Document:

EXHIBIT 4.24

 Exhibit 4.24 
 PRIMUS TELECOMMUNICATIONS HOLDING, INC., 
 as Issuer 
 PRIMUS TELECOMMUNICATIONS GROUP, INCORPORATED, 
 as Guarantor 
 $200,000,000 
 5.00% EXCHANGEABLE SENIOR NOTES
DUE 2009 
  

 INDENTURE

 Dated as of June 28, 2006 
  

 U.S. BANK NATIONAL ASSOCIATION, 
 as Trustee 

 CROSS-REFERENCE TABLE* 
  

								
	 Trust Indenture
Act Section
	  	 	  	Indenture
Section	 
	 310
	  	(a)(1)	  		  	5.11	 
		  	(a)(2)	  		  	5.11	 
		  	(a)(3)	  		  	n/a	 
		  	(a)(4)	  		  	n/a	 
		  	(a)(5)	  		  	5.11	 
		  	(b)	  		  	5.3; 5.11	 
		  	(c)	  		  	n/a	 
				
	 311
	  	(a)	  		  	5.12	 
		  	(b)	  		  	5.12	 
		  	(c)	  		  	n/a	 
				
	 312
	  	(a)	  		  	2.10	 
		  	(b)	  		  	14.3	 
		  	(c)	  		  	14.3	 
				
	 313
	  	(a)	  		  	5.7	 
		  	(b)(1)	  		  	n/a	 
		  	(b)(2)	  		  	5.7	 
		  	(c)	  		  	5.7; 14.2	 
		  	(d)	  		  	5.7	 
				
	 314
	  	(a)(1), (2), (3)	  		  	9.6; 14.6	 
		  	(a)(4)	  		  	9.6; 9.7; 14.6	 
		  	(b)	  		  	n/a	 
		  	(c)(1)	  		  	14.5	 
		  	(c)(2)	  		  	14.5	 
		  	(c)(3)	  		  	n/a	 
		  	(d)	  		  	n/a	 
		  	(e)	  		  	14.6	 
		  	(f)	  		  	n/a	 
				
	 315
	  	(a)	  		  	5.1	(a)
		  	(b)	  		  	5.6; 14.2	 
		  	(c)	  		  	5.1	(b)
		  	(d)	  		  	5.1	(c)
		  	(e)	  		  	4.14	 

 “n/a” means not applicable. 
  

	*	This Cross-Reference Table shall not, for any purpose, be deemed to be a part of the Indenture. 

  

 i 

							
	 Trust Indenture
Act
Section
	  	 	  	Indenture
Section
	 316
	  	(a)(last sentence)	  		  	2.13
		  	(a)(1)(A)	  		  	4.5
		  	(a)(1)(B)	  		  	4.4
		  	(a)(2)	  		  	n/a
		  	(b)	  		  	4.7
		  	(c)	  		  	7.4
				
	 317
	  	(a)(1)	  		  	4.8
		  	(a)(2)	  		  	4.9
		  	(b)	  		  	2.5
				
	 318
	  	(a)	  		  	14.1
		  	(b)	  		  	n/a
		  	(c)	  		  	14.1

  

 ii 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		
	ARTICLE 1	  	
		
	DEFINITIONS AND INCORPORATION BY REFERENCE	  	
			
	 Section 1.1
	  	Definitions	  	1
	 Section 1.2
	  	Incorporation by Reference of Trust Indenture Act	  	12
	 Section 1.3
	  	Rules of Construction	  	12
		
	ARTICLE 2	  	
		
	THE NOTES	  	
			
	 Section 2.1
	  	Title and Terms	  	12
	 Section 2.2
	  	Form of Notes	  	14
	 Section 2.3
	  	Global Note Legend	  	15
	 Section 2.4
	  	Execution, Authentication, Delivery and Dating	  	16
	 Section 2.5
	  	Registrar and Paying Agent	  	16
	 Section 2.6
	  	Paying Agent to Hold Assets in Trust	  	17
	 Section 2.7
	  	Registration of Transfer and Exchange; Legends	  	18
	 Section 2.8
	  	Book-Entry Provisions for the Global Notes	  	20
	 Section 2.9
	  	Transfer Provisions	  	21
	 Section 2.10
	  	Holder Lists	  	27
	 Section 2.11
	  	Persons Deemed Owners	  	27
	 Section 2.12
	  	Mutilated, Destroyed, Lost or Stolen Notes	  	27
	 Section 2.13
	  	Treasury Notes	  	28
	 Section 2.14
	  	Temporary Notes	  	28
	 Section 2.15
	  	Cancellation	  	29
	 Section 2.16
	  	CUSIP Numbers	  	29
	 Section 2.17
	  	Defaulted Interest	  	29
		
	ARTICLE 3	  	
		
	SATISFACTION AND DISCHARGE	  	
			
	 Section 3.1
	  	Satisfaction and Discharge of Indenture	  	30
	 Section 3.2
	  	Deposited Monies to be Held in Trust	  	31
	 Section 3.3
	  	Return of Unclaimed Monies	  	31
		
	ARTICLE 4	  	
		
	DEFAULTS AND REMEDIES	  	
			
	 Section 4.1
	  	Events of Default	  	31

  

 i 

					
	 Section 4.2
	  	Acceleration of Maturity; Rescission and Annulment	  	33
	 Section 4.3
	  	Other Remedies	  	34
	 Section 4.4
	  	Waiver of Past Defaults	  	34
	 Section 4.5
	  	Control by Majority	  	35
	 Section 4.6
	  	Limitation on Suit	  	35
	 Section 4.7
	  	Unconditional Rights of Holders to Receive Payment and to Convert	  	36
	 Section 4.8
	  	Collection of Indebtedness and Suits for Enforcement by the Trustee	  	36
	 Section 4.9
	  	Trustee May File Proofs of Claim	  	37
	 Section 4.10
	  	Restoration of Rights and Remedies	  	38
	 Section 4.11
	  	Rights and Remedies Cumulative	  	38
	 Section 4.12
	  	Delay or Omission Not Waiver	  	38
	 Section 4.13
	  	Application of Money Collected	  	38
	 Section 4.14
	  	Undertaking for Costs	  	39
	 Section 4.15
	  	Waiver of Stay or Extension Laws	  	39
		
	ARTICLE 5	  	
		
	THE TRUSTEE	  	
			
	 Section 5.1
	  	Certain Duties and Responsibilities	  	39
	 Section 5.2
	  	Certain Rights of Trustee	  	42
	 Section 5.3
	  	Individual Rights of Trustee	  	43
	 Section 5.4
	  	Money Held in Trust	  	43
	 Section 5.5
	  	Trustee’s Disclaimer	  	43
	 Section 5.6
	  	Notice of Defaults	  	43
	 Section 5.7
	  	Reports by Trustee to Holders	  	44
	 Section 5.8
	  	Compensation and Indemnification	  	44
	 Section 5.9
	  	Replacement of Trustee	  	45
	 Section 5.10
	  	Successor Trustee by Merger, Etc.	  	46
	 Section 5.11
	  	Corporate Trustee Required; Eligibility	  	46
	 Section 5.12
	  	Collection of Claims Against the Issuer	  	46
		
	ARTICLE 6	  	
		
	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	  	
			
	 Section 6.1
	  	Obligors May Consolidate, Etc., Only on Certain Terms	  	46
	 Section 6.2
	  	Successor Corporation Substituted	  	47
		
	ARTICLE 7	  	
		
	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  	
			
	 Section 7.1
	  	Without Consent of Holders of Notes	  	47
	 Section 7.2
	  	With Consent of Holders of Notes	  	48
	 Section 7.3
	  	Compliance with Trust Indenture Act	  	50
	 Section 7.4
	  	Revocation of Consents and Effect of Consents or Votes	  	50

  

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	 Section 7.5
	  	Notation on or Exchange of Notes	  	50
	 Section 7.6
	  	Trustee to Sign Amendment, Etc.	  	50
		
	ARTICLE 8	  	
		
	MEETING OF HOLDERS OF NOTES	  	
			
	 Section 8.1
	  	Purposes for Which Meetings May Be Called	  	51
	 Section 8.2
	  	Call Notice and Place of Meetings	  	51
	 Section 8.3
	  	Persons Entitled to Vote at Meetings	  	51
	 Section 8.4
	  	Quorum; Action	  	52
	 Section 8.5
	  	Determination of Voting Rights; Conduct and Adjournment of Meetings	  	52
	 Section 8.6
	  	Counting Votes and Recording Action of Meetings	  	53
		
	ARTICLE 9	  	
		
	COVENANTS	  	
			
	 Section 9.1
	  	Payment of Principal, Premium and Interest	  	54
	 Section 9.2
	  	Maintenance of Offices or Agencies	  	54
	 Section 9.3
	  	Corporate Existence	  	55
	 Section 9.4
	  	Maintenance of Properties	  	55
	 Section 9.5
	  	Payment of Taxes and Other Claims	  	55
	 Section 9.6
	  	Reports	  	55
	 Section 9.7
	  	Compliance Certificate	  	56
	 Section 9.8
	  	Statement by Officers as to Default	  	56
	 Section 9.9
	  	Insurance	  	56
		
	ARTICLE 10	  	
		
	REDEMPTION AT THE OPTION OF THE ISSUER	  	
			
	 Section 10.1
	  	Right of Redemption	  	56
	 Section 10.2
	  	Election to Redeem Notice to Trustee	  	57
	 Section 10.3
	  	Selection by Trustee of Notes to Be Redeemed	  	57
	 Section 10.4
	  	Notice of Redemption	  	58
	 Section 10.5
	  	Deposit of Redemption Price	  	59
	 Section 10.6
	  	Notes Payable on Redemption Date	  	59
	 Section 10.7
	  	Notes Redeemed in Part	  	59
	 Section 10.8
	  	Redeemed Notes to be Canceled	  	59
		
	ARTICLE 11	  	
		
	REPURCHASE OF THE NOTES AT THE OPTION OF THE HOLDER	  	
			
	 Section 11.1
	  	Change of Control Repurchase Right	  	60
	 Section 11.2
	  	Conditions to the Issuer’s Election to Pay the Change of Control Repurchase Price in Common Stock	  	60

  

 iii 

					
	 Section 11.3
	  	Change of Control Repurchase Notices	  	61
	 Section 11.4
	  	The 2009 Repurchase Right	  	62
	 Section 11.5
	  	The 2009 Repurchase Notice	  	63
	 Section 11.6
	  	Method of Exercising Repurchase Right, Etc.	  	64
		
	ARTICLE 12	  	
		
	CONVERSION OF NOTES	  	
			
	 Section 12.1
	  	Conversion Right and Conversion Price	  	67
	 Section 12.2
	  	Exercise of Conversion Right	  	67
	 Section 12.3
	  	Fractions of Shares	  	68
	 Section 12.4
	  	Adjustment of Conversion Price	  	68
	 Section 12.5
	  	Notice of Adjustments of Conversion Price	  	80
	 Section 12.6
	  	Notice Prior to Certain Actions	  	80
	 Section 12.7
	  	Parent to Reserve Common Stock	  	81
	 Section 12.8
	  	Taxes on Conversions	  	81
	 Section 12.9
	  	Covenant as to Common Stock	  	82
	 Section 12.10
	  	Cancellation of Converted Notes	  	82
	 Section 12.11
	  	Effect of Reclassification, Consolidation, Merger or Sale	  	82
	 Section 12.12
	  	Responsibility of Trustee for Conversion Provisions	  	83
	 Section 12.13
	  	Auto-Conversion by the Issuer	  	84
		
	ARTICLE 13	  	
		
	PARENT GUARANTEE	  	
			
	 Section 13.1
	  	Guarantee	  	86
	 Section 13.2
	  	Limitation on Liability; Termination, Release and Discharge	  	87
	 Section 13.3
	  	No Subrogation	  	88
		
	ARTICLE 14	  	
		
	OTHER PROVISIONS OF GENERAL APPLICATION	  	
			
	 Section 14.1
	  	Trust Indenture Act Controls	  	88
	 Section 14.2
	  	Notices	  	88
	 Section 14.3
	  	Communication by Holders with Other Holders	  	89
	 Section 14.4
	  	Acts of Holders of Notes	  	89
	 Section 14.5
	  	Certificate and Opinion as to Conditions Precedent	  	90
	 Section 14.6
	  	Statements Required in Certificate or Opinion	  	91
	 Section 14.7
	  	Effect of Headings and Table of Contents	  	91
	 Section 14.8
	  	Successors and Assigns	  	92
	 Section 14.9
	  	Separability Clause	  	92
	 Section 14.10
	  	Benefits of Indenture	  	92
	 Section 14.11
	  	Governing Law; Waiver of Jury Trial	  	92
	 Section 14.12
	  	Counterparts	  	92

  

 iv 

					
	 Section 14.13
	  	Legal Holidays	  	92
	 Section 14.14
	  	Recourse Against Others	  	93
	 Section 14.15
	  	Force Majeure	  	93

			
		
	 EXHIBITS:
	  	
	 EXHIBIT A:
	  	Form of Note
	 EXHIBIT B:
	  	Transfer Certificate

  

 v 

 INDENTURE, dated as of June 28, 2006 between PRIMUS TELECOMMUNICATIONS HOLDING, INC., a corporation
duly organized and existing under the laws of the State of Delaware, having its principal office at 7901 Jones Branch Drive, Suite 900, McLean, VA 22102 (the “Issuer”), PRIMUS TELECOMMUNICATIONS GROUP, INCORPORATED, a corporation duly
organized and existing under the laws of the State of Delaware, having its principal office at 7901 Jones Branch Drive, Suite 900, McLean, VA 22102 (the “Parent”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, having
a corporate trust office at 100 Wall Street, Suite 1600, New York, New York 10005, as Trustee (the “Trustee”). 
 RECITALS OF THE
ISSUER AND PARENT 
 The Issuer has duly authorized the creation of an issue of its 5.00% Exchangeable Senior Notes due 2009 (the
“Notes”) of substantially the tenor and amount hereinafter set forth, and to provide therefor the Issuer has duly authorized the execution and delivery of this Indenture. 
 The Parent has duly authorized the Parent Guarantee (as defined herein). 
 All things necessary to make the Notes, when the Notes are executed by the Issuer and authenticated and delivered hereunder and duly issued by the Issuer, the valid obligations of the Issuer, and to make this
Indenture a valid agreement of the Issuer and the Parent, in accordance with their and its terms, have been done. 
 NOW, THEREFORE, THIS
INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually
covenanted and agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows: 
 ARTICLE 1 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.1 Definitions. 
 For all purposes of this Indenture and the Notes, the following terms are
defined as follows: 
 “2009 Repurchase Date” has the meaning specified in Section 11.4(a) hereof. 
 “2009 Repurchase Notice” has the meaning specified in Section 11.5 hereof. 
 “2009 Repurchase Price” has the meaning specified in Section 11.4(a) hereof. 
 “2009 Repurchase Right” has the meaning specified in Section 11.4(a) hereof. 
 “Act”, when used with respect to any Holder of a Note, has the meaning specified in Section 14.4(a) hereof. 

 “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control”, when used with respect to any specified Person, means the power to direct the management and policies
of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Applicable Consideration” has the meaning specified in Section 12.11 hereof. 
 “Applicable Procedures” means, with respect to any transfer or transaction involving a Global Note or beneficial interest therein, the rules
and procedures of the Depositary for such Note, in each case to the extent applicable to such transaction and as in effect from time to time. 
 “Auto-Conversion” has the meaning specified in Section 12.13(a) hereof. 
 “Auto-Conversion Date” means the
date on which an Auto-Conversion is deemed effective under this Indenture. 
 “Auto-Conversion Notice” has the meaning specified in
Section 12.13(b) hereof. 
 “Bankruptcy Law” means Title 11 of the U.S. Code, as amended, or any similar federal or state law
for the relief of debtors. 
 “Board of Directors” means either the board of directors of the Issuer or the Parent, as the case may
be, or any committee of that board empowered to act for it with respect to this Indenture. 
 “Board Resolution” means a copy of a
resolution certified by the Secretary or an Assistant Secretary of the Issuer or the Parent, as the case may be, to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered
to the Trustee. 
 “Business Day”, when used with respect to any Place of Payment or Place of Conversion, means each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of Payment or Place of Conversion, as the case may be, are authorized or obligated by law or executive order to close. 
 “Capitalized Lease” means, as applied to any Person, any lease of any property (whether real, personal or mixed) of which the discounted
present value of the rental obligations of such Person as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet of such Person. 
 “Capital Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) in equity of such Person, whether now
outstanding or issued after the date of this Indenture, including, without limitation, all common stock and preferred stock. 
  

 2 

 “Change of Control” means the occurrence of any of the following after the original issuance of
the Notes: 
 (1) a “person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the Exchange
Act) becomes the ultimate “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of the total voting power of the then outstanding Voting Stock of the Parent on a fully diluted basis; 
 (2) individuals who at the beginning of any period of two consecutive calendar years constituted the Board of Directors of the Parent
(together with any directors who are members of the Board of Directors on the date hereof and any new directors whose election by the Board of Directors or whose nomination for election by the Parent’s stockholders was approved by a vote of at
least two- thirds of the members of the Board of Directors then still in office who either were members of the Board of Directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any
reason to constitute a majority of the members of such board of directors then in office; 
 (3) the sale, lease, transfer,
conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Parent and its Subsidiaries taken as a whole to any such “person”
or “group” (other than to the Parent or a Subsidiary); 
 (4) the merger or consolidation of the Parent with or into
another corporation or the merger of another corporation with or into the Parent with the effect that immediately after such transaction any such “person” or “group” of persons or entities shall have become the beneficial owner
of securities of the surviving corporation of such merger or consolidation representing a majority of the total voting power of the then outstanding Voting Stock of the surviving corporation; or 
 (5) the adoption of a plan relating to the liquidation or dissolution of the Parent or the Issuer. 
 provided, however, that a Change of Control shall not be deemed to have occurred if the closing sales price per share of the Common Stock for any five
Trading Days within the period of 10 consecutive Trading Days ending immediately after the later of the Change of Control or the public announcement of the Change of Control, in the case of a Change of Control under clause (1) above, or the
period of 10 consecutive Trading Days ending immediately before the Change of Control, in the case of a Change of Control under clause (2), (3), (4) or (5) above, shall equal or exceed 110% of the Conversion Price of the Notes in effect on
each such Trading Day. 
 “Change of Control Repurchase Date” has the meaning specified in Section 11.1 hereof. 
 “Change of Control Repurchase Notice” has the meaning specified in Section 11.3 hereof. 
 “Change of Control Repurchase Price” has the meaning specified in Section 11.1 hereof. 
 “Change of Control Repurchase Right” has the meaning specified in Section 11.1 hereof. 
  

 3 

 “Closing Date” means June 28, 2006. 
 “Closing Price” of any security on any date of determination means: 
 (1) the closing sale price (or, if no closing sale price is reported, the last reported sale price) of such security on the New York Stock
Exchange on such date; 
 (2) if such security is not listed for trading on the New York Stock Exchange on any such date, the
closing sale price as reported in the composite transactions for the principal U.S. securities exchange on which such security is so listed; 
 (3) if such security is not so listed on a U.S. national or regional securities exchange, the closing sale price as reported by the Nasdaq National Market or Nasdaq Capital Market; 
 (4) if such security is not so reported, the last quoted bid price for such security in the over-the-counter market as reported by the
National Quotation Bureau or similar organization; or 
 (5) if such bid price is not available, the average of the mid-point
of the last bid and ask prices of such security on such date from at least three nationally recognized independent investment banking firms retained for this purpose by the Issuer. 
 “Closing Price Condition” has the meaning specified in Section 2.1 hereof. 
 “Common Stock” means any stock of any class of the Parent which has no preference in respect of dividends or of amounts payable in the event of
any voluntary or involuntary liquidation, dissolution or winding up of the Parent and which is not subject to redemption by the Parent. However, subject to the provisions of Section 12.11 hereof, shares issuable on Conversion of Notes shall
include only shares of the class designated as Common Stock, par value $.01 per share, of the Parent at the date of execution of this Indenture or shares of any class or classes resulting from any reclassification or reclassifications thereof and
which have no preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Parent and which are not subject to redemption by the Parent; provided that, if
at any time there shall be more than one such resulting class, the shares of each such class then so issuable shall be substantially in the proportion which the total number of shares of such class resulting from all such reclassifications bears to
the total number of shares of all such classes resulting from all such reclassifications. 
 “Common Stock Restrictive Legend” has
the meaning specified in Section 2.7(f) hereof. 
 “Conversion”, when used with reference to the Notes, shall mean and include
each of a voluntary conversion or an Auto-Conversion. 
 “Conversion Agent” means any Person authorized by the Issuer to convert
Notes in accordance with Article 12 hereof. 
  

 4 

 “Conversion Date” means the date on which a Conversion is deemed effective under this
Indenture. 
 “Conversion Price” has the meaning specified in Section 12.1 hereof. 
 “Corporate Trust Office” means for purposes of presentation or surrender of Notes for payment, registration, transfer, exchange or Conversion
or for service of notices or demands upon the Issuer and for all other purposes under this Indenture, the office of the Trustee located in The City of New York at which at any particular time its corporate trust business shall be administered (which
at the date of execution of this Indenture is located at 100 Wall Street, Suite 1600, New York, New York 10005) Attention: Corporate Trust Services. 
 “Corporation” means corporations, associations, limited liability companies, companies and business trusts. 
 “Currency Agreement” means any foreign exchange contract, currency swap agreement and any other arrangement and agreement designed to provide protection against fluctuations in currency values. 

“Current Market Price” has the meaning set forth in Section 12.4(g)(1) hereof. 
 “Custodian” means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law. 
 “Default” means an event which is, or after notice or lapse of time or both would be, an Event of Default. 
 “Defaulted Interest” has the meaning specified in Section 2.17 hereof. 
 “Depositary” means The Depository Trust Company, its nominees and their respective successors. 
 “Dollar”, “U.S. Dollar” or “U.S. $” means a dollar or other equivalent unit in such coin or currency of the United States
as at the time shall be legal tender for the payment of public and private debts. 
 “DTC” has the meaning specified in
Section 2.1 hereof. 
 “DTC Participants” has the meaning specified in Section 2.8(a) hereof. 
 “Effective Date” has the meaning specified in Section 12.4(m) hereof. 
 “Event of Default” has the meaning specified in Section 4.1 hereof. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Expiration Time” has the meaning specified in Section 12.4(f) hereof. 
 “fair market value” has the meaning set forth in Section 12.4(g)(iii)(2) hereof. 
  

 5 

 “Global Note” has the meaning specified in Section 2.2 hereof. 
 “Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness or other
obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of)
such Indebtedness or other obligation of such other Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement
conditions or otherwise) or (ii) entered into for purposes of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in
part); provided, however, that the term “guarantee” will not include endorsements for collection or deposit in the ordinary course of business. The term “guarantee” used as a verb has a corresponding meaning.

 “Guaranteed Obligations” has the meaning specified in Section 13.1 hereof. 
 “Holder”, when used with respect to any Note, means the Person in whose name the Note is registered in the Register. 
 “Indebtedness” means, with respect to any Person at any date of determination (without duplication): 
 (1) all indebtedness of such Person for borrowed money; 
 (2) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 
 (3) all obligations of such Person in respect of letters of credit or other similar instruments (including reimbursement obligations with
respect thereto); 
 (4) all obligations of such Person as lessee under Capitalized Leases; 
 (5) all Indebtedness of other Persons secured by a lien on any asset of such Person, whether or not such Indebtedness is assumed by such
Person; provided that the amount of such Indebtedness shall be the lesser of (A) the fair market value of such asset at such date of determination and (B) the amount of such Indebtedness, 
 (6) all Indebtedness of other Persons guaranteed by such Person to the extent such Indebtedness is guaranteed by such Person; and

 (7) to the extent not otherwise included in this definition, obligations under Currency Agreements and Interest Rate
Protection Agreements. 
 The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all
unconditional obligations as described above and, with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the obligation; provided (i) that the amount outstanding at any time of
any Indebtedness issued with 

  

 6 

 
original issue discount is the face amount of such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at
such time as determined in conformity with GAAP and (ii) that Indebtedness shall not include any liability for federal, state, local or other taxes. 
 “Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable
provisions hereof. 
 “Interest Payment Date” means each of June 30 and December 30, beginning December 30, 2006.

 “Interest Payment Notice” has the meaning specified in Section 2.1 hereof. 
 “Interest Payment Notice Date” has the meaning specified in Section 2.1 hereof. 
 “Interest Payment Shares” has the meaning specified in Section 2.1 hereof. 
 “Interest Rate Protection Agreement” means interest rate swap agreements, interest rate cap agreements, interest rate insurance, and other
arrangements and agreements designed to provide protection against fluctuations in interest rates. 
 “Issuer” means the Person
named the Issuer in the first paragraph of this Indenture, until a successor Person shall have come such pursuant to the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such person. 
 “Issuer Order” means a written request or order signed in the name of the Issuer by an Officer of the Issuer, and delivered to the Trustee.

 “Legend” has the meaning specified in Section 2.7(f) hereof. 
 “Make-Whole Conversion Price” has the meaning specified in Section 12.4(m) hereof. 
 “Maturity” means the date on which the principal of such Notes becomes due and payable as therein or herein provided, whether at the Stated
Maturity or by acceleration, Conversion, upon Redemption, exercise of a Change of Control Repurchase Right, exercise of a 2009 Repurchase Right or otherwise. 
 “Nasdaq Capital Market” means the National Association of Securities Dealers Automated Quotation Capital Market or any successor securities exchange or automated over-the-counter trading market in the United
States. 
 “Nasdaq National Market” means the National Association of Securities Dealers Automated Quotation National Market or any
successor national securities exchange or automated over-the-counter trading market in the United States. 
 “New Equity
Requirement” has the meaning specified in Section 11.4(b) hereof. 
  

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 “Non-Electing Share” has the meaning specified in Section 12.11 hereof. 
 “Non-Stock Change of Control” has the meaning specified in Section 12.4(m) hereof. 
 “Non-Stock Change of Control Notice” has the meaning specified in Section 12.4(m) hereof. 
 “Notes” has the meaning ascribed to it in the first paragraph under the caption “Recitals of the Issuer and the Parent.” 

“Obligors” means the Parent together with the Issuer. 
 “Officer” of the Issuer or the Parent, as the case may be, means the Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer, an Assistant Treasurer, any
Vice President, the Secretary or an Assistant Secretary of the Issuer or the Parent, as the case may be. 
 “Officer’s
Certificate” means a certificate signed an Officer of the Issuer or the Parent, as the case may be, and delivered to the Trustee. 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel to the Issuer or the Parent (and may include directors or employees of the Issuer or the Parent) and which opinion is acceptable to the Trustee.

 “Outstanding”, when used with respect to Notes, means, as of the date of determination, all Notes theretofore authenticated and
delivered under this Indenture, except Notes: 
 (1) previously canceled by the Trustee or delivered to the Trustee for
cancellation; 
 (2) converted into Common Stock in accordance with the provisions of this Indenture; 
 (3) for the payment of which money in the necessary amount has been previously deposited with the Trustee or any Paying Agent (other than
the Issuer) in trust or set aside and segregated in trust by the Issuer (if the Issuer shall act as its own Paying Agent) for the Holders of such Notes; or 
 (4) which have been paid, in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented
to the Trustee proof satisfactory to it that such Notes are held by a bona fide purchaser in whose hands such Notes are valid obligations of the Issuer. 
 “Parent” means the Person named as “Parent” in the first paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and
thereafter “Parent” shall mean such successor Persons. 
  

 8 

 “Parent Guarantee” means the Guarantee of payment of the Notes by Parent pursuant to this
Indenture. 
 “Paying Agent” has the meaning specified in Section 2.5 hereof. 
 “Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust,
estate, unincorporated organization or government or any agency or political subdivision thereof. 
 “Physical Notes” has the
meaning specified in Section 2.2 hereof. 
 “Place of Conversion” means any city in which any Conversion Agent is located.

 “Place of Payment” means any city in which any Paying Agent is located. 
 “Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such
particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.12 hereof in exchange for or in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same debt as the
mutilated, destroyed, lost or stolen Note. 
 “Record Date” means either a Regular Record Date or a Special Record Date, as the
case may be; provided that, for purposes of Section 12.4 hereof, Record Date has the meaning specified in Section 12.4(g)(3) hereof. 
 “Redemption Date,” when used with respect to any Note to be redeemed, in whole or in part, means the date fixed for such redemption by or pursuant to this Indenture. 
 “Redemption Notice” has the meaning specified in Section 10.4 hereof. 
 “Redemption Price” has the meaning specified in Section 10.1 hereof. 
 “Reference Dealer” means a dealer engaged in the trading of convertible securities. 
 “Reference Period” has the meaning set forth in Section 12.4(d) hereof. 
 “Register” has the meaning specified in Section 2.5 hereof. 
 “Registrar” has the meaning specified in Section 2.5 hereof. 
 “Registration Rights
Agreement” means the Registration Rights Agreement, dated the date hereof, among the Issuer, the Parent and the Holders party thereto. 
 “Regular Record Date” for the interest on the Notes payable means the June 15 or December 15 (whether or not a Business Day), as the case may be, next preceding an Interest Payment Date. 
 “Repurchase Date” means the Change of Control Repurchase Date or the 2009 Repurchase Date, as applicable. 
  

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 “Repurchase Price” means the Change of Control Repurchase Price or the 2009 Repurchase Price,
as applicable. 
 “Repurchase Right” means the Change of Control Repurchase Right or the 2009 Repurchase Right, as applicable.

 “Responsible Officer”, when used with respect to the Trustee, means any officer of the Trustee, including any vice president,
assistant vice president, assistant secretary, any assistant treasurer or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a
particular corporate trust matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this
Indenture. 
 “Restricted Security” means a Note (or Common Stock into which such Note has been converted) required to bear the
restrictive legend set forth in the form of Note set forth in Exhibit A of this Indenture. 
 “Restricted Subsidiary” means a
Subsidiary of the Parent that is a “Restricted Subsidiary” as defined in (i) the indenture governing the 12-3/4% Senior Notes due 2009 of the Parent, (ii) the indenture governing the 8% senior notes due 2014 of the Issuer, or
(iii) the $100,000,000 Term Loan Agreement among the Parent, the Issuer and various lenders named therein, dated February 18, 2005, or any replacement thereof. 
 “SEC” means the Securities and Exchange Commission. 
 “Securities Act” means the
Securities Act of 1933, as amended. 
 “Significant Subsidiary” means, at any date of determination, any Subsidiary of the Parent
that, together with its Subsidiaries, (i) for the most recent fiscal year of the Parent, accounted for more than 10% of the consolidated revenues of the Parent or (ii) as of the end of such fiscal year, was the owner of more than 10% of
the consolidated assets of the Parent, all as set forth on the most recently available consolidated financial statements of the Parent for such fiscal year. 
 “Special Interest” shall have the meaning ascribed to it in the Registration Rights Agreement. 
 “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 2.17 hereof. 
 “Stated Maturity” means, (i) with respect to any debt security, the date specified in such debt security as the fixed date on which the final installment of principal of such debt security is due and
payable and (ii) with respect to any scheduled installment of principal of or interest on any debt security, the date specified in such debt security as the fixed date on which such installment is due and payable. 
 “Stock Price” has the meaning specified in Section 12.4(m) hereof. 
  

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 “Subsidiary” means, with respect to any Person, a corporation, association or other business
entity more than 50% of the outstanding Voting Stock of which is owned, directly or indirectly, by such Person or by one or more other Subsidiaries, or by such Person and one or more other Subsidiaries. 
 “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code Section 77aaa-77bbbb), as in effect on the date of execution of this Indenture;
provided, however, that in the event the TIA is amended after such date, “TIA” means, to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended, or any successor statute. 
 “Trading Day” means: 
 (1) if the applicable security is listed or admitted for trading on the New York Stock Exchange or another national security exchange, a day on which the New York Stock Exchange or such other national security is open for business;

 (2) if the applicable security is quoted on the Nasdaq National Market or Nasdaq Capital Market, a day on which trades may
be made thereon; or 
 (3) if the applicable security is not so listed, admitted for trading or quoted, any day other than a
Saturday or Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close. 
 “Transfer Agent” has the meaning specified in Section 2.1 hereof. 
 “Trigger Event” has the meaning
specified in Section 12.4(d) hereof. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of
this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean such successor Trustee. 
 “U.S. Government Obligations” means: (1) direct obligations of the United States of America for the payment of which the full faith and
credit of the United States of America is pledged or (2) obligations of a person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a
full faith and credit obligation by the United States of America and which in either case, are non-callable at the option of the issuer thereof. 
 “Vice President”, when used with respect to the Issuer or the Parent, means any vice president, whether or not designated by a number or a word or words added before or after the title “vice president”. 
 “Voting Stock” means with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote for the election of
directors, managers or other voting members of the governing body of such Person. 
  

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 Section 1.2 Incorporation by Reference of Trust Indenture Act. 
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following
TIA terms, as applied to this Indenture, have the following meanings: 
 “indenture securities” means the Notes; 
 “indenture security holder” means a Holder; 
 “indenture to be qualified” means this Indenture; 
 “indenture trustee” or
“institutional trustee” means the Trustee; and 
 “obligor” on the Notes means the Issuer, the Parent and any other
obligor on the Notes. 
 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute
or defined by SEC rule have the meanings assigned to them by such definitions. 
 Section 1.3 Rules of Construction. 
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;

 (2) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with accounting
principles generally accepted in the United States prevailing at the time of any relevant computation hereunder; and 
 (3)
the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
 ARTICLE 2 
 THE NOTES

 Section 2.1 Title and Terms. 
 The Notes shall be known and designated as the “5.00% Exchangeable Senior Notes due 2009” of the Issuer. The aggregate principal amount of Notes which may be authenticated and delivered under this Indenture
is limited to $200,000,000, except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of other Notes pursuant 

  

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to Section 2.7, Section 2.8, Section 2.12, Section 7.5, Section 10.7, Section 11.6(d) or Section 12.2 hereof. The Notes
shall be issuable in denominations of $1,000 or integral multiples thereof. 
 The Notes shall mature on June 30, 2010. 
 Interest shall accrue from the Closing Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for at a rate
of 5.00% per annum until the principal thereof is paid or made available for payment. Interest shall be payable semiannually in arrears on June 30 and December 30 of each year, commencing December 30, 2006. 
 Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 
 To the extent that the Closing Price of the Common Stock for the three (3) Trading Day period ending on, and including, the Trading Day prior to the
Interest Payment Notice Date exceeds 110% of the Closing Price of the Common Stock on June 7, 2006 (the “Closing Price Condition”), the Issuer may elect, at the sole option of the Issuer, to pay interest, in whole or in part, in
shares of Common Stock (the “Interest Payment Shares”); provided, however, that interest payments shall be payable in Interest Payment Shares only if the Issuer delivers an Interest Payment Notice indicating that the interest
will be paid, in whole or in part, in Interest Payment Shares; provided, further, however, that the interest payable on the Interest Payment Dates of December 30, 2006 and June 30, 2007, shall be payable only in cash.
At least 15 Trading Days prior to the applicable Interest Payment Date (the “Interest Payment Notice Date”), the Issuer shall provide written notice (the “Interest Payment Notice”) to the Trustee and the Holders indicating that
the interest shall be paid in Interest Payment Shares, and, if only paid in part, the amount of interest which shall be paid in Interest Payment Shares. The Interest Payment Notice shall also contain a certification that the Closing Price Condition
has been satisfied as of the Interest Payment Notice Date. If any Interest Payment Shares are to be issued on an Interest Payment Date, then the Issuer shall, on the applicable Interest Payment Date, (x) provided that the Parent’s
designated transfer agent (the “Transfer Agent”) is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, credit such aggregate number of shares of Common Stock to which the Holder
shall be entitled to the Holder’s or its designee’s balance account with DTC through its Deposit Withdrawal Agent Commission system, or (y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer
Program, issue and deliver to such Holder, a certificate, registered in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder shall be entitled. Interest Payment Shares shall be valued at the greater of
(i) the Closing Price on June 7, 2006 and (ii) 95% of the average Closing Price for the Common Stock for the three Trading Day period ending on the Trading Day prior to the applicable Interest Payment Date. If any fractional share of
Common Stock otherwise would be issuable as a result of the issuance of Interest Payment Shares, the Issuer shall calculate and pay a cash adjustment in respect of such fraction (calculated to the nearest one-100th of a share) in an amount equal to the same fraction of the Closing Price of the Common Stock as of the Trading Day preceding the Interest Payment
Date. 
 Any issuance and delivery of certificates for Interest Payment Shares shall be made without charge to the Holder of Notes for such
certificates or for any tax or duty in respect of the 

  

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issuance or delivery of such certificates or the Notes represented thereby; provided, however, that neither the Parent nor the Issuer shall be
required to pay any tax or duty which may be payable in respect of (i) income or (ii) any transfer involved in the issuance or delivery of certificates for Interest Payment Shares in a name other than that of the Holder entitled to the
payment of interest, and no such issuance or delivery shall be made unless the Persons requesting such issuance or delivery has paid to the Issuer the amount of any such tax or duty or has established, to the satisfaction of the Issuer, that such
tax or duty has been paid. 
 A Holder of any Note at the close of business on a Regular Record Date shall be entitled to receive interest on
such Note on the corresponding Interest Payment Date. A Holder of any Note which is converted after the close of business on a Regular Record Date and prior to the corresponding Interest Payment Date shall be entitled to receive interest (including
Special Interest, if any) on the principal amount of such Note, notwithstanding the Conversion of such Note prior to such Interest Payment Date. However, any such Holder which surrenders any such Note for Conversion (other than any Note whose
Maturity is prior to such Interest Payment Date) during the period between the close of business on such Regular Record Date and ending with the opening of business on the corresponding Interest Payment Date shall be required to pay the Issuer an
amount equal to the interest (including Special Interest, if any) on the principal amount of such Note so converted, which is payable by the Issuer to such Holder on such Interest Payment Date, at the time such Holder surrenders such Note for
Conversion. 
 Principal of, and premium, if any, and interest (including Special Interest, if any) payable in cash on, Global Notes shall be
payable to the Depositary in immediately available funds. 
 Principal and premium, if any, and interest at Maturity, on Physical Notes shall
be payable at the office or agency of the Issuer maintained for such purpose, initially the Corporate Trust Office of the Trustee. Interest (including Special Interest, if any) payable in cash on Physical Notes (other than at Maturity) will be
payable by (i) U.S. Dollar check drawn on a bank in The City of New York mailed to the address of the Person entitled thereto as such address shall appear in the Register, or (ii) upon written application to the Registrar not
later than the relevant Record Date by a Holder of an aggregate principal amount in excess of $5,000,000, wire transfer of immediately available funds. 
 The Notes shall be redeemed, at the option of the Issuer, as provided in Article 10 hereof. 
 The Notes
shall have a Change of Control Repurchase Right and a 2009 Repurchase Right exercisable at the option of Holders as provided in Article 11 hereof. 
 The Notes shall be exchangeable as provided in Article 12 hereof. 
 Section 2.2 Form of Notes. 
 The Notes and the Trustee’s certificate of authentication to be borne by such Notes shall be substantially in the form annexed hereto as Exhibit A,
which is incorporated in and made a part of this Indenture. The terms and provisions contained in the form of Note shall constitute, and are hereby expressly made, a part of this Indenture, and to the extent applicable, the Issuer, 

  

 14 

 
the Parent and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby.

 Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends and endorsements as the
officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation
made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage. 
 Notes issued hereunder shall initially be issued only in the form of one or more permanent global Notes (each, a “Global Note”) in registered
form without interest coupons, in substantially the form set forth in Exhibit A and shall include the legend set forth in Section 2.3. Notes issued pursuant to Section 2.8(d) in exchange for or upon transfer of beneficial interests in the
Global Note shall be in the form of permanent certificated Notes substantially in the form set forth in Exhibit A (the “Physical Notes”), except that such Physical Note shall not have the legend set forth in Section 2.3(a).

 The Global Notes shall be: 
 (1) duly executed by the Issuer and authenticated by the Trustee as hereinafter provided; 
 (2) registered in the name of the Depositary (or its nominee) for credit to the respective accounts of the Holders at the Depositary; and 
 (3) deposited with the Trustee, as custodian for the Depositary. 
 The Global Notes shall be substantially
in the form of Note set forth in Exhibit A annexed hereto (including the text and schedule called for by footnote and thereto). The aggregate principal amount of the Global Notes may from time to time be increased or decreased by adjustments made on
the records of the Trustee, as custodian for the Depositary (or its nominee), in accordance with the instructions given by the Holder thereof, as hereinafter provided. 
 The Notes shall be typed, printed, lithographed or engraved or produced by any combination of these methods or may be produced in any other manner permitted by the rules of any securities exchange on which the Notes
may be listed, all as determined by the Officers executing such Notes, as evidenced by their execution of such Notes. 
 Section 2.3
Global Note Legend. 
 Each Global Note shall also bear the following legend on the face thereof: 
 (a) Unless this certificate is presented by an authorized representative of The Depository Trust Company (“DTC”) to Primus
Telecommunications Holding, Inc. (or its 

  

 15 

 
successor) or its agent for registration of transfer, exchange, conversion or payment, and any certificate issued is registered in the name of
Cede & Co. or in such other entity 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. 
 (b) THIS NOTE MAY BE ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”). Beginning on July 7, 2006, a Holder may, upon
request, obtain from the Issuer the Note’s issue price, issue date, amount of OID and yield to maturity by contacting the Issuer representative listed in Section 14.2 hereof. 
 Section 2.4 Execution, Authentication, Delivery and Dating. 
 Two Officers shall execute the Notes on behalf of the Issuer by manual or facsimile signature. If an Officer whose signature is on a Note no longer holds that office at the time the Note is authenticated, the Note
shall be valid nevertheless. 
 At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver
Notes executed by the Issuer to the Trustee for authentication, together with an Issuer Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Issuer Order shall authenticate and deliver such Notes as
provided in this Indenture and not otherwise. 
 Each Note shall be dated the date of its authentication. 
 No Note shall be entitled to any benefit under this Indenture, or be valid or obligatory for any purpose, unless there appears on such Note a certificate
of authentication substantially in the form provided for herein executed by or on behalf of the Trustee by manual signature, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly
authenticated and delivered hereunder. 
 The Trustee may appoint an authenticating agent or agents reasonably acceptable to the Issuer with
respect to the Notes. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such
agent. 
 Section 2.5 Registrar and Paying Agent. 
 The Issuer shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (the “Registrar”) and an office or agency where Notes may be presented for payment (the
“Paying Agent”). The Registrar shall keep a register of the Notes (the “Register”) and of their transfer and exchange. The Issuer may appoint one or more co-Registrars and one or more additional Paying Agents for the Notes. The
term “Paying Agent” 

  

 16 

 
includes any additional paying agent and the term “Registrar” includes any additional registrar. The Issuer may change any Paying Agent or
Registrar without prior notice to any Holder. 
 The Issuer will cause each Paying Agent (other than the Trustee) to execute and deliver to
the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 
 (1) hold all sums held by it for the payment of the principal of and premium, if any, or interest on Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or
otherwise disposed of as provided in this Indenture; 
 (2) give the Trustee prompt written notice of any Default by the
Issuer in the making of any payment of principal and premium, if any, or interest (including Special Interest, if any); and 
 (3) at any time during the continuance of any such Default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
 The Issuer shall give prompt written notice to the Trustee of the name and address of any Agent who is not a party to this Indenture. If the Issuer fails
to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Issuer or any Affiliate of the Issuer may act as Paying Agent or Registrar; provided, however, that none of the Issuer, the Parent,
its subsidiaries or the Affiliates of the foregoing shall act: 
 (i) as Paying Agent in connection with offers to purchase
and discharges, as otherwise specified in this Indenture, and 
 (ii) as Paying Agent or Registrar if a Default or Event of
Default has occurred and is continuing. 
 The Issuer hereby initially appoints the Trustee as Registrar and Paying Agent
for the Notes. 
 Section 2.6 Paying Agent to Hold Assets in Trust. 
 Not later than 11:00 a.m. (New York City time) on each due date of the principal, premium, if any, and interest (including Special Interest, if any)
payable in cash on any Notes, the Issuer shall deposit with one or more Paying Agents money in immediately available funds sufficient to pay such principal, premium, if any, and interest (including Special Interest, if any) so becoming due. The
Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer) shall have no further liability for the money so paid over to the Trustee.

  

 17 

 If the Issuer shall act as a Paying Agent, it shall, prior to or on each due date of the principal of and
premium, if any, or interest (including Special Interest, if any) on any of the Notes, segregate and hold in trust for the benefit of the Holders a sum sufficient with monies held by all other Paying Agents, to pay the principal and premium, if any,
or interest (including Special Interest, if any) so becoming due until such sums shall be paid to such Persons or otherwise disposed of as provided in this Indenture, and shall promptly notify the Trustee of its action or failure to act. 

Section 2.7 Registration of Transfer and Exchange; Legends. 
 (a) Subject to Section 2.9 hereof, upon surrender for registration of transfer of any Note, together with a written instrument of
transfer satisfactory to the Registrar duly executed by the Holder or such Holder’s attorney duly authorized in writing, at the office or agency of the Issuer designated as Registrar or co-registrar pursuant to Section 2.5, the Issuer
shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denomination or denominations, of a like aggregate principal amount. The Issuer shall not
charge a service charge for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges that may be imposed in connection with the transfer or exchange
of the Issuer from the Holder requesting such transfer or exchange. 
 At the option of the Holder, Notes may be exchanged for other Notes of
any authorized denomination or denominations, of a like aggregate principal amount upon surrender of the Notes to be exchanged, together with a written instrument of transfer satisfactory to the Registrar duly executed by the Holder or such
Holder’s attorney duly authorized in writing, at such office or agency. Whenever any Notes are so surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and deliver, the Notes which the Holder making the exchange
is entitled to receive. 
 The Issuer shall not be required to make, and the Registrar need not register, transfers or exchanges of Notes in
respect of which (i) a Repurchase Notice has been given and not withdrawn by the Holder thereof in accordance with the terms of this Indenture (except, in the case of Notes to be purchased in part, the portion thereof not to be purchased) or
(ii) have been surrendered for redemption or conversion or, if a portion of any Note is surrendered for redemption or conversion, such portion thereof surrendered for redemption or conversion, as applicable. 
 (b) Notwithstanding any provision to the contrary herein, so long as a Global Note remains Outstanding and is held by or on behalf of the
Depositary, (i) transfers of beneficial interests in a Global Note, in whole or in part, may be effected only through a book entry system maintained by the Holder of such Global Note (or its agent) in accordance with Applicable Procedures,
(ii) ownership of a beneficial interest in the Note shall be required to be reflected in book entry and (iii) transfers of Global Notes or 

  

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beneficial interests in Global Notes shall be made only in accordance with Section 2.8, Section 2.9 and this Section 2.7(b). 
 (c) Successive registrations and registrations of transfers and exchanges as aforesaid may be made from time to time as desired, and each
such registration shall be noted on the register for the Notes. 
 (d) Any Registrar appointed pursuant to Section 2.5
hereof shall provide to the Trustee such information as the Trustee may reasonably require in connection with the delivery by such Registrar of Notes upon transfer or exchange of Notes. 
 (e) No Registrar shall be required to make registrations of transfer or exchange of Notes during any periods designated in the text of the
Notes or in this Indenture as periods during which such registration of transfers and exchanges need not be made. 
 (f) If
Notes are issued upon the transfer, exchange or replacement of Notes subject to restrictions on transfer and bearing the legends set forth on the forms of Note attached hereto as Exhibit A setting forth such restrictions (collectively, the
“Legend”), or if a request is made to remove the Legend on a Note, the Notes so issued shall bear the Legend, or the Legend shall not be removed, as the case may be, unless there is delivered to the Issuer and the Registrar such
satisfactory evidence, which may include an opinion of counsel, as may be reasonably required by the Issuer and the Registrar and the Trustee (if not the same Person as the Trustee), that neither the Legend nor the restrictions on transfer set forth
therein are required to ensure that transfers thereof comply with the provisions of Rule 144A or Rule 144 under the Securities Act or that such Notes are not “restricted” within the meaning of Rule 144 under the Securities Act. Upon
(i) provision of such satisfactory evidence, or (ii) notification by the Issuer to the Trustee and Registrar of the sale of such Security pursuant to a registration statement that is effective at the time of such sale, the Trustee, upon an
Issuer Order, shall authenticate and deliver a Note that does not bear the Legend. If the Legend is removed from the face of a Note and the Note is subsequently held by the Issuer or an Affiliate of the Issuer, the Legend shall be reinstated.

 In the event Rule 144(k) as promulgated under the Securities Act is amended to shorten the two-year period under Rule 144(k), then, the
references in the Legend to “TWO YEARS”, and in the corresponding transfer restrictions described above, will be deemed to refer to such shorter period, from and after receipt by the Trustee of an Officer’s Certificate and an Opinion
of Counsel to that effect. As soon as practicable after the Issuer knows of the effectiveness of any such amendment to shorten the two-year period under Rule 144(k), unless such changes would otherwise be prohibited by, or would cause a violation
of, the federal securities laws applicable at the time, the Issuer shall provide to the Trustee an Officer’s Certificate and an Opinion of Counsel as to the effectiveness of such amendment and the effectiveness of such change to the restrictive
legends and transfer restrictions. 
  

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 Until the Legend on any Restricted Security has been removed in compliance with this Section 2.7(f),
all shares of Common Stock (or other securities issuable upon conversion as a result of the provisions of this Indenture) issued upon conversion of such Restricted Security shall bear a legend substantially in the form of the Legend (the
“Common Stock Restrictive Legend”) and shall be subject to the same restrictions on transfer as such Restricted Security. At any time following the time when the restrictions on transfer set forth in the Common Stock Restrictive Legend
shall have expired in accordance with their terms or shall have terminated under applicable law, the holder of such Common Stock may, upon a surrender of the certificate representing such Common Stock exchange to the Transfer Agent in accordance
with such Transfer Agent’s customary procedures (accompanied, in the event that such restrictions on transfer have terminated by reason of a transfer in compliance with Rule 144 or any successor provision, by an opinion of counsel having
substantial experience in practice under the Securities Act and otherwise reasonably acceptable to the Parent, addressed to the Parent and in form acceptable to the Parent, to the effect that the transfer of such Common Stock has been made in
compliance with Rule 144 or such successor provision), may receive a new certificate representing such Common Stock, in like amount, which shall not bear the Common Stock Restrictive Legend. 
 The Notes shall also bear the legend set forth in Section 2.3(b). 
 Section 2.8 Book-Entry Provisions for the Global Notes. 
 (a) The Global Notes
initially shall: 
 (i) be registered in the name of the Depositary (or a nominee thereof); and 
 (ii) be delivered to the Trustee as custodian for such Depositary. 
 Members of, or participants in, the Depositary (“DTC Participants”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary, or the Trustee as its
custodian, or under such Global Note, and the Depositary shall be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing,
nothing contained herein shall prevent the Issuer, the Trustee or any agent of the Issuer or Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and
the DTC Participants, the operation of customary practices governing the exercise of the rights of a Holder of any Note. 
 (b) The registered Holder of a Global Note may grant proxies and otherwise authorize any Person, including DTC Participants and Persons that may hold interests through DTC Participants, to take any action which a Holder is entitled to take
under this Indenture or the Notes. 
  

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 (c) A Global Note may not be transferred, in whole or in part, to any Person other than
the Depositary (or a nominee thereof), and any such transfer to any such other Person shall be registered. Beneficial interests in a Global Note may be transferred in accordance with the Applicable Procedures, Section 2.7(b), this
Section 2.8 and Section 2.9. 
 (d) If at any time: 
 (i) the Depositary notifies the Issuer in writing that it is no longer willing or able to continue to act as Depositary for the Global
Notes, or the Depositary ceases to be a “clearing agency” registered under the Exchange Act and a successor depositary for the Global Notes is not appointed by the Issuer within 90 days of such notice or cessation; or 
 (ii) an Event of Default has occurred and is continuing and the Registrar has received a request from the Depositary for the issuance of
Physical Notes in exchange for such Global Note or Global Notes, 
 the Depositary shall surrender such Global Note or Global Notes to the Trustee for
cancellation and the Issuer shall execute, and the Trustee, upon receipt of an Officer’s Certificate and Issuer Order for the authentication and delivery of Notes, shall authenticate and deliver in exchange for such Global Note or Global Notes,
Physical Notes in an aggregate principal amount equal to the aggregate principal amount of such Global Note or Global Notes. Such Physical Notes shall be registered in such names as the Depositary (or any nominee thereof) shall identify in writing
as the beneficial owners of the Notes represented by such Global Note or Global Notes. 
 (e) Notwithstanding the foregoing,
in connection with any transfer of beneficial interests in a Global Note to beneficial owners pursuant to Section 2.8(d) hereof, the Registrar shall reflect on its books and records the date and a decrease in the principal amount of such Global
Note in an amount equal to the principal amount of the beneficial interest in such Global Note to be transferred. 
 (f) The
Trustee shall not have any responsibility for any actions taken or not taken by the Depositary. 
 Section 2.9 Transfer Provisions.

 (a) Notwithstanding any other provisions of this Indenture or the Notes, (A) transfers of a Global Note, in whole or
in part, shall be made only in accordance with Section 2.7, 2.8 and Section 2.9(a)(i), (B) transfers or exchanges of a beneficial interest in a Global Note for an interest in the same or another Global Note shall comply with
Section 2.7, Section 2.8 and Section 2.9(a)(ii) below, (C) transfers of a beneficial interest in a 

  

 21 

 
Global Note for a Physical Note shall comply with Section 2.6, Section 2.8(d) and Section 2.9(a)(ii) below and (D) transfers of a
Physical Note shall comply with Section 2.6 and Sections 2.9(a)(iv) and (v) below. 
 (i) Transfer of Global
Note. A Global Note may not be transferred, in whole or in part, to any Person other than the Depositary or a nominee or any successor thereof, and no such transfer to any such other Person may be registered; provided that this clause
(i) shall not prohibit any transfer of a Physical Note that is issued in exchange for a Global Note. No transfer of a Global Note to any Person shall be effective under this Indenture or the Notes unless and until such Note has been registered
in the name of such Person. Nothing in this Section 2.9(a)(i) shall prohibit or render ineffective any transfer of a beneficial interest in a Global Note effected in accordance with the other provisions of this Section 2.9. 
 (ii) Transfer or Exchange of a Beneficial Interest in a Global Note for a Beneficial Interest in the Same or Another Global Note.

 (1) A beneficial interest in a Global Note may not be transferred or exchanged for a beneficial interest in another Global
Note except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a request to transfer or exchange of a beneficial interest in a Global Note in accordance with Applicable Procedures for a beneficial interest in
another Global Note, together with: 
 (A) so long as the Notes are Restricted Securities, certification in the form set
forth in Exhibit B; 
 (B) written instructions to the Trustee to make, or direct the Registrar to make, in the case of a
transfer or exchange of a beneficial interest in a Global Note for a beneficial interest in another Global Note, an adjustment on its books and records with respect to such Global Note to reflect a decrease and increase in the aggregate principal
amount of the Notes represented by such Global Note, such instructions to contain information regarding the Depositary accounts to be credited with such decrease and increase; and 
 (C) if the Issuer or the Trustee so requests, an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance
with the restrictions set forth in the Legend, 
  

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 then the Trustee, (x) shall cause, or direct the Registrar to cause, in accordance with the standing instructions
and procedures existing between the Depositary and the Registrar, the aggregate principal amount of the Notes represented by the appropriate Global Note to be decreased by the aggregate principal amount that the other Global Note is increased and
(y) in accordance with the standing instructions and procedures existing between the Depositary and the Registrar and Applicable Procedures, shall debit and credit or cause to be debited or credited, as appropriate, to the accounts of the
persons specified in such instructions a beneficial interest in the Global Note or Global Notes, as appropriate, equal to the amount of the beneficial interests so transferred or exchanged. 
 (2) Beneficial interests in a Global Note may be transferred to Persons who take delivery in the same Global Note in accordance with the
Applicable Procedures and, if the Global Note is a Restricted Security, in accordance with the transfer restrictions set forth in the Legend. No written orders or instructions shall be required to be delivered to the Registrar or the Trustee to
effect the transactions described in this Section 2.9(a)(ii)(2). 
 (3) Other than transfers to the Issuer or to an
Affiliate of the Issuer, beneficial interests in a Global Note that is not a Restricted Security may not be transferred to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note that is a Restricted Security.

 (iii) Transfer or Exchange of a Beneficial Interest in a Global Note for a Physical Note. A beneficial interest in a
Global Note may not be exchanged for a Physical Note except upon satisfaction of the requirements set forth below and in Section 2.9(d). Upon receipt by the Trustee of a request for a transfer a beneficial interest in a Global Note in
accordance with Applicable Procedures for a Physical Note in the form satisfactory to the Trustee, together with: 
 (1) so
long as the Notes are Restricted Securities, certification in the form set forth in Exhibit B; 
 (2) written instructions to
the Trustee to make, or direct the Registrar to make, an adjustment on its books and records with respect to such Global Note to reflect a decrease in the aggregate principal amount of the Securities represented by the Global Note, such instructions
to contain information regarding the Depositary account to be credited with such decrease; and 
  

 23 

 (3) if the Issuer or the Trustee so requests, an opinion of counsel or other evidence
reasonably satisfactory to it as to the compliance with the restrictions set forth in the Legend, 
 then the Trustee shall cause, or direct the Registrar to
cause, in accordance with the standing instructions and procedures existing between the Depositary and the Registrar, the aggregate principal amount of the Notes represented by the Global Note to be decreased by the aggregate principal amount of the
Physical Note to be issued, shall issue such Physical Note and shall debit or cause to be debited to the account of the person specified in such instructions a beneficial interest in the Global Note equal to the principal amount of the Physical Note
so issued. 
 (iv) Transfer and Exchange of Physical Notes. When Physical Notes are presented to the Registrar with a
request: 
 (x) to register the transfer of such Physical Notes; or 
 (y) to exchange such Physical Notes for an equal principal amount of Physical Notes of other authorized denominations, 
 the Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided, however,
that the Physical Notes surrendered for transfer or exchange: 
 (1) shall be duly endorsed or accompanied by a written
instrument of transfer in form reasonably satisfactory to the Issuer and the Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing; and 
 (2) so long as such Notes are Restricted Securities, such Notes are being transferred or exchanged pursuant to an effective registration
statement under the Securities Act or pursuant to clause (A), (B) or (C) below, and are accompanied by the following additional information and documents, as applicable: 
 (A) if such Physical Notes are being delivered to the Registrar by a Holder for registration in the name of such Holder, without
transfer, a certification from such Holder to that effect; or 
 (B) if such Physical Notes are being transferred to the
Issuer, a certification to that effect; or 
  

 24 

 (C) if such Physical Notes are being transferred pursuant to an exemption from
registration, (i) a certification to that effect (in the form set forth in Exhibit B, if applicable) and (ii) if the Issuer so requests, an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance with the
restrictions set forth in the Legend. 
 (v) Transfer of a Physical Note for a Beneficial Interest in a Global Note. A
Physical Note may not be exchanged for a beneficial interest in a Global Note except upon receipt by the Trustee of the Physical Note, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to the Trustee, together
with: 
 (1) so long as the Notes are Restricted Securities, certification, in the form set forth in Exhibit B, that such
Physical Note is being transferred to a QIB in accordance with Rule 144A, or to an institutional accredited investor within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D of the Securities Act; and 
 (2) written instructions directing the Trustee to make, or to direct the Registrar to make, an adjustment on its books and records with
respect to such Global Note to reflect an increase in the aggregate principal amount of the Notes represented by the Global Note, such instructions to contain information regarding the Depositary account to be credited with such increase, then the
Trustee shall cancel such Physical Note and cause, or direct the Registrar to cause, in accordance with the standing instructions and procedures existing between the Depositary and the Registrar, the aggregate principal amount of Notes represented
by the Global Note to be increased by the aggregate principal amount of the Physical Note to be exchanged, and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Global Note
equal to the principal amount of the Physical Note so cancelled. If no Global Notes are then Outstanding, the Issuer shall issue and the Trustee shall authenticate, upon an Issuer Order, a new Global Note in the appropriate principal amount.

 (b) Subject to the succeeding Section 2.9(c), every Note shall be subject to the restrictions on transfer provided in
the Legend and herein including the delivery of an opinion of counsel, if so provided. Whenever any Restricted Security is presented or surrendered for transfer or for exchange, such Note must be accompanied by a certificate in substantially the
form set forth in Exhibit B, dated the date of such surrender and signed by the Holder of such Note, as to compliance with such restrictions on transfer. The Registrar shall not be required to accept for such transfer or exchange any Note not so
accompanied by a properly completed certificate. 
  

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 (c) The restrictions imposed by the Legend upon the transferability of any Note shall
cease and terminate when such Note has been sold pursuant to an effective registration statement under the Securities Act or transferred in compliance with Rule 144 under the Securities Act (or any successor provision thereto) or, if earlier, upon
the expiration of the holding period applicable to sales thereof under Rule 144(k) under the Securities Act (or any successor provision). Any Note as to which such restrictions on transfer shall have expired in accordance with their terms or shall
have terminated may, upon a surrender of such Note for exchange to the Registrar in accordance with the provisions of this Section 2.9 (accompanied, in the event that such restrictions on transfer have terminated by reason of a transfer in
compliance with Rule 144 or any successor provision, by an opinion of counsel having substantial experience in practice under the Securities Act and otherwise reasonably acceptable to the Issuer, addressed to the Issuer and to the Trustee and in
form acceptable to the Issuer, to the effect that the transfer of such Note has been made in compliance with Rule 144 or such successor provision), be exchanged for a new Note, of like tenor and aggregate principal amount, which shall not bear the
restrictive Legend. The Issuer shall inform the Trustee of the effective date of any registration statement registering the Notes under the Securities Act. The Trustee shall not be liable for any action taken or omitted to be taken by it in good
faith in accordance with the aforementioned opinion of counsel or registration statement. 
 (d) As used in the preceding two
paragraphs of this Section 2.9 the term “transfer” encompasses any sale, pledge, transfer, loan, hypothecation, or other disposition of any interest in any Note. 
 (e) By its acceptance of any Note bearing the Legend, each Holder of such Note acknowledges the restrictions on transfer of such Note set
forth in this Indenture and agrees that it will transfer such Note only as provided in this Indenture. 
 (f) Each Holder of a
Notes agrees to indemnify the Issuer, the Parent and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder’s Note in violation of any provision of this Indenture and/or applicable United
States federal or state securities law. 
 (g) The Trustee shall have no obligation or duty to monitor, determine or inquire
as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among DTC Participants or beneficial owners of
interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same
to determine substantial compliance as to form with the express requirements hereof. 
  

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 Section 2.10 Holder Lists. 
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders
and shall otherwise comply with Section 312(a) of the TIA. If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee prior to or on each Interest Payment Date and at such other times as the Trustee may request in writing a
list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders relating to such Interest Payment Date or request, as the case may be. 
 Section 2.11 Persons Deemed Owners. 
 The Issuer, the Trustee and any agent of the Issuer or the Trustee shall treat the registered Holder of a Global Note as the absolute owner of such Global Note for the purpose of receiving payment thereof or on account thereof and for all
other purposes whatsoever, whether or not such Note be overdue, and notwithstanding any notice of ownership or writing thereon, or any notice of previous loss or theft or other interest therein. The Issuer, the Trustee and any agent of the Issuer or
the Trustee shall treat the Person in whose name any Note is registered as the owner of such Note for the purpose of receiving payment of principal of and premium, if any, and interest (including Special Interest, if any) on such Note and for all
other purposes whatsoever, whether or not such Note be overdue, and notwithstanding any notice of ownership or writing thereon, or any notice of previous loss or theft or other interest therein. 
 Section 2.12 Mutilated, Destroyed, Lost or Stolen Notes. 
 If any mutilated Note is surrendered to the Trustee, the Issuer shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Note of like tenor and principal amount and bearing a number not
contemporaneously outstanding. 
 If there is delivered to the Issuer and the Trustee 
 (1) evidence to their satisfaction of the destruction, loss or theft of any Note, and 
 (2) such Note or indemnity as may be required by them to save each of them and any agent of either of them harmless, 
 then, in the absence of notice to the Issuer or the Trustee that such Note has been acquired by a bona fide purchaser, the Issuer shall execute and, upon request, the
Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Issuer in its discretion, but subject to
any conversion rights, may, instead of issuing a new Note, pay such Note, upon satisfaction of the condition set forth in the preceding paragraph. 
  

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 Prior to the issuance of any new Note under this Section 2.12, the Issuer may require the payment of
a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
 Every new Note issued pursuant to this Section 2.12 in lieu of any destroyed, lost or stolen Note shall constitute an original additional
contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Note shall be at any time enforceable by anyone, and such new Note shall be entitled to all the benefits of this Indenture equally and proportionately with any and
all other Notes duly issued hereunder. 
 The provisions of this Section 2.12 are exclusive and shall preclude (to the extent lawful)
all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 Section 2.13
Treasury Notes. 
 In determining whether the Holders of the requisite principal amount of Outstanding Notes have given any request,
demand, authorization, direction, consent, notice or waiver hereunder, and for the purposes of making the calculations required by TIA Section 316, Notes owned by an Obligor upon the Notes or any Affiliate of an Obligor shall be disregarded and
deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes which a
Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledge establishes to the satisfaction of the Trustee the
pledgee’s right so to act with respect to such notes and that the pledge is not the Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or such other obligor. 
 Section 2.14 Temporary Notes. 
 Pending the preparation of Notes in definitive form, the Issuer may execute and the Trustee shall, upon written request of the Issuer, authenticate and deliver temporary Notes (printed or lithographed). Temporary Notes shall be issuable in
any authorized denomination, and substantially in the form of the Notes in definitive form but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Issuer. Every such temporary
Note shall be executed by the Issuer and authenticated by the Trustee upon the same conditions and in substantially the same manner, and with the same effect, as the Notes in definitive form. Without unreasonable delay, the Issuer will execute and
deliver to the Trustee, Notes in definitive form (other than in the case of Notes in global form) and thereupon any or all temporary Notes (other than any such Notes in global form) may be surrendered in exchange therefor, at each office or agency
maintained by the Issuer pursuant to Section 9.2 hereof and the Trustee shall authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount of Notes in definitive form. Such exchange shall be made by the
Issuer at its own expense and without any charge therefor. Until so exchanged, the temporary 

  

 28 

 
Notes shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Notes in definitive form
authenticated and delivered hereunder. 
 Section 2.15 Cancellation. 
 All Notes surrendered for payment, redemption, repurchase, Conversion, registration of transfer or exchange shall, if surrendered to any Person other
than the Trustee, be delivered to the Trustee. All Notes so delivered shall be canceled promptly by the Trustee, and no Notes shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee shall
dispose of canceled Notes in accordance with its customary procedures. If the Issuer shall acquire any of the Notes, such acquisition shall not operate as a redemption or satisfaction of the Indebtedness represented by such Notes unless the same are
delivered to the Trustee for cancellation. 
 Section 2.16 CUSIP Numbers. 
 The Issuer in issuing the Notes may use “CUSIP” numbers (if then generally in use), and the Trustee shall use CUSIP numbers in notices of
conversion, exchange or redemption as a convenience to Holders; provided that any such notice shall state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any such notice
and that reliance may be placed only on the other identification numbers printed on the Notes, and any such conversion, exchange or redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall promptly notify the
Trustee in writing of any change in the CUSIP numbers. 
 Section 2.17 Defaulted Interest. 
 If the Issuer fails to make a payment of interest on any Note when due and payable (“Defaulted Interest”), it shall pay such Defaulted Interest
plus (to the extent lawful) any interest payable on the Defaulted Interest at the rate borne by the Notes, in any lawful manner. It may elect to pay such Defaulted Interest, plus any such interest payable on it, to the Persons who are Holders of
such Notes on which the interest is due on a subsequent Special Record Date. The Issuer shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Note. The Issuer shall fix any such Special Record Date
and payment date for such payment. At least 15 days before any such Special Record Date, the Issuer shall mail to Holders affected thereby a notice that states the Special Record Date, the Interest Payment Date, and amount of such interest to be
paid. 
  

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 ARTICLE 3 
 SATISFACTION AND DISCHARGE 
 Section 3.1 Satisfaction and Discharge of Indenture. When:

 (a) the Issuer shall deliver to the Trustee for cancellation all Notes previously authenticated (other than any Notes which have been
destroyed, lost or stolen and in lieu of, or in substitution for which, other Notes shall have been authenticated and delivered) and not previously canceled, or 
 (b) (1) all the Notes not previously canceled or delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year; and 
 (2) the Issuer shall deposit with the Trustee, in trust, cash in U.S. dollars and/or U.S. Government Obligations which through the payment
of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money,
an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay principal of, premium, if any, or interest (including
Special Interest, if any) on all of the Notes (other than any Notes which shall have been mutilated, destroyed, lost or stolen and in lieu of or in substitution for which other Notes shall have been authenticated and delivered) not previously
canceled or delivered to the Trustee for cancellation, on the dates such payments of principal, premium, if any, or interest (including Special Interest, if any) are due to such date of maturity. 
 if, in the case of either clause (a) or (b), the Issuer shall also pay or cause to be paid all other sums payable hereunder by the Issuer, then this Indenture shall
cease to be of further effect, except as to: 
 (i) remaining rights of registration of transfer, substitution and exchange
and Conversion of Notes, 
 (ii) rights hereunder of Holders to receive payments of principal of and premium, if any, and
interest on, the Notes and the other rights, duties and obligations of Holders, as beneficiaries hereof with respect to the amounts, if any, so deposited with the Trustee, and 
 (iii) the rights, obligations and immunities of the Trustee hereunder, 
 and the Trustee, on demand of the Issuer accompanied by an Officer’s Certificate and an Opinion of Counsel (each stating that all conditions precedent herein relating to the satisfaction and discharge of this
Indenture have been complied with) and at the cost and expense of the Issuer, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture; provided, however, the Issuer shall reimburse the Trustee for
all amounts due the Trustee under 

  

 30 

 
Section 5.8 hereof and for any costs or expenses thereafter reasonably and properly incurred by the Trustee and to compensate the Trustee for any
services thereafter reasonably and properly rendered by the Trustee in connection with this Indenture or the Notes. 
 Section 3.2
Deposited Monies to be Held in Trust. 
 Subject to Section 3.3 hereof, all monies deposited with the Trustee pursuant to
Section 3.1 hereof shall be held in trust and applied by it to the payment, either directly or through any Paying Agent (including the Issuer if acting as its own Paying Agent), to the Holders of the particular Notes for the payment of which
such monies have been deposited with the Trustee, of all sums due and to become due thereon for principal, premium, if any, and interest (including Special Interest, if any). All monies deposited with the Trustee pursuant to Section 3.1 hereof
(and held by it or any Paying Agent) for the payment of Notes subsequently converted shall be returned to the Issuer upon written request of the Issuer. 
 Section 3.3 Return of Unclaimed Monies. 
 The Trustee and the Paying Agent shall pay to the Issuer
any money held by them for the payment of principal or premium, if any, or interest that remains unclaimed for two years after the date upon which such payment shall have become due. After payment to the Issuer, Holders entitled to the money must
look to the Issuer for payment as general creditors unless an applicable abandoned property law designates another Person, and all liability of the Trustee and such Paying Agent with respect to such money shall cease. 
 ARTICLE 4 
 DEFAULTS AND REMEDIES

 Section 4.1 Events of Default. 
 An “Event of Default”, wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation
of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any or governmental body): 
 (a) default in the payment of interest or Special Interest, if any on any Note when due and payable and continuance of such default for a period of 30 days; 
 (b) default in the payment of principal of (or premium, if any, on) any Note at its Stated Maturity, upon acceleration or otherwise;

  

 31 

 (c) default in the payment of principal or interest (including Special Interest, if any)
on any Note required to be purchased pursuant to a Change of Control Repurchase Right or a 2009 Repurchase Right as set forth in Article 11; 
 (d) default in the performance or breach of any covenant or agreement of the Issuer or the Parent in this Indenture or under the Notes (other than a default in the performance, or breach, of a covenant or agreement
specified in clause (a), (b) or (c) of this Section 4.1), and continuance of such default or breach for a period of 30 consecutive days after there has been given, by registered or certified mail, to the Issuer by the Trustee or to
the Issuer and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Notes a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder; 
 (e) there occurs with respect to any issue or issues of Indebtedness of the Parent or any Restricted Subsidiary
having an outstanding principal amount of $25.0 million or more in the aggregate for all such issues of all such Persons, whether such Indebtedness now exists or shall hereafter be created, (I) an event of default that has caused the holder
thereof to declare such Indebtedness to be due and payable prior to its Stated Maturity and such Indebtedness has not been discharged in full or such acceleration has not been rescinded or annulled by the earlier of (x) the expiration of any
applicable grace period or (y) the thirtieth day after such default; and/or (II) the failure to make a principal payment at the final (but not any interim) fixed maturity and such defaulted payment shall not have been made, waived or extended
by the earlier of (x) the expiration of any applicable grace period or (y) the thirtieth day after such default; 
 (f) any final judgment or order (not covered by insurance) for the payment of money in excess of $25.0 million in the aggregate for all such final judgments or orders (treating any deductibles, self-insurance or retention as not so covered)
shall be rendered against the Parent or any Restricted Subsidiary and shall not be paid or discharged, and there shall be any period of 30 consecutive days following entry of the final judgment or order that causes the aggregate amount for all such
final judgments or orders outstanding and not paid or discharged against all such Persons to exceed $25.0 million during which a stay of enforcement of such final judgment or order, by reason of a pending appeal or otherwise, shall not be in effect;

 (g) a court having jurisdiction in the premises enters a decree or order for (A) relief in respect of the Parent, the
Issuer or any Significant Subsidiary in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, (B) appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or
similar official of the Parent, the Issuer or any Significant Subsidiary or for all or substantially all of the property and assets of the Parent, the Issuer or of any Significant Subsidiary or (C) the winding up or liquidation of the affairs
of the Parent, the Issuer or any Significant Subsidiary and, in each case, such decree or order shall remain unstayed and in effect for a period of 30 consecutive days; 
  

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 (h) the Parent, the Issuer or any Significant Subsidiary (A) commences a voluntary
case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case under any such law, (B) consents to the appointment of or taking possession
by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Parent, the Issuer or any Significant Subsidiary or for all or substantially all of the property and assets of the Parent, the Issuer or any Significant
Subsidiary or (C) effects any general assignment for the benefit of creditors; or 
 (i) the Parent Guarantee ceases to
be in full force and effect (except as contemplated by the terms thereof) or any Guarantor denies or disaffirms its obligations under this Indenture. 
 Section 4.2 Acceleration of Maturity; Rescission and Annulment. 
 (a) If an Event of
Default with respect to Outstanding Notes (other than an Event of Default specified in Section 4.1(g) or Section 4.1(h) hereof) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the
Outstanding Notes, by written notice to the Issuer, may declare due and payable 100% of the principal amount of all Outstanding Notes plus any accrued and unpaid interest and Special Interest, if any, to the date of payment. Upon a declaration of
acceleration, such principal and accrued and unpaid interest and Special Interest, if any, to the date of payment shall be immediately due and payable. 
 (b) If an Event of Default specified in Section 4.1(g) or Section 4.1(h) hereof occurs, all unpaid principal and accrued and unpaid interest and Special Interest, if any, on the Outstanding Notes shall
become and be immediately due and payable, without any declaration or other act on the part of the Trustee or any Holder. 
 (c) The Holders of a majority in aggregate principal amount of the Outstanding Notes by written notice to the Trustee may rescind and annul an acceleration and its consequences if: 
 (i) all existing Events of Default, other than the nonpayment of principal of or interest on the Notes which have become due solely
because of the acceleration, have been remedied, cured or waived, and 
 (ii) the rescission would not conflict with any
judgment or decree of a court of competent jurisdiction; 
  

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 provided, however, that in the event of a declaration of acceleration in respect of the Notes because of an
Event of Default specified in Section 4.1(e) shall have occurred and be continuing, such declaration of acceleration shall be automatically rescinded and annulled if the Indebtedness that is the subject of such Event of Default has been
discharged or the holders thereof have rescinded their declaration of acceleration in respect of such Indebtedness, and written notice of such discharge or rescission, as the case may be, shall have been given to the Trustee by the Issuer and
countersigned by the holders of such Indebtedness or a trustee, fiduciary or agent for such holders, within 60 days after such declaration of acceleration in respect of the Notes and no other Event of Default has occurred during such 60-day period
which has not been cured or waived during such period. 
 Section 4.3 Other Remedies. 
 If an Event of Default with respect to Outstanding Notes occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in
equity to collect the payment of principal of or interest on the Notes or to enforce the performance of any provision of the Notes. 
 The
Trustee may maintain a proceeding in which it may prosecute and enforce all rights of action and claims under this Indenture or the Notes, even if it does not possess any of the Notes or does not produce any of them in the proceeding. 
 Section 4.4 Waiver of Past Defaults. 
 The Holders, either (a) through the written consent of not less than a majority in aggregate principal amount of the Outstanding Notes, or (b) by the adoption of a resolution, at a meeting of Holders of the Outstanding Notes at
which a quorum (as prescribed in Section 8.4 hereof) is present, by the Holders of at least a majority in aggregate principal amount of the Outstanding Notes represented at such meeting, may, on behalf of the Holders of all of the Notes, waive
an existing Default or Event of Default, except a Default or Event of Default: 
 (a) in the payment of the principal of or
premium, if any, or interest and Special Interest, if any, on any Note (provided, however, that subject to Section 4.7 hereof, the Holders of a majority in aggregate principal amount of the Outstanding Notes may rescind an
acceleration and its consequences, including any related payment default that resulted from such acceleration); or 
 (b) in
respect of a covenant or provision hereof which, under Section 7.2 hereof, cannot be modified or amended without the consent of the Holders of each Outstanding Note affected. Upon any such waiver, such Default shall cease to exist, and any
Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; provided, however, that no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

  

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 Section 4.5 Control by Majority. 
 The Holders of a majority in aggregate principal amount of the Outstanding Notes (or such lesser amount as shall have acted at a meeting pursuant to the
provisions of this Indenture) shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee. However, the Trustee may refuse
to follow any direction that: 
 (1) conflicts with any law or with this Indenture; 
 (2) the Trustee determines may be unduly prejudicial to the rights of the Holders not joining therein, or 
 (3) may expose the Trustee to personal liability. 
 The Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 
 Section 4.6 Limitation on Suit. 
 No Holder of any Note shall have any right to pursue any remedy with respect to this
Indenture or the Notes (including, instituting any proceeding, judicial or otherwise, with respect to this Indenture or for the appointment of a receiver or trustee) unless: 
 (1) such Holder has previously given written notice to the Trustee of an Event of Default that is continuing; 
 (2) the Holders of at least 25% in aggregate principal amount of the Outstanding Notes shall have made a written request to the Trustee to
pursue the remedy; 
 (3) such Holder or Holders have offered to the Trustee indemnity satisfactory to it against any costs,
expenses and liabilities incurred in complying with such request; 
 (4) the Trustee has failed to comply with the request for
60 days after its receipt of such notice, request and offer of indemnity; and 
 (5) during such 60-day period, no direction
inconsistent with such written request has been given to the Trustee by the Holders of a majority in aggregate principal amount of the Outstanding Notes (or such 

  

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amount as shall have acted at a meeting pursuant to the provisions of this Indenture); 
 provided, however, that no one or more of such Holders may use this Indenture to prejudice the rights of another Holder or to obtain preference or priority over another Holder (it being understood that
the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). 
 Section 4.7 Unconditional Rights of Holders to Receive Payment and to Convert. 
 Notwithstanding any other provision in this
Indenture, the registered Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and premium, if any, and interest on such Note on the Stated Maturity expressed in such Note (or in the
case of a redemption, on the Redemption Date, or in the case of the exercise of a Repurchase Right, on the Repurchase Date) and to convert such Note in accordance with Article 12, and to bring suit for the enforcement of any such payment on or after
such respective dates and right to convert, and such rights shall not be impaired or affected without the consent of such Holder. 
 Section
4.8 Collection of Indebtedness and Suits for Enforcement by the Trustee. 
 The Issuer covenants that if: 
 (1) a Default or Event of Default is made in the payment of any interest (including Special Interest, if any) on any Note when such
interest becomes due and payable and such Default or Event of Default continues for a period of 30 days, or 
 (2) a Default
or Event of Default is made in the payment of the principal of or premium, if any, on any Note at the Maturity thereof, 
 the Issuer will, upon demand of
the Trustee, pay to it, for the benefit of the Holders of such Notes, the whole amount then due and payable (as expressed therein or as a result of any acceleration effected pursuant to Section 4.2 hereof) on such Notes for principal and
premium, if any, and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and premium, if any, and on any overdue interest, at the rate borne by the Notes and Special Interest, if
any, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

If the Issuer fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and 

  

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may enforce the same against the Issuer and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the
Issuer, wherever situated. 
 If an Event of Default occurs and is continuing, the Trustee may in its discretion proceed to protect and
enforce its rights and the rights of the Holders of Notes by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
 Section 4.9 Trustee May
File Proofs of Claim. 
 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
adjustment, composition or other judicial proceeding relative to the Issuer or the property of the Issuer or its creditors, the Trustee (irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Issuer for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, 

(1) to file and prove a claim for the whole amount of principal and premium, if any, and interest owing and unpaid in respect of the
Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and of the Holders of Notes allowed in such judicial proceeding, and 
 (2) to collect and receive any moneys or
other property payable or deliverable on any such claim and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceedings is hereby authorized by each
Holder of Notes to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders of Notes, to pay to the Trustee any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section 5.8 hereof. 
 Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept, or adopt on behalf of any Holder of a Note, any plan of reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder of a Note in any such proceeding. 
  

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 Section 4.10 Restoration of Rights and Remedies. 
 If the Trustee or any Holder of a Note has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Issuer, the Trustee and the Holders of Notes shall be
restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
 Section 4.11 Rights and Remedies Cumulative. 
 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in the last paragraph of Section 2.12 hereof, no right or remedy conferred in this Indenture upon or reserved to the
Trustee or to the Holders of Notes is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 4.12 Delay or Omission Not Waiver. 
 No delay or omission of the Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or any
acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders of Notes may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of Notes, as the
case may be. 
 Section 4.13 Application of Money Collected. 
 Any money collected by the Trustee pursuant to this Article or any money otherwise distributable in respect of the Issuer’s or the Parent’s
obligations under this Indenture, shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or premium, if any, or interest (including Special Interest,
if any), upon presentation of the Notes and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the Trustee; 
 SECOND: To the payment of the amounts
then due and unpaid for principal of and premium, if any, and interest (including Special Interest, if any) on the Notes in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any
kind, according to the amounts due and payable on such Notes for principal and premium, if any, and interest (including Special Interest, if any), respectively; and 
  

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 THIRD: Any remaining amounts shall be repaid to the Person or Persons entitled thereto.

 Section 4.14 Undertaking for Costs. 
 All parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement
of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such
court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section 4.14 shall not apply to any suit instituted by the Issuer, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in
aggregate principal amount of the Outstanding Notes, or to any suit instituted by any Holder of any Note for the enforcement of the payment of the principal of or premium, if any, or interest (including Special Interest, if any) on any Note on or
after the Stated Maturity expressed in such Note or for the enforcement of the right to convert any Note in accordance with Article 12. 
 Section 4.15 Waiver of Stay or Extension Laws. 
 The Issuer covenants (to the extent that it may lawfully do so) that it
will not at any time insist upon, or plead, or in any manner whatsoever claim to take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance
of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the
Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE 5 

THE TRUSTEE 
 Section 5.1
Certain Duties and Responsibilities. 
 (a) Except during the continuance of an Event of Default, 
 (1) The Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture or the TIA, 

  

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and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; provided, however, that in the case of any such certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the certificates or opinions to determine whether or not, on their face, they conform to the requirements to this Indenture (but need not
investigate or confirm the accuracy of any facts stated therein). 
 (b) In case an Event of Default actually known to a
Responsible Officer of the Trustee has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would
exercise or use under the circumstances in the conduct of such person’s own affairs. 
 (c) No provision of this
Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (1) This paragraph (c) shall not be construed to limit the effect of paragraph (a) of this Section 5.1; 
 (2) The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that
the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) The Trustee shall not be liable with respect to any
action taken or omitted to be taken by it in good faith in accordance with a direction received by it of the Holders of a majority in principal amount of the Outstanding Notes (or such lesser amount as shall have acted at a meeting pursuant to the
provisions of this Indenture) relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture. 
  

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 (d) Whether or not herein expressly so provided, every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 5.1. 
 (e) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any liability in the performance of any of its duties hereunder, or in the exercise of any of its rights
or powers. The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any loss, liability, cost or expense (including, without limitation, reasonable fees and expenses of
counsel). 
 (f) The Trustee shall not be obligated to pay interest on any money or other assets received by it unless
otherwise agreed in writing with the Issuer. Assets held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 (g) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation
into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer and the Parent, personally or by agent or
attorney at the sole cost of the Issuer and Parent and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 
 (h) The Trustee shall not be deemed to have notice or actual knowledge of any Event of Default unless a Responsible Officer of the Trustee
has actual knowledge thereof or unless written notice of any event which is in fact a Default is received by the Trustee pursuant to Section 14.2 hereof and such notice references the Notes and this Indenture. 
 (i) The rights, privileges, protections, immunities and benefits given to the Trustee hereunder, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each Paying Agent, authenticating agent, Conversion Agent or Registrar acting hereunder. 
  

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 Section 5.2 Certain Rights of Trustee. 
 Subject to the provisions of Section 5.1 hereof and subject to Sections 315(a) through (d) of the TIA: 
 (1) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper
person. The Trustee need not investigate any fact or matter stated in the document. 
 (2) Before the Trustee acts or refrains
from acting, it may require an Officer’s Certificate or an Opinion of Counsel, or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel.

 (3) The Trustee may act through attorneys and agents and shall not be responsible for the misconduct or negligence of any
attorney or agent appointed with due care. 
 (4) The Trustee shall not be liable for any action taken or omitted to be taken
by it in good faith which it believed to be authorized or within the discretion or rights or powers conferred upon it by this Indenture, unless the Trustee’s conduct constitutes negligence or willful misconduct. 
 (5) The Trustee may consult with counsel of its selection and the advice of such counsel as to matters of law shall be full and complete
authorization and protection in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
 (6) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer or the Parent shall
be sufficient if signed by an Officer of the Issuer or the Parent, as applicable. 
 (7) The permissive rights of the Trustee
to do things enumerated in this Indenture shall not be construed as a duty unless so specified herein. 
 (8) In no event
shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action. 
  

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 (9) The Trustee may request that the Issuer and the Parent deliver a certificate setting
forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 
 Section 5.3 Individual Rights of Trustee. 
 The Trustee in its individual or any other capacity may become the owner or
pledgee of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest (as such term is defined in
Section 310(b) of the TIA), it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee (to the extent permitted under Section 310(b) of the TIA) or resign. Any agent may do the same with like
rights and duties. The Trustee is also subject to Section 5.11 and Section 5.12 hereof. 
 Section 5.4 Money Held in Trust.

 Money held by the Trustee in trust hereunder shall be segregated from other funds. The Trustee shall be under no liability for interest on
any money received by it hereunder except as otherwise expressly agreed in writing with the Issuer. 
 Section 5.5 Trustee’s
Disclaimer. 
 The recitals contained herein and in the Notes (except for those in the certificate of authentication) shall be taken as
the statements of the Issuer and the Parent, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity, sufficiency or priority of this Indenture or of the Notes. The Trustee shall not
be accountable for the use or application by the Issuer of Notes or the proceeds thereof. 
 Section 5.6 Notice of Defaults.

 Within 90 days after the occurrence of any Default or Event of Default hereunder of which the Trustee has received written notice, the
Trustee shall give notice to Holders pursuant to Section 14.2 hereof, unless such Default or Event of Default shall have been cured or waived; provided, however, that, except in the case of a Default or Event of Default in
the payment of the principal of or premium, if any, or interest, or in the payment of any repurchase obligation on any Note, the Trustee shall be protected in withholding such notice if and so long as Responsible Officers of the Trustee, in good
faith, determine that the withholding of such notice is in the interest of the Holders. 
  

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 Section 5.7 Reports by Trustee to Holders. 
 The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required by Section 313 of
the TIA at the times and in the manner provided by the TIA. If required by Section 313 (a) of the TIA, the Trustee shall, within sixty days after each May 15 following the date of the initial issuance of Notes under this Indenture
deliver to Holders a brief report, dated as of such May 15, which complies with the provisions of such Section 313(a). A copy of each report at the time of its mailing to Holders shall be mailed to the Issuer and filed with the SEC, if
required, and each stock exchange, if any, on which the Notes are listed. The Issuer shall promptly notify the Trustee in writing when the Notes become listed on any stock exchange and of any delisting thereof. 
 Section 5.8 Compensation and Indemnification. 
 The Issuer covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, such compensation (which shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust) as shall be agreed to in writing and the Issuer covenants and agrees to pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by or on behalf of it in
accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all agents and other persons not regularly in its employ), except to the extent that any such
expense, disbursement or advance is due to its negligence or bad faith. When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 4.1 hereof, the expenses (including the reasonable charges
and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any bankruptcy law. The Issuer also covenants to indemnify the Trustee and its officers, directors, employees and agents
for, and to hold such Persons harmless against, any and all loss, liability, damage, claim or expense, including taxes (other than taxes based on the income of the Trustee), incurred by them, arising out of or in connection with the acceptance or
administration of this Indenture or the trusts hereunder or the performance of their duties hereunder, including the costs and expenses of defending themselves against or investigating any claim (whether asserted by the Issuer, the Parent, a Holder
or any other Person) of liability in the premises, except to the extent that any such loss, liability, damage, claim or expense was due to the negligence or willful misconduct of such Persons. The obligations of the Issuer under this
Section 5.8 to compensate and indemnify the Trustee and its officers, directors, employees and agents and to pay or reimburse such Persons for expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall
survive the satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee. Such additional indebtedness shall be a senior claim to that of the Notes upon all property and funds held or collected by the Trustee as
such, except funds held in trust for the benefit of the Holders of particular Notes, and the Notes are hereby subordinated to such senior claim. “Trustee” for purposes of this Section 5.8 shall include any predecessor Trustee, but the
negligence or willful misconduct of any Trustee shall not affect the indemnification of any other Trustee. 
  

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 Section 5.9 Replacement of Trustee. 
 A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance
of appointment as provided in this Section 5.9. 
 The Trustee may resign and be discharged from the trust hereby created by so
notifying the Issuer in writing. The Holders of at least a majority in aggregate principal amount of Outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing. The Issuer must remove the Trustee if: 

(i) the Trustee fails to comply with Section 5.11 hereof or Section 310 of the TIA; 
 (ii) the Trustee becomes incapable of acting; 
 (iii) the Trustee is adjudged a bankrupt or insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law; or 
 (iv) a Custodian or public officer takes charge of the Trustee or its property. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of the Trustee for any reason, the Issuer shall promptly appoint a successor
Trustee. The Trustee shall be entitled to payment of its fees and reimbursement of its expenses while acting as Trustee. Within one year after the successor Trustee takes office, the Holders of at least a majority in aggregate principal amount of
Outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuer. 
 Any Holder may petition any
court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee if the Trustee fails to comply with Section 5.11 hereof. 
 If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation or removal, the resigning or removed Trustee, as the
case may be, may petition, at the expense of the Issuer, any court of competent jurisdiction for the appointment of a successor Trustee. 
 A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the
rights, powers and duties of the Trustee under this Indenture. The Issuer shall mail a notice of the successor Trustee’s succession to the Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor
Trustee. Notwithstanding replacement of the Trustee pursuant to this Section 5.9, the Issuer’s obligations under Section 5.8 hereof shall continue for the benefit of the retiring Trustee with respect to expenses, losses and
liabilities incurred by it prior to such replacement. 
  

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 Section 5.10 Successor Trustee by Merger, Etc. 
 Subject to Section 5.11 hereof, if the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate
trust business to, another corporation or national banking association, the successor entity without any further act shall be the successor Trustee as to the Notes. 
 Section 5.11 Corporate Trustee Required; Eligibility. 
 The Trustee shall at all times satisfy the
requirements of Sections 310(a)(1), (2) and (5) of the TIA. The Trustee shall at all times have (or, in the case of a corporation included in a bank holding Issuer system, the related bank holding Issuer shall at all times have), a
combined capital and surplus of at least $100 million as set forth in its (or its related bank holding Issuer’s) most recent published annual report of condition. The Trustee is subject to Section 310(b) of the TIA. 
 Section 5.12 Collection of Claims Against the Issuer. 
 The Trustee is subject to Section 311(a) of the TIA, excluding any creditor relationship listed in Section 311(b) of the TIA. A Trustee who has resigned or been removed shall be subject to
Section 311(a) of the TIA to the extent indicated therein. 
 ARTICLE 6 
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
 Section 6.1
Obligors May Consolidate, Etc., Only on Certain Terms. 
 Neither of the Obligors shall consolidate with, merge with or into, or sell,
convey, transfer, lease or otherwise dispose of all or substantially all of its property and assets (as an entirety or substantially an entirety in one transaction or a series of related transactions) to, any Person or permit any Person to merge
with or into such Obligor, unless: 
 (1) either (A) such Obligor shall be the continuing Person, or (B) the Person
(if other than such Obligor) formed by such consolidation or into which such Obligor is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of such Obligor substantially as an entirety
(i) shall be a corporation, and validly existing under the laws of the United States of America or any jurisdiction thereof, (ii) shall expressly assume, by a supplemental indenture, executed and delivered to the Trustee, in form
satisfactory to the Trustee, all of such Obligor’s obligations under the Notes or the Parent Guarantee, as the case may be, and observance of every covenant of the Indenture on the part of such Obligor to be performed or observed and 

  

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shall have provided for conversion rights in accordance with Section 12.11 hereof and (iii) all of such Obligor’s obligations under the
Registration Rights Agreement pursuant to an agreement or agreements reasonably satisfactory to the Trustee; 
 (2)
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; and 
 (3) such Obligor or such Person shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is
required in connection with such transaction, such supplemental indenture complies with this Article 6 and that all conditions precedent provided for herein relating to such transaction have been complied with. 
 Section 6.2 Successor Corporation Substituted. 
 Upon any consolidation of an Obligor with or merger of an Obligor with or into any other Corporation or any conveyance, transfer or lease of the properties and assets of an Obligor substantially as an entirety to any
Person in accordance with Section 6.1, the successor Person formed by such consolidation or into which such Obligor is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise
every right and power of, such Obligor under this Indenture with the same effect as if such successor Person had been named as an Obligor herein, and in the event of any such conveyance or transfer, such Obligor, except in the case of a lease to
another Person, shall be discharged of all obligations and covenants under this Indenture and the Notes and may be dissolved and liquidated. 
 ARTICLE 7 
 AMENDMENTS, SUPPLEMENTS AND WAIVERS 
 Section 7.1 Without Consent of Holders of Notes. 
 Without the consent of any Holders of Notes, the Issuer, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may amend this Indenture and the Notes to: 
 (a) add to the covenants of the Issuer for the benefit of the Holders of Notes; 
 (b) surrender any right or power herein conferred upon the Issuer; 
  

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 (c) make provision with respect to the Conversion rights of Holders of Notes pursuant to
Section 12.11 hereof; 
 (d) provide for the assumption of an Obligor’s obligations to the Holders of Notes in the
case of a merger, consolidation, conveyance, transfer or lease pursuant to Article 6 hereof; 
 (e) reduce the Conversion
Price; provided that such reduction in the Conversion Price shall not adversely affect the interest of the Holders of Notes in any material respect; 
 (f) comply with the requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA; 
 (g) cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein or which
is otherwise defective, or to make any other provisions with respect to matters or questions arising under this Indenture which the Issuer may deem necessary or desirable and which shall not be inconsistent with the provisions of this Indenture;
provided that such action pursuant to this clause (g) does not, in the good faith opinion of the Issuer’s Board of Directors, adversely affect the interests of the Holders of Notes in any material respect; or 
 (h) add or modify any other provisions with respect to matters or questions arising under this Indenture which the Issuer and the Trustee
may deem necessary or desirable and which shall not be inconsistent with the provisions of this Indenture; provided that such action pursuant to this clause (h) does not adversely affect the interests of the Holders of Notes in any
material respect. 
 Section 7.2 With Consent of Holders of Notes. 
 Except as provided below in this Section 7.2, this Indenture or the Notes may be amended, modified or supplemented, and noncompliance in any
particular instance with any provision of this Indenture or the Notes may be waived, in each case (i) with the written consent of the Holders of at least a majority in aggregate principal amount of the Outstanding Notes or (ii) by the
adoption of a resolution, at a meeting of Holders of the Outstanding Notes at which a quorum is present, by the Holders of a majority in aggregate principal amount of the Outstanding Notes represented at such meeting. 
  

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 Without the written consent or the affirmative vote of each Holder of Notes so affected, an amendment,
modification or waiver under this Section 7.2 may not: 
 (a) change the Stated Maturity of the principal of, or any
installment of interest (or Special Interest, if any) on, any Note; 
 (b) reduce the principal amount of, or premium, if any,
on any Note; 
 (c) reduce the interest on any Note; 
 (d) change the currency of payment of principal of, premium, if any, or interest (or Special Interest, if any) on any Note; 
 (e) impair the right of any Holder to institute suit for the enforcement of any payment in or with respect to any Note; 
 (f) modify the obligation of the Issuer to maintain an office or agency in The City of New York pursuant to Section 9.2 hereof;

 (g) except as permitted by Section 12.11 hereof, adversely affect the Repurchase Right or the right to convert any
Note as provided in Article 12 hereof; 
 (h) modify the Auto-Conversion provisions of the Notes in a manner adverse to the
Holders of the Notes; 
 (i) modify any of the provisions of this Section, or reduce the percentage of voting interests
required to waive a default, except to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; or 
 (j) reduce the requirements of Section 8.4 hereof for quorum or voting, or reduce the percentage in aggregate principal amount of the
Outstanding Notes the consent of whose Holders is required for any such supplemental indenture or the consent of whose Holders is required for any waiver provided for in this Indenture. 
 It shall not be necessary for any Act of Holders of Notes under this Section 7.2 to approve the particular form of any proposal supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
  

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 Section 7.3 Compliance with Trust Indenture Act. 
 Every amendment to this Indenture or the Notes shall be set forth in a supplemental indenture that complies with the TIA as then in effect. 

Section 7.4 Revocation of Consents and Effect of Consents or Votes. 
 Until an amendment, supplement or waiver becomes effective, a written consent to it by a Holder is a continuing consent by the Holder and every
subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note; provided, however, that unless a record date shall have been
established, any such Holder or subsequent Holder may revoke the consent as to its Note or portion of a Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. 
 An amendment, supplement or waiver becomes effective on receipt by the Trustee of written consents from or affirmative votes by, as the case may be, the
Holders of the requisite percentage of aggregate principal amount of the Outstanding Notes, and thereafter shall bind every Holder of Notes; provided, however, if the amendment, supplement or waiver makes a change described in any of
the clauses (a) through (j) of Section 7.2 hereof, the amendment, supplement or waiver shall bind only each Holder of a Note which has consented to it or voted for it, as the case may be, and every subsequent Holder of a Note or
portion of a Note that evidences the same indebtedness as the Note of the consenting or affirmatively voting, as the case may be, Holder. 
 Section 7.5 Notation on or Exchange of Notes. 
 If an amendment, supplement or waiver changes the terms of a Note:

 (a) the Trustee may require the Holder of a Note to deliver such Notes to the Trustee, the Trustee may place an appropriate
notation on the Note about the changed terms and return it to the Holder and the Trustee may place an appropriate notation on any Note thereafter authenticated; or 
 (b) if the Issuer or the Trustee so determines, the Issuer in exchange for the Note shall issue and the Trustee shall authenticate a new
Note that reflects the changed terms. 
 Failure to make the appropriate notation or issue a new Note shall not affect the validity and
effect of such amendment, supplement or waiver. 
 Section 7.6 Trustee to Sign Amendment, Etc. 
 The Trustee shall sign any amendment authorized pursuant to this Article 7 if the amendment does not adversely affect the rights, duties, liabilities or
immunities of the Trustee. If 

  

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the amendment does adversely affect the rights, duties, liabilities or immunities of the Trustee, the Trustee may, but need not, sign it. In signing or
refusing to sign such amendment, the Trustee shall receive and shall be fully protected in conclusively relying upon an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that such amendment is authorized or permitted by
this Indenture. 
 ARTICLE 8 
 MEETING OF HOLDERS OF NOTES 
 Section 8.1 Purposes for Which Meetings May Be Called. 
 A meeting of Holders of Notes may be called at any time and from time to time pursuant to this Article to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders of Notes. 
 Section 8.2 Call Notice and Place of Meetings. 
 (a) The Trustee may at any time call a meeting of Holders of
Notes for any purpose specified in Section 8.1 hereof, to be held at such time and at such place in The City of New York as the Trustee may determine. Notice of every meeting of Holders of Notes, setting forth the time and the place of such
meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 14.2 hereof, not less than 21 nor more than 180 days prior to the date fixed for the meeting. 
 (b) In case at any time the Issuer, pursuant to a Board Resolution, or the Holders of at least 10% in principal amount of the Outstanding
Notes shall have requested the Trustee to call a meeting of the Holders of Notes for any purpose specified in Section 8.1 hereof, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the
Trustee shall not have made the first publication of the notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Issuer or the Holders of Notes
in the amount specified, as the case may be, may determine the time and the place in The City of New York for such meeting and may call such meeting for such purposes by giving notice thereof as provided in paragraph (a) of this
Section 8.2. 
 Section 8.3 Persons Entitled to Vote at Meetings. 
 To be entitled to vote at any meeting of Holders of Notes, a Person shall be (a) a Holder of one or more Outstanding Notes, or (b) a Person
appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Notes by such Holder or Holders. 

  

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The only Persons who shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their
counsel, any representatives of the Trustee and its counsel and any representatives of the Issuer, the Parent and their counsel. 
 Section
8.4 Quorum; Action. 
 The Persons entitled to vote a majority in principal amount of the Outstanding Notes shall constitute a quorum.
In the absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Notes, be dissolved. In any other case, the meeting may be adjourned for a period of not less than
10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as
determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 8.2(a) hereof, except that such notice need be given only
once and not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage of the principal amount of the Outstanding Notes which
shall constitute a quorum. 
 Subject to the foregoing, at the reconvening of any meeting adjourned for a lack of a quorum, the Persons
entitled to vote 25% in principal amount of the Outstanding Notes at the time shall constitute a quorum for the taking of any action set forth in the notice of the original meeting. At a meeting or an adjourned meeting duly reconvened and at which a
quorum is present as aforesaid, any resolution and all matters (except as limited by the proviso to Section 7.2 hereof) shall be effectively passed and decided if passed or decided by the Persons entitled to vote not less than a majority in
principal amount of Outstanding Notes represented and voting at such meeting. 
 Any resolution passed or decisions taken at any meeting of
Holders of Notes duly held in accordance with this Section 8.4 shall, subject to Section 7.4 hereof, be binding on all the Holders of Notes, whether or not present or represented at the meeting. 
 Section 8.5 Determination of Voting Rights; Conduct and Adjournment of Meetings. 
 (a) Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for
any meeting of Holders of Notes in regard to proof of the holding of Notes and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other
evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of Notes shall be proved in the manner specified
in Section 14.4 hereof and the appointment of any proxy shall be proved in the manner specified in Section 14.4 hereof. Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid
and genuine without the proof specified in Section 14.4 hereof or other proof. 
  

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 (b) The Trustee shall, by an instrument in writing, appoint a temporary chairman (which
may be the Trustee) of the meeting, unless the meeting shall have been called by the Issuer or by Holders of Notes as provided in Section 8.2(b) hereof, in which case the Issuer or the Holders of Notes calling the meeting, as the case may be,
shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Notes represented at the
meeting. 
 (c) At any meeting, each Holder of a Note or proxy shall be entitled to one vote for each $1,000 principal amount
of Notes held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The
chairman of the meeting shall have no right to vote, except as a Holder of a Note or proxy. 
 (d) Any meeting of Holders of
Notes duly called pursuant to Section 8.2 hereof at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Notes represented at the meeting, and the meeting may
be held as so adjourned without further notice. 
 Section 8.6 Counting Votes and Recording Action of Meetings. 
 The vote upon any resolution submitted to any meeting of Holders of Notes shall be by written ballots on which shall be subscribed the signatures of the
Holders of Notes or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Notes held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all
votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings
of each meeting of Holders of Notes shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more
Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 8.2 hereof and, if applicable, Section 8.4 hereof. Each copy shall be signed and verified
by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Issuer and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the
meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 
  

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 ARTICLE 9 
 COVENANTS 
 Section 9.1 Payment of Principal, Premium and Interest. 
 The Issuer will duly and punctually pay the principal of and premium, if any, and interest (including Special Interest, if any) in respect of the Notes
in accordance with the terms of the Notes and this Indenture. The Issuer will deposit or cause to be deposited with the Trustee as directed by the Trustee, no later than the day prior to the Stated Maturity of any Note or installment of interest,
all payments so due. 
 Section 9.2 Maintenance of Offices or Agencies. 
 The Issuer hereby appoints the Trustee’s Corporate Trust Office as its office in The City of New York, where Notes may be: 
 (i) presented or surrendered for payment; 
 (ii) surrendered for registration of transfer or exchange; 
 (iii) surrendered for
Conversion; 
 and where notices and demands to or upon the Issuer or the Parent in respect of the Notes and this Indenture maybe served. 
 The Issuer may at any time and from time to time vary or terminate the appointment of any such office or appoint any additional offices for any or all of
such purposes; provided, however, that, until all of the Notes have been delivered to the Trustee for cancellation, or moneys sufficient to pay the principal of and premium, if any, and interest on the Notes have been made available
for payment and either paid or returned to the Issuer pursuant to the provisions of Section 4.13 hereof, the Issuer will maintain in The City of New York, an office or agency where Notes may be presented or surrendered for payment, where Notes
may be surrendered for registration of transfer or exchange, where Notes may be surrendered for Conversion and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer shall give prompt
written notice to the Trustee, and notice to the Holders in accordance with Section 14.2 hereof, of the appointment or termination of any such agents and of the location and any change in the location of any such office or agency. 

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

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 Section 9.3 Corporate Existence. 
 Subject to Article 6 hereof, the Parent and the Issuer will do or cause to be done all things necessary to preserve and keep in full force and effect its
corporate existence, rights (charter and statutory) and franchises of the Parent and each Subsidiary; provided, however, that the Parent shall not be required to preserve any such right or franchise if the Board of Directors shall
determine that the preservation thereof is no longer desirable in the conduct of the business of the Parent and its Subsidiaries as a whole and that the loss thereof is not disadvantageous in any material respect to the Holders. 
 Section 9.4 Maintenance of Properties. 
 The Parent will cause all properties owned by the Parent or any Subsidiary or used or held for use in the conduct of its business or the business of any Subsidiary to be maintained and kept in good condition, repair and working order and
supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Parent may be necessary so that the business carried on in connection
therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 9.4 shall prevent the Parent from discontinuing the maintenance of any of such properties if such discontinuance
is, in the judgment of the Parent, desirable in the conduct of its business or the business of any Subsidiary and not disadvantageous in any material respect to the Holders. 
 Section 9.5 Payment of Taxes and Other Claims. 
 The Parent will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (a) all taxes, assessments and governmental charges levied or imposed upon the Parent or any Subsidiary
or upon the income, profits or property of the Parent or any Subsidiary and (b) all lawful claims for labor, materials and supplies, which, if unpaid, might by law become a lien upon the property of the Parent or any Subsidiary;
provided, however, that the Parent shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by
appropriate proceedings. 
 Section 9.6 Reports. 
 The Parent shall deliver to the Trustee within 15 days after it files them with the SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the
foregoing as the SEC may by rules and regulations prescribe) which the Parent is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act; provided, however, the Parent shall not be required to deliver to
the Trustee any materials for which the Parent has sought and received confidential treatment by the SEC. The Parent also shall comply with the other provisions of Section 314(a) of the TIA. Delivery of such reports, information and documents
to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or 

  

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determinable from information contained therein, including the Parent’s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officer’s Certificates). 
 Section 9.7 Compliance Certificate. 
 The Issuer shall deliver to the Trustee, within 90 days after the end of each fiscal year of the Issuer, commencing with the fiscal year ended
December 31, 2006, an Officer’s Certificate signed by two Officers of the Issuer, one of which shall be the principal executive officer, the principal financial officer or the principal accounting officer of the Issuer, stating that in the
course of the performance by the signers of their duties as Officers of the Issuer, they would normally have knowledge of any failure by the Issuer to comply with all conditions, or Default by the Issuer with respect to any covenants, under this
Indenture, and further stating whether or not they have knowledge of any such failure or default and, if so, specifying each such failure or Default and the nature thereof. In the event an Officer of the Issuer comes to have actual knowledge of a
Default, regardless of the date, the Issuer shall deliver an Officer’s Certificate to the Trustee within five Business Days of obtaining such actual knowledge specifying such Default and the nature and status thereof. 
 Section 9.8 Statement by Officers as to Default. 
 The Issuer shall deliver to the Trustee, as soon as possible and in any event within five Business Days after the Issuer becomes aware of the occurrence of any Default or Event of Default, an Officer’s
Certificate setting forth the details of such Default or Event of Default and the action which the Issuer proposes to take with respect thereto. 
 Section 9.9 Insurance. 
 The Parent will at all times keep all of its and its Subsidiaries properties which are of an
insurable nature insured with insurers, believed by the Parent to be responsible, against loss or damage to the extent that property of similar character is usually so insured by corporations similarly situated and owning like properties.

 ARTICLE 10 
 REDEMPTION AT THE OPTION OF THE ISSUER 
 Section 10.1 Right of Redemption. 
 Subject to the terms and conditions of this Article 10 and unless the Issuer elects an Auto-Conversion of the Notes pursuant to Section 12.13, if
the average Closing Price of the Common Stock has exceeded 150% of the Conversion Price then in effect for at least 20 Trading Days during any 30 Trading Day period, ending within five Trading Days prior to the date of the Redemption Notice, the
Issuer may elect, at its sole option, at any time after the original issuance 

  

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of the Notes through the close of business on the final maturity date of the Notes, to redeem the Notes, in whole or in part, on the Redemption Date for a
redemption price in cash equal to 100% of the principal amount of Notes to be redeemed (the “Redemption Price”), plus any accrued and unpaid interest (including Special Interest, if any) on the Notes redeemed to, but excluding, the
Redemption Date; provided however, if the Redemption Date is prior to the one year anniversary of the Closing Date, then the Issuer shall pay in cash the interest (including Special Interest, if any) due on the Interest Payment Dates of
December 30, 2006 and June 30, 2007, to the extent not already paid, to the Holders of such Notes so redeemed on such Interest Payment Dates. If the Redemption Date is after a Regular Record Date and on or prior to the corresponding
Interest Payment Date, the interest payable on such Interest Payment Date shall be paid on the Redemption Date to the Holder on the Regular Record Date. 
 Section 10.2 Election to Redeem Notice to Trustee. 
 The election of the Issuer to redeem any Notes
pursuant to Section 10.1 shall be evidenced by a Board Resolution. In case of any redemption at the election of the Issuer, the Issuer shall, at least ten days prior to the Redemption Date fixed by the Issuer (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Notes to be redeemed and shall deliver to the Trustee such documentation and records as shall enable the Trustee to select the Notes to be
redeemed pursuant to Section 10.3. 
 Section 10.3 Selection by Trustee of Notes to Be Redeemed. 
 If less than all the Notes are to be redeemed, the particular Notes to be redeemed shall be selected not less than ten days prior to the Redemption Date
by the Trustee, from the Outstanding Notes not previously called for redemption, in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed, if the Notes are not listed on a national
securities exchange, on a pro rata basis, by lot, or by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions of the principal of Notes; provided, however, that no
such portion redemption shall reduce the prior of the principal amount of a Note not redeemed to less than $1,000. 
 The Trustee shall
promptly notify the Issuer in writing of the Notes selected for redemption and, in the case of any Notes selected for partial redemption, the principal amount thereof to be redeemed. 
 For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to redemption of Notes shall relate, in the case of
any Note redeemed or to be redeemed only in part, to the portion of the principal amount of such Note which has been or is to be redeemed. 
  

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 Section 10.4 Notice of Redemption. 
 Notice of redemption (the “Redemption Notice”) shall be given in the manner provided for in Section 14.2 not more than 30 days but not
less than ten days before the Redemption Date, to each Holder of Notes to be redeemed. 
 All Redemption Notices shall identify the Notes to
be redeemed (including CUSIP numbers) and shall state: 
 (1) the Redemption Date, 
 (2) the Redemption Price and the amount of accrued interest (including Special Interest, if any) to the Redemption Date payable as
provided in Section 10.6, if any, 
 (3) if less than all Outstanding Notes are to be redeemed, the identification (and,
in the case of a partial redemption, the principal amounts) of the particular Notes to be redeemed, 
 (4) in case any Notes
is to be redeemed in part only, the notice which relates to such Note shall state that on and after the Redemption Date, upon surrender of such Note, the Holder will receive, without charge, a new Note or Notes of authorized denominations for the
principal amount thereof remaining unredeemed, 
 (5) that on the Redemption Date the Redemption Price (and accrued interest
and Special Interest, if any, to, but excluding, the Redemption Date payable as provided in Section 10.6) will become due and payable upon each such Note, or the portion, thereof, to be redeemed, and that interest (including Special Interest,
if any) thereon will cease to accrue on and after said date; 
 (6) the Conversion Price then in effect, the date on which the
right to convert the principal amount of the Notes to be repurchased will terminate and the place where such Notes may be surrendered for Conversion; and 
 (7) the place or places where such Notes are to be surrendered for payment of the Redemption Price and accrued interest and Special Interest, if any. 
 Notice of redemption of Notes to be redeemed at the election of the Issuer shall be given by the Issuer or, at the Issuer’s written request, by the
Trustee in the name and at the expense of the Issuer. 
  

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 Section 10.5 Deposit of Redemption Price. 
 Prior to any Redemption Date, the Issuer shall deposit with the Trustee or with a Paying Agent (or, if the Issuer is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 2.6) an amount of money sufficient to pay the Redemption Price of, and accrued interest and Special Interest, if any, on all the Notes which are to be redeemed on that date. 
 Section 10.6 Notes Payable on Redemption Date. 
 Redemption Notice having been given as aforesaid, the Notes so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified (together with accrued interest and Special
Interest, if any, to, but excluding, the Redemption Date), and from and after such date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest) such Notes shall cease to bear interest (including Special
Interest, if any). Upon surrender of any such Note for redemption in accordance with said notice, such Note shall be paid by the Issuer at the Redemption Price, together with accrued interest and Special Interest, if any, to, but excluding, the
Redemption Date; provided, however, that installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Notes, or on or more Predecessor Notes, registered as such at the
close of business on the relevant Record Dates according to their terms and provisions of Section 2.1 hereof. If any Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any)
shall, until paid, bear interest from the Redemption Date at the rate borne by the Notes. 
 Section 10.7 Notes Redeemed in Part.

 Any Note which is to be redeemed only in part shall be surrendered to the Trustee (with, if the Issuer or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by the Holder thereof or his attorney duly authorized in writing), and the Issuer shall execute, and the Trustee shall authenticate
and make available for delivery to the Holder of such Note without service charge, a new Note or Notes, containing identical terms and conditions, each in an authorized denomination in aggregate principal amount equal to and in exchange for the
unredeemed portion of the principal of the Note so surrendered. 
 Section 10.8 Redeemed Notes to be Canceled. 
 All Notes subject to any redemption shall be delivered to the Trustee to be canceled at the direction of the Trustee, which shall dispose of the same as
provided in Section 2.15 hereof. Failure to deliver such Notes shall not affect their automatic cancellation. 
  

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 ARTICLE 11 
 REPURCHASE OF THE NOTES AT THE OPTION OF THE HOLDER 
 Section 11.1 Change of Control
Repurchase Right. 
 In the event that a Change of Control shall occur, each Holder shall have the right (the “Change of Control
Repurchase Right”), at the Holder’s option, but subject to the provisions of Section 11.2 hereof, to require the Issuer to repurchase, and upon the exercise of such right the Issuer shall repurchase, all of such Holder’s Notes,
or any portion of the principal amount thereof that is equal to $1,000 or an integral multiple thereof (provided that no single Note may be repurchased in part unless the portion of the principal amount of such Note to be Outstanding after such
repurchase is equal to $1,000 or an integral multiple thereof), on the date (the “Change of Control Repurchase Date”) that is a Business Day no earlier than 30 days nor later than 60 days after the date of the Change of Control Repurchase
Notice at a purchase price equal to 100% of the principal amount of the Notes to be repurchased (the “Change of Control Repurchase Price”), plus interest (including Special Interest, if any) accrued and unpaid to, but excluding, the Change
of Control Repurchase Date, subject to the satisfaction by or on behalf of the Holder of the requirements set forth in Section 11.6; provided, however, that installments of interest on Notes whose Stated Maturity is prior to or on
the Change of Control Repurchase Date shall be payable to the Holders of such Notes, or one or more Predecessor Notes, registered as such on the relevant Record Date according to their terms and the provisions of Section 2.1 hereof. 

Subject to the fulfillment by the Issuer of the conditions set forth in Section 11.2 hereof, the Issuer may elect to pay the Change of Control
Repurchase Price by delivering the number of shares of Common Stock equal to (i) the Change of Control Repurchase Price divided by (ii) 95% of the average of the Closing Prices per share of Common Stock for the five consecutive Trading
Days immediately preceding and including the third Trading Day prior to the Change of Control Repurchase Date. 
 Section 11.2 Conditions
to the Issuer’s Election to Pay the Change of Control Repurchase Price in Common Stock. 
 (a) The shares of Common
Stock to be issued upon repurchase of Notes in connection with a Change of Control: 
 (1) shall not require registration
under any federal securities law before such shares may be freely transferable without being subject to any transfer restrictions under the Securities Act upon repurchase or, if such registration is required, such registration shall be completed and
shall become effective prior to the Change of Control Repurchase Date; and 
  

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 (2) shall not require registration with, or approval of, any governmental authority under
any state law or any other federal law before shares may be validly issued or delivered upon repurchase or if such registration is required or such approval must be obtained, such registration shall be completed or such approval shall be obtained
prior to the Change of Control Repurchase Date. 
 (b) The shares of Common Stock to be listed upon repurchase of Notes
hereunder are, or shall have been, approved for listing on the Nasdaq Capital Market, the Nasdaq National Market or the New York Stock Exchange or listed on another national securities exchange, in any case, prior to the Change of Control Repurchase
Date. 
 (c) All shares of Common Stock which may be issued upon repurchase of Notes will be issued out of the Parent’s
authorized but unissued Common Stock and shall, upon issue, be duly and validly issued and fully paid and nonassessable and free of any preemptive or similar rights. 
 (d) If any of the conditions set forth in clauses (a) through (c) of this Section 11.2 are not satisfied in accordance with
the terms thereof, the Change of Control Repurchase Price shall be paid by the Issuer only in cash. 
 Section 11.3 Change of Control
Repurchase Notices. 
 Prior to or on the 30th day after the occurrence of a Change of Control, the Issuer, or, at the written request
and expense of the Issuer prior to or on the 30th day after such occurrence, the Trustee, shall give to all Holders of Notes notice, in the manner provided in Section 14.2 hereof, of the occurrence of the Change of Control and of the Change of
Control Repurchase Right set forth herein arising as a result thereof (the “Change of Control Repurchase Notice”). The Issuer shall also deliver a copy of such notice of a Change of Control Repurchase Right to the Trustee. Each notice of a
Repurchase Right shall identify the Notes to be repurchased (including applicable CUSIP numbers) and shall state: 
 (1) the
Change of Control Repurchase Date; 
 (2) the date by which the Change of Control Repurchase Right must be exercised;

 (3) the Change of Control Repurchase Price and accrued and unpaid interest (including Special Interest, if any), if any,
and whether the Change of Control Repurchase Price shall be paid by the Issuer in cash or by delivery of shares of Common Stock; 
  

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 (4) a description of the procedure which a Holder must follow to exercise a Change of
Control Repurchase Right, and the place or places where such Notes are to be surrendered for payment of the Change of Control Repurchase Price and accrued and unpaid interest; 
 (5) that on the Change of Control Repurchase Date the Change of Control Repurchase Price and accrued and unpaid interest will become due
and payable upon each such Note designated by the Holder to be repurchased, and that interest thereon (including Special Interest, if any) shall cease to accrue on and after said date; 
 (6) the Conversion Price then in effect (and whether such Conversion Price is a Make-Whole Conversion Price resulting from the Change of
Control giving rise to such notice), the date on which the right to convert the principal amount of the Notes to be repurchased will terminate and the place where such Notes may be surrendered for Conversion; 
 (7) the place or places where such Notes, together with the Option of Holder to Elect Repurchase certificate included in Exhibit A annexed
hereto are to be delivered for payment of the Change of Control Repurchase Price and accrued and unpaid interest (including Special Interest, if any), if any; and 
 (8) whether such notice constitutes a Non-Stock Change of Control Notice. 
 No failure of the Issuer to give the foregoing notices or defect therein shall limit any Holder’s right to exercise a Change of Control Repurchase
Right or affect the validity of the proceedings for the repurchase of Notes. 
 If any of the foregoing provisions or other provisions of
this Article 11 are inconsistent with applicable law, such law shall govern. 
 Section 11.4 The 2009 Repurchase Right. 
 (a) In the event that the Parent does not meet the New Equity Requirement set forth below in clause (b), each Holder shall have the right
(the “2009 Repurchase Right”), at the Holder’s option, to require the Issuer to repurchase for cash, and upon the exercise of such right the Issuer shall repurchase, all of such Holder’s Notes, or any portion of the principal
amount thereof that is equal to $1,000 or an integral multiple thereof (provided that no single Note may be repurchased in part unless the 

  

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portion of the principal amount of such Note to be Outstanding after such repurchase is equal to $1,000 or an integral multiple thereof), on
September 15, 2009 (the “2009 Repurchase Date”), at a purchase price equal to 100% of the principal amount of the Notes to be repurchased (the “2009 Repurchase Price”), plus interest (including Special Interest, if any)
accrued and unpaid to, but excluding, the 2009 Repurchase Date, subject to the satisfaction by or on behalf of the Holder of the requirements set forth in Section 11.6. 
 (b) The Issuer shall be subject to the 2009 Repurchase Right of the Holders set forth in clause (a) above if the Parent does not
raise cumulatively from the date of this Indenture to the third anniversary of the date of this Indenture, $25,000,000 in new equity (the “New Equity Requirement”) through the sale of equity for cash, equity exchanges for the debt of the
Parent or the Issuer, conversion of debt of the Parent or the Issuer into equity or any combination thereof. The amount of new equity raised is to be calculated based on gross cash proceeds from the issuance of equity, the face amount of debt
exchanged for equity or the face amount of debt converted into equity, as applicable. For avoidance of doubt, any failure of the Parent to meet the New Equity Requirement shall not constitute a Default or an Event of Default under this Indenture.

 Section 11.5 The 2009 Repurchase Notice. 
 Prior to or on the 20th Business Day prior to the 2009 Repurchase Date, the Issuer, or, at the written request and expense of the Issuer prior to or on the 30th Business Day prior to the 2009 Repurchase Date, the
Trustee, shall give to all Holders of Notes notice, in the manner provided in Section 14.2 hereof, of the Holder’s 2009 Repurchase Right set forth herein arising as a result of the failure by the Parent to meet the New Equity Requirement
(the “2009 Repurchase Notice”) and the Issuer shall also deliver a copy of such notice of a 2009 Repurchase Right to the Trustee; provided, however, that the Issuer shall not be required to give Holders the 2009 Repurchase
Notice if the Parent meets the New Equity Requirement. The 2009 Repurchase Notice shall identify the Notes to be repurchased (including applicable CUSIP numbers) and shall state: 
 (1) the 2009 Repurchase Date; 
 (2) the date by which the 2009 Repurchase Right must be exercised; 
 (3) the 2009 Repurchase
Price and accrued and unpaid interest (including Special Interest, if any), if any; 
 (4) a description of the procedure
which a Holder must follow to exercise the 2009 Repurchase Right, and the place or places where such Notes are to be surrendered for payment of the 2009 

  

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Repurchase Price and accrued and unpaid interest (including Special Interest, if any); 
 (5) that on the 2009 Repurchase Date the 2009 Repurchase Price and accrued and unpaid interest (including Special Interest, if any) will
become due and payable upon each such Note designated by the Holder to be repurchased, and that interest (including Special Interest, if any) thereon shall cease to accrue on and after said date; 
 (6) the Conversion Price then in effect, the date on which the right to convert the principal amount of the Notes to be repurchased will
terminate and the place where such Notes may be surrendered for Conversion; and 
 (7) the place or places where such Notes,
together with the Option of Holder Elect Repurchase certificate included in Exhibit A annexed hereto are to be delivered for payment of the 2009 Repurchase Price and accrued and unpaid interest (including Special Interest, if any), if any.

 No failure of the Issuer to give the foregoing notices or defect therein shall limit any Holder’s right to exercise the 2009
Repurchase Right or affect the validity of the proceedings for the repurchase of Notes. 
 If any of the foregoing provisions or other
provisions of this Article 11 are inconsistent with applicable law, such law shall govern. 
 Section 11.6 Method of Exercising Repurchase
Right, Etc. 
 (a) To exercise a Repurchase Right, a Holder shall deliver to the Trustee prior to the close of business on
the third Business Day immediately preceding the Repurchase Date: 
 (1) written notice of the Holder’s exercise of such
right, which notice shall set forth the name of the Holder, the principal amount of the Notes to be repurchased (and, if any Note is to be repurchased in part, the serial number thereof, the portion of the principal amount thereof to be repurchased)
and a statement that an election to exercise the Repurchase Right is being made thereby, and, in the case of the exercise of a Change of Control Repurchase Right, in the event that the Change of Control Repurchase Price shall be paid in shares of
Common Stock, the 

  

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name or names (with addresses) in which the certificate or certificates for shares of Common Stock shall be issued, and 
 (2) the Notes with respect to which the Repurchase Right is being exercised; provided, however, if the Notes are not in
certificated (i.e., physical) form, Holders must provide notice of their election in accordance with the Applicable Procedures of the Depositary. 
 Such
written notice shall be irrevocable if not withdrawn prior to the close of business on the third Business Day prior to the Repurchase Date by delivery to the Trustee of a notice of withdrawal, except that the right of the Holder to convert the Notes
with respect to which the Repurchase Right is being exercised shall continue until the close of business on the Business Day immediately preceding the Repurchase Date. The Issuer shall not pay accrued and unpaid interest (including Special Interest,
if any) on any such Notes so converted. 
 (b) In the event a Repurchase Right shall be exercised in accordance with the terms
hereof, the Issuer shall pay or cause to be paid to the Trustee the Repurchase Price in cash or, in the case of the exercise of a Change of Control Repurchase Right, shares of Common Stock, as provided in Section 11.2, for payment to the Holder
on the Repurchase Date or, if shares of Common Stock are to be paid, as promptly after the Change of Control Repurchase Date as practicable, and accrued and unpaid interest (including Special Interest, if any) to the Repurchase Date payable in cash
with respect to the Notes as to which the Repurchase Right has been exercised; provided, however, that installments of interest that mature prior to or on the Repurchase Date shall be payable in cash to the Holders of such Notes, or
one or more Predecessor Notes, registered as such at the close of business on the relevant Regular Record Date. 
 (c) If any
Note (or portion thereof) surrendered for repurchase shall not be so paid on the Repurchase Date, the principal amount of such Note (or portion thereof, as the case may be) shall, until paid, bear interest to the extent permitted by applicable law
from the Repurchase Date at the rate of interest borne by the Notes, and each Note shall remain convertible into Common Stock until the principal of such Note (or portion thereof, as the case may be) shall have been paid or duly provided for.

 (d) Any Note which is to be repurchased only in part shall be surrendered to the Trustee (with, if the Issuer or the
Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by the Holder thereof or his attorney duly authorized in writing), and the Issuer shall execute, and the
Trustee shall authenticate and make available for delivery to the Holder of such Note without service charge, a new Note or Notes, containing identical terms and conditions, each in an authorized denomination in aggregate principal amount equal to
and in exchange for the unrepurchased portion of the principal of the Note so surrendered. 
  

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 (e) Any issuance of shares of Common Stock in respect of the Change of Control Repurchase
Price shall be deemed to have been effected immediately prior to the close of business on the Change of Control Repurchase Date and the Person or Persons in whose name or names any certificate or certificates for shares of Common Stock shall be
issuable upon such repurchase shall be deemed to have become on the Change of Control Repurchase Date the holder or holders of record of the shares represented thereby; provided, however, that any surrender for repurchase on a date
when the stock transfer books of the Parent shall be closed shall constitute the Person or Persons in whose name or names the certificate or certificates for such shares are to be issued as the record holder or holders thereof for all purposes at
the opening of business on the next succeeding day on which such stock transfer books are open. No payment or adjustment shall be made for dividends or distributions on any Common Stock issued upon repurchase of any Note declared prior to the Change
of Control Repurchase Date. 
 (f) No fractions of shares of Common Stock shall be issued upon repurchase of any Note or
Notes. If more than one Note shall be repurchased from the same Holder and the Change of Control Repurchase Price shall be payable in shares of Common Stock, the number of full shares which shall be issued upon such repurchase shall be computed on
the basis of the aggregate principal amount of the Notes (or specified portions thereof) to be so repurchased. Instead of any fractional share of Common Stock which would otherwise be issued on the repurchase of any Note or Notes (or specified
portions thereof), the Issuer shall pay a cash adjustment in respect of such fraction (calculated to the nearest one-100th of a share) in an amount equal to the same fraction of the Closing Price of the Common Stock as of the Trading Day preceding
the Change of Control Repurchase Date. 
 (g) Any issuance and delivery of certificates for shares of Common Stock on
repurchase of Notes shall be made without charge to the Holder of Notes being repurchased for such certificates or for any tax or duty in respect of the issuance or delivery of such certificates or the Notes represented thereby; provided,
however, that neither the Parent nor the Issuer shall be required to pay any tax or duty which may be payable in respect of (i) income or (ii) any transfer involved in the issuance or delivery of certificates for shares of Common
Stock in a name other than that of the Holder of the Notes being repurchased, and no such issuance or delivery shall be made unless the Persons requesting such issuance or delivery has paid to the Issuer the amount of any such tax or duty or has
established, to the satisfaction of the Issuer, that such tax or duty has been paid. 
 (h) All Notes delivered for repurchase
shall be delivered to the Trustee to be canceled at the direction of the Trustee, which shall dispose of the same as provided in Section 2.15 hereof. 
  

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 ARTICLE 12 
 CONVERSION OF NOTES 
 Section 12.1 Conversion Right and Conversion Price. 

Subject to and upon compliance with the provisions of this Article 12, at the option of the Holder thereof, any Outstanding Note or any portion of the
principal amount thereof which is $1,000 or an integral multiple of $1,000 may be converted into duly authorized, fully paid and nonassessable shares of Common Stock, at the Conversion Price, determined as hereinafter provided, in effect at the time
of Conversion. In the event the 2009 Repurchase Right is not exercised, such Conversion right shall expire at the close of business on June 30, 2010. 
 In the case of a Change of Control for which the Holder exercises its Change of Control Repurchase Right with respect to a Note or portion thereof, such Conversion right in respect of the Note or portion thereof shall
expire at the close of business on the Business Day immediately preceding the Change of Control Repurchase Date. 
 In the event that the
Parent does not meet the New Equity Requirement and the Holder exercises its 2009 Repurchase Right with respect to a Note or portion thereof, such Conversion right in respect of the Note or portion thereof shall expire at the close of business on
the Business Day immediately preceding the 2009 Repurchase Date. 
 In the event that the Issuer calls any or all of the Notes for redemption
pursuant to Article 10, the right in respect of the Note or portion thereof called for redemption shall expire at the close of business on the Business Day immediate preceding the Redemption Date. 
 The price at which shares of Common Stock shall be delivered upon Conversion (the “Conversion Price”) shall be initially equal to $1.20 per
share of Common Stock. The Conversion Price shall be adjusted in certain instances as provided in Section 12.4 hereof. 
 Section 12.2
Exercise of Conversion Right. 
 To exercise the Conversion right, the Holder of any Note to be converted shall surrender such Note
duly endorsed or assigned to the Issuer or in blank, at the office of any Conversion Agent, accompanied by a duly signed Conversion notice substantially in the form attached to the Note to the Issuer stating that the Holder elects to convert such
Note or, if less than the entire principal amount thereof is to be converted, the portion thereof to be converted. 
 To the extent provided
in Section 2.1 hereof, Notes surrendered for Conversion during the period from the close of business on any Regular Record Date to the opening of business on the next succeeding Interest Payment Date (except in the case of any Note whose
Maturity is prior to such Interest Payment Date) shall be accompanied by wire payment of an amount equal to the interest to be received on such Interest Payment Date on the principal amount of Notes being surrendered for Conversion; provided,
if the Notes are surrendered for conversion prior to the one year anniversary of the Closing Date, then the Issuer shall pay in cash the interest 

  

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(including Special Interest, if any) due on the Interest Payment Dates of December 30, 2006 and June 30, 2007, to the extent not already paid, to
the Holders of such Notes so converted on such Interest Payment Dates, and such Holders need not provide the payment described in this paragraph provided, however, that, if the date the Notes are surrendered for conversion is between a
Regular Record Date and the corresponding Interest Payment Date, the Issuer shall pay such interest (including Special Interest, if any) to the Holders at the close of business on the corresponding Regular Record Date. 
 Notes shall be deemed to have been converted immediately prior to the close of business on the day of surrender of such Notes for Conversion in
accordance with the foregoing provision, and at such time the rights of the Holders of such Notes as Holders shall cease, and the Person or Persons entitled to receive the Common Stock issuable upon Conversion shall be treated for all purposes as
the record holder or holders of such Common Stock at such time. As promptly as practicable on or after the Conversion Date, the Issuer shall cause to be issued and delivered to such Conversion Agent a certificate or certificates for the number of
full shares of Common Stock issuable upon Conversion, together with payment in lieu of any fraction of a share as provided in Section 12.3 hereof. 
 In the case of any Note which is converted in part only, upon such Conversion the Issuer shall execute and the Trustee shall authenticate and deliver to the Holder thereof, at the expense of the Issuer, a new Note or
Notes of authorized denominations in aggregate principal amount equal to the unconverted portion of the principal amount of such Notes. 
 The Issuer hereby initially appoints the Trustee as the Conversion Agent. 
 Section 12.3 Fractions of Shares. 
 No fractional shares of Common Stock shall be issued upon Conversion of any Note or Notes. If more than one Note shall be surrendered for Conversion at
one time by the same Holder, the number of full shares which shall be issued upon Conversion thereof shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof) so surrendered. Instead of any
fractional share of Common Stock which would otherwise be issued upon Conversion of any Note or Notes (or specified portions thereof), the Issuer shall pay a cash adjustment in respect of such fraction (calculated to the nearest one-100th of a
share) in an amount equal to the same fraction of the Closing Price of the Common Stock as of the Trading Day preceding the Conversion Date. 
 Section 12.4 Adjustment of Conversion Price. 
 The Conversion Price shall be subject to adjustments, calculated by the
Issuer, from time to time as follows: 
 (a) In case the Parent shall hereafter pay a dividend or make a distribution to all
holders of the outstanding Common Stock in shares of Common Stock, the Conversion Price in effect at the opening of business on the date following the date 

  

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fixed for the determination of stockholders entitled to receive such dividend or other distribution shall be reduced by multiplying such Conversion Price by
a fraction: 
 (i) the numerator of which shall be the number of shares of Common Stock outstanding at the close of business
on the Record Date (as defined in Section 12.4(g) hereof) fixed for such determination, and 
 (ii) the denominator of
which shall be the sum of such number of shares and the total number of shares constituting such dividend or other distribution. 
 Such
reduction shall become effective immediately after the opening of business on the day following the Record Date. If any dividend or distribution of the type described in this Section 12.4(a) is declared but not so paid or made, the Conversion
Price shall again be adjusted to the Conversion Price which would then be in effect if such dividend or distribution had not been declared. 
 (b) In case the outstanding shares of Common Stock shall be subdivided into a greater number of shares of Common Stock, the Conversion Price in effect at the opening of business on the day following the day upon which
such subdivision becomes effective shall be proportionately reduced, and conversely, in case outstanding shares of Common Stock shall be combined into a smaller number of shares of Common Stock, the Conversion Price in effect at the opening of
business on the day following the day upon which such combination becomes effective shall be proportionately increased, such reduction or increase, as the case may be, to become effective immediately after the opening of business on the day
following the day upon which such subdivision or combination becomes effective. 
 (c) In case the Parent shall issue rights
or warrants (other than any rights or warrants referred to in Section 12.4(d) hereof) to all holders of its outstanding shares of Common Stock entitling them to subscribe for or purchase shares of Common Stock (or securities convertible into
Common Stock) at a price per share (or having a Conversion price per share) less than the Current Market Price (as defined in Section 12.4(g) hereof) on the Record Date fixed for the determination of stockholders entitled to receive such rights
or warrants, the Conversion Price shall be adjusted so that the same shall equal the price determined by multiplying the Conversion Price in effect at the opening of business on the date after such Record Date by a fraction: 
 (i) the numerator of which shall be the number of shares of Common Stock outstanding at the close of business on the Record Date plus the
number of shares which the aggregate offering price of the total number of shares so offered for subscription or purchase (or the aggregate Conversion price of the 

  

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convertible securities so offered) would purchase at such Current Market Price, and 
 (ii) the denominator of which shall be the number of shares of Common Stock outstanding on the close of business on the Record Date plus
the total number of additional shares of Common Stock so offered for subscription or purchase (or into which the convertible securities so offered are convertible). 
 Such adjustment shall become effective immediately after the opening of business on the day following the Record Date fixed for determination of stockholders entitled to receive such rights or warrants. To the extent
that shares of Common Stock (or securities convertible into Common Stock) are not delivered pursuant to such rights or warrants, upon the expiration or termination of such rights or warrants the Conversion Price shall be readjusted to the Conversion
Price which would then be in effect had the adjustments made upon the issuance of such rights or warrants been made on the basis of the delivery of only the number of shares of Common Stock (or securities convertible into Common Stock) actually
delivered. In the event that such rights or warrants are not so issued, the Conversion Price shall again be adjusted to be the Conversion Price which would then be in effect if such date fixed for the determination of stockholders entitled to
receive such rights or warrants had not been fixed. In determining whether any rights or warrants entitle the holders to subscribe for or purchase shares of Common Stock at less than such Current Market Price, and in determining the aggregate
offering price of such shares of Common Stock, there shall be taken into account any consideration received for such rights or warrants, the value of such consideration if other than cash, to be determined by the Board of Directors. 
 (d) In case the Parent shall, by dividend or otherwise, distribute to all holders of its Common Stock shares of any class of capital stock
of the Parent (other than any dividends or distributions to which Section 12.4(a) hereof applies) or evidences of its indebtedness, cash or other assets, including securities, but excluding (1) any rights or warrants referred to in
Section 12.4(c) hereof, (2) any stock, securities or other property or assets (including cash) distributed as dividends or distributions in connection with a reclassification, change, merger, consolidation, statutory share exchange,
combination, sale or conveyance to which Section 12.11(i) hereof applies and (3) any dividends or distributions paid exclusively in cash (the securities described in foregoing are hereinafter in this Section 12.4(d) called the
“securities”), then, in each such case, subject to the second succeeding paragraph of this Section 12.4(d), the Conversion Price shall be reduced so that the same shall be equal to the price determined by multiplying the Conversion
Price in effect immediately prior to the close of business on the Record Date (as defined in Section 12.4(g) hereof) with respect to such distribution by a fraction: 
 (i) the numerator of which shall be the Current Market Price (determined as provided in Section 12.4(g) hereof) on such date less the
fair market value (as determined by the Issuer’s Board of Directors, whose determination shall be conclusive and set forth in a Board Resolution) on such 

  

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date of the portion of the securities so distributed applicable to one share of Common Stock (determined on the basis of the number of shares of the Common
Stock outstanding on the Record Date), and 
 (ii) the denominator of which shall be such Current Market Price. 
 Such reduction shall become effective immediately prior to the opening of business on the day following the Record Date. However, in the event that the then fair market
value (as so determined) of the portion of the securities so distributed applicable to one share of Common Stock is equal to or greater than the Current Market Price on the Record Date, in lieu of the foregoing adjustment, adequate provision shall
be made so that each Holder shall have the right to receive upon Conversion of a Note (or any portion thereof) the amount of securities such Holder would have received had such Holder converted such Note (or portion thereof) immediately prior to
such Record Date. In the event that such dividend or distribution is not so paid or made, the Conversion Price shall again be adjusted to be the Conversion Price which would then be in effect if such dividend or distribution had not been declared.

 If the Issuer’s Board of Directors determines the fair market value of any distribution for purposes of this Section 12.4(d) by
reference to the actual or when issued trading market for any securities comprising all or part of such distribution, it must in doing so consider the prices in such market over the same period (the “Reference Period”) used in computing
the Current Market Price pursuant to Section 12.4(g) hereof to the extent possible, unless the Issuer’s Board of Directors in a Board Resolution determines in good faith that determining the fair market value during the Reference Period
would not be in the best interest of the Holder. 
 Rights or warrants distributed by the Parent to all holders of Common Stock entitling the
holders thereof to subscribe for or purchase shares of the Parent’s capital stock (either initially or under certain circumstances), which rights or warrants, until the occurrence of a specified event or events (a “Trigger Event”):

 (i) are deemed to be transferred with such shares of Common Stock; 
 (ii) are not exercisable; and 
 (iii) are also issued in respect of future issuances of Common Stock, 
 shall be deemed not to have been distributed for
purposes of this Section 12.4(d) (and no adjustment to the Conversion Price under this Section 12.4(d) will be required) until the occurrence of the earliest Trigger Event. If such right or warrant is subject to subsequent events, upon the
occurrence of which such right or warrant shall become exercisable to purchase different securities, evidences of indebtedness or other assets or entitle the holder to purchase a 

  

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different number or amount of the foregoing or to purchase any of the foregoing at a different purchase price, then the occurrence of each such event shall
be deemed to be the date of issuance and record date with respect to a new right or warrant (and a termination or expiration of the existing right or warrant without exercise by the holder thereof). In addition, in the event of any distribution (or
deemed distribution) of rights or warrants, or any Trigger Event or other event (of the type described in the preceding sentence) with respect thereto, that resulted in an adjustment to the Conversion Price under this Section 12.4(d):

 (1) in the case of any such rights or warrants which shall all have been redeemed or repurchased without exercise by any
holders thereof, the Conversion Price shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or
repurchase price received by a holder of Common Stock with respect to such rights or warrant (assuming such holder had retained such rights or warrants), made to all holders of Common Stock as of the date of such redemption or repurchase, and

 (2) in the case of such rights or warrants all of which shall have expired or been terminated without exercise, the
Conversion Price shall be readjusted as if such rights and warrants had never been issued. 
 For purposes of this Section 12.4(d) and
Sections 12.4(a) , (b) and (c) hereof, any dividend or distribution to which this Section 12.4(d) is applicable that also includes shares of Common Stock, a subdivision or combination of Common Stock to which Section 12.4(c)
hereof applies, or rights or warrants to subscribe for or purchase shares of Common Stock to which Section 12.4(c) hereof applies (or any combination thereof), shall be deemed instead to be: 
 (1) a dividend or distribution of the evidences of indebtedness, assets, shares of capital stock, rights or warrants other than such
shares of Common Stock, such subdivision or combination or such rights or warrants to which Sections 12.4(a), (b) and (c) hereof apply, respectively (and any Conversion Price reduction required by this Section 12.4(d) with respect to
such dividend or distribution shall then be made), immediately followed by 
  

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 (2) a dividend or distribution of such shares of Common Stock, such subdivision or
combination or such rights or warrants (and any further Conversion Price reduction required by Sections 12.4(a), (b) and (c) hereof with respect to such dividend or distribution shall then be made), except: 
 (A) the Record Date of such dividend or distribution shall be substituted as (x) “the date fixed for the determination of
stockholders entitled to receive such dividend or other distribution”, “Record Date fixed for such determinations” and “Record Date” within the meaning of Section 12.4(a) hereof, (y) “the day upon which such
subdivision becomes effective” and “the day upon which such combination becomes effective” within the meaning of Section 12.4(b) hereof, and (z) as “the date fixed for the determination of stockholders entitled to
receive such rights or warrants”, “the Record Date fixed for the determination of the stockholders entitled to receive such rights or warrants” and such “Record Date” within the meaning of Section 12.4(c) hereof, and

 (B) any shares of Common Stock included in such dividend or distribution shall not be deemed “outstanding at the
close of business on the date fixed for such determination” within the meaning of Section 12.4(a) hereof and any reduction or increase in the number of shares of Common Stock resulting from such subdivision or combination shall be
disregarded in connection with such dividend or distribution. 
 (e) In case the Parent shall, by dividend or otherwise,
distribute to all or substantially all holders of its Common Stock cash (excluding any dividend or distribution in connection with the liquidation, dissolution or winding up of the Parent, whether voluntary or involuntary), then, in such case, the
Conversion Price shall be reduced so that the same shall equal the price determined by multiplying the Conversion Price in effect on the applicable Record Date by a fraction, 
 (1) the numerator of which shall be the Current Market Price on such Record Date less the full amount of cash distributed in respect of
each share of Common Stock in such distribution; and 
 (2) the denominator of which shall be the Current Market Price on such
Record Date, 
 such adjustment to be effective immediately prior to the opening of business on the day following the Record Date; provided that if
the portion of the cash so distributed applicable to one share of Common Stock is equal to or greater than the Current Market Price on the Record Date, in lieu of the foregoing adjustment, adequate provision shall be made so that each Holder shall
have the right to receive upon Conversion the amount of cash such Holder would have received had such Holder converted each Note on the Record Date. If such dividend or distribution is not so paid or made, the Conversion Price shall again be
adjusted to be the Conversion Price that would then be in effect if such dividend or distribution had not been declared. 
  

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 (f) In case a tender offer made by the Parent or any of its Subsidiaries for all or any
portion of the Common Stock shall expire and such tender offer (as amended upon the expiration thereof) shall require the payment to stockholders (based on the acceptance (up to any maximum specified in the terms of the tender offer) of Purchased
Shares (as defined below)) of an aggregate consideration having a fair market value (as determined by the Issuer’s Board of Directors, whose determination shall be conclusive and set forth in a Board Resolution) that combined together with:

 (1) the aggregate of the cash plus the fair market value (as determined by the Issuer’s Board of Directors, whose
determination shall be conclusive and set forth in a Board Resolution), as of the expiration of such tender offer, of consideration payable in respect of any other tender offers, by the Parent or any of its Subsidiaries for all or any portion of the
Common Stock expiring within the 12 months preceding the expiration of such tender offer and in respect of which no adjustment pursuant to this Section 12.4(f) has been made, and 
 (2) the aggregate amount of any distributions to all holders of the Parent’s Common Stock made exclusively in cash within 12 months
preceding the expiration of such tender offer and in respect of which no adjustment pursuant to Section 12.4(e) hereof has been made, 
 exceeds 10% of
the product of the Current Market Price (determined as provided in Section 12.4(g) hereof) as of the last time (the “Expiration Time”) tenders could have been made pursuant to such tender offer (as it may be amended) times the number
of shares of Common Stock outstanding (including any tendered shares) on the Expiration Time, then, and in each such case, immediately prior to the opening of business on the day after the date of the Expiration Time, the Conversion Price shall be
adjusted so that the same shall equal the price determined by multiplying the Conversion Price in effect immediately prior to close of business on the date of the Expiration Time by a fraction: 
 (i) the numerator of which shall be the number of shares of Common Stock outstanding (including any tendered shares) at the Expiration
Time multiplied by the Current Market Price of the Common Stock on the Trading Day next succeeding the Expiration Time, and 
 (ii) the denominator shall be the sum of (x) the fair market value (determined as aforesaid) of the aggregate consideration payable to stockholders based on the acceptance (up to any maximum specified in the terms of the tender offer)
of all shares validly tendered and not withdrawn as of the Expiration Time (the shares deemed so accepted, up to any such maximum, being referred to as the “Purchased Shares”) and (y) the product of the number of shares of Common
Stock outstanding (less any Purchased Shares) on the Expiration 

  

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Time and the Current Market Price of the Common Stock on the Trading Day next succeeding the Expiration Time. 
 Such reduction (if any) shall become effective immediately prior to the opening of business on the day following the Expiration Time. In the event that the Parent is
obligated to purchase shares pursuant to any such tender offer, but the Parent is permanently prevented by applicable law from effecting any such purchases or all such purchases are rescinded, the Conversion Price shall again be adjusted to be the
Conversion Price which would then be in effect if such tender offer had not been made. If the application of this Section 12.4(f) to any tender offer would result in an increase in the Conversion Price, no adjustment shall be made for such
tender offer under this Section 12.4(f). 
 (g) For purposes of this Section 12.4, the following terms shall have
the meanings indicated: 
 (1) “Current Market Price” shall mean the average of the daily Closing Prices per share
of Common Stock for the ten consecutive Trading Days immediately prior to the date in question; provided, however, that if: 
 (i) the “ex” date (as hereinafter defined) for any event (other than the issuance or distribution requiring such computation) that requires an adjustment to the Conversion Price pursuant to
Section 12.4(a), (b), (c), (d), (e) or (f) hereof occurs during such ten consecutive Trading Days, the Closing Price for each Trading Day prior to the “ex” date for such other event shall be adjusted by multiplying such
Closing Price by the same fraction by which the Conversion Price is so required to be adjusted as a result of such other event; 
 (ii) the “ex” date for any event (other than the issuance or distribution requiring such computation) that requires an adjustment to the Conversion Price pursuant to Section 12.4(a), (b), (c), (d), (e) or (f) hereof
occurs on or after the “ex” date for the issuance or distribution requiring such computation and prior to the day in question, the Closing Price for each Trading Day on and after the “ex” date for such other event shall be
adjusted by multiplying such Closing Price by the reciprocal of the fraction by which the Conversion Price is so required to be adjusted as a result of such other event; and 
 (iii) the “ex” date for the issuance or distribution requiring such computation is prior to the day in question, after taking
into account any adjustment required pursuant to clause (i) or (ii) of this proviso, the Closing Price for each Trading Day on or after such “ex” date shall be adjusted by adding thereto the amount of any cash and the fair market
value (as determined by the Issuer’s Board of Directors in a manner consistent with any determination of such 

  

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value for purposes of Section 12.4(d) or (f) hereof, whose determination shall be conclusive and set forth in a Board Resolution) of the evidences
of indebtedness, shares of capital stock or assets being distributed applicable to one share of Common Stock as of the close of business on the day before such “ex” date. 
 For purposes of any computation under Section 12.4(f) hereof, the Current Market Price of the Common Stock on any date shall be deemed to be the average of the daily Closing Prices per share of Common Stock for
such day and the next two succeeding Trading Days; provided, however, that if the “ex” date for any event (other than the tender offer requiring such computation) that requires an adjustment to the Conversion Price pursuant
to Section 12.4(a), (b), (c), (d), (e) or (f) hereof occurs on or after the Expiration Time for the tender or exchange offer requiring such computation and prior to the day in question, the Closing Price for each Trading Day on and
after the “ex” date for such other event shall be adjusted by multiplying such Closing Price by the reciprocal of the fraction by which the Conversion Price is so required to be adjusted as a result of such other event. For purposes of
this paragraph, the term “ex” date, when used: 
 (A) with respect to any issuance or distribution, means the first
date on which the Common Stock trades regular way on the relevant exchange or in the relevant market from which the Closing Price was obtained without the right to receive such issuance or distribution; 
 (B) with respect to any subdivision or combination of shares of Common Stock, means the first date on which the Common Stock trades
regular way on such exchange or in such market after the time at which such subdivision or combination becomes effective, and 
 (C) with respect to any tender or exchange offer, means the first date on which the Common Stock trades regular way on such exchange or in such market after the Expiration Time of such offer. 
 Notwithstanding the foregoing, whenever successive adjustments to the Conversion Price are called for pursuant to this Section 12.4, such adjustments shall be made
to the Current Market Price as may be necessary or appropriate to effectuate the intent of this Section 12.4 and to avoid unjust or inequitable results as determined in good faith by the Issuer’s Board of Directors. 
 (2) “fair market value” shall mean the amount which a willing buyer would pay a willing seller in an arm’s length
transaction. 
 (3) “Record Date” shall mean, with respect to any dividend, distribution or other transaction or
event in which the holders of Common Stock have the right to receive any cash, securities or other property or in which the Common Stock (or other applicable security) is exchanged for or converted into any combination of cash, securities or 

  

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other property, the date fixed for determination of stockholders entitled to receive such cash, securities or other property (whether such date is fixed by
the Parent’s Board of Directors or by statute, contract or otherwise). 
 (h) The Issuer may make such reductions in the
Conversion Price, in addition to those required by Sections 12.4(a), (b), (c), (d), (e) or (f) hereof, as the Issuer’s Board of Directors considers to be advisable to avoid or diminish any income tax to holders of Common Stock or
rights to purchase Common Stock resulting from any dividend or distribution of stock (or rights to acquire stock) or from any event treated as such for income tax purposes. 
 To the extent permitted by applicable law, the Issuer from time to time may reduce the Conversion Price by any amount for any period of time if the
period is at least 20 days and the reduction is irrevocable during the period and the Issuer’s Board of Directors determines in good faith that such reduction would be in the best interests of the Issuer, which determination shall be conclusive
and set forth in a Board Resolution. Whenever the Conversion Price is reduced pursuant to the preceding sentence, the Issuer shall mail to the Trustee and each Holder at the address of such Holder as it appears in the Register a notice of the
reduction at least 15 days prior to the date the reduced Conversion Price takes effect, and such notice shall state the reduced Conversion Price and the period during which it will be in effect. Notwithstanding the foregoing, in no event will the
Conversion Price be less than $0.8600 except to give effect to the equitable adjustments to the Conversion Price as set forth in the provisions of this Section 12.4 (other than Section 12.4(m) hereof and this Section 12.4(h)).

 (i) No adjustment in the Conversion Price shall be required unless such adjustment would require an increase or decrease of
at least 1% in such price; provided, however, that any adjustments which by reason of this Section 12.4(i) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations
under this Article 12 shall be made by the Issuer and shall be made to the nearest cent or to the nearest one hundredth of a share, as the case may be. No adjustment need be made for a change in the par value or no par value of the Common Stock.

 (j) In any case in which this Section 12.4 provides that an adjustment shall become effective immediately after a
Record Date for an event, the Issuer may defer until the occurrence of such event (i) issuing to the Holder of any Note converted after such Record Date and before the occurrence of such event the additional shares of Common Stock issuable upon
such Conversion by reason of the adjustment required by such event over and above the Common Stock issuable upon such Conversion before giving effect to such adjustment and (ii) paying to such holder any amount in cash in lieu of any fraction
pursuant to Section 12.3 hereof. 
 (k) For purposes of this Section 12.4, the number of shares of Common Stock at
any time outstanding shall not include shares held in the treasury of the Parent but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of 

  

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shares of Common Stock. The Parent will not pay any dividend or make any distribution on shares of Common Stock held in the treasury of the Parent.

 (l) If the distribution date for the rights provided in the Parent’s rights agreement, if any, occurs prior to the
date a Note is converted, the Holder of the Note who converts such Note after the distribution date is not entitled to receive the rights that would otherwise be attached (but for the Conversion Date) to the shares of Common Stock received upon such
Conversion; provided, however, that an adjustment shall be made to the Conversion Price pursuant to Section 12.4(b) hereof as if the rights were being distributed to the common stockholders of the Parent immediately prior to such
Conversion. If such an adjustment is made and the rights are later redeemed, invalidated or terminated, then a corresponding reversing adjustment shall be made to the Conversion Price, on an equitable basis, to take account of such event.

 (m) Subject to Section 6.1 hereof, if a Holder elects to convert a Note within 30 days after the date of the Non-Stock
Change of Control Notice in connection with a Change of Control (or in connection with a transaction that would have been a Change of Control but for the proviso contained in the definition of Change of Control in Section 1.1 hereof), except
for a Change of Control resulting solely from an event described in clause 2 of the definition of Change of Control, pursuant to which 10% or more of the consideration for the Common Stock (other than cash payments for fractional shares and cash
payments made in respect of dissenters’ appraisal rights) in such transaction consists of cash or securities (or other property) that are not traded or scheduled to be traded immediately following such transaction on a U.S. national securities
exchange or the Nasdaq National Market (a “Non-Stock Change of Control”), the Issuer will reduce the Conversion Price for the Notes converted during such 30-day period to equal the new Conversion Price (the “Make-Whole Conversion
Price”) determined by reference to the table below, based on the date on which the Non-Stock Change of Control becomes effective (the “Effective Date”) and the price (the “Stock Price”) paid per share for the Common Stock in
the Non-Stock Change of Control. If Holders of Common Stock receive only cash in the Non-Stock Change of Control, the Stock Price shall be the cash amount paid per share of Common Stock. Otherwise, the Stock Price shall be the volume-weighted
average of the Closing Prices of the Common Stock on the five Trading Days prior to, but not including, the Effective Date. 
 The Stock
Prices and the Make-Whole Conversion Prices set forth in the table below will be adjusted as of any date on which the Conversion Price is adjusted. On such date, the Stock Prices shall be adjusted by multiplying: 
 (1) the Stock Prices applicable immediately prior to such adjustment, by 
 (2) a fraction, the numerator of which shall be the Conversion Price as adjusted and the denominator of which shall be the 

  

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Conversion Price immediately prior to the adjustment giving rise to the Stock Price adjustment. 
 The following table sets forth the Make-Whole Conversion Prices for the Notes converted during the 30-day period after the date of the Non-Stock Change
of Control Notice: 
 MAKE-WHOLE CONVERSION PRICES 
  

																					
	 	  	Make-Whole Conversion Prices
	 	  	Stock Price
	 Effective Date
	  	$0.72	  	$1.20	  	$1.30	  	$1.40	  	$1.50	  	$1.60	  	$1.70	  	$1.80	  	$1.90	  	$2.00
	 6/30/2006
	  	0.9076	  	1.1414	  	1.1478	  	1.1513	  	1.1545	  	1.1572	  	1.1596	  	1.2000	  	1.2000	  	1.2000
	 6/30/2007
	  	0.8698	  	1.1548	  	1.1794	  	1.1945	  	1.2000	  	1.2000	  	1.2000	  	1.2000	  	1.2000	  	1.2000
	 6/30/2008
	  	0.8279	  	1.1391	  	1.1685	  	1.1878	  	1.1982	  	1.2000	  	1.2000	  	1.2000	  	1.2000	  	1.2000
	 6/30/2009
	  	0.7813	  	1.1307	  	1.1642	  	1.1860	  	1.1975	  	1.2000	  	1.2000	  	1.2000	  	1.2000	  	1.2000
	 6/30/2010
	  	1.2000	  	1.2000	  	1.2000	  	1.2000	  	1.2000	  	1.2000	  	1.2000	  	1.2000	  	1.2000	  	1.2000

 The exact Stock Price and Effective Date may not be set forth on the table; in
which case, if the Stock Price is: 
 (1) between two Stock Prices on the table or the Effective Date is between two dates on
the table, the Make-Whole Conversion Price will be determined by straight-line interpolation between the number of shares of additional Common Stock set forth for the higher and lower Stock Prices and the two Effective Dates, as applicable, based on
a 360-day year. 
 (2) in excess of $2.00 per share (subject to adjustment), no decrease in the Conversion Price will be made;

 (3) less than $0.72 per share (subject to adjustment), no decrease in the Conversion Price will be made. 
 In no event will the Conversion Price be adjusted pursuant to this Section 12.4(m) in connection with a Non-Stock Change of Control occurring on or
after the later of the 2009 Repurchase Right or June 30, 2010. 
 The Issuer shall give notice (the “Non-Stock Change of Control
Notice”) to all Holders of such Non-Stock Change of Control as part of the Change of Control Repurchase Notice in accordance with Section 11.3 hereof. Holders that convert Notes in accordance with the requirements of Section 12.2
hereof at any time after the Issuer gives the Non-Stock Change of Control Notice until the Change of Control Repurchase Date with respect to such Change of 

  

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Control will receive the benefit of the Conversion Price adjustment with respect to the securities so converted pursuant to this Section 12.4(m).

 Section 12.5 Notice of Adjustments of Conversion Price. 
 Whenever the Conversion Price is adjusted as herein provided (other than in the case of an adjustment pursuant to the second paragraph of
Section 12.4(h) for which the notice required by such paragraph has been provided), the Issuer shall promptly file with the Trustee and any Conversion Agent other than the Trustee an Officer’s Certificate setting forth the adjusted
Conversion Price and showing in reasonable detail the facts upon which such adjustment is based. Promptly after delivery of such Officer’s Certificate, the Issuer shall prepare a notice stating that the Conversion Price has been adjusted and
setting forth the adjusted Conversion Price and the date on which each adjustment becomes effective, and shall mail such notice to each Holder at the address of such Holder as it appears in the Register within 20 days of the effective date of such
adjustment. Failure to deliver such notice shall not effect the legality or validity of any such adjustment. 
 Section 12.6 Notice Prior
to Certain Actions. 
 In case at any time after the date hereof: 
 (1) the Parent shall declare a dividend (or any other distribution) on its Common Stock payable otherwise than in cash out of its capital
surplus or its consolidated retained earnings; 
 (2) the Parent shall authorize the granting to the holders of its Common
Stock of rights or warrants to subscribe for or purchase any shares of capital stock of any class (or of securities convertible into shares of capital stock of any class) or of any other rights; 
 (3) there shall occur any reclassification of the Common Stock of the Parent (other than a subdivision or combination of its outstanding
Common Stock, a change in par value, a change from par value to no par value or a change from no par value to par value), or any merger, consolidation, statutory share exchange or combination to which the Parent is a party and for which approval of
any shareholders of the Parent is required, or the sale, transfer or conveyance of all or substantially all of the assets of the Parent; or 
 (4) there shall occur the voluntary or involuntary dissolution, liquidation or winding up of the Parent or the Issuer; 
  

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 the Issuer shall cause to be filed at each office or agency maintained for the purpose of Conversion of securities
pursuant to Section 9.2 hereof, and shall cause to be provided to the Trustee and all Holders in accordance with Section 14.2 hereof, at least 20 days (or 10 days in any case specified in clause (1) or (2) above) prior to the
applicable record or effective date hereinafter specified, a notice stating: 
 (A) the date on which a record is to be taken
for the purpose of such dividend, distribution, rights or warrants, or, if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend, distribution, rights or warrants are to be
determined, or 
 (B) the date on which such reclassification, merger, consolidation, statutory share exchange, combination,
sale, transfer, conveyance, dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for
securities, cash or other property deliverable upon such reclassification, merger, consolidation, statutory share exchange, sale, transfer, dissolution, liquidation or winding up. 
 Neither the failure to give such notice nor any defect therein shall affect the legality or validity of the proceedings or actions described in clauses
(1) through (4) of this Section 12.6. 
 Section 12.7 Parent to Reserve Common Stock. 
 The Parent shall at all times use its best efforts to reserve and keep available, free from preemptive rights, out of its authorized but unissued Common
Stock, for the purpose of effecting the Conversion of Notes, the full number of shares of fully paid and nonassessable Common Stock then issuable upon the Conversion of all Outstanding Notes. 
 Section 12.8 Taxes on Conversions. 
 Any issuance and delivery of certificates for shares of Common Stock on Conversion of Notes shall be made without charge to the converting Holder of Notes for such certificates or for any tax or duty in respect of the issuance or delivery
of such certificates or the Notes represented thereby; provided, however, that neither the Parent nor the Issuer shall be required to pay any tax or duty which may be payable in respect of (i) income or (ii) any transfer
involved in the issuance or delivery of certificates for shares of Common Stock in a name other than that of the Holder of the Notes being converted, and no such issuance or delivery shall be made unless the Persons requesting such issuance or
delivery has paid to the Issuer the amount of any such tax or duty or has established, to the satisfaction of the Issuer, that such tax or duty has been paid. 
  

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 Section 12.9 Covenant as to Common Stock. 
 The Parent and the Issuer covenants that all shares of Common Stock which may be issued upon Conversion of Notes will upon issue be fully paid and
nonassessable and, except as provided in Section 12.8 hereof, will be free from all taxes, liens and charges with respect to the issue thereof. 
 Section 12.10 Cancellation of Converted Notes. 
 All Notes delivered for Conversion shall be
delivered to the Trustee to be canceled by or at the direction of the Trustee, which shall dispose of the same as provided in Section 2.15 hereof. 
 Section 12.11 Effect of Reclassification, Consolidation, Merger or Sale. 
 If any of following events
occur, namely: 
 (i) any reclassification or change of the outstanding shares of Common Stock (other than a change in par
value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination), as a result of which holders of Common Stock shall be entitled to receive stock, securities or other property or assets
(including cash) with respect to or in exchange for such Common Stock, 
 (ii) any merger, consolidation, statutory share
exchange or combination of the Parent with another corporation as a result of which holders of Common Stock shall be entitled to receive stock, securities or other property or assets (including cash) with respect to or in exchange for such Common
Stock, or 
 (iii) any sale or conveyance of the properties and assets of the Parent as, or substantially as, an entirety to
any other corporation as a result of which holders of Common Stock shall be entitled to receive stock, securities or other property or assets (including cash) with respect to or in exchange for such Common Stock, 
 then the Parent and the Issuer or the successor or purchasing corporation, as the case may be, shall execute with the Trustee a supplemental indenture (which shall
comply with the TIA as in force at the date of execution of such supplemental indenture if such supplemental indenture is then required to so comply) providing that such Note shall be convertible into the kind and amount of shares of stock and other
securities or property or assets (including cash) which such Holder would have been entitled to receive (the “Applicable Consideration”) upon such reclassification, change, merger, consolidation, statutory share exchange, combination, sale
or conveyance had such Notes been converted into Common Stock immediately prior to such reclassification, change, merger, consolidation, statutory share exchange, combination, sale or 

  

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conveyance assuming such holder of Common Stock did not exercise its rights of election, if any, as to the kind or amount of securities, cash or other
property receivable upon such merger, consolidation, statutory share exchange, sale or conveyance (provided that, if the kind or amount of securities, cash or other property receivable upon such merger, consolidation, statutory share exchange, sale
or conveyance is not the same for each share of Common Stock in respect of which such rights of election shall not have been exercised (“Non-Electing Share”), then for the purposes of this Section 12.11 the kind and amount of
securities, cash or other property receivable upon such merger, consolidation, statutory share exchange, sale or conveyance for each Non-Electing Share shall be deemed to be the kind and amount so receivable per share by a plurality of the
Non-Electing Shares). Such supplemental indenture shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 12. If, in the case of any such reclassification, change,
merger, consolidation, statutory share exchange, combination, sale or conveyance, the stock or other securities and assets receivable thereupon by a holder of shares of Common Stock includes shares of stock or other securities and assets of a
corporation other than the successor or purchasing corporation, as the case may be, in such reclassification, change, merger, consolidation, statutory share exchange, combination, sale or conveyance, then such supplemental indenture shall also be
executed by such other corporation and shall contain such additional provisions to protect the interests of the Holders of the Notes as the Board of Directors shall reasonably consider necessary by reason of the foregoing, including to the extent
practicable the provisions providing for the Repurchase Rights set forth in Article 11 hereof. 
 The Issuer shall cause notice of the
execution of such supplemental indenture to be mailed to each Holder, at the address of such Holder as it appears on the Register, within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of
such supplemental indenture. 
 In addition, any issuer of securities included in the Applicable Consideration shall execute an amendment to
the Registration Rights Agreement (to the extent any Registrable Securities (as defined therein) remain outstanding) to make the provisions thereof apply to such securities. 
 The above provisions of this Section shall similarly apply to successive reclassifications, mergers, consolidations, statutory share exchanges,
combinations, sales and conveyances. 
 If this Section 12.11 applies to any event or occurrence, Section 12.4 hereof shall not
apply. 
 Section 12.12 Responsibility of Trustee for Conversion Provisions. 
 The Trustee, subject to the provisions of Section 5.1 hereof, and any Conversion Agent shall not at any time be under any duty or responsibility to
any Holder of Notes to determine whether any facts exist which may require any adjustment of the Conversion Price, or with respect to the nature or intent of any such adjustments when made, or with respect to the method employed, or herein or in any
supplemental indenture provided to be employed, in making the same. Neither the Trustee, subject to the provisions of Section 5.1 hereof, nor any Conversion 

  

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Agent shall be accountable with respect to the validity or value (of the kind or amount) of any Common Stock, or of any other securities or property, which
may at any time be issued or delivered upon the Conversion of any Note; and it or they do not make any representation with respect thereto. Neither the Trustee, subject to the provisions of Section 5.1 hereof, nor any Conversion Agent shall be
responsible for any failure of the Issuer to make any cash payment or to issue, transfer or deliver any shares of stock or share certificates or other securities or property upon the surrender of any Note for the purpose of Conversion; and the
Trustee, subject to the provisions of Section 5.1 hereof, and any Conversion Agent shall not be responsible or liable for any failure of the Issuer or the Parent to comply with any of the covenants of the Issuer or the Parent contained in this
Article. 
 Section 12.13 Auto-Conversion by the Issuer. 
 (a) Subject to the terms and conditions of this Section 12.13 and unless the Issuer elects to redeem the Notes pursuant to Article 10
hereof, if the average Closing Price of the Common Stock has exceeded 150% of the Conversion Price then in effect for at least 20 Trading Days during any 30 Trading Day period, ending within five Trading Days prior to the date of the Auto-Conversion
Notice, the Issuer may elect, at its sole option, at any time after the original issuance of the Notes through the close of business on the final maturity date of the Notes, to convert automatically (an “Auto-Conversion”) all of the Notes
or any portion of the principal amount thereof that is $1,000 or an integral multiple of $1,000 into that number of fully paid and non-assessable shares of Common Stock (as such shares shall then be constituted) obtained by dividing the principal
amount of the Notes or portion thereof to be converted by the Conversion Price in effect at the time of such election, and in no event shall the Issuer be entitled to effect any Auto-Conversion of greater than fifty percent (50%) of the
aggregate principal amount of the Notes issued under this Indenture during any rolling 30 Trading Day period. Any Auto-Conversion of less than all of the Notes will be made on a pro rata basis with reference to the aggregate principal amount held by
all Holders of the Notes on the Auto-Conversion Date, rounded up to the amount of $1,000 in principal amount on a Holder-by-Holder basis. 
 (b) If the Issuer elects to effect an Auto-Conversion of all or a portion of the Notes pursuant to this Section 12.13, the Issuer, or at its request (which must be received by the Trustee at least five Business
Days prior to the date the Trustee is requested to give notice as described below unless a shorter period is agreed to by the Trustee), the Trustee in the name of and at the expense of the Issuer, shall mail or cause to be mailed a notice (the
“Auto-Conversion Notice”) of the Auto-Conversion not more than 30 days but not less than ten days before the Auto-Conversion Date to such Holders at their last addresses as they shall appear upon the Register. Such notice shall be
irrevocable and shall be mailed by first class mail. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered Holder receives the notice. In any case, failure to
duly give such notice to the Holder of any Notes designated for Auto-Conversion in whole or in part, or any defect in the notice, shall not affect the validity of the Auto-Conversion of any other Notes. 
  

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 Each Auto-Conversion Notice shall state: 
 (1) the Auto-Conversion Date; 
 (2) the CUSIP number(s) of the Note(s) to be automatically converted; 
 (3) the place or
places where such Notes are to be surrendered for Conversion; and 
 (4) the Conversion Price then in effect. 
 In case less than all of the Notes are to be Auto-Converted, the Auto-Conversion Notice shall state the portion of the principal amount thereof to be converted and shall
state that on and after the Auto-Conversion Date, upon surrender of such Note, a new Note or Notes in principal amount equal to the unconverted portion thereof will be issued. 
 (c) The Issuer shall pay any interest (including Special Interest, if any) accrued but not paid to, but excluding, the Auto-Conversion
Date on any Notes Auto-Converted pursuant to this Section 12.13, provided, if the Auto-Conversion Date is prior to the one year anniversary of the Closing Date, then the Issuer shall pay in cash the interest (including Special Interest,
if any) due on the Interest Payment Dates of December 30, 2006 and June 30, 2007, to the extent not already paid, to the Holders of such Notes so converted on such Interest Payment Dates. Such interest (including Special Interest, if any)
shall be paid to the Holders of the Notes called for Auto-Conversion; provided, however, that, if the Auto-Conversion Date is between a Regular Record Date and the corresponding Interest Payment Date, the Issuer shall pay such interest
(including Special Interest, if any) to the Holders at the close of business on the corresponding Regular Record Date. 
 (d)
In the event of any Auto-Conversion, the Issuer shall issue and deliver a certificate or certificates for the number of shares of Common Stock issuable upon Auto-Conversion of the Notes along with any cash or stock due in respect of any fractional
shares of Common Stock otherwise issuable upon Auto-Conversion as provided in Section 12.3 hereof for issuance and payment to the Holder as promptly after the Auto-Conversion Date as practicable in accordance with the provisions of this Article
12. 
 (e) All Notes subject to any Auto-Conversion shall be delivered to the Trustee to be canceled at the direction of the
Trustee, which shall dispose of the same as provided in Section 2.15 hereof. Failure to deliver such Notes shall not affect their automatic cancellation. 
  

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 ARTICLE 13 
 PARENT GUARANTEE 
 Section 13.1 Guarantee. 
 The Parent hereby irrevocably and unconditionally guarantees, as primary obligor and not as surety, to each Holder of the Notes and the Trustee the
performance and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of all monetary obligations of the Issuer under this Indenture and the Notes, whether for principal of, or interest or Special Interest on,
the Notes, indemnification or otherwise (including without limitation interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Issuer whether or not a
claim for post-filing or post-petition interest is allowed in such proceeding) (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”). 
 The Parent waives presentation to, demand of payment from and protest to, the Issuer of any of the Guaranteed Obligations and also waives notice of
protest for nonpayment. The Parent waives notice of any default under the Notes or the Guaranteed Obligations. The obligations of the Parent hereunder shall not be affected by (a) the failure of any Holder to assert any claim or demand or to
enforce any right or remedy against the Issuer or any other Person under this Indenture, the Notes or any other agreement or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of
any of the terms or provisions of this Indenture, the Notes or any other agreement; (d) the release of any security held by any Holder or the Trustee for the Guaranteed Obligations or any of them; or (e) any change in the ownership of the
Issuer. 
 The Parent further agrees that the Parent Guarantee constitutes a Guarantee of payment when due (and not a Guarantee of
collection) and waives any right to require that any resort be had by any Holder to any security held for payment of the Guaranteed Obligations. 
 The obligations of the Parent hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason (other than payment of the Guaranteed Obligations in full), including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise.
Without limiting the generality of the foregoing, the obligations of the Parent herein shall not be discharged or impaired or otherwise affected by the failure of any Holder to assert any claim or demand or to enforce any remedy under this
Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the Guaranteed Obligations, or by any other act or thing or omission or delay to
do any other act or thing which may or might in any manner or to any extent vary the risk of the Parent or would otherwise operate as a discharge of the Parent as a matter of law or equity. 
 The Parent agrees that the Parent Guarantee shall remain, in full force and effect until payment in full of all the Guaranteed Obligations. Parent
further agrees that the Parent 

  

 86 

 
Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or
interest on any of the Guaranteed Obligations is rescinded or must otherwise be restored by any Holder upon the bankruptcy or reorganization of the Issuer or otherwise. 
 In furtherance of the foregoing and not in limitation of any other right which any Holder has at law or in equity against the Parent by virtue hereof, upon the failure of the Issuer to pay any of the Guaranteed
Obligations when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, the Parent hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash,
to the Holders an amount equal to the sum of (i) the unpaid amount of such Guaranteed Obligations then due and owing and (ii) accrued and unpaid interest on such Guaranteed Obligations then due and owing (but only to the extent not
prohibited by law). 
 The Parent further agrees that, as between the Parent, on the one hand, and the Holders, on the other hand,
(x) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of the Parent Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the Guaranteed Obligations guaranteed hereby and (y) in the event of any such declaration of acceleration of such Guaranteed Obligations, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and
payable by the Parent for the purposes of the Parent Guarantee. 
 The Parent also agrees to pay any and all reasonable costs and expenses
(including reasonable attorneys’ fees and expenses) incurred by the Trustee or the Holders in enforcing any rights under this Section and such costs and expenses shall constitute Guaranteed Obligations entitled to the rights and benefits of the
Parent Guarantee. 
 Section 13.2 Limitation on Liability; Termination, Release and Discharge. 
 (a) Any term or provision of this Indenture to the contrary notwithstanding, the maximum, aggregate amount of obligations of the Parent
hereunder will be limited to an amount as will, after giving effect to all other contingent and fixed liabilities of the Parent, result in the obligations of the Parent under the Parent Guarantee not constituting a fraudulent conveyance or
fraudulent transfer under federal or state law and not otherwise being void or voidable under any similar laws affecting the rights of creditors generally. 
 (b) The Parent will be deemed released from all its obligations under this Indenture, and the Parent Guarantee and such Parent Guarantee will terminate upon the satisfaction and discharge of the Indenture pursuant to
the provisions of Article 3 hereof. 
  

 87 

 Section 13.3 No Subrogation. 
 Notwithstanding any payment or payments made by the Parent hereunder, the Parent shall not be entitled to be subrogated to any of the rights of the
Trustee or any Holder against the Issuer or guarantee or right of offset held by the Trustee or any Holder for the payment of the Guaranteed Obligations, nor shall the Parent seek or be entitled to seek any contribution or reimbursement from the
Issuer in respect of payments made by the Parent hereunder, until all amounts owing to the Trustee and the Holders by the Issuer on account of the Guaranteed Obligations are paid in full. If any amount shall be paid to the Parent on account of such
subrogation rights at any time when all of the Guaranteed Obligations shall not have been paid in full, such amount shall be held by the Parent in trust for the Trustee and the Holders, segregated from other funds of the Parent, and shall, forthwith
upon receipt by the Parent, be turned over to the Trustee in the exact form received by the Parent (duly indorsed by the Parent to the Trustee, if required), to be applied against the Guaranteed Obligations. 
 ARTICLE 14 
 OTHER PROVISIONS OF
GENERAL APPLICATION 
 Section 14.1 Trust Indenture Act Controls. 
 This Indenture is subject to the provisions of the TIA which are required to be part of this Indenture, and shall, to the extent applicable, be governed
by such provisions. 
 Section 14.2 Notices. 
 Any notice or communication by an Obligor or the Trustee to the other is duly given if in writing (including telecopy) and delivered in person or mailed by first-class mail to the address set forth below: 

(a) if to an Obligor: 
 Primus Telecommunications Group, Incorporated 
 7901 Jones Branch Drive, Suite 900 
 McLean, VA 22102 
 Attention: Thomas R.
Kloster 
 Telecopy: (703) 902-2814 
 with a copy to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 333 West Wacker Drive 
 Chicago, IL 60606

 Attention: Peter C. Krupp, Esq. 
  

 88 

 (b) if to the Trustee: 
 U.S. Bank National Association 
 Corporate Trust Services 
 100 Wall Street, Suite 1600 
 New York, New
York 10005 
 Telecopy: (212) 361-6153 
 The
Obligors or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 
 Any notice or communication to a Holder shall be mailed by first-class mail to his address shown on the Register kept by the Registrar. Failure to mail a notice or communication to a Holder or any defect in such notice or communication
shall not affect its sufficiency with respect to other Holders. 
 If a notice or communication is mailed or sent in the manner provided
above within the time prescribed, it is duly given as of the date it is mailed, whether or not the addressee receives it, except that notice to the Trustee shall only be effective upon receipt thereof by the Trustee. 
 If the Issuer mails a notice or communication to Holders, it shall mail a copy to the Trustee at the same time. 
 Section 14.3 Communication by Holders with Other Holders. 
 Holders may communicate pursuant to Section 312(b) of the TIA with other Holders with respect to their rights under the Notes or this Indenture. The Issuer, the Parent, the Trustee, the Registrar and anyone else
shall have the protection of Section 312(c) of the TIA. 
 Section 14.4 Acts of Holders of Notes. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders of Notes may be embodied in and evidenced by: 
 (i) one or more instruments of substantially similar tenor signed
by such Holders in person or by agent or proxy duly appointed in writing; 
 (ii) the record of Holders of Notes voting in
favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of Notes duly called and held in accordance with the provisions of Article 8; or 
 (iii) a combination of such instruments and any such record. 
  

 89 

 Except as herein otherwise expressly provided, such action shall become effective when such instrument or
instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments and record (and the action embodied therein and evidenced thereby) are herein sometimes referred to
as the “Act” of the Holders of Notes signing such instrument or instruments and so voting at such meeting. Proof of execution of any such instrument or of a writing appointing any such agent or proxy, or of the holding by any Person of a
Note, shall be sufficient for any purpose of this Indenture and (subject to Section 5.1 hereof) conclusive in favor of the Trustee and the Issuer if made in the manner provided in this Section 14.4. The record of any meeting of Holders of
Notes shall be proved in the manner provided in Section 8.6 hereof. 
 (b) The fact and date of the execution by any
Person of any such instrument or writing may be provided in any manner which the Trustee reasonably deems sufficient. 
 (c)
The principal amount and serial numbers of Notes held by any Person, and the date of such Person holding the same, shall be proved by the Register. 
 (d) Any request, demand, authorization, direction, notice, consent, election, waiver or other Act of the Holders of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note.

 Section 14.5 Certificate and Opinion as to Conditions Precedent. 
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such
matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any
certificate or opinion of an officer of an Obligor may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, unless such officer knows, or in the exercise of reasonable care should know, that the Opinion of Counsel with
respect to the matters upon which such certificate or opinion is based is erroneous. Any such Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or representations by, an officer or officers of such Obligor
stating that the information with respect to such factual matters is in the possession of such Obligor, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or representations with respect to such
matters are erroneous. 
  

 90 

 Where any Person is required to make, give or execute two or more applications, requests, consents,
certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Upon any application or request by the Issuer to the Trustee to take any action under any provision of this Indenture, the Issuer shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such Counsel all such conditions precedent, if any, have been complied with, except that in the case of
any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished and
provided that no such Opinion of Counsel shall be required with respect to the initial issuance of Notes hereunder. 
 Section 14.6
Statements Required in Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include: 
 (1) a statement that each individual signing such certificate or opinion on
behalf of an Obligor has read such covenant or condition and the definitions herein relating thereto; 
 (2) a brief statement
as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition
has been complied with; and 
 (4) a statement as to whether, in the opinion of each such individual, such condition or
covenant has been complied with. 
 Section 14.7 Effect of Headings and Table of Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
  

 91 

 Section 14.8 Successors and Assigns. 
 All covenants and agreements in this Indenture by an Obligor shall bind its successors and assigns, whether so expressed or not. 
 Section 14.9 Separability Clause. 
 In case any provision in this Indenture or the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 14.10 Benefits of Indenture. 
 Nothing contained in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Holders of Notes, any benefit or legal or equitable right, remedy or
claim under this Indenture. 
 Section 14.11 Governing Law; Waiver of Jury Trial. 
 THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 EACH OF THE ISSUER, THE PARENT AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 Section
14.12 Counterparts. 
 This instrument may be executed in any number of counterparts, each of which when so executed shall be deemed
to be an original but all such counterparts shall together constitute but one and the same instrument. 
 Section 14.13 Legal
Holidays. 
 In any case where any Interest Payment Date or Stated Maturity of any Note or the last day on which a Holder of a Note has a
right to convert such Note shall not be a Business Day at any Place of Payment or Place of Conversion, then (notwithstanding any other provision of this Indenture or of the Notes) payment of interest or principal or premium, if any, or Conversion of
the Notes, need not be made at such Place of Payment or Place of Conversion on such day, but may be made on the next succeeding Business Day at such Place of Payment or Place of Conversion with the same force and effect as if made on the Interest
Payment Date or at the Stated Maturity or on such last day for Conversion; provided that in the case that payment is made on such succeeding Business Day, no interest shall accrue on the amount so payable for the period from and after such
Interest Payment Date or Stated Maturity, as the case may be. 
  

 92 

 Section 14.14 Recourse Against Others. 
 No recourse for the payment of the principal of or premium, if any, or interest (including Special Interest, if any) on any Note, or for any claim based
thereon or otherwise in respect thereof, shall be had against any incorporator, shareholder, officer or director, as such, past, present or future, of the Parent, the Issuer or of any successor corporation, whether by virtue of any constitution,
statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance thereof and as part of the consideration for the issue thereof, expressly waived and released. 
 Section 14.15 Force Majeure. 
 In no
event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities or communications services; it being understood that the Trustee
shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
  

 93 

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

			
	PRIMUS TELECOMMUNICATIONS HOLDING, INC., as Issuer
		
	By:	 	/S/    THOMAS R. KLOSTER
		 	 Name:   Thomas R. Kloster

		 	 Title:     Chief Financial Officer

	
	PRIMUS TELECOMMUNICATIONS GROUP, INCORPORATED, as Guarantor
		
	By:	 	/S/    JOHN F. DEPODESTA
		 	 Name:   John F. DePodesta

		 	 Title:     Executive Vice President

	
	U.S. BANK NATIONAL ASSOCIATION,
as Trustee
		
	By:	 	/S/    THOMAS E. TABOR
		 	 Name:   Thomas E. Tabor

		 	 Title:     Vice President

 EXHIBIT A 
 FORM OF NOTE 
 [FACE OF SECURITY] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO PRIMUS TELECOMMUNICATIONS HOLDING, INC. (OR ITS SUCCESSOR) OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE, CONVERSION OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER ENTITY 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. 
 THE SECURITY EVIDENCED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ACQUISITION HEREOF, THE HOLDER: 
 (1) REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT; 
 (2) AGREES
THAT IT WILL NOT WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY RESELL OR OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY OR THE COMMON STOCK ISSUABLE UPON CONVERSION OF SUCH SECURITY EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY
THEREOF, (B) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) TO A NON-U.S. PERSON OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO THE
EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT, IF AVAILABLE, (E) TO AN INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE
SECURITIES ACT PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, IF AVAILABLE, OR (F) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT AND WHICH CONTINUES TO BE EFFECTIVE AT THE
TIME OF SUCH TRANSFER; AND 
 (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THE SECURITY EVIDENCED HEREBY IS TRANSFERRED (OTHER THAN A
TRANSFER PURSUANT TO CLAUSE 2(F) ABOVE) A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. 
  

 A-1 

 PRIMUS TELECOMMUNICATIONS HOLDING, INC. 
 5.00% Exchangeable Senior Notes due 2009 
  

			
		  	CUSIP NO. 74163R AD 0
		
	 No.
                                    
	  	$                            

 PRIMUS TELECOMMUNICATIONS HOLDING, INC., a Delaware corporation (the “Issuer”, which
term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of
                                        
                     U.S. Dollars
($                        ) on June 30, 2010. 
 Interest Payment Dates: June 30 and December 30, commencing December 30, 2006 
 Regular Record Dates: June 15 and December 15 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 THIS SECURITY MAY BE ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”). Beginning on July 7, 2006, a Holder may, upon request, obtain
from the Issuer the Security’s issue price, issue date, amount of OID and yield to maturity by contacting the Issuer representative listed in Section 14.2 of the Indenture. 
  

 A-1 

 IN WITNESS WHEREOF, the Issuer has caused this Security to be duly executed manually or by facsimile by
its duly authorized officers. 
  

			
	PRIMUS TELECOMMUNICATIONS HOLDING, INC.
		
	By:	 	  
		 	 Name:

		 	 Title:

		
	By:	 	  
		 	 Name:

		 	 Title:

  

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	This is one of the 5.00% Exchangeable Senior Notes due 2009 described in the within-named Indenture.
	
	U.S. Bank National Association,
as Trustee
		
	By:	 	  
		 	 Authorized Signatory

	
	 Dated:
                                 ,
        

  

 A-2 

 [REVERSE OF SECURITY] 
 PRIMUS TELECOMMUNICATIONS HOLDING, INC. 
 5.00% Exchangeable Senior Notes due 2009 
 Capitalized terms used herein but not defined shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
  

	1.	Principal and Interest. 

 Primus Telecommunications
Holding, Inc., a Delaware corporation (the “Issuer”), promises to pay interest on the principal amount of this Security at interest rate of 5.00% (the “Interest Rate”) from the date of issuance until repayment at Maturity or
repurchase. The Issuer will pay interest on this Security semiannually in arrears on June 30 and December 30 of each year (each an “Interest Payment Date”), commencing December 30, 2006. 
 Interest on the 5.00% Exchangeable Senior Notes due 2009 (the “Securities”) shall be computed on the basis of a 360-day year of twelve 30 day
months. A Holder of any Security at the close of business on a Regular Record Date shall be entitled to receive interest on such Security on the corresponding Interest Payment Date. 
 Provided the Closing Price Condition is satisfied, the Issuer may elect, at the sole option of the Issuer, to pay interest, in whole or in part, in
shares of Common Stock (the “Interest Payment Shares”); provided, however, that interest payments shall be payable in Interest Payment Shares only if the Issuer delivers an Interest Payment Notice indicating that the interest
will be paid, in whole or in part, in Interest Payment Shares; provided, further, however, that the interest payable on the Interest Payment Dates of December 30, 2006 and June 30, 2007, shall be payable only in cash.
The Issuer shall provide an Interest Payment Notice on the Interest Payment Notice Date to the Trustee and the Holders indicating that the interest shall be paid in Interest Payment Shares, and, if only paid in part, the amount of interest which
shall be paid in Interest Payment Shares. The Interest Payment Notice shall also contain a certification that the Closing Price Condition has been satisfied as of the Interest Payment Notice Date. If any Interest Payment Shares are to be issued on
an Interest Payment Date, then the Issuer shall issue such shares as provided in the Indenture. Interest Payment Shares shall be valued as provided in the Indenture. If any fractional share of Common Stock otherwise would be issuable as a result of
the issuance Interest Payment Shares, the Issuer shall calculate and pay a cash adjustment in respect of such fraction (calculated to the nearest one-100th of a share) in an amount equal to the same fraction of the Closing Price of the Common Stock
as of the Trading Day preceding the Interest Payment Date. 
 A Holder of any Security which is converted after the close of business on a
Regular Record Date and prior to the corresponding Interest Payment Date (other than any Security whose Maturity is prior to such Interest Payment Date) shall be entitled to receive interest (including Special Interest, if any) on the principal
amount of such Security, notwithstanding the Conversion of such Security prior to such Interest Payment Date. However, any such Holder which surrenders any such Security for Conversion during the period between the close of 

  

 A-3 

 
business on such Regular Record Date and ending with the opening of business on the corresponding Interest Payment Date shall be required to pay the Issuer
an amount equal to the interest (including Special Interest, if any) on the principal amount of such Security so converted, which is payable by the Issuer to such Holder on such Interest Payment Date, at the time such Holder surrenders such Security
for Conversion. 
  

	2.	Method of Payment. 

 Interest on any Security which is
payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the person in whose name that Security (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such
interest. 
 Principal of, and premium, if any, and interest payable in cash on, Global Notes will be payable to the Depositary in
immediately available funds. 
 Principal and premium, if any, on Physical Notes will be payable at the office or agency of the Issuer
maintained for such purpose, initially the Corporate Trust Office of the Trustee. Interest payable in cash on Physical Notes will be payable by (i) U.S. Dollar check drawn on a bank in The City of New York mailed to the address of the
Person entitled thereto as such address shall appear in the Register, or (ii) upon written application to the Registrar not later than the relevant Record Date by a Holder of an aggregate principal amount in excess of $5,000,000, wire transfer
in immediately available funds. 
  

	3.	Paying Agent and Registrar. 

 Initially, U.S. Bank National
Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Issuer may change the Paying Agent or Registrar without notice to any Holder. 
  

	4.	Indenture. 

 The Issuer issued this Security under an
Indenture, dated as of June 28, 2006 (the “Indenture”), among the Issuer, Primus Telecommunications Group, Incorporated, as guarantor (the “Parent”) and U.S. Bank National Association, as trustee (the “Trustee”).
The terms of the Security include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (“TIA”). This Security is subject to all such terms, and Holders are referred
to the Indenture and the TIA for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Security and the terms of the Indenture, the terms of the Indenture shall control.

  

	5.	Redemption. 

 If the average Closing Price of the Common
Stock has exceeded 150% of the Conversion Price then in effect for at least 20 Trading Days during any 30 Trading Day period, ending within five Trading Days prior to the date of the Redemption Notice, the Issuer may elect, at its sole option,
subject to the conditions and in accordance with the provisions of the Indenture, to redeem the Securities, in whole or in part, on the Redemption Date for the Redemption Price, 

  

 A-4 

 
plus any accrued and unpaid interest (including Special Interest, if any) on the Securities redeemed to, but excluding, the Redemption Date. 
  

	6.	Repurchase Right. 

 If a Change of Control occurs, the
Holder of Securities, at the Holder’s option, shall have the right, subject to the conditions and in accordance with the provisions of the Indenture, to require the Issuer to repurchase the Securities (or any portion of the principal amount
hereof that is at least $1,000 or an integral multiple thereof; provided that the portion of the principal amount of this Security to be Outstanding after such repurchase is at least equal to $1,000) at the Change of Control Repurchase Price
in cash, plus any interest (including Special Interest, if any) accrued and unpaid to the Change of Control Repurchase Date. 
 Subject to
the conditions provided in the Indenture, the Issuer may elect to pay the Change of Control Repurchase Price by delivering a number of shares of Common Stock equal to (i) the Change of Control Repurchase Price divided by (ii) 95% of the
average of the Closing Prices per share for the five consecutive Trading Days immediately preceding and including the third Trading Day prior to the Change of Control Repurchase Date. 
 No fractional shares of Common Stock will be issued upon repurchase of any Securities. Instead of any fractional share of Common Stock which would
otherwise be issued upon Conversion of such Securities, the Issuer shall pay a cash adjustment as provided in the Indenture. 
 A Change of
Control Repurchase Notice will be given by the Issuer to the Holders as provided in the Indenture. 
 In the event that the Parent does not
meet the New Equity Requirement, the Holder of Securities, at the Holder’s option, shall have the right, subject to the conditions and in accordance with the provisions of the Indenture, to require the Issuer to repurchase the Securities (or
any portion of the principal amount hereof that is at least $1,000 or an integral multiple thereof; provided that the portion of the principal amount of this Security to be Outstanding after such repurchase is at least equal to $1,000) at the
2009 Repurchase Price in cash, plus any interest (including Special Interest, if any) accrued and unpaid to the 2009 Repurchase Date. 
 To
exercise a Repurchase Right, a Holder must deliver to the Trustee a written notice as provided in the Indenture. 
  

	7.	Conversion Rights. 

 Subject to and upon compliance with
the provisions of the Indenture, the Holder of Securities is entitled, at such Holder’s option, at any time before the close of business on the earlier of the date the 2009 Repurchase Right is exercised or June 30, 2010, to convert the
Holder’s Securities (or any portion of the principal amount hereof which is $1,000 or an integral multiple thereof), at the principal amount thereof or of such portion, into duly authorized, fully paid and nonassessable shares of Common Stock
of the Parent at the Conversion Price in effect at the time of Conversion. 
  

 A-5 

 In the case of a Change of Control for which the Holder exercises its Change of Control Repurchase Right
with respect to a Security (or a portion thereof), such Conversion right in respect of the Security (or portion thereof) shall expire at the close of business on the Business Day preceding the Change of Control Repurchase Date. 
 In the event that the Parent does not meet the New Equity Requirement and the Holder exercises its 2009 Repurchase Right with respect to a Security or
portion thereof, such Conversion right in respect of the Security or portion thereof shall expire at the close of business on the Business Day immediately preceding the 2009 Repurchase Date. 
 In the event that the Issuer calls any or all of the Securities for redemption pursuant to paragraph 5, the right in respect of the Security or portion
thereof called for redemption shall expire at the close of business on the Business Day immediate preceding the Redemption Date. 
 The
Conversion Price shall be initially equal to $1.20 per share of Common Stock. 
 The Conversion Price shall be adjusted under certain
circumstances as provided in the Indenture. 
 To exercise the Conversion right, the Holder must surrender the Security (or portion thereof)
duly endorsed or assigned to the Issuer or in blank, at the office of the Conversion Agent, accompanied by a duly signed Conversion notice to the Issuer. Any Security surrendered for Conversion during the period from the close of business on any
Regular Record Date to the opening of business on the corresponding Interest Payment Date (other than any Security whose Maturity is prior to such Interest Payment Date), shall also be accompanied by payment in New York Clearing House funds or other
funds acceptable to the Issuer of an amount equal to the interest payable on such Interest Payment Date on the principal amount of the Securities being surrendered for Conversion. 
 No fractional shares of Common Stock will be issued upon Conversion of any Securities. Instead of any fractional share of Common Stock which would
otherwise be issued upon Conversion of such Securities, the Issuer shall pay a cash adjustment as provided in the Indenture. 
 Subject to
the provisions of the Indenture, if the average Closing Price of the Common Stock has exceeded 150% of the Conversion Price then in effect for at least 20 Trading Days during any 30 Trading Day period, ending within five Trading Days prior to the
date of the Auto-Conversion Notice, the Issuer may elect, at its sole option, at any time after the original issuance of the Securities through the close of business on the final maturity date of the Securities, to convert automatically all of the
Securities or any portion of the principal amount thereof that is $1,000 or an integral multiple of $1,000, into that number of fully paid and non-assessable shares of Common Stock (as such shares shall then be constituted) obtained by dividing the
principal amount of the Securities or portion thereof to be converted by the Conversion Price in effect at the time of such election, and in no event shall the Issuer be entitled to effect any Auto-Conversion of greater than fifty percent
(50%) of the aggregate principal amount of the Securities issued under this Indenture during any rolling 30 Trading Day period. Any Auto-Conversion of less than all of the Securities will be made on a pro rata basis with reference to the

  

 A-6 

 
aggregate principal amount held by all holders of the Securities on the Auto-Conversion Date, rounded up to the amount of $1,000 in principal amount on a
holder-by-holder basis. 
 The Issuer shall pay any interest (including Special Interest, if any) accrued but not paid to, but excluding, the
Auto-Conversion Date on any Securities Auto-Converted; provided, if the Auto-Conversion Date is prior to the one year anniversary of the Closing Date, then the Issuer shall pay any interest (including Special Interest, if any) due on the
Interest Payment Dates of December 30, 2006 and June 30, 2007, to the extent not already paid, to the Holders of such Notes so converted on such Interest Payment Dates. Such interest (including Special Interest, if any) shall be paid to
the Holders of the Securities called for Auto-Conversion; provided, however, that, if the Auto-Conversion Date is an Interest Payment Date, the Issuer shall pay such interest (including Special Interest, if any) to the Holders at the
close of business on the corresponding Regular Record Date. 
 The Issuer shall mail or cause to be mailed an Auto-Conversion Notice not more
than 30 days but not less than five days before the Auto-Conversion Date to such holders at their last addresses as they shall appear upon the Register. Such Auto-Conversion Notice shall be irrevocable. 
  

	8.	Guarantee. 

 The performance and punctual payment when due,
whether at Maturity, by acceleration, by acceleration, by redemption, repurchase or otherwise, of all monetary obligations of the Issuer under this Indenture and the Securities, whether for principal of, or interest or Special Interest on, the
Securities, indemnification or otherwise, are unconditionally guaranteed by Parent as set forth in the Indenture. 
  

	9.	Denominations; Transfer; Exchange. 

 The Securities are
issuable in registered form, without coupons, in denominations of $1,000 and integral multiples of $1,000 in excess thereof. A Holder may register the transfer or exchange of Securities in accordance with the Indenture. The Registrar may require a
Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. 
 In the event of Conversion or repurchase of the Securities in part only, a new Security or Securities for the unconverted or unrepurchased portion
thereof will be issued in the name of the Holder hereof. 
  

	10.	Persons Deemed Owners. 

 The registered Holder of this
Security shall be treated as its owner for all purposes. 
  

	11.	Unclaimed Money. 

 The Trustee and the Paying Agent shall
pay to the Issuer any money held by them for the payment of principal, premium, if any, or interest (including Special Interest, if any) that remains unclaimed for two years after the date upon which such payment shall have become due. After 

  

 A-7 

 
payment to the Issuer, Holders entitled to the money must look to the Issuer for payment as general creditors unless an applicable abandoned property law
designates another Person, and all liability of the Trustee and such Paying Agent with respect to such money shall cease. 
  

	12.	Discharge Prior to Maturity. 

 Subject to certain
conditions contained in the Indenture, the Issuer may discharge its obligations under the Securities and the Indenture if (1) all of the Outstanding Securities shall become due and payable at their scheduled Maturity within one year, and
(2) the Issuer shall have deposited with the Trustee money and/or U.S. Government Obligations sufficient to pay the principal of, and premium, if any, and interest on, all of the Outstanding Securities on the date of Maturity. 
  

	13.	Amendment; Supplement; Waiver. 

 The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Securities under the Indenture at any time by the Issuer and the Trustee with
the consent of the Holders of a majority in aggregate principal amount of the Outstanding Securities (or such lesser amount as shall have acted at a meeting pursuant to the provisions of the Indenture). The Indenture also contains provisions
permitting the Holders of specified percentages in principal amount of the Securities at the time Outstanding, on behalf of the Holders of all the Securities, to waive compliance by the Issuer with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security or such other Security. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and premium, if any, and interest (including Special Interest, if any) on this Security at the times, places and rate, and in the coin or currency, herein prescribed or to convert this Security (or
pay cash in lieu of Conversion) as provided in the Indenture. 
  

	14.	Defaults and Remedies. 

 The Indenture provides that an
Event of Default with respect to the Securities occurs when any of the following occurs: 
 (a) default in the payment of interest or Special
Interest, if any, on any of the Securities when due and payable and continuance of such default for a period of 30 days; or 
 (b) default in
the payment of principal of (or premium, if any, on) any of the Securities at its Stated Maturity, upon acceleration or otherwise; or 
 (c)
default in the payment of principal or interest (including Special Interest, if any) on any of the Securities required to be purchased pursuant to a Repurchase Right; 
  

 A-8 

 (d) default in the performance or breach of any covenant or agreement of the Issuer or the Parent in this
Indenture or under the Securities (other than a default in the performance, or breach, of a covenant or agreement specified in the preceding clause (a), (b) or (c)), and continuance of such default or breach for a period of 30 consecutive days
after there has been given, by registered or certified mail, to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities a written notice specifying such default or
breach and requiring it to be remedied and stating that such notice is a “Notice of Default” under the Indenture; 
 (e) there
occurs with respect to any issue or issues of Indebtedness of the Parent or any Restricted Subsidiary having an outstanding principal amount of $25.0 million or more in the aggregate for all such issues of all such Persons, whether such Indebtedness
now exists or shall hereafter be created, (I) an event of default that has caused the holder thereof to declare such Indebtedness to be due and payable prior to its Stated Maturity and such Indebtedness has not been discharged in full or such
acceleration has not been rescinded or annulled by the earlier of (x) the expiration of any applicable grace period or (y) the thirtieth day after such default; and/or (II) the failure to make a principal payment at the final (but not any
interim) fixed maturity and such defaulted payment shall not have been made, waived or extended by the earlier of (x) the expiration of any applicable grace period or (y) the thirtieth day after such default; 
 (f) any final judgment or order (not covered by insurance) for the payment of money in excess of $25.0 million in the aggregate for all such final
judgments or orders (treating any deductibles, self-insurance or retention as not so covered) shall be rendered against the Parent or any Restricted Subsidiary and shall not be paid or discharged, and there shall be any period of 30 consecutive days
following entry of the final judgment or order that causes the aggregate amount for all such final judgments or orders outstanding and not paid or discharged against all such Persons to exceed $25.0 million during which a stay of enforcement of such
final judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; 
 (g) there are certain events of bankruptcy,
insolvency or reorganization of the Parent, the Issuer or any Significant Subsidiary. If an Event of Default shall occur and be continuing, the principal of all the Securities may be declared due and payable in the manner and with the effect
provided in the Indenture; or 
 (h) the Parent Guarantee ceases to be in full force and effect (except as contemplated by the terms thereof)
or any Guarantor denies or disaffirms its obligations under the Indenture. 
  

	15.	Authentication. 

 This Security shall not be valid until
the Trustee (or authenticating agent) executes the certificate of authentication on the other side of this Security. 
  

	16.	Abbreviations. 

 Customary abbreviations may be used in the
name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint 

  

 A-9 

 
tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A (= Uniform Gifts to Minors Act). 
  

	17.	CUSIP Numbers. 

 Pursuant to a recommendation promulgated
by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on this Security and the Trustee may use CUSIP numbers in notices of exchange, Conversion or redemption as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed on this Security or as contained in any notice of exchange, Conversion or redemption and reliance may be placed only on the other identification numbers placed thereon.

  

	18.	Governing Law. 

 The Indenture and this Security shall be
governed by, and construed in accordance with, the law of the State of New York. 
  

	19.	Successor Corporation. 

 In the event a successor corporation assumes all
the obligations of the Issuer under this Security, pursuant to the terms hereof and of the Indenture, the Issuer will be released from all such obligations. 
  

	20.	Additional Rights of Holders of Restricted Securities 

 In
addition to the rights provided to Holders under the Indenture, Holders of Restricted Securities shall have the rights set forth in the Registration Rights Agreement, dated as of the date of the Indenture, among the Issuer, the Parent and the
holders party thereto. 
  

 A-10 

 ASSIGNMENT FORM 
 To assign this Security, fill in the form below and have your signature guaranteed: (I) or (we) assign and transfer this Security to: 
  

			
	                                       
                                        
                                        
                                        
                                        
                                        
                   

	(Insert assignee’s soc. sec. or tax I.D.
no.)                                       
 
	
	                                       
                                        
                                        
                                        
                                        
                                        
                   

	
	                                       
                                        
                                        
                                        
                                        
                                        
                   

	
	                                       
                                        
                                        
                                        
                                        
                                        
                   

	
	                                       
                                        
                                        
                                        
                                        
                                        
                   

	(Print or type assignee’s name, address and zip
code)                                       
 
	
	 and irrevocably appoint                                 
                                        
                                        
                                        
                                        
                   

	to transfer this Security on the books of the Issuer. The agent may substitute another to act for him.
		
	 Dated:
                                
	 	 Your
Name:                                       
                                        
                                        
                                        
   

		
		 	 (Print your name exactly as it appears on the face of this Security)

		
		 	 Your
Signature:                                      
                                        
                                        
                                     

		
		 	 (Sign exactly as your name appears on the face of this Security)

		
		 	 Signature
Guarantee:*                                      
                                        
                                        
                         

		
	 Dated:
                                
	 	
		
		 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change
whatsoever.
		
		 	Signature Guarantee:
		
		 	                                      
                                        
                                        
                                        
                            
		
		 	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee.

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

 A-11 

 CONVERSION NOTICE 
  

	TO:	PRIMUS TELECOMMUNICATIONS HOLDING, INC. 

 7901 Jones Branch
Drive, Suite 900 
 McLean, Virginia 22102 
 The undersigned registered owner of this Security hereby irrevocably exercises the option to convert this Security, or the portion hereof (which is $1,000 principal amount or an integral multiple thereof) below
designated, into shares of Common Stock in accordance with the terms of the Indenture referred to in this Security, and directs that the shares issuable and deliverable upon such conversion, together with any check in payment for fractional shares
and any Securities representing any unconverted principal amount hereof, be issued and delivered to the registered holder hereof unless a different name has been indicated below. If shares or any portion of this Security not converted are to be
issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto. To the extent provided in the Indenture, any amount required to be paid to the undersigned on account of interest,
accompanies this Security. 
  

			
	Dated:                                     
    	  	Your
Name:                                       
                                        
                                        
                                      
		  	(Print your name exactly as it appears on the face of this Security)
		
		  	Your
Signature:                                      
                                        
                                        
                                
		  	(Sign exactly as your name appears on the face of this Security)
		
		  	Signature
Guarantee:*                                      
                                        
                                        
                    
		
		  	Social Security or other Taxpayer Identification
Number:                                       
                                
		
		  	Principal amount to be converted (if less than all):
$                                       
 

 Fill in for registration of shares (if to be issued) and Securities (if to be delivered) other than to and in the
name of the registered holder: 
  

	
	 _________________________________________________________________________

	 (Name)

	
	 _________________________________________________________________________

	 (Street Address)

	
	 _________________________________________________________________________

	 (City, State and Zip Code)

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

 A-12 

 OPTION OF HOLDER TO ELECT REPURCHASE 
  

	TO:	PRIMUS TELECOMMUNICATIONS HOLDING, INC. 

 7901 Jones Branch
Drive, Suite 900 
 McLean, Virginia 22102 
 The undersigned registered owner of this Security hereby elects to have this Security purchased by Primus Telecommunications Holding, Inc. (the “Issuer”) pursuant to (check the appropriate box)  ̈ Section 11.1 or  ̈ Section 11.4 and
requests and instructs the Issuer to repay the entire principal amount of this Security, or the portion thereof (which is $1,000 principal amount or an integral multiple thereof) below designated, in accordance with the terms of the Indenture
referred to in this Security, together with interest accrued and unpaid to, but excluding, such date, to the registered holder hereof. 
  

			
	Dated:                                     
    	  	Your
Name:                                       
                                        
                                        
                                      
		  	(Print your name exactly as it appears on the face of this Security)
		
		  	Your
Signature:                                      
                                        
                                        
                                
		  	(Sign exactly as your name appears on the face of this Security)
		
		  	Signature
Guarantee:*                                      
                                        
                                        
                    
		
		  	Social Security or other Taxpayer Identification
		  	Number:                                     
                                        
                                        
                                        
       
		
		  	Principal amount to be repurchase (if less than all):
$                                       
 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

 A-13 

 SCHEDULE OF EXCHANGES FOR PHYSICAL SECURITIES1 
 The following exchanges of a
part of this Global Security for Physical Securities have been made: 
  

									
	 Date of Exchange
	  	 Amount of decrease in
 Principal Amount of
 this
Global Security
	  	 Amount of increase in
 Principal Amount of
 this Global
Security
	  	 Principal Amount of
 this Global Security
 following
such
 decrease (or increase)
	  	 Signature of Authorized Signatory of
 Trustee

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

	1	This schedule should be included only if the Security is issued in global form. 

  

 A-14 

 EXHIBIT B 
 5.00% Exchangeable Senior Notes due 2009 
 Transfer Certificate 
 In connection with any transfer of any of the Securities or beneficial interest in a Global Note that is a Restricted Security within the period prior to
the expiration of the holding period applicable to the sales thereof under Rule 144(k) under the Securities Act of 1933, as amended (the “Securities Act”) (or any successor provision), the undersigned registered owner or beneficial
owner of this Security hereby certifies with respect to $             principal amount of the above-captioned Securities (the “Surrendered Securities”) presented or
surrendered on the date hereof for registration of transfer, or for exchange or conversion where the securities issuable upon such exchange or conversion are to be registered in a name other than that of the undersigned registered or beneficial
owner (each such transaction being a “transfer”), that such transfer complies with the restrictive legend set forth on the face of the Surrendered Securities for the reason checked below: 
  

	 	 ̈	A transfer of the Surrendered Securities is made to the Issuer or any subsidiaries; or 

  

	 	 ̈	The transfer of the Surrendered Securities complies with Rule 144A under the Securities Act; or 

  

	 	 ̈	The transfer of the Surrendered Securities complies with Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act; or 

 

	 	 ̈	The transfer of the Surrendered Securities is pursuant to an effective registration statement under the Securities Act; or 

  

	 	 ̈	The transfer of the Surrendered Securities is pursuant to another available exemption from the registration requirement of the Securities Act; 

 and unless the box below is checked, the undersigned confirms that, to the undersigned’s knowledge, such Securities are not being transferred to an
“affiliate” of the Issuer as defined in Rule 144 under the Securities Act (an “Affiliate”). 
  

	 	 ̈	The transferee is an Affiliate of the Issuer. 

  

			
	 DATE:
	 	                                       
                                        
                                        
                                        
                            

		 	(If the registered owner is a corporation, partnership or fiduciary, the title of the person signing on behalf of such registered owner must be stated.)

  

	
	 Signature Guarantee:

	
	   
	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee.

  

 B-1EXHIBIT 4.25

 Exhibit 4.25 
 PRIMUS TELECOMMUNICATIONS GROUP, INCORPORATED 
 PRIMUS TELECOMMUNICATIONS HOLDING, INC.

 $56,323,000 5.00% Exchangeable Senior Notes due 2009 
 Form of Registration Rights Agreement 
 June 28, 2006 
 TO THE HOLDERS (AS DEFINED HEREIN) 
 Ladies and Gentlemen: 
 This Registration Rights Agreement (this “Agreement”) is made and
entered into as of June 28, 2006, by and among Primus Telecommunications Group, Incorporated, a Delaware corporation (“Primus”), Primus Telecommunications Holding, Inc., a Delaware corporation (“Holding” and
together with Primus the “Company”), and the Purchasers, each of whom has agreed to acquire from Primus, Holding’s 5.00% Exchangeable Senior Notes due 2009 fully and unconditionally guaranteed by Primus (the
“Guarantee”) pursuant to the Exchange Agreements (as defined below) and the Purchase Agreements (as defined below). The Notes will be exchangeable into shares of Common Stock (as defined below) pursuant to the terms of the Indenture
(as defined below). As an inducement to the Purchasers to acquire the Notes, the Company agrees with the Purchasers for the benefit of holders (as defined herein) from time to time of the Registrable Securities (as defined herein) as follows:

 Section 1. Certain Definitions. For purposes of this Agreement, the following terms shall have the following respective
meanings: 
 “Base Interest” shall mean the interest that would otherwise accrue on the Notes under the terms thereof and
the Indenture, without giving effect to the provisions of this Agreement. 
 “Business Day” shall mean any day, except a
Saturday, Sunday or legal holiday in which banking institutions in the City of New York are authorized or obligated by law or executive order to close. 
 “Closing Date” shall mean June 28, 2006. 
 “Commission” shall mean
the United States Securities and Exchange Commission, or any other federal agency at the time administering the Exchange Act or the Securities Act, whichever is the relevant statute for the particular purpose. 
 “Common Stock” shall mean the shares of common stock, $0.01 par value, of Primus, and any other shares of common stock as may constitute
“Common Stock” for purposes of the Indenture, including the Underlying Common Stock. 
 “Effective Time,” shall
mean the time and date as of which the Commission declares the Shelf Registration Statement effective or as of which the Shelf Registration Statement otherwise becomes effective. 

 “Effectiveness Deadline,” shall have the meaning assigned thereto in Section 2(a)
hereof. 
 “Electing Holder” shall mean any holder of Registrable Securities that has returned a completed and signed Notice
and Questionnaire to Primus in accordance with Section 3(c)(ii) or 3(c)(iii) hereof. 
 “Exchange Act” shall mean the
Securities Exchange Act of 1934, or any successor thereto, and the rules, regulations and forms promulgated thereunder, all as the same shall be amended from time to time. 
 “Exchange Agreements” shall mean those certain Exchange Agreements, dated June 7, 2006, among the Company and the Purchasers.

 “Filing Deadline” shall have the meaning assigned thereto in Section 2(a) hereof. 
 The term “holder” shall mean, unless the context otherwise indicates, each of the Purchasers and other persons who acquire Registrable
Securities from time to time (including any successors or assigns), in each case for so long as such person is a registered holder of any Registrable Securities. 
 “Indenture” shall mean the Indenture governing the Notes, dated as of June 28, 2006, among Holding, Primus, as guarantor, and U.S. Bank National Association, as Trustee, as the same shall be
amended from time to time. 
 “Notes” shall mean, collectively, the 5.00% Exchangeable Senior Notes due 2009 of Holding,
issued to the Purchasers pursuant to the Exchange Agreements and the Purchase Agreements. 
 “Notice and Questionnaire”
shall mean a written notice delivered to the Company containing substantially the information called for by the Selling Securityholder Election and Questionnaire attached as Exhibit A hereto. 
 The term “person” shall mean a corporation, association, partnership, limited liability company, organization, business, individual,
government or political subdivision thereof or governmental agency. 
 “Purchase Agreements” shall mean those certain
Purchase Agreements, dated June 7, 2006, among the Company and the Purchasers. 
 “Purchasers” shall mean,
collectively, the “Holders” referred to in the Exchange Agreements and the Purchase Agreements and that have executed and delivered a signature page to this Agreement. 
 “Registrable Securities” shall mean the Notes until such Notes have been exchanged for the Underlying Common stock and, subsequent to
such exchange, the Underlying Common Stock; provided, however, that such Notes or such shares of Underlying Common Stock, as the case may 

 
be, shall cease to be Registrable Securities at the earliest of (i) a Shelf Registration Statement registering such Registrable Security under the
Securities Act has been declared or becomes effective and such Registrable Security has been sold or otherwise transferred by the holder thereof pursuant to and in a manner contemplated by such effective Shelf Registration Statement; (ii) such
Registrable Security is sold pursuant to Rule 144; (iii) such Registrable Security is eligible to be sold pursuant to paragraph (k) of Rule 144; (iv) such Registrable Security shall cease to be outstanding or (v) two
(2) years. 
 “Registration Default” shall have the meaning assigned thereto in Section 2(b) hereof. 

“Registration Default Period” shall have the meaning assigned thereto in Section 2(b) hereof. 
 “Registration Expenses” shall have the meaning assigned thereto in Section 4 hereof. 
 “Rule 144” and “Rule 415” shall mean, in each case, such rule promulgated under the Securities Act (or any successor
provision), as the same shall be amended from time to time. 
 “Securities Act” shall mean the Securities Act of 1933, or
any successor thereto, and the rules, regulations and forms promulgated thereunder, all as the same shall be amended from time to time. 
 “Shelf Registration” shall have the meaning assigned thereto in Section 2(a) hereof. 
 “Shelf
Registration Statement” shall have the meaning assigned thereto in Section 2(a) hereof. 
 “Special Interest”
shall have the meaning assigned thereto in Section 2(b) hereof. 
 “Trust Indenture Act” shall mean the Trust Indenture
Act of 1939, or any successor thereto, and the rules, regulations and forms promulgated thereunder, all as the same shall be amended from time to time. 
 “Underlying Common Stock” shall mean the Common Stock into which the Notes are exchangeable pursuant to the terms of the Indenture. 
 Unless the context otherwise requires, any reference herein to a “Section” or “clause” refers to a Section or clause, as the case may
be, of this Agreement, and the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision. 
 Section 2. Registration Under the Securities Act. 
 (a) To the extent not prohibited by any applicable law or applicable interpretation of the staff of the Commission, the Company shall
prepare and file or cause to be prepared and filed with the Commission within forty-five (45) days of the Closing Date (the “Filing Deadline”) a “shelf” registration statement providing for the registration of, and
the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to 

 
Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement,
the “Shelf Registration Statement”). The Company agrees to use its reasonable best efforts (x) to cause the Shelf Registration Statement to become or be declared effective by the Commission no later than one-hundred eighty
(180) days after the Closing Date (the “Effectiveness Deadline”) and, except as otherwise provided for herein, to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of (i) the
date when all of the Registrable Securities have been sold pursuant to Rule 144 or the Shelf Registration Statement, (ii) the expiration of the holding period under Rule 144(k) under the Securities Act, or any successor provision,
(iii) such time as there are no longer any Registrable Securities outstanding or (iv) two (2) years (the “Effectiveness Period”); provided, however, that no holder shall be entitled to be named as a selling
securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration
Statement, upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take such reasonable action to make such filings with the Commission as could enable such holder to use the prospectus forming a part thereof
for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this clause (y) shall
relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(c)(iii) hereof or obligate the Company to take such action until receipt of a completed and signed
Notice and Questionnaire. The Company further agrees to use its reasonable best efforts to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the
registration form used by the Company for such Shelf Registration Statement or by the Securities Act for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used
or promptly following its filing with the Commission. Notwithstanding anything to the contrary contained herein, subject to applicable law, neither the Company nor any of its subsidiaries or affiliates shall disclose the name of any Holders in any
filing, announcement, release or otherwise without the prior written consent of the applicable Holder. The receipt of a Notice and Questionnaire shall be considered a valid consent for the purposes of this Section 2. 
 (b) In the event that (i) the Company has not filed the Shelf Registration Statement on or before the Filing Deadline, or
(ii) such Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the Effectiveness Deadline, or (iii) the Company delays the effectiveness of the Shelf Registration Statement or
suspends the right of any holder to sell Registrable Securities under an effective Shelf Registration Statement except as permitted herein, or (iv) any Shelf Registration Statement is filed and becomes or is declared effective but shall
thereafter either be withdrawn by the Company or shall become subject to an effective stop order issued by the Commission pursuant to Section 8(d) of the Securities Act suspending the effectiveness of such Shelf Registration Statement, except
as otherwise provided for herein, without being succeeded immediately by an additional registration statement filed and declared effective (each such event referred to in clauses (i) through (iv), a “Registration Default” and
each period during which a Registration Default has occurred and is continuing, a “Registration Default Period”), then, as liquidated damages for such Registration Default, in addition to the provisions of Section 8(a), special
interest (“Special Interest”), in addition to the Base Interest, shall accrue on the aggregate principal amount of the outstanding 

 
Registrable Securities that are Notes at a per annum rate of 1.00% for the first ninety (90) days of the Registration Default Period and at a per annum
rate of 1.50% thereafter for the remaining portion of the Registration Default Period, which such period shall not extend past the Effectiveness Period. All accrued Special Interest shall be paid in cash by Holding on each Interest Payment Date (as
defined in the Indenture). Following the cure any such Registration Default, the accrual of Special Interest related thereto shall cease. If a holder has exchanged some or all of its Notes into Underlying Common Stock, the holder will not be
entitled to receive any Special Interest with respect to such Underlying Common Stock, cash paid in lieu of Underlying Common Stock or the principal amount of the Notes that have been so exchanged. 
 (c) The Company shall use its reasonable best efforts to take all actions necessary or advisable to be taken by it to ensure that the
transactions contemplated herein are effected as so contemplated in Section 2(a) hereof. 
 (d) Any reference herein to a
registration statement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement as of
any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time. 
 (e) Notwithstanding anything to the contrary contained in this Agreement, the Company shall have the right to delay the effectiveness of the Shelf Registration Statement or to suspend the right of any holder to sell Registrable Securities
under an effective Registration Statement, during two (2) periods aggregating to not more than sixty (60) days in any twelve-month period (a “Blackout Period”) if the Company reasonably determines that the offering of any
Registrable Securities by any holder of Registrable Securities would require disclosure of material information as to which disclosure at that time would not be in the best interest of the Company and its stockholders. Upon notice by the Company to
the holders of Registrable Securities of such determination (a “Blocking Notice”), which notice shall contain no material non-public information, such holders agree to (a) keep the fact of any such notice, and any information
contained in such notice, strictly confidential, (b) promptly halt any offer, sale, trading or transfer by such holders of any Registrable Securities for the duration of the Blackout Period set forth in such notice (or until earlier terminated
by the Company in writing) and (c) promptly halt any use, publication, dissemination or distribution of any registration statement, each prospectus included therein, and any amendment or supplement thereto for the duration of the Blackout
Period set forth in such notice (or until earlier terminated by the Company in writing). Delivery of a Blocking Notice and the related suspension of any Shelf Registration Statement or the occurrence of a Blackout Period in accordance with the terms
of this Agreement and not in excess of the Blackout Period shall not constitute a default under this Agreement and shall not create any obligation to pay Special Interest pursuant hereto. 
 Section 3. Registration Procedures. 
 If the Company files a registration statement pursuant to Section 2(a), the following provisions shall apply: 
 (a) At or before the Effective Time of the Shelf Registration Statement, 

 
the Company shall cause the Indenture to be qualified under the Trust Indenture Act. 
 (b) In the event that such qualification would require the appointment of a new trustee under the Indenture, the Company shall appoint a
new trustee thereunder pursuant to the applicable provisions of the Indenture. 
 (c) In connection with the Company’s
obligations with respect to the Shelf Registration, the Company shall use its reasonable best efforts to, as soon as practicable (or as otherwise specified): 
 (i) prepare and file with the Commission within the time periods specified in Section 2(a), a Shelf Registration Statement on any
form which may be utilized by the Company and which shall register all of the Registrable Securities for resale by the Electing Holders thereof in accordance with such method or methods of disposition as may be specified by such holders, from time
to time, and use its reasonable best efforts to cause such Shelf Registration Statement to become or be declared effective within the time periods specified in Section 2(a); 
 (ii) take action to name each holder that is an Electing Holder as of the date that is ten Business Days prior to the effectiveness of the
Shelf Registration Statement as a selling securityholder in the Shelf Registration Statement as of the Effective Time; provided, no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement as of the
Effective Time, and no holder shall be entitled to use the prospectus forming a part thereof for resales of Registrable Securities at any time, unless such holder has timely returned a completed and signed Notice and Questionnaire to the Company and
is named as a selling securityholder in the Shelf Registration Statement; 
 (iii) upon the request of any holder of
Registrable Securities that is not then an Electing Holder, promptly send a Notice and Questionnaire to such holder; provided that the Company shall not be required to take any action to name such holder as a selling securityholder in the
Shelf Registration Statement or to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities until such holder has returned a completed and signed Notice and Questionnaire to the Company; 
 (iv) as soon as practicable, prepare and file with the Commission such amendments and supplements to such Shelf Registration Statement and
the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Shelf Registration Statement for the period specified in Section 2(a) hereof and as may be required by the applicable rules and regulations of
the Commission and the instructions applicable to the form of such Shelf Registration Statement, and furnish to the Electing Holders copies of any such supplement or amendment prior to its being used or promptly following its filing with the
Commission; 
 (v) comply with the provisions of the Securities Act with respect to the disposition of all of the Registrable
Securities covered by such Shelf 

 
Registration Statement in accordance with the intended methods of disposition by the Electing Holders provided for in such Shelf Registration Statement;

 (vi) upon request, provide the Electing Holders a copy of such Shelf Registration Statement, each prospectus included
therein or filed with the Commission and each amendment or supplement thereto; 
 (vii) within two (2) Business Days
notify each of the Electing Holders (A) when such Shelf Registration Statement or the prospectus included therein or any prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to such Shelf Registration
Statement or any post-effective amendment, when the same has become effective, (B) of the issuance by the Commission of any stop order suspending the effectiveness of such Shelf Registration Statement or the initiation or, to the knowledge of
the Company, threatening of any proceedings for that purpose, (C) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation
or, to the knowledge of the Company, threatening of any proceeding for such purpose, or (D) if at any time when a prospectus is required to be delivered under the Securities Act, that such Shelf Registration Statement, prospectus, prospectus
amendment or supplement or post-effective amendment does not conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act; 
 (viii) use their reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of such Shelf Registration
Statement or any post-effective amendment thereto as soon as practicable; 
 (ix) use their reasonable best efforts to
(A) register or qualify the Registrable Securities to be included in such Shelf Registration Statement under such securities laws or blue sky laws of no more than five jurisdictions that the Electing Holders collectively shall reasonably
request, and (B) keep such registrations or qualifications in effect and comply with such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions during the period the Shelf Registration is required to
remain effective under Section 2(a) above to enable any such Electing Holder to consummate the disposition in such jurisdictions of such Registrable Securities; provided, however, that the Company shall not be required for any
such purpose to (1) qualify as a foreign corporation or limited liability company, as the case may be, in any jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this Section 3(c)(ix),
(2) consent to general service of process in any such jurisdiction or (3) make any changes to its certificate of incorporation or by-laws (or other organizational document) or any agreement between it and holders of its ownership
interests; 
 (x) use its reasonable best efforts to obtain the consent or approval of each governmental agency or authority,
whether federal, state or local, which may be required to effect the Shelf Registration or the offering or sale in connection therewith or to enable the selling holder or holders to offer, or to consummate the disposition of, their Registrable
Securities; 

 (xi) unless any Registrable Securities shall be in book-entry only form, cooperate with
the Electing Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, which certificates, if so required by any securities exchange upon which any Registrable Securities are listed,
shall be penned, lithographed or engraved, or produced by any combination of such methods, on steel engraved borders, and which certificates shall not bear any restrictive legends; 
 (xii) provide a CUSIP number for all Registrable Securities, not later than the applicable Effective Time; and 
 (xiii) notify in writing each holder of Registrable Securities of any proposal by the Company to amend or waive any provision of this
Agreement pursuant to Section 8(g) hereof and of any amendment or waiver effected pursuant thereto, each of which notices shall contain the substance of the amendment or waiver proposed or effected, as the case may be. 
 (d) In the event that the Company would be required, pursuant to Section 3(c)(vii)(D) above, to notify the Electing Holders the
Company shall, as promptly as practicable, but in any event within ten (10) Business Days, prepare and furnish to each of the Electing Holders, a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter
delivered to purchasers of Registrable Securities, such prospectus conforms in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act, and shall not contain an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing. Each Electing Holder agrees that upon receipt of any notice from the Company pursuant
to Section 3(c)(vii)(D) hereof, such Electing Holder shall forthwith discontinue the disposition of Registrable Securities pursuant to the Shelf Registration Statement applicable to such Registrable Securities until such Electing Holder shall
have received copies of such amended or supplemented prospectus, and if so directed by the Company, such Electing Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such Electing
Holder’s possession of the prospectus covering such Registrable Securities at the time of receipt of such notice. 
 (e)
In addition to the information required to be provided by each Electing Holder in its Notice and Questionnaire, the Company may require such Electing Holder to furnish to the Company such additional information regarding such Electing Holder and
such Electing Holder’s intended method of distribution of Registrable Securities as may be required in order to comply with the Securities Act. Each such Electing Holder agrees to notify the Company as promptly as practicable of any inaccuracy
or change in information previously furnished by such Electing Holder to the Company or of the occurrence of any event in either case as a result of which any prospectus relating to such Shelf Registration contains or would contain an untrue
statement of a material fact regarding such Electing Holder or such Electing Holder’s intended method of disposition of such Registrable Securities or omits to state any material fact regarding such Electing Holder or such Electing
Holder’s intended method of disposition of such Registrable Securities required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, and promptly to furnish to the
Company any 

 
additional information required to correct and update any previously furnished information or required so that such prospectus shall not contain, with
respect to such Electing Holder or the disposition of such Registrable Securities, an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in
the light of the circumstances then existing. 
 Section 4. Registration Expenses. 
 The Company agrees, subject to the last sentence of this Section 4, to bear and to pay or cause to be paid promptly all expenses incident to the
Company’s performance of or compliance with this Agreement, including (a) all Commission filing and review fees and expenses, (b) all reasonable fees and expenses in connection with the qualification of the Notes for offering and sale
under the securities laws and blue sky laws referred to in Section 3(c)(ix) hereof, (c) all expenses relating to the preparation, printing, production, distribution and reproduction of each registration statement required to be filed
hereunder, each prospectus included therein or prepared for distribution pursuant hereto and each amendment or supplement to the foregoing, (d) messenger, telephone and delivery expenses relating to the offering, sale or delivery of Registrable
Securities and the preparation of documents referred in clause (c) above, (e) reasonable fees and expenses of the Trustee under the Indenture, any agent of the Trustee and any reasonable fees and expenses for counsel for the Trustee, of
any collateral agent or custodian and of the registrar and transfer agent of the Common Stock, (f) internal expenses of the Company (including all salaries and expenses of the Company’s officers and employees performing legal or accounting
duties), and (g) fees, disbursements and expenses of counsel and independent certified public accountants of the Company in connection with the Company’s obligations under this Agreement, (collectively, the “Registration
Expenses”). To the extent that any Registration Expenses are incurred, assumed or paid by any holder of Registrable Securities, with the written consent of the Company, the Company shall reimburse such person for the full amount of the
Registration Expenses so incurred, assumed or paid promptly after receipt of a request therefor. Notwithstanding the foregoing, the holders of the Registrable Securities being registered shall pay, and be solely responsible for, all agency fees and
commissions and underwriting discounts and commissions attributable to the sale of such Registrable Securities and the fees and disbursements of any counsel or other advisors or experts retained by such holders (severally or jointly), other than the
counsel and experts specifically referred to above. 
 Section 5. Representations, Warranties and Covenants. 
 The Company represents and warrants to, and agrees with, each Purchaser and each of the holders from time to time of Registrable Securities that:

 (a) Each Shelf Registration Statement covering Registrable Securities, when it becomes effective with the Commission, will
conform in all material respects to the requirements of the Securities Act and the Trust Indenture Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading, other than from (i) such time as a notice has been given to holders of Registrable Securities pursuant to Section 3(c)(vii)(D) hereof until (ii) such time as the Company furnishes an amended or
supplemented prospectus pursuant to Section 3(d) hereof; provided, however, that this covenant shall not apply to any statements or omissions made 

 
in reliance upon and in conformity with information furnished in writing to the Company by a holder of Registrable Securities or Electing Holder expressly
for use therein. 
 (b) Any documents incorporated by reference in any Shelf Registration Statement referred to in
Section 5(a) hereof, when it becomes effective, will conform in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and none of such documents will contain an untrue statement of a material fact
or will omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that this covenant shall not apply to any statements or omissions made in reliance upon
and in conformity with information furnished in writing to the Company by a holder of Registrable Securities or Electing Holder expressly for use therein. 
 (c) This Agreement has been duly authorized, executed and delivered by the Company and is enforceable against the Company in accordance with its terms. 
 Section 6. Indemnification. 
 (a) Indemnification by the Company. The Company (i) will indemnify and hold harmless each of the Electing Holders identified as a selling securityholder in a Shelf Registration Statement, and each person,
if any, who controls any such Electing Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and the respective officers, directors, partners, employees, representatives and agents of any such
Electing Holder or such controlling person (collectively, the “Electing Holder Parties”) against any losses, claims, damages or liabilities, joint or several, to which they may become subject, under the Securities Act, the Exchange
Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Shelf Registration Statement,
as the case may be, or any amendment thereof or supplement thereto, or any preliminary, final or summary prospectus contained therein or furnished by the Company to any such Electing Holder, or any amendment or supplement thereto, or arise out of or
are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and (ii) will reimburse such Electing Holder for any reasonable legal or
other expenses incurred by them in connection with investigating or defending any such loss, claim, damage or liability as such expenses are incurred; provided, however, that the Company shall not be liable to any such Electing Holder
Party in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, or preliminary,
final or summary prospectus, or any amendment thereof or supplement thereto, in reliance upon and in conformity with written information furnished to the Company by or on behalf of an Electing Holder Party expressly for use therein. 
 (b) Indemnification by the Purchasers and the Holders. Each Electing Holder of Registrable Securities included in a Shelf
Registration Statement, severally and not jointly, (i) will indemnify and hold harmless Primus and each of its subsidiaries, each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act and the respective officers, directors, partners, employees, representatives and agents of the Company or such controlling person, and all other holders against any losses, 

 
claims, damages or liabilities to which they may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in such registration statement, or any amendment thereof or supplement thereto, or any
preliminary, final or summary prospectus contained therein or furnished by the Company to any such Electing Holder, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was
made in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Electing Holder expressly for use therein, and (ii) will reimburse the Company for any reasonable legal or other expenses incurred
by the Company in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that no such Electing Holder shall be required to undertake liability to any person under this Section 6(b)
for any amounts in excess of the net proceeds to be received by such Electing Holder from the sale of such Electing Holder’s Registrable Securities pursuant to such registration. 
 (c) Notices of Claims, Etc. Promptly after receipt by an indemnified party under subsection (a) or (b) above of written
notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party pursuant to the indemnification provisions of or contemplated by this Section 6, notify such
indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party except to the extent actually prejudiced thereby. In
case any such action shall be brought against any indemnified party and it shall notify an indemnifying party of the commencement thereof, such indemnifying party shall be entitled to participate therein and, to the extent that it shall wish,
jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the
indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, such indemnifying party shall not be liable to such indemnified party for any legal expenses of other
counsel or any other expenses. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such
indemnified party or parties unless (i) the employment of such counsel shall have been authorized in writing by the indemnifying parties in connection with the defense of such action or (ii) the indemnifying parties shall not have employed
counsel to take charge of the defense of such action within a reasonable time after notice of commencement of the action; provided, that the indemnifying parties shall only be liable for the legal expenses of one counsel for all indemnified parties
in each jurisdiction in which any claim or action is brought. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any
pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or
judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by any
indemnified party. 

 (d) Contribution. If for any reason the indemnification provisions contemplated by
Section 6(a) or Section 6(b) are unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying
party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative fault of the
indemnifying party and the indemnified party in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The
relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact
relates to information supplied by such indemnifying party or by such indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto
agree that it would not be just and equitable if contributions pursuant to this Section 6(d) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in
this Section 6(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages, or liabilities (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses
reasonably incurred by such indemnified party under Section 6(c)(i) and (ii). Notwithstanding the provisions of this Section 6(d), no holder shall be required to contribute any amount in excess of the net proceeds to be received by such
holder from the sale of any Registrable Securities. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. 
 Section 7. Rule 144. 
 The Company covenants to the holders of Registrable Securities that to the extent it shall be required to do so under the Exchange Act, it shall timely
file the reports required to be filed by it under the Exchange Act or the Securities Act (including the reports under Section 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144 adopted by the Commission under the
Securities Act), and shall take such further action as any holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the
Securities Act within the limitations of the exemption provided by Rule 144 under the Securities Act, or any similar or successor rule or regulation hereafter adopted by the Commission. Upon the request of any holder of Registrable Securities in
connection with that holder’s sale pursuant to Rule 144, the Company shall deliver to such holder a written statement as to whether it has complied with such requirements. 
 Section 8. Miscellaneous. 
 (a) Specific Performance. The parties hereto acknowledge that there would be no adequate remedy at law if the Company fails to
perform any of their obligations hereunder and that the Purchasers and the holders from time to time of the Registrable Securities may be irreparably harmed by any such failure, and accordingly agree that the Purchasers and such holders, in addition
to any other remedy to which they may be entitled at law or in equity, shall be entitled to compel specific performance of the obligations of the Company under this Agreement in accordance with the terms and conditions of this Agreement. 

 (b) Notices. All notices, requests, claims, demands, waivers and other
communications hereunder shall be in writing and shall be deemed to have been duly given (i) when delivered by hand, if delivered personally or by courier, (ii) when sent by facsimile, or (iii) three days after being deposited in the
mail (registered or certified mail, postage prepaid, return receipt requested) as follows: If to the Company, c/o Primus Telecommunications Group, Incorporated, 7901 Jones Branch Drive, Suite 900, McLean, VA 22102, Attention: Secretary, and if to a
holder, to the address of such holder set forth in the security register or other records of the Company, or to such other address as the Company or any such holder may have furnished to the other in writing in accordance herewith, except that
notices of change of address shall be effective only upon receipt. 
 (c) Parties in Interest. All the terms and
provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable, by the parties hereto and the holders from time to time of the Registrable Securities and the respective successors and assigns of the
parties hereto and such holders, to the extent that any such successor, assign or transferee shall agree in writing to acquire and hold the Registrable Securities subject to all of the applicable terms hereof. 
 (d) Survival. The respective indemnities, agreements, representations, warranties and each other provision set forth in this
Agreement or made pursuant hereto shall remain in full force and effect regardless of any investigation (or statement as to the results thereof) made by or on behalf of any holder of Registrable Securities, any director, officer or partner of such
holder, or any controlling person of any of the foregoing, and shall survive delivery of and payment for the Registrable Securities pursuant to the Exchange Agreements and the Purchase Agreements and the transfer and registration of Registrable
Securities by such holder. 
 (e) Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of New York. 
 (f) Headings. The descriptive headings of the several Sections and paragraphs of
this Agreement are inserted for convenience only, do not constitute a part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement. 
 (g) Entire Agreement; Amendments. This Agreement and the other writings referred to herein (including the Indenture and the form of
Notes) or delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with respect to its subject matter. This Agreement supersedes all prior agreements and understandings between the parties with respect to
its subject matter. This Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written instrument duly executed by
the Company and the holders of at least a majority in aggregate principal amount of the Registrable Securities at the time outstanding. Each holder of any Registrable Securities at the time or thereafter outstanding shall be bound by any amendment
or waiver effected pursuant to this Section 8(g), whether or not any notice, writing or marking indicating such amendment or waiver appears on such Registrable Securities or is delivered to such holder. 

 (h) Inspection. For so long as this Agreement shall be in effect, this Agreement
and a complete list of the names and addresses of all the holders of Registrable Securities shall be made available for inspection and copying, upon reasonable prior notice, on any Business Day during normal business hours by any holder of
Registrable Securities for proper purposes only at the offices of the Primus at the address thereof set forth in Section 8(b) above and at the office of the Trustee under the Indenture. 
 (i) Counterparts. This agreement may be executed by the parties in counterparts, each of which shall be deemed to be an original,
but all such respective counterparts shall together constitute one and the same instrument. 
 (j) Severability. In the
event that any one of more of the provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision
in every other respect and of the remaining provisions hereof shall not be in any way impaired or affected thereby, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law.

 (k) Multiple Purchasers. Each Purchaser understands, acknowledges and agrees that multiple Purchasers have executed
and delivered this Agreement. Furthermore, each Purchaser acknowledges and agrees that if at any time any decision or action is required to be taken by the Purchasers in their capacities as holders of a requisite amount of Registrable Securities
hereunder (including, without limitation, under Section 8(g)), the Company shall make the final and binding determination as to whether such decision or action has been properly taken by the requisite holders and shall inform each holder of the
same. 
 (l) Submission to Jurisdiction. Each of the parties hereto (a) consents to submit itself to the exclusive
jurisdiction of the courts of the State of New York, located in New York County and the United States District Court for the Southern District of New York in the event any dispute arises out of this Agreement or any of the transactions contemplated
hereby, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court and (c) agrees that it will not bring any action relating to this Agreement or any of the
transactions contemplated hereby in any court other than a federal or state court sitting in the State of New York. 
 [SIGNATURE PAGES
FOLLOW] 

 If the foregoing is in accordance with your understanding, please sign and return to us counterparts
hereof, and upon the acceptance hereof by you, this letter and such acceptance hereof shall constitute a binding agreement between you. 
  

			
	 Very truly yours,

	
	 Primus Telecommunications Holding, Inc.,
a Delaware corporation, as Issuer

		
	By:	 	  
	 Name:
	 	  
	 Title:
	 	  
	
	 Primus Telecommunications Group, Incorporated,
a Delaware corporation, as Guarantor

		
	By:	 	  
	 Name:
	 	  
	 Title:
	 	  

 PURCHASER SIGNATURE PAGE TO AGREEMENT 
 IN WITNESS WHEREOF, the undersigned Purchaser has duly executed and delivered this Agreement as of the first date written above. 
  

			
	 PURCHASER

	
	[PURCHASER NAME]
		
	By:	 	  
	 Name:
	 	  
	 Its:
	 	  

	

 Purchaser Name and Address: 
 Fax Number: 

 EXHIBIT A 
 PRIMUS TELECOMMUNICATIONS GROUP, INCORPORATED 
 FORM OF SELLING SECURITY HOLDER ELECTION AND
QUESTIONNAIRE 
 The undersigned beneficial holder of 5.00% Exchangeable Senior Notes due 2009 (the “New Notes”) of Primus
Telecommunications Holding, Inc. (“Holding”) or Primus Telecommunications Group, Incorporated’s (“Primus”) common stock, par value $0.01 per share, issued upon conversion of the New Notes (the “Common Stock” and
together with the New Notes, the “Registrable Securities”), understands that Primus has filed or intends to file with the Securities and Exchange Commission (the “SEC”) one or more registration statements (collectively, the
“Shelf Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Registrable Securities in accordance with the terms of the Registration
Rights Agreement (the “Registration Rights Agreement”), dated as of June 28, 2006, among Primus, Holding and the initial purchasers named therein. A copy of the Registration Rights Agreement is available from Primus upon request at
the address set forth below. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement. 
 Each beneficial owner of Registrable Securities is entitled to the benefits of the Registration Rights Agreement. In order to sell or otherwise dispose of any Registrable Securities pursuant to the Shelf Registration
Statement, a beneficial owner of Registrable Securities generally will be required to be named as a selling security holder in the related prospectus, deliver a prospectus to purchasers of Registrable Securities and be bound by those provisions of
the Registration Rights Agreement applicable to such beneficial owner (including certain indemnification provisions as described below). To be included in the Shelf Registration Statement, this Election and Questionnaire must be completed,
executed and delivered to Primus at the address set forth herein on or prior to the tenth business day before the effectiveness of the initial Shelf Registration Statement. We will give notice of the filing and effectiveness of the initial Shelf
Registration Statement by issuing a press release.  
 Beneficial owners that do not complete this Election and Questionnaire and deliver
it to Primus as provided below will not be named as selling security holders in the prospectus and therefore will not be permitted to sell any Registrable Securities pursuant to the Shelf Registration Statement. Beneficial owners are encouraged to
complete and deliver this Election and Questionnaire prior to the effectiveness of the initial Shelf Registration Statement so that such beneficial owners may be named as selling security holders in the related prospectus at the time of
effectiveness. Upon receipt of a completed Election and Questionnaire from a beneficial owner following the effectiveness of the 

  

 A-1 

 
initial Shelf Registration Statement, Primus will, within 15 business days (subject to certain exceptions), file such amendments to the initial Shelf
Registration Statement or additional shelf registration statements or supplements to the related prospectus as are necessary to permit such holder to deliver such prospectus to purchasers of Registrable Securities. Primus has agreed to pay
additional interest pursuant to the Registration Rights Agreement under certain circumstances as set forth therein. 
 Certain legal
consequences arise from being named as selling security holders in the Shelf Registration Statement and the related prospectus. Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law
counsel regarding the consequences of being named or not being named as a selling security holder in the Shelf Registration Statement and the related prospectus. 
 ELECTION 
 The undersigned beneficial owner (the “Selling Security Holder”) of Registrable
Securities hereby elects to include in the prospectus forming a part of the Shelf Registration Statement the Registrable Securities beneficially owned by it and listed below in Item 3 (unless otherwise specified under Item 3). The
undersigned, by signing and returning this Election and Questionnaire, understands that it will be bound by the terms and conditions of this Election and Questionnaire and the Registration Rights Agreement. 
 Pursuant to the Registration Rights Agreement, the undersigned has agreed to indemnify and hold harmless Primus and its directors, officers and each
person, if any, who controls Primus within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against certain losses arising in connection with statements concerning the undersigned made in
the Shelf Registration Statement or the related prospectus in reliance upon the information provided in this Election and Questionnaire. 
 The undersigned hereby provides the following information to Primus and represents and warrants to Primus that such information is accurate and complete: 
 QUESTIONNAIRE 
  

	1.        (a)	Full Legal Name of Selling Security Holder: 

                                       
                                        
                                        
                                        
                                        
                                    
  

	           (b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities listed in Item (3) below are held: 

                                       
                                        
                                        
                                        
                                        
                                    
  

 A-2 

	           (c)	Is the Selling Security Holder an SEC-reporting company? If the Selling Security Holder is not an SEC-reporting company, list below the individual or individuals who exercise
dispositive powers with respect to the Notes and the voting and/or dispositive powers with respect to the common stock underlying the Notes: 

                                       
                                        
                                        
                                        
                                        
                                    
                                       
                                        
                                        
                                        
                                        
                                    
  

	           (d)	Are you a broker-dealer registered pursuant to Section 15 of the Exchange Act? 

  

	 	 ̈	Yes. 

  

	 	 ̈	No. 

  

	           (e)	If your response to Item l(d) above is “no,” are you an “affiliate” of a broker-dealer registered pursuant to Section 15 of the Exchange Act?

  

	 	 ̈	Yes. 

  

	 	 ̈	No. 

 For purposes of this Item l(e), an
“affiliate” of a registered broker-dealer shall include any company that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such broker-dealer, and does not include
any individuals employed by such broker-dealer or its affiliates. 
  

	           (f)	Full legal name of person through which you hold the Registrable Securities—(i.e. name of your broker or the DTC participant, if applicable, through which your
Registrable Securities are held); 

 Name of Broker: 
                                       
                                        
                                        
                                        
                                        
                                    
 DTC No.: 
                                       
                                        
                                        
                                        
                                        
                                    
 Contract person: 
                                       
                                        
                                        
                                        
                                        
                                    
 Telephone No. (including area code): 
                                       
                                        
                                        
                                        
                                        
                                    
 Email address: 
                                       
                                        
                                        
                                        
                                        
                                    
  

 A-3 

	2.	Address for Notices to Selling Security Holder: 

                                       
                                        
                                        
                                        
                                        
                                        
           
                                       
                                        
                                        
                                        
                                        
                                        
           

	 	

			
	 Telephone:
	  	  
	 Fax:
	  	  
	 E-mail address:
	  	  
	 Contact Person:
	  	  

  

	3.	Beneficial Ownership of Registrable Securities: 

  

	 	(a)	Type of Registrable Securities beneficially owned, and principal amount of Notes or number of shares of Common Stock, as the case may be, beneficially owned:

                                       
                                        
                                        
                                        
                                        
                                        

                                       
                                        
                                        
                                        
                                        
                                        

  

	 	(b)	CUSIP No(s). of such Registrable Securities beneficially owned: 

                                       
                                        
                                        
                                        
                                        
                                        

                                       
                                        
                                        
                                        
                                        
                                        

	 	

  

	4.	Beneficial Ownership of Primus Securities Owned by the Selling Security Holder: 

 Except as set forth below in this Item (4), the undersigned is not the beneficial or registered owner of any securities of Primus, other than the Registrable Securities listed above in Item (3).

  

	 	(a)	Type and amount of other securities beneficially owned by the Selling Security Holder: 

                                       
                                        
                                        
                                        
                                        
                                        

                                       
                                        
                                        
                                        
                                        
                                        

  

	 	(b)	CUSIP No(s). of such other securities beneficially owned: 

                                       
                                        
                                        
                                        
                                        
                                        

                                       
                                        
                                        
                                        
                                        
                                        

  

	5.	Relationship with Primus 

  

	 	(a)	 Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (5% or more) has held any 

  

 A-4 

	 	 
position or office or has had any other material relationship with Primus (or its predecessors or affiliates) during the past three years.

 State any exceptions here: 
                                       
                                        
                                        
                                        
                                        
                                        

                                       
                                        
                                        
                                        
                                        
                                        

                                       
                                        
                                        
                                        
                                        
                                        

                                       
                                        
                                        
                                        
                                        
                                        

  

	 	(b)	If the Selling Security Holder is a registered broker-dealer or an “affiliate” of a registered broker-dealer (See Item l(c) and l(d)), except as set forth below,
(i) neither the undersigned nor any of its affiliates has purchased the Registrable Securities other than in the ordinary course of business, and (ii) at the time of the purchase of the Registrable Securities to be registered, the
undersigned had no agreement or understanding, written or otherwise, with any person to distribute, directly or indirectly, any such Registrable Securities. 

 State any exceptions here: 
                                       
                                        
                                        
                                        
                                        
                                        

                                       
                                        
                                        
                                        
                                        
                                        

                                       
                                        
                                        
                                        
                                        
                                        

                                       
                                        
                                        
                                        
                                        
                                        

  

	6.	Plan of Distribution 

 Except as set forth below, the
undersigned (including its donees or pledgees) intends to distribute the Registrable Securities listed above in Item (3) pursuant to the Shelf Registration Statement only as follows (if at all). Such Registrable Securities may be sold from time
to time directly by the undersigned. Such Registrable Securities may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices determined at the time of sale, or at negotiated prices.
Such sales may be effected in transactions (which may involve crosses or block transactions) 
  

	 	(i)	on any national securities exchange or quotation service on which the Registrable Securities may be listed or quoted at the time of sale; 

  

	 	(ii)	in the over-the-counter market; 

  

	 	(iii)	in transactions otherwise than on such exchanges or services or in the over-the-counter market; or 

  

 A-5 

	 	(iv)	through the writing of options. 

 In connection
with sales of the Registrable Securities or otherwise, the undersigned may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the Registrable Securities and deliver Registrable Securities to close out
such short positions, or loan or pledge Registrable Securities to broker-dealers that in turn may sell such securities. 
 State any
exceptions here: 
                                       
                                        
                                        
                                        
                                        
                                        

                                       
                                        
                                        
                                        
                                        
                                        

                                       
                                        
                                        
                                        
                                        
                                        

                                       
                                        
                                        
                                        
                                        
                                        

 Note: In no event may such method(s) of distribution take the form of an underwritten offering or the Registrable Securities without the
prior written agreement of Primus. 
  

 A-6 

 ACKNOWLEDGEMENTS 
 The undersigned acknowledges that it understands its obligation to comply with the provisions of the Securities Exchange Act of 1934, as amended, and the rules thereunder relating to stock manipulation, particularly
Regulation M thereunder (or any successor rules or regulations), in connection with any offering of Registrable Securities pursuant to the Registration Rights Agreement. The undersigned agrees that neither it nor any person acting on its behalf will
engage in any transaction in violation of such provisions. 
 The Selling Security Holder hereby acknowledges its obligations under the
Registration Rights Agreement to indemnify and hold harmless certain persons set forth therein. Pursuant to the Registration Rights Agreement, Primus has agreed under certain circumstances to indemnify the Selling Security Holders against certain
liabilities. 
 In accordance with the undersigned’s obligation under the Registration Rights Agreement to provide such information as
may be required by law for inclusion in the Shelf Registration Statement, the undersigned agrees to promptly notify Primus of any inaccuracies changes in the information provided herein that may occur subsequent to the date hereof at any time while
the Shelf Registration Statement remains effective. All notices hereunder and pursuant to the Registration Rights Agreement shall be made in writing at the address set forth below. 
 In the event that the undersigned transfers all or any portion of the Registrable Securities listed in Item 3 above alter the date on which such
information is provided to Primus, the undersigned agrees to notify the transferee(s) at the time of transfer of its rights and obligations under this Election and Questionnaire and the Registration Rights Agreement. 
 By signing this Election and Questionnaire, the undersigned consents to the disclosure of the information contained herein in its answers to Items
(1) through (6) above and the inclusion of such information in the Shelf Registration Statement and the related prospectus. The undersigned understands that such information will be relied upon by Primus in connection with the preparation
or amendment of the Shelf Registration Statement and the related prospectus. 
 Once this Election and Questionnaire is executed by the
Selling Security Holder and received by Primus, the terms of this Election and Questionnaire and the representations and warranties contained herein shall be binding on, shall insure to the benefit of and shall be enforceable by the respective
successors, heirs, personal representatives and assigns of Primus and the Selling Security Holder with respect to the Registrable Securities beneficially owned by such Selling Security Holder and listed in Item 3 above. 
  

 A-7 

 This Election and Questionnaire shall be governed by, and construed in accordance with; the laws of the
State of Delaware. 
 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Election and Questionnaire to be executed
and delivered either in person or by its duly authorized agent. 
  

			
	 Beneficial Owner

		
	By:	 	  
		 	 Name:

		 	 Title:

 Dated: 
 Please return the completed and executed Election and 
 Questionnaire 
 to: 
 Primus Telecommunications Group,
Incorporated 
 7901 Jones Branch Drive, Suite 900 
 McLean, VA 22102 
 Tel.: (703) 902-2800 
 Fax: (703) 902-2814 
 Attention: Mr. Thomas R. Kloster 
  

 A-8 

 EXHIBIT B 
 FORM OF NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT 
 [Name of
Trustee/Transfer Agent] 
 Primus Telecommunications Group, Incorporated 
 Primus Telecommunications Holding, Inc. 
 c/o
[Name of Trustee/Transfer Agent] 
 _________________________ 
 _________________________ 
 Attention: Trust Officer 
 Re: Primus Telecommunications Group, Incorporated (“Parent”) and Primus
Telecommunications Holding, Inc. (“Holding”) 5.00% Exchangeable Senior Notes due 2009 
 Dear Sirs: 
 Please be advised that
                                 has transferred
[$                     aggregate principal amount of the above-referenced Notes]
[             shares of Common Stock] pursuant to an effective Shelf Registration Statement. 
 We hereby certify that the prospectus delivery requirements, if any, of the Securities Act of 1933, as amended, have been satisfied and that the above-named beneficial owner of the [Notes][Common Stock] is named as a
“Selling Securityholder” in the prospectus dated [date] or in supplements thereto, and that the [aggregate principal amount of the Notes transferred are the Notes] [number of shares of Common Stock transferred are the Common Stock] listed
in such prospectus opposite such owner’s name. 
  

			
	 Very truly yours,

	
	  
	 (Name)

		
	 By:
	 	  
	 (Authorized Signature)

 Dated: _______________ 
  

 B-1

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