Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

 
  

 
 ASCENDIS PHARMA A/S 

and 
 U.S. BANK TRUST COMPANY,
NATIONAL ASSOCIATION 
 as Trustee 
  

 
 INDENTURE 

Dated as of March 29, 2022 
  

 
 2.25%
Convertible Senior Notes due 2028 
  
  

 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 Article 1. Definitions; Rules of Construction
	  	 	1	 
			
	 Section 1.01.
	 	Definitions	  	 	1	 
	 Section 1.02.
	 	Other Definitions	  	 	12	 
	 Section 1.03.
	 	Rules of Construction	  	 	13	 
		
	 Article 2. The Notes
	  	 	14	 
			
	 Section 2.01.
	 	Form, Dating and Denominations	  	 	14	 
	 Section 2.02.
	 	Execution, Authentication and Delivery	  	 	14	 
	 Section 2.03.
	 	Initial Notes and Additional Notes	  	 	15	 
	 Section 2.04.
	 	Method of Payment	  	 	16	 
	 Section 2.05.
	 	Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business Day	  	 	16	 
	 Section 2.06.
	 	Registrar, Paying Agent and Conversion Agent	  	 	17	 
	 Section 2.07.
	 	Paying Agent and Conversion Agent to Hold Property in Trust	  	 	18	 
	 Section 2.08.
	 	Holder Lists	  	 	18	 
	 Section 2.09.
	 	Legends	  	 	18	 
	 Section 2.10.
	 	Transfers and Exchanges; Certain Transfer Restrictions	  	 	19	 
	 Section 2.11.
	 	Exchange and Cancellation of Notes to Be Converted or to Be Redeemed Pursuant to a Redemption Upon Fundamental Change or Optional Redemption	  	 	24	 
	 Section 2.12.
	 	Removal of Transfer Restrictions	  	 	25	 
	 Section 2.13.
	 	Replacement Notes	  	 	25	 
	 Section 2.14.
	 	Registered Holders; Certain Rights with Respect to Global Notes	  	 	26	 
	 Section 2.15.
	 	Cancellation	  	 	26	 
	 Section 2.16.
	 	Notes Held by the Company or its Affiliates	  	 	26	 
	 Section 2.17.
	 	Temporary Notes	  	 	27	 
	 Section 2.18.
	 	Outstanding Notes	  	 	27	 
	 Section 2.19.
	 	Repayments by the Company Prior to Maturity	  	 	28	 
	 Section 2.20.
	 	CUSIP and ISIN Numbers	  	 	28	 
		
	 Article 3. Covenants
	  	 	28	 
			
	 Section 3.01.
	 	Payment on Notes	  	 	28	 
	 Section 3.02.
	 	Exchange Act Reports	  	 	28	 
	 Section 3.03.
	 	Rule 144A Information	  	 	29	 
	 Section 3.04.
	 	Additional Interest	  	 	29	 
	 Section 3.05.
	 	Additional Amounts	  	 	30	 
	 Section 3.06.
	 	Compliance and Default Certificates	  	 	33	 
	 Section 3.07.
	 	Stay, Extension and Usury Laws	  	 	33	 
	 Section 3.08.
	 	Acquisition of Notes by the Company and its Affiliates	  	 	34	 
		
	 Article 4. Redemption
	  	 	34	 
			
	 Section 4.01.
	 	No Sinking Fund	  	 	34	 

  
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	 Section 4.02.
	 	Right of Holders to Require the Company to Redeem Notes Upon a Fundamental Change	  	 	34	 
	 Section 4.03.
	 	Right of the Company to Redeem the Notes	  	 	38	 
		
	 Article 5. Conversion
	  	 	43	 
			
	 Section 5.01.
	 	Right to Convert	  	 	43	 
	 Section 5.02.
	 	Conversion Procedures	  	 	44	 
	 Section 5.03.
	 	Settlement Upon Conversion	  	 	46	 
	 Section 5.04.
	 	American Depositary Share Program; Reserve and Status of Securities Issued Upon Conversion	  	 	47	 
	 Section 5.05.
	 	Adjustments to the Conversion Rate	  	 	48	 
	 Section 5.06.
	 	Voluntary Adjustments	  	 	60	 
	 Section 5.07.
	 	Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change	  	 	61	 
	 Section 5.08.
	 	Exchange in Lieu of Conversion	  	 	62	 
	 Section 5.09.
	 	Effect of Ordinary Share Change Event	  	 	63	 
	 Section 5.10.
	 	Termination of the American Depositary Share Program	  	 	66	 
		
	 Article 6. Successors
	  	 	66	 
			
	 Section 6.01.
	 	When the Company May Merge, Etc.	  	 	66	 
	 Section 6.02.
	 	Successor Entity Substituted	  	 	67	 
	 Section 6.03.
	 	Exclusion for Asset Transfers with Wholly Owned Subsidiaries	  	 	67	 
		
	 Article 7. Defaults and Remedies
	  	 	67	 
			
	 Section 7.01.
	 	Events of Default	  	 	67	 
	 Section 7.02.
	 	Acceleration	  	 	69	 
	 Section 7.03.
	 	Sole Remedy for a Failure to Report	  	 	70	 
	 Section 7.04.
	 	Other Remedies	  	 	71	 
	 Section 7.05.
	 	Waiver of Past Defaults	  	 	71	 
	 Section 7.06.
	 	Control by Majority	  	 	71	 
	 Section 7.07.
	 	Limitation on Suits	  	 	71	 
	 Section 7.08.
	 	Absolute Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration	  	 	72	 
	 Section 7.09.
	 	Collection Suit by Trustee	  	 	72	 
	 Section 7.10.
	 	Trustee May File Proofs of Claim	  	 	73	 
	 Section 7.11.
	 	Priorities	  	 	73	 
	 Section 7.12.
	 	Undertaking for Costs	  	 	74	 
		
	 Article 8. Amendments, Supplements and Waivers
	  	 	74	 
			
	 Section 8.01.
	 	Without the Consent of Holders	  	 	74	 
	 Section 8.02.
	 	With the Consent of Holders	  	 	75	 
	 Section 8.03.
	 	Notice of Amendments, Supplements and Waivers	  	 	76	 
	 Section 8.04.
	 	Revocation, Effect and Solicitation of Consents; Special Record Dates; Etc.	  	 	76	 
	 Section 8.05.
	 	Notations and Exchanges	  	 	77	 
	 Section 8.06.
	 	Trustee to Execute Supplemental Indentures	  	 	77	 

  
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	 Article 9. Satisfaction and Discharge
	  	 	77	 
			
	 Section 9.01.
	 	Termination of Company’s Obligations	  	 	77	 
	 Section 9.02.
	 	Repayment to Company	  	 	78	 
	 Section 9.03.
	 	Reinstatement	  	 	78	 
		
	 Article 10. Trustee
	  	 	78	 
			
	 Section 10.01.
	 	Duties of the Trustee	  	 	78	 
	 Section 10.02.
	 	Rights of the Trustee	  	 	79	 
	 Section 10.03.
	 	Individual Rights of the Trustee	  	 	81	 
	 Section 10.04.
	 	Trustee’s Disclaimer	  	 	81	 
	 Section 10.05.
	 	Notice of Defaults	  	 	81	 
	 Section 10.06.
	 	Compensation and Indemnity	  	 	81	 
	 Section 10.07.
	 	Replacement of the Trustee	  	 	82	 
	 Section 10.08.
	 	Successor Trustee by Merger, Etc.	  	 	83	 
	 Section 10.09.
	 	Eligibility; Disqualification	  	 	83	 
		
	 Article 11. Miscellaneous
	  	 	84	 
			
	 Section 11.01.
	 	Notices	  	 	84	 
	 Section 11.02.
	 	Delivery of Officer’s Certificate and Opinion of Counsel as to Conditions Precedent	  	 	85	 
	 Section 11.03.
	 	Statements Required in Officer’s Certificate and Opinion of Counsel	  	 	86	 
	 Section 11.04.
	 	Rules by the Trustee, the Registrar, the Paying Agent and the Conversion Agent	  	 	86	 
	 Section 11.05.
	 	No Personal Liability of Directors, Officers, Employees and Shareholders	  	 	86	 
	 Section 11.06.
	 	Governing Law; Waiver of Jury Trial	  	 	86	 
	 Section 11.07.
	 	Submission to Jurisdiction	  	 	87	 
	 Section 11.08.
	 	No Adverse Interpretation of Other Agreements	  	 	87	 
	 Section 11.09.
	 	Successors	  	 	87	 
	 Section 11.10.
	 	Force Majeure	  	 	87	 
	 Section 11.11.
	 	U.S.A. PATRIOT Act	  	 	87	 
	 Section 11.12.
	 	Calculations	  	 	88	 
	 Section 11.13.
	 	Severability	  	 	88	 
	 Section 11.14.
	 	Counterparts	  	 	88	 
	 Section 11.15.
	 	Table of Contents, Headings, Etc.	  	 	88	 
	 Section 11.16.
	 	Service of Process	  	 	88	 

  

					
	 Exhibits
	  			
		
	 Exhibit A: Form of Note
	  	 	A-1	 
		
	 Exhibit B-1: Form of Restricted Note Legend
	  	 	B1-1	 
		
	 Exhibit B-2: Form of Global Note Legend
	  	 	B2-1	 
		
	 Exhibit B-3: Form of
Non-Affiliate Legend
	  	 	B3-1	 

  
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 INDENTURE, dated as of March 29, 2022, between Ascendis Pharma A/S, a public
limited liability company organized under the laws of the Kingdom of Denmark, as issuer (the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). 

Each party to this Indenture (as defined below) agrees as follows for the benefit of the other party and for the equal and ratable benefit of
the Holders (as defined below) of the Company’s 2.25% Convertible Senior Notes due 2028 (the “Notes”). 
 Article 1.
DEFINITIONS; RULES OF CONSTRUCTION 
 Section 1.01. DEFINITIONS. 

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

“ADS” means one American Depositary Share issued pursuant to the Deposit Agreement (with each such share representing, as of
the Issue Date, one (1) Ordinary Share deposited with the ADS Custodian under the Deposit Agreement), subject to Section 5.09. 

“ADS Custodian” means the person then acting as custodian under the Deposit Agreement. The ADS Custodian as of the Issue Date
is The Bank of New York Mellon. 
 “ADS Depositary” means the person then acting as depositary under the Deposit Agreement.
The ADS Depositary as of the Issue Date is The Bank of New York Mellon. 
 “ADS Entitlement Rate” means, as of any time,
the number of Ordinary Shares represented by one (1) ADS at such time, subject to Section 5.09 and Section 5.10. The ADS Entitlement Rate as of the Issue Date is one (1) Ordinary Share
per ADS. Whenever this Indenture refers to the ADS Entitlement Rate as of a particular date without setting forth a particular time on such date, such reference will be deemed to be to the ADS Entitlement Rate immediately after the Close of Business
on such date. 
 “ADS Price” has the following meaning for any Make-Whole Fundamental Change: (A) if the holders of
Ordinary Shares receive only cash in consideration for their Ordinary Shares in such Make-Whole Fundamental Change and such Make-Whole Fundamental Change is pursuant to clause (B) of the definition of “Fundamental Change,” then
the ADS Price is the product of (i) the amount of cash paid per Ordinary Share in such Make-Whole Fundamental Change; and (ii) the ADS Entitlement Rate immediately before the effective time of such Make-Whole Fundamental Change; and
(B) in all other cases, the ADS Price is the average of the Last Reported Sale Prices per ADS for the five (5) consecutive Trading Days ending on, and including, the Trading Day immediately before the Make-Whole Fundamental Change
Effective Date of such Make-Whole Fundamental Change. 
 “Affiliate” has the meaning set forth in Rule 144 as in effect on
the Issue Date. 
 “Authorized Denomination” means, with respect to a Note, a minimum principal amount thereof equal to
$1,000 and principal amount denominations of any integral multiple of $1,000 in excess thereof. 

  
 - 1 - 

 “Bankruptcy Law” means Title 11, United States Code, or any similar U.S.
federal or state or non-U.S. law for the relief of debtors. 
 “Board of Directors”
means the board of directors of the Company or a committee of such board duly authorized to act on behalf of such board. 

“Business Day” means any day other than a Saturday, a Sunday or any day on which the Federal Reserve Bank of New York is
authorized or required by law or executive order to close or be closed. 
 “Capital Shares” of any Person means any and all
shares of, interests in, rights to purchase, warrants or options for, participations in, or other equivalents of, in each case however designated, the equity of such Person, but excluding any debt securities convertible into such equity. 

“Change in Tax Law” means any change or amendment in the laws, rules or regulations of a Relevant Taxing Jurisdiction, or any
change in an official written interpretation, administration or application of such laws, rules or regulations by any legislative body, court, governmental taxing authority or regulatory or administrative authority of such Relevant Taxing
Jurisdiction (including the enactment of any legislation and the publication of any judicial decision or regulatory or administrative interpretation or determination) affecting taxation, which change or amendment becomes effective on or after
March 24, 2022 (or, if the Relevant Taxing Jurisdiction was not a Relevant Taxing Jurisdiction on such date, the date on which such Relevant Taxing Jurisdiction became a Relevant Taxing Jurisdiction). For the avoidance of doubt, any response by
the Danish tax authorities or any court to the request for a binding ruling submitted by or on behalf of the Company to the Danish tax authorities before March 20, 2022 will not qualify as a Change in Tax Law. 

“Close of Business” means 5:00 p.m., New York City time. 

“Company” means the Person named as such in the first paragraph of this Indenture and, subject to Article 6, its
successors and assigns. 
 “Company Order” means a written request or order signed on behalf of the Company by one
(1) of its Officers and delivered to the Trustee. 
 “Conversion Date” means, with respect to a Note, the first
Business Day on which the requirements set forth in Section 5.02(A) to convert such Note are satisfied, subject to Section 5.03(B). 

“Conversion Price” means, as of any time, an amount equal to (A) one thousand dollars ($1,000) divided by
(B) the Conversion Rate in effect at such time. 
 “Conversion Rate” initially means 6.0118 ADSs per $1,000 principal
amount of Notes; 

  
 - 2 - 

 
provided, however, that the Conversion Rate is subject to adjustment pursuant to Article 5; provided, further, that whenever this Indenture refers to the
Conversion Rate as of a particular date without setting forth a particular time on such date, such reference will be deemed to be to the Conversion Rate immediately after the Close of Business on such date. 

“Conversion ADS” means any ADS issued or issuable upon conversion of any Note. 

“De-Legending Deadline Date” means, with respect to any Note, the fifteenth (15th)
day after the Free Trade Date of such Note; provided, however, that if such fifteenth (15th) day is after a Regular Record Date and on or before the next Interest Payment Date, then the
De-Legending Deadline Date for such Note will instead be the Business Day immediately after such Interest Payment Date. 

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

“Deposit Agreement” means that certain Deposit Agreement, dated as of January 27, 2015, among the Company, The Bank of
New York Mellon, as the depositary for the ADSs, and the holders and beneficial owners of the ADSs, as supplemented by that certain letter agreement, to be entered into on or about the Issue Date, as the same may be amended, supplemented or replaced
from time to time. 
 “Depositary” means The Depository Trust Company or its successor. 

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

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

“Deposited Distribution” means a dividend or distribution by the Company, to all or substantially all holders of Ordinary
Shares (including Ordinary Shares represented by the ADSs), of cash, evidences of the Company’s indebtedness or other assets or property of the Company, or rights, options or warrants to acquire Capital Shares of the Company or other securities
(including depositary receipts representing Capital Shares of the Company) (such cash, evidences of indebtedness, assets, property, rights, options or warrants, the “Distributed Property”), for which a corresponding distribution is
not made on the ADSs but all ADSs thereafter represent (in addition to the Ordinary Shares and other property, if any, then represented by the ADSs) an interest in such Distributed Property in the same kind and amount, per Ordinary Share,
distributed to holders of Ordinary Shares. 
 “Distributed Property” has the meaning set forth in the definition of
“Deposited Distribution” above. 

  
 - 3 - 

 “Ex-Dividend Date” means, with
respect to an issuance, dividend or distribution, the first date on which the ADSs trade on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance, dividend or distribution (including pursuant to
due bills or similar arrangements required by the relevant stock exchange). For the avoidance of doubt, any alternative trading convention on the applicable exchange or market in respect of the ADSs under a separate ticker symbol or CUSIP number
will not be considered “regular way” for this purpose. 
 “Exchange Act” means the U.S. Securities Exchange Act
of 1934, as amended. 
 “Exempted Fundamental Change” means any Fundamental Change with respect to which, in accordance
with Section 4.02(I), the Company does not offer to redeem any Notes. 
 “Expiring Rights” means
any rights, options or warrants (other than rights issued or otherwise distributed pursuant to a shareholder rights plan, so long as such rights have not separated from the Ordinary Shares or the ADSs, as applicable) to acquire Capital Shares of the
Company or other securities (including depositary receipts representing Capital Shares of the Company), which rights, options or warrants expire on or before the Maturity Date (or, if such date is not a Business Day, the next Business Day). 

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

“Fundamental Change” means any of the following events: 

(A) a “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act), other than the Company or its
Wholly Owned Subsidiaries, or their respective employee benefit plans, files any report with the SEC indicating that such person or group has become the direct or indirect “beneficial owner” (as defined below) of Ordinary Shares
representing more than fifty percent (50%) of the voting power of all of the Company’s Ordinary Shares; 

  
 - 4 - 

 (B) the consummation of (i) any sale, lease or other transfer, in one transaction or a
series of transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person, other than solely to one or more of the Company’s Wholly Owned Subsidiaries; or (ii) any transaction or
series of related transactions in connection with which (whether by means of merger, consolidation, share exchange, combination, reclassification, recapitalization, acquisition, liquidation or otherwise) all of the Ordinary Shares or ADSs are
exchanged for, converted into, acquired for, or constitutes solely the right to receive, other securities, cash or other property or assets; provided, however, that any merger, consolidation, share exchange or combination of the
Company pursuant to which the Persons that directly or indirectly “beneficially owned” (as defined below) all classes of the Company’s common equity immediately before such transaction directly or indirectly “beneficially
own,” immediately after such transaction, more than fifty percent (50%) of all classes of common equity of the surviving, continuing or acquiring company or other transferee, as applicable, or the parent thereof, in substantially the same
proportions vis-à-vis each other as immediately before such transaction will be deemed not to be a Fundamental Change pursuant to this clause (B); 

(C) the Company’s shareholders approve any plan or proposal for the liquidation or dissolution of the Company; or 

(D) the ADSs cease to be listed on any of The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of
their respective successors); 
 provided, however, that a transaction or event described in clause (A) or (B) above will
not constitute a Fundamental Change if such transaction or event constitutes an Ordinary Share Change Event at least ninety percent (90%) of whose Reference Property (excluding any portion thereof representing cash payments for fractional shares or
pursuant to dissenters rights) consists of shares of common stock, ordinary shares or other corporate common equity interests listed (or depositary receipts representing shares of common stock, ordinary shares or other corporate common equity
interests, which depositary receipts are listed) on any of The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors), or that will be so listed when issued or exchanged in
connection with such transaction or event. 
 For the avoidance of doubt, references in this definition to the Company, the ADSs, the
Ordinary Shares and the Company’s “common equity” will be subject to (x) Article 6, (y) Section 5.09(A)(2)(II), and (z) Section 5.10. 

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

“Fundamental Change Redemption Date” means the date fixed for the redemption of any Notes by the Company pursuant to a
Redemption Upon Fundamental Change. 
 “Fundamental Change Redemption Notice” means a notice (including a notice
substantially in the form of the “Fundamental Change Redemption Notice” set forth in Exhibit A) containing the information, or otherwise complying with the requirements, set forth in
Section 4.02(F)(i) and Section 4.02(F)(ii). 

  
 - 5 - 

 “Fundamental Change Redemption Price” means the cash price payable by the
Company to redeem any Note upon its Redemption Upon Fundamental Change, calculated pursuant to Section 4.02(D). 

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

“Global Note Legend” means a legend substantially in the form set forth in Exhibit
B-2. 
 “Holder” means a person in whose name a Note is registered on the
Registrar’s books. 
 “Indenture” means this Indenture, as amended or supplemented from time to time. 

“Initial Purchasers” means J.P. Morgan Securities LLC, Evercore Group L.L.C, Wells Fargo Securities, LLC, Morgan
Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, SVB Securities LLC, Cantor Fitzgerald & Co., Canaccord Genuity LLC and Berenberg Capital Markets LLC. 

“Interest Payment Date” means, with respect to a Note, each April 1 and October 1 of each year, commencing on
October 1, 2022 (or commencing on such other date specified in the certificate representing such Note). For the avoidance of doubt, the Maturity Date is an Interest Payment Date. 

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

“Issue Date” means March 29, 2022. 

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

  
 - 6 - 

 “Last Reported Sale Price” of the ADSs for any Trading Day means the
closing sale price per ADS (or, if no closing sale price is reported, the average of the last bid price and the last ask price per ADS or, if more than one in either case, the average of the average last bid prices and the average last ask prices
per ADS) on such Trading Day as reported in composite transactions for the principal U.S. national or regional securities exchange on which the ADSs are then listed. If the ADSs are not listed on a U.S. national or regional securities exchange on
such Trading Day, then the Last Reported Sale Price of the ADSs will be the last quoted bid price per ADS on such Trading Day in the over-the-counter market as reported
by OTC Markets Group Inc. or a similar organization. If the ADSs are not so quoted on such Trading Day, then the Last Reported Sale Price of the ADSs will be the average of the mid-point of the last bid price
and the last ask price per ADS on such Trading Day from a nationally recognized independent investment banking firm selected by the Company, which may include any of the Initial Purchasers. The Last Reported Sale Price of the Ordinary Shares for any
Trading Day means the quotient (rounded to the nearest cent) obtained by dividing (x) the Last Reported Sale Price per ADS on such Trading Day by (y) the ADS Entitlement Rate on such Trading Day. Neither the Trustee nor the Conversion
Agent will have any duty to determine the Last Reported Sale Price. 
 “Make-Whole Fundamental Change” means (A) a
Fundamental Change (determined after giving effect to the proviso immediately after clause (D) of the definition thereof, but without regard to the proviso to clause (B)(ii) of such definition); or (B) the sending of an
Optional Redemption Notice pursuant to Section 4.03(G); provided, however, that, subject to Section 4.03(K), the sending of an Optional Redemption Notice for a Provisional Redemption
will constitute a Make-Whole Fundamental Change only with respect to the Notes called for such Provisional Redemption pursuant to such Optional Redemption Notice and not with respect to any other Notes. 

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

(A) in the case of a Make-Whole Fundamental Change pursuant to clause (A) of the definition thereof, the period from, and
including, the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change to, and including, the thirty fifth (35th) Trading Day after such Make-Whole Fundamental Change Effective Date (or, if such Make-Whole Fundamental
Change also constitutes a Fundamental Change (other than an Exempted Fundamental Change), to, but excluding, the related Fundamental Change Redemption Date); and 

(B) in the case of a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof, the period from, and
including, the Optional Redemption Notice Date for the related Optional Redemption to, and including, the second (2nd) Business Day immediately before the related Optional Redemption Date; 

provided, however, that if the Conversion Date for the conversion of a Note that has been called (or deemed, pursuant to
Section 4.03(K), to be called) for Optional Redemption occurs during the Make-Whole Fundamental Change Conversion Period for both a Make-Whole Fundamental Change occurring pursuant to clause (A) of the
definition of “Make-Whole Fundamental Change” and a Make-Whole Fundamental Change resulting from such Optional Redemption pursuant to clause (B) of such definition, then, notwithstanding anything to the contrary in
Section 5.07, solely for purposes of such conversion, (x) such Conversion Date will be deemed to occur solely during the Make-Whole Fundamental Change Conversion Period for the Make-Whole Fundamental Change with the
earlier Make-Whole Fundamental Change Effective Date; and (y) the Make-Whole Fundamental Change with the later Make-Whole Fundamental Change Effective Date will be deemed not to have occurred. 

  
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 “Make-Whole Fundamental Change Effective Date” means (A) with respect
to a Make-Whole Fundamental Change pursuant to clause (A) of the definition thereof, the date on which such Make-Whole Fundamental Change occurs or becomes effective; and (B) with respect to a Make-Whole Fundamental Change pursuant
to clause (B) of the definition thereof, the applicable Optional Redemption Notice Date. 
 “Market Disruption
Event” means, with respect to any date, the occurrence or existence, during the one-half hour period ending at the scheduled close of trading on such date on the principal U.S. national or regional
securities exchange or other market on which the ADSs are listed for trading or trades, of any material suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in
the ADSs or in any options contracts or futures contracts relating to the ADSs. 
 “Maturity Date” means April 1,
2028. 
 “Note Agent” means any Registrar, Paying Agent or Conversion Agent. 

“Non-Affiliate Legend” means a legend substantially in the form set forth in
Exhibit B-3. 
 “Notes” means the 2.25% Convertible Senior Notes due 2028
issued by the Company pursuant to this Indenture. 
 “Officer” means the Chairman of the Board of Directors, the Chief
Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of the Company. 

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

“Optional Redemption” means a Provisional Redemption or a Tax Redemption. 

“Optional Redemption Date” means the date fixed, pursuant to Section 4.03(E), for the
settlement of the redemption of any Notes by the Company pursuant to an Optional Redemption. 

  
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 “Optional Redemption Notice Date” means, with respect to an Optional
Redemption, the date on which the Company sends the Optional Redemption Notice for such Optional Redemption pursuant to Section 4.03(G). 

“Optional Redemption Price” means the cash price payable by the Company to redeem any Note upon its Optional
Redemption, calculated pursuant to Section 4.03(F). 
 “Ordinary Shares” means the ordinary
shares, nominal value DKK 1 per share, of the Company, subject to Section 5.09. 
 “Person” or
“person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof.
Any division or series of a limited liability company, limited partnership or trust will constitute a separate “person” under this Indenture. 

“Physical Note” means a Note (other than a Global Note) that is represented by a certificate substantially in the form set
forth in Exhibit A, registered in the name of the Holder of such Note and duly executed by the Company and authenticated by the Trustee. 

“Prevailing Exchange Rate” means, for purposes of translating, as of any date, any amount in a
non-U.S. currency to U.S. dollars, the spot mid-rate of exchange between such currencies prevailing as of 4 p.m., New York City time, on such date, as displayed on, or
derived from, Bloomberg page “BFIX” (or, if such page is not available, its equivalent successor page) in respect of such currencies. If such rate cannot be determined as provided in the immediately preceding sentence on such date (which,
for the purpose of this definition, will be deemed to be the “affected day”), then the Prevailing Exchange Rate for such date will be determined mutatis mutandis but with respect to the immediately preceding day on which such
rate can be so determined; provided, however, that, if such immediately preceding day is before the fifth (5th) day before such affected day, or if such rate cannot be so determined, then the Prevailing Exchange Rate will be determined
in such other commercially reasonable manner as determined by the Company in good faith. 
 “Provisional Redemption” means
the redemption of any Note by the Company pursuant to Section 4.03(B). 
 “Purchase Agreement”
means that certain Purchase Agreement, dated March 24, 2022, between the Company and the Initial Purchasers. 
 “Qualified
Successor Entity” means, with respect to a Business Combination Event, a corporation; provided, however, that a limited liability company, limited partnership or other similar entity will also constitute a Qualified Successor
Entity with respect to such Business Combination Event if either (A) such Business Combination Event is an Exempted Fundamental Change; or (B) both of the following conditions are satisfied: (i) either (x) such limited liability
company, limited partnership or other similar entity, as applicable, is treated as a corporation or is a direct or indirect, wholly owned subsidiary of, and disregarded as an entity separate from, a 

  
 - 9 - 

 
corporation, in each case for U.S. federal income tax purposes; or (y) the Company has received an opinion of a nationally recognized tax counsel to the effect that such Business Combination
Event will not be treated as an exchange under Section 1001 of the Internal Revenue Code of 1986, as amended, for Holders or beneficial owners of the Notes; and (ii) such Business Combination Event constitutes a Common Stock Change Event
whose Reference Property consists solely of any combination of cash in U.S. dollars and shares of common stock or other corporate common equity interests of an entity that is (x) treated as a corporation for U.S. federal income tax purposes;
and (y) duly organized and existing under the laws of the United States of America, any State thereof or the District of Columbia. 

“Redemption Upon Fundamental Change” means the redemption of any Note by the Company pursuant to
Section 4.02. 
 “Regular Record Date” has the following meaning with respect to an Interest
Payment Date: (A) if such Interest Payment Date occurs on April 1, the immediately preceding March 15; and (B) if such Interest Payment Date occurs on October 1, the immediately preceding September 15. 

“Responsible Officer” means (A) any officer within the corporate trust group of the Trustee (or any successor group of
the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of such officers; and (B) with respect to a particular corporate trust matter, any other officer to whom such matter is referred
because of his or her knowledge of, and familiarity with, the particular subject. 
 “Restricted Note Legend” means a
legend substantially in the form set forth in Exhibit B-1. 
 “Restricted ADS
Legend” means, with respect to any Conversion ADS, a legend substantially to the effect that the offer and sale of such Conversion ADS have not been registered under the Securities Act and that such Conversion ADS cannot be sold or
otherwise transferred except pursuant to a transaction that is registered under the Securities Act or that is exempt from, or not subject to, the registration requirements of the Securities Act. 

“Rule 144” means Rule 144 under the Securities Act (or any successor rule thereto), as the same may be amended from time to
time. 
 “Rule 144A” means Rule 144A under the Securities Act (or any successor rule thereto), as the same may be amended
from time to time. 
 “Scheduled Trading Day” means any day that is scheduled to be a Trading Day on the principal U.S.
national or regional securities exchange on which the ADSs are then listed or, if the ADSs are not then listed on a U.S. national or regional securities exchange, on the principal other market on which the ADSs are then traded. If the ADSs are not
so listed or traded, then “Scheduled Trading Day” means a Business Day. 
 “SEC” means the U.S. Securities and
Exchange Commission. 

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

“Security” means any Note or Conversion ADS. 

“Shoe Option” means the Initial Purchasers’ option to purchase up to seventy five million dollars ($75,000,000)
aggregate principal amount of additional Notes as provided for in the Purchase Agreement. 
 “Significant Subsidiary”
means, with respect to any Person, any Subsidiary of such Person that constitutes a “significant subsidiary” (as defined in Rule 1-02(w) of Regulation S-X
under the Exchange Act) of such Person; provided, however, that, if a Subsidiary meets the criteria of clause (1)(iii) of the definition of “significant subsidiary” in Rule 1-02(w), but
not clause (1)(i) or (1)(ii) thereof (or, if applicable, the respective successor clauses to the aforementioned clauses), then such Subsidiary will be deemed not to be a Significant Subsidiary of that Person 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 before the date of determination exceeds twenty million dollars
($20,000,000). 
 “Special Interest” means any interest that accrues on any Note pursuant to
Section 7.03. 
 “Subsidiary” means, with respect to any Person, (A) any corporation,
association or other business entity (other than a partnership or limited liability company) of which more than fifty percent (50%) of the total voting power of the Capital Shares entitled (without regard to the occurrence of any contingency, but
after giving effect to any voting agreement or shareholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation, association or other business entity
is owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person; and (B) any partnership or limited liability company where (i) more than fifty percent (50%) of the capital accounts,
distribution rights, equity and voting interests, or of the general and limited partnership interests, as applicable, of such partnership or limited liability company are owned or controlled, directly or indirectly, by such Person or one or more of
the other Subsidiaries of such Person, whether in the form of membership, general, special or limited partnership or limited liability company interests or otherwise; and (ii) such Person or any one or more of the other Subsidiaries of such
Person is a controlling general partner of, or otherwise controls, such partnership or limited liability company. 
 “Tax”
means any tax, duty, levy, impost, assessment or other governmental charge of whatever nature (including penalties and interest related thereto). 

“Tax Redemption” means the redemption of any Note by the Company pursuant to Section 4.03(C). 

“Trading Day” means any day on which (A) trading in the ADSs generally occurs on the principal U.S. national or regional
securities exchange on which the ADSs are then listed or, if the ADSs are not then listed on a U.S. national or regional securities exchange, on the principal other market on which the ADSs are then traded; and (B) there is no Market Disruption
Event. If the ADSs are not so listed or traded, then “Trading Day” means a Business Day. 

  
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 “Transfer-Restricted Security” means any Security that constitutes a
“restricted security” (as defined in Rule 144); provided, however, that such Security will cease to be a Transfer-Restricted Security upon the earliest to occur of the following events: 

(A) such Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to a
registration statement that was effective under the Securities Act at the time of such sale or transfer; 
 (B) such Security is sold or
otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to an available exemption (including Rule 144) from the registration and prospectus-delivery requirements of, or in a transaction not subject to, the
Securities Act and, immediately after such sale or transfer, such Security ceases to constitute a “restricted security” (as defined in Rule 144); and 

(C) such Security is eligible for resale, by a Person that is not an Affiliate of the Company and that has not been an Affiliate of the Company
during the immediately preceding three (3) months, pursuant to Rule 144 without any limitations thereunder as to volume, manner of sale, availability of current public information or notice. 

The Trustee is under no obligation to determine whether any Security is a Transfer-Restricted Security and may conclusively rely on an
Officer’s Certificate with respect thereto. 
 “Trust Indenture Act” means the U.S. Trust Indenture Act of 1939, as
amended. 
 “Trustee” means the Person named as such in the first paragraph of this Indenture until a successor replaces it
in accordance with the provisions of this Indenture and, thereafter, means such successor. 
 “Wholly Owned Subsidiary” of
a Person means any Subsidiary of such Person, determined by reference to the definition of “Subsidiary” above but with each reference therein to “more than fifty percent (50%)” deemed to be replaced with “one hundred percent
(100%)” for purposes of this definition; provided, however, that directors’ qualifying shares will be disregarded for purposes of determining whether any Person is a Wholly Owned Subsidiary of another Person. 

Section 1.02. OTHER DEFINITIONS. 
  

					
	 Term
	  	Defined in
Section	 
	 “Additional ADSs”
	  	 	5.07	(A) 
	 “Additional Amounts”
	  	 	3.05	(A) 
	 “Business Combination Event”
	  	 	6.01	(A) 
	 “Conversion Agent”
	  	 	2.06	(A) 
	 “Conversion Consideration”
	  	 	5.03	(A) 

  
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	 “Default Interest”
	  	 	2.05	(B) 
	 “Defaulted Amount”
	  	 	2.05	(B) 
	 “Event of Default”
	  	 	7.01	(A) 
	 “Expiration Date”
	  	 	5.05	(C)(v) 
	 “Expiration Time”
	  	 	5.05	(C)(v) 
	 “FATCA”
	  	 	3.05	(A)(iv) 
	 “Fundamental Change Notice”
	  	 	4.02	(E) 
	 “Fundamental Change Redemption Right”
	  	 	4.02	(A) 
	 “Initial Notes”
	  	 	2.03	(A) 
	 “Optional Redemption Notice”
	  	 	4.03	(G) 
	 “Ordinary Share Change Event”
	  	 	5.09	(A) 
	 “Paying Agent”
	  	 	2.06	(A) 
	 “Reference Property”
	  	 	5.09	(A) 
	 “Reference Property Unit”
	  	 	5.09	(A) 
	 “Register”
	  	 	2.06	(B) 
	 “Registrar”
	  	 	2.06	(A) 
	 “Relevant Taxing Jurisdiction”
	  	 	3.05	(A) 
	 “Reporting Event of Default”
	  	 	7.03	(A) 
	 “Specified Courts”
	  	 	11.07	 
	 “Spin-Off”
	  	 	5.05	(C)(iii)(2) 
	 “Spin-Off Valuation Period”
	  	 	5.05	(C)(iii)(2) 
	 “Stated Interest”
	  	 	2.05	(A) 
	 “Successor Entity”
	  	 	6.01	(A) 
	 “Successor Person”
	  	 	5.09	(A) 
	 “Tax Redemption Opt-Out
Election”
	  	 	4.03	(C)(ii) 
	 “Tax Redemption Opt-Out Election
Notice”
	  	 	4.03	(C)(ii)(1) 
	 “Tender/Exchange Offer Valuation Period”
	  	 	5.05	(C)(v) 

 Section 1.03. RULES OF CONSTRUCTION. 

For purposes of this Indenture: 

(A) “or” is not exclusive; 

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

(C) “will” expresses a command; 

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

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

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

  
 - 13 - 

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

(H) references to currency mean the lawful currency of the United States of America, unless the context requires otherwise; 

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

(J) the term “interest,” when used with respect to a Note, includes any Default Interest, Additional Interest and Special
Interest, unless the context requires otherwise; and 
 (K) references to Ordinary Shares include any Ordinary Shares represented by ADSs.

 Article 2. THE NOTES 

Section 2.01. FORM, DATING AND DENOMINATIONS. 

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

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

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

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

  
 - 14 - 

 (B) Authentication by the Trustee and Delivery. 

(i) No Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be duly authenticated only when an
authorized signatory of the Trustee (or a duly appointed authenticating agent) manually signs the certificate of authentication of such Note. 

(ii) The Trustee will cause an authorized signatory of the Trustee (or a duly appointed authenticating agent) to manually sign
the certificate of authentication of a Note only if (1) the Company delivers such Note to the Trustee; (2) such Note is executed by the Company in accordance with Section 2.02(A); and (3) the Company delivers
a Company Order to the Trustee that (a) requests the Trustee to authenticate such Note; and (b) sets forth the name of the Holder of such Note and the date as of which such Note is to be authenticated. If such Company Order also requests
the Trustee to deliver such Note to any Holder or to the Depositary, then the Trustee will promptly deliver such Note in accordance with such Company Order. 

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

Section 2.03. INITIAL NOTES AND ADDITIONAL NOTES. 

(A) Initial Notes. On the Issue Date, there will be originally issued five hundred and seventy five million dollars ($575,000,000)
aggregate principal amount of Notes, subject to the provisions of this Indenture (including Section 2.02). Notes issued pursuant to this Section 2.03(A), and any Notes issued in exchange therefor
or in substitution thereof, are referred to in this Indenture as the “Initial Notes.” 
 (B) Additional Notes.
Without the consent of any Holder, the Company may, subject to the provisions of this Indenture (including Section 2.02), originally issue additional Notes with the same terms as the Initial Notes (except, to the extent
applicable, with respect to the date as of which interest begins to accrue on such additional Notes and the first Interest Payment Date and the Last Original Issue Date of such additional Notes), which additional Notes will, subject to the
foregoing, be considered to be part of the same series of, and rank equally and ratably with all other, Notes issued under this Indenture; provided, however, that if any such additional Notes are not fungible with other Notes issued
under this Indenture for purposes of U.S. federal income tax or U.S. federal securities laws or, if applicable, the Depositary Procedures, then such additional Notes will be identified by a separate CUSIP number or by no CUSIP number. 

  
 - 15 - 

 Section 2.04. METHOD OF PAYMENT. 

(A) Global Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on the Maturity Date,
Optional Redemption on an Optional Redemption Date or Redemption Upon Fundamental Change on a Fundamental Change Redemption Date or otherwise) of, interest on, and any cash Conversion Consideration for, any Global Note to the Depositary by wire
transfer of immediately available funds no later than the time the same is due as provided in this Indenture. 
 (B) Physical Notes.
The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on the Maturity Date, Optional Redemption on an Optional Redemption Date or Redemption Upon Fundamental Change on a Fundamental Change Redemption Date
or otherwise) of, interest on, and any cash Conversion Consideration for, any Physical Note no later than the time the same is due as provided in this Indenture as follows: (i) if the principal amount of such Physical Note is at least five
million dollars ($5,000,000) (or such lower amount as the Company may choose in its sole and absolute discretion) and the Holder of such Physical Note entitled to such payment has delivered to the Paying Agent or the Trustee, no later than the time
set forth in the immediately following sentence, a written request that the Company make such payment by wire transfer to an account of such Holder within the United States, by wire transfer of immediately available funds to such account; and
(ii) in all other cases, by check mailed to the address of the Holder of such Physical Note entitled to such payment as set forth in the Register. To be timely, such written request must be so delivered no later than the Close of Business on
the following date: (x) with respect to the payment of any interest due on an Interest Payment Date, the immediately preceding Regular Record Date; (y) with respect to any cash Conversion Consideration, the relevant Conversion Date; and
(z) with respect to any other payment, the date that is fifteen (15) calendar days immediately before the date such payment is due. 

Section 2.05. ACCRUAL OF INTEREST; DEFAULTED AMOUNTS; WHEN
PAYMENT DATE IS NOT A BUSINESS DAY. 

(A) Accrual of Interest. Each Note will accrue interest at a rate per annum equal to 2.25% (the “Stated Interest”),
plus any Additional Interest and Special Interest that may accrue pursuant to Sections 3.04 and 7.03, respectively. Stated Interest on each Note will (i) accrue from, and including, the most recent date to which Stated
Interest has been paid or duly provided for (or, if no Stated Interest has theretofore been paid or duly provided for, the date set forth in the certificate representing such Note as the date from, and including, which Stated Interest will begin to
accrue in such circumstance) to, but excluding, the date of payment of such Stated Interest; and (ii) be, subject to Sections 4.02(D), 4.03(F) and 5.02(D) (but without duplication of any payment of interest), payable
semi-annually in arrears on each Interest Payment Date, beginning on the first Interest Payment Date set forth in the certificate representing such Note, to the Holder of such Note as of the Close of Business on the immediately preceding Regular
Record Date. Stated Interest, and, if applicable, Additional Interest and Special Interest, on the Notes will be computed on the basis of a 360-day year comprised of twelve
30-day months. 

  
 - 16 - 

 (B) Defaulted Amounts. If the Company fails to pay any amount (a “Defaulted
Amount”) payable on a Note on or before the due date therefor as provided in this Indenture, then, regardless of whether such failure constitutes an Event of Default, (i) such Defaulted Amount will forthwith cease to be payable to the
Holder of such Note otherwise entitled to such payment; (ii) to the extent lawful, interest (“Default Interest”) will accrue on such Defaulted Amount at a rate per annum equal to the rate per annum at which Stated Interest
accrues, from, and including, such due date to, but excluding, the date of payment of such Defaulted Amount and Default Interest; (iii) such Defaulted Amount and Default Interest will be paid on a payment date selected by the Company to the
Holder of such Note as of the Close of Business on a special record date selected by the Company, provided that such special record date must be no more than fifteen (15), nor less than ten (10), calendar days before such payment date; and
(iv) at least fifteen (15) calendar days before such special record date, the Company will send notice to the Trustee and the Holders that states such special record date, such payment date and the amount of such Defaulted Amount and
Default Interest to be paid on such payment date. 
 (C) Delay of Payment when Payment Date is Not a Business Day. If the due date for
a payment on a Note as provided in this Indenture is not a Business Day, then, notwithstanding anything to the contrary in this Indenture or the Notes, such payment may be made on the immediately following Business Day and no interest will accrue on
such payment as a result of the related delay. Solely for purposes of the immediately preceding sentence, a day on which the applicable place of payment is authorized or required by law or executive order to close or be closed will be deemed not to
be a “Business Day.” 
 Section 2.06. REGISTRAR, PAYING AGENT AND
CONVERSION AGENT. 
 (A) Generally. The Company will maintain (i) an office or agency in the
continental United States where Notes may be presented for registration of transfer or for exchange (the “Registrar”); (ii) an office or agency in the continental United States where Notes may be presented for payment (the
“Paying Agent”); and (iii) an office or agency in the continental United States where Notes may be presented for conversion (the “Conversion Agent”). If the Company fails to maintain a Registrar, Paying Agent
or Conversion Agent, then the Trustee will act as such. For the avoidance of doubt, the Company or any of its Subsidiaries may act as Registrar, Paying Agent or Conversion Agent. 

(B) Duties of the Registrar. The Registrar will keep a record (the “Register”) of the names and addresses of the
Holders, the Notes held by each Holder and the transfer, exchange, Redemption Upon Fundamental Change, Optional Redemption and conversion of Notes. Absent manifest error, the entries in the Register will be conclusive and the Company and the Trustee
may treat each Person whose name is recorded as a Holder in the Register as a Holder for all purposes. The Register will be in written form or in any form capable of being converted into written form reasonably promptly. 

(C) Co-Agents; Company’s Right to Appoint Successor Registrars, Paying Agents and Conversion
Agents. The Company may appoint one or more co-Registrars, co-Paying Agents and co-Conversion Agents, each of whom will be
deemed to be a Registrar, Paying Agent or Conversion Agent, as applicable, under this Indenture. Subject to Section 2.06(A), the Company may change any Registrar, Paying Agent or Conversion Agent (including appointing
itself or any of its Subsidiaries to act in such capacity) without notice to any Holder. The Company will notify the Trustee (and, upon request, any Holder) of the name and address of each Note Agent, if any, not a party to this Indenture and will
enter into an appropriate agency agreement with each such Note Agent, which agreement will implement the provisions of this Indenture that relate to such Note Agent. 

  
 - 17 - 

 (D) Initial Appointments. The Company appoints the Trustee as the initial Paying
Agent, the initial Registrar and the initial Conversion Agent. 
 Section 2.07. PAYING AGENT AND
CONVERSION AGENT TO HOLD PROPERTY IN TRUST. 

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

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

Section 2.09. LEGENDS. 

(A) Global Note Legend. Each Global Note will bear the Global Note Legend (or any similar legend, not inconsistent with this Indenture,
required by the Depositary for such Global Note). 
 (B) Non-Affiliate Legend. Each Note will
bear the Non-Affiliate Legend. 
 (C) Restricted Note Legend. Subject to
Section 2.12, 
 (i) each Note that is a Transfer-Restricted Security will bear the Restricted Note
Legend; and 

  
 - 18 - 

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

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

(i) Each Conversion ADS will bear the Restricted ADS Legend if the Note upon the conversion of which such Conversion ADS was
issued was (or would have been had it not been converted) a Transfer-Restricted Security at the time such Conversion ADS was issued; provided, however, that such Conversion ADS need not bear the Restricted ADS Legend if the Company
determines, in its reasonable discretion, that such Conversion ADS need not bear the Restricted ADS Legend. 
 (ii)
Notwithstanding anything to the contrary in this Section 2.09(F), a Conversion ADS need not bear a Restricted ADS Legend if such Conversion ADS is issued in an uncertificated form that does not permit affixing legends
thereto, provided the Company takes measures (including the assignment thereto of a “restricted” CUSIP number) that it reasonably deems appropriate to enforce the transfer restrictions referred to in the Restricted ADS Legend. 

Section 2.10. TRANSFERS AND EXCHANGES; CERTAIN TRANSFER
RESTRICTIONS. 
 (A) Provisions Applicable to All Transfers and Exchanges. 

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

(ii) Transferred and Exchanged Notes Remain Valid Obligations of the Company. Each Note issued upon transfer or exchange
of any other Note (such other Note being referred to as the “old Note” for purposes of this Section 2.10(A)(ii)) or portion thereof in accordance with this Indenture will be the valid obligation of the Company,
evidencing the same indebtedness, and entitled to the same benefits under this Indenture, as such old Note or portion thereof, as applicable. 

  
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 (iii) No Services Charge; Transfer Taxes. The Company, the Trustee
and the Note Agents will not impose any service charge on any Holder for any transfer, exchange or conversion of Notes, but the Company, the Trustee, the Registrar and the Conversion Agent may require payment of a sum sufficient to cover any
transfer tax or similar governmental charge that may be imposed in connection with any transfer, exchange or conversion of Notes, other than exchanges pursuant to Section 2.11, 2.17 or 8.05 not involving any
transfer. 
 (iv) Transfers and Exchanges Must Be in Authorized Denominations. Notwithstanding anything to the
contrary in this Indenture or the Notes, a Note may not be transferred or exchanged in part unless the portion to be so transferred or exchanged is in an Authorized Denomination. 

(v) Trustee’s Disclaimer. The Trustee will have no obligation or duty to monitor, determine or inquire as to
compliance with any transfer restrictions imposed under this Indenture or applicable law with respect to any Security, other than to require the delivery of such certificates or other documentation or evidence as expressly required by this Indenture
and to examine the same to determine substantial compliance as to form with the requirements of this Indenture. 
 (vi)
Legends. Each Note issued upon transfer of, or in exchange for, another Note will bear each legend, if any, required by Section 2.09. 

(vii) Settlement of Transfers and Exchanges. Upon satisfaction of the requirements of this Indenture to effect a
transfer or exchange of any Note, the Company will cause such transfer or exchange to be effected as soon as reasonably practicable but in no event later than the second (2nd) Business Day after the date of such satisfaction. 

(viii) Interpretation. For the avoidance of doubt, and subject to the terms of this Indenture, as used in this
Section 2.10, an “exchange” of a Global Note or a Physical Note includes (x) an exchange effected for the sole purpose of removing any Restricted Note Legend affixed to such Global Note or Physical Note; and
(y) if such Global Note or Physical Note is identified by a “restricted” CUSIP number, an exchange effected for the sole purpose of causing such Global Note or Physical Note to be identified by an “unrestricted” CUSIP
number. 
 (B) Transfers and Exchanges of Global Notes. 

(i) Certain Restrictions. Subject to the immediately following sentence, no Global Note may be transferred or exchanged
in whole except (x) by the Depositary to a nominee of the Depositary; (y) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary; or (z) by the Depositary or any such nominee to a successor Depositary
or a nominee of such successor Depositary. No Global Note (or any portion thereof) may be transferred to, or exchanged for, a Physical Note; provided, however, that a Global Note will be exchanged, pursuant to customary procedures, for
one or more Physical Notes if: 

  
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 (1) (x) the Depositary notifies the Company or the Trustee that the
Depositary is unwilling or unable to continue as depositary for such Global Note or (y) the Depositary ceases to be a “clearing agency” registered under Section 17A of the Exchange Act and, in each case, the Company fails to
appoint a successor Depositary within ninety (90) days of such notice or cessation; 
 (2) an Event of Default has
occurred and is continuing and the Company, the Trustee or the Registrar has received a written request from the Depositary, or from a holder of a beneficial interest in such Global Note, to exchange such Global Note or beneficial interest, as
applicable, for one or more Physical Notes; or 
 (3) the Company, in its sole discretion, permits the exchange of any
beneficial interest in such Global Note for one or more Physical Notes at the request of the owner of such beneficial interest. 

(ii) Effecting Transfers and Exchanges. Upon satisfaction of the requirements of this Indenture to effect a transfer or
exchange of any Global Note (or any portion thereof): 
 (1) the Trustee will reflect any resulting decrease of the principal
amount of such Global Note by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note (and, if such notation results in such Global Note having a principal amount of zero, then the Company
may (but is not required to) instruct the Trustee to cancel such Global Note pursuant to Section 2.15); 

(2) if required to effect such transfer or exchange, then the Trustee will reflect any resulting increase of the principal
amount of any other Global Note by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such other Global Note; 

(3) if required to effect such transfer or exchange, then the Company will issue, execute and deliver, and the Trustee will
authenticate, in each case in accordance with Section 2.02, a new Global Note bearing each legend, if any, required by Section 2.09; and 

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

  
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 (iii) Compliance with Depositary Procedures. Each transfer or
exchange of a beneficial interest in any Global Note will be made in accordance with the Depositary Procedures. 
 (C) Transfers and
Exchanges of Physical Notes. 
 (i) Requirements for Transfers and Exchanges. Subject to this
Section 2.10, a Holder of a Physical Note may (x) transfer such Physical Note (or any portion thereof in an Authorized Denomination) to one or more other Person(s); (y) exchange such Physical Note (or any portion
thereof in an Authorized Denomination) for one or more other Physical Notes in Authorized Denominations having an aggregate principal amount equal to the aggregate principal amount of the Physical Note (or portion thereof) to be so exchanged; and
(z) if then permitted by the Depositary Procedures, transfer such Physical Note (or any portion thereof in an Authorized Denomination) in exchange for a beneficial interest in one or more Global Notes; provided, however, that, to
effect any such transfer or exchange, such Holder must: 
 (1) surrender such Physical Note to be transferred or exchanged to
the office of the Registrar, together with any endorsements or transfer instruments reasonably required by the Company, the Trustee or the Registrar; and 

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

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

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

(D) Requirement to Deliver Documentation and Other Evidence. If a Holder of any Note that is identified by a “restricted”
CUSIP number or that bears a Restricted Note Legend or is a Transfer-Restricted Security requests to: 
 (i) cause such Note
to be identified by an “unrestricted” CUSIP number; 
 (ii) remove such Restricted Note Legend; or 

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

  
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 then the Company, the Trustee and the Registrar may refuse to effect such identification, removal or
transfer, as applicable, unless there is delivered to the Company, the Trustee and the Registrar such certificates or other documentation or evidence as the Company, the Trustee and the Registrar may reasonably require to determine that such
identification, removal or transfer, as applicable, complies with the Securities Act and other applicable securities laws; provided, however, that no such certificates, documentation or evidence need be so delivered on and after the
Free Trade Date with respect to such Note unless the Company determines, in its reasonable discretion, that such Note is not eligible to be offered, sold or otherwise transferred pursuant to Rule 144 or otherwise without any requirements as to
volume, manner of sale, availability of current public information or notice under the Securities Act. 
 (E) Transfers of Notes Subject
to Optional Redemption, Redemption Upon Fundamental Change or Conversion. Notwithstanding anything to the contrary in this Indenture or the Notes, the Company, the Trustee and the Registrar will not be required to register the transfer of or
exchange any Note that (i) has been surrendered for conversion, except to the extent that any portion of such Note is not subject to conversion; (ii) is subject to a Fundamental Change Redemption Notice validly delivered, and not
withdrawn, pursuant to Section 4.02(F), except to the extent that any portion of such Note is not subject to such notice or the Company fails to pay the applicable Fundamental Change Redemption Price when due; or
(iii) has been selected for Optional Redemption pursuant to an Optional Redemption Notice, except to the extent that any portion of such Note is not subject to Optional Redemption or the Company fails to pay the applicable Optional Redemption
Price when due. 
 Section 2.11. EXCHANGE AND CANCELLATION OF NOTES
TO BE CONVERTED OR TO BE REDEEMED PURSUANT TO A REDEMPTION UPON
FUNDAMENTAL CHANGE OR OPTIONAL REDEMPTION. 
 (A) Partial
Conversions of Physical Notes and Partial Redemptions of Physical Notes Pursuant to a Redemption Upon Fundamental Change or Optional Redemption. If only a portion of a Physical Note of a Holder is to be
converted pursuant to Article 5 or redeemed pursuant to a Redemption Upon Fundamental Change or Optional Redemption, then, as soon as reasonably practicable after such Physical Note is surrendered for such conversion or redemption, as
applicable, the Company will cause such Physical Note to be exchanged, pursuant and subject to Section 2.10(C), for (i) one or more Physical Notes that are in Authorized Denominations and have an aggregate principal
amount equal to the principal amount of such Physical Note that is not to be so converted or redeemed, as applicable, and deliver such Physical Note(s) to such Holder; and (ii) a Physical Note having a principal amount equal to the principal
amount to be so converted or redeemed, as applicable, which Physical Note will be converted or redeemed, as applicable, pursuant to the terms of this Indenture; provided, however, that the Physical Note referred to in this clause
(ii) need not be issued at any time after which such principal amount subject to such conversion or redemption, as applicable, is deemed to cease to be outstanding pursuant to Section 2.18. 

(B) Cancellation of Notes that Are Converted and Notes that Are Redeemed Pursuant to a Redemption Upon Fundamental Change or Optional
Redemption. 
 (i) Physical Notes. If a Physical Note (or any portion thereof that has not theretofore been
exchanged pursuant to Section 2.11(A)) of a Holder is to be converted pursuant to Article 5 or redeemed pursuant to a Redemption Upon Fundamental Change or Optional Redemption, then, promptly after the later of the
time such Physical Note (or such portion) is deemed to cease to be outstanding pursuant to Section 2.18 and the time 

  
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such Physical Note is surrendered for such conversion or redemption, as applicable, (1) such Physical Note will be cancelled pursuant to Section 2.15; and
(2) in the case of a partial conversion or redemption, as applicable, the Company will issue, execute and deliver to such Holder, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or
more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such Physical Note that is not to be so converted or redeemed, as applicable; (y) are registered in the
name of such Holder; and (z) bear each legend, if any, required by Section 2.09. 
 (ii)
Global Notes. If a Global Note (or any portion thereof) is to be converted pursuant to Article 5 or redeemed pursuant to a Redemption Upon Fundamental Change or Optional Redemption, then, promptly after the time such Note (or such
portion) is deemed to cease to be outstanding pursuant to Section 2.18, the Trustee will reflect a decrease of the principal amount of such Global Note in an amount equal to the principal amount of such Global Note to be so
converted or redeemed, as applicable, by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note (and, if the principal amount of such Global Note is zero following such notation, cancel
such Global Note pursuant to Section 2.15). 
 Section 2.12. REMOVAL OF
TRANSFER RESTRICTIONS. 
 Without limiting the generality of any other provision of this Indenture
(including Section 3.04), the Restricted Note Legend affixed to any Note will be deemed, pursuant to this Section 2.12 and the footnote to such Restricted Note Legend, to be removed therefrom upon
the Company’s delivery to the Trustee of notice, signed on behalf of the Company by one (1) of its Officers, to such effect (and, for the avoidance of doubt, such notice need not be accompanied by an Officer’s Certificate or an
Opinion of Counsel in order to be effective to cause such Restricted Note Legend to be deemed to be removed from such Note). If such Note bears a “restricted” CUSIP or ISIN number at the time of such delivery, then, upon such delivery,
such Note will be deemed, pursuant to this Section 2.12 and the footnotes to the CUSIP and ISIN numbers set forth on the face of the certificate representing such Note, to thereafter bear the “unrestricted” CUSIP
and ISIN numbers identified in such footnotes; provided, however, that if such Note is a Global Note and the Depositary thereof requires a mandatory exchange or other procedure to cause such Global Note to be identified by
“unrestricted” CUSIP and ISIN numbers in the facilities of such Depositary, then (i) the Company will effect such exchange or procedure as soon as reasonably practicable; and (ii) for purposes of
Section 3.04 and the definition of Freely Tradable, such Global Note will not be deemed to be identified by “unrestricted” CUSIP and ISIN numbers until such time as such exchange or procedure is effected. 

Section 2.13. REPLACEMENT NOTES. 

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

  
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 Every replacement Note issued pursuant to this Section 2.13 will
be an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and ratably with all other Notes issued under this Indenture, whether or not the lost, destroyed or wrongfully taken Note will at any
time be enforceable by anyone. 
 Section 2.14. REGISTERED HOLDERS; CERTAIN RIGHTS
WITH RESPECT TO GLOBAL NOTES. 
 Only the Holder of a Note
will have rights under this Indenture as the owner of such Note. Without limiting the generality of the foregoing, Depositary Participants will have no rights as such under this Indenture with respect to any Global Note held on their behalf by the
Depositary or its nominee, or by the Trustee as its custodian, and the Company, the Trustee and the Note Agents, and their respective agents, may treat the Depositary as the absolute owner of such Global Note for all purposes whatsoever;
provided, however, that (A) the Holder of any Global Note may grant proxies and otherwise authorize any Person, including Depositary Participants and Persons that hold interests in Notes through Depositary Participants, to take
any action that such Holder is entitled to take with respect to such Global Note under this Indenture or the Notes; and (B) the Company and the Trustee, and their respective agents, may give effect to any written certification, proxy or other
authorization furnished by the Depositary. 
 Section 2.15. CANCELLATION. 

Without limiting the generality of Sections 3.08 and 2.18, the Company may at any time deliver Notes to the Trustee for
cancellation. The Registrar, the Paying Agent and the Conversion Agent will forward to the Trustee each Note duly surrendered to them for transfer, exchange, payment or conversion. The Trustee will promptly cancel all Notes so surrendered to it in
accordance with its customary procedures. Without limiting the generality of Section 2.03(B), the Company may not originally issue new Notes to replace Notes that it has paid or that have been cancelled upon transfer,
exchange, payment or conversion. 
 Section 2.16. NOTES HELD BY THE
COMPANY OR ITS AFFILIATES. 
 Without limiting the generality of
Section 2.18, in determining whether the Holders of the required aggregate principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company or any of its Affiliates will be deemed not to be
outstanding; provided, however, that, for purposes of determining whether the Trustee is protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee knows are so owned will be so
disregarded. 

  
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 Section 2.17. TEMPORARY NOTES. 

Until definitive Notes are ready for delivery, the Company may issue, execute and deliver, and the Trustee will authenticate, in each case in
accordance with Section 2.02, temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have variations that the Company considers appropriate for temporary Notes. The Company will
promptly prepare, issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, definitive Notes in exchange for temporary Notes. Until so exchanged, each temporary Note will
in all respects be entitled to the same benefits under this Indenture as definitive Notes. 
 Section 2.18. OUTSTANDING
NOTES. 
 (A) Generally. The Notes that are outstanding at any time will be deemed to be those Notes that, at such
time, have been duly executed and authenticated, excluding those Notes (or portions thereof) that have theretofore been (i) cancelled by the Trustee or delivered to the Trustee for cancellation in accordance with
Section 2.15; (ii) assigned a principal amount of zero by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of any a Global Note representing such Note; (iii) paid in full
(including upon conversion) in accordance with this Indenture; or (iv) deemed to cease to be outstanding to the extent provided in, and subject to, clause (B), (C) or (D) of this Section 2.18.

 (B) Replaced Notes. If a Note is replaced pursuant to Section 2.13, then such Note will cease to be
outstanding at the time of its replacement, unless the Trustee and the Company receive proof reasonably satisfactory to them that such Note is held by a “bona fide purchaser” under applicable law. 

(C) Maturing Notes and Notes Called for Optional Redemption or Subject to Redemption Upon Fundamental Change. If,
on an Optional Redemption Date, a Fundamental Change Redemption Date or the Maturity Date, the Paying Agent holds money sufficient to pay the aggregate Optional Redemption Price, Fundamental Change Redemption Price or principal amount, respectively,
together, in each case, with the aggregate interest, in each case due on such date, then (unless there occurs a Default in the payment of any such amount) (i) the Notes (or portions thereof) to be redeemed, or that mature, on such date will be
deemed, as of such date, to cease to be outstanding, except to the extent provided in Section 4.02(D), 4.03(F) or 5.02(D); and (ii) the rights of the Holders of such Notes (or such portions thereof), as
such, will terminate with respect to such Notes (or such portions thereof), other than the right to receive the Optional Redemption Price, Fundamental Change Redemption Price or principal amount, as applicable, of, and accrued and unpaid interest
on, such Notes (or such portions thereof), in each case as provided in this Indenture. 
 (D) Notes to Be Converted. At the Close of
Business on the Conversion Date for any Note (or any portion thereof) to be converted, such Note (or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to
Section 5.03(A) or Section 5.02(D), upon such conversion) be deemed to cease to be outstanding, except to the extent provided in Section 5.02(D) or
Section 5.08. 
 (E) Cessation of Accrual of Interest. Except as provided in
Section 4.02(D), 4.03(F) or 5.02(D), interest will cease to accrue on each Note from, and including, the date that such Note is deemed, pursuant to this Section 2.18, to cease to be
outstanding, unless there occurs a default in the payment or delivery of any cash or other property due on such Note. 

  
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 Section 2.19. REPAYMENTS BY THE COMPANY
PRIOR TO MATURITY. 
 Without limiting the generality of Sections 2.15 and
3.08, the Company may, from time to time, engage in open market transactions with the Holders pursuant to which the Notes may be repaid or exchanged for other securities without delivering prior notice to Holders. For the avoidance of doubt,
all Notes repaid or exchanged or otherwise acquired by the Company will be submitted for cancellation pursuant to Section 3.08. 

Section 2.20. CUSIP AND ISIN NUMBERS. 

Subject to Section 2.12, the Company may use one or more CUSIP or ISIN numbers to identify any of the Notes, and, if
so, the Company and the Trustee will use such CUSIP or ISIN number(s) in notices to Holders; provided, however, that (i) the Trustee makes no representation as to the correctness or accuracy of any such CUSIP or ISIN number; and
(ii) the effectiveness of any such notice will not be affected by any defect in, or omission of, any such CUSIP or ISIN number. The Company will promptly notify the Trustee of any change in the CUSIP or ISIN number(s) identifying any Notes.

 Article 3. COVENANTS 

Section 3.01. PAYMENT ON NOTES. 

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

(B) Deposit of Funds. Before 11:00 A.M., New York City time, on each Optional Redemption Date, Fundamental Change Redemption Date or
Interest Payment Date, and on the Maturity Date or any other date on which any cash amount is due on the Notes, the Company will deposit, or will cause there to be deposited, with the Paying Agent cash, in funds immediately available on such date,
sufficient to pay the cash amount due on the applicable Notes on such date. The Paying Agent will return to the Company, as soon as practicable, any money not required for such purpose. 

Section 3.02. EXCHANGE ACT REPORTS. 

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

  
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 (B) Trustee’s Disclaimer. The Trustee need not determine whether the Company has
filed any material via the EDGAR system (or such successor). The sending or filing of reports pursuant to Section 3.02(A) will not be deemed to constitute constructive notice to the Trustee of any information contained, or
determinable from information contained, therein, including the Company’s compliance with any of its covenants under this Indenture. 

Section 3.03. RULE 144A INFORMATION. 

If the Company is neither subject to Section 13 or 15(d) of the Exchange Act nor exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act at any time when any Notes, any ADSs issuable upon conversion of the Notes or any Ordinary Shares represented by such ADSs are outstanding and constitute “restricted
securities” (as defined in Rule 144), then the Company (or its successor) will promptly provide, to the Trustee and, upon written request, to any Holder, beneficial owner or prospective purchaser of such Notes, ADSs or Ordinary Shares, the
information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes, ADSs or Ordinary Shares pursuant to Rule 144A. The Company (or its successor) will take such further action as any
Holder or beneficial owner of such Notes, ADSs or Ordinary Shares may reasonably request to enable such Holder or beneficial owner to sell such Notes, ADSs or Ordinary Shares pursuant to Rule 144A. 

Section 3.04. ADDITIONAL INTEREST. 

(A) Accrual of Additional Interest. 

(i) If, at any time during the six (6) month period beginning on, and including, the date that is six (6) months
after the Last Original Issue Date of any Note, 
 (1) the Company fails to timely file any report that is required for the
Company to satisfy the requirements set forth in Rule 144(c)(1) (after giving effect to all applicable grace periods thereunder); or 

(2) such Note is not otherwise Freely Tradable, 

then Additional Interest will accrue on such Note for each day during such period on which such failure is continuing or such Note is not
Freely Tradable. 
 (ii) In addition, Additional Interest will accrue on a Note on each day on which such Note is not Freely
Tradable on or after the De-Legending Deadline Date for such Note. 
 (B) Amount and Payment of
Additional Interest. Any Additional Interest that accrues on a Note pursuant to Section 3.04(A) will be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per
annum equal to one half of one percent (0.50%) of the principal amount thereof; provided, however, that in no event will Additional Interest that may accrue as a result of the Company’s failure to timely file any report

  
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that is required for the Company to satisfy the requirements set forth in Rule 144(c)(1) (after giving effect to all applicable grace periods thereunder), pursuant to this
Section 3.04, together with any Special Interest that is payable at the Company’s election pursuant to Section 7.03 as the sole remedy for any Reporting Event of Default, accrue on any day on
a Note at a combined rate per annum that exceeds one half of one percent (0.50%). For the avoidance of doubt, any Additional Interest that accrues on a Note will be in addition to the Stated Interest that accrues on such Note and, subject to the
proviso of the immediately preceding sentence, in addition to any Special Interest that accrues on such Note. 
 (C) Notice of Accrual of
Additional Interest; Trustee’s Disclaimer. The Company will send notice to the Holder of each Note, and to the Trustee, of the commencement and termination of any period in which Additional Interest accrues on such Note. In addition, if
Additional Interest accrues on any Note, then, no later than five (5) Business Days before each date on which such Additional Interest is to be paid, the Company will deliver an Officer’s Certificate to the Trustee and the Paying Agent
stating (i) that the Company is obligated to pay Additional Interest on such Note on such date of payment; and (ii) the amount of such Additional Interest that is payable on such date of payment. The Trustee will have no duty to determine
whether any Additional Interest is payable or the amount thereof. 
 (D) Exclusive Remedy. The accrual of Additional Interest will be
the exclusive remedy available to Holders for the failure of their Notes to become Freely Tradable. 
 Section 3.05. ADDITIONAL
AMOUNTS. 
 (A) Requirement to Pay Additional Amounts. All payments and deliveries made by, or on behalf of, the
Company or any Successor Entity under or with respect to the Notes (including payment of the principal of, or the Optional Redemption Price or Fundamental Change Redemption Price for, or any interest on, or the delivery of any Conversion
Consideration due upon conversion of, any Note) will be made without withholding or deduction for, or on account of, any present or future Taxes, unless such withholding or deduction is required by law or regulation or by governmental policy having
the force of law. If any Taxes imposed or levied by or on behalf of Denmark or any jurisdiction (or, in each case, any political subdivision or taxing authority thereof or therein) in which the Company or any Successor Entity is or deemed to be, for
tax purposes, organized or resident or doing business or through which payment or deliveries by, or on behalf of, the Company or any Successor Entity under or with respect to the Notes are made or deemed to be made (each such jurisdiction,
subdivision or authority, as applicable, a “Relevant Taxing Jurisdiction”) are required to be withheld or deducted from any payments or deliveries made under or with respect to the Notes, then, subject to
Section 4.03(C)(ii), the Company or such Successor Entity, as applicable, will pay to the Holder of each Note such additional amounts (the “Additional Amounts”) as may be necessary to ensure that the net
amount received by the beneficial owner of such Note after such withholding or deduction (and after withholding or deducting any Taxes on the Additional Amounts) will equal the amounts that would have been received by such beneficial owner had no
such withholding or deduction been required; provided, however, that no Additional Amounts will be payable: 

  
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 (i) for or on the account of any Tax that would not have been imposed but
for: 
 (1) the existence of any present or former connection between the Holder or beneficial owner (or between a fiduciary,
settlor, beneficiary, member or shareholder of, or possessor of power over, the relevant holder or beneficial owner, if the relevant holder or beneficial owner is an estate, nominee, trust, partnership, limited liability company or corporation) of
such Note and the Relevant Taxing Jurisdiction (other than merely holding or being a beneficial owner of such Note or the receipt or enforcement of payments thereunder), including such Holder or beneficial owner being or having been a national,
domiciliary or resident, or treated as a resident, of, or being or having been physically present or engaged in a trade or business, or having or having had a permanent establishment, in, such Relevant Taxing Jurisdiction; 

(2) in cases where presentation of such Note is required to receive such payment or delivery, the presentation of such Note
after a period of thirty (30) days after the later of (x) the date on which such payment or delivery became due and payable or deliverable, as applicable, pursuant to the terms of this Indenture and (y) the date such payment or
delivery was made or duly provided for, except, in each case, to the extent that such Holder or beneficial owner would have been entitled to Additional Amounts if it presented such Note for payment or delivery, as applicable, at the end of such
thirty (30) day period; or 
 (3) the failure of such Holder or beneficial owner to comply with a timely request from
the Company or the Successor Entity, addressed to the Holder of the Note, to (x) provide certification, information, documentation or other evidence concerning such Holder’s or beneficial owner’s nationality, residence, identity or
connection with such Relevant Taxing Jurisdiction; or (y) make any declaration or satisfy any other reporting requirement relating to such matters, in each case of clause (x) and clause (y), if and to the extent that such Holder or
beneficial owner is legally entitled without material burden to comply with such request and due and timely compliance with such request is required by statute, regulation or administrative practice of such Relevant Taxing Jurisdiction in order to
reduce or eliminate such withholding or deduction as to which Additional Amounts otherwise would have been payable to such Holder or beneficial owner; 

(ii) for or on the account of any estate, inheritance, gift, sale, transfer, excise, personal property or similar Tax; 

(iii) for or on the account of any tax that is payable other than by withholding or deduction from payments or deliveries under
or with respect to the Notes; 
 (iv) for or on the account of any withholding or deduction required by (x) sections
1471 through 1474 of the Internal Revenue Code or any amended or successor versions of such Sections, and any current or future U.S. Treasury Regulations or rulings promulgated thereunder (“FATCA”); (y) any law, regulation or other
official guidance 

  
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enacted in any jurisdiction implementing FATCA or any inter-governmental agreement between the United States and any other non-U.S. jurisdiction to
implement FATCA or any law, regulation or other official guidance in such other jurisdiction to give effect to such agreement; or (z) any agreement with the U.S. Internal Revenue Service pursuant to Section 1471(b)(1) of the Internal
Revenue Code; 
 (v) any tax imposed in connection with a Note presented for payment (where presentation is required for
payment) by or on behalf of a Holder or beneficial owner of such Note who would have been able to avoid such tax, assessment or governmental charge by presenting the relevant Note to, or otherwise accepting payment from, another paying agent; 

(vi) with respect to any payment made by, or on behalf of, the Company or any Successor Entity under or with respect to the
Notes (including payment of the principal of, or the Optional Redemption Price or Fundamental Change Redemption Price for, or any interest on, or the delivery of any Conversion Consideration due upon conversion of, any Note) to such Holder if such
Holder is a fiduciary, partnership or person other than the sole beneficial owner of such payment, to the extent that such payment would be required, under the laws of such Relevant Taxing Jurisdiction, to be included for tax purposes in the income
of a beneficiary or settlor with respect to such fiduciary, a partner or member of such partnership, or a beneficial owner, who would not have been entitled to such Additional Amounts had such beneficiary, settlor, partner, member or beneficial
owner been the Holder thereof; or 
 (vii) for or on the account of any combination of taxes referred to in the preceding
clauses (i) through (vi), inclusive, above. 
 The Trustee and the Paying Agent will be entitled to make any
withholding or deduction pursuant to an agreement described in Section 1471(b) of the Internal Revenue Code or otherwise imposed pursuant to FATCA and any regulations or agreements thereunder or official interpretation thereof. 

In addition to the foregoing, the Company will also pay and indemnify each Holder and beneficial owner of any Note for any present or future
stamp, issue, registration, value added, court or documentary taxes, or any other excise or property taxes, charges or similar levies or taxes (including penalties and interest thereto) which are levied by any Relevant Taxing Jurisdiction (and in
the case of enforcement, any jurisdiction) on the execution, delivery, registration or enforcement of such Note, this Indenture, or any other document or instrument referred to therein. 

The Company and any Successor Entity will make all withholdings and deductions required by law on payments under or in respect of the Notes
and will remit the full amount deducted or withheld to the relevant taxing authority in accordance with applicable law. 
 (B) Special
Provision Regarding Interest. For the avoidance of doubt, if any Note is called for a Tax Redemption and the Optional Redemption Date is after a Regular Record Date and on or before the next Interest Payment Date, then the Company’s
obligation to pay Additional Amounts will apply to the interest payment due on such Note on such Interest Payment Date unless such Note is subject to a Tax Redemption Opt-Out Election Notice. 

  
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 (C) Tax Receipts. If the Company or any Successor Entity is required to make any
deduction or withholding from any payments or deliveries with respect to the Notes, then (i) the Company or the Successor Entity, as applicable, will deliver to the Trustee official tax receipts (or, if, after expending reasonable efforts, the
Company or the Successor Entity, as applicable, is unable to obtain such receipts, other evidence of payments) evidencing the remittance to the relevant tax authorities of the amounts so withheld or deducted, and (ii) the Trustee will make
copies of such receipts or evidence, as applicable, available to the Holders upon request. 
 (D) Interpretation of Indenture and
Notes. All references in this Indenture or the Notes to any payment on, or delivery with respect to, the Notes (including payment of the principal of, or the Optional Redemption Price or Fundamental Change Redemption Price for, or any interest
on, or the delivery of any Conversion Consideration due upon conversion of, any Note) will, to the extent that Additional Amounts are payable in respect thereof, be deemed to include the payment of such Additional Amounts. 

(E) Survival of Obligations. The obligations set forth in this Section 3.05 will survive any transfer of
Notes by a Holder (or, in the case of a Global Note, a holder of a beneficial interest therein). 
 Section 3.06. COMPLIANCE
AND DEFAULT CERTIFICATES. 
 (A) Annual Compliance Certificate. Within one hundred
and twenty (120) days after December 31, 2021 and each fiscal year of the Company ending thereafter, the Company will deliver an Officer’s Certificate to the Trustee stating (i) that the signatory thereto has supervised a review
of the activities of the Company and its Subsidiaries during such fiscal year with a view towards determining whether any Default or Event of Default has occurred; and (ii) whether, to such signatory’s knowledge, a Default or Event of
Default has occurred or is continuing (and, if so, describing all such Defaults or Events of Default and what action the Company is taking or proposes to take with respect thereto). 

(B) Default Certificate. If a Default or Event of Default occurs, then the Company will, within thirty (30) days after its first
occurrence, deliver an Officer’s Certificate to the Trustee describing the same and what action the Company is taking or proposes to take with respect thereto. 

Section 3.07. STAY, EXTENSION AND USURY LAWS. 

To the extent that it may lawfully do so, the Company (A) agrees that it will not at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension or usury law (wherever or whenever enacted or in force) that may affect the covenants or the performance of this Indenture; and (B) expressly waives all benefits or
advantages of any such law and agrees that it will not, by resort to any such law, hinder, delay or impede the execution of any power granted to the Trustee by this Indenture, but will suffer and permit the execution of every such power as though no
such law has been enacted. 

  
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 Section 3.08. ACQUISITION OF NOTES BY
THE COMPANY AND ITS AFFILIATES. 
 The Company will promptly
deliver to the Trustee for cancellation all Notes that the Company or any of its Subsidiaries have purchased or otherwise acquired. 

Article 4. REDEMPTION 

Section 4.01. NO SINKING FUND. 

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

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

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

(B) Redemption Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such
acceleration has not been rescinded on or before the Fundamental Change Redemption Date for a Redemption Upon Fundamental Change (including as a result of the payment of the related Fundamental Change Redemption Price, and any related interest
pursuant to the proviso to Section 4.02(D), on such Fundamental Change Redemption Date), then (i) the Company may not redeem any Notes pursuant to this Section 4.02; and (ii) the Company
will cause any Notes theretofore surrendered for such Redemption Upon Fundamental Change to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the Company, the
Trustee or the Paying Agent of the applicable beneficial interest in such Notes in accordance with the Depositary Procedures). 
 (C)
Fundamental Change Redemption Date. The Fundamental Change Redemption Date for any Fundamental Change will be a Business Day of the Company’s choosing that is no more than thirty five (35), nor less than twenty (20), Business Days after
the date the Company sends the related Fundamental Change Notice pursuant to Section 4.02(E). 
 (D)
Fundamental Change Redemption Price. The Fundamental Change Redemption Price for any Note to be redeemed upon a Redemption Upon Fundamental Change following a Fundamental Change is an amount in cash equal to the principal amount of such Note
plus accrued and unpaid interest on such Note to, but excluding, the Fundamental Change Redemption Date for such Fundamental Change; provided, however, that if such Fundamental Change Redemption Date is after a Regular Record Date and
on or before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such Redemption Upon Fundamental Change, to receive, on or, at the
Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, 

  
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solely for these purposes, that such Note remained outstanding through such Interest Payment Date, if such Fundamental Change Redemption Date is before such Interest Payment Date); and
(ii) the Fundamental Change Redemption Price will not include accrued and unpaid interest on such Note to, but excluding, such Fundamental Change Redemption Date. For the avoidance of doubt, if an Interest Payment Date is not a Business Day
within the meaning of Section 2.05(C) and such Fundamental Change Redemption Date occurs on the Business Day immediately after such Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but
excluding, such Interest Payment Date will be paid, in accordance with Section 2.05(C), on the next Business Day to Holders as of the Close of Business on the immediately preceding Regular Record Date; and (y) the
Fundamental Change Redemption Price will include interest on Notes to be redeemed pursuant to such Redemption Upon Fundamental Change from, and including, such Interest Payment Date. 

(E) Fundamental Change Notice. On or before the twentieth (20th) calendar day after the effective date of a Fundamental Change, the
Company will send to each Holder, the Trustee and the Paying Agent a notice of such Fundamental Change (a “Fundamental Change Notice”). 

Such Fundamental Change Notice must state: 

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

(ii) the effective date of such Fundamental Change; 

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

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

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

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

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

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

(ix) that Notes (or any portion thereof) that are subject to a Fundamental Change Redemption Notice that has been duly tendered
may be converted only if such Fundamental Change Redemption Notice is withdrawn in accordance with this Indenture; and 

  
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 (x) the CUSIP and ISIN numbers, if any, of the Notes. 

Neither the failure to deliver a Fundamental Change Notice nor any defect in a Fundamental Change Notice will limit the Fundamental Change
Redemption Right of any Holder or otherwise affect the validity of any proceedings relating to any Redemption Upon Fundamental Change. 

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

(i) Delivery of Fundamental Change Redemption Notice and Notes to Be Redeemed. To exercise its Fundamental Change
Redemption Right for a Note following a Fundamental Change, the Holder thereof must deliver to the Paying Agent: 
 (1)
before the Close of Business on the Business Day immediately before the related Fundamental Change Redemption Date (or such later time as may be required by law), a duly completed, written Fundamental Change Redemption Notice with respect to such
Note; and 
 (2) such Note, duly endorsed for transfer (if such Note is a Physical Note) or by book-entry transfer (if such
Note is a Global Note). 
 The Paying Agent will promptly deliver to the Company a copy of each Fundamental Change Redemption Notice that it
receives. 
 (ii) Contents of Fundamental Change Redemption Notices. Each Fundamental Change Redemption Notice with
respect to a Note to be redeemed pursuant to a Redemption Upon Fundamental Change must state: 
 (1) if such Note is a
Physical Note, the certificate number of such Note; 
 (2) the principal amount of such Note to be redeemed pursuant to such
Redemption Upon Fundamental Change, which must be an Authorized Denomination; and 
 (3) that such Holder is exercising its
Fundamental Change Redemption Right with respect to such principal amount of such Note; 
 provided, however, that if such Note
is a Global Note, then such Fundamental Change Redemption Notice must comply with the Depositary Procedures (and any such Fundamental Change Redemption Notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the
requirements of this Section 4.02(F)). 

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

(H) Third Party May Conduct Redemption Offer In Lieu of the Company. 

  
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Notwithstanding anything to the contrary in this Section 4.02, the Company will be deemed to satisfy its obligations under this Section 4.02 if
(i) one or more third parties conduct any Redemption Upon Fundamental Change and related offer to redeem Notes otherwise required by this Section 4.02 in a manner that would have satisfied the requirements of this
Section 4.02 if conducted directly by the Company; and (ii) an owner of a beneficial interest in any Note redeemed by such third party or parties will not receive a lesser amount (as a result of taxes) than such owner
would have received had the Company redeemed such Note. 
 (I) No Requirement to Conduct an Offer to Redeem Notes if the
Fundamental Change Results in the Notes Becoming Convertible into an Amount of Cash Exceeding the Fundamental Change Redemption Price. Notwithstanding anything to the contrary in this Section 4.02, the Company will not
be required to send a Fundamental Change Notice pursuant to Section 4.02(E), or offer to redeem or redeem any Notes pursuant to this Section 4.02, in connection with a Fundamental Change occurring
pursuant to clause (B)(ii) (or pursuant to clause (A) that also constitutes a Fundamental Change occurring pursuant to clause (B)(ii)) of the definition thereof, if (i) such Fundamental Change constitutes an Ordinary
Share Change Event whose Reference Property consists entirely of cash in U.S. dollars; (ii) immediately after such Fundamental Change, the Notes become convertible, pursuant to Section 5.09(A) and, if applicable,
Section 5.07, into consideration that consists solely of U.S. dollars in an amount per $1,000 aggregate principal amount of Notes that equals or exceeds the Fundamental Change Redemption Price per $1,000 aggregate principal
amount of Notes (calculated assuming that the same includes accrued and unpaid interest to, but excluding, the latest possible Fundamental Change Redemption Date for such Fundamental Change); and (iii) the Company timely sends the notice
relating to such Fundamental Change and Ordinary Share Change Event required pursuant to Section 5.09(B) and includes, in such notice, the information set forth in clauses (i), (ii), (vi), (vii)
and (x) of Section 4.02(E) and a statement that the Company is relying on this Section 4.02(I). 

(J) Compliance with Applicable Securities Laws. To the extent applicable, the Company will comply, in all material respects, with all
federal and state securities laws in connection with a Redemption Upon Fundamental Change (including complying with Rules 13e-4 and 14e-1 under the Exchange Act and filing any required Schedule TO, to the
extent applicable) so as to permit effecting such Redemption Upon Fundamental Change in the manner set forth in this Indenture; provided, however, that, to the extent that the Company’s obligations pursuant to this
Section 4.02 conflict with any law or regulation that is applicable to the Company and enacted after the Issue Date, the Company’s compliance with such law or regulation will not be considered to be a Default of such
obligations. 
 (K) Redemptions in Part. Subject to the terms of this Section 4.02, Notes may be redeemed
pursuant to a Redemption Upon Fundamental Change in part, but only in Authorized Denominations. Provisions of this Section 4.02 applying to the redemption of a Note in whole will equally apply to the redemption of a
permitted portion of a Note. 
 Section 4.03. RIGHT OF THE COMPANY TO
REDEEM THE NOTES. 
 (A) No Right to Optionally Redeem Before April 7,
2025 Except Pursuant to a Tax Redemption. The Company may not redeem the Notes at its option at any time before April 7, 2025, except pursuant to a Tax Redemption. 

  
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 (B) Right to Redeem the Notes on or After April 7, 2025. Subject
to the terms of this Section 4.03 (including, for the avoidance of doubt, Section 4.03(L)), the Company has the right, at its election, to redeem all, or any portion in an Authorized Denomination,
of the Notes, at any time, and from time to time, on an Optional Redemption Date on or after April 7, 2025, for a cash price equal to the Optional Redemption Price, but only if the Last Reported Sale Price per ADS exceeds one hundred and thirty
percent (130%) of the Conversion Price on (x) each of at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the Trading Day immediately before the
Optional Redemption Notice Date for such Optional Redemption; and (y) the Trading Day immediately before such Optional Redemption Notice Date. For the avoidance of doubt, the calling of any Notes for Provisional Redemption will constitute a
Make-Whole Fundamental Change with respect to such Notes pursuant to clause (B) of the definition thereof. 
 (C) Right to
Optionally Redeem the Notes After a Change in Tax Law. 
 (i) Generally. Subject to the terms of
this Section 4.03, and without limiting the Company’s right to redeem any Notes pursuant to Section 4.03(B), the Company has the right, at its election, to redeem all, but not less than all,
of the Notes, at any time, on an Optional Redemption Date before the Maturity Date, for a cash price equal to the Optional Redemption Price, but only if (1) the Company has (or, on the next Interest Payment Date, would) become obligated to pay
any Additional Amounts to Holders as a result of any Change in Tax Law; (2) the Company cannot avoid such obligation by taking reasonable measures available to the Company; and (3) the Company delivers to the Trustee (x) an Opinion of
Counsel from outside legal counsel of recognized standing in the Relevant Taxing Jurisdiction attesting to clause (1) above; and (y) an Officer’s Certificate attesting to clauses (1) and (2) above. For the
avoidance of doubt, the calling of any Notes for a Tax Redemption will constitute a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof. 

(ii) Tax Redemption Opt-Out Election. If the Company calls the Notes for a Tax
Redemption, then, notwithstanding anything to the contrary in this Section 4.03 or in Section 3.05, each Holder will have the right to elect (a “Tax Redemption Opt-Out Election”) not to have such Holder’s Notes (or any portion thereof in an Authorized Denomination) redeemed pursuant to such Tax Redemption, in which case, from and after the Optional Redemption
Date for such Tax Redemption (or, if the Company fails to pay the Optional Redemption Price due on such Optional Redemption Date in full, from and after such time as the Company pays such Optional Redemption Price in full), the Company will no
longer have any obligation to pay any Additional Amounts with respect to such Notes solely as a result of such Change in Tax Law, and all future payments with respect to such Notes will be subject to the deduction or withholding of such Relevant
Taxing Jurisdiction’s taxes required by law to be deducted or withheld as a result of such Change in Tax Law; provided, however, that if such Holder converts such Notes with a Conversion Date occurring before such Optional
Redemption Date (or, if the Company fails to pay the Optional Redemption Price due on such Optional Redemption Date in full, such Notes are submitted for conversion at any time until such time as the Company pays such Optional Redemption Price in
full), then the Company will be obligated to pay Additional Amounts, if any, with respect to such conversion. 

  
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 (1) Tax Redemption Opt-Out
Election Notice. To make a Tax Redemption Opt-Out Election with respect to any Note (or any portion thereof in an Authorized Denomination), the Holder of such Note must (subject, in the case
of a Global Note or any portion thereof, to the Depositary Procedures) deliver a notice (a “Tax Redemption Opt-Out Election Notice”) to the Paying Agent before the Close of Business on the
second (2nd) Business Day immediately before the related Optional Redemption Date, which notice must state: (x) if such Note is a Physical Note, the certificate number of such Note; (y) the principal amount of such Note as to which the Tax
Redemption Opt-Out Election will apply, which must be an Authorized Denomination; and (z) that such Holder is making a Tax Redemption Opt-Out Election with respect
to such Note (or such portion thereof); provided, however, that if such Note is a Global Note, then such notice must comply with the Depositary Procedures (and any such notice delivered in compliance with the Depositary Procedures will
be deemed to satisfy the requirements of this Section 4.03(C)(ii)(1)). 
 (2) Withdrawal of Tax
Redemption Opt-Out Election Notice. A Holder that has delivered a Tax Redemption Opt-Out Election Notice with respect to any Note (or any portion thereof in an
Authorized Denomination) may (subject, in the case of a Global Note or any portion thereof, to the Depositary Procedures) withdraw such Tax Redemption Opt-Out Election Notice by delivering a withdrawal notice
to the Paying Agent at any time before the Close of Business on the second (2nd) the Business Day immediately before the related Optional Redemption Date (or, if the Company fails to pay the Optional Redemption Price due on such Optional Redemption
Date in full, at any time until such time as the Company pays such Optional Redemption Price in full), which withdrawal notice must state: (x) if such Note is a Physical Note, the certificate number of such Note; (y) the principal amount
of such Note as to which the Tax Redemption Opt-Out Election is being withdrawn, which must be an Authorized Denomination; and (z) that such Holder is withdrawing the Tax Redemption Opt-Out Election with respect to such Note (or such portion thereof); provided, however, that if such Note is a Global Note, then such withdrawal notice must comply with the Depositary Procedures (and
any such withdrawal notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.03(C)(ii)(2)). 

(iii) Right to Convert Not Affected. For the avoidance of doubt, a Tax Redemption will not affect any Holder’s
right to convert any Notes (and the Company’s obligation, if the Conversion Date for such conversion occurs before the applicable Optional Redemption Date, to pay any Additional Amounts with respect to such conversion). 

  
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 (D) Optional Redemption Prohibited in Certain Circumstances. If the principal
amount of the Notes has been accelerated and such acceleration has not been rescinded on or before the Optional Redemption Date (including as a result of the payment of the related Optional Redemption Price, and any related interest pursuant to the
proviso to Section 4.03(F), on such Optional Redemption Date), then (i) the Company may not call for Optional Redemption or otherwise redeem any Notes pursuant to this Section 4.03; and
(ii) the Company will cause any Notes theretofore surrendered for such Optional Redemption to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the Company,
the Trustee or the Paying Agent of the applicable beneficial interests in such Notes in accordance with the Depositary Procedures). 
 (E)
Optional Redemption Date. The Optional Redemption Date for any Optional Redemption will be a Business Day of the Company’s choosing that is no more than forty five (45), nor less than fifteen (15), calendar days after the Optional
Redemption Notice Date for such Optional Redemption. 
 (F) Optional Redemption Price. The Optional Redemption Price for any
Note called for Optional Redemption is an amount in cash equal to the principal amount of such Note plus accrued and unpaid interest on such Note to, but excluding, the Optional Redemption Date for such Optional Redemption; provided,
however, that if such Optional Redemption Date is after a Regular Record Date and on or before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled,
notwithstanding such Optional Redemption, to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely
for these purposes, that such Note remained outstanding through such Interest Payment Date, if such Optional Redemption Date is before such Interest Payment Date) (including, for the avoidance of doubt, any Additional Amounts with respect to such
interest); and (ii) the Optional Redemption Price will not include accrued and unpaid interest on such Note to, but excluding, such Optional Redemption Date (or, for the avoidance of doubt, any Additional Amounts referred to in the preceding
parenthetical). For the avoidance of doubt, if an Interest Payment Date is not a Business Day within the meaning of Section 2.05(C) and such Optional Redemption Date occurs on the Business Day immediately after such
Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but excluding, such Interest Payment Date will be paid, in accordance with Section 2.05(C), on the next Business Day to Holders as of the Close
of Business on the immediately preceding Regular Record Date; and (y) the Optional Redemption Price will include interest on Notes to be redeemed from, and including, such Interest Payment Date. 

(G) Optional Redemption Notice. To call any Notes for Optional Redemption, the Company must (x) send to each Holder of such
Notes, the Trustee and the Paying Agent a written notice of such Optional Redemption (an “Optional Redemption Notice”); and (y) substantially contemporaneously therewith, issue a press release through such national
newswire service as the Company then uses (or publish the same through such other widely disseminated public medium as the Company then uses, including its website) containing the information set forth in the Optional Redemption Notice. 

Such Optional Redemption Notice must state: 

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

  
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 (ii) the Optional Redemption Date for such Optional Redemption; 

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

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

(v) that Notes called for Optional Redemption may be converted at any time before the Close of Business on the second (2nd)
Business Day immediately before the Optional Redemption Date (or, if the Company fails to pay the Optional Redemption Price due on such Optional Redemption Date in full, at any time until such time as the Company pays such Optional Redemption Price
in full); 
 (vi) the Conversion Rate in effect on the Optional Redemption Notice Date for such Optional Redemption and a
description and quantification of any adjustments to the Conversion Rate that may result from such Optional Redemption (including pursuant to Section 5.07); and 

(vii) the CUSIP and ISIN numbers, if any, of the Notes. 

On or before the Optional Redemption Notice Date, the Company will send a copy of such Optional Redemption Notice to the Trustee and the
Paying Agent. 
 (H) Special Requirement for Notice of Tax Redemption. An Optional Redemption Notice relating to a Tax Redemption
must be sent pursuant to Section 4.03(G) no earlier than one hundred and eighty (180) calendar days before the earliest date on which the Company would have been required to make the related payment or withholding
(assuming a payment in respect of the Notes were then due), and the obligation to pay Additional Amounts must be in effect as of the date the Company sends such Optional Redemption Notice and must be expected to remain in effect at the time of the
next payment or delivery in respect of the Notes. 
 (I) Selection and Conversion of Notes to Be Optionally Redeemed in Part. 

(i) If less than all Notes then outstanding are called for Optional Redemption, then the Notes to be redeemed will be selected
as follows: (1) in the case of Global Notes, in accordance with the Depositary Procedures; and (2) in the case of Physical Notes, pro rata, by lot or by such other method the Trustee considers fair and appropriate. 

(ii) If only a portion of a Note is subject to Optional Redemption (including as a result of a Tax Redemption Opt-Out Election Notice that applies to only a portion of such Note) and such Note is converted in part, then the converted portion of such Note will be deemed to be from the portion of such Note that was subject to
Optional Redemption. 

  
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 (J) Payment of the Optional Redemption Price. Without limiting the
Company’s obligation to deposit the Optional Redemption Price by the time proscribed by Section 3.01(B), the Company will cause the Optional Redemption Price for a Note (or portion thereof) subject to Optional
Redemption to be paid to the Holder thereof on or before the applicable Optional Redemption Date. For the avoidance of doubt, interest payable pursuant to the proviso to Section 4.03(F) on any Note (or portion thereof)
subject to Optional Redemption must be paid pursuant to such proviso. 
 (K) Special Provisions for Partial Calls. If the Company
elects to redeem less than all of the outstanding Notes for Provisional Redemption, and the Holder of any Note, or any owner of a beneficial interest in any Global Note, is reasonably not able to determine, before the Close of Business on the tenth
(10th) calendar day immediately before the Optional Redemption Date for such Provisional Redemption, whether such Note or beneficial interest, as applicable, is to be redeemed pursuant to such Provisional Redemption, then the conversion of such Note
or beneficial interest, as applicable, with a Conversion Date occurring on or before the second (2nd) Business Day immediately before such Optional Redemption Date will be deemed to be of a Note called for Provisional Redemption for purposes of this
Section 4.03 and Section 5.07. 
 (L) Partial Provisional Redemption
Limitation. If the Company elects to redeem less than all of the outstanding Notes pursuant to Section 4.03(B), then the excess of the principal amount of Notes outstanding as of the time the Company sends the related
Optional Redemption Notice over the aggregate principal amount of Notes set forth in such Optional Redemption Notice as being subject to Provisional Redemption must be at least one hundred million dollars ($100,000,000). 

Article 5. CONVERSION 

Section 5.01. RIGHT TO CONVERT. 

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

(C) When Notes May Be Converted. 

(i) Generally. A Holder may convert its Notes at any time until the Close of Business on the second (2nd) Scheduled
Trading Day immediately before the Maturity Date. 
 (ii) Limitations and Closed Periods. Notwithstanding anything to
the contrary in this Indenture or the Notes: 
 (1) Notes may be surrendered for conversion only after the Open of Business
and before the Close of Business on a day that is a Business Day; 

  
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 (2) in no event may any Note be converted after the Close of Business on the
second (2nd) Scheduled Trading Day immediately before the Maturity Date; 
 (3) if the Company calls any Note for Optional
Redemption pursuant to Section 4.03, then the Holder of such Note may not convert such Note after the Close of Business on the second (2nd) Business Day immediately before the applicable Optional Redemption Date (unless the
Company fails to pay the Optional Redemption Price for such Note in accordance with this Indenture, in which case such Note may be submitted for conversion at any time until such time as the Optional Redemption Price has been paid or duly provided
for); and 
 (4) if a Fundamental Change Redemption Notice is validly delivered pursuant to
Section 4.02(F) with respect to any Note, then such Note may not be converted, except to the extent (a) such Note is not subject to such notice; (b) such notice is withdrawn in accordance with
Section 4.02(F); or (c) the Company fails to pay the Fundamental Change Redemption Price for such Note in accordance with this Indenture. 

Section 5.02. CONVERSION PROCEDURES. 

(A) Generally. 

(i) Global Notes. To convert a beneficial interest in a Global Note, the owner of such beneficial interest must
(1) comply with the Depositary Procedures for converting such beneficial interest (at which time such conversion will become irrevocable); (2) pay any amounts due pursuant to Section 5.02(D) or
Section 5.02(E); and (3) comply with any requirements under the Deposit Agreement applicable to the delivery of restricted Ordinary Shares represented by ADSs due upon settlement of the conversion of an interest in a
Global Note bearing a Restricted Note Legend. 
 (ii) Physical Notes. To convert all or a portion of a Physical Note,
the Holder of such Note must (1) complete, manually sign and deliver to the Conversion Agent the conversion notice attached to such Physical Note or a facsimile of such conversion notice; (2) deliver such Physical Note to the Conversion
Agent (at which time such conversion will become irrevocable); (3) furnish any endorsements and transfer documents that the Company or the Conversion Agent may require; (4) pay any amounts due pursuant to
Section 5.02(D) or Section 5.02(E); and (5) comply with any requirements under the Deposit Agreement applicable to the delivery of the ADSs due upon settlement of such conversion. 

(B) Effect of Converting a Note. At the Close of Business on the Conversion Date for a Note (or any portion thereof) to be converted,
such Note (or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to Section 5.03(A) or 5.02(D), upon such conversion) be deemed to cease to be
outstanding (and, for the avoidance of doubt, no Person will be deemed to be a Holder of such Note (or such portion thereof) as of the Close of Business on such Conversion Date), except to the extent provided in
Section 5.02(D). 

  
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 (C) Holder of Record of Conversion ADSs. The Person in whose name any
ADS is issuable upon conversion of any Note will be deemed to become the holder of record of such ADS as of the Close of Business on the Conversion Date for such conversion. 

(D) Interest Payable Upon Conversion in Certain Circumstances. If the Conversion Date of a Note is after a Regular Record Date and
before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such conversion (and, for the avoidance of doubt, notwithstanding anything set forth
in the proviso to this sentence), to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for
these purposes, that such Note remained outstanding through such Interest Payment Date); and (ii) the Holder surrendering such Note for conversion must deliver to the Conversion Agent, at the time of such surrender, an amount of cash equal to
the amount of such interest referred to in clause (i) above; provided, however, that the Holder surrendering such Note for conversion need not deliver such cash (v) if the Company has specified an Optional Redemption
Date that is after such Regular Record Date and on or before the second (2nd) Business Day immediately after such Interest Payment Date; (w) if such Conversion Date occurs after the Regular Record Date immediately before the Maturity Date;
(x) if the Company has specified a Fundamental Change Redemption Date that is after such Regular Record Date and on or before the Business Day immediately after such Interest Payment Date; or (y) to the extent of any overdue interest or
interest that has accrued on any overdue interest. For the avoidance of doubt, as a result of, and without limiting the generality of, the foregoing, if a Note is converted with a Conversion Date that is after the Regular Record Date immediately
before the Maturity Date, then the Company will pay, as provided above, the interest that would have accrued on such Note to, but excluding, the Maturity Date. For the avoidance of doubt, if the Conversion Date of a Note to be converted is on an
Interest Payment Date, then the Holder of such Note at the Close of Business on the Regular Record Date immediately before such Interest Payment Date will be entitled to receive, on such Interest Payment Date, the unpaid interest that has accrued on
such Note to, but excluding, such Interest Payment Date, and such Note, when surrendered for conversion, need not be accompanied by any cash amount pursuant to the first sentence of this Section 5.02(D). 

(E) Taxes and Duties. If a Holder converts a Note, the Company will pay any documentary, stamp or similar issue or transfer tax or duty
due on the issue or delivery of any Ordinary Shares represented by ADSs upon such conversion (or of any ADSs representing such Ordinary Shares); provided, however, that if any tax or duty is due because such Holder requested such
Ordinary Shares represented by ADSs (or such ADSs representing Ordinary Shares) to be registered in a name other than such Holder’s name, then such Holder will pay such tax or duty and, until having received a sum sufficient to pay such tax or
duty, the Conversion Agent may refuse to deliver any such Ordinary Shares represented by ADSs (or ADSs representing Ordinary Shares) to be issued in a name other than that of such Holder. 

(F) Conversion Agent to Notify Company of Conversions. If any Note is submitted for conversion to the Conversion Agent or the
Conversion Agent receives any notice of conversion with respect to a Note, then the Conversion Agent will promptly (and, in any event, no later than the Business Day immediately following the date the Conversion Agent receives such Note or notice)
notify the Company and the Trustee of such occurrence, together with any other information reasonably requested by the Company, and will cooperate with the Company to determine the Conversion Date for such Note. 

  
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 Section 5.03. SETTLEMENT UPON CONVERSION. 

(A) Conversion Consideration. 

(i) Generally. Subject to Sections 5.03(A)(ii) and 5.03(A)(iii), the type and amount of
consideration (the “Conversion Consideration”) due in respect of each $1,000 principal amount of a Note to be converted will be a number of ADSs equal to the Conversion Rate in effect on the Conversion Date for such conversion (it
being understood, for the avoidance of doubt, that, upon conversion, the Company will, pursuant to Section 5.04(A)(i), cause the corresponding number of Ordinary Shares represented by such ADSs to be issued and delivered
to, or for the account of, the ADS Depositary, together with instructions to issue such ADSs representing such Ordinary Shares and otherwise comply with Section 5.04(A)(i)). 

(ii) Cash in Lieu of Fractional ADSs. If the number of ADSs deliverable pursuant to
Section 5.03(A)(i) upon conversion of any Note is not a whole number, then such number will be rounded down to the nearest whole number and the Company will deliver, in addition to the other consideration due upon such
conversion, cash in lieu of the related fractional ADS in an amount equal to the product of (1) such fraction and (2) the Last Reported Sale Price per ADS on the Conversion Date for such conversion (or, if such Conversion Date is not a
Trading Day, the immediately preceding Trading Day). 
 (iii) Conversion of Multiple Notes by a Single Holder. If a
Holder converts more than one (1) Note on a single Conversion Date, then the Conversion Consideration due in respect of such conversion will (in the case of any Global Note, to the extent permitted by, and practicable under, the Depositary
Procedures) be computed based on the total principal amount of Notes converted on such Conversion Date by such Holder. 
 (B) Delivery of
the Conversion Consideration. Except as set forth in Sections 5.05(F) and 5.09, the Company will pay or deliver, as applicable, the Conversion Consideration due upon the conversion of any Note to the Holder on or before the
third (3rd) Business Day immediately after the Conversion Date for such conversion; provided, however, that if a Note is converted with a Conversion Date that is after the Regular Record Date immediately before the Maturity Date, or if
any Note that has been called (or deemed, pursuant to Section 4.03(K), to be called) for Optional Redemption is converted, then, solely for purposes of such conversion, (x) the Company will pay or deliver, as
applicable, the Conversion Consideration due upon such conversion on or before the Maturity Date (or, if the Maturity Date is not a Business Day, the next Business Day), in the case of a conversion of any Note with a Conversion Date that is after
the Regular Record Date immediately before the Maturity Date, or the related Optional Redemption Date, in the case of a conversion of any Note that has been called (or deemed, pursuant to Section 4.03(K), to be called) for
Optional Redemption, provided, that, in either case, the Company will in no event pay or deliver such consideration earlier than the Conversion Date referred to in the following clause (y); and (y) the Conversion Date will instead
be deemed to be the third (3rd) Business Day immediately before the applicable date referred to in clause (x). 

  
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 (C) Deemed Payment of Principal and Interest; Settlement of Accrued Interest
Notwithstanding Conversion. If a Holder converts a Note, then the Company will not adjust the Conversion Rate to account for any accrued and unpaid interest on such Note, and, except as provided in Section 5.02(D), the
Company’s delivery of the Conversion Consideration due in respect of such conversion will be deemed to fully satisfy and discharge the Company’s obligation to pay the principal of, and accrued and unpaid interest, if any, on, such Note to,
but excluding the Conversion Date. As a result, except as provided in Section 5.02(D), any accrued and unpaid interest on a converted Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited.

 Section 5.04. AMERICAN DEPOSITARY SHARE PROGRAM; RESERVE
AND STATUS OF SECURITIES ISSUED UPON CONVERSION. 

(A) Delivery of Ordinary Shares Represented by ADSs Upon Conversion. 

(i) Delivery of Ordinary Shares Under the Deposit Agreement; Procedural Matters. Whenever this Indenture requires
the Company to deliver any Ordinary Shares represented by ADSs upon conversion of the Notes, (1) the Company will cause the corresponding number of Ordinary Shares to be delivered to, or for the account of, the ADS Depositary, together with
instructions (conforming to the requirements therefor under the Deposit Agreement) to issue such ADSs to the Person entitled thereto under this Indenture; and (2) the Company will deliver such other documentation (including, if applicable, any
related legal opinions) or information required by, and otherwise comply with its other obligations under, the Deposit Agreement in connection with the issuance and delivery of such ADSs. Each reference in this Indenture or the Notes to the issuance
or delivery of Ordinary Shares represented by ADSs, or the delivery of ADSs, upon conversion of the Notes will be deemed to include the deposit of Ordinary Shares and delivery of ADSs pursuant to the Deposit Agreement in the manner contemplated by
this Section 5.04(A)(i). 
 (ii) Regulatory Matters. The Company will use commercially
reasonable efforts to take all actions, and obtain all approvals and registrations, as are necessary or appropriate, in its reasonable discretion, to permit or facilitate the issuance and delivery of any Ordinary Shares represented by ADSs due upon
settlement of the conversion of any Notes in accordance with this Indenture. Furthermore, at all times when any Notes are outstanding, the Company will cause one or more registration statements on Form F-6 (or
any successor or other available form) to be effective under the Securities Act and available and usable for the issuance and delivery of Ordinary Shares represented by ADSs upon conversion of all Notes then outstanding (assuming, for these
purposes, that the Conversion Rate is increased by the maximum amount pursuant to which the Conversion Rate may be increased pursuant to Section 5.07), in each case to the extent the same is required for the issuance and
delivery of such ADSs upon conversion of the Notes. 

  
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 (B) Fees and Expenses of the ADS Depositary. The Company will pay (or, if applicable,
reimburse each Holder or beneficial owner of any Notes or ADSs delivered in settlement of the conversion of any Note for) all fees and expenses payable to, or withheld by, the ADS Depositary (including, for the avoidance of doubt, by means of
reducing any amounts or property that would otherwise be payable or deliverable in respect of such ADSs or reducing the amount of cash or other property that would otherwise be represented by such ADSs) in connection with (i) the issuance of
ADSs by the ADS Depositary upon conversion of any Notes; or (ii) the removal of any restrictive legends affixed to any such ADSs or the reissuance of any such ADSs without restrictive legends or for identification by an “unrestricted”
CUSIP or ISIN number. 
 (C) Share Reserve. The Company undertakes to ensure that, at all times when any Notes are outstanding, the
Company has sufficient authorization from the Board of Directors in its articles of association to issue a number of Ordinary Shares sufficient to permit the issuance and delivery of Ordinary Shares represented by ADSs upon the conversion of all
then-outstanding Notes, assuming the Conversion Rate is increased by the maximum amount pursuant to which the Conversion Rate may be increased pursuant to Section 5.07. To the extent the Company delivers Ordinary Shares
held in its treasury in connection with the settlement of the conversion of any Notes, each reference in this Indenture or the Notes to the issuance of Ordinary Shares in connection therewith will be deemed to include such delivery, mutatis
mutandis. 
 (D) Status of Conversion ADSs; Listing. Each Conversion ADS delivered upon conversion of any Note, and each Ordinary
Share represented by such ADS, will be duly authorized, validly issued, fully paid, non-assessable, free from preemptive rights and free of any lien or adverse claim (except to the extent of any lien or
adverse claim created by the action or inaction of the Holder of such Note or the Person to whom such Conversion ADS will be delivered). If the ADSs are then listed on any securities exchange, or quoted on any inter-dealer quotation system, then the
Company will use reasonable efforts to cause each Conversion ADS, when delivered upon conversion of any Note, to be admitted for listing on such exchange or quotation on such system. 

Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE. 

(A) Adjustments to the Conversion Rate for Changes to the ADS Entitlement Rate. Subject to Section 5.09(A), if
the ADS Entitlement Rate is adjusted for any reason (including, for the avoidance of doubt, in connection with an event described in paragraphs (i) through (v) of Section 5.05(C), then the Conversion Rate
will be adjusted, effective as of the time that the adjustment to the ADS Entitlement Rate becomes effective, to an amount equal to the product of (1) the Conversion Rate in effect immediately before such time; and (2) the quotient
obtained by dividing (x) the ADS Entitlement Rate in effect immediately before such adjustment to the ADS Entitlement Rate by (y) the ADS Entitlement Rate in effect immediately after such adjustment to the ADS Entitlement Rate. For the
avoidance of doubt, if the ADS Entitlement Rate is adjusted in connection with an event that also results in an adjustment to the Conversion Rate pursuant to any of paragraphs (i) through (v) of
Section 5.05(C), then, as a result of the preceding sentence, such Conversion Rate adjustment will be reversed to the extent the ADS Entitlement Rate adjustment produces the same economic effect as such Conversion Rate
adjustment would have produced without the ADS Entitlement Rate adjustment (that is, to the extent the ADS Entitlement Rate adjustment causes the product of the reversed Conversion Rate and the adjusted ADS Entitlement Rate to be equal to the
product of the unreversed Conversion Rate and the unadjusted ADS Entitlement Rate). 

  
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 (B) Special Adjustment Provisions for Deposited Distributions and Expiring Rights.
Notwithstanding anything to the contrary in this Indenture or the Notes, the Company will not adjust the Conversion Rate pursuant to paragraphs (i) through (v) of Section 5.05(C) on account of a Deposited
Distribution; provided, however, that: 
 (i) if the Distributed Property of such Deposited Distribution (or
any proceeds from the sale or other disposition thereof in accordance with the Deposit Agreement) is thereafter distributed on the ADSs, then, without duplication of any adjustment to the Conversion Rate pursuant to
Section 5.05(B)(ii) or Section 5.05(B)(iii), the Conversion Rate will be adjusted pursuant to the applicable paragraph of Section 5.05(C), assuming, solely for these
purposes, that, at the time of such distribution on the ADSs, there is distributed, to all holders of Ordinary Shares, the kind and amount of Distributed Property (or proceeds) per Ordinary Share corresponding to that kind and amount of Distributed
Property (or proceeds) that is distributed on the ADSs attributable to each Ordinary Share represented by such ADSs; 
 (ii)
if an Ordinary Share Change Event occurs (other than solely pursuant to Section 5.10), then, effective immediately after the Close of Business on the day before the date such Ordinary Share Change Event becomes effective,
the Conversion Rate will be adjusted to the Conversion Rate that would have then been in effect had the Conversion Rate been adjusted on account of such Deposited Distribution (or, if applicable, such portion of such Deposited Distribution for which
a Conversion Rate adjustment has not theretofore been made) pursuant to the applicable paragraph of Section 5.05(C), assuming, solely for purposes of determining the Ex-Dividend Date
applicable to such adjustment, that the Distributed Property of such Deposited Distribution (or, if applicable, such portion thereof for which a Conversion Rate adjustment has not theretofore been made) were distributed to holders of the ADSs as of
the record date applicable for purposes of determining the holders of Ordinary Shares entitled to receive the Distributed Property in such Deposited Distribution; and 

(iii) if the Distributed Property of such Deposited Distribution includes any Expiring Rights, then: 

(1) the Conversion Rate will be adjusted pursuant to Section 5.05(C)(ii) or
Section 5.05(C)(iii)(1), as applicable, assuming, solely for these purposes, (a) that the Distributed Property of such Deposited Distribution consisted solely of such Expiring Rights; and (b) solely for purposes
of determining the Ex-Dividend Date applicable to such adjustment, that such Expiring Rights were distributed to holders of the ADSs as of the record date applicable for purposes of determining the holders of
Ordinary Shares entitled to receive the Distributed Property in such Deposited Distribution; and 

  
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 (2) if such Expiring Rights (or any proceeds from the sale or other
disposition thereof in accordance with the Deposit Agreement) are thereafter distributed on the ADSs, then no additional adjustment to the Conversion Rate will be made pursuant to Section 5.05(B)(i). 

(C) Adjustments to the Conversion Rate for Distributions and Tender/Exchange Offers. The Conversion Rate will be
adjusted from time to time pursuant to paragraphs (i) through (v) of this Section 5.05(C). For the avoidance of doubt, references in this Section 5.05(C) to any dividend or
distribution on, or to holders of, any Ordinary Shares include Ordinary Shares represented by ADSs. 
 (i) Share
Dividends, Splits and Combinations. If the Company issues solely Ordinary Shares as a dividend or distribution on all or substantially all Ordinary Shares, or if the Company effects a share split or a share combination of the Ordinary Shares (in
each case excluding an issuance solely pursuant to an Ordinary Share Change Event, as to which Section 5.09 will apply), then the Conversion Rate will be adjusted based on the following formula: 

 
 

 
 where: 
  

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

 If any dividend, distribution, share split or share combination of the type described in this
Section 5.05(C)(i) is declared or announced, but not so paid or made, then the Conversion Rate will be readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution or to
effect such share split or share combination, to the Conversion Rate that would then be in effect had such dividend, distribution, split or combination not been declared or announced. 

  
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 (ii) Rights, Options and Warrants. If the Company distributes, to all
or substantially all holders of Ordinary Shares, rights, options or warrants (other than rights issued or otherwise distributed pursuant to a shareholder rights plan, as to which Sections 5.05(C)(iii)(1) and 5.05(H) will apply)
entitling such holders, for a period of not more than sixty (60) calendar days after the record date of such distribution, to subscribe for or purchase Ordinary Shares or ADSs at a price per Ordinary Share, or per Ordinary Share represented by
ADSs, as applicable (in each case, translated, if necessary, to U.S. dollars at the Prevailing Exchange Rate on the Trading Day immediately before the date such distribution is announced), that is less than the average of the Last Reported Sale
Prices per Ordinary Share for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced, then the Conversion Rate will be increased based on the following formula:

  
 

 
 where: 
  

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

 To the extent such rights, options or warrants are not so distributed, the Conversion Rate will be readjusted
to the Conversion Rate that would then be in effect had the increase to the Conversion Rate for such distribution been made on the basis of only the rights, options or warrants, if any, actually distributed. In addition, to the extent that Ordinary
Shares or ADSs are not delivered after the expiration of such rights, options or warrants (including as a result of such rights, options or warrants not being exercised), the Conversion Rate will be readjusted to the Conversion Rate that would then
be in effect had the increase to the Conversion Rate for such distribution been made on the basis of delivery of only the number of Ordinary Shares actually delivered, or the number of Ordinary Shares represented by ADSs actually delivered, upon
exercise of such rights, option or warrants. 

  
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 For purposes of this Section 5.05(C)(ii), in determining whether
any rights, options or warrants entitle holders of Ordinary Shares to subscribe for or purchase Ordinary Shares or ADSs at a price per Ordinary Share, or per Ordinary Share represented by ADSs, as applicable, that is less than the average of the
Last Reported Sale Prices per Ordinary Share for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date the distribution of such rights, options or warrants is announced, and in determining
the aggregate price payable to exercise such rights, options or warrants, there will be taken into account any consideration the Company receives for such rights, options or warrants and any amount payable on exercise thereof, with the value of such
consideration, if not cash, to be determined by the Company in good faith and in a commercially reasonable manner. 
 (iii)
Spin-Offs and Other Distributed Property. 
 (1) Distributions Other than Spin-Offs. If the Company distributes
shares of its Capital Shares, evidences of its indebtedness or other assets or property of the Company, or rights, options or warrants to acquire Capital Shares of the Company or other securities (including depositary receipts representing Capital
Shares of the Company), to all or substantially all holders of the Ordinary Shares, excluding: 
 (u) dividends,
distributions, rights, options or warrants for which an adjustment to the Conversion Rate is required (or would be required without regard to Section 5.05(E)) pursuant to Section 5.05(C)(i) or
5.05(C)(ii); 
 (v) dividends or distributions paid exclusively in cash for which an adjustment to the Conversion
Rate is required (or would be required without regard to Section 5.05(E)) pursuant to Section 5.05(C)(iv); 

(w) rights issued or otherwise distributed pursuant to a shareholder rights plan, except to the extent provided in
Section 5.05(H); 
 (x) Spin-Offs for which an adjustment to the Conversion Rate is required (or
would be required without regard to Section 5.05(E)) pursuant to Section 5.05(C)(iii)(2); 

(y) a distribution solely pursuant to a tender offer or exchange offer for Ordinary Shares or ADSs, as to which
Section 5.05(C)(v) will apply; and 
 (z) a distribution solely pursuant to an Ordinary Share
Change Event, as to which Section 5.09 will apply, then the Conversion Rate will be increased based on the following formula: 

  
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 where: 
  

					
			
	CR0	  	=	  	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	SP	  	=	  	the average of the Last Reported Sale Prices per Ordinary Share for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before such Ex-Dividend
Date; and
			
	FMV	  	=	  	the fair market value (as determined by the Company in good faith and in a commercially reasonable manner and expressed in U.S. dollars, translated, if necessary, at the Prevailing Exchange Rate on such Ex-Dividend Date), as of such Ex-Dividend Date, of the Capital Shares, evidences of indebtedness, assets, property, rights, options or warrants distributed per Ordinary Share
pursuant to such distribution.

 To the extent such distribution is not so paid or made, the Conversion Rate will be readjusted to the
Conversion Rate that would then be in effect had the adjustment been made on the basis of only the distribution, if any, actually made or paid. 

The Company will not effect a distribution that would require (without regard to Section 5.05(E)) an adjustment to
the Conversion Rate pursuant to this Section 5.05(C)(iii)(1) based on a value for FMV that is equal to or greater than the value for SP. 

  
 - 53 - 

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

 
 where: 
  

					
			
	CR0	  	=	  	the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Spin-Off Valuation Period for such
Spin-Off;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Spin-Off Valuation Period;
			
	FMV	  	=	  	the product of (x) the average of the Last Reported Sale Prices per share or unit of the Capital Shares or equity interests distributed in such Spin-Off over the ten
(10) consecutive Trading Day period (the “Spin-Off Valuation Period”) beginning on, and including, the Ex-Dividend Date for such Spin-Off (such average to be determined as if references to ADSs in the definitions of Last Reported Sale Price, Trading Day and Market Disruption Event were instead references to such Capital Shares or equity
interests, and without regard to the last sentence of the definition of Last Reported Sale Price); and (y) the number of shares or units of such Capital Shares or equity interests distributed per Ordinary Share in such Spin-Off; and
			
	SP	  	=	  	the average of the Last Reported Sale Prices per Ordinary Share for each Trading Day in the Spin-Off Valuation Period.

 Notwithstanding anything to the contrary in this Section 5.05(C)(iii)(2), if the
Conversion Date for a Note to be converted occurs during the Spin-Off Valuation Period for such Spin-Off, then, solely for purposes of determining the Conversion
Consideration for such conversion, such Spin-Off Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the
Ex-Dividend Date for such Spin-Off to, and including, such Conversion Date. 

  
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 To the extent any dividend or distribution of the type set forth in this
Section 5.05(C)(iii)(2) is declared but not made or paid, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the dividend or
distribution, if any, actually made or paid. 
 (iv) Cash Dividends or Distributions. If any dividend or distribution
of cash (in U.S. dollars or any other currency) is made to all or substantially all holders of Ordinary Shares, then the Conversion Rate will be increased based on the following formula: 

 
 

 
 where: 
  

					
			
	CR0	  	=	  	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	SP	  	=	  	the Last Reported Sale Price per Ordinary Share on the Trading Day immediately before such Ex-Dividend Date; and
			
	D	  	=	  	the cash amount distributed per Ordinary Share in such dividend or distribution (translated, if necessary, to U.S. dollars at the Prevailing Exchange Rate on the Trading Day immediately before such
Ex-Dividend Date).

 To the extent such dividend or distribution is declared but not made or paid, the Conversion Rate will be
readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid. 

The Company will not effect a dividend or distribution that would require (without regard to Section 5.05(E)) an
adjustment to the Conversion Rate pursuant to this Section 5.05(C)(iv) based on a value for D that is equal to or greater than the value for SP. 

(v) Tender Offers or Exchange Offers. If the Company or any of its Subsidiaries makes a payment in respect of a tender
offer or exchange offer for Ordinary Shares or ADSs (other than solely pursuant to an odd-lot tender offer pursuant to Rule 13e-4(h)(5) under the Exchange Act), and the
value (expressed in U.S. dollars, translated, if necessary, at the Prevailing Exchange Rate on the Expiration Date, and determined as of the Expiration Time by the Company in good faith and in a commercially reasonable

  
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manner) of the cash and other consideration paid per Ordinary Share, or per Ordinary Share represented by ADSs, as applicable, in such tender or exchange offer exceeds the Last Reported Sale
Price per Ordinary Share on the Trading Day immediately after the last date (the “Expiration Date”) on which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be amended), then the Conversion Rate
will be increased based on the following formula: 
  
 

 
 where: 
  

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

 provided, however, that the Conversion Rate will in no event be adjusted down pursuant to this
Section 5.05(C)(v), except to the extent provided in the immediately following paragraph. Notwithstanding anything to the contrary in this Section 5.05(C)(v), if the Conversion Date for a Note to
be converted occurs during the Tender/Exchange Offer Valuation Period for such tender or exchange offer, then, solely for purposes of determining the Conversion Consideration for such conversion, such Tender/Exchange

  
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Offer Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Trading Day immediately after the Expiration Date to, and including, such
Conversion Date. 
 To the extent such tender or exchange offer is announced but not consummated (including as a result of the Company being
precluded from consummating such tender or exchange offer under applicable law), or any purchases or exchanges of Ordinary Shares or ADSs in such tender or exchange offer are rescinded, the Conversion Rate will be readjusted to the Conversion Rate
that would then be in effect had the adjustment been made on the basis of only the purchases or exchanges of Ordinary Shares or ADSs, if any, actually made, and not rescinded, in such tender or exchange offer. 

(D) No Adjustments in Certain Cases. 

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

(1) except as otherwise provided in Section 5.05, the sale of Ordinary Shares (or ADSs) for a
purchase price that is less than the market price per Ordinary Share (or per ADS) or less than the Conversion Price (or less than the product of the Conversion Price and the ADS Entitlement Rate); 

(2) the issuance of any Ordinary Shares or ADSs 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 Ordinary Shares or ADSs under any such plan; 

(3) the issuance of any Ordinary Shares or ADSs or options or rights to purchase Ordinary Shares or ADSs pursuant to any
present or future employee, director or consultant benefit plan or program of, or assumed by, the Company or any of its Subsidiaries; 

(4) the issuance of any Ordinary Shares or ADSs pursuant to any option, warrant, right or convertible or exchangeable security
of the Company outstanding as of the Issue Date; 
 (5) solely a change in the nominal value of the Ordinary Shares; or 

(6) accrued and unpaid interest on the Notes. 

(ii) Distributions on Both the Ordinary Shares and the ADSs. For the avoidance of doubt, except as provided in
Section 5.05(B), adjustments to the Conversion Rate pursuant to paragraphs (i) through (iv) of Section 5.05(C) will be made on the basis of the securities, cash or other property
dividended or distributed on Ordinary Shares. Accordingly, if a corresponding dividend or distribution is made on the ADSs pursuant to the Deposit Agreement (including a dividend or distribution of the

  
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proceeds from the exchange, sale or other disposition of such securities, cash or other property), net of any fees or other costs, if applicable, then such corresponding dividend or distribution
will not require an additional adjustment to the Conversion Rate pursuant to paragraphs (i) through (iv) of Section 5.05(C), except as provided in Section 5.05(B). 

(E) Adjustment Deferral. If an adjustment to the Conversion Rate otherwise required by this Article 5 would result in a change
of less than one percent (1%) to the Conversion Rate, then, notwithstanding anything to the contrary in this Article 5, the Company may, at its election, defer such adjustment, except that all such deferred adjustments must be given effect
immediately upon the earliest of the following: (i) when all such deferred adjustments would result in a change of at least one percent (1%) to the Conversion Rate; (ii) the Conversion Date of any Note; (iii) the date a Fundamental
Change or Make-Whole Fundamental Change occurs; (iv) the date the Company calls any Notes for Optional Redemption; and (v) October 1, 2027. 

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

(i) a Note is to be converted; 

(ii) the record date, effective date or Expiration Time for any event that requires an adjustment to the Conversion Rate
pursuant to Section 5.05(C) (including an adjustment pursuant to Section 5.05(C) by operation of Section 5.05(B)(i) or Section 5.05(B)(iii), but
other than an adjustment pursuant to Section 5.05(C) by operation of Section 5.05(B)(ii)) has occurred on or before the Conversion Date for such conversion, but an adjustment to the Conversion Rate
for such event has not yet become effective as of such Conversion Date; 
 (iii) the Conversion Consideration due upon such
conversion includes any whole ADSs; 
 (iv) such ADSs are not entitled to participate in such event (or, if applicable, any
corresponding dividend or distribution on the ADSs), whether because they were not held on the related record date or otherwise; and 

(v) in the case of a dividend or distribution, such ADSs do not represent (in addition to the Ordinary Shares and other
property, if any, then represented by the ADSs) a corresponding interest in the cash or other property distributed in such dividend or distribution, 

then, solely for purposes of such conversion, the Company will, without duplication, give effect to such adjustment on such Conversion Date. In such case, if
the date on which the Company is otherwise required to deliver the consideration due upon such conversion is before the first date on which the amount of such adjustment can be determined, then the Company will delay the settlement of such
conversion until the third (3rd) Business Day after such first date. 

  
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 (G) Conversion Rate Adjustments where Converting Holders Participate in the Relevant
Transaction or Event. Notwithstanding anything to the contrary in this Indenture or the Notes, if: 
 (i) a Conversion
Rate adjustment for any dividend or distribution becomes effective on any Ex-Dividend Date pursuant to Section 5.05(C) (including an adjustment pursuant to
Section 5.05(C) by operation of Section 5.05(B)(i) or Section 5.05(B)(iii), but other than an adjustment pursuant to Section 5.05(C) by operation
of Section 5.05(B)(ii)); 
 (ii) a Note is to be converted; 

(iii) the Conversion Date for such conversion occurs on or after such Ex-Dividend Date
and on or before the related record date; 
 (iv) the Conversion Consideration due upon such conversion includes any whole
ADSs based on a Conversion Rate that is adjusted for such dividend or distribution; and 
 (v) ADSs either (1) are
entitled to participate in such dividend or distribution (or, if applicable, a corresponding dividend or distribution on the ADSs), including pursuant to Section 5.02(C); or (2) represent (in addition to the Ordinary
Shares and other property, if any, then represented by the ADSs) a corresponding interest in the cash or other property distributed in such dividend or distribution, then such Conversion Rate adjustment will not be given effect for such conversion.

 (H) Shareholder Rights Plans. If the Company has a shareholder rights plan in effect upon conversion of any Notes, the
Holder converting such Notes will receive, in addition to the ADSs such Holder receives in connection with such conversion, the rights under such shareholder rights plan in respect of such ADSs or the Ordinary Shares represented by such ADSs.
However, if, prior to any conversion of Notes, the rights have separated from the Ordinary Shares or the ADSs, as applicable, in accordance with the provisions of the applicable shareholder rights plan, then, subject to
Section 5.05(B), the Conversion Rate will be adjusted pursuant to Section 5.05(C)(iii)(1) at the time of such separation as if the Company distributed, to all or substantially all holders of
Ordinary Shares, its Capital Shares, evidences of indebtedness, assets, property, rights, options or warrants as described above in Section 5.05(C)(iii)(1), subject to readjustment in accordance with the final paragraph of
Section 5.05(C)(iii)(1). 
 (I) Equitable Adjustments to Prices. Whenever any provision of this Indenture
requires the Company to calculate the average of the Last Reported Sale Prices, or any function thereof, over a period of multiple days (including to calculate the ADS Price or an adjustment to the Conversion Rate), the Company will, if appropriate,
make proportionate adjustments to such calculations to account for (i) any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the
Ex-Dividend Date, effective date or Expiration Date, as applicable, of such event occurs, at any time during such period; or (ii) any change to the ADS Entitlement Rate during such period. 

  
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 (J) Calculation of Number of Outstanding Ordinary Shares. For purposes of
Section 5.05(C), the number of Ordinary Shares outstanding at any time will (i) include shares issuable in respect of scrip certificates issued in lieu of fractions of Ordinary Shares; and (ii) exclude Ordinary
Shares held in the Company’s treasury (unless the Company pays any dividend or makes any distribution on Ordinary Shares held in its treasury). 

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

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

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

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

																																																	
	 Make-Whole
Fundamental
Change
Effective
Date
	  	ADS Price	 
	  	US$116.73	 	  	US$140.00	 	  	US$166.34	 	  	US$190.00	 	  	US$216.24	 	  	US$275.00	 	  	US$325.00	 	  	US$400.00	 	  	US$500.00	 	  	US$600.00	 	  	US$700.00	 	  	US$825.00	 
	 March 29, 2022
	  	 	2.5549	 	  	 	1.8311	 	  	 	1.3111	 	  	 	0.9998	 	  	 	0.7584	 	  	 	0.4359	 	  	 	0.2850	 	  	 	0.1569	 	  	 	0.0717	 	  	 	0.0303	 	  	 	0.0098	 	  	 	0.0000	 
	 April 1, 2023
	  	 	2.5549	 	  	 	1.7904	 	  	 	1.2583	 	  	 	0.9442	 	  	 	0.7043	 	  	 	0.3912	 	  	 	0.2490	 	  	 	0.1319	 	  	 	0.0568	 	  	 	0.0218	 	  	 	0.0057	 	  	 	0.0000	 
	 April 1, 2024
	  	 	2.5549	 	  	 	1.7669	 	  	 	1.2115	 	  	 	0.8898	 	  	 	0.6489	 	  	 	0.3443	 	  	 	0.2117	 	  	 	0.1068	 	  	 	0.0427	 	  	 	0.0146	 	  	 	0.0027	 	  	 	0.0000	 
	 April 1, 2025
	  	 	2.5549	 	  	 	1.7102	 	  	 	1.1300	 	  	 	0.8030	 	  	 	0.5653	 	  	 	0.2795	 	  	 	0.1630	 	  	 	0.0765	 	  	 	0.0273	 	  	 	0.0073	 	  	 	0.0000	 	  	 	0.0000	 
	 April 1, 2026
	  	 	2.5549	 	  	 	1.6044	 	  	 	0.9944	 	  	 	0.6664	 	  	 	0.4405	 	  	 	0.1924	 	  	 	0.1031	 	  	 	0.0432	 	  	 	0.0126	 	  	 	0.0019	 	  	 	0.0000	 	  	 	0.0000	 
	 April 1, 2027
	  	 	2.5549	 	  	 	1.4191	 	  	 	0.7597	 	  	 	0.4416	 	  	 	0.2512	 	  	 	0.0848	 	  	 	0.0398	 	  	 	0.0146	 	  	 	0.0028	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 
	 April 1, 2028
	  	 	2.5549	 	  	 	1.1311	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 

 If such Make-Whole Fundamental Change Effective Date or ADS Price is not set forth in the table above, then:

 (i) if such ADS Price is between two ADS Prices in the table above or the Make-Whole Fundamental Change Effective Date is
between two dates in the table above, then the number of Additional ADSs will be determined by straight-line interpolation between the numbers of Additional ADSs set forth for the higher and lower ADS Prices in the table above or the earlier and
later dates in the table above, based on a 365- or 366-day year, as applicable; and 

(ii) if the ADS Price is greater than $825.00 (subject to adjustment in the same manner as the ADS Prices set forth in the
column headings of the table above are adjusted pursuant to Section 5.07(B)), or less than $116.73 (subject to adjustment in the same manner), per ADS, then no Additional ADSs will be added to the Conversion Rate. 

Notwithstanding anything to the contrary in this Indenture or the Notes, in no event will the Conversion Rate be increased to an amount that
exceeds 8.5667 ADSs per $1,000 principal amount of Notes, which amount is subject to adjustment in the same manner as, and at the same time and for the same events for which, the Conversion Rate is required to be adjusted pursuant to
Section 5.05(A), Section 5.05(B) or Section 5.05(C). 
 For
the avoidance of doubt, but subject to Section 4.03(K), (x) the sending of an Optional Redemption Notice for a Provisional Redemption will constitute a Make-Whole Fundamental Change only with respect to the Notes called (or
deemed called) for such Provisional Redemption pursuant to such Optional Redemption Notice, and not with respect to any other Notes; and (y) the Conversion Rate applicable to the Notes not so called for Provisional Redemption will not be
subject to increase pursuant to this Section 5.07 on account of such Optional Redemption Notice. 

  
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 (B) Adjustment of ADS Prices and Number of Additional
ADSs. The ADS Prices in the first row (i.e., the column headers) of the table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same events for which,
the Conversion Price is adjusted as a result of the operation of Section 5.05(A), Section 5.05(B) or Section 5.05(C). The numbers of Additional ADSs in the table set forth
in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same events for which, the Conversion Rate is adjusted pursuant to Section 5.05(A),
Section 5.05(B) or Section 5.05(C). 
 (C) Notice of the Occurrence of a Make-Whole
Fundamental Change. If a Make-Whole Fundamental Change occurs pursuant to clause (A) of the definition thereof, then, promptly and in no event later than the Business Day immediately after the Make-Whole Fundamental Change Effective
Date of such Make-Whole Fundamental Change, the Company will notify the Holders of the occurrence of such Make-Whole Fundamental Change and of such Make-Whole Fundamental Change Effective Date, briefly stating the circumstances under which the
Conversion Rate will be increased pursuant to this Section 5.07 in connection with such Make-Whole Fundamental Change. The Company will notify the Holders of each Make-Whole Fundamental Change occurring pursuant to
clause (B) of the definition thereof in the related Optional Redemption Notice in accordance with Section 4.03(G) (with a copy to the Trustee and the Conversion Agent). 

Section 5.08. EXCHANGE IN LIEU OF CONVERSION. 

Notwithstanding anything to the contrary in this Article 5, and subject to the terms of this Section 5.08, if
a Note is submitted for conversion, the Company may elect to arrange to have such Note exchanged in lieu of conversion by a financial institution designated by the Company. To make such election, the Company must send notice of such election to the
Holder of such Note, the Trustee and the Conversion Agent before the Close of Business on the Business Day immediately following the Conversion Date for such Note. If the Company has made such election, then: 

(A) no later than the Business Day immediately following such Conversion Date, the Company must deliver (or cause the Conversion Agent to
deliver) such Note, together with delivery instructions for the Conversion Consideration due upon such conversion (including wire instructions, if applicable), to a financial institution designated by the Company that has agreed to deliver such
Conversion Consideration in the manner and at the time the Company would have had to deliver the same pursuant to this Article 5; 

(B) if such Note is a Global Note, then (i) such designated institution will send written confirmation to the Conversion Agent promptly
after wiring the cash Conversion Consideration, if any, and delivering any other Conversion Consideration, due upon such conversion to the Holder of such Note; and (ii) the Conversion Agent will as soon as reasonably practicable thereafter
contact such Holder’s custodian with the Depositary to confirm receipt of the same; and 
 (C) such Note will not cease to be
outstanding by reason of such exchange in lieu of conversion; 

  
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 provided, however, that if such financial institution does not accept such Note or fails to
timely deliver such Conversion Consideration, then the Company will be responsible for delivering such Conversion Consideration in the manner and at the time provided in this Article 5 as if the Company had not elected to make an exchange in
lieu of conversion. 
 Section 5.09. EFFECT OF ORDINARY SHARE CHANGE
EVENT. 
 (A) Generally. If there occurs any: 

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

(iv) other similar event, 
 and,
as a result of which, the Ordinary Shares are converted into, or are exchanged for, or represent solely the right to receive, other securities, cash or other property, or any combination of the foregoing (such an event, an “Ordinary Share
Change Event,” and such other securities, cash or property, the “Reference Property,” and the amount and kind of Reference Property that a holder of a number of Ordinary Shares equal to the ADS Entitlement Rate in effect
immediately before such Ordinary Share Change Event would be entitled to receive on account of such Ordinary Share Change Event (without giving effect to any arrangement not to issue or deliver a fractional portion of any security or other
property), a “Reference Property Unit,” provided that the composition of the Reference Property and the Reference Property Unit will be subject to the penultimate paragraph of this Section 5.09(A)),
then, notwithstanding anything to the contrary in this Indenture or the Notes, 
 (1) from and after the effective time of
such Ordinary Share Change Event, the Conversion Consideration due upon conversion of any Note will be determined in the same manner as if each reference to any number of ADSs in this Article 5 (or in any related definitions) were instead a
reference to the same number of Reference Property Units; provided, however, that, for purposes of applying Sections 5.05(A), 5.05(B), 5.05(C), 5.07 and 5.10 (or any related definitions) to any
portion of the Reference Property Unit that consists of any Capital Shares: 
 (I) to the extent such Capital Shares are in
the form of depositary receipts that represent other Capital Shares, (w) references to the ADSs will be deemed to refer to such depositary receipts; (x) references to the Ordinary Shares 

  
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will be deemed to refer to such Capital Shares represented by such depositary receipts; (y) the ADS Entitlement Rate with respect thereto will, as of such effective time, be adjusted
(without a corresponding adjustment to the Conversion Rate pursuant to Section 5.05(A)) to the number or amount of Capital Shares represented by one (1) such depositary receipt; and (z) for purposes of
Section 5.10, references to the ADSs will be deemed to refer to such depositary receipts, references to the Company’s ADS program will be deemed to refer to the depositary share program applicable to such depositary
receipts and references to the Ordinary Shares will be deemed to refer to the Capital Shares underlying such depositary receipts; and 

(II) to the extent such Capital Shares consist of any other securities, (x) references to the Ordinary Shares or ADSs will
be deemed to refer to such securities (except that references to the Ordinary Shares represented by ADSs will be deemed to refer solely to such securities); (y) references to the ADS Entitlement Rate will be ignored with the same effect as if the
ADS Entitlement Rate were fixed at one (1); and (z) Sections 5.05(A), 5.05(B), 5.05(D)(ii) and 5.10, and the second (2nd) sentence of Section 5.05(C), will not apply to such securities; 

(2) from and after the effective time of such Ordinary Share Change Event, (I) for purposes of
Section 4.03(B), each reference to any number of ADSs in such Section (or in any related definitions) will instead be deemed to be a reference to the same number of Reference Property Units; and (II) for purposes of
the definitions of “Fundamental Change,” and “Make-Whole Fundamental Change,” references to “ADSs,” “Ordinary Shares” and the Company’s “common equity” will be deemed to refer to the common
equity (including depositary receipts representing common equity), if any, forming part of such Reference Property; 
 (3) if
such Reference Property Unit consists entirely of cash, then the Company will pay the cash due in respect of all conversions whose Conversion Date occurs on or after the effective date of such Ordinary Share Change Event no later than the fifth
(5th) Business Day after the relevant Conversion Date; and 
 (4) for these purposes, (I) the Last Reported Sale Price
of any Reference Property Unit or portion thereof that does not consist of a class of securities will be the fair value of such Reference Property Unit or portion thereof, as applicable, determined in good faith and in a commercially reasonable
manner by the Company (or, in the case of cash denominated in U.S. dollars, the face amount thereof); and (II) if the Last Reported Sales Price of any securities included in the Reference Property Unit is denominated in a currency other than
U.S. dollars, then the same will be translated into U.S. dollars at the Prevailing Exchange Rate on the relevant date of determination. 

For the avoidance of doubt, the deposit of any Ordinary Shares under the Deposit Agreement in exchange for the issuance of ADSs representing
such Ordinary Shares will not constitute an Ordinary Share Change Event. 

  
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 If the Reference Property consists of more than a single type of consideration to be
determined based in part upon any form of shareholder election, then, subject to the following paragraph, the composition of the Reference Property Unit will be deemed to be the weighted average of the types and amounts of consideration actually
received, per Ordinary Share, by the holders of Ordinary Shares. The Company will notify Holders, the Trustee and the Conversion Agent of such weighted average as soon as practicable after such determination is made. 

If the Reference Property Unit includes any common equity and, at the effective time of the Ordinary Share Change Event, a class or series of
depositary receipts representing such common equity (or representing both such common equity and any other property forming part of the Reference Property Unit) is listed or quoted (or will be listed or quoted upon the consummation of the Ordinary
Share Change Event) on The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors), then the Company or the Successor Person, as applicable, will have the right to irrevocably
elect to replace such common equity (or, if applicable, to replace such common equity and other property) included in the Reference Property Unit with such number or amount of such depositary receipts as would cause the number or amount of shares or
other units of such common equity (or, if applicable, of such common equity and other property) represented by such depositary receipts included in the Reference Property Unit immediately after such replacement to be equal to the number or amount of
shares or other units of such common equity (or, if applicable, of such common equity and other property) included in the Reference Property Unit immediately before such replacement. Upon such replacement, the ADS Entitlement Rate will be adjusted
(without a corresponding adjustment to the Conversion Rate pursuant to Section 5.05(A)) to the number or amount of shares or other units of such common equity (or, if applicable, of such common equity and other property)
represented by one (1) share or other unit of such depositary receipt. To make such an irrevocable election, the Company or the Successor Person, as applicable, must state so, including the adjusted ADS Entitlement Rate, in the notice of the
related Ordinary Share Change Event delivered pursuant to Section 5.09(B). 
 At or before the effective time of
such Ordinary Share Change Event, the Company and the resulting, surviving or transferee Person (if not the Company) of such Ordinary Share Change Event (the “Successor Person”) will execute and deliver to the Trustee a supplemental
indenture pursuant to Section 8.01(F), which supplemental indenture will (x) provide for subsequent conversions of Notes in the manner set forth in this Section 5.09; (y) provide for
subsequent adjustments to the Conversion Rate pursuant to Section 5.05(C) in a manner consistent with this Section 5.09; and (z) contain such other provisions, if any, that the Company
reasonably determines are appropriate to preserve the economic interests of the Holders and to give effect to the provisions of this Section 5.09(A). If the Reference Property includes shares of stock or other securities or
assets (other than cash) of a Person other than the Successor Person, then such other Person will also execute such supplemental indenture and such supplemental indenture will contain such additional provisions, if any, that the Company reasonably
determines are appropriate to preserve the economic interests of the Holders. For purposes of the preceding sentence, depositary receipts that represent other securities will be deemed to be securities of the issuer of such other securities. 

  
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 (B) Notice of Ordinary Share Change Events. The Company will provide notice of each
Ordinary Share Change Event to Holders, the Trustee and the Conversion Agent no later than the Business Day after the effective date of such Ordinary Share Change Event. 

(C) Compliance Covenant. The Company will not become a party to any Ordinary Share Change Event unless its terms are consistent with
this Section 5.09. 
 Section 5.10. TERMINATION OF THE
AMERICAN DEPOSITARY SHARE PROGRAM. 
 If the Company’s ADS program, or
any successor program thereto, is terminated or otherwise ceases to be in effect for any reason (other than in connection with an event that constitutes an Ordinary Share Change Event independently of this Section 5.10),
then: 
 (A) an Ordinary Share Change Event will be deemed to have occurred as of the time of such termination or cessation, where
(i) the Reference Property Unit of such Ordinary Share Change Event consists solely of (x) a number of Ordinary Shares equal to the ADS Entitlement Rate in effect immediately before such time; and (y) the kind and amount of any other
property, if any, represented by one (1) ADS immediately before such time; and (ii) the Successor Person of such Ordinary Share Change Event is the Company; and 

(B) for purposes of the definitions of “Fundamental Change” and “Make-Whole Fundamental Change,” such termination or
cessation will not, in itself, constitute an event as a result of which the Ordinary Shares or ADSs are exchanged for, converted into, acquired for, or constitute solely the right to receive, other securities, cash or other property; 

provided, however, that the Company will not be required to, but may in its discretion nonetheless elect to, enter into a supplemental indenture
solely in connection with such termination or cessation pursuant to the final paragraph of Section 5.09(A). 

Article 6. SUCCESSORS 

Section 6.01. WHEN THE COMPANY MAY MERGE, ETC. 

(A) Generally. The Company will not consolidate with or merge with or into, or (directly, or indirectly through one or more of its
Subsidiaries) sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to another Person (a “Business Combination
Event”), unless: 
 (i) the resulting, surviving or transferee Person either (x) is the Company or (y) if
not the Company, is a Qualified Successor Entity (such Qualified Successor Entity, the “Successor Entity”) duly organized and existing under the laws of Denmark, Luxembourg, Sweden, Jersey, the Cayman Islands, Bermuda, Switzerland,
the United Kingdom, the Netherlands, the Republic of Ireland, the United States of America, any State thereof or the District of Columbia that expressly assumes (by executing and delivering to the Trustee, at or before the effective time of such
Business Combination Event, a supplemental indenture pursuant to Section 8.01(E)) all of the Company’s obligations under this Indenture and the Notes (including, for the avoidance of doubt, the obligation to pay
Additional Amounts pursuant to Section 3.05); and 

  
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 (ii) immediately after giving effect to such Business Combination Event, no
Default or Event of Default will have occurred and be continuing. 
 (B) Delivery of Officer’s Certificate and Opinion of Counsel to
the Trustee. Before the effective time of any Business Combination Event, the Company will deliver to the Trustee an Officer’s Certificate and Opinion of Counsel, each stating that (i) such Business Combination Event (and, if
applicable, the related supplemental indenture) comply with Section 6.01(A); and (ii) all conditions precedent to such Business Combination Event provided in this Indenture have been satisfied. 

Section 6.02. SUCCESSOR ENTITY SUBSTITUTED. 

At the effective time of any Business Combination Event that complies with Section 6.01, the Successor Entity (if
not the Company) will succeed to, and may exercise every right and power of, the Company under this Indenture and the Notes with the same effect as if such Successor Entity had been named as the Company in this Indenture and the Notes, and, except
in the case of a lease, the predecessor Company will be discharged from its obligations under this Indenture and the Notes. 
 Section 6.03.
EXCLUSION FOR ASSET TRANSFERS WITH WHOLLY OWNED SUBSIDIARIES. 

Notwithstanding anything to the contrary in this Article 6, this Article 6 will not apply to any transfer of assets between or
among the Company and any one or more of its Wholly Owned Subsidiaries not effected by merger or consolidation. 
 Article 7. DEFAULTS AND
REMEDIES 
 Section 7.01. EVENTS OF DEFAULT. 

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

(i) a default in the payment when due (whether at maturity, upon Optional Redemption or Redemption Upon Fundamental Change or
otherwise) of the principal of, or the Optional Redemption Price or Fundamental Change Redemption Price for, any Note; 

(ii) a default for thirty (30) consecutive days in the payment when due of interest on any Note; 

(iii) the Company’s failure to deliver, when required by this Indenture, a Fundamental Change Notice, or a notice pursuant
to Section 5.07(C), if such failure is not cured within three (3) Business Days after its occurrence; 

  
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 (iv) a default in the Company’s obligation to convert a Note in
accordance with Article 5 upon the exercise of the conversion right with respect thereto, if such default is not cured within five (5) Business Days after its occurrence; 

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

(vi) a default in any of the Company’s obligations or agreements under this Indenture or the Notes (other than a default
set forth in clause (i), (ii), (iii), (iv) or (v) of this Section 7.01(A)) where such default is not cured or waived within sixty (60) days after notice to the Company by
the Trustee, or to the Company and the Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, which notice must specify such default, demand that it be remedied and state that such
notice is a “Notice of Default”; 
 (vii) a default by the Company or any of the Company’s Significant
Subsidiaries with respect to any one or more mortgages, agreements or other instruments under which there is outstanding, or by which there is secured or evidenced, any indebtedness for money borrowed of at least one hundred million dollars
($100,000,000) (or its foreign currency equivalent) in the aggregate of the Company or any of the Company’s Significant Subsidiaries, whether such indebtedness exists as of the Issue Date or is thereafter created, where such default: 

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

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

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

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

 (1) commences a voluntary case or proceeding; 

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

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

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

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

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

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

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

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

and, in each case under this Section 7.01(A)(ix), such order or decree remains unstayed and in effect for at least
sixty (60) days. 
 (B) Cause Irrelevant. Each of the events set forth in Section 7.01(A) will
constitute an Event of Default regardless of the cause thereof or whether voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body. 
 Section 7.02. ACCELERATION. 

(A) Automatic Acceleration in Certain Circumstances. If an Event of Default set forth in Section 7.01(A)(viii)
or 7.01(A)(ix) occurs with respect to the Company (and not solely with respect to a Significant Subsidiary of the Company), then the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding will
immediately become due and payable without any further action or notice by any Person. 
 (B) Optional Acceleration. Subject to
Section 7.03, if an Event of Default (other than an Event of Default set forth in Section 7.01(A)(viii) or 7.01(A)(ix) with respect to the Company and not solely with respect to a
Significant Subsidiary of the Company) occurs and is continuing, then the Trustee, by notice to the Company, or Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, by notice to the Company and
the Trustee, may declare the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding to become due and payable immediately. 

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

  
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 Section 7.03. SOLE REMEDY FOR A
FAILURE TO REPORT. 
 (A) Generally. Notwithstanding anything to the contrary in this
Indenture or the Notes, the Company may elect that the sole remedy for any Event of Default (a “Reporting Event of Default”) pursuant to Section 7.01(A)(vi) arising from the Company’s failure to comply
with Section 3.02 will, for each of the first one hundred and eighty (180) calendar days on which a Reporting Event of Default has occurred and is continuing, consist exclusively of the accrual of Special Interest on
the Notes. If the Company has made such an election, then (i) the Notes will be subject to acceleration pursuant to Section 7.02 on account of the relevant Reporting Event of Default from, and including, the one
hundred and eighty first (181st) calendar day on which a Reporting Event of Default has occurred and is continuing or if the Company fails to pay any accrued and unpaid Special Interest when due; and (ii) Special Interest will cease to accrue
on any Notes from, and including, such one hundred and eighty first (181st) calendar day (it being understood that interest on any defaulted Special Interest will nonetheless accrue pursuant to Section 2.05(B)). 

(B) Amount and Payment of Special Interest. Any Special Interest that accrues on a Note pursuant to
Section 7.03(A) will be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one quarter of one percent (0.25%) of the principal amount thereof
for the first ninety (90) days on which Special Interest accrues and, thereafter, at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided, however, that in no event will Special
Interest payable at the Company’s election pursuant to Section 7.03(A) as the sole remedy for any Reporting Event of Default, together with any Additional Interest that may accrue as a result of the Company’s
failure to timely file any report that is required for the Company to satisfy the requirements set forth in Rule 144(c)(1) (after giving effect to all applicable grace periods thereunder), pursuant to Section 3.04, accrue
on any day on a Note at a combined rate per annum that exceeds one half of one percent (0.50%). For the avoidance of doubt, any Special Interest that accrues on a Note will be in addition to the Stated Interest that accrues on such Note and, subject
to the proviso of the immediately preceding sentence, in addition to any Additional Interest that accrues on such Note. 
 (C) Notice of
Election. To make the election set forth in Section 7.03(A), the Company must send to the Holders, the Trustee and the Paying Agent, before the date on which each Reporting Event of Default first occurs, a notice that
(i) briefly describes the report(s) that the Company failed to file with the SEC; (ii) states that the Company is electing that the sole remedy for such Reporting Event of Default consist of the accrual of Special Interest; and
(iii) briefly describes the periods during which and rate at which Special Interest will accrue and the circumstances under which the Notes will be subject to acceleration on account of such Reporting Event of Default. 

(D) Notice to Trustee and Paying Agent; Trustee’s Disclaimer. If Special Interest accrues on any Note, then, no later than five
(5) Business Days before each date on which such Special Interest is to be paid, the Company will deliver an Officer’s Certificate to the Trustee and the Paying Agent stating (i) that the Company is obligated to pay Special Interest
on such Note on such date of payment; and (ii) the amount of such Special Interest that is payable on such date of payment. The Trustee will have no duty to determine whether any Special Interest is payable or the amount thereof. 

  
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 (E) No Effect on Other Events of Default. No election pursuant to this
Section 7.03 with respect to a Reporting Event of Default will affect the rights of any Holder with respect to any other Event of Default, including with respect to any other Reporting Event of Default. 

Section 7.04. OTHER REMEDIES. 

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

(B) Procedural Matters. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of
them in such proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy following an Event of Default will not impair the right or remedy or constitute a waiver of, or acquiescence in, such Event of Default. All
remedies will be cumulative to the extent permitted by law. 
 Section 7.05. WAIVER OF PAST
DEFAULTS. 
 An Event of Default pursuant to clause (i), (ii), (iv) or (vi) of
Section 7.01(A) (that, in the case of clause (vi) only, results from a Default under any covenant that cannot be amended without the consent of each affected Holder), and a Default that could lead to such an
Event of Default, can be waived only with the consent of each affected Holder. Each other Default or Event of Default may be waived, on behalf of all Holders, by the Holders of a majority in aggregate principal amount of the Notes then outstanding.
If an Event of Default is so waived, then it will cease to exist. If a Default is so waived, then it will be deemed to be cured and any Event of Default arising therefrom will be deemed not to occur. However, no such waiver will extend to any
subsequent or other Default or Event of Default or impair any right arising therefrom. 
 Section 7.06. CONTROL BY
MAJORITY. 
 Holders of a majority in aggregate principal amount of the Notes then outstanding may direct the time, method
and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law, this Indenture or the Notes,
or that, subject to Section 10.01, the Trustee determines may be unduly prejudicial to the rights of other Holders or may involve the Trustee in liability, unless the Trustee is offered security and indemnity satisfactory
to the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee’s following such direction. 

Section 7.07. LIMITATION ON SUITS. 

No Holder may pursue any remedy with respect to this Indenture or the Notes (except to enforce (x) its rights to receive the principal of,
or the Optional Redemption Price or Fundamental Change Redemption Price for, or interest on, any Notes; or (y) the Company’s obligations to convert any Notes pursuant to Article 5), unless: 

  
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 (A) such Holder has previously delivered to the Trustee notice that an Event of Default is
continuing; 
 (B) Holders of at least twenty five percent (25%) in aggregate principal amount of the Notes then outstanding deliver a
request to the Trustee to pursue such remedy; 
 (C) such Holder or Holders offer and, if requested, provide to the Trustee security and
indemnity satisfactory to the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee’s following such request; 

(D) the Trustee does not comply with such request within sixty (60) calendar days after its receipt of such request and such offer of
security or indemnity; and 
 (E) during such sixty (60) calendar day period, Holders of a majority in aggregate principal amount of
the Notes then outstanding do not deliver to the Trustee a direction that is inconsistent with such request. 
 A Holder of a Note may not
use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. The Trustee will have no duty to determine whether any Holder’s use of this Indenture complies with the preceding sentence.

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

  
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 Section 7.10. TRUSTEE MAY FILE PROOFS
OF CLAIM. 
 The Trustee has the right to (A) file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes) or its creditors or property and (B) collect, receive
and distribute any money or other property payable or deliverable on any such claims. Each Holder authorizes any custodian in such proceeding to make such payments to the Trustee, and, if the Trustee consents to the making of such payments directly
to the Holders, to pay to the Trustee any amount due to the Trustee for the reasonable compensation, expenses, disbursements and advances of the Trustee, and its agents and counsel, and any other amounts payable to the Trustee pursuant to
Section 10.06. To the extent that the payment of any such compensation, expenses, disbursements, advances and other amounts out of the estate in such proceeding, is denied for any reason, payment of the same will be secured
by a lien (senior to the rights of Holders) on, and will be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding (whether in liquidation or under any
plan of reorganization or arrangement or otherwise). Nothing in this Indenture will be deemed to authorize the Trustee to authorize, consent to, accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 7.11. PRIORITIES. 

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

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

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

  
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 Section 7.12. UNDERTAKING FOR COSTS. 

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

Article 8. AMENDMENTS, SUPPLEMENTS AND WAIVERS 

Section 8.01. WITHOUT THE CONSENT OF HOLDERS. 

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

(C) secure the Notes; 
 (D) add to
the Company’s covenants or Events of Default for the benefit of the Holders or surrender any right or power conferred on the Company; 

(E) provide for the assumption of the Company’s obligations under this Indenture and the Notes pursuant to, and in compliance with,
Article 6; 
 (F) enter into supplemental indentures pursuant to, and in accordance with, Section 5.09 in
connection with an Ordinary Share Change Event (including, for the avoidance of doubt, an Ordinary Share Change Event occurring pursuant to Section 5.10); 

(G) evidence or provide for the acceptance of the appointment, under this Indenture, of a successor Trustee; 

(H) conform the provisions of this Indenture and the Notes to the “Description of Notes” section of the Company’s preliminary
offering memorandum, dated March 23, 2022, as supplemented by the related pricing term sheet, dated March 24, 2022; 
 (I) provide
for or confirm the issuance of additional Notes pursuant to Section 2.03(B); 
 (J) comply with any requirement of
the SEC in connection with any qualification of this Indenture or any supplemental indenture under the Trust Indenture Act, as then in effect; or 

  
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 (K) make any other change to this Indenture or the Notes that does not, individually or in
the aggregate with all other such changes, adversely affect the rights of the Holders, as such, in any material respect. 
 At the written
request of any Holder of a Note or owner of a beneficial interest in a Global Note, the Company will provide a copy of the “Description of Notes” section and pricing term sheet referred to in Section 8.01(H). 

Section 8.02. WITH THE CONSENT OF HOLDERS. 

(A) Generally. Subject to Sections 8.01, 7.05 and 7.08 and the immediately following sentence, the Company and the
Trustee may, with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding, amend or supplement this Indenture or the Notes or waive compliance with any provision of this Indenture or the Notes.
Notwithstanding anything to the contrary in the foregoing sentence, but subject to Section 8.01, without the consent of each affected Holder, no amendment or supplement to this Indenture or the Notes, or waiver of any
provision of this Indenture or the Notes, may: 
 (i) reduce the principal, or extend the stated maturity, of any Note; 

(ii) reduce the Optional Redemption Price or Fundamental Change Redemption Price for any Note or change the times at which, or
the circumstances under which, the Notes may or will be redeemed by the Company; 
 (iii) reduce the rate, or extend the time
for the payment, of interest on any Note; 
 (iv) make any change that adversely affects the conversion rights of any Note;

 (v) impair the rights of any Holder set forth in Section 7.08 (as such section is in effect on
the Issue Date); 
 (vi) change the ranking of the Notes; 

(vii) make any Note payable in money, or at a place of payment, other than that stated in this Indenture or the Note; 

(viii) make any direct or indirect change to Section 3.05 in any manner that is adverse to the rights
of the Holders or beneficial owners of the Notes; 
 (ix) reduce the amount of Notes whose Holders must consent to any
amendment, supplement, waiver or other modification; or 
 (x) make any direct or indirect change to any amendment,
supplement, waiver or modification provision of this Indenture or the Notes that requires the consent of each affected Holder. 

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

Section 8.03. NOTICE OF AMENDMENTS, SUPPLEMENTS AND WAIVERS.

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

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

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

Section 8.05. NOTATIONS AND EXCHANGES. 

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

Section 8.06. TRUSTEE TO EXECUTE SUPPLEMENTAL INDENTURES. 

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

 Section 9.01. TERMINATION OF COMPANY’S OBLIGATIONS. 

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

(A) all Notes then outstanding (other than Notes replaced pursuant to Section 2.13) have (i) been delivered to
the Trustee for cancellation; or (ii) become due and payable (whether on an Optional Redemption Date, a Fundamental Change Redemption Date, the Maturity Date, upon conversion or otherwise) for an amount of cash or Conversion Consideration, as
applicable, that has been fixed; 
 (B) the Company has caused there to be irrevocably deposited with the Trustee, or with the Paying Agent
(or, with respect to Conversion Consideration, the Conversion Agent), in each case for the benefit of the Holders, or has otherwise caused there to be delivered to the Holders, cash (or, with respect to Notes to be converted, Conversion
Consideration) sufficient to satisfy all amounts or other property (including, if applicable, all related Additional Amounts) due on all Notes then outstanding (other than Notes replaced pursuant to Section 2.13); 

  
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 (C) the Company has paid all other amounts payable by it under this Indenture; and 

(D) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that the conditions
precedent to the discharge of this Indenture have been satisfied; 
 provided, however, that Article 10 and
Section 11.01 will survive such discharge and, until no Notes remain outstanding, Section 2.15 and the obligations of the Trustee, the Paying Agent and the Conversion Agent with respect to money or
other property deposited with them will survive such discharge. 
 At the Company’s request, the Trustee will acknowledge the
satisfaction and discharge of this Indenture. 
 Section 9.02. REPAYMENT TO COMPANY. 

Subject to applicable unclaimed property law, the Trustee, the Paying Agent and the Conversion Agent will promptly notify the Company if there
exists (and, at the Company’s request, promptly deliver to the Company) any cash, Conversion Consideration or other property held by any of them for payment or delivery on the Notes that remain unclaimed two (2) years after the date on
which such payment or delivery was due. After such delivery to the Company, the Trustee, the Paying Agent and the Conversion Agent will have no further liability to any Holder with respect to such cash, Conversion Consideration or other property,
and Holders entitled to the payment or delivery of such cash, Conversion Consideration or other property must look to the Company for payment as a general creditor of the Company. 

Section 9.03. REINSTATEMENT. 

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

Article 10. TRUSTEE 

Section 10.01. DUTIES OF THE TRUSTEE. 

(A) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

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

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

(ii) in the absence of bad faith or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel that are provided to the Trustee and conform to the requirements of this Indenture. However, the Trustee will examine the
certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 
 (C) The Trustee may not be
relieved from liabilities for its negligence, bad faith or willful misconduct, except that: 
 (i) this paragraph will not
limit the effect of Section 10.01(B); 
 (ii) the Trustee will not be liable for any error of
judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 7.06. 
 (D) Each provision of this Indenture that in any way relates
to the Trustee is subject to paragraphs (A), (B) and (C) of this Section 10.01, regardless of whether such provision so expressly provides. 

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

(F) The Trustee will not be liable for interest on any money received by it, except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds, except to the extent required by law. 
 (G) Whether or not
therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording protection to, the Trustee will be subject to the provisions of this Section 10.01. 

Section 10.02. RIGHTS OF THE TRUSTEE. 

(A) The Trustee may conclusively rely on any document that it believes to be genuine and signed or presented by the proper Person, and the
Trustee need not investigate any fact or matter stated in such document. 

  
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 (B) Before the Trustee acts or refrains from acting, it may require an Officer’s
Certificate, an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may consult with counsel; and the
written advice of such counsel, or any Opinion of Counsel, will constitute full and complete authorization of the Trustee to take or omit to take any action in good faith in reliance thereon without liability. 

(C) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any such agent
appointed with due care. 
 (D) The Trustee will not be liable for any action it takes or omits to take in good faith and that it believes to
be authorized or within the rights or powers vested in it by this Indenture. 
 (E) Unless otherwise specifically provided in this Indenture,
any demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the Company. 
 (F) The Trustee need
not exercise any rights or powers vested in it by this Indenture at the request or direction of any Holder unless such Holder has offered the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense that it
may incur in complying with such request or direction. 
 (G) The Trustee will not be responsible or liable for any punitive, special,
indirect or consequential loss or damage (including lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(H) The permissive rights of the Trustee enumerated herein will not be construed as duties. 

(I) The Trustee will not be required to give any bond or surety in respect of the execution of this Indenture or otherwise. 

(J) Unless a Responsible Officer of the Trustee has received notice from the Company that Additional Interest or Additional Amounts are owing
on the Notes or that the Company has elected to pay Special Interest on the Notes, the Trustee may assume no Additional Interest, Special Interest or Additional Amounts, as applicable, are payable. 

(K) The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to,
and will be enforceable by, the Trustee in each of its capacities under this Indenture, including as Note Agent. 
 (L) The Trustee will not
be charged with knowledge of any document or agreement other than this Indenture and the Notes, including the Deposit Agreement. 

  
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 Section 10.03. INDIVIDUAL RIGHTS OF THE
TRUSTEE. 
 The Trustee, in its individual or any other capacity, may become the owner or pledgee of any Note and may
otherwise deal with the Company or any of its Affiliates with the same rights that it would have if it were not Trustee; provided, however, that if the Trustee acquires a “conflicting interest” (within the meaning of
Section 310(b) of the Trust Indenture Act), then it must eliminate such conflict within ninety (90) days or resign as Trustee. Each Note Agent will have the same rights and duties as the Trustee under this
Section 10.03. 
 Section 10.04. TRUSTEE’S DISCLAIMER. 

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

If a Default or Event of Default occurs and is continuing and is known to a Responsible Officer of the Trustee, then the Trustee will send
Holders a notice of such Default or Event of Default within ninety (90) days after it occurs or, if it is not known to the Trustee at such time, promptly (and in any event within ten (10) Business Days) after it becomes known to a
Responsible Officer; provided, however, that, except in the case of a Default or Event of Default in the payment of the principal of, or interest on, any Note, or a Default in the delivery of any Conversion Consideration upon
conversion of any Note, the Trustee may withhold such notice if and for so long as it in good faith determines that withholding such notice is in the interests of the Holders. The Trustee will not be deemed to have notice or be charged with
knowledge of any Default or Event of Default unless written notice thereof has been received by a Responsible Officer, and such notice references the Notes and this Indenture and states on its face that a Default or Event of Default has occurred.

 Section 10.06. COMPENSATION AND INDEMNITY. 

(A) The Company will, from time to time, pay the Trustee reasonable compensation for its acceptance of this Indenture and services under this
Indenture, as separately agreed by the Company and the Trustee. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. In addition to the compensation for the Trustee’s services, the
Company will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee’s
agents and counsel. 
 (B) The Company will indemnify the Trustee (in each of its capacities) and its directors, officers, employees and
agents, in their capacities as such, against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of
enforcing this Indenture against the Company (including this Section 10.06) and defending itself against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the
exercise or performance of any of its powers or duties under this Indenture, except to the extent any such loss, liability or expense is attributable to its negligence, bad faith 

  
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or willful misconduct, as determined by a final decision of a court of competent jurisdiction. The Trustee will promptly notify the Company of any claim for which it may seek indemnity, but the
Trustee’s failure to so notify the Company will not relieve the Company of its obligations under this Section 10.06(B), except to the extent the Company is materially prejudiced by such failure. The Company will defend
such claim, and the Trustee will cooperate in such defense. If the Trustee is advised by counsel that it may have defenses available to it that are in conflict with the defenses available to the Company, or that there is an actual or potential
conflict of interest, then the Trustee may retain separate counsel, and the Company will pay the reasonable fees and expenses of such counsel (including the reasonable fees and expenses of counsel to the Trustee incurred in evaluating whether such a
conflict exists). The Company need not pay for any settlement of any such claim made without its consent, which consent will not be unreasonably withheld. 

(C) The obligations of the Company under this Section 10.06 will survive the resignation or removal of the Trustee
and the discharge of this Indenture. 
 (D) To secure the Company’s payment obligations in this
Section 10.06, the Trustee will have a lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of, or interest on, particular Notes, which lien will
survive the discharge of this Indenture. 
 (E) If the Trustee incurs expenses or renders services after an Event of Default pursuant to
clause (viii) or (ix) of Section 7.01(A) occurs, then such expenses and the compensation for such services (including the fees and expenses of its agents and counsel) are intended to constitute
expenses of administration under any Bankruptcy Law. 
 Section 10.07. REPLACEMENT OF THE
TRUSTEE. 
 (A) Notwithstanding anything to the contrary in this Section 10.07, a resignation or
removal of the Trustee, and the appointment of a successor Trustee, will become effective only upon such successor Trustee’s acceptance of appointment as provided in this Section 10.07. 

(B) The Trustee may resign at any time and be discharged from the trust created by this Indenture by so notifying the Company. The Holders of
a majority in aggregate principal amount of the Notes then outstanding may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 

(i) the Trustee fails to comply with Section 10.09; 

(ii) the Trustee is adjudged to be bankrupt or insolvent or an order for relief is entered with respect to the Trustee under
any Bankruptcy Law; 
 (iii) a custodian or public officer takes charge of the Trustee or its property; or 

(iv) the Trustee becomes incapable of acting. 

  
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 (C) If the Trustee resigns or is removed, or if a vacancy exists in the office of the
Trustee for any reason, then (i) the Company will promptly appoint a successor Trustee; and (ii) at any time within one (1) year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the Notes
then outstanding may appoint a successor Trustee to replace such successor Trustee appointed by the Company. 
 (D) If a successor Trustee
does not take office within sixty (60) days after the retiring Trustee resigns or is removed, then the retiring Trustee, the Company or the Holders of at least ten percent (10%) in aggregate principal amount of the Notes then outstanding may
petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 (E) If the Trustee, after written request by a
Holder of at least six (6) months, fails to comply with Section 10.09, then such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(F) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company, upon which notice the
resignation or removal of the retiring Trustee will become effective and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will send notice of its succession to Holders. The
retiring Trustee will, upon payment of all amounts due to it under this Indenture, promptly transfer all property held by it as Trustee to the successor Trustee, which property will, for the avoidance of doubt, be subject to the lien provided for in
Section 10.06(D). 
 Section 10.08. SUCCESSOR TRUSTEE BY
MERGER, ETC. 
 Any entity into which the Trustee may be merged or converted or with which it may be
consolidated, or any entity resulting from any merger, conversion or consolidation to which the Trustee is a party, or any entity succeeding to all or substantially all of the corporate trust business of the Trustee, will (without the execution or
filing of any paper or any further act on the part of any of the parties to this Indenture) be the successor of the Trustee under this Indenture, provided that such entity must be otherwise qualified and eligible under this Article 10.

 Section 10.09. ELIGIBILITY; DISQUALIFICATION. 

There will at all times be a Trustee under this Indenture that is a corporation organized and doing business under the laws of the United
States of America or of any state thereof, that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least
$100.0 million as set forth in its most recent published annual report of condition. 

  
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 Article 11. MISCELLANEOUS 

Section 11.01. NOTICES. 

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

Ascendis Pharma A/S 
 Tuborg
Boulevard 12 
 DK-2900 Hellerup, Denmark 

Attention: Chief Legal Officer 

Email: ################### 
 with
a copy (which will not constitute notice) to: 
 Latham & Watkins LLP 

140 Scott Drive 
 Menlo Park, CA
94025 
 Attention: Mark V. Roeder, Esq. & John C. Williams, Esq. 

If to the Trustee: 
 U.S. Bank
Trust Company, National Association 
 West Side Flats 

60 Livingston Avenue 
 Saint Paul,
MN 55107 | EP-MN-WS3C 
 Attention: Joshua Hahn (Ascendis
Pharma) 
 Email: ################### 

The Company or the Trustee, by notice to the other, may designate additional or different addresses (including electronic addresses) for
subsequent notices or communications. 
 Any communication sent to Trustee under this Indenture that requires a signature must be in the
form of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider as specified in writing to the Trustee by an authorized representative of the Company). The Company agrees to
assume all risks arising out of its use of digital signatures and electronic methods to submit communications to Trustee, including the risk of the Trustee acting on unauthorized instructions and the risk of interception and misuse by third parties.

  
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 All notices and communications (other than those sent to Holders) will be deemed to have
been duly given: (A) at the time delivered by hand, if personally delivered; (B) five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; (C) when receipt acknowledged, if transmitted by electronic
transmission or other similar means of unsecured electronic communication; and (D) the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 

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

If the Trustee is then acting as the Depositary’s custodian for the Notes, then, at the reasonable request of the Company to the Trustee,
the Trustee will cause any notice prepared by the Company to be sent to any Holder(s) pursuant to the Depositary Procedures, provided such request is evidenced in a Company Order delivered, together with the text of such notice, to the
Trustee at least two (2) Business Days before the date such notice is to be so sent. For the avoidance of doubt, such Company Order need not be accompanied by an Officer’s Certificate or Opinion of Counsel. The Trustee will not have any
liability relating to the contents of any notice that it sends to any Holder pursuant to any such Company Order. 
 If a notice or
communication is mailed or sent in the manner provided above within the time prescribed, it will be deemed to have been duly given, whether or not the addressee receives it. 

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

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

Upon any request or application by the Company to the Trustee to take any action under this Indenture (other than the initial authentication of
Notes under this Indenture), the Company will furnish to the Trustee: 
 (A) an Officer’s Certificate in form and substance reasonably
satisfactory to the Trustee that complies with Section 11.03 and states that, in the opinion of the signatory thereto, all conditions precedent and covenants, if any, provided for in this Indenture relating to such action
have been satisfied; and 

  
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 (B) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee that
complies with Section 11.03 and states that, in the opinion of such counsel, all such conditions precedent and covenants, if any, have been satisfied. 

Section 11.03. STATEMENTS REQUIRED IN OFFICER’S
CERTIFICATE AND OPINION OF COUNSEL. 
 Each Officer’s
Certificate (other than an Officer’s Certificate pursuant to Section 3.06) or Opinion of Counsel with respect to compliance with a covenant or condition provided for in this Indenture will include: 

(A) a statement that the signatory thereto has read such covenant or condition; 

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

(D) a statement as to whether, in the opinion of such signatory, such covenant or condition has been satisfied. 

Section 11.04. RULES BY THE TRUSTEE, THE REGISTRAR,
THE PAYING AGENT AND THE CONVERSION AGENT. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar, Paying Agent and Conversion Agent may make
reasonable rules and set reasonable requirements for its functions. 
 Section 11.05. NO PERSONAL
LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND SHAREHOLDERS. 

No past, present or future director, officer, employee, incorporator or shareholder of the Company, as such, will have any liability for any
obligations of the Company under this Indenture or the Notes or for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting any Note, each Holder waives and releases all such liability. Such waiver and
release are part of the consideration for the issuance of the Notes. 
 Section 11.06. GOVERNING LAW;
WAIVER OF JURY TRIAL. 
 THIS INDENTURE AND THE NOTES, AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE OR THE NOTES, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE 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 BY THIS INDENTURE OR THE NOTES. 

  
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 Section 11.07. SUBMISSION TO JURISDICTION. 

Any legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated by this Indenture may be
instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York, in each case located in the City of New York (collectively, the “Specified Courts”), and each
party irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent allowed under any
applicable statute or rule of court) to such party’s address set forth in Section 11.01 will be effective service of process for any such suit, action or proceeding brought in any such court. Each of the Company, the
Trustee and each Holder (by its acceptance of any Note) irrevocably and unconditionally waives any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waives and agrees
not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum. 
 Section 11.08. NO
ADVERSE INTERPRETATION OF OTHER AGREEMENTS. 
 Neither this
Indenture nor the Notes may be used to interpret any other indenture, note, loan or debt agreement of the Company or its Subsidiaries or of any other Person, and no such indenture, note, loan or debt agreement may be used to interpret this Indenture
or the Notes. 
 Section 11.09. SUCCESSORS. 

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

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

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

The Company acknowledges that, in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee, like all financial institutions, in
order to help fight the funding of terrorism and money laundering, is required to obtain, verify and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The Company
agrees to provide the Trustee with such information as it may request to enable the Trustee to comply with the U.S.A. PATRIOT Act. 

  
 - 87 - 

 Section 11.12. CALCULATIONS. 

Except as otherwise provided in this Indenture, the Company will be responsible for making all calculations called for under this Indenture or
the Notes, including determinations of the Last Reported Sale Price, accrued interest on the Notes, the Conversion Rate, the ADS Entitlement Rate and the Prevailing Exchange Rate. 

The Company will make all calculations in good faith, and, absent manifest error, its calculations will be final and binding on all Holders.
The Company will provide a schedule of its calculations to the Trustee and the Conversion Agent, and each of the Trustee and the Conversion Agent may rely conclusively on the accuracy of the Company’s calculations without independent
verification. The Trustee will promptly forward a copy of each such schedule to a Holder upon its written request therefor. For the avoidance of doubt, the Trustee will not be obligated to make or confirm any calculations called for under this
Indenture or the Notes. 
 Section 11.13. SEVERABILITY. 

If any provision of this Indenture or the Notes is invalid, illegal or unenforceable, then the validity, legality and enforceability of the
remaining provisions of this Indenture or the Notes will not in any way be affected or impaired thereby. 
 Section 11.14.
COUNTERPARTS. 
 The parties may sign any number of copies of this Indenture. Each signed copy will be an original, and
all of them together represent the same agreement. Delivery of an executed counterpart of this Indenture by facsimile, electronically in portable document format or in any other format will be effective as delivery of a manually executed
counterpart. 
 Section 11.15. TABLE OF CONTENTS, HEADINGS, ETC. 

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

Section 11.16. SERVICE OF PROCESS. 

The Company irrevocably appoints Ascendis Pharma, Inc., which currently maintains an office at 1000 Page Mill Road, Palo Alto, California
94304, United States of America, as its authorized agent in the United States upon which process may be served in any suit, action or proceeding referred to in Section 11.07, and agrees that service of process upon such
agent, and written notice of such service to the Company by the person serving the same to Ascendis Pharma A/S, Tuborg Boulevard 12, DK-2900 Hellerup, Denmark, Attention: General Counsel, will be, in every
respect, effective service of process upon the Company in any such suit, action or proceeding. The Company agrees to take any and all reasonable action as may be necessary to maintain such designation and appointment of such agent in full force and
effect until the date that is six (6) months after the Maturity Date. If, for any reason, such agent ceases to be such agent for service of process, then the Company will promptly appoint a new agent of recognized

  
 - 88 - 

 
standing for service of process in the State of New York and deliver to the Holders and the Trustee a copy of the new agent’s acceptance of that appointment within ten (10) Business
Days of such acceptance. Nothing in this Section 11.16 will affect the right of the Trustee, any Note Agent or any Holder to serve process in any other manner permitted by law or to commence legal proceedings or otherwise
proceed against the Company in any other court of competent jurisdiction. To the extent that the Company has or hereafter may acquire any sovereign or other immunity from jurisdiction of any court or from any legal process with respect to itself or
its property, the Company irrevocably waives such immunity in respect of its obligations under this Indenture or under any Note. 

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

  
 - 89 - 

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

			
	ASCENDIS PHARMA A/S
		
	By:	 	 /s/ Michael Wolff Jensen

		 	Name: Michael Wolff Jensen
		 	 Title:  Senior Vice President, Chief Legal Officer

	
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Joshua A. Hahn

		 	Name: Joshua A. Hahn
		 	Title: Vice President

 [Signature Page to Indenture] 

 EXHIBIT A 

FORM OF NOTE 
 [Insert
Global Note Legend, if applicable] 
 [Insert Restricted Note Legend, if applicable] 

[Insert Non-Affiliate Legend] 

ASCENDIS PHARMA A/S 

2.25% Convertible Senior Note due 2028 

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

ISIN No.:       [___][Insert for a “restricted” ISIN number:
*] 
 Ascendis Pharma A/S, a public limited liability company organized under the laws
of the Kingdom of Denmark, for value received, promises to pay to [Cede & Co.], or its registered assigns, the principal sum of [___] dollars ($[___]) [(as revised by the attached Schedule of Exchanges of Interests in the Global Note)]† on April 1, 2028 and to pay interest thereon, as provided in the Indenture referred to below, until the principal and all
accrued and unpaid interest are paid or duly provided for. 
 Interest Payment Dates: April 1 and October 1 of each year, commencing on
[date]. 
 Regular Record Dates: March 15 and September 15. 

Additional provisions of this Note are set forth on the other side of this Note. 

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

 

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

	† 	 Insert bracketed language for Global Notes only. 

  
 A-1 

 IN WITNESS WHEREOF, Ascendis Pharma A/S has caused this instrument to be duly
executed as of the date set forth below. 
  

							
		 		 	ASCENDIS PHARMA A/S
				
	Date:                                     
                                         
                              	 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

  
 A-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

U.S. Bank Trust Company, National Association, as Trustee, certifies that this is one of the Notes referred to in the within-mentioned Indenture. 

 

							
	Date:                                     
                                         
                              	 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 A-3 

 ASCENDIS PHARMA A/S 

2.25% Convertible Senior Note due 2028 

This Note is one of a duly authorized issue of notes of Ascendis Pharma A/S, a public limited liability company organized under the laws of
the Kingdom of Denmark (the “Company”), designated as its 2.25% Convertible Senior Notes due 2028 (the “Notes”), all issued or to be issued pursuant to an indenture, dated as of March 29, 2022 (as the same may
be amended from time to time, the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee. Capitalized terms used in this Note without definition have the respective meanings ascribed to them
in the Indenture. 
 The Indenture sets forth the rights and obligations of the Company, the Trustee and the Holders and the terms of the
Notes. Notwithstanding anything to the contrary in this Note, to the extent that any provision of this Note conflicts with the provisions of the Indenture, the provisions of the Indenture will control. 

1. Interest. This Note will accrue interest at a rate and in the manner set forth in Section 2.05 of the Indenture. Stated Interest
on this Note will begin to accrue from, and including, [date]. 
 2. Maturity. This Note will mature on April 1, 2028,
unless earlier redeemed or converted. 
 3. Method of Payment. Cash amounts due on this Note will be paid in the manner set forth in
Section 2.04 of the Indenture. 
 4. Persons Deemed Owners. The Holder of this Note will be treated as the owner of this Note for
all purposes. 
 5. Denominations; Transfers and Exchanges. All Notes will be in registered form, without coupons, in principal
amounts equal to any Authorized Denominations. Subject to the terms of the Indenture, the Holder of this Note may transfer or exchange this Note by presenting it to the Registrar and delivering any required documentation or other materials. 

6. Right of Holders to Require the Company to Redeem Notes Upon a Fundamental Change. If a Fundamental Change occurs, then each Holder
will have the right to require the Company to redeem such Holder’s Notes (or any portion thereof in an Authorized Denomination) for cash in the manner, and subject to the terms, set forth in Section 4.02 of the Indenture. 

7. Right of the Company to Optionally Redeem the Notes. The Company will have the right to optionally redeem the Notes for cash in the
manner, and subject to the terms, set forth in Section 4.03 of the Indenture. 
 8. Conversion. The Holder of this Note may
convert this Note into Conversion Consideration in the manner, and subject to the terms, set forth in Article 5 of the Indenture. 

  
 A-4 

 9. When the Company May Merge, Etc. Article 6 of the Indenture places limited
restrictions on the Company’s ability to be a party to a Business Combination Event. 
 10. Defaults and Remedies. If an Event of
Default occurs, then the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding may (and, in certain circumstances, will automatically) become due and payable in the manner, and subject to the terms, set forth
in Article 7 of the Indenture. 
 11. Amendments, Supplements and Waivers. The Company and the Trustee may amend or supplement the
Indenture or the Notes or waive compliance with any provision of the Indenture or the Notes in the manner, and subject to the terms, set forth in Section 7.05 and Article 8 of the Indenture. 

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

13. Authentication. No Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be duly authenticated only
when an authorized signatory of the Trustee (or a duly appointed authenticating agent) manually signs the certificate of authentication of such Note. 

14. Abbreviations. Customary abbreviations may be used in the name of a Holder or its assignee, such as TEN COM (tenants in common), TEN
ENT (tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (custodian), and U/G/M/A (Uniform Gift to Minors Act). 

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

To request a copy of the Indenture, which the Company will provide to any Holder at no charge, please send a written request to the following
address: 
 Ascendis Pharma A/S 

Tuborg Boulevard 12 
 DK-2900 Hellerup, Denmark 
 Attention: Chief Financial Officer 

  
 A-5 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 
 INITIAL PRINCIPAL AMOUNT OF THIS GLOBAL NOTE: $[___] 

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

 

							
	 Date
	  	 Amount of Increase

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

this Global Note
 After Such
Increase
 (Decrease)
	  	 Signature of

Authorized
 Signatory of
Trustee

		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  

	* 	 Insert for Global Notes only. 

  
 A-6 

 CONVERSION NOTICE 

Ascendis Pharma A/S 
 2.25%
Convertible Senior Notes due 2028 
 Subject to the terms of the Indenture, by executing and delivering this Conversion Notice, the undersigned Holder of
the Note identified below directs the Company to convert (check one): 
  

	☐	 the entire principal amount of 

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

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

 

							
	Date:                                     
                                         
       	 		 	  

		 		 		 	(Legal Name of Holder)
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
			
		 		 	Signature Guaranteed:
			
		 		 	  

		 		 		 	Participant in a Recognized Signature
		 		 		 	Guarantee Medallion Program
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  

	* 	 Must be an Authorized Denomination. 

  
 A-7 

 FUNDAMENTAL CHANGE REDEMPTION NOTICE 

Ascendis Pharma A/S 
 2.25%
Convertible Senior Notes due 2028 
 Subject to the terms of the Indenture, by executing and delivering this Fundamental Change Redemption Notice, the
undersigned Holder of the Note identified below is exercising its Fundamental Change Redemption Right with respect to (check one): 
  

	☐	 the entire principal amount of 

 

	☐	
$                    * aggregate principal
amount of 

 the Note identified by CUSIP
No.                     and Certificate
No.                     . 

The undersigned acknowledges that this Note, duly endorsed for transfer, must be delivered to the Paying Agent before the Fundamental Change Redemption Price
will be paid. 
  

							
	Date:                                     
                                         
       	 		 	  

		 		 		 	(Legal Name of Holder)
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
			
		 		 	Signature Guaranteed:
			
		 		 	  

		 		 		 	Participant in a Recognized Signature
		 		 		 	Guarantee Medallion Program
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  

	* 	 Must be an Authorized Denomination. 

  
 A-8 

 ASSIGNMENT FORM 

Ascendis Pharma A/S 
 2.25%
Convertible Senior Notes due 2028 
 Subject to the terms of the Indenture, the undersigned Holder of the Notes identified below assigns (check one): 

 

	☐	 the entire principal amount of 

 

	☐	 $                 *
aggregate principal amount of 

 the Notes identified by CUSIP
No.                     and Certificate
No.                     , and all rights thereunder, to: 

 

			
	 Name:
	 	  

	 Address:
	 	  

	 Social security or tax id. #:
	 	  

	and irrevocably appoints:	 	  

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

  

							
	Date:                                     
           	 		 	  

		 		 		 	(Legal Name of Holder)
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
			
		 		 	Signature Guaranteed:
			
		 		 	  

		 		 		 	Participant in a Recognized Signature
		 		 		 	Guarantee Medallion Program
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  

	* 	 Must be an Authorized Denomination. 

  
 A-9 

 TRANSFEROR ACKNOWLEDGMENT 

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

 

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

  

			
	Dated:                                   
                                         
        
	
	  

	(Legal Name of Holder)
		
	By:	 	  

		 	Name:
		 	Title:
	
	Signature Guaranteed:
	
	  

		 	(Participant in a Recognized Signature
		 	 Guarantee Medallion Program)

		
	By:	 	  

		 	Authorized Signatory

  
 A-10 

 TRANSFEREE ACKNOWLEDGMENT 

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

			
	Dated:                                   
                                         
        
	
	  

	(Name of Transferee)
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-11 

 EXHIBIT B-1 

FORM OF RESTRICTED NOTE LEGEND 
 THE OFFER
AND SALE OF THIS NOTE AND THE ADSS ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD, 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 ASCENDIS PHARMA A/S (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR
OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT ONLY: 

  

	 	(A)	 TO THE COMPANY OR ANY SUBSIDIARY THEREOF; 

 

	 	(B)	 PURSUANT TO A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT; 

 

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

  

	 	(D)	 PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT; OR

  

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

 BEFORE THE REGISTRATION OF ANY SALE OR TRANSFER IN ACCORDANCE WITH (2)(C), (D) OR (E) ABOVE, THE COMPANY, THE
TRUSTEE AND THE REGISTRAR RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH CERTIFICATES OR OTHER DOCUMENTATION OR EVIDENCE AS THEY MAY REASONABLY REQUIRE IN ORDER TO DETERMINE THAT THE PROPOSED SALE OR TRANSFER IS BEING MADE IN COMPLIANCE WITH THE
SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.* 

 
  

	* 	 This paragraph and the immediately preceding paragraph will be deemed to be removed from the face of this Note
at such time when the Company delivers written notice to the Trustee of such deemed removal pursuant to Section 2.12 of the within-mentioned Indenture. 

  
 B1-1 

 EXHIBIT B-2 

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

  
 B2-1 

 EXHIBIT B-3 

FORM OF NON-AFFILIATE LEGEND 

NO PERSON THAT IS, OR WAS AT ANY TIME DURING THE PRECEDING THREE MONTHS, AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT OF 1933, AS AMENDED) OF
THE COMPANY MAY PURCHASE OR OTHERWISE ACQUIRE THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN. 

  
 B3-1Document

DESCRIPTION OF SECURITIES
The following description summarizes certain important terms of our capital stock as of the date of this Annual Report on Form 10-K as specified in our Second Amended and Restated Certificate of Incorporation (our, “Certificate of Incorporation”) and Amended and Restated Bylaws (the “Bylaws”). Because the following description is only a summary, it does not contain all the information that may be important to you. For a complete description of the matters set forth in this section titled “Description of Securities,” you should refer to the Second Amended and Restated Certificate of Incorporation, the Bylaws, the Warrant Agreement, and the Registration Rights Agreement, which are included as exhibits to this Form 10-K, and to the applicable provisions of Delaware law. 
Authorized and Outstanding Capital Stock 
Our authorized capital stock consists of 690,000,000 shares of Class A common stock, par value $0.0001 per share (the “Pear Class A Common Shares”) and 10,000,000 shares of preferred stock, par value $0.0001 per share (the “Preferred Shares”). As of December 31, 2021, there were 137,836,014 Pear Class A Common Shares issued and outstanding and 14,213,277 Warrants to purchase Pear Class A Common Shares outstanding.  
Pear Class A Common Shares
Voting Rights
Holders of Pear Class A Common Shares shall exclusively possess all voting power with respect to the Company. Holders of Pear Class A Common Shares are entitled to one (1) vote for each Pear Class A Common Share held of record by such holder on all matters properly submitted to a vote of the stockholders of Pear. 
Except as otherwise required by law or by our Certificate of Incorporation, at any annual meeting or special meeting of our stockholders, holders of Pear Class A Common Shares has the exclusive right to vote for the election of directors and on all matters properly submitted to a vote of the stockholders. 
Dividends
Subject to the rights, if any, of holders of any outstanding series of Preferred Shares, the holders of Pear Class A Common Shares shall be entitled to receive such dividends and other distributions (payable in cash, property or capital stock of the Company) when, as and if declared thereon by the Board, or any authorized committee thereof, from time to time out of any assets or funds of the Company legally available therefor and shall share equally on a per share basis in such dividends and distributions.
Liquidation, Dissolution or Winding up 
Subject to the rights, if any, of holders of any outstanding series of Preferred Shares, in the event of our voluntary or involuntary liquidation, dissolution or winding up, after payment or provision for payment of our debts and other liabilities, holders of Pear Class A Common Shares will be entitled to receive all our remaining assets available for distribution to our stockholders, ratably in proportion to the number of Pear Class A Common Shares held by them.
Classified Board of Directors
Our Certificate of Incorporation provides that our Board is divided into three classes of directors, with the classes to be as nearly equal in number as possible, and with each director serving a three-year term. As a result, approximately one-third of the Board will be elected each year. 

Stockholder Action by Written Consent
Our Certificate of Incorporation provides that any action required or permitted to be taken by stockholders of Pear Class A Common Shares must be effected by a duly called annual or special meeting of such stockholders and may not be effected by written consent of the stockholders in lieu thereof. 
Special Meetings of Stockholders
Subject to the rights, if any, of holders of any outstanding series of Preferred Stock, and to the requirements of applicable law, special meetings of Pear’s stockholders may be called only by the Board pursuant to a resolution adopted by a majority of the Board. The holders of Pear Class A Common Shares are prohibited from calling a special meeting. Only those matters set forth in the notice of the special meeting may be considered or acted upon at a special meeting of our stockholders.  

Amendment of Certificate of Incorporation or Bylaws
Our Bylaws may be amended or repealed by the affirmative vote of a majority of the Board or by the affirmative vote of the holders of not less than two thirds (2/3) of the voting power of all then-outstanding shares entitled to vote generally in the election of directors, voting together as a single class. The affirmative vote of the holders of not less than two thirds (2/3) of the voting power of all then-outstanding shares of our capital stock entitled to vote thereon and the affirmative vote of holders of not less than two thirds (2/3) of the voting power of all then outstanding shares of each class entitled to vote thereon as a class would be required to amend certain provisions of the Certificate of Incorporation.

Forum Selection
Our Certificate of Incorporation provides that unless we consent in writing to the selection of an alternative forum, to the fullest extent permitted by the applicable law, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for any internal or intra-corporate claim or any action asserting a claim governed by the internal affairs doctrine as defined by the laws of the State of Delaware, (including, but not limited to): (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee or stockholder of the Company to the Company or the Company’s stockholders or (iii) any action asserting a claim against the Company, its directors, officers or employees arising pursuant to any provision of the DGCL or our certificate of incorporation or the bylaws (in each case, as they may be amended from time to time), or as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware, shall be a state court located within the State of Delaware (or, if no court located within the State of Delaware has jurisdiction, the federal district court for the District of Delaware).

Our Certificate of Incorporation provides that unless we consent in writing to the selection of an alternative forum, to the fullest extent permitted by law, the sole and exclusive forum for any action asserting a cause of action arising under the Securities Act of 1933 or any rule or regulation promulgated thereunder (in each case, as amended) shall be the federal district court for the District of Delaware (or, if such court does not have jurisdiction over such action, any other federal district court of the US); provided, however, that if the foregoing provisions are, or the application of such provisions to any person or entity or any circumstance is, illegal, invalid or unenforceable, the sole and exclusive forum for any action asserting a cause of action arising under the Securities Act of 1933 or any rule or regulation promulgated thereunder (in each case, as amended) shall be the Court of Chancery of the State of Delaware.

Limitations on Liability and Indemnification of Officers and Directors
Our Certificate of Incorporation and Bylaws provide indemnification and advancement of expenses for our directors and officers to the fullest extent permitted by the DGCL, subject to certain limited exceptions. We have entered into indemnification agreements with each of our directors and officers. In some cases, the provisions of those indemnification agreements may be broader than the specific indemnification provisions contained under Delaware law. In addition, as permitted by Delaware law, our Certificate of Incorporation and Bylaws include provisions that eliminate the personal liability of directors for monetary damages resulting from breaches of certain fiduciary duties as a director. 
Preferred Shares
Our Certificate of Incorporation authorizes 10,000,000 Preferred Shares. The Board is expressly authorized to provide out of the unissued Preferred Shares for one or more series of Preferred Shares and to establish from time to time the number of shares to be included in each such series and to fix the voting rights, if any, designations, powers, preferences and relative, participating, optional, special and other rights, if any, of each such series and any qualifications, limitations and restrictions thereof, as shall be stated in the resolution or resolutions adopted by the Board providing for the issuance of such series and included in a preferred stock designation filed pursuant to the DGCL, and the Board is expressly vested with the authority to the full extent provided by law, to adopt any such resolution or resolutions. We have no Preferred Shares outstanding at the date hereof. Although we do not currently intend to issue any Preferred Shares, we cannot assure you that we will not do so in the future. No Preferred Shares are being issued or registered in this offering.
Warrants 
Each whole warrant entitles the registered holder to purchase one Pear Class A Common Share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of 12 months from the closing of the Initial Public Offering and 30 days after the completion of the Business Combination. Pursuant to the Warrant Agreement, a warrant holder may exercise its Warrants only for a whole number of Pear Class A Common Shares. This means only a whole Warrant may be exercised at a given time by a Warrant holder. The Warrants will expire five years after the completion of the Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. 

We will not be obligated to deliver any Pear Class A Common Shares pursuant to the exercise of a Warrant and will have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act covering the issuance of the Pear Class A Common Shares issuable upon exercise of the Warrants is then effective and a current prospectus relating to those Pear Class A Common Shares is available, subject to our satisfying our obligations described below with respect to registration. No Warrant will be exercisable for cash or on a cashless basis, and we will not be obligated to issue any shares to holders seeking to exercise their Warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant will not be entitled to exercise such Warrant and such Warrant may have no value and expire worthless. 

We filed the Registration Statement covering the issuance of the Pear Class A Common Shares issuable upon exercise of the Warrants on December 23, 2021 that was declared effective by the SEC on December 30, 2021 and have agreed to maintain a current prospectus relating to those Pear Class A Common Shares until the Warrants expire or are redeemed. Notwithstanding the above, if Pear Class A Common Shares are at the time of any exercise 

of a Warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of Public Warrants who exercise their Public Warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but will use our reasonable best efforts to qualify the shares under applicable blue sky laws to the extent an exemption is not available. 

Redemption of Warrants 
Redemption of Warrants when the price per share of Pear Class A Common Shares equals or exceeds $18.00
Once the Warrants become exercisable, we may call the Warrants for redemption:

•in whole and not in part;
•at a price of $0.01 per Warrant;
•upon a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period, to each Warrant holder; and
•if, and only if, the closing price of Pear Class A Common Shares equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the Warrant holders.
If and when the Warrants become redeemable by us pursuant to the foregoing redemption method, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws.

We have established the last of the redemption criteria discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the Warrants, each Warrant holder will be entitled to exercise his, her or its Warrant prior to the scheduled redemption date. However, the price of the Pear Class A Common Shares may fall below the $18.00 redemption trigger price as well as the $11.50 warrant exercise price after the redemption notice is issued.

Redemption of Warrants when the price per Pear Class A Common Share equals or exceeds $10.00
Once the Warrants become exercisable, we may redeem the outstanding Warrants (except as described herein with respect to the Private Placement Warrants):

•in whole and not in part;
•at $0.10 per Warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their Warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the “fair market value” of Pear Class A Common Shares (as defined below) except as otherwise described below; and

•if, and only if, the closing price of Pear Class A Common Shares equals or exceeds $10.00 per public share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a Warrant as described under the heading “—Warrants—Anti-Dilution Adjustments”) on the trading day prior to the date on which we send the notice of redemption to the Warrant holders;
•if, and only if, the closing price of Pear Class A Common Shares (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders (the “Reference Value”) is less than $18.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like), then the Private Placement Warrants must also concurrently be called for redemption on the same terms (except as described herein with respect to a holder’s ability to cashless exercise its Warrants) as the outstanding Public Warrants.
Beginning on the date the notice of redemption is given until the Warrants are redeemed or exercised, holders may elect to exercise their Warrants on a cashless basis. The numbers in the table below represent the number of Pear Class A Common Shares that a Warrant holder will receive upon such cashless exercise in connection with a redemption by us pursuant to this redemption feature, based on the “fair market value” of Pear Class A Common Shares on the corresponding redemption date (assuming holders elect to exercise their Warrants and such Warrants are not redeemed for $0.10 per Warrant), determined for these purposes based on volume weighted average price of Pear Class A Common Shares for the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of Warrants, and the number of months that the corresponding redemption date precedes the expiration date of the Warrants, each as set forth in the table below. We will provide our Warrant holders with the final fair market value no later than one business day immediately following the 10 trading day period described above ends. 

The share prices set forth in the column headings of the table below will be adjusted as of any date on which the number of shares issuable upon exercise of a Warrant or the exercise price of a Warrant is adjusted as set forth under the heading “—Anti-dilution Adjustments” below. If the number of shares issuable upon exercise of a Warrant is adjusted, the adjusted share prices in the column headings will equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the exercise price of the warrant after such adjustment and the denominator of which is the price of the Warrant immediately prior to such adjustment. In such an event, the number of shares in the table below shall be adjusted by multiplying such share amounts by a fraction, the numerator of which is the number of shares deliverable upon exercise of a Warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a warrant as so adjusted. If the exercise price of a Warrant is adjusted, (a) in the case of an adjustment pursuant to the fifth paragraph under the heading “—Anti-dilution Adjustments” below, the adjusted share prices in the column headings will equal the unadjusted share price multiplied by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price as set forth under the heading “—Anti-dilution Adjustments” and the denominator of which is $10.00 and (b) in the case of an adjustment pursuant to the second paragraph under the heading “—Anti-dilution Adjustments” below, the adjusted share prices in the column headings will equal the unadjusted share price less the decrease in the exercise price of a warrant pursuant to such exercise price adjustment.

																																																									
	Redemption Date
(period to expiration of warrants)
		Fair Market Value of Pear Class A Common Shares
		≤10.00		11.00		12.00		13.00		14.00		15.00		16.00		17.00		≥18.00
	60 months		0.261		0.281		0.297		0.311		0.324		0.337		0.348		0.358		0.361
	57 months		0.257		0.277		0.294		0.310		0.324		0.337		0.348		0.358		0.361
	54 months		0.252		0.272		0.291		0.307		0.322		0.335		0.347		0.357		0.361
	51 months		0.246		0.268		0.287		0.304		0.320		0.333		0.346		0.357		0.361
	48 months		0.241		0.263		0.283		0.301		0.317		0.332		0.344		0.356		0.361
	45 months		0.235		0.258		0.279		0.298		0.315		0.330		0.343		0.356		0.361
	42 months		0.228		0.252		0.274		0.294		0.312		0.328		0.342		0.355		0.361
	39 months		0.221		0.246		0.269		0.290		0.309		0.325		0.340		0.354		0.361
	36 months		0.213		0.239		0.263		0.285		0.305		0.323		0.339		0.353		0.361
	33 months		0.205		0.232		0.257		0.280		0.301		0.320		0.337		0.352		0.361
	30 months		0.196		0.224		0.250		0.274		0.297		0.316		0.335		0.351		0.361
	27 months		0.185		0.214		0.242		0.268		0.291		0.313		0.332		0.350		0.361
	24 months		0.173		0.204		0.233		0.260		0.285		0.308		0.329		0.348		0.361
	21 months		0.161		0.193		0.223		0.252		0.279		0.304		0.326		0.347		0.361
	18 months		0.146		0.179		0.211		0.242		0.271		0.298		0.322		0.345		0.361
	15 months		0.130		0.164		0.197		0.230		0.262		0.291		0.317		0.342		0.361
	12 months		0.111		0.146		0.181		0.216		0.250		0.282		0.312		0.339		0.361
	9 months		0.090		0.125		0.162		0.199		0.237		0.272		0.305		0.336		0.361
	6 months		0.065		0.099		0.137		0.178		0.219		0.259		0.296		0.331		0.361
	3 months		0.034		0.065		0.104		0.150		0.197		0.243		0.286		0.326		0.361
	0 months		—		—		0.042		0.115		0.179		0.233		0.281		0.323		0.361

The exact fair market value and redemption date may not be set forth in the table above, in which case, if the fair market value is between two values in the table or the redemption date is between two redemption dates in the table, the number of Pear Class A Common Shares to be issued for each Warrant exercised will be determined by a straight-line interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For example, if the volume weighted average price of Pear Class A Common Shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of the Warrants is $11.00 per share, and at such time there are 57 months until the expiration of the Warrants, holders may choose to, in connection with this redemption feature, exercise their Warrants for 0.277 shares of Pear Class A Common Shares for each whole Warrant. For an example where the exact fair market value and redemption date are not as set forth in the table above, if the volume weighted average price of Pear Class A Common Shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of the Warrants is $13.50 per share, and at such time there are 38 months until the expiration of the Warrants, holders may choose to, in connection with this redemption feature, exercise their Warrants for 0.298 shares of Pear Class A Common Shares for each whole Warrant. In no event will the Warrants be exercisable on a cashless basis in connection with this redemption feature for more than 0.361 shares of Pear Class A Common Shares per warrant (subject to adjustment). Finally, as reflected in the table above, if the Warrants are out of the money and about to expire, they cannot be exercised on a cashless basis in connection with a redemption by us pursuant to this redemption feature, since they will not be exercisable for any Pear Class A Common Shares.

This redemption feature differs from the typical warrant redemption features used in some other blank check offerings, which typically only provide for a redemption of warrants for cash (other than the Private Placement 

Warrants) when the trading price for the Pear Class A Common Shares exceeds $18.00 per share for a specified period of time. This redemption feature is structured to allow for all of the outstanding Warrants to be redeemed when the Pear Class A Common Shares are trading at or above $10.00 per public share, which may be at a time when the trading price of Pear Class A Common Shares is below the exercise price of the Warrants. We have established this redemption feature to provide us with the flexibility to redeem the Warrants without the Warrants having to reach the $18.00 per share threshold set forth above under “—Redemption of Warrants when the price per Pear Class A Common Share equals or exceeds $18.00.” Holders choosing to exercise their Warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their Warrants based on an option pricing model with a fixed volatility input as of the of this Form 10-K. This redemption right provides us with an additional mechanism by which to redeem all of the outstanding Warrants, and therefore have certainty as to our capital structure as the Warrants would no longer be outstanding and would have been exercised or redeemed. We will be required to pay the applicable redemption price to Warrant holders if we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of the Warrants if we determine it is in our best interest to do so. As such, we would redeem the Warrants in this manner when we believe it is in our best interest to update our capital structure to remove the Warrants and pay the redemption price to the Warrant holders.

As stated above, we can redeem the Warrants when the Pear Class A Common Shares are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position while providing Warrant holders with the opportunity to exercise their Warrants on a cashless basis for the applicable number of shares. If we choose to redeem the Warrants when the Pear Class A Common Shares are trading at a price below the exercise price of the Warrants, this could result in the Warrant holders receiving fewer Pear Class A Common Shares than they would have received if they had chosen to wait to exercise their Warrants for Pear Class A Common Shares if and when such Pear Class A Common Shares were trading at a price higher than the exercise price of $11.50.

No fractional Pear Class A Common Shares will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number of the number of Pear Class A Common Shares to be issued to the holder. If, at the time of redemption, the Warrants are exercisable for a security other than the Pear Class A Common Shares pursuant to the Warrant Agreement, the Warrants may be exercised for such security. At such time as the Warrants become exercisable for a security other than the Pear Class A Common Shares, the Company will use its commercially reasonable efforts to register under the Securities Act the security issuable upon the exercise of the Warrants. 

Redemption Procedures 
A holder of a Warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder may specify) of the Pear Class A Common Shares outstanding immediately after giving effect to such exercise.

Anti-Dilution Adjustments
If the number of outstanding Pear Class A Common Shares is increased by a stock dividend payable in Pear Class A Common Shares, or by a split-up of Pear Class A Common Shares or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number Pear Class A Common Shares issuable on exercise of 

each Warrant will be increased in proportion to such increase in the outstanding amount of Pear Class A Common Shares. A rights offering to holders Pear Class A Common Shares entitling holders to purchase Pear Class A Common Shares at a price less than the fair market value will be deemed a stock dividend of a number of shares of Pear Class A Common Shares equal to the product of (1) the number of Pear Class A Common Shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Pear Class A Common Shares) multiplied by (2) one minus the quotient of (x) the price per Pear Class A Common Share paid in such rights offering divided by (y) the fair market value. For these purposes (1) if the rights offering is for securities convertible into or exercisable for Pear Class A Common Shares, in determining the price payable for Pear Class A Common Shares, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (2) fair market value means the volume weighted average price of Pear Class A Common Shares as reported during the ten trading day period ending on the trading day prior to the first date on which the Pear Class A Common Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

In addition, if we, at any time while the Warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Pear Class A Common Shares on account of such Pear Class A Common Shares (or other shares of our capital stock into which the Warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each Pear Class A Common Share in respect of such event. 

If the number of outstanding Pear Class A Common Shares is decreased by a consolidation, combination, reverse stock split or reclassification of Pear Class A Common Shares or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number Pear Class A Common Shares issuable on exercise of each Warrant will be decreased in proportion to such decrease in outstanding Pear Class A Common Shares. 

Whenever the number of Pear Class A Common Shares purchasable upon the exercise of the Warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of Pear Class A Common Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which will be the number of Pear Class A Common Shares so purchasable immediately thereafter.

In case of any reclassification or reorganization of the outstanding Pear Class A Common Shares (other than those described above or that solely affects the par value of such Pear Class A Common Shares), or in the case of any merger or consolidation of us with or into another entity or conversion into another type of entity (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding Pear Class A Common Shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the Warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Pear Class A Common Shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised their Warrants immediately prior to such event. However, if such holders were entitled to exercise a right of election as to the 

kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets for which each Warrant will become exercisable will be deemed to be the weighted average of the kind and amount received per share by such holders in such consolidation or merger that affirmatively make such election, and if a tender, exchange or redemption offer has been made to and accepted by such holders (other than a tender, exchange or redemption offer made by the Company in connection with redemption rights held by stockholders of the company as provided for in the Company’s Certificate of Incorporation) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the outstanding Pear Class A Common Shares, the holder of a Warrant will be entitled to receive the highest amount of cash, securities or other property to which such holder would actually have been entitled as a stockholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Pear Class A Common Shares held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in the Warrant Agreement. Additionally, if less than 70% of the consideration receivable by the holders of Pear Class A Common Shares in such a transaction is payable in the form of common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the Warrant properly exercises the Warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the Warrant Agreement based on the per share consideration minus Black-Scholes Warrant Value (as defined in the Warrant Agreement) of the Warrant. 

The Warrants will be issued in registered form under the Warrant Agreement. The Warrant Agreement provides that the terms of the Warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least 50% of the then outstanding Public Warrants to make any change that adversely affects the rights of the registered holders of Public Warrants. 

The Warrant holders do not have the rights or privileges of holders of Pear Class A Common Shares and any voting rights until they exercise their Warrants and receive Pear Class A Common Shares. After the issuance of Pear Class A Common Shares upon exercise of the Warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by Pear stockholders.

Transfer Agent and Warrant Agent
Continental Stock Transfer & Trust Company is the transfer agent for the Pear Class A Common Shares and the warrant agent for the Warrants.
Trading Symbol and Market
Pear Class A Common Shares and Public Warrants are listed on Nasdaq under the symbols “PEAR” and “PEARW,” respectively.

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