-22EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

MEDALLIA, INC. 
 AND 

U.S. BANK NATIONAL ASSOCIATION, as Trustee 

INDENTURE 
 Dated as of
September 18, 2020 
 0.125% Convertible Senior Notes due 2025 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	
	ARTICLE 1	  

	DEFINITIONS	  

			
	Section 1.01.	 	 Definitions
	  	 	1	 
	Section 1.02.	 	 References to Interest
	  	 	14	 
	ARTICLE 2	  

	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES	
 

	Section 2.01.	 	 Designation and Amount
	  	 	14	 
	Section 2.02.	 	 Form of Notes
	  	 	14	 
	Section 2.03.	 	 Date and Denomination of Notes; Payments of Interest and Defaulted Amounts
	  	 	15	 
	Section 2.04.	 	 Execution, Authentication and Delivery of Notes
	  	 	17	 
	Section 2.05.	 	 Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary
	  	 	17	 
	Section 2.06.	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	25	 
	Section 2.07.	 	 Temporary Notes
	  	 	26	 
	Section 2.08.	 	 Cancellation of Notes Paid, Converted, Etc
	  	 	26	 
	Section 2.09.	 	 CUSIP Numbers
	  	 	26	 
	Section 2.10.	 	 Additional Notes; Repurchases
	  	 	26	 
	
	ARTICLE 3	  

	SATISFACTION AND DISCHARGE	  

			
	Section 3.01.	 	 Satisfaction and Discharge
	  	 	27	 
	
	ARTICLE 4	  

	PARTICULAR COVENANTS OF THE COMPANY	  

			
	Section 4.01.	 	 Payment of Principal and Interest
	  	 	28	 
	Section 4.02.	 	 Maintenance of Office or Agency
	  	 	28	 
	Section 4.03.	 	 Appointments to Fill Vacancies in Trustee’s Office
	  	 	29	 
	Section 4.04.	 	 Provisions as to Paying Agent
	  	 	29	 
	Section 4.05.	 	 Existence
	  	 	30	 
	Section 4.06.	 	 Rule 144A Information Requirement and Annual Reports
	  	 	30	 
	Section 4.07.	 	 Stay, Extension and Usury Laws
	  	 	32	 
	Section 4.08.	 	 Compliance Certificate; Statements as to Defaults
	  	 	33	 
	Section 4.09.	 	 Further Instruments and Acts
	  	 	33	 
	
	ARTICLE 5	  

	LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE
TRUSTEE	

 

			
	Section 5.01.	 	 Lists of Holders
	  	 	33	 

  
 i 

							
	Section 5.02.	 	 Preservation and Disclosure of Lists
	  	 	33	 
	
	ARTICLE 6	  

	DEFAULTS AND REMEDIES	  

			
	Section 6.01.	 	 Events of Default
	  	 	34	 
	Section 6.02.	 	 Acceleration; Rescission and Annulment
	  	 	35	 
	Section 6.03.	 	 Additional Interest
	  	 	36	 
	Section 6.04.	 	 Payments of Notes on Default; Suit Therefor
	  	 	37	 
	Section 6.05.	 	 Application of Monies Collected by Trustee
	  	 	39	 
	Section 6.06.	 	 Proceedings by Holders
	  	 	40	 
	Section 6.07.	 	 Proceedings by Trustee
	  	 	41	 
	Section 6.08.	 	 Remedies Cumulative and Continuing
	  	 	41	 
	Section 6.09.	 	 Direction of Proceedings and Waiver of Defaults by Majority of Holders
	  	 	41	 
	Section 6.10.	 	 Notice of Defaults
	  	 	42	 
	Section 6.11.	 	 Undertaking to Pay Costs
	  	 	42	 
	
	ARTICLE 7	  

	CONCERNING THE TRUSTEE	  

			
	Section 7.01.	 	 Duties and Responsibilities of Trustee
	  	 	43	 
	Section 7.02.	 	 Reliance on Documents, Opinions, Etc
	  	 	44	 
	Section 7.03.	 	 No Responsibility for Recitals, Etc
	  	 	46	 
	Section 7.04.	 	 Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes
	  	 	46	 
	Section 7.05.	 	 Monies and Shares of Common Stock to Be Held in Trust
	  	 	46	 
	Section 7.06.	 	 Compensation and Expenses of Trustee
	  	 	47	 
	Section 7.07.	 	 Officer’s Certificate as Evidence
	  	 	48	 
	Section 7.08.	 	 Eligibility of Trustee
	  	 	48	 
	Section 7.09.	 	 Resignation or Removal of Trustee
	  	 	48	 
	Section 7.10.	 	 Acceptance by Successor Trustee
	  	 	49	 
	Section 7.11.	 	 Succession by Merger, Etc
	  	 	50	 
	Section 7.12.	 	 Trustee’s Application for Instructions from the Company
	  	 	50	 
	
	ARTICLE 8	  

	CONCERNING THE HOLDERS	  

			
	Section 8.01.	 	 Action by Holders
	  	 	51	 
	Section 8.02.	 	 Proof of Execution by Holders
	  	 	51	 
	Section 8.03.	 	 Who Are Deemed Absolute Owners
	  	 	51	 
	Section 8.04.	 	 Company-Owned Notes Disregarded
	  	 	52	 
	Section 8.05.	 	 Revocation of Consents; Future Holders Bound
	  	 	52	 
	
	ARTICLE 9	  

	HOLDERS’ MEETINGS	  

			
	Section 9.01.	 	 Purpose of Meetings
	  	 	52	 

  
 ii 

							
	Section 9.02.	 	 Call of Meetings by Trustee
	  	 	53	 
	Section 9.03.	 	 Call of Meetings by Company or Holders
	  	 	53	 
	Section 9.04.	 	 Qualifications for Voting
	  	 	53	 
	Section 9.05.	 	 Regulations
	  	 	54	 
	Section 9.06.	 	 Voting
	  	 	54	 
	Section 9.07.	 	 No Delay of Rights by Meeting
	  	 	55	 
	
	ARTICLE 10	  

	SUPPLEMENTAL INDENTURES	  

			
	Section 10.01.	 	 Supplemental Indentures Without Consent of Holders
	  	 	55	 
	Section 10.02.	 	 Supplemental Indentures with Consent of Holders
	  	 	56	 
	Section 10.03.	 	 Effect of Supplemental Indentures
	  	 	57	 
	Section 10.04.	 	 Notation on Notes
	  	 	57	 
	Section 10.05.	 	 Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee
	  	 	58	 
	
	ARTICLE 11	  

	CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE	
 

			
	Section 11.01.	 	 Company May Consolidate, Etc. on Certain Terms
	  	 	58	 
	Section 11.02.	 	 Successor Company or Successor Guarantor to Be Substituted
	  	 	58	 
	Section 11.03.	 	 Officer’s Certificate and Opinion of Counsel to Be Given to Trustee
	  	 	59	 
	
	ARTICLE 12	  

	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	
 

			
	Section 12.01.	 	 Indenture and Notes Solely Corporate Obligations
	  	 	59	 
	
	ARTICLE 13	 
	[INTENTIONALLY OMITTED]	 
	
	ARTICLE 14	  

	CONVERSION OF NOTES	  

			
	Section 14.01.	 	 Conversion Privilege
	  	 	60	 
	Section 14.02.	 	 Conversion Procedure; Settlement Upon Conversion
	  	 	64	 
	Section 14.03.	 	 Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes
or a Redemption
	  	 	69	 
	Section 14.04.	 	 Adjustment of Conversion Rate
	  	 	71	 
	Section 14.05.	 	 Adjustments of Prices
	  	 	82	 
	Section 14.06.	 	 Shares to Be Fully Paid
	  	 	82	 
	Section 14.07.	 	 Effect of Recapitalizations, Reclassifications and Changes of the Common Stock
	  	 	82	 
	Section 14.08.	 	 Certain Covenants
	  	 	84	 
	Section 14.09.	 	 Responsibility of Trustee
	  	 	85	 
	Section 14.10.	 	 Notice to Holders Prior to Certain Actions
	  	 	85	 

  
 iii 

							
	Section 14.11.	 	 Stockholder Rights Plans
	  	 	86	 
	Section 14.12.	 	 Exchange in Lieu of Conversion
	  	 	86	 
	
	ARTICLE 15	  

	REPURCHASE OF NOTES AT OPTION OF HOLDERS	
 

			
	Section 15.01.	 	 Intentionally Omitted
	  	 	87	 
	Section 15.02.	 	 Repurchase at Option of Holders Upon a Fundamental Change
	  	 	87	 
	Section 15.03.	 	 Withdrawal of Fundamental Change Repurchase Notice
	  	 	90	 
	Section 15.04.	 	 Deposit of Fundamental Change Repurchase Price
	  	 	90	 
	Section 15.05.	 	 Covenant to Comply with Applicable Laws Upon Repurchase of Notes
	  	 	91	 
	
	ARTICLE 16	  

	OPTIONAL REDEMPTION	  

			
	Section 16.01.	 	 Optional Redemption
	  	 	92	 
	Section 16.02.	 	 Notice of Optional Redemption; Selection of Notes
	  	 	92	 
	Section 16.03.	 	 Payment of Notes Called for Redemption
	  	 	94	 
	Section 16.04.	 	 Restrictions on Redemption
	  	 	94	 
	
	ARTICLE 17	  

	MISCELLANEOUS PROVISIONS	  

			
	Section 17.01.	 	 Provisions Binding on Company’s Successors
	  	 	94	 
	Section 17.02.	 	 Official Acts by Successor Corporation
	  	 	94	 
	Section 17.03.	 	 Addresses for Notices, Etc
	  	 	94	 
	Section 17.04.	 	 Governing Law; Jurisdiction
	  	 	95	 
	Section 17.05.	 	 Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee
	  	 	96	 
	Section 17.06.	 	 Legal Holidays
	  	 	96	 
	Section 17.07.	 	 No Security Interest Created
	  	 	96	 
	Section 17.08.	 	 Benefits of Indenture
	  	 	96	 
	Section 17.09.	 	 Table of Contents, Headings, Etc
	  	 	97	 
	Section 17.10.	 	 Authenticating Agent
	  	 	97	 
	Section 17.11.	 	 Execution in Counterparts
	  	 	98	 
	Section 17.12.	 	 Severability
	  	 	98	 
	Section 17.13.	 	 Waiver of Jury Trial
	  	 	98	 
	Section 17.14.	 	 Force Majeure
	  	 	99	 
	Section 17.15.	 	 Calculations
	  	 	99	 
	Section 17.16.	 	 U.S.A. PATRIOT Act
	  	 	99	 
	
	EXHIBIT	 
	Exhibit A	 	Form of Note	  	 	A-1	 

  
 iv 

 INDENTURE, dated as of September 18, 2020, between MEDALLIA, INC., a Delaware
corporation, as issuer (the “Company”, as more fully set forth in Section 1.01) and U.S. BANK NATIONAL ASSOCIATION, a national banking association, 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 0.125% Convertible Senior Notes due 2025 (the
“Notes”), initially in an aggregate principal amount not to exceed $575,000,000, 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 Repurchase Notice and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided; and 

WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a
duly authorized authenticating agent, as provided in this Indenture, the valid, binding and legal obligations of the Company, and this Indenture a valid, binding and legal agreement of the Company and the Trustee 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. 

  
 1 

 “Additional Shares” shall have the meaning specified in
Section 14.03(a). 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct or cause the direction of the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. Notwithstanding anything to the contrary herein, the determination of whether one Person is an “Affiliate” of another Person for purposes of this Indenture shall be made based on the facts at the time such determination is made
or required to be made, as the case may be, hereunder. 
 “All Notes Election” has the meaning specified in
Section 14.01(b)(v). 
 “Bid Solicitation Agent” means the Company or the Person appointed by the Company to solicit
bids for the Trading Price of the Notes in accordance with Section 14.01(b)(i). The Company shall initially act as the Bid Solicitation Agent. 

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

“Business Day” means 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 Settlement” shall have the meaning specified in Section 14.02(a). 

“Certain Distributions Conversion Period End Date” shall have the meaning specified in Section 14.01(b)(ii). 

“Certain Distributions Notification” shall have the meaning specified in Section 14.01(b)(ii). 

“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). 

  
 2 

 “Clause C Distribution” shall have the meaning specified in
Section 14.04(c). 
 “close of business” means 5:00 p.m. (New York City time). 

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

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

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

“Common Stock” means the common stock of the Company, par value $0.001 per share, at the date of this Indenture, subject to
Section 14.07. 
 “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 the Company’s Chief Executive Officer, Chief Financial Officer, General Counsel, any President or Vice President (whether or not designated by a number or numbers or word or words added before or after the title
“President” or “Vice President”) or the Company’s Treasurer, and delivered to the Trustee. 
 “Conversion
Agent” shall have the meaning specified in Section 4.02. 
 “Conversion Consideration” shall have the meaning
specified in Section 14.12(a). 
 “Conversion Date” shall have the meaning specified in Section 14.02(c). 

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

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

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

“Corporate Event” shall have the meaning specified in Section 14.01(b)(iii). 

“Corporate Trust Office” means the designated office of the Trustee at which at any time this Indenture shall be
administered, which office at the date hereof is located at 1 California Street, Suite 1000, San Francisco, CA 94111, Attention: D. Jason (Medallia, Inc.) or such other address as the Trustee may designate from time to time by notice to the Holders
and the Company, or the designated corporate trust office of any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders and the Company). 

  
 3 

 “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 Trading Days during the Observation Period, 2.5% of the product of (a) the Conversion Rate on such Trading Day and (b) the Daily VWAP for such Trading Day. 

“Daily Measurement Value” means the Specified Dollar Amount (if any), divided by 40. 

“Daily Settlement Amount,” for each of the 40 consecutive Trading Days during the Observation Period, shall consist of: 

(a) cash in an amount equal to the lesser of (i) the Daily Measurement Value and (ii) the Daily Conversion Value on
such Trading Day; and 
 (b) if the Daily Conversion Value on such Trading Day exceeds the Daily Measurement Value, a number
of shares of Common Stock equal to (i) the difference between the Daily Conversion Value and the Daily Measurement Value, divided by (ii) the Daily VWAP for such Trading Day. 

“Daily VWAP” means the per share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on
Bloomberg page “MDLA <equity> AQR” (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such
Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of the Common Stock on such Trading Day determined, using a volume-weighted average method, by a nationally recognized independent investment banking
firm retained for this purpose by the Company). The “Daily VWAP” shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours. 

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

“Defaulted Amounts” means any amounts on any Note (including, without limitation, the Redemption Price, the Fundamental
Change Repurchase Price, principal and interest) that are payable but are not punctually paid or duly provided for. 

“delivered” with respect to any notice to be delivered, given or mailed to a Holder pursuant to this Indenture, shall mean
notice (x) given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices or procedures at the Depositary (in the case of a
Global Note) or (y) mailed to such Holder by first class mail, postage prepaid, at its address as it appears on the Note Register, in each case in accordance with Section 17.03. Notice so “delivered” shall be deemed to include
any notice to be “mailed” or “given,” as applicable, under this Indenture. 

  
 4 

 “Depositary” means, with respect to each Global Note, the Person specified
in Section 2.05(c) as the Depositary with respect to such Notes, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” shall mean or
include such successor. 
 “Designated Institution” shall have the meaning specified in Section 14.12(a) . 

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

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

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

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “Exchange Election” shall have the meaning specified in Section 14.12(a). 

“Expiration Date” 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 Repurchase Notice” shall mean the “Form of
Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form of Note attached hereto as Exhibit A. 
 “Form of
Note” shall mean 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. 

  
 5 

 “Fundamental Change” shall be deemed to have occurred at the time after the
Notes are originally issued and prior to the Maturity Date if any of the following occurs: 
 (a) a “person” or
“group” within the meaning of Section 13(d) of the Exchange Act, other than the Company, its Wholly Owned Subsidiaries and the employee benefit plans of the Company and its Wholly Owned Subsidiaries, files a Schedule TO or any
schedule, form or report under the Exchange Act disclosing that such person or group has become the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the
Common Stock representing more than 50% of the voting power of the Common Stock; provided, that no person or group shall be deemed to be a beneficial owner of any securities tendered pursuant to a tender offer or exchange offer made by or on
behalf of such “person” or “group” until such tendered securities are accepted for purchase or exchange under such offer; 

(b) the consummation of (A) any recapitalization, reclassification or change of the Common Stock (other than changes
resulting from a subdivision or combination or 
 change in par value) as a result of which the Common Stock would be
converted into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or merger of the Company pursuant to which the Common Stock will be converted into cash, securities or other property or
assets; or (C) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person other than one of the
Company’s Wholly Owned Subsidiaries; provided, however, that a transaction described in clause (A) or (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 relative to each other as
such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause (b); 
 (c)
the stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company; or 
 (d) the
Common Stock (or other common stock underlying the Notes) ceases to be listed or quoted on any of the 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 clause (a) or clause (b) above shall not constitute a Fundamental
Change if at least 90% of the consideration received or to be received by the common stockholders of the Company, excluding cash payments for fractional shares and cash payments made in respect of dissenters’ appraisal rights, in connection
with such transaction or transactions consists of shares of common 

  
 6 

 
stock that are listed or quoted on any of the Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors) or will be so listed or quoted when
issued or exchanged in connection with such transaction or transactions and as a result of such transaction or transactions the Notes become convertible into such consideration, excluding cash payments for fractional shares and cash payments made in
respect of dissenters’ appraisal rights (subject to the provisions of Section 14.02(a)). If any transaction in which the Common Stock is replaced by the securities of another entity occurs, following completion of any related Make-Whole
Fundamental Change Period (or, in the case of a transaction that would have been a Fundamental Change or a Make-Whole Fundamental Change but for the proviso immediately following clause (d) of this definition, following the effective date of
such transaction) references to the Company in this definition shall instead be references to such other entity. 
 For purposes of this definition of
“Fundamental Change,” any transaction that constitutes a Fundamental Change pursuant to both clause (a) and clause (b) of such definition (without giving effect to the proviso to clause (b)) shall be deemed a Fundamental Change
solely under clause (b) of such definition (subject to the proviso to clause (b)). 
 “Fundamental Change Company
Notice” shall have the meaning specified in Section 15.02(c). 
 “Fundamental Change Repurchase Date” shall
have the meaning specified in Section 15.02(a). 
 “Fundamental Change Repurchase Notice” shall have the meaning
specified in Section 15.02(b)(i). 
 “Fundamental Change Repurchase Price” shall have the meaning specified in
Section 15.02(a). 
 “Global Note” shall have the meaning specified in Section 2.05(b). 

“Holder,” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), 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 each March 15 and September 15 of each year, beginning on March 15, 2021. 

“Irrevocable Settlement Election” shall have the meaning specified in Section 14.02(a)(iii). 

“Last Reported Sale Price” of the 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 prices or, if more than one in either case, the average of the average bid and the average 

  
 7 

 
ask prices) on that date as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is traded. If the Common Stock is not
listed for trading on a U.S. national or regional securities exchange on the relevant date, the “Last Reported Sale Price” shall be the last quoted bid price per share for the 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 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 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. The “Last Reported Sale Price” shall be determined without regard to after-hours trading or any other trading outside of regular trading session trading hours. 

“Legend Removal Deadline” shall have the meaning specified in Section 4.06(e). 

“Make-Whole Fundamental Change” means any transaction or event that constitutes a Fundamental Change (as defined above and
determined after giving effect to any exceptions to or exclusions from such definition, but without regard to the proviso in clause (b) of the definition thereof). 

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

“Market Disruption Event” means, for the purposes of determining amounts due upon conversion (a) a failure by the
primary U.S. national or regional securities exchange or market on which the Common Stock is listed or admitted for trading to open for trading during its regular trading session or (b) the occurrence or existence prior to 1:00 p.m., New
York City time, on any Scheduled Trading Day for the 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 Common Stock or in any options contracts or futures contracts relating to the Common Stock. 

“Maturity Date” means September 15, 2025. 

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

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

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

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

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

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

  
 8 

 “Observation Period” with respect to any Note surrendered for conversion
means: (i) subject to clause (ii), if the relevant Conversion Date occurs prior to June 15, 2025, the 40 consecutive Trading Day period beginning on, and including, the second Trading Day immediately succeeding such Conversion Date;
(ii) if the relevant Conversion Date occurs during a Redemption Period, the 40 consecutive Trading Days beginning on, and including, the 41st Scheduled Trading Day immediately preceding such Redemption Date; and (iii) subject to clause
(ii), if the relevant Conversion Date occurs on or after June 15, 2025, the 40 consecutive Trading Days beginning on, and including, the 41st Scheduled Trading Day immediately preceding the Maturity Date. 

“Offering Memorandum” means the preliminary offering memorandum dated September 15, 2020, as supplemented by the related
pricing term sheet dated September 15, 2020, relating to the offering and sale of the Notes. 
 “Officer” means, with
respect to the Company, the Chief Executive Officer, the Chief Financial Officer, the General Counsel, the Chief Accounting Officer, the Treasurer, the Secretary, or any President or Vice President (whether or not designated by a number or numbers
or word or words added before or after the title “President” or “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 on behalf of the Company by an Officer of the Company. Each such certificate shall include the statements provided for in Section 17.05 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 signed by legal counsel, who may be an employee of or counsel to the
Company, or other counsel reasonably acceptable to the Trustee, that is delivered to the Trustee, which opinion may contain customary exceptions and qualifications as to the matters set forth therein. Each such opinion shall include the statements
provided for in Section 17.05 if and to the extent required by the provisions of such Section 17.05. 
 “Optional
Redemption” shall have the meaning specified in Section 16.01. 
 “outstanding,” when used with reference to
Notes, shall, subject to the provisions of Section 8.04, mean, as of any particular time, all Notes authenticated and delivered by the Trustee under this Indenture, except: 

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

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

  
 9 

 (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 surrendered for purchase in accordance with Article 15 for which the Paying Agent holds money
sufficient to pay the Fundamental Change Repurchase Price, in accordance with Section 15.04; 
 (e) Notes converted
pursuant to Article 14 and required to be cancelled pursuant to Section 2.08; 
 (f) Notes redeemed pursuant to Article
16; and 
 (g) Notes repurchased by the Company pursuant Section 2.10 and delivered to the Trustee for cancellation in
accordance with the ultimate sentence of such Section 2.10. 
 “Partial Redemption” has the meaning set forth in
Section 16.01. 
 “Partial Redemption Limit” has the meaning set forth in Section 16.01. 

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

“Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.06 in lieu of or in exchange for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same
debt as the mutilated, lost, destroyed or stolen Note that it replaces. 
 “Record Date” means, with respect to any
dividend, distribution or other transaction or event in which the holders of Common Stock (or other applicable security) have the right to receive any cash, securities or other property or in which the Common

  
 10 

 
Stock (or such other security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of the Common Stock (or such
other security) entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors, by statute, by contract or otherwise). 

“Redemption Date” shall have the meaning specified in Section 16.02(a). 

“Redemption Notice” shall have the meaning specified in Section 16.02(a). 

“Redemption Notice Date” means the date on which a Redemption Notice is delivered pursuant to Section 16.02. 

“Redemption Period” means the period from, and including, the relevant Redemption Notice Date until the close of business on
the second Scheduled Trading Day immediately preceding the related Redemption Date (or, if the Company defaults in the payment of the Redemption Price, such later date on which the Redemption Price has been paid or duly provided for). 

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

 “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 March 1 and September 1 (whether
or not such day is a Business Day) immediately preceding the applicable March 15 and September 15 Interest Payment Date, respectively. 

“Resale Restriction Termination Date” shall have the meaning specified in Section 2.05(c). 

“Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the
Trustee, having direct responsibility for the administration of this Indenture, or to whom any corporate trust matter relating to this Indenture is referred because of such person’s knowledge of and familiarity with the particular subject. 

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

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

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

  
 11 

 “Scheduled Trading Day” means a day that is scheduled to be a Trading Day
on the principal U.S. national or regional securities exchange or market on which the Common Stock is listed or admitted for trading. If the Common Stock is not so listed or admitted for trading, “Scheduled Trading Day” means
a Business Day. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Settlement Amount” has the meaning specified in Section 14.02(a)(iv). 

“Settlement Method” means, with respect to any conversion of Notes, Physical Settlement, Cash Settlement or Combination
Settlement, as elected (or deemed to have been elected) by the Company. 
 “Settlement Notice” has the meaning specified in
Section 14.02(a)(iii). 
 “Significant Subsidiary” has the meaning set forth in Article 1, Rule 1-02(w) of Regulation S-X promulgated by the Commission (or any successor rule); provided that, in the case of a Subsidiary of the Company that meets the criteria of clause (3) of the definition thereof but not clause
(1) or (2) thereof, in each case as such rule is in effect on the date of this Indenture, such Subsidiary shall not be deemed to be a Significant Subsidiary unless such Subsidiary’s income from continuing operations before income taxes,
exclusive of amounts attributable to any non-controlling interests, for the last completed fiscal year prior to the date of such determination exceeds $10,000,000 (with such amount calculated pursuant to Rule 1-02(w) as in effect on the date of this Indenture). For the avoidance of doubt, for purposes of this definition, to the extent any such Subsidiary would not be deemed to be a “significant subsidiary”
under the relevant definition set forth in Rule 1-02(w) of Regulation S-X (or any successor rule) as in effect on the relevant date of determination, such Subsidiary
shall not be deemed to be a “significant subsidiary” under this Indenture irrespective of whether such Subsidiary would otherwise be deemed to be a “Significant Subsidiary” after giving effect to the proviso in the immediately
preceding sentence. 
 “Specified Dollar Amount” means the maximum cash amount per $1,000 principal amount of Notes to be
received upon conversion as specified in the Settlement Notice related to any converted Notes (or deemed specified pursuant to Section 14.02(a)). 

“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. 

  
 12 

 “Successor Company” shall have the meaning specified in
Section 11.01(a). 
 “Trading Day” means, except for purposes of determining amounts due upon conversion as set forth
below, a day on which (i) trading in the Common Stock (or other security for which a closing sale price must be determined) generally occurs on the Exchange or, if the Common Stock (or such other security) is not then listed on the Exchange, on
the principal other U.S. national or regional securities exchange on which the Common Stock (or such other security) is then listed or, if the Common Stock (or such other security) is not then listed on a U.S. national or regional securities
exchange, on the principal other market on which the Common Stock (or such other security) is then traded and (ii) a Last Reported Sale Price for the Common Stock (or closing sale price for such other security) is available on such securities
exchange or market; provided that if the Common Stock (or such other security) is not so listed or traded, “Trading Day” means a Business Day; and provided, further, that for purposes of determining amounts due
upon conversion only, “Trading Day” means a day on which (x) there is no Market Disruption Event and (y) trading in the Common Stock generally occurs on the Exchange or, if the Common Stock is not then listed on the
Exchange, on the principal other U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on
which the Common Stock is then listed or admitted for trading, except that if the Common Stock is not so listed or admitted for trading, “Trading Day” means a Business Day. 

“Trading Price” of the Notes on any date of determination means the average of the secondary market bid quotations obtained
by the Bid Solicitation Agent for $2,000,000 principal amount of Notes at approximately 3:30 p.m., New York City time, on such determination date from three independent nationally recognized securities dealers the Company selects for this purpose;
provided that if three such bids cannot reasonably be obtained by the Bid Solicitation Agent but two such bids are obtained, then the average of the two bids shall be used, and if only one such bid can reasonably be obtained by the Bid
Solicitation Agent, that one bid shall be used. If, on any date for which a Trading Price must be determined, the Bid Solicitation Agent cannot reasonably obtain at least one bid for $2,000,000 principal amount of Notes from a nationally recognized
securities dealer on such 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 Common Stock and the
Conversion Rate. 
 “transfer” shall have the meaning specified in Section 2.05(c). 

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

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

  
 13 

 “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). 

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

Section 1.02. References to Interest. Unless the context otherwise requires, any reference to interest on, or in respect of, any
Note in this Indenture shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to 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 “0.125% Convertible Senior Notes due 2025.”
The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $575,000,000, 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 to the extent permitted hereunder. 
 Section 2.02. Form of Notes. The Notes
and the Trustee’s certificate of authentication to be borne by such Notes shall be substantially in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and
made a part of this Indenture. To the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. In the case of any conflict between this
Indenture and a Note, the provisions of this Indenture shall control and govern to the extent of such conflict. 
 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. 

  
 14 

 Any of the Notes may have such letters, numbers or other marks of identification and such
notations, legends or endorsements as the Officer executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with
any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage or to indicate
any special limitations or restrictions to which any particular Notes are subject. 
 Each Global Note shall represent such principal amount
of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes
represented thereby may from time to time be increased or reduced to reflect redemptions, repurchases, cancellations, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or
decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the Holder of such Notes in accordance with this Indenture.
Payment of principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, a Global Note shall be made to the Holder of such Note on the date of payment, unless a record
date or other means of determining Holders eligible to receive payment is provided for herein. 
 Section 2.03. Date and
Denomination of Notes; Payments of Interest and Defaulted Amounts. (a) The Notes shall be issuable in registered form without coupons in denominations of $1,000 principal amount and multiples thereof. Each Note shall be dated the date of
its authentication and shall bear interest from the date specified on the face of such Note. Accrued interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of the number of days actually elapsed in a 30-day month. 

(b) The Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business on any Regular
Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date. The principal amount of any Note (x) in the case of any Physical Note, shall be payable at the office or
agency of the Company designated by the Company for such purposes in the United States of America, which shall initially be the Corporate Trust Office and (y) in the case of any Global Note, shall be payable by wire transfer in immediately
available funds to the account of the Depositary or its nominee. The Company shall pay or cause the Paying Agent to 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 

  
 15 

 
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 each Holder or, upon written
application by such a Holder to the Note Registrar (containing the requisite information for the Trustee or Paying Agent (if other than the Trustee) to make such wire transfer) not later than the relevant Regular Record Date, by wire transfer in
immediately available funds to that Holder’s account within the United States of America, and shall remain in effect until the Holder notifies, in writing, the Note Registrar to the contrary or (ii) on any Global Note by wire transfer of
immediately available funds to the account of the Depositary or its nominee. 
 (c) Any Defaulted Amounts shall forthwith cease to be
payable to the Holder on the relevant payment date but shall accrue interest per annum at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including, such relevant payment date, and such Defaulted
Amounts together with such interest thereon shall be paid by the Company, at its election in each case, as provided in clause (i) or (ii) below: 

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

  
 16 

 (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 written notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 

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 or other electronic signature of any of its Chief Executive Officer, President, Chief Financial Officer, Treasurer, Secretary or any of its Executive or Senior Vice Presidents. 

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; provided that the Trustee shall be entitled to receive an Officer’s Certificate and an Opinion of Counsel of the Company with respect to the issuance, authentication and delivery of such Notes. 

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 17.10), shall be entitled to the benefits of this Indenture or be valid or obligatory for
any purpose. Such certificate by the Trustee (or such an authenticating agent) upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated has been duly authenticated and delivered hereunder and that the Holder
is entitled to the benefits of this Indenture. 
 In case any Officer of the Company who shall have signed any of the Notes shall cease to
be such Officer before the Notes so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or disposed of as though the Person who signed such
Notes had not ceased to be such Officer of the Company; and any Note may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Note, shall be the Officers of the Company, although at the date of the
execution of this Indenture any such Person was not such an Officer. 
 Section 2.05. Exchange and Registration of Transfer of
Notes; Restrictions on Transfer; Depositary. (a) The Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in any other office or agency of the Company designated pursuant to
Section 4.02, the “Note Register”) in which, subject 

  
 17 

 
to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers of Notes. Such register shall be in written form or in any form
capable of being converted into written form within a reasonable period of time. The Trustee is hereby initially appointed the “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. The
Company may appoint one or more co-Note Registrars in accordance with Section 4.02. 
 Upon
surrender for registration of transfer of any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.05, the Company shall
execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount 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. 

No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note
Registrar or the Paying Agent for any exchange or registration of transfer of Notes, but the Company and the Trustee may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax or other similar
governmental charge required in connection therewith as a result of the name of the Holder of new Notes issued upon such exchange or registration of transfer being different from the name of the Holder of the old Notes surrendered for exchange or
registration of transfer or otherwise required by law. 
 None of the Company, the Trustee, the Note Registrar or any co-Note Registrar shall be required to exchange or register a transfer of (i) any Notes surrendered for conversion or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered
for conversion, (ii) any Notes, or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with Article 15 or (iii) any Notes selected for redemption in accordance with Article 16, except the unredeemed portion
of any Note being redeemed in part. 
 All Notes issued upon any registration of transfer or exchange of Notes in accordance with this
Indenture shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 

  
 18 

 (b) So long as the Notes are eligible for book-entry settlement with the Depositary, unless
otherwise required by law, subject to the fourth paragraph from the end of Section 2.05(c) all Notes shall be represented by one or more Notes in global form (each, a “Global Note”) registered in the name of the Depositary or
the nominee of the Depositary. The transfer and exchange of beneficial interests in a Global Note that does not involve the issuance of a Physical Note shall be effected through the Depositary (but not the Trustee or the Custodian) in accordance
with this Indenture (including the restrictions on transfer set forth herein) and the procedures of the Depositary therefor. 
 (c) Every
Note that bears or is required under this Section 2.05(c) to bear the legend set forth in this Section 2.05(c) (together with any Common Stock issued upon conversion of the Notes that is required to bear the legend set forth in
Section 2.05(d), collectively, the “Restricted Securities”) shall be subject to the restrictions on transfer set forth in this Section 2.05(c) (including those contained in 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(c) and Section 2.05(d), the term “transfer” encompasses any sale, pledge, transfer or other disposition whatsoever of any Restricted Security. 

Until the date (the “Resale Restriction Termination Date”) that is the later of (1) the date that is one year after the
last date of original issuance of the Notes, or such other period of time as permitted by Rule 144 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 Common Stock, if any, issued upon conversion thereof, which shall bear the legend set forth in Section 2.05(d), 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 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 

  
 19 

 (2) AGREES FOR THE BENEFIT OF MEDALLIA, 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 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 CLAUSE (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 FOR THE COMPANY 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. 

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

  
 20 

 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) (i) as to which such restrictions on transfer shall have expired in accordance with their terms, (ii) that has been transferred pursuant to a registration statement that has become effective or been
declared effective under the Securities Act and that continues to be effective at the time of such transfer or (iii) that has been sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force
under the Securities Act, 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(c) 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 any of
the conditions set forth in clause (i) through (iii) of the immediately preceding sentence have been satisfied, 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(c) 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 Common Stock issued upon conversion of the Notes has been declared effective under the Securities Act. Any exchange pursuant to the foregoing paragraph shall be in
accordance with the applicable procedures of the Depositary. 
 Notwithstanding any other provisions of this Indenture (other than the
provisions set forth in this Section 2.05(c)), a Global Note may not be transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of
the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary and (ii) for exchange of a Global Note or a portion thereof for one or more Physical Notes in accordance with the second
immediately succeeding paragraph. 
 The Depositary shall be a clearing agency registered under the Exchange Act. The Company initially
appoints The Depository Trust Company to act as Depositary with respect to each Global Note. Initially, each Global Note shall be issued to the Depositary, registered in the name of Cede & Co., as the nominee of the Depositary, and
deposited with the Trustee as custodian for Cede & Co. 
 If (i) the Depositary notifies the Company at any time that the
Depositary is unwilling or unable to continue as depositary for the Global Notes and a successor depositary is not appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor
depositary is not appointed within 90 days or (iii) an Event of Default with respect to the Notes has occurred and is continuing and a beneficial owner of any Note requests that its beneficial interest therein be issued as a Physical Note, the
Company shall execute, and the Trustee, upon receipt of 

  
 21 

 
an Officer’s Certificate and a Company Order for the authentication and delivery of Notes, shall authenticate and deliver (x) in the case of clause (iii), a Physical Note to such
beneficial owner in a principal amount equal to the principal amount of such Note corresponding to such beneficial owner’s beneficial interest and (y) in the case of clause (i) or (ii), Physical Notes to each beneficial owner of the
related Global Notes (or a portion thereof) in an aggregate principal amount equal to the aggregate principal amount of such Global Notes in exchange for such Global Notes, and upon delivery of the Global Notes to the Trustee such Global Notes shall
be canceled. 
 Physical Notes issued in exchange for all or a part of the Global Note pursuant to this Section 2.05(c) shall be
registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, or, in the case of clause (iii) of the immediately preceding paragraph, the
relevant beneficial owner, shall instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes are so registered. 

At such time as all interests in a Global Note have been converted, canceled, redeemed, repurchased 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, redeemed, repurchased or transferred to a transferee who receives Physical Notes therefor or any Physical Note is exchanged or transferred for part of such Global Note, the principal amount of such Global Note
shall, in accordance with the standing procedures and instructions existing between the Depositary and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such Global Note, by the Trustee or
the Custodian, at the direction of the Trustee, to reflect such reduction or increase. 
 None of the Company, the Trustee or any agent of
the Company or the Trustee shall have any responsibility or liability for the payment of amounts to owners of beneficial interests in a Global Note, for any aspect of the records relating to or payments made on account of beneficial ownership
interests of a Global Note or maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 
 Neither
the Company nor the Trustee shall have any responsibility or liability for any act or omission of the Depositary. All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given
or made only to, or upon the order of, the registered Holder(s) (which shall be the Depositary or its nominee in the case of a Global Note). 

(d) Until the Resale Restriction Termination Date, any stock certificate representing Common Stock issued upon conversion of such Note shall
bear a legend in substantially the following form (unless the Note or such 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 

  
 22 

 
pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or such 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 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 MEDALLIA, 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 OF THE SERIES OF 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 

(B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT AND IS EFFECTIVE AT THE TIME OF
SUCH TRANSFER, 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. 

  
 23 

 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE
COMPANY AND THE TRANSFER AGENT FOR THE COMPANY’S COMMON STOCK RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER FOR THE COMPANY 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. 

Any such Common Stock (i) as to which such restrictions on transfer shall have expired in accordance with their terms, (ii) that 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 (iii) that has been sold pursuant to the exemption from
registration provided by Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of the certificates representing such shares of Common Stock for exchange in accordance with the procedures of the transfer agent
for the Common Stock, be exchanged for a new certificate or certificates for a like aggregate number of shares of Common Stock, which shall not bear the restrictive legend required by this Section 2.05(d). 

(e) Any Note or Common Stock issued upon the conversion or exchange of a Note that is repurchased or owned by any Affiliate of the Company (or
any Person who was an Affiliate of the Company at any time during the three months immediately preceding) may not be resold by such Affiliate (or such Person, as the case may be) 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 Common Stock, as the case may be, no longer being a “restricted security” (as defined under Rule 144). The Company shall cause
any Note that is repurchased or owned by it to be surrendered to the Trustee for cancellation in accordance with Section 2.08. 
 (f)
The Trustee shall have no obligation or duty to monitor, 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 Depositary participants 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. 

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

  
 24 

 Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes. In case any Note shall
become mutilated or be destroyed, lost or stolen, the Company in its discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, a new Note, bearing a
registration number not contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every case the applicant for a substituted Note shall furnish
to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless from any loss, liability, cost or expense caused by or connected with such
substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such
Note and of the ownership thereof. 
 The Trustee or such authenticating agent may authenticate any such substituted Note and deliver the
same upon the receipt of such security or indemnity as the Trustee, the Company and, if applicable, such authenticating agent may require. No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax or other
similar governmental charge required in connection therewith as a result of the name of the Holder of the new substitute Note being different from the name of the Holder of the old Note that became mutilated or was destroyed, lost or stolen. In case
any Note that has matured or is about to mature or has been surrendered for required repurchase or is about to be converted in accordance with Article 14 shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole
discretion, instead of issuing a substitute Note, pay or authorize the payment of or convert or authorize the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such
payment or conversion shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused
by or connected with such substitution, and, in every case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent of the destruction, loss or theft of such Note and
of the ownership thereof. 
 Every substitute Note issued pursuant to the provisions of this Section 2.06 by virtue of the fact that
any Note is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all the benefits of (but shall be
subject to all the limitations set forth in) this Indenture equally and proportionately with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and owned upon the express condition that the
foregoing provisions are exclusive with respect to the replacement, payment, conversion, redemption or repurchase of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or
statute existing or hereafter enacted to the contrary with respect to the replacement, payment, conversion, redemption or repurchase of negotiable instruments or other securities without their surrender. 

  
 25 

 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 at maturity, repurchase upon a Fundamental Change, redemption, registration of transfer or exchange or conversion, if surrendered to the Company (including any of the Company’s agents or Subsidiaries
or Affiliates that it controls), to be delivered to the Trustee for cancellation. All Notes delivered to the Trustee shall be cancelled promptly by it, and such Notes will no longer be considered “outstanding” under this Indenture upon
their payment at maturity, registration of transfer or exchange or conversion. Except for any Notes surrendered for registration of transfer or exchange, or as otherwise expressly permitted by any of the provisions of this Indenture, no Notes shall
be authenticated in exchange for any Notes surrendered to the Trustee for cancellation. 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 upon the Company’s written request. 
 Section 2.09. CUSIP Numbers. The Company in issuing the
Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in all notices issued to Holders as a convenience to such Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the Notes or on such notice and that reliance may be placed only on the other identification numbers printed on the Notes. The Company shall promptly notify the
Trustee in writing of any change in the “CUSIP” numbers. 
 Section 2.10. Additional Notes; Repurchases. The Company
may, without the consent of, or notice to, the Holders and notwithstanding Section 2.01, reopen this 

  
 26 

 
Indenture and issue additional Notes hereunder with the same terms as the Notes initially issued hereunder (other than differences in the issue date, the issue price, interest accrued prior to
the issue date of such additional Notes and, if applicable, restrictions on transfer in respect of such additional Notes (including pursuant to Section 2.05 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. securities law and federal income tax purposes, such additional Notes shall have one or more separate CUSIP numbers. Any additional Notes will be treated as a
single series for all purposes under this Indenture except as set forth in the first sentence of this Section 2.10. 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 required by Section 17.05. 

In addition, the Company may, to the extent permitted by law, and, without the consent of Holders, directly or indirectly (regardless of
whether such Notes are surrendered to the Company), repurchase Notes in the open market or otherwise, whether by the Company or its Subsidiaries or through a private or public tender or exchange offer or through counterparties pursuant to private
agreements, including by cash-settled swaps or other derivatives. The Company may also, at its option and to the extent permitted by applicable law, reissue, resell, hold or surrender to the Trustee for cancellation any Notes that it may repurchase,
in the case of a reissuance or resale, so long as such Notes do not constitute Restricted Securities upon such reissuance or resale by the Company (or any of its Subsidiaries or other Affiliates) and are not required to bear the restrictive legend
set forth in and in accordance with Section 2.05(c); provided that if any such reissued or resold Notes are not fungible for U.S. federal income tax purposes with the Notes that are not so repurchased, such reissued or resold Notes will
have one or more separate CUSIP numbers or no CUSIP number. Any Notes that the Company may repurchase will be considered outstanding for all purposes under this Indenture (other than, at any time when such Notes are held by the Company, any of its
Subsidiaries or its Affiliates or any Subsidiary of any of such Affiliates, for the purpose of determining whether Holders of the requisite aggregate principal amount of Notes have concurred in any direction, consent, waiver or other action under
this Indenture, such Notes shall be disregarded as set forth in Section 8.04) unless and until such time as the Company surrenders such Notes to the Trustee for cancellation and, upon receipt of a Company Order, the Trustee will cancel all
Notes so surrendered. 
 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 such instruments reasonably requested by the Company 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, paid or converted 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 

  
 27 

 
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 irrevocably deposited with the
Trustee or delivered to Holders, as applicable, after the Notes have become due and payable, whether on the Maturity Date, any Redemption Date, any Fundamental Change Repurchase Date, upon conversion or otherwise, cash or cash, shares of Common
Stock or a combination thereof, as applicable, solely to satisfy the Company’s Conversion Obligation, sufficient to pay all of the outstanding Notes and all other sums due and payable under this Indenture by the Company; and (b) the
Company has delivered to the Trustee an 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. 

ARTICLE 4 

PARTICULAR COVENANTS OF THE COMPANY 

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

Notwithstanding anything to the contrary contained in this Indenture, the Company may, to the extent it is required to do so by law, deduct or
withhold income or other similar taxes imposed by the United States of America from principal, premium or interest (including any Additional Interest) payments hereunder 

Section 4.02. Maintenance of Office or Agency. The Company will maintain in the contiguous United States of America 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 in the contiguous United
States of America as a place where Notes may be presented for payment or for registration of transfer. 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 contiguous United States of America so designated by the Trustee as a place 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” 

  
 28 

 
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 as the office or agency in the contiguous United States of America where Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase or for conversion and where
notices and demands to or upon the Company in respect of the Notes and this Indenture may be served; provided that the Corporate Trust Office shall not be a place for service of legal process on the Company. 

Section 4.03. Appointments to Fill Vacancies in Trustee’s Office. The Company, whenever necessary to avoid or
fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.09, a Trustee, so that there shall at all times be a Trustee hereunder. 

Section 4.04. Provisions as to Paying Agent. (a) If the Company shall appoint a Paying Agent other than the Trustee, the
Company will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04: 

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

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

(iii) that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the
Trustee all sums so held in trust. 
 The Company shall, on or before each due date of the principal (including the Redemption Price and the
Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes, deposit with the Paying Agent a sum sufficient to pay such principal (including the Redemption Price and the Fundamental Change Repurchase Price,
if applicable) or accrued and unpaid interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing of any failure to take such action; provided that if such deposit is made on the due date,
such deposit must be received by the Paying Agent by 11:00 a.m., New York City time, on such date. 
 (b) If the Company (or any of its
Subsidiaries) shall act as Paying Agent, it will, on or before each due date of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest

  
 29 

 
on, the Notes, set aside, segregate and hold in trust for the benefit of the Holders of the Notes a sum sufficient to pay such principal (including the Redemption Price and the Fundamental Change
Repurchase Price, if applicable) and accrued and unpaid interest so becoming due and will promptly notify the Trustee in writing of any failure to take such action and of any failure by the Company to make any payment of the principal (including the
Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes when the same shall become due and payable. 

(c) Anything in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a
satisfaction and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held in trust by the Company or any Paying Agent hereunder as required by this Section 4.04, such sums or
amounts to be held by the Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be released from all further liability but only with
respect to such sums or amounts. Upon the occurrence of any event specified in Section 6.01(h) or Section 6.01(i), the Trustee shall automatically become the Paying Agent. 

(d) Subject to applicable escheatment laws, any money or property deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest on and the consideration due upon conversion of any Note and remaining unclaimed
for two years after such principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable), interest or consideration due upon conversion has become due and payable shall be paid to the Company on request of the
Company contained in an Officer’s Certificate, or (if then held by the Company) shall be discharged from such trust and the Trustee shall have no further liability with respect to such funds; 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 Common Stock, and all liability of the Company as trustee thereof, shall
thereupon cease. 
 Section 4.05. Existence. Subject to Article 11, the Company shall do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate existence. 
 Section 4.06. Rule 144A Information Requirement
and Annual Reports. (a) At any time the Company is not subject to Section 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Notes or any shares of Common Stock issuable 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 will, upon written request, provide to any Holder, beneficial owner or prospective purchaser of
such Notes or any shares of Common Stock issuable 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 Common Stock pursuant
to Rule 144A. 

  
 30 

 (b) The Company shall file with the Trustee, within 15 days after the same are required to
be filed with the Commission (giving effect to any grace period provided by Rule 12b-25 (or any successor rule) under the Exchange Act), 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 (excluding any such information, documents or reports, or portions thereof, subject to confidential treatment and any correspondence with the Commission). Any such document
or report that the Company files with the Commission via the Commission’s EDGAR system (or any successor thereto) shall be deemed to be filed with the Trustee for purposes of this Section 4.06(b) at the time such documents are filed via
the EDGAR system (or any successor thereto), it being understood that the Trustee shall not be responsible for determining whether such filings have been made. 

(c) Delivery of the reports and documents described in subsection (b) above to the Trustee is for informational purposes only, and the
Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which
the Trustee is entitled to conclusively rely on an 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 (after giving effect to all applicable grace periods thereunder and other than Current Reports on Form 8-K), or the
Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates or Holders that have been the Company’s Affiliates at any time during the three months preceding (as a result of restrictions
pursuant to U.S. securities laws or the terms of this Indenture or the Notes), the Company shall pay Additional Interest on the Notes. Such Additional Interest shall accrue on the Notes at the rate of 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 or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates or
Holders that were the Company’s Affiliates at any time during the three months preceding (as a result of restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes). 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, or portions thereof, 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(c) has not been removed (or deemed removed pursuant to this Indenture), the Notes are assigned a restricted CUSIP number or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than the Company’s
Affiliates or Holders 

  
 31 

 
that were the Company’s Affiliates at any time during the three months preceding (without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes) as of the
375th day after the last date of original issuance of the Notes (the “Legend Removal Deadline”) (unless such last original issuance date falls between a Regular Record Date and the corresponding Interest Payment Date, in which case
the Legend Removal Deadline shall be deemed to be 10th calendar day following such Interest Payment Date), the Company shall pay Additional Interest on the Notes at a rate equal to 0.50% per annum
of the principal amount of Notes outstanding for each day from, and including, such Legend Removal Deadline until the restrictive legend on the Notes has been removed in accordance with Section 2.05(c), the Notes are assigned an unrestricted
CUSIP number and the Notes are freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates (or Holders that were the Company’s Affiliates at any time during the three months preceding) (without restrictions pursuant
to U.S. securities laws or the terms of this Indenture or the Notes). The restrictive legend on the Notes shall be deemed removed upon compliance with the conditions set forth in Section 2.05(c). However, for the avoidance of doubt, Global
Notes will continue to bear additional interest pursuant to this Section 4.06(e) until such time as such Global Notes are identified by an unrestricted CUSIP number in the facilities of the Depositary, as a result of completion of the
Depositary’s mandatory exchange process or otherwise. 
 (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) The Additional Interest that is payable in accordance
with Section 4.06(d) or Section 4.06(e) shall be in addition to, and not in lieu of, any Additional Interest that may be payable as a result of the Company’s election pursuant to Section 6.03. Notwithstanding the foregoing, in no
event shall Additional Interest payable pursuant to Section 4.06(d), together with any Additional Interest payable pursuant to Section 6.03, accrue at a rate in excess of 0.50% per annum pursuant to this Indenture, regardless of the number
of events or circumstances giving rise to the requirement to pay such Additional Interest. 
 (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. The Trustee shall have no duty to verify the
Company’s determination as to whether Additional Interest is due or the Company’s calculations as to the amount of Additional Interest. 

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 

  
 32 

 
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 January 31, 2021) an Officer’s Certificate stating whether the signers thereof have knowledge of any failure by the Company to comply with all conditions
and covenants then required to be performed under this Indenture and, if so, specifying each such failure and the nature thereof. 
 In
addition, the Company shall deliver to the Trustee, within 30 days after an Officer of the Company becomes aware of the occurrence of any Event of Default or Default, written notice setting forth the details of such Event of Default or Default, its
status and the action that the Company is taking or proposing to take in respect thereof; provided that the Company shall not be required to deliver any such notice if the relevant Default or Event of Default has been cured or waived within
the applicable grace period (if any) prior to the date the Company would otherwise be required to deliver such notice. 
 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 

LISTS OF HOLDERS AND REPORTS BY THE
COMPANY AND THE TRUSTEE 
 Section 5.01. Lists of Holders. The
Company covenants and agrees that it will furnish or cause to be furnished to the Trustee and any Paying Agent (if other than the Trustee), semi-annually, not more than 15 days after each March 1 and September 1 in each year beginning with
March 1, 2021, and at such other times as the Trustee may request in writing, within 30 days after receipt by the Company of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any
notice to be provided by it hereunder), a list in such form as the Trustee may reasonably require of the names and addresses of the Holders as of a date not more than 15 days (or such other date as the Trustee may reasonably request in order to so
provide any such notices) prior to the time such information is furnished, except that no such list need be furnished so long as the Trustee is acting as Note Registrar. 

Section 5.02. Preservation and Disclosure of Lists. The Trustee shall preserve, in as current a form as is reasonably practicable,
all information as to the names and addresses of the Holders contained in the most recent list furnished to it as provided in 

  
 33 

 Section 5.01 or maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee
may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 

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

(b) default in the payment of principal of any Note when due and payable on the Maturity Date, upon Optional Redemption, upon any required
repurchase, upon declaration of acceleration or otherwise; 
 (c) failure by the Company to comply with its obligation to convert the Notes
in accordance with this Indenture upon exercise of a Holder’s conversion right, and such failure continues for three (3) Business Days; 

(d) failure by the Company to issue a Fundamental Change Company Notice in accordance with Section 15.02(c), notice of a Make-Whole
Fundamental Change in accordance with Section 14.03(b) or notice of a specified corporate event in accordance with Section 14.01(b)(ii) or (iii), 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 to the Company from the Trustee or to the Company and the Trustee from the Holders
of at least 25% in aggregate principal amount of the Notes then outstanding has been received by the Company to comply with any of its other agreements contained in the Notes or this Indenture; 

(g) default by the Company or any Significant Subsidiary of the Company with respect to any mortgage, agreement or other instrument under
which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $50,000,000 (or its foreign currency equivalent) in the aggregate of the Company and/or any such Significant Subsidiary,
whether such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable prior to its stated maturity or (ii) constituting a failure to pay the principal of any such
indebtedness when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise; in each case, after the expiration of any applicable grace period, if such acceleration shall not have been rescinded
or annulled or such failure to pay or default shall not have been cured or waived, or such indebtedness shall not have been paid or discharged, as the case may be, within 30 days after written notice to the Company by the Trustee or to the Company
and the Trustee by Holders of at least 25% in aggregate principal amount of Notes then outstanding in accordance with this Indenture; 

  
 34 

 (h) 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 

(i) 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. If one or more Events of Default shall have occurred and be continuing
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body), then, and in each and every such case (other than an Event of Default specified in Section 6.01(h) or Section 6.01(i) with respect to the Company), 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 written request of such Holders, shall) declare 100% of the principal of, and accrued and unpaid interest, if any, on, all the Notes then outstanding to be due and payable immediately, and upon any such declaration the
same shall become and shall automatically be immediately due and payable, anything contained in this Indenture or in the Notes to the contrary notwithstanding. If an Event of Default specified in Section 6.01(h) or Section 6.01(i) with
respect to the Company 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 without any declaration or other act on the part of
the Trustee or any Holder. 
 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

  
 35 

 
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 at such time) and amounts due to the Trustee pursuant to Section 7.06, and if (1) rescission would not conflict
with any judgment or decree of a court of competent jurisdiction and (2) any and all existing Events of Default under this Indenture, other than the nonpayment of the principal of and accrued and unpaid interest, if any, on Notes that shall
have become due solely by such acceleration, shall have been cured or waived pursuant to Section 6.09, then and in every such case (except as provided in the immediately succeeding sentence) the Holders of a majority in 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 continuing Default or Event of Default resulting from (i) the
nonpayment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, any Notes, (ii) a failure to repurchase any Notes when required or (iii) a
failure to pay or deliver, as the case may be, the consideration due upon conversion of the Notes. 
 Section 6.03. Additional
Interest. Notwithstanding anything in this Indenture or in the Notes to the contrary, to the extent the Company elects, the sole remedy for an Event of Default relating to the Company’s failure to comply with its obligations as set forth in
Section 4.06(b) shall, for the first 360 days after the occurrence of such an Event of Default (which, for the avoidance of doubt, shall not commence until the notice described in Section 6.01(f) has been given, and the related 60-day period described in Section 6.01(f) above has passed), consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to (i) 0.25% per annum of the principal amount of the
Notes outstanding for each day during the period beginning on, and including, the date on which such Event of Default first occurs and ending on the earlier of (x) the date on which such Event of Default is cured or validly waived in accordance
with this Indenture and (y) the 180th day immediately following, and including, the date on which such Event of Default first occurs and (ii) if such Event of Default has not been cured or validly waived prior to the 181st day immediately
following, and including, the date on which such Event of Default first occurs, 0.50% per annum of the principal amount of Notes outstanding for each day during the period beginning on, and including, the 181st day immediately following, and
including, the date on which such Event of Default first occurs and ending on the earlier of (x) the date on which the Event of Default is cured or validly waived in accordance with this Indenture and (y) the 360th day immediately
following, and including, the date on which such Event of Default first occurs. Additional Interest payable pursuant to this Section 6.03 shall be in addition to, not in lieu of, any Additional Interest payable pursuant to Section 4.06(d)
or Section 4.06(e), subject to the 

  
 36 

 
second succeeding paragraph of this Section 6.03. If the Company so elects, such Additional Interest shall be payable in the same manner and on the same dates as the stated interest payable
on the Notes, and shall accrue on all outstanding Notes from, and including, the date on which the Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) first occurs to, and
including, the 360th day thereafter (or such earlier date on which such Event of Default is cured or waived). On the 361st 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 361st day), the Notes shall cease to accrue Additional Interest pursuant to this Section 6.03 and be immediately subject to acceleration as provided in Section 6.02.
The provisions of this paragraph will not affect the rights of Holders of Notes in the event of the occurrence of any Event of Default other than the Company’s failure to comply with its obligations as set forth in Section 4.06(b). 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 has elected to make such payment but does not pay the Additional Interest when due, the Notes shall be
immediately subject to acceleration as provided in Section 6.02. 
 In order to elect to pay Additional Interest as the sole remedy
during the first 360 days after the occurrence of any Event of Default described in the immediately preceding paragraph, the Company must notify all Holders of the Notes, the Trustee and the Paying Agent of such election prior to the beginning of
such 360-day period (which, for the avoidance of doubt, shall not commence until the notice described in Section 6.01(f) has been given, and the related 60-day
period described in Section 6.01(f) above has passed). Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as provided in Section 6.02. 

In no event shall Additional Interest pursuant to this Section 6.03, together with any Additional Interest payable pursuant to
Section 4.06(d), accrue at a rate in excess of 0.50% per annum, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest. 

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 and be continuing, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on the Notes for principal and interest,
if any, with interest on any overdue principal and interest, if any, at the rate borne by the Notes at such time, and, in addition thereto, such further amount as shall be sufficient to cover any amounts due to the Trustee under Section 7.06.
If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such
proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any
other obligor upon the Notes, wherever situated. 

  
 37 

 In the event there shall be pending proceedings for the bankruptcy or for the reorganization
of the Company or any other obligor on the Notes under Title 11 of the United States Code, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall
have been appointed for or taken possession of the Company or such other obligor, the property of the Company or such other obligor, or in the event of any other judicial proceedings relative to the Company or such other obligor upon the Notes, or
to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the
Trustee shall have made any demand pursuant to the provisions of this Section 6.04, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal and
accrued and unpaid interest, if any, in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents and to take such other actions as it may deem necessary or advisable in order to have
the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceedings relative to the Company or any other
obligor on the Notes, its or their creditors, or its or their property, and to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute the same after the deduction of any amounts due to the
Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Holders to make such payments to the Trustee, as administrative
expenses, and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and disbursements, including agents and
counsel fees, and including any other amounts due to the Trustee under Section 7.06, incurred by it up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses, advances and disbursements out of the
estate in any such proceedings shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property that the Holders of the Notes may
be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise. 

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. 

  
 38 

 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 or property 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 or property,
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 (in each of its capacities hereunder); 

Second, in case the principal of the outstanding Notes shall not have become due and be unpaid, to the payment of interest on, and any
cash due upon conversion of, the Notes in default in the order of the date due of the payments of such interest and cash due upon conversion, as the case may be, with interest (to the extent that such interest has been collected by the Trustee) upon
such overdue payments at the rate borne by the Notes at such time, such payments to be made ratably to the Persons entitled thereto; 

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

  
 39 

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

Section 6.06. Proceedings by Holders. Except to enforce the right to receive payment of principal (including, if applicable, the
Redemption Price and the Fundamental Change Repurchase Price) or interest when due, or the right to receive payment or delivery of the consideration due upon conversion, no Holder of any Note shall have any right by virtue of or by availing of any
provision of this Indenture or the Notes 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 satisfactory to it against any loss, liability, claim or expense
to be incurred therein or thereby; 
 (d) the Trustee shall have failed to comply with such request for 60 days after its receipt of such
request and the offer of such security or indemnity; 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 in aggregate principal amount of the Notes then outstanding within such 60-day period pursuant to Section 6.09, 

it being understood and intended, and being expressly covenanted by the taker and Holder of every Note with every other taker and Holder and the Trustee that
no one or more Holders shall have any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other Holder (it being understood that the Trustee shall not have an
affirmative duty to ascertain whether or not any such direction is unduly prejudicial to any other Holder), or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Indenture, except in
the manner herein provided and for the equal, ratable and common benefit of all Holders (except as otherwise provided herein). For the protection and enforcement of this Section 6.06, each and every Holder and the Trustee shall be entitled to
such relief as can be given either at law or in equity. 
 Notwithstanding any other provision of this Indenture and any provision of any
Note, the right of any Holder to receive payment or delivery, as the case may be, of (x) the principal (including the Redemption Price and the Fundamental Change Repurchase 

  
 40 

 
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, 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. Subject to the Trustee’s right to
receive security or indemnity from the relevant Holders as described herein, the Holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 shall have the right to direct
the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Notes; provided, however, that (a) such direction shall
not be in conflict with any rule of law or with this Indenture, and (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. The Trustee may refuse to follow any direction that it
determines is in conflict with any rule of law or with this indenture or is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability (it being understood that the Trustee shall not have an
affirmative duty to ascertain whether or not any such direction is unduly prejudicial to any other Holder) or for which it has not received indemnity or security satisfactory to the Trustee against any loss, liability or expense. 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 

  
 41 

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

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

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

  
 42 

 ARTICLE 7 

CONCERNING THE TRUSTEE 

Section 7.01. Duties and Responsibilities of Trustee. The Trustee, prior to the occurrence of an Event of Default and after the
curing or waiver of all Events of Default that may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In the event an Event of Default has occurred and is continuing, the Trustee
shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own
affairs; provided that if an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders
have offered (and, if requested, provided) to the Trustee indemnity or security satisfactory to it against any loss, liability or expense that might be incurred by it in compliance with such request or direction. 

No provision of this Indenture shall be construed to relieve the Trustee from liability for its own grossly negligent action, its own grossly
negligent failure to act or its own willful misconduct, except that: 
 (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, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture; but, in the case of any such certificates or opinions that by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform
to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein); 

(b) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless
it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts; 
 (c) the Trustee shall not be liable with
respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less 

  
 43 

 
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; 

(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; 
 (e) 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; 
 (f) if any party fails to deliver a notice relating to an event the fact of which, pursuant to this
Indenture, requires notice to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless a Responsible Officer of the Trustee had actual knowledge of such
event; 
 (g) 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 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; 

(h) in the event that the Trustee is also acting as Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or
transfer agent hereunder, the rights and protections afforded to the Trustee pursuant to this Article 7 shall also be afforded to such Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or transfer agent; and 

(i) under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the Notes. 

None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal
financial liability in the performance of any of its duties or in the exercise of any of its rights or powers. 
 Section 7.02.
Reliance on Documents, Opinions, Etc. Except as otherwise provided in Section 7.01: 
 (a) the Trustee may conclusively rely and
shall be fully protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, note, coupon or other paper or document (whether in its original or facsimile form) believed by it in
good faith to be genuine and to have been signed or presented by the proper party or parties; 

  
 44 

 (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
written or verbal advice of such counsel or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel;

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

(g) the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder; 

(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 consequential,
punitive, special or indirect 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 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 (and if requested, provided) 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; 

  
 45 

 (k) the Trustee shall not be liable for any action taken, suffered, or omitted to be taken
by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

(l) the Trustee shall not be obligated to take possession of any Common Stock, whether upon conversion or in connection with any discharge of
this Indenture pursuant to Article 3 hereof, but shall satisfy its obligation as Conversion Agent by working through the stock transfer agent of the Company from time to time as directed by the Company; and 

(m) 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 the Trustee by the Company or by any Holder of the Notes at the Corporate
Trust Office and such notice references the Notes and/or this Indenture. 
 Section 7.03. No Responsibility for Recitals, Etc.
The recitals contained herein and in the Notes (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes
no representations as to the validity or sufficiency of this Indenture or of the Notes or the Common Stock (or other Reference Property) underlying 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 or any money paid to the Company or upon the Company’s direction under any provision of the Indenture. The Trustee
shall have no responsibility or liability with respect to any information, statement or recital in the Offering Memorandum or other disclosure material prepared or distributed with respect to the issuance of the Notes. 

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, Bid Solicitation Agent (if other than the Company or any Affiliate thereof) 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, Bid Solicitation Agent or Note Registrar. 
 Section 7.05. Monies and
Shares of Common Stock to Be Held in Trust. All monies and any shares of 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
Common Stock held by the Trustee in trust hereunder need not be segregated from other funds or property except to the extent required by law. The Trustee shall be under no liability for interest on any money or shares of Common Stock received by it
hereunder except as may be agreed from time to time by the Company and the Trustee. 

  
 46 

 Section 7.06. Compensation and Expenses of Trustee. The Company covenants and
agrees to pay to the Trustee, in any capacity under this Indenture, from time to time, and the Trustee shall be entitled to, reasonable compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed to in writing between the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its request for all reasonable and
documented expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this Indenture in any capacity thereunder (including the reasonable compensation and the reasonable and documented
expenses and disbursements of its agents and counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as shall have been caused by its gross negligence or willful misconduct as determined by a final, non-appealable decision of a court of competent jurisdiction. The Company also covenants to indemnify the Trustee in any capacity under this Indenture and any other document or transaction entered into in connection
herewith and its officers, directors, employees and agents and any authenticating agent for, and to hold them harmless against, any loss, claim (whether asserted by the Company, a Holder or any Person), damage, liability or expense incurred without
gross 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, as determined by a final,
non-appealable decision of a court of competent jurisdiction, and arising out of or in connection with the acceptance or administration of this Indenture or in any other capacity hereunder, including the costs
and expenses of defending themselves against any claim of liability in the premises. The obligations of the Company under this Section 7.06 to compensate or indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements
and advances shall be secured by a senior lien to which the Notes are hereby made subordinate on all money or property held or collected by the Trustee, except, subject to the effect of Section 6.05, funds held in trust herewith for the benefit
of the Holders of particular Notes. The Trustee’s right to receive payment of any amounts due under this Section 7.06 shall not be subordinate to any other liability or indebtedness of the Company. The obligation of the Company under this
Section 7.06 shall survive the satisfaction and discharge of this Indenture and the earlier resignation or removal 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(h) or Section 6.01(i) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any
bankruptcy, insolvency or similar laws. 

  
 47 

 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 gross negligence or willful misconduct 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 gross negligence or willful misconduct 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 (as if, for this purpose, the Trust Indenture Act were applicable hereto) to act as such and has a combined capital and surplus of at least
$50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of 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. 
 Section 7.09. Resignation or Removal of
Trustee. (a) The Trustee may at any time resign by giving written notice of such resignation to the Company and by delivering notice thereof to the Holders. Upon receiving such notice of resignation, the Company shall promptly appoint a
successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have
been so appointed and have accepted appointment within 60 days after the giving of such notice of resignation to the Holders, the resigning Trustee may, upon ten Business Days’ notice to the Company and the Holders and at the expense of the
Company, petition any court of competent jurisdiction for the appointment of a successor trustee, or any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this Indenture) may, subject to the
provisions of Section 6.11, on behalf of himself or herself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and
prescribe, appoint a successor trustee. 
 (b) In case at any time any of the following shall occur: 

(i) the Trustee shall cease to be eligible in accordance with the provisions of Section 7.08 and shall fail to resign
after written request therefor by the Company or by any such Holder, or 
 (ii) the Trustee shall become incapable of acting,
or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, 

  
 48 

 then, in either case, the Company may by a Board Resolution remove the Trustee and appoint a successor
trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of
Section 6.11, any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this Indenture) may, on behalf of himself or herself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 

(c) The Holders of a majority in aggregate principal amount of the Notes at the time outstanding, as determined in accordance with
Section 8.04, may at any time remove the Trustee and nominate a successor trustee that shall be deemed appointed as successor trustee unless within ten days after notice to the Company of such nomination the Company objects thereto, in which
case the Trustee so removed or any Holder, upon the terms and conditions and otherwise as in Section 7.09(a) provided, may petition any court of competent jurisdiction for an appointment of a successor trustee. 

(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this
Section 7.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.10. 

Section 7.10. Acceptance by Successor Trustee. Any successor trustee appointed as provided in Section 7.09 shall execute,
acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without
any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Trustee herein; but, nevertheless, on the written request of the
Company or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the rights
and powers of the trustee so ceasing to act. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights
and powers. Any trustee ceasing to act shall, nevertheless, retain a senior lien 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. 

  
 49 

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

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

In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been
authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by such predecessor trustee, and deliver such Notes so authenticated; and in
case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor trustee may authenticate such Notes either in the name of any predecessor trustee hereunder or
in the name of the successor trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have; provided, however,
that the right to adopt the certificate of authentication of any predecessor trustee or to authenticate Notes in the name of any predecessor trustee shall apply only to its successor or successors by merger, conversion or consolidation. 

Section 7.12. Trustee’s Application for Instructions from the Company. Any application by the Trustee for
written instructions from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders of the Notes under this Indenture) may, at the option of the Trustee, set
forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable 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 notice to the Company is deemed to be
received pursuant to Section 17.03, 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. 

  
 50 

 ARTICLE 8 

CONCERNING THE HOLDERS 

Section 8.01. Action by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage of the
aggregate principal amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action, the
Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Holders in person or by agent or proxy appointed in writing, or (b) by the record of
the Holders voting in favor thereof at any meeting of Holders duly called and held in accordance with the provisions of Article 9, or (c) by a combination of such instrument or instruments and any such record of such a meeting of Holders.
Whenever the Company or the Trustee solicits the taking of any action by the Holders of the Notes, the Company or the Trustee may, but shall not be required to, fix in advance of such solicitation, a date as the record date for determining Holders
entitled to take such action. The record date if one is selected shall be not more than fifteen days prior to the date of commencement of solicitation of such action. 

Section 8.02. Proof of Execution by Holders. Subject to the provisions of Section 7.01, Section 7.02 and
Section 9.05, proof of the execution of any instrument by a Holder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be
satisfactory to the Trustee. The holding of Notes shall be proved by the Note Register or by a certificate of the Note Registrar. The record of any Holders’ meeting shall be proved in the manner provided in Section 9.06. 

Section 8.03. Who Are Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion
Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation
of ownership or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on account of the principal (including any Redemption Price and any Fundamental Change Repurchase
Price) of and (subject to Section 2.03) accrued and unpaid interest on such Note, for conversion of such Note and for all other purposes under this Indenture; 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. The sole registered holder of a Global Note shall be the Depositary or its nominee. 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 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 owner 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. 

  
 51 

 Section 8.04. Company-Owned Notes Disregarded. In determining whether the
Holders of the requisite aggregate principal amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company, by any Subsidiary thereof or by any Affiliate of the Company or
any Subsidiary thereof shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be protected in relying on any such direction,
consent, waiver or other action only Notes that a Responsible Officer actually knows are so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as outstanding for the purposes of this Section 8.04
if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to so act with respect to such Notes and that the pledgee is not the Company, a Subsidiary thereof or an Affiliate of the Company or a Subsidiary thereof. In
the case of a dispute as to such right, any decision or indecision 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. 

ARTICLE 9 

HOLDERS’ MEETINGS 

Section 9.01. Purpose of Meetings. A meeting of Holders may be called at any time and from time to time pursuant to the provisions
of this Article 9 for any of the following purposes: 
 (a) to give any notice to the Company or to the Trustee or to give any directions to
the Trustee permitted under this Indenture, or to consent to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and its consequences, or to take any other action authorized to be taken by
Holders pursuant to any of the provisions of Article 6; 

  
 52 

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

Any meeting of Holders shall be valid without notice if the Holders of all Notes then outstanding are present in person or by proxy or if
notice is waived before or after the meeting by the Holders of all Notes then outstanding, and if the Company and the Trustee are either present by duly authorized representatives or have, before or after the meeting, waived notice. 

Section 9.03. Call of Meetings by Company or Holders. In case at any time the Company, pursuant to a Board Resolution, or the
Holders of at least 10% of the aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting of Holders, by written request setting forth in reasonable detail the action proposed to be taken at the
meeting, and the Trustee shall not have delivered the notice of such meeting within 20 days after receipt of such request, then the Company or such Holders may determine the time and the place for such meeting and may call such meeting to take any
action authorized in Section 9.01, by delivering notice thereof as provided in Section 9.02. 
 Section 9.04.
Qualifications for Voting. To be entitled to vote at any meeting of Holders a Person shall (a) be a Holder of one or more Notes on the record date pertaining to such meeting or (b) be a Person appointed by an instrument in writing
as proxy by a Holder of one or more Notes on the record date pertaining to such meeting. The only Persons who shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their
counsel and any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 

  
 53 

 Section 9.05. Regulations. Notwithstanding any other provisions of this
Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the appointment and duties of inspectors
of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit. 

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

Subject to the provisions of Section 8.04, at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each
$1,000 principal amount of Notes held or represented by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting
to be not outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Notes held by it or instruments in writing as aforesaid duly designating it as the proxy to vote on behalf of other Holders. Any meeting of
Holders duly called pursuant to the provisions of Section 9.02 or Section 9.03 may be adjourned from time to time by the Holders of a majority of the aggregate principal amount of Notes represented at the meeting, whether or not
constituting a quorum, and the meeting may be held as so adjourned without further notice. 
 Section 9.06. Voting. The vote
upon any resolution submitted to any meeting of Holders shall be by written ballot on which shall be subscribed the signatures of the Holders or of their representatives by proxy and the outstanding aggregate principal amount of the Notes held or
represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified
written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of
the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was delivered as provided in
Section 9.02. The record shall show the aggregate principal amount of the Notes voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and
one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. 

Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

  
 54 

 Section 9.07. No Delay of Rights by Meeting. Nothing contained in this Article 9
shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Holders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights conferred
upon or reserved to the Trustee or to the Holders under any of the provisions of this Indenture or of the Notes. Nothing contained in this Article 9 shall be deemed or construed to limit any Holder’s actions pursuant to the applicable
procedures of the Depositary so long as the Notes are Global Notes. 
 ARTICLE 10 

SUPPLEMENTAL INDENTURES 

Section 10.01. Supplemental Indentures Without Consent of Holders. Without the consent of, or prior notice to, any Holder, 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, as evidenced by an Officer’s Certificate; 

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

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

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

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

(g) in connection with any Merger Event, to make provisions with respect to the conversion rights of Holders, including to provide that the
Notes are convertible into Reference Property, subject to the provisions of Section 14.02, and make such related changes to the terms of the Notes; 

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

(i) to provide for the acceptance of appointment by a successor trustee pursuant to Section 7.09 or to facilitate the administration of
the trusts under this Indenture by more than one trustee; 
 (j) to irrevocably elect or eliminate a Settlement Method and/or irrevocably
elect a minimum Specified Dollar Amount, including by means of an Irrevocable Settlement Election; provided, however, that no such election or elimination shall affect any Settlement Method heretofore elected (or deemed elected) with
respect to any Notes pursuant to Section 14.02(a); 

  
 55 

 (k) comply with any requirement of the Commission in connection with the qualification of
this Indenture under the Trust Indenture Act to the extent this Indenture is qualified thereunder; or 
 (l) to conform the provisions of
this Indenture or the Notes to the “Description of Notes” section of the Offering Memorandum, as evidenced by an Officer’s Certificate. 

Upon the written request of the Company, the Trustee is hereby authorized to, and shall 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, except that 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, liabilities 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 in aggregate principal amount of the Notes then outstanding (determined in accordance with Article 8 and including, without limitation, consents obtained in connection with a repurchase of, or tender or exchange offer
for, the 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, the Notes 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 principal
amount of Notes whose Holders must consent to an amendment, supplement or waiver; 
 (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 Note other than as otherwise permitted or required by this Indenture;

  
 56 

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

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

(g) change the ranking of the Notes; 

(h) impair the right of any Holder to receive payment of principal 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 Note; 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 the requisite 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, liabilities or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such
supplemental indenture. 
 Holders do not need under this Section 10.02 to approve the particular form of any proposed supplemental
indenture. It shall be sufficient if such Holders approve the substance thereof. After any such supplemental indenture becomes effective, the Company shall deliver to the Holders (with a copy to the Trustee) a notice briefly describing such
supplemental indenture. However, the failure to give such notice to all the Holders (with a copy to the Trustee), or any defect in the notice, will not impair or affect the validity of the supplemental indenture. 

Section 10.03. Effect of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to the provisions of
this Article 10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the
Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms
and conditions of this Indenture for any and all purposes. 
 Section 10.04. Notation on Notes. Notes authenticated and
delivered after the execution of any supplemental indenture pursuant to the provisions of this Article 10 may, at the Company’s request and 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 

  
 57 

 
Trustee and the Company, to any modification of this Indenture contained in any such supplemental indenture may, at the Company’s expense, be prepared and executed by the Company,
authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 17.10) and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding. 

Section 10.05. Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee. In addition to the documents required by
Section 17.05, the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel each stating and 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 that the supplemental indenture constitutes 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 consolidated properties and assets to another Person (other than any such sale, conveyance, transfer or lease to one or more of the
Company’s Wholly Owned Subsidiaries), 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. 

Section 11.02. Successor Company or Successor Guarantor to Be Substituted. In case of any consolidation, merger, sale, conveyance,
transfer or lease and upon the assumption by the Successor Company, in accordance with Section 11.01 by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of
the principal of and accrued and unpaid interest on all of the Notes, the due and punctual delivery or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and punctual performance of all of the covenants
and conditions of this Indenture to be performed by the Company, such Successor Company (if not the Company) shall succeed to and, except in the case of a lease of all or substantially all of the properties and assets of the Company and its
Subsidiaries, taken as a whole, shall be substituted for the Company, with the same effect as if it had been named herein as the party of the first part. Such Successor Company thereupon may cause to be signed, and may issue either in its own name
or in the name of the Company any or all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, 

  
 58 

 
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 (or any successor that shall thereafter have become such in the manner prescribed in this Article 11) may be dissolved, wound up and liquidated at any time thereafter and,
except in the case of a lease, such Person shall be released from its liabilities as obligor and, in the case of the Company, maker of the Notes and from its respective obligations under this Indenture and the Notes. 

In case of any such consolidation, merger, sale, conveyance, transfer or lease of the Company, 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. Officer’s
Certificate and Opinion of Counsel to Be Given to Trustee. No consolidation, merger, sale, conveyance, transfer or lease in accordance with Section 11.01 where the Company is not the Successor Company shall be effective unless the Trustee
shall receive an Officer’s Certificate and an Opinion of Counsel each stating and as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or lease and any such assumption and, if a supplemental indenture is
required in connection with such transaction, such supplemental indenture, complies with the provisions of this Article 11, and in the case of the Opinion of Counsel, that such supplemental indenture is the legal, valid, binding and enforceable
obligation of such successor company, subject to customary bankruptcy exceptions for opinions of this type. 
 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, or the payment or delivery of consideration due upon conversion of, any Note, nor for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or
agreement of the Company in this Indenture or in any supplemental indenture or in any Note, nor because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, employee, agent, Officer or director
or Subsidiary, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of the
Notes. 

  
 59 

 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 a 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 June 15, 2025 under the circumstances and during the periods set forth in Section 14.01(b), and (ii) regardless
of the conditions described in Section 14.01(b), on or after June 15, 2025 and prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, in each case, at an initial conversion rate of
25.4113 shares of Common Stock (subject to adjustment as provided in this Article 14, the “Conversion Rate”) per $1,000 principal amount of Notes (subject to, and in accordance with, the settlement provisions of Section 14.02,
the “Conversion Obligation”). 
 (b) (i) Prior to the close of business on the Business Day immediately preceding
June 15, 2025, a Holder may surrender all or any portion of its Notes for conversion at any time during the five Business Day period 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 Section 14.01(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 Common Stock and the Conversion Rate on each such Trading Day. The Trading Prices shall be determined by the Company in accordance with the bids solicited by the Bid Solicitation Agent pursuant to this Section 14.01(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 three independent nationally recognized securities dealers selected by the Company
pursuant to the definition of Trading Price to solicit bids, 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 in writing and has provided the Bid Solicitation Agent with the names and contact information of the independent nationally recognized securities dealers as set forth in the
immediately preceding sentence; and the Company shall have no obligation to make such request (or, if the Company is acting as Bid Solicitation Agent, the Company shall have no obligation to determine the Trading Price per $1,000 principal amount of
Notes) unless a Holder of at least $2,000,000 aggregate principal amount of Notes provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of 

  
 60 

 
Notes would be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate. At such time, the Company shall (i) instruct three independent
nationally recognized securities dealers to deliver bids to the Bid Solicitation Agent and (ii) instruct the Bid Solicitation Agent (if other than the Company) to determine, or if the Company is acting as Bid Solicitation Agent, the Company
shall determine, the Trading Price per $1,000 principal amount of Notes beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product
of the Last Reported Sale Price of the Common Stock and the Conversion Rate. If (x) the Company is not acting as Bid Solicitation Agent, and the Company does not instruct the Bid Solicitation Agent in writing to determine the Trading Price per
$1,000 principal amount of Notes when obligated as provided in the preceding sentence, or if the Company so instructs the Bid Solicitation Agent to obtain bids and the Bid Solicitation Agent fails to make such determination, or (y) the Company
is acting as Bid Solicitation Agent and the Company fails to make such determination when obligated as provided in the preceding sentence then, in either case, the Trading Price per $1,000 principal amount of Notes shall be deemed to be less than
98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate on each Trading Day of such failure. Any such determination shall be conclusive absent manifest error. 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 Common Stock and the Conversion Rate for such date, the Company shall so notify the Holders of the Notes, the Trustee and the Conversion Agent (if other than
the Trustee) in writing that the Trading Price condition set forth above is no longer met and thereafter neither the Company nor the Bid Solicitation Agent (if other than the Company) shall be required to solicit bids again until a new Holder
request is made as provided in this Section 14.01(b)(i). 
 (ii) If, prior to the close of business on the Business Day
immediately preceding June 15, 2025, the Company elects to: 
 (A) issue to all or substantially all holders of the
Common Stock any rights, options or warrants (other than in connection with a stockholder rights plan) entitling them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase shares
of the Common Stock at a price per share that is less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of
announcement of such issuance; or 
 (B) distribute to all or substantially all holders of the Common Stock the
Company’s assets, securities or rights to purchase securities of the Company (other than pursuant to a stockholder rights plan so long as such rights have not separated from the Common Stock), which distribution has a per share value, as
reasonably determined by the Company, exceeding 10% of the Last Reported Sale Price of the Common Stock on the Trading Day preceding the date of announcement for such distribution, 

  
 61 

 then, in either case, the Company shall notify all Holders of the Notes, the Trustee and the Conversion
Agent (if other than the Trustee) (such notification, the “Certain Distributions Notification”) (x) at least 45 Scheduled Trading Days prior to or (y) if in the Certain Distributions Notification the Company irrevocably
elects Physical Settlement in respect of any conversions with Conversion Dates that occur after delivery to the Holders of the Certain Distributions Notification until the Certain Distributions Conversion Period End Date, at least 10 Scheduled
Trading Days prior to, in either case the Ex-Dividend Date for such issuance or distribution (or, if later in the case of any such separation of rights issued pursuant to a stockholder rights plan as soon as
reasonably practicable after the Company becomes aware that such separation or triggering event has occurred or will occur). Once the Company has given such notice, a Holder may surrender all or any portion of its Notes for conversion at any time
until the earlier of (1) the close of business on the Business Day immediately preceding the Ex-Dividend Date for such issuance or distribution and (2) the Company’s announcement that such
issuance or distribution will not take place (such earlier date and time, the “Certain Distributions Conversion Period End Date”), in each case, even if the Notes are not otherwise convertible at such time. 

(iii) If (i) a transaction or event that constitutes (x) a Fundamental Change or (y) a Make-Whole Fundamental
Change occurs prior to the close of business on the Business Day immediately preceding June 15, 2025, regardless of whether a Holder has the right to require the Company to repurchase the Notes pursuant to Section 15.02, or (ii) if
the Company is a party to a Merger Event (other than a merger solely for the purpose of changing the Company’s jurisdiction of incorporation that (x) does not otherwise constitute a Fundamental Change or a Make-Whole Fundamental Change and
(y) results in a reclassification, conversion or exchange of outstanding shares of the Common Stock solely into shares of common stock of the surviving entity and such common stock becomes Reference Property (and Common Stock) with respect to
the Notes) that occurs prior to the close of business on the Business Day immediately preceding June 15, 2025 (each such Fundamental Change, Make-Whole Fundamental Change, or Merger Event referred to in (x) and (y) above, a
“Corporate Event”), then, in each case, all or any portion of a Holder’s Notes may be surrendered for conversion at any time from or after the effective date of such Corporate Event until the earlier of (x) 35 Trading Days
after the actual effective date of such Corporate Event or, if such Corporate Event also constitutes a Fundamental Change, until the close of business on the Business Day immediately preceding the related Fundamental Change Repurchase Date and
(y) the second Scheduled Trading Day immediately preceding the Maturity Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing as promptly as practicable following the date the
Company publicly announces such Corporate Event but in no event later than the actual effective date of such Corporate Event. 

  
 62 

 (iv) Prior to the close of business on the Business Day immediately
preceding June 15, 2025, a Holder may surrender all or any portion of its Notes for conversion at any time during any fiscal quarter commencing after the fiscal quarter ending on January 31, 2021 (and only during such fiscal quarter), if
the Last Reported Sale Price of the Common Stock for at least 20 Trading Days (whether or not consecutive) during the period of 30 consecutive Trading Days ending on, and including, 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. The Company shall determine at the beginning of each fiscal quarter commencing after January 31, 2021 whether the Notes may be surrendered for conversion in
accordance with this clause (iv) and shall notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) if the Notes become convertible in accordance with this clause (iv) 

(v) If the Company calls any or all of the Notes for redemption pursuant to Article 16 prior to the close of business on the
Business Day immediately preceding June 15, 2025, then a Holder may surrender all or any portion of its Notes that are called for redemption (or deemed called pursuant to the two immediately succeeding paragraphs) for conversion at any time
during the related Redemption Period, even if the Notes are not otherwise convertible at such time. After the expiration of the Redemption Period, the right to convert such Notes on account of such Optional Redemption shall likewise expire. 

In the event of a Partial Redemption, the Company may in such Partial Redemption deem either (x) only Notes subject to such Partial
Redemption or (y) all Notes, irrespective of whether they are called for redemption (an “All Notes Election”), to be convertible during the related Redemption Period and entitled to an increased Conversion Rate under the
circumstances set forth in Section 14.03. The Company shall specify whether it has made an All Notes Election or whether only Notes called (or deemed called) for redemption pursuant to the immediately succeeding sentence will be convertible
during the related Redemption Period pursuant to this Section 14.01(b)(v) and entitled to an increased Conversion Rate as set forth in Section 14.03 in the Redemption Notice related to such Partial Redemption. 

In the case of any Partial Redemption where the Company has not made an All Notes Election and any Holder (or any owner of a beneficial
interest in any Global Note) is reasonably not able to determine, before the close of business on the 44th Scheduled Trading Day immediately before the relevant Redemption Date, whether such Note or beneficial interest, as applicable, is to be
redeemed pursuant to such Partial Redemption, then such Holder or owner, as applicable, will be entitled to convert such Note or beneficial interest, as applicable, at any time before the close of business on the Scheduled Trading Day preceding such
Redemption Date, unless the Company defaults in the payment of the Redemption Price, in which case such Holder or owner, as applicable, will be entitled to convert such Note or beneficial interest, as applicable, until

  
 63 

 
the Redemption Price has been paid or duly provided for. Each such conversion pursuant to the immediately preceding sentence will be deemed to be of a Note called for redemption, and will be
deemed to be “in connection with” such Optional Redemption and entitled to an increased Conversion Rate as set forth and subject to the limitations in Section 14.03. 

Section 14.02. Conversion Procedure; Settlement Upon Conversion. 

(a) Subject to this Section 14.02, Section 14.03(b) and Section 14.07(a), upon conversion of any Note, the Company shall pay or
deliver, as the case may be, to the converting Holder, in respect of each $1,000 principal amount of Notes being converted, cash (“Cash Settlement”), shares of Common Stock, together with cash, if applicable, in lieu of delivering
any fractional share of Common Stock in accordance with subsection (j) of this Section 14.02 (“Physical Settlement”) or a combination of cash and shares of Common Stock, together with cash, if applicable, in lieu of
delivering any fractional share of Common Stock in accordance with subsection (j) of this Section 14.02 (“Combination Settlement”), at its election, as set forth in this Section 14.02. 

(i) All conversions occurring (x) on or after June 15, 2025 or (y) during a Redemption Period shall be settled
using the same Settlement Method. 
 (ii) Except for any conversions for which the relevant Conversion Date occurs during a
Redemption Period and any conversions for which the relevant Conversion Date occurs on or after June 15, 2025, the Company shall use the same Settlement Method for all conversions with the same Conversion Date, but the Company shall not have
any obligation to use the same Settlement Method with respect to conversions with different Conversion Dates. 
 (iii) If, in
respect of any Conversion Date (or any conversions occurring (x) during a Redemption Period or (y) on or after June 15, 2025, as the case may be), the Company elects to deliver a notice (the “Settlement Notice”) of
the relevant Settlement Method in respect of such Conversion Date (or such period, as the case may be), the Company shall deliver such Settlement Notice to converting Holders, the Trustee and the Conversion Agent (if other than the Trustee) in
writing no later than the close of business on the Trading Day immediately following the relevant Conversion Date (or, in the case of any conversions for which the relevant Conversion Date occurs (x) during a Redemption Period, in such
Redemption Notice, or (y) on or after June 15, 2025, no later than the close of business on Business Day immediately preceding June 15, 2025). If the Company does not timely elect a Settlement Method prior to the deadline set forth in
the immediately preceding sentence, the Company shall no longer have the right to elect Cash Settlement or Physical Settlement for such conversion or during such period and the Company shall be deemed to have elected Combination Settlement in
respect of its Conversion Obligation, and the Specified Dollar Amount per $1,000 principal amount of Notes to be converted shall be equal to $1,000. Such Settlement Notice shall specify the relevant Settlement Method and in the case of an election
of Combination Settlement, the 

  
 64 

 
relevant Settlement Notice shall indicate the Specified Dollar Amount per $1,000 principal amount of Notes to be converted. If the Company delivers a Settlement Notice electing Combination
Settlement in respect of its Conversion Obligation but does not indicate a Specified Dollar Amount per $1,000 principal amount of Notes to be converted in such Settlement Notice, the Specified Dollar Amount per $1,000 principal amount of Notes to be
converted shall be deemed to be $1,000. By notice to Holders, the Trustee and the Conversion Agent (if other than the Trustee) the Company may, prior to June 15, 2025, at its option, irrevocably elect a Settlement Method (and, in the event it
shall irrevocably elect Combination Settlement, the Company may also, but is not required to, irrevocably elect a Specified Dollar Amount) for all Conversion Dates occurring subsequent to the date of delivery of such notice (such election, an
“Irrevocable Settlement Election”); provided that any such Irrevocable Settlement Election that is made during a Redemption Period (but after the relevant Redemption Notice Date) shall not be applicable to conversions with a
Conversion Date that occurs during such Redemption Period. If the Company irrevocably elects Combination Settlement with an ability to continue to set the Specified Dollar Amount per $1,000 principal amount of Notes at or above a specific minimum
amount, the Company will, after the date of such election, inform Holders converting their Notes, the Trustee and the Conversion Agent (if other than the Trustee), in writing, of such Specified Dollar Amount no later than the earlier of the close of
business on (x) the Business Day immediately preceding June 15, 2025 or (y) the Trading Day immediately following the related Conversion Date. If the Company does not so timely notify Holders, the Trustee and the Conversion Agent (if
other than the Trustee), such Specified Dollar Amount will be the minimum specific amount set forth in the election notice unless, if no minimum specific amount was set forth in the election notice, such Specified Dollar Amount will be $1,000 per
$1,000 principal amount of Notes. For the avoidance of doubt, the Company shall not be required to enter into a supplemental indenture as set forth in Section 10.01 in connection with any Irrevocable Settlement Election, but the Company may do
so at its option. 
 (iv) The cash, shares of Common Stock or combination of cash and shares of Common Stock in respect of
any conversion of Notes (the “Settlement Amount”) shall be computed as follows: 
 (A) if the Company
elects to satisfy its Conversion Obligation in respect of such conversion by Physical Settlement, the Company shall deliver to the converting Holder in respect of each $1,000 principal amount of Notes being converted a number of shares of Common
Stock equal to the Conversion Rate in effect on the Conversion Date; 
 (B) if the Company elects to satisfy its Conversion
Obligation in respect of such conversion by Cash Settlement, the Company shall pay to the converting Holder in respect of each $1,000 principal amount of Notes being converted cash in an amount equal to the sum of the Daily Conversion Values for
each of the 40 consecutive Trading Days during the related Observation Period; and 
 (C) if the Company elects (or is
deemed to have elected) to satisfy its Conversion Obligation in respect of such conversion by Combination Settlement, the Company shall pay or deliver, as the case may be, in respect of each $1,000 principal amount of Notes being converted, a
Settlement Amount equal to the sum of the Daily Settlement Amounts for each of the 40 consecutive Trading Days during the related Observation Period. 

  
 65 

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

(b) Subject to Section 14.02(e), before any Holder of a Note shall be entitled to convert a Note as set forth above, such Holder shall
(i) in the case of a Global Note, comply with the procedures of the Depositary in effect at that time and, if required, pay funds equal to interest payable on the next Interest Payment Date to which such Holder is not entitled as set forth in
Section 14.02(h) and (ii) in the case of a Physical Note (1) complete, manually sign and deliver an irrevocable notice to the Conversion Agent as set forth in the Form of Notice of Conversion (or a facsimile, PDF or other electronic
transmission 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 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, (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 (5) if required, pay all documentary, stamp or similar issue or transfer taxes, if any, in accordance with Section 14.02(d) and Section 14.02(e). The Trustee
(and, if different, the Conversion Agent) shall notify the Company of any conversion pursuant to this Article 14 on the Conversion Date for such conversion. No Notes may be surrendered for conversion by a Holder thereof if such Holder has also
delivered a Fundamental Change Repurchase Notice to the Company in respect of such Notes and has not validly withdrawn such Fundamental Change Repurchase Notice in accordance with Section 15.03. 

  
 66 

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

(c) A Note shall be deemed to have been converted immediately prior to the close of business on the date (the “Conversion
Date”) that the Holder has complied with the requirements set forth in subsection (b) above, and such exercise of the relevant conversion right shall be irrevocable. Except as set forth in Section 14.03(b) and
Section 14.07(a), the Company shall pay or deliver, as the case may be, the consideration due in respect of the Conversion Obligation on the second Business Day immediately following the relevant Conversion Date (provided that, with
respect to any Conversion Date occurring on or after September 1, 2025, the Company shall deliver such consideration on the Maturity Date), if the Company elects Physical Settlement, or on the second Business Day immediately following the last
Trading Day of the relevant Observation Period, in the case of any other Settlement Method. If any shares of 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 Common Stock to which such Holder shall be entitled in satisfaction of the Company’s Conversion
Obligation. 
 (d) In case any Note shall be surrendered for partial conversion, the Company shall execute and the Trustee shall
authenticate and deliver to or upon the written order of the Holder of the Note so surrendered a new Note or Notes in authorized denominations in an aggregate principal amount equal to the unconverted portion of the surrendered Note, without payment
of any service charge by the converting Holder but, if required by the Company or the Trustee, with payment of a sum sufficient to cover any documentary, stamp or similar issue or transfer tax or similar governmental charge required by law or that
may be imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon such conversion being different from the name of the Holder of the old Notes surrendered for such conversion. 

(e) If a Holder submits a Note for conversion, the Company shall pay any documentary, stamp or similar issue or transfer tax due on the issue
of any shares of 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 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 of Common Stock
issued upon the conversion of any Note as provided in this Article 14. 

  
 67 

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

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

  
 68 

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

Section 14.03. Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes or
a Redemption. (a) If (x) 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 or (y) the Company
issues a Redemption Notice pursuant to Section 16.02 and a Holder elects to convert its Notes in connection with such Optional Redemption, 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 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 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
prior to the related Fundamental Change Repurchase Date (or, in the case of a Make-Whole Fundamental Change that would have been a Fundamental Change but for the proviso in clause (b) of the definition thereof, the close of business on the 35th
Trading Day immediately following the Effective Date of such Make-Whole Fundamental Change) (such period, the “Make-Whole Fundamental Change Period”). A conversion shall be deemed for these purposes to be “in connection
with” such Optional Redemption if such Notes are convertible (or deemed convertible) pursuant to Section 14.01(b)(v) and such Notes are converted during the related Redemption Period. 

(b) Upon surrender of Notes for conversion in connection with a Make-Whole Fundamental Change pursuant to Section 14.01(b)(iii) or in
connection with an Optional Redemption pursuant to Section 14.01(b)(v), the Company shall, at its option, satisfy the related Conversion Obligation by Physical Settlement, Cash Settlement or Combination Settlement 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, at the effective time of a Make-Whole Fundamental Change described in clause
(b) of the definition of Fundamental Change, the Reference Property following such Make-Whole Fundamental Change is composed entirely of cash, for any conversion of Notes following the Effective Date of such Make-Whole Fundamental Change, the
Conversion Obligation shall be calculated based solely on the Stock Price for the transaction and shall be deemed to be an amount of cash per $1,000 principal amount of converted Notes equal to the Conversion Rate (including any adjustment for
Additional Shares), multiplied by such Stock Price. In such event, the Conversion Obligation shall be determined and paid to 

  
 69 

 
Holders in cash on the second Business Day following the Conversion Date. The Company shall notify, in writing, the Holders of Notes, the Trustee and the Conversion Agent (if other than the
Trustee) of the Effective Date of any Make-Whole Fundamental Change no later than five Business Days after such Effective Date. 
 (c) The
number of Additional Shares, if any, by which the Conversion Rate shall be increased for conversions during the Make-Whole Fundamental Change Period or during the Redemption Period 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”) or the Redemption Notice Date, as the case may be, and the price paid (or deemed to be paid) per share of the Common Stock in the
Make-Whole Fundamental Change or on the Redemption Notice Date, as applicable, as set forth in this Section 14.03 (the “Stock Price”). If the holders of the Common Stock receive in exchange for their Common Stock only cash in a
Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per share. In the case of any other Make-Whole Fundamental Change or in the case of any Optional
Redemption, the Stock Price shall be the average of the Last Reported Sale Prices of the Common Stock over the five consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Effective Date of the Make-Whole
Fundamental Change or the Redemption Notice Date, as the case may be. The Board of Directors shall make appropriate adjustments to the Stock Price, in its good faith determination, to account for any adjustment to the Conversion Rate that becomes
effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date (as such term is defined for purposes of Section 14.04) or expiration date of the event
occurs, during such five consecutive Trading Day period. In the event that a conversion in connection with an Optional Redemption would also be deemed to be in connection with a Make-Whole Fundamental Change, a Holder of any such Notes to be
converted will be entitled to a single increase to the Conversion Rate with respect to the first to occur of the applicable Redemption Notice Date or the Effective Date, and the later event shall be deemed not to have occurred for purposes of this
Section 14.03. 
 (d) The Stock Prices set forth in the column headings of the table below shall be adjusted as of any date on which
the Conversion Rate of the Notes is otherwise adjusted. The adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the Conversion Rate
immediately prior to such adjustment giving rise to the Stock Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The number of Additional Shares set forth in the table below shall be adjusted in the same manner and
at the same time as the Conversion Rate as set forth in Section 14.04. 

  
 70 

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

																																																	
	 	  	Stock Price	 
	 Effective Date/

Redemption Notice Date
	  	$29.15	 	  	$32.00	 	  	$35.00	 	  	$39.35	 	  	$45.00	 	  	$51.16	 	  	$60.00	 	  	$70.00	 	  	$80.00	 	  	$100.00	 	  	$120.00	 	  	$150.00	 
	 September 18, 2020
	  	 	8.8940	 	  	 	7.3059	 	  	 	5.9971	 	  	 	4.5695	 	  	 	3.2751	 	  	 	2.3219	 	  	 	1.4507	 	  	 	0.8671	 	  	 	0.5190	 	  	 	0.1732	 	  	 	0.0423	 	  	 	0.0000	 
	 September 15, 2021
	  	 	8.8940	 	  	 	7.2961	 	  	 	5.9577	 	  	 	4.4628	 	  	 	3.1260	 	  	 	2.1597	 	  	 	1.2980	 	  	 	0.7397	 	  	 	0.4194	 	  	 	0.1197	 	  	 	0.0199	 	  	 	0.0000	 
	 September 15, 2022
	  	 	8.8940	 	  	 	7.2625	 	  	 	5.7954	 	  	 	4.2300	 	  	 	2.8593	 	  	 	1.8962	 	  	 	1.0705	 	  	 	0.5639	 	  	 	0.2910	 	  	 	0.0609	 	  	 	0.0028	 	  	 	0.0000	 
	 September 15, 2023
	  	 	8.8940	 	  	 	7.0219	 	  	 	5.4451	 	  	 	3.7987	 	  	 	2.4093	 	  	 	1.4834	 	  	 	0.7460	 	  	 	0.3380	 	  	 	0.1435	 	  	 	0.0121	 	  	 	0.0000	 	  	 	0.0000	 
	 September 15, 2024
	  	 	8.8940	 	  	 	6.5153	 	  	 	4.7486	 	  	 	2.9845	 	  	 	1.6233	 	  	 	0.8329	 	  	 	0.3137	 	  	 	0.0936	 	  	 	0.0190	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 
	 September 15, 2025
	  	 	8.8940	 	  	 	5.8387	 	  	 	3.1601	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

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

 (i) if the Stock Price is between two Stock Prices in the table above or the Effective Date or the Redemption Notice Date,
as the case may be, is between two Effective Dates or Redemption Notice Dates, as applicable, in the table above, the number of Additional Shares by which the Conversion Rate shall be increased 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 or Redemption Notice Dates, as applicable, based on a 365-day year; 

(ii) if the Stock Price is greater than $150.00 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 subsection (d) above), no Additional Shares shall be added to the Conversion Rate; and 

(iii) if the Stock Price is less than $29.15 per share (subject to adjustment in the same manner as the Stock Prices set forth
in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate. 

Notwithstanding the foregoing, in no event shall the Conversion Rate per $1,000 principal amount of Notes exceed 34.3053 shares of 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. For the avoidance of doubt, if a Holder converts its Notes prior to the Effective Date of a Make-Whole Fundamental Change, then
whether or not such Make-Whole Fundamental Change occurs, the Holder shall not be entitled to an increased Conversion Rate. 

Section 14.04. Adjustment of Conversion Rate. The Conversion Rate shall be adjusted from time to time by the Company if any of the
following events occurs, except that the Company shall not make any adjustments to the Conversion Rate if Holders of the Notes participate (other than in the case of (x) a share split or share combination or (y) a tender or exchange
offer), at the same time and upon the same terms as holders of the 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 Common Stock equal to the Conversion Rate, multiplied by the principal amount (expressed in thousands) of Notes held by such Holder. 

  
 71 

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

 

			
	CR’=CR0 x	 	 OS’

	 	OS0

 where, 
  

	CR0     =	 the Conversion Rate in effect immediately prior to the open of business on the
Ex-Dividend Date of such dividend or distribution, or immediately prior to the open of business on the Effective Date of such share split or share combination, as applicable; 

 

	CR’     =	 the Conversion Rate in effect immediately after the open of business on such
Ex-Dividend Date or Effective Date; 

  

	OS0     =	 the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date (before giving effect to any such dividend, distribution, share split or share combination); and 

 

	OS’     =	 the number of shares of 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 but not so paid or made, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors determines not to pay such
dividend or distribution, to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. 

  
 72 

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

			
	CR’=CR0 x	 	 OS0 + X

	 	OS0 + Y

 where, 
  

	CR0     =	 the Conversion Rate in effect immediately prior to the open of business on the
Ex-Dividend Date for such issuance; 

  

	CR’     =	 the Conversion Rate in effect immediately after the open of business on such
Ex-Dividend Date; 

  

	OS0     =	 the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date; 

  

	X         =	 the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and

  

	Y         =	 the number of shares of 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 Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such
rights, options or warrants. 

 Any increase made under this Section 14.04(b) shall be made successively whenever any such rights,
options or warrants are issued and shall become effective immediately after the open of business on the Ex-Dividend Date for such issuance. To the extent that shares of the 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 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 of Common Stock to subscribe for or purchase shares of the Common Stock at a price per share that is less than such average of the Last Reported
Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, and in determining the aggregate offering price of such shares of
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 Company. 

  
 73 

 (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 of the Company, to all or substantially all holders of the 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 the provisions of Section 14.04(d) shall apply, (iii) rights issued
pursuant a stockholder rights plan except as set forth in Section 14.11, (iv) distributions of Reference Property in a transaction described in Section 14.07 and (v) Spin-Offs as to which the provisions set forth below in this
Section 14.04(c) shall apply (any of such shares of Capital Stock, evidences of indebtedness, other assets or property or rights, options or warrants to acquire Capital Stock or other securities, the “Distributed Property”),
then the Conversion Rate shall be increased based on the following formula: 
  

			
	CR’=CR0 x	 	       SP0      

	 	SP0 – FMV

 where, 
  

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

  

	CR’   =	 the Conversion Rate in effect immediately after the open of business on such
Ex-Dividend Date; 

  

	SP0    =	 the average of the Last Reported Sale Prices of the 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 Company in good faith) of the Distributed Property with respect to
each outstanding share of the Common Stock on the Ex-Dividend Date for such distribution. 

 Any
increase made under the portion of this Section 14.04(c) above shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution. If such distribution is not so
paid or made, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect if such distribution had not been declared. In addition, if the Company issues rights, options or warrants where an increase to the Conversion
Rate has been made pursuant to the portion of this Section 14.04(c) set forth above, the Company will readjust the conversion rate to the extent that any such rights, options or warrants expire unexercised. 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 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 

  
 74 

 
Common Stock equal to the Conversion Rate in effect on the Ex-Dividend Date for the distribution. If the Company 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 may in doing so consider the prices in such market over the same period used in computing the Last
Reported Sale Prices of the 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. 

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
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: 
  

			
	CR’=CR0 x	 	 FMV0 + MP0

	 	       MP0       

 where, 
  

	CR0     =	 the Conversion Rate in effect immediately prior to the end of the Valuation Period; 

 

	CR’     =	 the Conversion Rate in effect immediately after the end of the Valuation Period; 

 

	FMV0  =	 the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to
holders of the Common Stock applicable to one share of the 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 Common Stock were to such Capital Stock or
similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation
Period”); provided that, if there is no Last Reported Sale Price of the Capital Stock or similar equity interest distributed to holders of the Common Stock on such Ex-Dividend Date, the
“Valuation Period” shall be the first 10 consecutive Trading Day period after, and including the first Trading Day such Last Reported Sale Price is available; and 

 

	MP0    =	 the average of the Last Reported Sale Prices of the Common Stock over the Valuation Period.

 The increase to the Conversion Rate under the preceding paragraph shall occur at the close of business on the last Trading Day of the
Valuation Period; provided that (x) in respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date occurs during the Valuation Period, references to “10” in the portion of
this Section 14.04(c) related to Spin-Offs shall be deemed to be replaced with 

  
 75 

 
such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date of such Spin-Off to,
and including, the Conversion Date in determining the Conversion Rate and (y) in respect of any conversion of Notes for which Cash Settlement or Combination Settlement is applicable, for any Trading Day that falls within the relevant
Observation Period for such conversion and within the Valuation Period, references to “10” in the portion of this Section 14.04(c) related to Spin-Offs shall be deemed to be replaced with such lesser number of Trading Days as have
elapsed from, and including, the Ex-Dividend Date of such Spin-Off to, and including such Trading Day in determining the Conversion Rate as of such Trading Day of such
Observation Period. If any dividend or distribution that constitutes a Spin-Off is declared, but not so paid or made, the Conversion Rate shall be immediately decreased, effective as of the date that the Board
of Directors determines not to pay or make such dividend or distribution, to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared or announced. 

For purposes of this Section 14.04(c) (and subject in all respect to Section 14.11), rights, options or warrants distributed by the
Company to all holders of the Common Stock entitling them to subscribe for or purchase shares of the Company’s Capital Stock, including 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 Common Stock; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of the
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 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 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 Common Stock as of 

  
 76 

 
the date of such redemption or purchase, and (2) in the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the
Conversion Rate shall be readjusted as if such rights, options and warrants had not been issued. 
 For purposes of Section 14.04(a),
Section 14.04(b) and this Section 14.04(c), if any dividend or distribution to which this Section 14.04(c) is applicable also includes one or both of: 

(A) a dividend or distribution of shares of 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, in either case, (1) such dividend or distribution, other than the Clause A Distribution and
the Clause B Distribution, shall be deemed to be a dividend or distribution to which this Section 14.04(c) is applicable (the “Clause C Distribution”) and any Conversion Rate adjustment required by this Section 14.04(c)
with respect to such Clause C Distribution shall then be made, 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 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 the Company makes any cash dividend or distribution to all or substantially all holders of the Common Stock, the Conversion Rate shall
be adjusted based on the following formula: 
  

			
	CR’=CR0 x	 	
   SP0   

	 	SP0 – C

 where, 
  

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

  

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

  
 77 

	SP0    =	 the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and 

  

	C       =	 the amount in cash per share the Company distributes to all or substantially all holders of the Common Stock.

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

			
	CR’=CR0 x	 	 AC + (SP’xOS’)

	 	     OS0 x SP’     

 where, 
  

	CR0    =	 the Conversion Rate in effect immediately prior to the close of business on the 10th Trading Day immediately
following, and including, the Trading Day next succeeding the date such tender or exchange offer expires (the “Expiration Date”); 

  

	CR’    =	 the Conversion Rate in effect immediately after the close of business on the 10th Trading Day immediately
following, and including, the Trading Day next succeeding the Expiration Date; 

  

	AC     =	 the aggregate value of all cash and any other consideration (as determined by the Company) paid or payable for
shares of Common Stock purchased in such tender or exchange offer; 

  
 78 

	OS0    =	 the number of shares of Common Stock outstanding immediately prior to the Expiration Date (prior to giving
effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); 

  

	OS’    =	 the number of shares of Common Stock outstanding immediately after the Expiration Date (after giving effect to
the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and 

  

	SP’    =	 the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period
commencing on, and including, the Trading Day next succeeding the Expiration Date. 

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

In the event the Company or one of its Subsidiaries is obligated to purchase Common Stock pursuant to any such tender offer or exchange offer described in
this Section 14.04(e) but the Company or such Subsidiary is permanently prevented by applicable law from consummating any such purchases, or all such purchases are rescinded, then the Conversion Rate shall be decreased to be the Conversion Rate
that would then be in effect if such tender offer or exchange offer had not been made or had been made only in respect of the purchases that have been consummated. 

(f) Notwithstanding this Section 14.04 or any other provision of this Indenture or the Notes, if a Conversion Rate adjustment becomes
effective on any Ex-Dividend Date, and a Holder that has converted its Notes on or after such Ex-Dividend Date and on or prior to the related Record Date would be
treated as the record holder of the shares of Common Stock as of the related Conversion Date as described under Section 14.02(i) based on an adjusted Conversion Rate for such Ex-Dividend Date, then,
notwithstanding the Conversion Rate adjustment provisions in this Section 14.04, the 

  
 79 

 
Conversion Rate adjustment relating to such Ex-Dividend Date shall not be made for such converting Holder. Instead, such Holder shall be treated as if such
Holder were the record owner of the shares of Common Stock on an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment. 

(g) Except as stated herein, the Company shall not adjust the Conversion Rate for the issuance of shares of the Common Stock or any securities
convertible into or exchangeable for shares of the Common Stock or the right to purchase shares of the Common Stock or such convertible or exchangeable securities. 

(h) In addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 14.04, and to the extent
permitted by applicable law and subject to the applicable rules of the Exchange (or any other exchange on which the Common Stock or any other applicable security is then listed), the Company from time to time may increase the Conversion Rate by any
amount for a period of at least 20 Business Days if the Board of Directors determines that such increase would be in the Company’s best interest. In addition, to the extent permitted by applicable law and subject to the applicable rules of the
Exchange or any other exchange on which any such securities are then listed, the Company may (but is not required to) increase the Conversion Rate to avoid or diminish any income tax to holders of Common Stock or rights to purchase Common Stock in
connection with a dividend or distribution of shares of Common Stock (or rights to acquire shares of Common Stock) or similar event. 
 (i)
Notwithstanding anything to the contrary in this Article 14, the Conversion Rate shall not be adjusted: 
 (i) upon the
issuance of shares of Common Stock at a price below the Conversion Price, other than any such issuance described in Section 14.04(a), (b), (c) or (e); 

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

(iii) upon the issuance of any shares of 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 or in connection with any such shares withheld by the Company for tax withholding purposes pursuant to any such
plan or program; 
 (iv) upon the issuance of any shares of the 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 other than a rights plan as described in Section 14.04(c) and Section 14.11;

  
 80 

 (v) for a tender offer by any party other than a tender offer by the Company
or one of its Subsidiaries described in Section 14.04(e); 
 (vi) upon the repurchase of shares of Common Stock pursuant
to an open-market share repurchase program or other buy-back transaction that is not a tender offer or exchange offer of the nature described in Section 14.04(e), including, without limitation, through
any structured or derivative transactions such as accelerated share repurchase transactions or similar forward derivatives; 

(vii) solely for a change in the par value of the Common Stock; or 

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

(j) All calculations and other determinations under this Article 14 shall be made by the Company and shall be made to the nearest one-ten thousandth (1/10,000th) of a share. In no event shall the Conversion Rate be adjusted such that the Conversion Rate will be less than the par value per share of the Common Stock. If an adjustment to the
Conversion Rate otherwise required pursuant to clauses (a), (b), (c), (d) or (e) of this Section 14.04 would result in a change of less than 1% of the Conversion Rate, then, notwithstanding the foregoing, the Company may, at its election,
defer and carry forward such adjustment, except that all such deferred adjustments must be made: (i) where the aggregate of all such carried-forward adjustments equals or exceeds 1% of the Conversion Rate; (ii) regardless of whether the
aggregate adjustment is less than 1% of the Conversion Rate, (x) on the Conversion Date for any Notes (in the case of Physical Settlement) or (y) on each Trading Day of any Observation Period with respect to any Notes (in the case of Cash
Settlement or Combination Settlement); (iii) on any Redemption Notice Date; and (iv) the date a Fundamental Change or Make-Whole Fundamental Change occurs. 

(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 deliver such notice of such
adjustment of the Conversion Rate to each Holder. Failure to deliver such notice shall not affect the legality or validity of any such adjustment. 

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

  
 81 

 Section 14.05. Adjustments of Prices. Whenever any provision of this Indenture
requires the Company to calculate the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts over a span of multiple days (including, without limitation, an Observation Period and the period, if any,
for determining the Stock Price for purposes of a Make-Whole Fundamental Change or an Optional Redemption), the Company shall make appropriate adjustments without duplication in respect of any adjustment made pursuant to Section 14.04 to
account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date or expiration date of the event
occurs, at any time during the period when such Last Reported Sale Prices, Daily VWAPs, Daily Conversion Values or Daily Settlement Amounts are to be calculated. 

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

Section 14.07. Effect of Recapitalizations, Reclassifications and Changes of the Common Stock. 

(a) In the case of: 

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

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

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

  
 82 

 
(including cash or any combination thereof) that a holder of a number of shares of Common Stock equal to the Conversion Rate immediately prior to such Merger Event would have owned or been
entitled to receive (the “Reference Property”, with each “unit of Reference Property” meaning the kind and amount of Reference Property that a holder of one share of Common Stock is entitled to receive) upon such
Merger Event and, prior to or at the effective time of such Merger Event, the Company or the successor or purchasing Person, as the case may be, shall execute with the Trustee a supplemental indenture permitted under Section 10.01(g) providing
for such change in the right to convert each $1,000 principal amount of Notes; provided, however, that at and after the effective time of the Merger Event (A) the Company or the successor or purchasing Person, as the case may be,
shall continue to have the right to determine the form of consideration to be paid or delivered, as the case may be, upon conversion of Notes in accordance with Section 14.02 and (B) (I) any amount payable in cash upon conversion of the
Notes in accordance with Section 14.02 shall continue to be payable in cash, (II) any shares of Common Stock that the Company would have been required to deliver upon conversion of the Notes in accordance with Section 14.02 shall
instead be deliverable in the amount and type of Reference Property that a holder of that number of shares of Common Stock would have received in such Merger Event and (III) the Daily VWAP shall be calculated based on the value of a unit of
Reference Property. 
 If the Merger Event causes the 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 (i) the Reference Property into which the Notes will be convertible shall be deemed to be the weighted average of the types and amounts of
consideration actually received by the holders of Common Stock, and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall refer to the consideration referred to in clause (i) attributable to one
share of Common Stock. If the holders of the Common Stock receive only cash in such Merger Event, then for all conversions for which the relevant Conversion Date occurs after the effective date of such Merger Event (A) the consideration due
upon conversion of each $1,000 principal amount of Notes shall be solely cash in an amount equal to the Conversion Rate in effect on the Conversion Date (as may be increased by any Additional Shares pursuant to Section 14.03), multiplied
by the price paid per share of Common Stock in such Merger Event and (B) the Company shall satisfy the Conversion Obligation by paying such cash amount to converting Holders on the second Business Day immediately following the relevant
Conversion Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) of such weighted average as soon as reasonably practicable after such determination is made. 

If the Reference Property in respect of any Merger Event includes, in whole or in part, shares of common equity other Capital Stock that may
be converted into or exchanged for common equity, such supplemental indenture described in the second immediately preceding paragraph shall provide for anti-dilution and other adjustments that shall be as nearly equivalent as is possible to the
adjustments provided for in this Article 14 with respect to the portion of Reference Property consisting of such common equity or other Capital Stock. If, in the case of any Merger Event, the Reference Property includes shares of stock, securities
or other property or assets (other than cash or cash 

  
 83 

 
equivalents) of a Person other than the Company or the successor or purchasing corporation, as the case may be, in such Merger Event, then such supplemental indenture shall also be executed by
such other Person (if such Person is an Affiliate of the Company or the successor or purchasing corporation) 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 the provisions providing for the purchase rights set forth in Article 15. 
 (b)
When the Company executes a supplemental indenture pursuant to subsection (a) of this Section 14.07, the Company shall promptly file with the Trustee an Officer’s Certificate briefly stating the reasons therefor, the kind or amount of
cash, securities or property or asset that will comprise a unit of Reference Property after any such Merger Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied with and an Opinion of Counsel
stating that all conditions precedent have been complied with, and shall promptly deliver or cause to be delivered notice thereof to all Holders. The Company shall cause notice of the execution of such supplemental indenture to be delivered to each
Holder within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture. 

(c) The Company shall not become a party to any Merger Event unless its terms are consistent with this Section 14.07. None of the
foregoing provisions shall affect the right of a holder of Notes to convert its Notes into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, as set forth in Section 14.01 and Section 14.02
prior to the effective date of such Merger Event. 
 (d) The above provisions of this Section shall similarly apply to successive Merger
Events. 
 (e) Upon the consummation of any Merger Event, references to “Common Stock” shall be deemed to refer to any Reference
Property that constitutes capital stock after giving effect to such Merger Event. 
 Section 14.08. Certain Covenants.
(a) The Company covenants that all shares of Common Stock issued upon conversion of Notes will be fully paid and non-assessable by the Company and free from all taxes, liens and charges with respect to
the issue thereof. 
 (b) The Company covenants that, if any shares of 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 of Common Stock may be validly issued upon conversion, the Company will, to the extent then permitted by the rules and
interpretations of the Commission, secure such registration or approval, as the case may be. 
 (c) The Company further covenants that if at
any time the 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 Common Stock shall be so listed on such exchange or automated quotation system, any
Common Stock issuable upon conversion of the Notes. 

  
 84 

 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 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 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
conclusively relying upon, the Officer’s Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with 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). Except as otherwise expressly provided herein, neither the Trustee nor any
other agent (including the Conversion Agent) acting under this Indenture (other than the Company, if acting in such capacity) shall have any obligation to make any calculation or to determine whether the Notes may be surrendered for conversion
pursuant to this Indenture, or to notify the Company or the Depositary or any of the Holders if the Notes have become convertible pursuant to the terms of this Indenture. 

  
 85 

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

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

(c) voluntary or involuntary dissolution, liquidation or winding-up of the Company or any of its
Subsidiaries; 
 then, in each case (unless notice of such event is otherwise required pursuant to another provision of this Indenture), the Company shall
cause to be filed with the Trustee and the Conversion Agent (if other than the Trustee) and to be delivered to each Holder, as promptly as possible but in any event at least 20 days prior to the applicable date hereinafter specified, a notice
stating (i) the date on which a record is to be taken for the purpose of such action by the Company or one of its Subsidiaries or, if a record is not to be taken, the date as of which the holders of 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 Merger Event, dissolution, liquidation or winding-up is expected to become effective or occur, and
the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities or other property deliverable upon such Merger Event, dissolution, liquidation or winding-up. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such action by the Company or one of its Subsidiaries, Merger Event, dissolution, liquidation or winding-up. 
 Section 14.11. Stockholder Rights Plans. If the Company has a stockholder
rights plan in effect upon conversion of the Notes, each share of 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 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. However, if, prior to any conversion of Notes, the rights have separated
from the shares of 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 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 the 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. 
 Section 14.12. Exchange in Lieu of Conversion. (a) When a
Holder surrenders its Notes for conversion, the Company may, at its election, direct the Conversion Agent to deliver, on or prior to the Business Day immediately following the relevant Conversion Date, such Notes to one or more financial
institutions designated by the Company (each, a “Designated Institution”) for exchange in lieu of conversion (an “Exchange Election”). In order to accept any Notes surrendered for conversion for exchange in lieu of
conversion, the Designated Institution(s) must agree to timely pay or deliver, as the case may be, in exchange for such Notes, cash, shares of Common Stock or a combination of cash and shares of Common Stock, at the Company’s election, that
would 

  
 86 

 
otherwise be due upon conversion as described in Section 14.02 above or such other amount agreed to by the converting Holder and the Designated Financial Institution(s) (the
“Conversion Consideration”). If the Company makes the election described above, the Company shall, by the close of business on the Business Day following the relevant Conversion Date, notify in writing the Holder surrendering Notes
for conversion, the Trustee and the Conversion Agent (if other than the Trustee), that it has made such election, and the Company shall notify the Designated Institution(s) of the relevant deadline for delivery of the Conversion Consideration and
the type of Conversion Consideration to be paid and/or delivered (unless the form of Conversion Consideration has been otherwise agreed by the Holder and the Designated Financial Institution(s) as set forth in this Section 14.12(a). Any Notes
exchanged by any Designated Institution will remain outstanding, subject to applicable procedures of the Depositary. 
 (b) If any
Designated Institution agrees to accept any Notes for exchange but does not timely pay and/or deliver, as the case may be, the related Conversion Consideration to the Conversion Agent, or if such Designated Institution does not accept such Notes for
exchange, the Company shall, within the time period specified in Section 14.02(c), pay or deliver, as the case may be, the Conversion Consideration in accordance with the provisions of Section 14.02 as if the Company had not made the
Exchange Election. 
 (c) For the avoidance of doubt, in no event will the Company’s designation of a Designated Institution pursuant
to this Section 14.12 require such Designated Institution to accept any Notes for exchange unless such Designated Institution has separately made an agreement with the Company to that effect. 

ARTICLE 15 

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

Section 15.02. Repurchase at Option of Holders Upon a Fundamental Change. (a) If a Fundamental Change occurs at any
time prior to the Maturity Date, each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s Notes, or any portion thereof properly surrendered and not validly withdrawn
pursuant to Section 15.03 that is equal to $1,000 or a multiple of $1,000, on the date (the “Fundamental Change Repurchase Date”) specified by the Company that is not less than 20 calendar days or more than 35 calendar days
following the date of the Fundamental Change Company Notice at a repurchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, thereon to, but excluding, the Fundamental Change Repurchase Date (the
“Fundamental Change Repurchase Price”), unless the Fundamental Change Repurchase Date falls after a Regular Record Date but on or prior to the Interest Payment Date to which such Regular Record Date relates, in which case the
Company shall instead pay the full amount of accrued and unpaid interest (to, but excluding, such Interest Payment Date) to Holders of record as of the close of business on such Regular Record Date, and the Fundamental Change Repurchase Price shall
be equal to 100% of the principal amount of Notes to be repurchased pursuant to this Article 15. 

  
 87 

 (b) Repurchases of Notes under this Section 15.02 shall be made, at the option of the
Holder thereof, upon: 
 (i) delivery to the Paying Agent by a Holder of a duly completed notice (the “Fundamental
Change Repurchase Notice”) in the form set forth in Attachment 2 to the Form of Note attached hereto as Exhibit A, if the Notes are Physical Notes, or in compliance with the Depositary’s procedures for surrendering interests in Global
Notes, if the Notes are Global Notes, in each case on or before the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date; and 

(ii) delivery of the Notes, if the Notes are Physical Notes, to the Paying Agent at any time after delivery of the Fundamental
Change Repurchase Notice (together with all necessary endorsements for transfer) at the Corporate Trust Office of the Paying Agent, or book-entry transfer of the Notes, if the Notes are Global Notes, in compliance with the procedures of the
Depositary, in each case such delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase Price therefor. 

The Fundamental Change Repurchase Notice in respect of any Notes to be repurchased shall state: 

(iii) in the case of Physical Notes, the certificate numbers of the Notes to be delivered for repurchase; 

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

(v) that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this Indenture;

 provided, however, that if the Notes are Global Notes, the Fundamental Change Repurchase Notice must comply with applicable Depositary
procedures. 
 Notwithstanding anything herein to the contrary, any Holder delivering to the Paying Agent the Fundamental Change Repurchase
Notice contemplated by this Section 15.02 shall have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the close of business on the Business Day immediately preceding the Fundamental
Change Repurchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 15.03. 
 The
Paying Agent shall promptly notify the Company of the receipt by it of any Fundamental Change Repurchase Notice or written notice of withdrawal thereof. 

  
 88 

 (c) On or before the 20th Business Day after the occurrence of the effective date of a
Fundamental Change, the Company shall provide to all Holders of Notes and the Trustee and the Paying Agent (in the case of a Paying Agent other than the Trustee) a notice (the “Fundamental Change Company Notice”) of the occurrence
of the effective date of the Fundamental Change and of the repurchase right at the option of the Holders arising as a result thereof. In the case of Physical Notes, such notice shall be by first class mail or, in the case of Global Notes, such
notice shall be delivered in accordance with the applicable procedures of the Depositary. Simultaneously with providing the Fundamental Change Repurchase Notice, the Company shall publish a press release containing the information included in such
notice or publish such information on the Company’s website or through such other public medium as the Company may use at that time. Each Fundamental Change Company Notice shall specify: 

(i) the events causing the Fundamental Change; 

(ii) the effective date of the Fundamental Change; 

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

(iv) the Fundamental Change Repurchase Price; 

(v) the Fundamental Change Repurchase Date; 

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

(vii) if applicable, the Conversion Rate and any adjustments to the Conversion Rate as a result of such Fundamental Change (or
related Make-Whole Fundamental Change); 
 (viii) that the Notes with respect to which a Fundamental Change Repurchase Notice
has been delivered by a Holder may be converted only if the Holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture; and 

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

No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the
validity of the proceedings for the repurchase of the Notes pursuant to this Section 15.02. 
 At the Company’s request, given at
least five days prior to the date the Fundamental Change Company Notice is to be sent (or such shorter period as may be agreed to by the Trustee), 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. 

  
 89 

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

(e) Notwithstanding anything to the contrary in this Indenture, the Company shall not be required to make an offer to repurchase Notes upon
the occurrence of a Fundamental Change otherwise required under this Section 15.02 if a third party makes an offer to purchase Notes in a manner, at the times and otherwise in compliance with the requirements set forth in this Indenture
applicable to such an offer by the Company and such third party purchases all Notes properly tendered and not validly withdrawn under such offer to purchase at the same time and otherwise in compliance with the requirements set forth in this Article
15. 
 Section 15.03. Withdrawal of Fundamental Change Repurchase Notice. (a) A Fundamental Change Repurchase Notice may be
withdrawn (in whole or in part) by means of a written notice of withdrawal received by the Paying Agent in accordance with this Section 15.03 at any time prior to the close of business on the Business Day immediately preceding the Fundamental
Change Repurchase Date, specifying: 
 (i) the principal amount of the Notes with respect to which such notice of withdrawal
is being submitted, which must be $1,000 or a multiple thereof, 
 (ii) if Physical Notes have been issued, the certificate
number of the Note in respect of which such notice of withdrawal is being submitted, and 
 (iii) the principal amount, if
any, of such Note that remains subject to the original Fundamental Change Repurchase Notice, which portion must be in principal amounts of $1,000 or a multiple of $1,000; 

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

Section 15.04. Deposit of Fundamental Change Repurchase Price. (a) The Company will deposit with the Trustee (or other Paying
Agent appointed by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04) on or prior to 11:00 a.m., New York City time,

  
 90 

 
on the Fundamental Change Repurchase Date an amount of money sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental Change Repurchase Price. Subject to receipt
of funds and/or Notes by the Trustee (or other Paying Agent appointed by the Company), payment for Notes surrendered for repurchase (and not withdrawn prior to the close of business on the Business Day immediately preceding the Fundamental Change
Repurchase Date) will be made on the later of (i) the Fundamental Change Repurchase Date (provided the Holder has satisfied the conditions in Section 15.02) and (ii) the time of book-entry transfer or the delivery of such Note
to the Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the manner required by Section 15.02 by mailing checks for the amount payable to the Holders of such Notes entitled thereto as they shall appear in the
Note Register; provided, however, that payments to the Depositary shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee. The Trustee (or other Paying Agent appointed by the
Company) shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the Fundamental Change Repurchase Price. 

(b) If by 11:00 a.m. New York City time, on the Fundamental Change Repurchase Date, the Trustee (or other Paying Agent appointed by the
Company) holds money sufficient to make payment on all the Notes or portions thereof that are to be repurchased on such Fundamental Change Repurchase Date, then, with respect to the Notes that have been properly surrendered for repurchase and have
not been validly withdrawn in accordance with the provisions of this Indenture, (i) such Notes will cease to be outstanding, (ii) interest will cease to accrue on such Notes (whether or not book-entry transfer of the Notes has been made or
the Notes have been delivered to the Trustee or Paying Agent) and (iii) all other rights of the Holders of such Notes will terminate (other than the right to receive the Fundamental Change Repurchase Price). For the avoidance of doubt, the
Fundamental Change Repurchase Date shall be subject to extension in order to permit the Company to comply with applicable law pursuant to the last sentence of Section 15.05. 

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

Section 15.05. Covenant to Comply with Applicable Laws Upon Repurchase of Notes. In connection with any repurchase offer, the
Company will, if required: 
 (a) comply with tender offer rules under the Exchange Act that may then be applicable; 

(b) file a Schedule TO or any other required schedule under the Exchange Act; and 

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

  
 91 

 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. However, to the extent that the Company’s obligations to offer to repurchase and to repurchase Notes pursuant to the provisions of this Article 15 conflict with any law or regulation that is
applicable to the Company and enacted after the date of this Indenture, the Company’s compliance with such law or regulation will not be considered to be a default of those obligations; rather, the Company shall be deemed to be in compliance
with those obligations if it complies with its obligation to repurchase notes upon a Fundamental Change in accordance with the provisions of this Article 15, modified as necessary by the Company in good faith to permit compliance with such law or
regulation. 
 ARTICLE 16 

OPTIONAL REDEMPTION 

Section 16.01. Optional Redemption. No sinking fund is provided for the Notes. The Notes shall not be redeemable by the Company
prior to September 20, 2023. On or after September 20, 2023 and prior to the 41st Scheduled Trading Day immediately preceding the Maturity Date, the Company may, at its option, redeem (an “Optional Redemption”) for cash
all or, from time to time, any portion of the Notes (subject to the Partial Redemption Limit), at the Redemption Price, if the Last Reported Sale Price of the Common Stock has been at least 130% of the Conversion Price then in effect for at least 20
Trading Days (whether or not consecutive) during any 30 consecutive Trading Day period (including the last Trading Day of such period) ending on, and including, the Trading Day immediately preceding the date on which the Company provides the
Redemption Notice in accordance with Section 16.02. If the Company elects to redeem fewer than all outstanding Notes (a “Partial Redemption”), at least $100,000,000 aggregate principal amount of Notes must be outstanding and
not subject to Optional Redemption pursuant to the relevant Redemption Notice as of the related Redemption Notice Date (such aggregate principal amount, the “Partial Redemption Limit”) unless the Company shall have made an All Notes
Election with respect to such Partial Redemption pursuant to Section 14.01(b)(v). 
 Section 16.02. Notice of Optional
Redemption; Selection of Notes. (a) In case the Company exercises its Optional Redemption right to redeem all or, as the case may be, any part of the Notes pursuant to Section 16.01, it shall fix a date for redemption (each, a
“Redemption Date”) and it or, at its written request received by the Trustee not less than 5 Business Days prior to the date such Redemption Notice is to be sent (or such shorter period of time as may be acceptable to the Trustee),
the Trustee, in the name of and at the expense of the Company, shall deliver or cause to be delivered a written notice of such Optional Redemption (a “Redemption Notice”) not less than 45 Scheduled Trading Days nor more than 60
Scheduled Trading Days prior to the Redemption Date to the Trustee, the Conversion Agent (if other than the Trustee), the Paying Agent (if other than the Trustee) and each Holder of Notes so to be redeemed as a whole or in part. The Redemption Date
must be a Business Day. 
 (b) The Redemption Notice, if delivered in the manner herein provided, shall be conclusively presumed to have
been duly given, whether or not the Holder receives such notice. In any case, failure to give such Redemption Notice or any defect in the Redemption Notice to the Holder of any Note designated for redemption as a whole or in part shall not affect
the validity of the proceedings for the redemption of any other Note. 

  
 92 

 (c) Each Redemption Notice shall specify: 

(i) the Redemption Date; 

(ii) the Redemption Price; 

(iii) that on the Redemption Date, the Redemption Price will become due and payable upon each Note to be redeemed, and that
interest thereon, if any, shall cease to accrue on and after the Redemption Date; 
 (iv) the place or places where such
Notes are to be surrendered for payment of the Redemption Price; 
 (v) in a Partial Redemption, whether the Company has made
an All Notes Election with respect to such Partial Redemption; 
 (vi) that all Holders or, in the case of a Partial
Redemption where the Company has not made an All Notes Election, Holders of Notes called (or deemed call for redemption) may surrender their Notes for conversion at any time during the related Redemption Period; 

(vii) the procedures a converting Holder must follow to convert its Notes and the Settlement Method and Specified Dollar
Amount, if applicable; 
 (viii) the Conversion Rate and, if applicable, the number of Additional Shares added to the
Conversion Rate in accordance with Section 14.03 for Notes converted in connection with such Optional Redemption; 

(ix) the CUSIP, ISIN or other similar numbers, if any, assigned to such Notes; and 

(x) in case any Note is to be redeemed in part only, the portion of the principal amount thereof to be redeemed and on and
after the Redemption Date, upon surrender of such Note, a new Note in principal amount equal to the unredeemed portion thereof shall be issued, which principal amount must be $1,000 or a multiple thereof. 

A Redemption Notice shall be irrevocable. 
 (d)
In any Partial Redemption, the Notes to be redeemed will be selected (x) according to the Depositary’s applicable procedures, in the case of Notes represented by a Global Note, or (y) in the case of Notes represented by Physical
Notes, by the Trustee by lot, on a pro rata basis or in such other manner as the Trustee shall deem appropriate and fair. If any Note selected for redemption is to be redeemed in part and is submitted for conversion in part after such selection,
subject to the applicable procedures of the Depositary, the portion of the Note submitted for conversion shall be deemed (so far as may be possible) to be the portion selected for redemption. 

  
 93 

 Section 16.03. Payment of Notes Called for Redemption. (a) If any
Redemption Notice has been given in respect of the Notes in accordance with Section 16.02, the Notes shall become due and payable on the Redemption Date at the place or places stated in the Redemption Notice and at the applicable Redemption
Price. On presentation and surrender of the Notes at the place or places stated in the Redemption Notice, the Notes shall be paid and redeemed by the Company at the applicable Redemption Price. 

(b) Prior to 11:00 a.m. New York City time on the Redemption Date, the Company shall deposit with the Paying Agent or, if the Company or a
Subsidiary of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 7.05 an amount of cash (in immediately available funds if deposited on the Redemption Date), sufficient to pay the Redemption
Price of all of the Notes to be redeemed on such Redemption Date. Subject to receipt of funds by the Paying Agent, payment for the Notes to be redeemed shall be made on the Redemption Date for such Notes. The Paying Agent shall, promptly after such
payment and upon written demand by the Company, return to the Company any funds in excess of the Redemption Price. 
 Section 16.04.
Restrictions on Redemption. The Company may not redeem any Notes on any date if the principal amount of the Notes has been accelerated in accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or prior
to the Redemption Date (except in the case of an acceleration resulting from a Default by the Company in the payment of the Redemption Price with respect to such Notes). 

ARTICLE 17 

MISCELLANEOUS PROVISIONS 

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

Section 17.02. Official Acts by Successor Corporation. Any act or proceeding by any provision of this Indenture authorized or
required to be done or performed by any board, committee or Officer of the Company shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation or other entity that shall at the time be
the lawful sole successor of the Company. 
 Section 17.03. Addresses for Notices, Etc. Any notice or demand that by any
provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders on the Company shall be deemed to have been sufficiently given or made, for all purposes if given or served by being deposited postage
prepaid by registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to Medallia, Inc., 575 Market Street, Suite 1850, San Francisco, California 94105, Attention: General
Counsel. Any notice, direction, request 

  
 94 

 
or demand hereunder to or upon the Trustee (in any capacity hereunder) 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 or sent electronically in PDF format, whether sent by mail or electronically, upon actual receipt by the Trustee. 

The Trustee, by notice to the Company, may designate additional or different addresses for subsequent notices or communications. 

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

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

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

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

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

The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have
to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Indenture brought in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan,
New York City, New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

  
 95 

 Section 17.05. Evidence of Compliance with Conditions Precedent; Certificates and
Opinions of Counsel to Trustee. Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate and, if
requested by the Trustee, an Opinion of Counsel stating that such action is permitted by the terms of this Indenture. With respect to matters of fact, an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public
officials. 
 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 (a) a statement that the person signing such certificate is familiar with the
requested action and this Indenture; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statement contained in such certificate is based; (c) a statement that, in the judgment of such
person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed judgment as to whether or not such action is permitted by this Indenture; and (d) a statement as to whether or not, in the
judgment of such person, such action is permitted by this Indenture and that all conditions precedent thereto have been complied with. 

Notwithstanding anything to the contrary in this Section 17.05, 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 17.06. Legal Holidays. In any case where any Interest Payment Date, Fundamental Change Repurchase 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 17.07. No Security Interest Created. Nothing in this Indenture or in the Notes, expressed or implied, shall be
construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction. 

Section 17.08. Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person,
other than the Holders, the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

  
 96 

 Section 17.09. Table of Contents, Headings, Etc. The table of contents and the
titles and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

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

The Company agrees to pay to the authenticating agent from time to time reasonable compensation for its services although the Company may
terminate the authenticating agent, if it determines such agent’s fees to be unreasonable. 
 The provisions of Section 7.02,
Section 7.03, Section 7.04, Section 8.03 and this Section 17.10 shall be applicable to any authenticating agent. 

  
 97 

 If an authenticating agent is appointed pursuant to this Section 17.10, the Notes may
have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 

__________________________, 
 as Authenticating Agent, certifies
that this is one of the Notes described 
 in the within-named Indenture. 

By: ____________________ 
 Authorized Signatory 

Section 17.11. Execution in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an
original, but such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart by facsimile, PDF or other electronic means shall be effective as delivery of a manually executed counterpart thereof.
Unless otherwise provided in this Indenture or in any Note, the words “execute,” “execution,” “signed” and “signature” and words of similar import used in or related to any document to be signed in connection
with this Indenture, any Note or any of the transactions contemplated hereby (including amendments, waivers, consents and other modifications) shall be deemed to include electronic signatures and the keeping of records in electronic form, each of
which shall be of the same legal effect, validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in any applicable law, including
the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other similar state laws based on the Uniform Electronic Transactions Act; provided that, notwithstanding
anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Trustee pursuant to procedures approved by the Trustee. All notices,
approvals, consents, requests and any communications hereunder must be in writing (provided that any such communication sent to Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by
DocuSign or other electronic signature provider that the Company plans to use (or such other digital signature provider as specified in writing to Trustee by the authorized representative), in English. Company agrees to assume all risks arising out
of the use of using digital signatures and electronic methods to submit communications to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

Section 17.12. Severability. In the event any provision of this Indenture or in the Notes shall be invalid, illegal or
unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired. 

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

  
 98 

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

Section 17.15. Calculations. Except as otherwise provided herein, the Company shall be responsible for making all calculations
called for under this Indenture and the Notes. These calculations include, but are not limited to, determinations of the Redemption Price, the Stock Price, the Last Reported Sale Prices of the Common Stock, the Trading Price of the Notes (for
purposes of determining whether the Notes are convertible pursuant to Section 14.01(b)(i)), the Daily VWAPs, the Daily Conversion Values, the Daily Settlement Amounts, adjustments to the Conversion Price and the Conversion Rate under this
Indenture, accrued interest payable on the Notes, any Additional Interest payable on the Notes and the Conversion Rate of the Notes. The Company shall make all these calculations in good faith and, absent manifest error, the Company’s
calculations shall be final and binding on Holders of Notes. The Company shall provide a schedule of its calculations to each of the Trustee, the Paying Agent and the Conversion Agent, and each of the Trustee, the Paying Agent and Conversion Agent
is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent verification. The Company will forward the Company’s calculations to any Holder of Notes upon the request of that Holder at the sole cost
and expense of the Company. 
 Section 17.16. 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 it may request in order for the Trustee to satisfy the requirements of
the U.S.A. Patriot Act. 
 [Remainder of page intentionally left blank] 

  
 99 

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

					
	 MEDALLIA, INC.

		
	 By:
	 	 /s/ Leslie Stretch

		 	 Name:
	 	 Leslie Stretch

		 	 Title:
	 	 President and Chief Executive Officer

  
 100 

 
			
	 U.S. BANK NATIONAL ASSOCIATION, as Trustee

		
	 By:
	 	/s/ Andrew Fung
		 	 Name: Andrew Fung

		 	 Title:   Vice President

  
 101 

 EXHIBIT A 

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

  
 A-1 

 (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 CLAUSE
(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 FOR THE COMPANY 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.] 

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

  
 A-2 

 Medallia, Inc. 

0.125% Convertible Senior Note due 2025 
  

			
	No. RA-[•]	 	Initially $[•]

 CUSIP No. 584021 AA71 

Medallia, 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 sum as set forth in the
“Schedule of Exchanges of Notes” attached hereto, which amount, taken together with the principal amounts of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed $575,000,000 in aggregate at any time, in
accordance with the rules and procedures of the Depositary, on September 15, 2025, and interest thereon as set forth below. 
 This
Note shall bear interest at the rate of 0.125% per year from September 18, 2020, or from the most recent date to which interest has been paid or provided for to, but excluding, the next scheduled Interest Payment Date until September 15,
2025. Accrued interest on this Note shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of the number
of days actually elapsed in a 30-day month. Interest is payable semi-annually in arrears on each March 15 and September 15, commencing on March 15, 2021, to Holders of record at the close of
business on the preceding March 1 and September 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, if and so long as such Note is a Global Note, in immediately available funds
in lawful money of the United 
  

	1 	 This Note will be deemed to be identified by CUSIP No. 584021 AB5 from and after such time when the
Company delivers, pursuant to Section 2.05(c) of the within-mentioned Indenture, written notice to the Trustee of the occurrence of the Resale Restriction Termination Date and the removal of the restrictive legend affixed to this Note in
accordance with the applicable procedures of the Depositary. 

  
 A-3 

 
States at the time 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 Corporate Trust Office in the contiguous United States of America, as a place where Notes may be presented for payment or for registration of transfer and exchange. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, including, without limitation, provisions giving the
Holder of this Note the right to convert this Note into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, on the terms and subject to the limitations set forth in the Indenture. Such further provisions
shall for all purposes have the same effect as though fully set forth at this place. 
 This Note, and any claim, controversy or dispute
arising under or related to this Note, shall be construed in accordance with and governed by the laws of the State of New York. 
 In
the case of any conflict between this Note and the Indenture, the provisions of the Indenture shall control and govern. 
 This Note shall
not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed manually by the Trustee or a duly authorized authenticating agent under the Indenture. 

[Remainder of page intentionally left blank] 

  
 A-4 

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

 

			
	 MEDALLIA, INC.

		
	By:	 	 
		 	Name:
		 	 Title:

  

			
	 Dated:

	
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	 U.S. BANK NATIONAL ASSOCIATION
 as
Trustee, certifies that this is one of the Notes described in the within-named Indenture.

		
	By:	 	 
		 	 Authorized Signatory

 [FORM OF REVERSE OF NOTE] 

Medallia, Inc. 
 0.125% Convertible
Senior Note due 2025 
 This Note is one of a duly authorized issue of Notes of the Company, designated as its 0.125% Convertible Senior
Notes due 2025 (the “Notes”), initially limited to the aggregate principal amount of $575,000,000 all issued or to be issued under and pursuant to an Indenture dated as of September 18, 2020 (the “Indenture”),
between the Company and U.S. Bank National Association (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties
and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal amount, subject to certain conditions specified in the Indenture. Capitalized terms used in this
Note and not defined in this Note shall have the respective meanings set forth in the Indenture. 
 In case certain Events of Default, 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
Repurchase Price on the Fundamental Change Repurchase Date, the Redemption Price on any Redemption Date and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to a Paying Agent to collect such payments
in respect of the Note. The Company will pay cash amounts in money of the United States that at the time of payment is legal tender for payment of public and private debts. 

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

  
 R-1 

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

The Notes shall be redeemable at the Company’s option on or after September 20, 2023 and prior to the 41st Scheduled Trading Day immediately preceding the Maturity Date, in accordance with the terms and subject to the conditions specified in the Indenture. No sinking fund is provided for the Notes 

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

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

  
 R-2 

 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. 

  
 R-3 

 SCHEDULE A 

SCHEDULE OF EXCHANGES OF NOTES 

Medallia, Inc. 
 0.125% Convertible
Senior Notes due 2025 
 The initial principal amount of this Global Note is [•] DOLLARS ($[•]). The following increases or
decreases in this Global Note have been made: 
  

									
	 Date of exchange
	  	 Amount of decrease

in principal amount
of this Global Note
	  	
Amount of increase
in principal amount
of this Global Note
	  	
Principal amount of
this Global Note
following such
decrease or increase
	  	
Signature of
authorized signatory
of Trustee or Custodian

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	

  
 R-4 

 ATTACHMENT 1 

[FORM OF NOTICE OF CONVERSION] 
 To: Medallia,
Inc. 
 To: U.S. Bank National Association 
 1 California
Street, Suite 1000 
 San Francisco, CA 94111 
 Attention: D.
Jason (Medallia, 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 a multiple thereof) below designated, into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, in accordance with the terms of the Indenture referred to in this
Note, and directs that any cash payable and any shares of 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 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. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Indenture. 
  

					
	Dated: __________________________________________	 		 	 
			
		 		 	 
		 		 	Signature(s)

  

					
	 	 		 	
	Signature Guarantee	 		 	
		 		 	
	Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities
and Exchange Commission Rule 17Ad-15 if shares of Common Stock are to be issued, or	 		 	

  
 1 

					
	 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

  
 2 

 ATTACHMENT 2 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE] 

To: Medallia, Inc. 
 To: U.S. Bank National Association 

1 California Street, Suite 1000 
 San Francisco, CA 94111 

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

In the case of Physical Notes, the certificate numbers of the Notes to be repurchased are as set forth below: 

 

					
	Dated: __________________________________________	 		 	
		 		 	 
		 		 	Signature(s)
		 		 	
		 		 	____________________________
		 		 	 Social Security or Other Taxpayer

Identification Number

		 		 	
		 		 	Principal amount to be repurchased (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] 
 U.S. Bank
National Association 
 1 California Street, Suite 1000 
 San
Francisco, CA 94111 
 Attention: D. Jason (Medallia, Inc.) 

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 Medallia, 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, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities
and Exchange Commission Rule 17Ad-15 if Notes are to be delivered, other than to and in the name of the registered holder.	 		 	

 NOTICE: The signature on the assignment must correspond with the name as written upon the face of the Note in every particular
without alteration or enlargement or any change whatever. 

  
 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}]]