Document:

EX-4.1

 Exhibit 4.1 

AMERICAN TOWER CORPORATION 
 and

 U.S. BANK NATIONAL ASSOCIATION 

as Trustee 
 and 

Elavon Financial Services DAC, UK Branch 

As Paying Agent 
  

 
 SUPPLEMENTAL
INDENTURE NO. 9 
 Dated as of May 21, 2021 

to 
 BASE INDENTURE 

Dated as of June 4, 2019 

€2,000,000,000 Principal Amount 

€750,000,000 0.450% SENIOR NOTES DUE 2027 

€750,000,000 0.875% SENIOR NOTES DUE 2029 

€500,000,000 1.250% SENIOR NOTES DUE 2033 

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Article I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
			
	 Section 1.01.
	 	Definitions	  	 	1	 
	 Section 1.02.
	 	Incorporation by Reference of Trust Indenture Act	  	 	9	 
	 Section 1.03.
	 	Rules of Construction	  	 	9	 
		
	 Article II THE SECURITIES
	  	 	10	 
			
	 Section 2.01.
	 	Form and Dating	  	 	10	 
	 Section 2.02.
	 	Execution and Authentication of Securities	  	 	10	 
	 Section 2.03.
	 	Registrar and Paying Agent	  	 	11	 
	 Section 2.04.
	 	Paying Agent to Hold Money in Trust	  	 	11	 
	 Section 2.05.
	 	Transfer and Exchange	  	 	11	 
	 Section 2.06.
	 	Outstanding Securities	  	 	11	 
	 Section 2.07.
	 	Interest Payment and Record Dates	  	 	12	 
	 Section 2.08.
	 	No Sinking Fund	  	 	12	 
	 Section 2.09.
	 	Defaulted Interest	  	 	12	 
	 Section 2.10.
	 	CUSIP and ISIN Numbers and Common Codes	  	 	12	 
	 Section 2.11.
	 	Global Securities	  	 	12	 
	 Section 2.12.
	 	Ranking	  	 	12	 
	 Section 2.13.
	 	Additional Securities	  	 	13	 
	 Section 2.14.
	 	Payment of Additional Amounts	  	 	13	 
	 Section 2.15.
	 	Unavailability of Euros	  	 	15	 
	 Section 2.16.
	 	Listing	  	 	15	 
		
	 Article III OPTIONAL REDEMPTION; MANDATORY REDEMPTION
	  	 	15	 
			
	 Section 3.01.
	 	Notice to Trustee and Paying Agent	  	 	15	 
	 Section 3.02.
	 	Optional Redemption	  	 	15	 
	 Section 3.03.
	 	Mandatory Redemption	  	 	17	 
	 Section 3.04.
	 	Redemption for Tax Reasons	  	 	17	 
		
	 Article IV COVENANTS
	  	 	17	 
			
	 Section 4.01.
	 	Additional Covenants	  	 	17	 
		
	 Article V MISCELLANEOUS
	  	 	18	 
			
	 Section 5.01.
	 	Conflict of Any Provision of Indenture with Trust Indenture Act	  	 	18	 
	 Section 5.02.
	 	Duplicate Originals	  	 	19	 
	 Section 5.03.
	 	New York Law to Govern	  	 	19	 
	 Section 5.04.
	 	No Adverse Interpretation of Other Agreements	  	 	19	 
	 Section 5.05.
	 	Successors and Assigns of Company, Trustee and Paying Agent Bound by Supplemental Indenture	  	 	19	 
	 Section 5.06.
	 	Severability	  	 	19	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 5.07.
	 	Effect of Headings	  	 	19	 

 Exhibit A-1 — Form of Global Security for the 2027 Notes 

Exhibit A-2 — Form of Global Security for the 2029 Notes 

Exhibit A-3 — Form of Global Security for the 2033 Notes 

Exhibit B — Form of Legend for Global Securities 
  

  
 ii 

 SUPPLEMENTAL INDENTURE NO. 9 (the “Supplemental Indenture”), dated
as of May 21, 2021, between American Tower Corporation, a Delaware corporation (the “Company”), U.S. Bank National Association, a national banking association, as trustee (the “Trustee”), and Elavon Financial
Services DAC, UK Branch, as paying agent (the “Paying Agent”). 
 WITNESSETH THAT: 

WHEREAS, the Company and the Trustee have executed and delivered a base indenture, dated as of June 4, 2019 (the “Base
Indenture,” and, together with this Supplemental Indenture, as amended, supplemented or otherwise modified from time to time, the “Indenture”) to provide for the future issuance of the Company’s senior debt securities
to be issued from time to time in one or more series; 
 WHEREAS, the Company has duly determined to appoint the Paying Agent as the paying
agent under the Agency Agreement, dated as of the date hereof (the “Agency Agreement”), and the Paying Agent is willing to accept such appointment with respect to the Securities; 

WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of three series of its Securities,
to be titled as its “0.450% Senior Notes due 2027” (the “2027 Notes”), “0.875% Senior Notes due 2029” (the “2029 Notes”) and “1.250% Senior Notes due 2033” (the “2033
Notes”), the form and substance of such Securities and the terms, provisions and conditions thereof to be set forth as provided in the Indenture; and 

WHEREAS, all acts and requirements necessary to make this Supplemental Indenture, when executed and delivered by the parties hereto, the
legal, valid and binding obligation of the Company, in accordance with its terms, have been done. 
 NOW, THEREFORE: 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities. 

ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01. DEFINITIONS. 

Capitalized terms used herein without definition shall have the respective meanings ascribed to them in the Base Indenture. The following
definitions supplement, and, to the extent inconsistent with, replace the definitions in Article I of the Base Indenture: 

“Additional Security Board Resolution” means resolutions duly adopted by the Board of Directors of the Company and delivered
to the Trustee in an Officers’ Certificate providing for issuance of Additional Securities. 
 “Additional Security
Supplemental Indenture” means a supplement to this Indenture duly executed and delivered by the Company and the Trustee pursuant to Article 7 of the Base Indenture. 

“Additional Securities” means the Company’s Securities originally issued hereunder after the Issue Date pursuant to
Section 2.13 hereof, except for Securities authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of other Securities pursuant to Section 3.07, 3.09, 7.05 or 9.06 of the Base Indenture, or 4.01(b)
hereof, as specified in the relevant Additional Security Board Resolutions or Additional Security Supplemental Indenture issued therefor in accordance with this Indenture. 

“Adjusted EBITDA” means, for the 12-month period preceding the calculation date, for
the Company and its Subsidiaries on a consolidated basis in accordance with GAAP, the sum of (a) Net Income, plus (b) to the extent deducted in determining Net Income, the sum of (i) Interest Expense, (ii) income tax expense,
including, without limitation, taxes paid or accrued based on income, profits or capital, including state, franchise and similar taxes and 
  

 foreign withholding taxes, (iii) depreciation and amortization (including, without limitation,
amortization of goodwill and other intangible assets), (iv) extraordinary losses and non-recurring non-cash charges and expenses, (v) all other non-cash charges, expenses and interest (including, without limitation, any non-cash losses in respect of Commodity Agreements, Currency Agreements or Interest Rate
Agreements, non-cash impairment charges, non-cash valuation charges for stock option grants or vesting of restricted stock awards or any other non-cash compensation charges, and losses from the early extinguishment of Indebtedness) and (vi) non-recurring charges and expenses, restructuring charges, transaction
expenses (including, without limitation, transaction expenses incurred in connection with any merger or acquisition) and underwriters’ fees or discounts, and severance and retention payments in connection with any merger or acquisition, in each
case for such period, less extraordinary gains and cash payments (not otherwise deducted in determining net income) made during such period with respect to non-cash charges that were added back in a prior
period; provided, however, (I) with respect to any Person that became a Subsidiary, or was merged with or consolidated into the Company or any Subsidiary, during such period, or any acquisition by the Company or any Subsidiary of
the assets of any Person during such period, “Adjusted EBITDA” shall, at the option of the Company in respect of any or all of the foregoing, also include the Adjusted EBITDA of such Person or attributable to such assets, as applicable,
during such period as if such acquisition, merger or consolidation had occurred on the first day of such period and (II) with respect to any Person that has ceased to be a Subsidiary during such period, or any material assets of the Company or
any Subsidiary sold or otherwise disposed of by the Company or any Subsidiary during such period, “Adjusted EBITDA” shall exclude the Adjusted EBITDA of such Person or attributable to such assets, as applicable, during such period as if
such sale or disposition of such Subsidiary or such assets had occurred on the first day of such period. 
 “Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any
particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by
conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” have a
corresponding meaning. 
 “Business Day” means any day, other than a Saturday or Sunday, (1) which is not a day on
which banking institutions in The City of New York or The City of London are authorized or required by law, regulation or executive order to close and (2) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system
(the TARGET2 system), or any successor thereto, operates. 
 “Capital Lease Obligation” means, at the time any
determination is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 

“Capital Stock” means: 

(1) in the case of a corporation, corporate stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company, partnership or membership interests
(whether general or limited); and 
 (4) any other interest or participation that confers on a Person the right to receive a share of the
profits and losses of, or distributions of assets of, the issuing Person. 
 “Change of Control” means the occurrence of
any of the following: 
 (1) the adoption of a plan relating to the liquidation or dissolution of the Company; 

  
 2 

 (2) any “person,” as such term is used in Section 13(d)(3) of the Exchange
Act, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the voting power of the Voting Stock of the Company; provided that a transaction in which the Company becomes a Subsidiary of another Person shall not constitute a
Change of Control if (a) the stockholders of the Company immediately prior to such transaction Beneficially Own, directly or indirectly through one or more intermediaries, 50% or more of the voting power of the outstanding Voting Stock of such
other Person of whom the Company is a Subsidiary immediately following such transaction and (b) immediately following such transaction no person (as defined above) other than such other Person, Beneficially Owns, directly or indirectly, more
than 50% of the voting power of the Voting Stock of the Company; or 
 (3) the first day on which a majority of the members of the Board of
Directors of the Company are not Continuing Directors. 
 “Change of Control Offer” has the meaning set forth in
Section 4.01(b). 
 “Change of Control Payment” has the meaning set forth in Section 4.01(b). 

“Change of Control Payment Date” has the meaning set forth in Section 4.01(b). 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Ratings Decline (as defined
below). 
 “Clearstream” means Clearstream Banking, société anonyme. 

“Commodity Agreement” of any Person means any commodity forward contract, commodity swap agreement, commodity option
agreement or other similar agreement or arrangement to which such Person is a party. 
 “Common Depositary” means any
Person acting as the common depositary for the Euroclear Operator and Clearstream, which initially shall be Elavon Financial Services DAC. 

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation, a German government bond
(Bundesanleihe) whose maturity is closest to the maturity of the Securities, or if an Independent Investment Banker selected by the Company in its discretion determines that such similar bond is not in issue, another German government bond as
the Independent Investment Banker may, with the advice of three brokers of, and/or market makers in, German government bonds selected by such Independent Investment Banker, determine to be appropriate for determining the Comparable Government Bond
Rate. 
 “Comparable Government Bond Rate” means, with respect to any redemption date, the price, expressed as a percentage
(rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the applicable Securities, if they were to be purchased at such price on the third Business Day prior to the date fixed for redemption,
would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined
by an Independent Investment Banker selected by the Company. 
 “Continuing Directors” means a director who either was a
member of the Company’s Board of Directors on the Issue Date or who becomes a member of the Company’s Board of Directors subsequent to the Issue Date and whose appointment, election or nomination for election by the Company’s
stockholders is duly approved by a majority of the Continuing Directors on the Company’s Board of Directors at the time of such approval, either by specific vote or by approval of the proxy statement issued by the Company on behalf of the
Company’s Board of Directors in which such individual is named as nominee for director. Solely for purposes of this definition, the term “Board of Directors” shall be defined without regard to the words “or any authorized
committee of the Board of Directors of such Person or any officer of such Person duly authorized by the Board of Directors of such Person to take a specific action” in such definition. 

  
 3 

 “Currency Agreement” of any Person means any foreign exchange contract,
currency swap agreement or other similar agreement or arrangement as to which such Person is a party. 
 “Default” means
any event which is, or after notice or passage of time or both would be, an Event of Default. 
 “Disqualified Stock” means
any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is
mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the Stated Maturity of the Securities. 

“euro” or “€” means the currency of the member states of the European Monetary Union that have adopted
or that adopt the single currency in accordance with the treaty establishing the European Community, as amended by the Treaty on European Union. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Euroclear Operator” means Euroclear Bank S.A./N.V., as operator of the Euroclear System. 

“Fair Market Value” means, with respect to any asset, the price that (after taking into account any liabilities relating to
such asset) would be paid in an arm’s-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy, as determined in
good faith by the Board of Directors, whose determination shall be conclusive if evidenced by a Board Resolution. 
 “First Par Call
Date” means, with respect to the 2027 Notes, November 15, 2026, with respect to the 2029 Notes, February 21, 2029 and with respect to the 2033 Notes, February 21, 2033. 

“Fitch” means Fitch, Inc. or any successor to the rating agency business thereof. 

“Foreign Subsidiary” means, with respect to any Person, (a) any Subsidiary of such Person that is not organized or
existing under the laws of, and whose principal business is conducted outside of, the United States, any state thereof, the District of Columbia, or any territory thereof (for purposes of this definition only, the “United States”), or
(b) any Subsidiary of such Person that is organized or existing under the laws of the United States whose only material assets are the Capital Stock of Foreign Subsidiaries meeting clause (a) of this definition. 

“GAAP” means generally accepted accounting principles set forth in the standards, statements and pronouncements of the
Financial Accounting Standards Board, or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United States, which are in effect on the Issue Date, provided,
however, that leases shall continue to be classified and accounted for on a basis consistent with that reflected in the financial statements of the Company for the fiscal year ended December 31, 2018 for all purposes, notwithstanding any
change in GAAP relating thereto, including with respect to Accounting Standards Codification 842. 
 “Guarantee” means a
guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including, without limitation, by way of a pledge of assets or through letters of credit or
reimbursement agreements in respect thereof), of all or any part of any Indebtedness. The term “Guarantee” used as a verb has a corresponding meaning. 

“Indebtedness” means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent: 

(1) in respect of borrowed money; 

  
 4 

 (2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or
reimbursement agreements in respect thereof); 
 (3) in respect of banker’s acceptances; 

(4) representing Capital Lease Obligations; 

(5) representing the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an accrued
expense or trade payable; 
 (6) representing obligations under any Interest Rate Agreements, Commodity Agreements and Currency Agreements
except for those entered into for the purpose of fixing, hedging or swapping interest rate, commodity price or foreign currency exchange risk; or 

(7) in respect of all Disqualified Stock issued by such Person with the amount of Indebtedness represented by such Disqualified Stock being
equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, but excluding accrued dividends, if any; provided that (a) if the Disqualified Stock does not have a fixed repurchase
price, such maximum fixed repurchase price shall be calculated in accordance with the terms of the Disqualified Stock as if the Disqualified Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to the
applicable indenture, and (b) if the maximum fixed repurchase price is based upon, or measured by, the fair market value of the Disqualified Stock, the fair market value shall be the Fair Market Value thereof; 

if and to the extent any of the preceding items (other than letters of credit and obligations under Interest Rate Agreements, Commodity
Agreements and Currency Agreements) would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset
of such Person whether or not such Indebtedness is assumed by such Person (the amount of such Indebtedness as of any date being deemed to be the lesser of the Fair Market Value of such property or assets as of such date or the principal amount of
such Indebtedness of such other Person so secured) and, to the extent not otherwise included, the Guarantee by such Person of any Indebtedness of any other Person. 

The amount of any Indebtedness outstanding as of any date shall be: 

(1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; and 

(2) the principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past due, in the case of
any other Indebtedness. 
 “Independent Investment Banker” means one of the Reference Government Bond Dealers appointed by
the Company. 
 “Interest Expense” means, for any period, all cash interest expense (including imputed interest with
respect to Capital Lease Obligations and commitment fees) with respect to any Indebtedness of the Company and of its Subsidiaries’ Indebtedness on a consolidated basis during such period pursuant to the terms of such Indebtedness. 

“Interest Rate Agreement” of any Person means any interest rate protection agreement, interest rate future agreement,
interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement, option or future contract or other similar agreement or arrangement as to which such Person is
a party. 
 “Investment Grade Rating” means a rating equal to or greater than BBB-
by S&P and Fitch and Baa3 by Moody’s or the equivalent thereof under any new ratings system if the ratings system of any such agency shall be 

  
 5 

 
modified after the date hereof, or the equivalent rating or any other Ratings Agency selected by the Company as provided in the definition of Ratings Agency. 

“Issue Date” means May 21, 2021. 

“Licenses” means, collectively, any telephone, microwave, radio transmissions, personal communications or other license,
authorization, certificate of compliance, franchise, approval or permit, whether for the construction, ownership or operation of any communications tower facilities, granted or issued by the Federal Communications Commission (or other similar or
successor agency of the federal government administering the Communications Act of 1934 or any similar or successor federal statute) and held by the Company or any of its Subsidiaries. 

“Lien” means, with respect to any property or assets, including Capital Stock, any mortgage, lien, pledge, charge, security
interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option
or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction). 

“Moody’s” means Moody’s Investors Services, Inc. or any successor to the rating agency business thereof. 

“Net Income” means, for any period of determination, net income (loss) of the Company and its Subsidiaries, on a
consolidated basis, determined in accordance with GAAP. 
 “Newly Created Subsidiary” means a newly created direct or
indirect Subsidiary of the Company that is formed or organized after the Issue Date; provided that neither the Company nor any Subsidiary of the Company shall have transferred, or may in the future transfer, any assets (other than cash or
cash equivalents) to such Newly Created Subsidiary for so long as such Newly Created Subsidiary remains designated as an Unrestricted Subsidiary. 

“Original Securities” has the meaning set forth in Section 2.02. 

“Paying Agent” has the meaning set forth in Section 2.03. 

“Permitted Amount” means, on any date, an amount equal to 3.5 times Adjusted EBITDA as of the most recent fiscal quarter for
which financial statements of the Company are internally available immediately preceding such date. 
 “Permitted Liens”
means: 
 (1) Liens in favor of the Company or its Subsidiaries; 

(2) Liens existing on the Issue Date (other than those securing the SpectraSite ABS Facility) and renewals and replacements thereof; 

(3) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by
appropriate proceedings promptly instituted and diligently conducted; provided that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor; 

(4) Liens of carriers, warehousemen, mechanics, vendors (solely to the extent arising by operation of law), laborers and materialmen incurred
in the ordinary course of business for sums not yet due or being diligently contested in good faith, if reserves or appropriate provisions shall have been made therefor; 

(5) Liens incurred in the ordinary course of business in connection with worker’s compensation and unemployment insurance, social security
obligations, assessments or government charges which are not overdue for more than 60 days; 

  
 6 

 (6) restrictions on the transfer of Licenses or assets of the Company or any of its
Subsidiaries imposed by any of the Licenses as in effect on the Issue Date or imposed by the Communications Act of 1934, any similar or successor federal statute or the rules and regulations of the Federal Communications Commission (or other similar
or successor agency of the federal government administering such Act or successor statute) thereunder, all as the same may be in effect from time to time; 

(7) Liens arising by operation of law in favor of purchasers in connection with the sale of an asset; provided, however, that
such Lien only encumbers the property being sold; 
 (8) Liens to secure performance of statutory obligations, surety or appeal bonds,
performance bonds, bids or tenders; 
 (9) judgment Liens; 

(10) Liens in connection with escrow or security deposits made in connection with any acquisition of assets; 

(11) Liens securing Indebtedness since the Issue Date represented by Capital Lease Obligations, mortgage financings or purchase money
obligations, in each case incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or equipment used in any business of the Company or any Subsidiary of the Company in an
aggregate principal amount, including all Indebtedness incurred to refund, refinance or replace any other Indebtedness incurred pursuant to this clause (11), not to exceed $500.0 million at any time outstanding for the Company and any
Subsidiaries of the Company; 
 (12) Liens securing obligations under Interest Rate Agreements, Commodity Agreements and Currency Agreements
not for speculative purposes; 
 (13) easements,
rights-of-way, zoning restrictions, licenses or restrictions on use and other similar encumbrances on the use of real property that: 

(a) are not incurred in connection with the borrowing of money or the obtaining of advances or credit (other than trade credit in the ordinary
course of business); and 
 (b) do not in the aggregate materially detract from the value of the property or materially impair the use
thereof in the operation of business by the Company and its Subsidiaries; 
 (14) Liens on property of the Company or a Subsidiary of the
Company at the time the Company or such Subsidiary acquired the property, including acquisition by means of a merger or consolidation with or into the Company or any Subsidiary, or an acquisition of assets, and any replacement thereof,
provided, however, that such Liens are not created, incurred or assumed in connection with or in contemplation of such acquisition, and provided further that such Liens may not extend to any other property owned by the Company
or any Subsidiary of the Company; 
 (15) leases and subleases of real or personal property in the ordinary course of business (for the
avoidance of doubt, excluding sale and lease-back transactions) which do not materially interfere with the ordinary conduct of the business; and 

(16) banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or
other funds maintained with a depositary institution; provided that: 
 (a) such deposit account is not a dedicated cash collateral
account and is not subject to restrictions against access in excess of those set forth by regulations promulgated by the Federal Reserve Board or other applicable law; and 

(b) such deposit account is not intended to provide collateral to the depositary institution. 

  
 7 

 “Person” or “person” means any individual, corporation,
partnership, limited liability company, joint venture, association, joint-stock company, trust, estate, unincorporated organization or government or other agency or political subdivision thereof or any other entity. 

“Ratings Agencies” means (1) S&P, Moody’s and Fitch; and (2) if any of S&P, Moody’s and Fitch
ceases to rate the Securities or ceases to make a rating on the Securities publicly available, an entity registered as a “nationally recognized statistical rating organization” (registered as such pursuant to Rule 17g-1 of the Exchange Act) then making a rating on the Securities publicly available selected by the Company (as certified by an Officers’ Certificate), which shall be substituted for S&P, Moody’s or
Fitch, as the case may be. 
 “Ratings Decline” means the occurrence of the following on, or within 90 days after, the date
of the public notice of the occurrence of a Change of Control or of the intention by the Company or any third-party to effect a Change of Control (which period shall be extended for so long as the rating of the securities is under publicly announced
consideration for possible downgrade by any of the Ratings Agencies if such period exceeds 90 days): (1) in the event that the Securities have an Investment Grade Rating by all three Ratings Agencies, the Securities cease to have an Investment Grade
Rating by two of the three Rating Agencies, (2) in the event that the Securities have an Investment Grade Rating by only two Ratings Agencies, the Securities cease to have an Investment Grade Rating by both such Rating Agencies, or (3) in
the event that the Securities do not have an Investment Grade Rating, the rating of the Securities by two of the three Ratings Agencies (or if there are less than three Rating Agencies rating the securities, the rating of each Rating Agency)
decreases by one or more gradations (including gradations within ratings categories as well as between rating categories) or is withdrawn. 

“Reference Government Bond Dealer” means any of the primary European government securities dealers. 

“Registrar” has the meaning set forth in Section 2.03. 

“S&P” means S&P Global Ratings, a division of S&P Global Inc., or any successor to the rating agency business
thereof. 
 “SEC” means the Securities and Exchange Commission. 

“Securities” means the 2027 Notes, the 2029 Notes and the 2033 Notes established by this Supplemental Indenture and issued by
the Company pursuant to the Indenture. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations of the SEC promulgated thereunder. 
 “Securities Agent” means any Registrar, Paying Agent, or co-Registrar or co-agent. 
 “SpectraSite ABS
Facility” means that certain mortgage loan more fully described in the Offering Memorandum dated March 27, 2018 regarding the $1,800,000,000 Secured Tower Revenue Securities, Series 2018-1A and 2013-2A. 
 “Stated Maturity” means, with respect to the payment of principal on the 2027
Notes, January 15, 2027, with respect to the payment of principal on the 2029 Notes, May 21, 2029 and with respect to the payment of principal on the 2033 Notes, May 21, 2033. 

“Subsidiary” means, with respect to any Person, (1) any corporation, limited liability company, association or other
business entity of which more than 50% of the voting power of the outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more other Subsidiaries of such Person or (2) any partnership (A) the sole general
partner or the managing general partner of which is such Person or a Subsidiary of such Person or (B) the only general partners of which are such Person or one or more Subsidiaries of such Person (or any combination thereof). The term
“Subsidiary” with respect to the Company shall not include any Unrestricted Subsidiary. 

  
 8 

 “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§
77aaa-77bbbb) as amended and in effect from time to time. 
 “Unrestricted Subsidiary” means (a) any Foreign
Subsidiary or Newly Created Subsidiary of the Company that is designated by the Board of Directors as an Unrestricted Subsidiary until such time as the Board of Directors may designate it to be a Subsidiary, provided that no Default or Event of
Default would occur or be existing following such designation, and (b) any subsidiary of an Unrestricted Subsidiary. Any such designation by the Board of Directors shall be evidenced to the Trustee by filing a Board Resolution with the Trustee
giving effect to such designation. At the time of designation of an Unrestricted Subsidiary as a Subsidiary, such Subsidiary shall be deemed to incur outstanding Indebtedness and grant any existing Liens. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is normally entitled to vote in the
election of the board of directors, managers or trustees of such Person. 
 Section 1.02. 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 used in this Indenture have the following meanings: 
 “Commission” means the SEC; 

“indenture securities” means the Securities; 

“indenture security holder” means a Securityholder or a Holder; 

“indenture to be qualified” means this Indenture; and 

“obligor” on the indenture securities means the Company or any successor. 

All other terms used in this Indenture that are defined by the TIA, defined by the TIA by reference to another statute or defined by SEC rule
under the TIA and not otherwise defined herein have the meanings so assigned to them. 
 Section 1.03. RULES OF
CONSTRUCTION. 
 Unless the context otherwise requires: 

(i) a term has the meaning assigned to it; 

(ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting
principles in effect from time to time; 
 (iii) “or” is not exclusive; 

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

(v) words in the singular include the plural and in the plural include the singular; 

(vi) provisions apply to successive events and transactions; 

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

  
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 (viii) references to currency shall mean the lawful currency of the United
States of America, unless the context requires otherwise. 
 In addition, to the extent that the terms of this Supplemental Indenture are
inconsistent or conflict with the terms of the Base Indenture, then, for purposes of the Securities, the terms of this Supplemental Indenture shall apply to the extent of such inconsistency or conflict. 

The terms of this Supplemental Indenture are subject to the terms of the Agency Agreement which shall be deemed incorporated herein. In the
event of an inconsistency between the terms of the Base Indenture, this Supplemental Indenture and the Agency Agreement, the terms of the Agency Agreement shall prevail, except that the rights, benefits, protections, indemnities and immunities of
the Trustee shall be governed by the Base Indenture and this Supplemental Indenture. 
 ARTICLE II THE SECURITIES 

Section 2.01. FORM AND DATING. 

The Securities and the Trustee’s certificate of authentication shall be substantially in the form set forth in Exhibit A-1 (in the case of the 2027 Notes), Exhibit A-2 (in the case of the 2029 Notes) and Exhibit A-3 (in the case of the 2033
Notes), which are incorporated in and form a part of this Indenture. The Securities may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication. 

The Securities shall be issued initially in the form of one or more Global Securities, substantially in the form set forth in Exhibit A-1 (in the case of the 2027 Notes), Exhibit A-2 (in the case of the 2029 Notes) and Exhibit A-3 (in the case of the 2033
Notes), deposited with the Common Depositary and registered in the name of USB Nominees (UK) Limited, as nominee of the Common Depositary, for, and in respect of interests held through, Clearstream and the Euroclear Operator, duly executed by the
Company and authenticated by the Trustee and bearing the legend set forth in Exhibit B. The aggregate principal amount of the Global Security may from time to time be increased or decreased by adjustments made on the records of the Registrar or
the Paying Agent, at the direction of the Trustee, as hereinafter provided; provided, that, except as permitted by Section 2.13, in no event shall (i) the aggregate principal amount of the Global Security or Global Securities for
the 2027 Notes exceed €750,000,000, (ii) the aggregate principal amount of the Global Security or Global Securities for the 2029 Notes exceed €750,000,000 and (iii) the aggregate principal amount of the Global Security or Global
Securities for the 2033 Notes exceed €500,000,000. 
 Securities in the form of Physical Securities issued in exchange for Securities
represented by interests in a Global Security pursuant to Section 3.08 of the Base Indenture may be issued in the form of permanent certificated Securities in registered form in substantially the form set forth in
Exhibit A-1 (in the case of the 2027 Notes), Exhibit A-2 (in the case of the 2029 Notes) and Exhibit A-3 (in the case of the
2033 Notes) and, if applicable, bearing any legends required hereby. 
 The Securities shall be denominated in euros, and all cash payments
due thereon shall be made in euros. The Securities shall be issuable only in registered form without interest coupons and only in denominations of €100,000 principal amount and integral multiples of €1,000 in excess thereof. 

Section 2.02. EXECUTION AND AUTHENTICATION OF SECURITIES. 

Upon a Company Order, the Trustee shall authenticate the 2027 Notes for original issue in the aggregate principal amount of €750,000,000,
the 2029 Notes for original issue in the aggregate principal amount of €750,000,000 and the 2033 Notes for original issue in the aggregate principal amount of €500,000,000 (the “Original Securities”). Each party agrees
that the Securities may be executed by the Company and authenticated by the Trustee by manual, facsimile or electronic signature (including, without limitation, DocuSign and AdobeSign and other similar applications). The signature shall be
conclusive evidence that the Securities have been authenticated under the Indenture. 

  
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 Section 2.03. REGISTRAR AND PAYING
AGENT. 
 The Company shall maintain an office or agency where Securities may be presented for registration of transfer or
for exchange (“Registrar”) and an office or agency where Securities may be presented for payment (“Paying Agent”). The Corporate Trust Office of the Trustee and the office of the Paying Agent, respectively, shall
initially serve as the offices or agencies for the aforementioned purposes. The Registrar shall keep a register of the Securities and of their transfer and exchange. The Company may appoint or change one or more
co-Registrars, one or more additional paying agents upon reasonable prior written notice to the Trustee or the Paying Agent, respectively, and may act in any such capacity on its own behalf. The term
“Registrar” includes any co-Registrar and the term “Paying Agent” includes any additional paying agent. 

The Company shall enter into an appropriate agency agreement with any Securities Agent not a party to this Indenture. The agreement shall
implement the provisions of this Indenture that relate to such Securities Agent. The Company shall notify the Trustee in writing of the name and address of any Securities Agent not a party to this Indenture. If the Company fails to maintain a
Registrar or Paying Agent, the Trustee shall act as such. 
 The Company initially appoints the Trustee as Registrar and the Paying Agent as
Paying Agent. 
 For purposes of the Securities, the payment office shall be the office of the Paying Agent located at 125 Old Broad Street,
Fifth Floor, London EC2N 1AR, United Kingdom. 
 Section 2.04. PAYING AGENT TO HOLD
MONEY IN TRUST. 
 Each Paying Agent shall hold in trust for the benefit of the
Securityholders or the Trustee all moneys held by the Paying Agent for the payment of the Securities, and shall notify the Trustee in writing of any Default by the Company in making any such payment. While any such Default continues, the Trustee may
require a Paying Agent to pay all money held by it to the Trustee. The Company 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 shall have no further liability for
such money. If the Company acts as Paying Agent, it shall segregate and hold as a separate trust fund all money held by it as Paying Agent. 

Section 2.05. TRANSFER AND EXCHANGE. 

The Company or the Trustee, as the case may be, shall not be required to register the transfer of or exchange any Security selected for
redemption in whole or in part, in accordance with this Indenture, except the unredeemed portion of Securities being redeemed in part. 
 No
service charge shall be made for any transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge that may be imposed in connection with any transfer or exchange
of Securities, other than exchanges pursuant to Section 3.11 or Section 7.05 of the Base Indenture or Section 4.01(b) or Article III, not involving any transfer. 

Section 2.06. OUTSTANDING SECURITIES. 

The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation, those reductions in the interest in a Global Security effected by the Trustee in accordance with the provisions hereof, and those described in this Section and the Base Indenture as not outstanding. Except as set forth in
Section 3.13 of the Base Indenture, a Security does not cease to be outstanding because the Company or an affiliate of the Company holds the Security. 

If a Security is replaced pursuant to Section 3.09 of the Base Indenture, it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Security is held by a bona fide purchaser. 
 If the principal amount of any Security is
considered paid under Section 4.01 of the Base Indenture, it ceases to be outstanding and interest on it ceases to accrue. 

  
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 If the Paying Agent (other than the Company, a Subsidiary or an affiliate of any thereof)
holds, on a redemption date or maturity date, money sufficient to pay Securities payable on that date, then on and after that date such Securities shall be deemed to be no longer outstanding and shall cease to accrue interest. 

Section 2.07. INTEREST PAYMENT AND RECORD DATES. 

The Interest Payment Date for the 2027 Notes shall be January 15 of each calendar year, beginning with, and including, January 15,
2022, the Interest Payment Date for the 2029 Notes shall be May 21 of each calendar year, beginning with, and including, May 21, 2022 and the Interest Payment Date for the 2033 Notes shall be May 21 of each calendar year, beginning
with, and including, May 21, 2022. The Regular Record Date for an Interest Payment Date that falls on January 15 shall be the immediately preceding January 1. The Regular Record Date for an Interest Payment Date that falls on May 21
shall be the immediately preceding May 6. 
 Section 2.08. NO SINKING FUND. 

There shall be no sinking fund with respect to the Securities. 

Section 2.09. DEFAULTED INTEREST. 

If and to the extent the Company defaults in a payment of interest on the Securities, the Company shall pay in cash the defaulted interest in
any lawful manner plus, to the extent not prohibited by applicable statute or case law, interest on such defaulted interest at the rate provided in the Securities and in this Section 2.09. The Company may pay the defaulted interest (plus
interest on such defaulted interest) to the persons who are Securityholders on a subsequent record date as provided in Section 3.05(c) of the Base Indenture. 

The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal on the
Securities at the rate equal to 1% per annum in excess of the then applicable interest rate on the Securities of that series to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue installments of interest (without regard to any applicable grace period) on the Securities of any series at the same rate to the extent lawful. 

Section 2.10. CUSIP AND ISIN NUMBERS AND COMMON CODES. 

The Company in issuing the Securities may use one or more CUSIP and ISIN numbers and common codes, and, if so, the Trustee shall use the CUSIP
and ISIN numbers and common codes in notices of repurchase or exchange as a convenience to Holders; provided, however, that no representation is hereby deemed to be made by the Trustee as to the correctness or accuracy of the CUSIP and
ISIN numbers and common codes printed on the notice or on the Securities; provided further, that reliance may be placed only on the other identification numbers printed on the Securities, and the effectiveness of any such notice shall not be
affected by any defect in, or omission of, such CUSIP and ISIN numbers and common codes. The Company shall promptly notify the Trustee of any change in the CUSIP and ISIN numbers and common codes. 

Section 2.11. GLOBAL SECURITIES. 

The Securities shall initially be issued in the form of one of more Global Securities, and the provisions of the Base Indenture (including, but
not limited to, Section 3.06 and Section 3.08) relating to Global Securities shall apply to the Securities. 
 Section 2.12.
RANKING. 
 The indebtedness of the Company arising under or in connection with this Indenture and every outstanding
Security issued under this Indenture from time to time constitutes and will constitute a senior unsecured obligation of the Company, ranking pari passu in right of payment with each other and with all other existing and future senior
unsecured obligations of the Company. Unless the context otherwise requires, the 2027 Notes shall be considered collectively to be a single class for all purposes of this Indenture, the 2029 Notes shall be considered collectively to

  
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be a single class for all purposes of this Indenture and the 2033 Notes shall be considered collectively to be a single class for all purposes of this Indenture, including without limitation
waivers, amendments, redemptions and Change of Control Offers. 
 Section 2.13. ADDITIONAL SECURITIES. 

The Company may, from time to time, subject to compliance with any other applicable provisions of this Indenture, without the consent of the
Holders, create and issue pursuant to this Indenture additional securities (“Additional Securities”) having terms and conditions identical to those of the Securities, except that Additional Securities: 

(i) may have a different issue date from the Securities; 

(ii) may have a different amount of interest payable on the first Interest Payment Date after issuance than is payable on other Securities; and

 (iii) may have terms specified in the Additional Securities Board Resolution or Additional Securities Supplemental Indenture for such
Additional Securities making appropriate adjustments to Article II and Exhibit A (and related definitions) applicable to such Additional Securities in order to conform to and ensure compliance with the Securities Act (or other applicable securities
laws) and any other agreement applicable to such Additional Securities, which are not adverse in any material respect to the Holder of any Securities (other than such Additional Securities); 

provided, that no adjustment pursuant to this Section 2.13 shall cause such Additional Securities to constitute, as determined
pursuant to an Opinion of Counsel, a different class of securities than the Original Securities for U.S. federal income tax purposes. The Original Securities and any Additional Securities would rank equally and ratably and would be treated as a
single series of debt securities for all purposes under the Indenture. 
 Section 2.14. PAYMENT OF
ADDITIONAL AMOUNTS. 
 (a) All payments of principal and interest in respect of the Securities will be made
free and clear of, and without deduction or withholding for or on account of, any present or future taxes, duties, assessments or other governmental charges of whatsoever nature required to be deducted or withheld by the United States or any
political subdivision or taxing authority of or in the United States, unless such withholding or deduction is required by law or the official interpretation or administration thereof. 

(b) In the event any withholding or deduction on payments in respect of the Securities for or on account of any present or future tax,
assessment or other governmental charge is required to be deducted or withheld by the United States or any political subdivision or taxing authority thereof or therein, the Company will pay such additional amounts on the Securities as will result in
receipt by each Holder of a Security that is not a U.S. Person (as defined below) of such amounts (after all such withholding or deduction, including on any additional amounts) as would have been received by such Holder had no such withholding or
deduction been required. The Company will not be required, however, to make any payment of additional amounts for or on account of: 

(i) any tax, assessment or other governmental charge that would not have been imposed but for (1) the existence of any
present or former connection (other than a connection arising solely from the ownership of those Securities or the receipt of payments in respect of those Securities) between a Holder of a Security (or the beneficial owner for whose benefit such
Holder holds such Security), or between a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a power over, that Holder or beneficial owner (if that Holder or beneficial owner is an estate, trust, partnership or
corporation) and the United States, including that Holder or beneficial owner, or that fiduciary, settlor, beneficiary, member, shareholder or possessor, being or having been a citizen or resident or treated as a resident of the United States or
being or having been engaged in a trade or business or present in the United States or having had a permanent establishment in the United States or (2) the presentation of a Security for payment on a date

  
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more than 30 days after the later of the date on which that payment becomes due and payable and the date on which payment is duly provided for; 

(ii) any estate, inheritance, gift, sales, transfer, capital gains, excise, personal property, wealth or similar tax,
assessment or other governmental charge; 
 (iii) any tax, assessment, or other governmental charge imposed by reason of the
Holder’s or beneficial owner’s past or present status as a passive foreign investment company, a controlled foreign corporation, a foreign tax exempt organization or a personal holding company with respect to the United States or as a
corporation that accumulates earnings to avoid U.S. federal income tax; 
 (iv) any tax, assessment or other governmental
charge which is payable otherwise than by withholding or deducting from payment of principal of or premium, if any, or interest on such Securities; 

(v) any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal
of and premium, if any, or interest on any Security if that payment can be made without withholding by at least one other paying agent; 

(vi) any tax, assessment or other governmental charge which would not have been imposed but for the failure of a beneficial
owner or any Holder of Securities to comply with a request to satisfy certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connections with the United States of the beneficial
owner or any Holder of the Securities (including, but not limited to, the requirement to provide Internal Revenue Service Forms W-8BEN,
W-8BEN-E, W-8ECI, or any subsequent versions thereof or successor thereto, and including, without limitation, any documentation
requirement under an applicable income tax treaty), provided such beneficial owner or Holder is legally able to so comply and compliance is a precondition to exemption from such tax, assessment or other governmental charge; 

(vii) any tax, assessment or other governmental charge imposed on interest received by or on behalf of (1) a 10-percent shareholder (as defined in Section 871(h)(3)(B) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), and the regulations that may be promulgated thereunder) of the
Company, (2) a controlled foreign corporation that is related to the Company within the meaning of Section 864(d)(4) of the Code, or (3) a bank receiving interest described in Section 881(c)(3)(A) of the Code, to the extent such
tax, assessment or other governmental charge would not have been imposed but for the Holder’s or beneficial owner’s status as described in clauses (1) through (3) of this paragraph (vii); 

(viii) any tax, assessment or other governmental charge required to be withheld or deducted under Sections 1471 through 1474 of
the Code (or any amended or successor version of such Sections that is substantively comparable) (“FATCA”), any regulations or other guidance thereunder, or any agreement (including any intergovernmental agreement) entered into in
connection therewith; or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA; or 

(ix) any combination of items (i) through (viii) of this Section 2.14(b); 

nor will the Company pay any additional amounts any Holder that is not the sole beneficial owner of such Securities, or a portion of such Securities, or that
is a fiduciary or partnership or a limited liability company, to the extent that a beneficiary or settlor with respect to that fiduciary or a member of that partnership or limited liability company or a beneficial owner thereof would not have been
entitled to the payment of those additional amounts had that beneficiary, settlor, member or beneficial owner been the Holder of those Securities. 

(c) The Securities are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation
applicable to the Securities. Except as specifically provided under this Section 2.14, the Company will not be required to make any payment for any tax, assessment or other governmental charge imposed by any government or a political
subdivision or taxing authority of or in any government or political subdivision. 

  
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 (d) As used under this Section 2.14 and under Section 3.04, the term “United
States” means the United States of America, the states of the United States, and the District of Columbia, and the term “U.S. Person” means any individual who is a citizen or resident of the United States for U.S. federal income tax
purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia (other than a partnership that is not treated as a United States person
under any applicable U.S. Treasury regulations), or any estate or trust the income of which is subject to United States federal income taxation regardless of its source. 

(e) Any reference in the terms of the Securities to any amounts in respect of the Securities shall be deemed also to refer to any additional
amounts which may be payable under this provision. 
 Section 2.15. UNAVAILABILITY OF EUROS. 

If the euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control
or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking
community, then all payments in respect of the Securities will be made in U.S. dollars until the euro is again available to the Company or so used. The amount payable on any date in euros will be converted into U.S. dollars at the rate reported by
Bloomberg as of the close of business on the second Business Day prior to the relevant payment date or, in the event that event that Bloomberg has not reported a rate of conversion, on the basis of the most recent U.S. dollar/euro exchange rate
mandated by the U.S. Federal Reserve Board on or prior to the second Business Day prior to the relevant payment date, or in the event the U.S. Federal Reserve Board has not mandated that exchange rate, the rate as determined in the Company’s
sole discretion on the basis of the most recently available market exchange rate for the euro. Any payment in respect of the notes so made in U.S. dollars will not constitute an event of default under the Securities or the Indenture. Neither the
Trustee nor the Paying Agent will have any responsibility for obtaining exchange rates, effecting conversions or otherwise handling redenominations in connection with the foregoing. 

Section 2.16. LISTING. 

The Company intends to apply to list each series of the Securities on the New York Stock Exchange (the “NYSE”). The listing
application will be subject to approval by the NYSE. If such a listing is obtained, the Company has no obligation to maintain such listing, and the Company may delist the Securities at any time. The Company currently expects trading in the
Securities on the NYSE to begin within 30 days after the initial issuance of the Securities. There is currently no public market for the Securities. 

ARTICLE III OPTIONAL REDEMPTION; MANDATORY REDEMPTION 

Section 3.01. NOTICE TO TRUSTEE AND PAYING AGENT. 

If the Company elects to redeem Securities pursuant to the optional redemption provisions of Section 3.02 hereof, it shall furnish to the
Trustee and the Paying Agent, at least 15 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth (1) the redemption date, (2) the principal amount of the 2027 Notes, the 2029 Notes and/or the
2033 Notes, as applicable, to be redeemed and (3) the redemption price for each of the 2027 Notes, the 2029 Notes and/or the 2033 Notes, as applicable (expressed as a percentage of the principal amount). 

Section 3.02. OPTIONAL REDEMPTION. 

(a) The 2027 Notes are redeemable at the Company’s election, in whole or in part, at any time and from time to time. If the Company
redeems the 2027 Notes prior to November 15, 2026 (two months prior to their maturity date), it will pay a redemption price equal to the greater of: 

(1) 100% of the principal amount of the 2027 Notes to be redeemed then outstanding; and 

  
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 (2) as determined by an Independent Investment Banker, the sum of the
present values of the remaining scheduled payments of principal and interest on the 2027 Notes to be redeemed that would be due if such notes matured on the First Par Call Date (not including any portion of such payments of interest accrued to the
date of redemption) discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate for the 2027 Notes, plus 15 basis points; 

plus, in either of the above cases, accrued and unpaid interest to the date of redemption on the 2027 Notes to be redeemed. 

(b) If the Company redeems the 2027 Notes on or after November 15, 2026 (two months prior to their maturity date), it will pay a
redemption price equal to 100% of the principal amount of the 2027 Notes to be redeemed plus accrued interest to the redemption date. 
 (c)
The 2029 Notes are redeemable at the Company’s election, in whole or in part, at any time and from time to time. If the Company redeems the 2029 Notes prior to February 21, 2029 (three months prior to their maturity date), it will pay a
redemption price equal to the greater of: 
 (1) 100% of the principal amount of the 2029 Notes to be redeemed then
outstanding; and 
 (2) as determined by an Independent Investment Banker, the sum of the present values of the remaining
scheduled payments of principal and interest on the 2029 Notes to be redeemed that would be due if such notes matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to
the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate for the 2029 Notes, plus 20 basis points; 

plus, in either of the above cases, accrued and unpaid interest to the date of redemption on the 2029 Notes to be redeemed. 

(d) If the Company redeems the 2029 Notes on or after February 21, 2029 (three months prior to their maturity date), it will pay a
redemption price equal to 100% of the principal amount of the 2029 Notes to be redeemed plus accrued interest to the redemption date. 
 (e)
The 2033 Notes are redeemable at the Company’s election, in whole or in part, at any time and from time to time. If the Company redeems the 2033 Notes prior to February 21, 2033 (three months prior to their maturity date), it will pay a
redemption price equal to the greater of: 
 (1) 100% of the principal amount of the 2033 Notes to be redeemed then
outstanding; and 
 (2) as determined by an Independent Investment Banker, the sum of the present values of the remaining
scheduled payments of principal and interest on the 2033 Notes to be redeemed that would be due if such notes matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to
the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate for the 2033 Notes, plus 25 basis points; 

plus, in either of the above cases, accrued and unpaid interest to the date of redemption on the 2033 Notes to be redeemed. 

(f) If the Company redeems the 2033 Notes on or after February 21, 2033 (three months prior to their maturity date), it will pay a
redemption price equal to 100% of the principal amount of the 2033 Notes to be redeemed plus accrued interest to the redemption date. 

  
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 (g) If the optional redemption date is on or after a Regular Record Date and on or before
the related Interest Payment Date, the accrued and unpaid interest, if any, will be paid to the person in whose name the security is registered at the close of business on such Regular Record Date. 

(h) Any redemption pursuant to this Section 3.02 shall be made pursuant to Section 3.01 hereof and the provisions of Article 9 of the
Base Indenture. 
 Section 3.03. MANDATORY REDEMPTION. 

The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities. 

Section 3.04. REDEMPTION FOR TAX REASONS 

If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or
any political subdivision of or taxing authority in the United States), or any change in, or amendment to, an official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is announced
or becomes effective on or after the date of this Supplemental Indenture, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, there is a substantial probability that the Company will become, obligated
to pay additional amounts as described under Section 2.14 with respect to any series of the Securities, then the Company may at any time at its option redeem, in whole, but not in part, the applicable series of Securities on not less than 30
nor more than 60 days’ prior notice, at a redemption price equal to 100% of their principal amount, together with accrued and unpaid interest on the Securities to, but not including, the date fixed for redemption. 

ARTICLE IV COVENANTS 

Section 4.01. ADDITIONAL COVENANTS. 

In addition to those Covenants set forth in Article 4 of the Base Indenture, the Company shall comply with the following covenants: 

(a) Limitation on Liens. 

The Company shall not, and shall not permit any of its Subsidiaries to, allow any Lien on any of the Company’s or its Subsidiaries’
property or assets (which includes Capital Stock) securing Indebtedness, unless the Lien secures the Securities equally and ratably with, or prior to, any other Indebtedness secured by such Lien, so long as such other Indebtedness is so secured,
other than Permitted Liens. 
 Notwithstanding the foregoing, the Company may, and may permit any of its Subsidiaries to, incur Liens
securing Indebtedness without equally and ratably securing the Securities if, after giving effect to the incurrence of such Liens, the aggregate amount (without duplication) of the Indebtedness secured by Liens (other than Permitted Liens) on the
property or assets (which includes Capital Stock) of the Company and its Subsidiaries shall not exceed the Permitted Amount at the time of the incurrence of such Liens (it being understood that Liens securing SpectraSite ABS Facility shall be deemed
to be incurred pursuant to this paragraph). For the avoidance of doubt, “incur” means to create, incur, issue, assume, guarantee or otherwise become directly liable, contingently or otherwise. 

(b) Repurchase of the Securities Upon a Change of Control Triggering Event. 

Upon the occurrence of a Change of Control Triggering Event, each Holder of Securities shall have the right to require the Company to
repurchase all or any part, equal to €100,000 or an integral multiple of €1,000 thereafter, of that Holder’s Securities, provided that any unpurchased portion of the Securities shall equal €100,000 or an integral multiple
of €1,000 thereafter, pursuant to an offer (the “Change of Control Offer”) on the terms set forth in this Indenture at an offer price in cash equal to 101% of the aggregate principal amount of Securities

  
 17 

 
repurchased plus accrued and unpaid interest on the Securities up to but excluding the applicable date of repurchase (the “Change of Control Payment”). Within 30 days following
any Change of Control Triggering Event, if the Company had not, prior to the Change of Control Triggering Event, sent a redemption notice for all the Securities in connection with an optional redemption permitted by Section 3.02 hereof, the
Company shall mail or caused to be mailed a notice to each registered Holder briefly describing the transaction or transactions that constitute a Change of Control Triggering Event and offering to repurchase Securities on the date specified in such
notice (the “Change of Control Payment Date”), which date shall be no earlier than 30 days and no later than 60 days from the date the notice is mailed, pursuant to the procedures required by this Indenture and described in such
notice. 
 The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and
any other securities laws and regulations thereunder to the extent such laws and regulations are applicable to any Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this
Section 4.01(b), the Company shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the provisions of this Section 4.01(b) by virtue of such conflict. 

On the Change of Control Payment Date, the Company shall, to the extent lawful: 

(1) accept for payment all Securities or portions thereof properly tendered pursuant to the Change of Control Offer; 

(2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Securities or portions
thereof properly tendered; and 
 (3) deliver or cause to be delivered to the Trustee the Securities so accepted together
with an Officers’ Certificate stating the aggregate principal amount of Securities or portions thereof being purchased by the Company. 

The Paying Agent will promptly mail to each registered Holder of Securities so tendered the Change of Control Payment for such Securities, and
the Trustee will promptly authenticate and mail (at the Company’s expense), or cause to be transferred by book entry, to each Holder a new Security equal in principal amount to any unpurchased portion of the Securities surrendered, if any;
provided that each such new Security shall be in a principal amount of €100,000 or an integral multiple of €1,000 thereafter. Any Security so accepted for payment shall cease to accrue interest on and after the Change of Control
Payment Date. 
 This Section 4.01(b) shall be applicable, except as described in this Section 4.01(b), regardless of whether or
not any other provisions of this Indenture are applicable. 
 Notwithstanding the foregoing, the Company shall not be required to make a
Change of Control Offer upon a Change of Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.01(b) applicable to a
Change of Control Offer made by the Company and purchases all Securities properly tendered and not withdrawn under the Change of Control Offer. 

The Company may make a Change of Control Offer in advance of a Change of Control Triggering Event, and conditional upon the occurrence of such
Change of Control Triggering Event, if a definitive agreement is in place for the Change of Control Triggering Event at the time of making the Change of Control Offer. 

ARTICLE V MISCELLANEOUS 

Section 5.01. CONFLICT OF ANY PROVISION OF INDENTURE
WITH TRUST INDENTURE ACT. 
 If and to the extent that any provision of this
Supplemental Indenture limits, qualifies or conflicts with another provision included in this Supplemental Indenture by operation of Sections 310 to 317, inclusive, of the Trust Indenture Act (an “incorporated provision”), such
incorporated provision shall control. 

  
 18 

 Section 5.02. DUPLICATE ORIGINALS. 

The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement. Delivery of an executed counterpart by facsimile shall be effective as delivery of a manually executed counterpart thereof. 

Section 5.03. NEW YORK LAW TO GOVERN. 

THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE AND THE SECURITIES. 

Section 5.04. NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

 This Supplemental Indenture and the Base Indenture may not be used to interpret another indenture, loan or debt agreement of the
Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Supplemental Indenture or the Base Indenture. 

Section 5.05. SUCCESSORS AND ASSIGNS OF COMPANY, TRUSTEE
AND PAYING AGENT BOUND BY SUPPLEMENTAL INDENTURE. 

All the covenants, stipulations, promises and agreements contained in this Supplemental Indenture by or on behalf of the Company shall bind its
successors and assigns, whether so expressed or not. All the covenants, stipulations, promises and agreements contained in this Supplemental Indenture by or on behalf of the Trustee shall bind its successors and assigns, whether so expressed or not.
All the covenants, stipulations, promises and agreements contained in this Supplemental Indenture by or on behalf of the Paying Agent shall bind its successors and assigns, whether so expressed or not. 

Section 5.06. SEVERABILITY. 

If any provision of this Supplemental shall be held to be invalid, illegal or unenforceable under applicable law, then the remaining provisions
hereof shall be construed as though such invalid, illegal or unenforceable provision were not contained herein. 
 Section 5.07.
EFFECT OF HEADINGS. 
 The Article and Section headings in this Supplemental Indenture and
the Table of Contents are for convenience only and shall not affect the construction hereof. 
 [The Remainder of This Page
Intentionally Left Blank; Signature Page Follows] 

  
 19 

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

			
	AMERICAN TOWER CORPORATION
		
	By:	 	/s/ Edmund DiSanto
		 	Name: Edmund DiSanto
		 	 Title: Executive Vice President, Chief Administrative Officer, General Counsel and
Secretary

	
	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE
		
	By:	 	/s/ David. W. Doucette
		 	Name: David W. Doucette
		 	Title: Vice President
	
	ELAVON FINANCIAL SERVICES DAC, UK BRANCH, AS PAYING AGENT
		
	By:	 	/s/ Liliya Popova
		 	Name: Liliya Popova
		 	Title: Authorized Signatory

 [Signature Page to Supplemental Indenture] 

 EXHIBIT A-1 

[Face of Security] 

AMERICAN TOWER CORPORATION 

Certificate No. _______ 
 [INSERT GLOBAL SECURITY
LEGEND AS REQUIRED] 
 0.450% Senior Notes due 2027 

CUSIP No. 03027X BN9 
 ISIN No.
XS2346206902 
 COMMON CODE: 2346206902 

American Tower Corporation, a Delaware corporation (the “Company”), for value received, hereby promises to pay to USB
Nominees (UK) Limited, as nominee of Elavon Financial Services DAC, as common depositary, or its registered assigns, the principal sum of euros
(€                  ) on January 15, 2027 and to pay interest thereon, as provided on the reverse hereof, until the principal
and any unpaid and accrued interest are paid or duly provided for. 
 Interest Payment Date: January 15, with the first payment to be
made on January 15, 2022. 
 Regular Record Date: January 1. 

The provisions on the back of this certificate are incorporated as if set forth on the face hereof. 

  
 A-1-1 

 IN WITNESS WHEREOF, American Tower Corporation has caused this instrument to be duly
signed. 
  

			
	 AMERICAN TOWER CORPORATION

		
	By:	 	                
		 	 Name:

		 	 Title:

		
	By:	 	                
		 	 Name:

		 	 Title:

 Dated _______________ 

  
 A-1-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	            
		 	Authorized Signatory
	
	Dated:                             

  
 A-1-3 

 [REVERSE OF SECURITY] 

AMERICAN TOWER CORPORATION 

0.450% Senior Notes due 2027 

(the “Securities”) 

1. Interest. American Tower Corporation, a Delaware corporation (the “Company”), promises to pay interest on the
principal amount of this Security at the rate per annum shown above. The Company will pay interest, payable annually in arrears, on January 15 of each year, with the first payment to be made on January 15, 2022. Interest on the
Securities will accrue on the principal amount from, and including, the most recent date to which interest has been paid or provided for or, if no interest has been paid, from, and including, May 21, 2021, in each case to, but excluding, the
next Interest Payment Date or the Stated Maturity for the payment of principal on the Securities, as the case may be; provided that if there is no existing Default in the payment of interest, the Company shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest shall be computed on
the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Securities (or May 21, 2021 if no interest has been
paid on the Securities), to but excluding the next scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. 

2. Maturity. The Securities will mature on January 15, 2027. 

3. Method of Payment. Except as provided in the Indenture (as defined below), the Company shall pay interest on the Securities to
the persons who are Holders of record of Securities at the close of business on the Regular Record Date set forth on the face of this Security next preceding the applicable Interest Payment Date. Holders must surrender Securities to a Paying Agent
to collect the principal amount. The Company shall pay, in euros, all amounts due in cash with respect to the Securities, which amounts shall be paid (A) in the case this Security is a Global Security, by wire transfer of immediately available
funds to the account designated by the Common Depositary for the Securities or its nominee; and (B) in the case this Security is a Physical Security, by mailing a check to the address of the relevant Holder set forth in the Security Register
for the Securities. The Company shall pay, in cash, interest on any overdue amount (including, to the extent permitted by applicable law, overdue interest) at the rate borne by the Securities. 

4. Paying Agent and Registrar. Initially, Elavon Financial Services DAC, UK Branch (the “Paying Agent”) shall act
as Paying Agent, and U.S. Bank National Association (the “Trustee”) shall act as Registrar. The Company may change any Paying Agent or Registrar upon prior written notice to the Paying Agent or the Trustee, respectively. The Company
or any of its Subsidiaries may act in any such capacity. 
 5. Indenture. The Company issued the Securities under an indenture
dated as of June 4, 2019 (as amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Base Indenture”) between the Company and the Trustee, as amended, supplemented or otherwise
modified by the Supplemental Indenture No. 9 dated as of May 21, 2021 (the “Supplemental Indenture”), between the Company, the Trustee and the Paying Agent (the Base Indenture, as amended, supplemented or otherwise
modified by the Supplemental Indenture, the “Indenture”). The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code
§§ 77aaa-77bbbb) (the “TIA”) as amended and in effect from time to time. The Securities are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. To the extent any
provision of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Securities are general unsecured senior obligations of the Company. The Original Securities are
limited to €750,000,000 aggregate principal amount, except as otherwise provided in the Indenture (except for Securities issued in substitution for destroyed, mutilated, lost or stolen Securities). Subject to the conditions set forth in the
Indenture and without the consent of the Holders, the Company may issue Additional Securities. All Securities, including any 

  
 A-1-4 

 
Additional Securities, shall be treated as a single class of securities under the Indenture. Terms used herein without definition and that are defined in the Indenture have the meanings assigned
to them in the Indenture. 
 6. Optional Redemption. The Securities are redeemable at the Company’s election, in whole or
in part, at any time and from time to time. If the Company redeems the Securities prior to the First Par Call Date, the Company will pay a redemption price equal to the greater of: 

(1) 100% of the principal amount of the Securities to be redeemed then outstanding; and 

(2) as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and
interest on the Securities to be redeemed that would be due if such Securities matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on an
annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate, plus 15 basis points; 
 plus, in either of the above cases, accrued
and unpaid interest to the date of redemption on the Securities to be redeemed. 
 If the Company redeems the Securities on or after the
First Par Call Date, the Company will pay a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued interest to the redemption date. 

If the Company selects a redemption date that is on or after a Regular Record Date and on or before the related Interest Payment Date, the
accrued and unpaid interest, if any, shall be paid to the person in whose name the Security is registered at the close of business on such Regular Record Date. 

The Company shall mail or cause to be mailed a notice of redemption at least 15 days, but not more than 60 days, before the redemption date to
each Holder of the Securities to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Securities or a
satisfaction and discharge of the Indenture. Notices of redemption may not be conditional. 
 Unless the Company defaults in payment of the
redemption price, on and after the redemption date, interest shall cease to accrue on the Securities or portions thereof called for redemption. Securities called for redemption become due on the date fixed for redemption. 

For purposes of the foregoing, the following terms have the following meanings: 

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation a German government bond
(Bundesanleihe) whose maturity is closest to the maturity of the applicable Securities, or if an Independent Investment Banker selected by the Company in its discretion determines that such similar bond is not in issue, such other German
government bond as such Independent Investment Banker may, with the advice of three brokers of, and/or market makers in, German government bonds selected by such Independent Investment Banker, determine to be appropriate for determining the
Comparable Government Bond Rate. 
 “Comparable Government Bond Rate” means, with respect to any redemption date, the
price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the applicable Securities, if they were to be purchased at such price on the third Business Day prior to
the date fixed for redemption, would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on
such Business Day as determined by an Independent Investment Banker selected by the Company. 
 “First Par Call Date” means
November 15, 2026. 

  
 A-1-5 

 “Independent Investment Banker” means one of the Reference Government Bond
Dealers appointed by the Company. 
 “Reference Government Bond Dealer” means any of the primary European government
securities dealers. 
 7. No Mandatory Redemption. The Company shall not be required to make mandatory redemption payments with
respect to the Securities. 
 8. Repurchase at Option of Holder. Upon the occurrence of a Change of Control Triggering Event, and
subject to certain conditions set forth in the Indenture, the Company shall be required to offer to purchase all of the outstanding Securities at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if
any, thereon to the date of repurchase. 
 9. Notice of Redemption. Notice of redemption shall be mailed at least 15 days but not
more than 60 days before the redemption date to each Holder whose Securities are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in
connection with Article 10 or Article 11 of the Base Indenture. Securities in denominations larger than €100,000 may be redeemed in part but only in whole multiples of €1,000, unless all of the Securities held by a Holder are to be
redeemed. Unless the Company defaults in payment of the redemption price, on and after the redemption date interest shall cease to accrue on Securities or portions thereof called for redemption. 

10. Denominations, Transfer, Exchange. The Securities are in registered form, without coupons, in denominations of €100,000
principal amount and integral multiples of €1,000 principal amount. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or similar governmental charge that may be
imposed in connection with certain transfers or exchanges. The Company shall not be required to register the transfer of or exchange any Security selected for redemption, except for the unredeemed portion of any Security being redeemed in part.
Also, the Company need not exchange or register the transfer of any Securities for a period of 15 days next preceding the first mailing of notice of redemption of Securities to be redeemed. 

11. Persons Deemed Owners. The registered Holder of a Security shall be treated as the owner of such Security for all purposes.

 12. Merger or Consolidation. The Company shall not consolidate with or merge with or into, or sell, transfer, lease, convey or
otherwise dispose of all or substantially all of its property or assets to, another Person (including pursuant to a statutory arrangement), whether in a single transaction or series of related transactions, unless it complies with Article 8 of
the Base Indenture. 
 13. Amendments, Supplements and Waivers. The Indenture or the Securities may be amended or supplemented as
provided in the Indenture. 
 14. Defaults and Remedies. The Events of Default relating to the Securities are defined in
Section 5.01 of the Base Indenture. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities may declare the principal, premium, if any, interest and any
other monetary obligations on all the then outstanding Securities to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding
Securities shall become due and payable immediately without further action or notice. 
 Holders may not enforce the Indenture or the
Securities except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Securities may direct the Trustee in its exercise of any trust or power. The Trustee may
withhold from Holders of the Securities notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, or interest) if it 

  
 A-1-6 

 
determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Securities then outstanding by notice to the Trustee may on behalf of the
Holders of all of the Securities waive any existing Default and its consequences under the Indenture except a continuing Default in payment of the principal of, premium, if any, or interest, if any, on, any of the Securities held by a non-consenting Holder. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of
Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
 15. Trustee Dealings with the
Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its affiliates, and may otherwise deal with the Company or its affiliates, as if it were not the
Trustee. 
 16. No Recourse Against Others. A director, officer, employee, incorporator or stockholder, of the Company, as
such, shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Security waives and
releases all such liability. The waiver and release are part of the consideration for the issuance of the Securities. 

17. Authentication. This Security shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent in accordance with the Indenture. 
 18. 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 tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 19. CUSIP and ISIN Numbers and Common Codes. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Company has caused CUSIP and ISIN numbers and common codes to be printed on the Securities and the Trustee may use CUSIP and ISIN numbers and common codes in notices of redemption as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

THE COMPANY SHALL FURNISH TO ANY HOLDER UPON WRITTEN REQUEST AND WITHOUT CHARGE A COPY OF THE BASE INDENTURE OR THE SUPPLEMENTAL INDENTURE.
REQUESTS MAY BE MADE TO: 
 American Tower Corporation 

116 Huntington Avenue 
 Boston, MA
02116 
 Telecopier No.: (617) 375-7575 

Attention: Investor Relations 

  
 A-1-7 

 [FORM OF ASSIGNMENT] 

I or we assign to 
 PLEASE INSERT SOCIAL SECURITY OR 

OTHER IDENTIFYING NUMBER 
 _____________________________________

 (please print or type name and address) 

_____________________________________ 

_____________________________________ 
 the within Security and
all rights thereunder, and hereby irrevocably constitute and appoint 
  

_____________________________________ 
 Attorney to transfer the
Security on the books of the Company with full power of substitution in the premises. 
 Dated: _____________________________________ 

 

			
		 	NOTICE: The signature on this assignment must correspond with the name as it appears upon the face of the within Security in every particular without alteration or enlargement or any change whatsoever and be guaranteed by a
guarantor institution participating in the Securities Transfer Agents Medallion
		 	Program or in such other guarantee program acceptable to the Trustee.

 Signature Guarantee:_____________________________________ 

  
 A-1-8 

 Option of Holder to Elect Purchase 

If you want to elect to have only part of the Security purchased by the Company pursuant to Section 4.01(b) of the Supplemental Indenture, state the
amount you elect to have purchased: 
 €_______________ 

Date:________________ 
  

	
	Your Signature:______________________________
	(Sign exactly as your name appears on 
	the face of this Security)
	
	Tax Identification No.:______________________

 Signature Guarantee*:___________________ 
  

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

  
 A-1-9 

 SCHEDULE A-1 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY* 

The initial principal amount of this Global Security is € . The following exchanges of a part of this Global Security for an
interest in another Global Security or for Securities in certificated form, 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 officer of
Registrar or
Paying Agent

 

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

  
 A-1-10 

 EXHIBIT A-2 

[Face of Security] 

AMERICAN TOWER CORPORATION 

Certificate No. _______ 
 [INSERT GLOBAL SECURITY
LEGEND AS REQUIRED] 
 0.875% Senior Notes due 2029 

CUSIP No. 03027X BP4 
 ISIN No.
XS2346207892 
 COMMON CODE: 2346207892 

American Tower Corporation, a Delaware corporation (the “Company”), for value received, hereby promises to pay to USB
Nominees (UK) Limited, as nominee of Elavon Financial Services DAC, as common depositary, or its registered assigns, the principal sum of euros
(€                  ) on May 21, 2029 and to pay interest thereon, as provided on the reverse hereof, until the principal and
any unpaid and accrued interest are paid or duly provided for. 
 Interest Payment Date: May 21, with the first payment to be made on
May 21, 2022. 
 Regular Record Date: May 6. 

The provisions on the back of this certificate are incorporated as if set forth on the face hereof. 

  
 A-2-1 

 IN WITNESS WHEREOF, American Tower Corporation has caused this instrument to be duly
signed. 
  

			
	AMERICAN TOWER CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Dated _______________ 

  
 A-2-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory

			
	Dated:	 	  

  
 A-2-3 

 [REVERSE OF SECURITY] 

AMERICAN TOWER CORPORATION 

0.875% Senior Notes due 2029 

(the “Securities”) 

1. Interest. American Tower Corporation, a Delaware corporation (the “Company”), promises to pay interest on the
principal amount of this Security at the rate per annum shown above. The Company will pay interest, payable annually in arrears, on May 21 of each year, with the first payment to be made on May 21, 2022. Interest on the Securities
will accrue on the principal amount from, and including, the most recent date to which interest has been paid or provided for or, if no interest has been paid, from, and including, May 21, 2021, in each case to, but excluding, the next Interest
Payment Date or the Stated Maturity for the payment of principal on the Securities, as the case may be; provided that if there is no existing Default in the payment of interest, the Company shall pay interest (including post-petition interest
in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest shall be computed on the basis of the actual number
of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Securities (or May 21, 2021 if no interest has been paid on the Securities), to but
excluding the next scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. 

2. Maturity. The Securities will mature on May 21, 2029. 

3. Method of Payment. Except as provided in the Indenture (as defined below), the Company shall pay interest on the Securities to
the persons who are Holders of record of Securities at the close of business on the Regular Record Date set forth on the face of this Security next preceding the applicable Interest Payment Date. Holders must surrender Securities to a Paying Agent
to collect the principal amount. The Company shall pay, in euros, all amounts due in cash with respect to the Securities, which amounts shall be paid (A) in the case this Security is a Global Security, by wire transfer of immediately available
funds to the account designated by the Common Depositary for the Securities or its nominee; and (B) in the case this Security is a Physical Security, by mailing a check to the address of the relevant Holder set forth in the Security Register
for the Securities. The Company shall pay, in cash, interest on any overdue amount (including, to the extent permitted by applicable law, overdue interest) at the rate borne by the Securities. 

4. Paying Agent and Registrar. Initially, Elavon Financial Services DAC, UK Branch (the “Paying Agent”) shall act
as Paying Agent, and U.S. Bank National Association (the “Trustee”) shall act as Registrar. The Company may change any Paying Agent or Registrar upon prior written notice to the Paying Agent or the Trustee, respectively. The Company
or any of its Subsidiaries may act in any such capacity. 
 5. Indenture. The Company issued the Securities under an indenture
dated as of June 4, 2019 (as amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Base Indenture”) between the Company and the Trustee, as amended, supplemented or otherwise
modified by the Supplemental Indenture No. 9 dated as of May 21, 2021 (the “Supplemental Indenture”), between the Company, the Trustee and the Paying Agent (the Base Indenture, as amended, supplemented or otherwise
modified by the Supplemental Indenture, the “Indenture”). The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code
§§ 77aaa-77bbbb) (the “TIA”) as amended and in effect from time to time. The Securities are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. To the extent any
provision of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Securities are general unsecured senior obligations of the Company. The Original Securities are
limited to €750,000,000 aggregate principal amount, except as otherwise provided in the Indenture (except for Securities issued in substitution for destroyed, mutilated, lost or stolen Securities). Subject to the conditions set forth in the
Indenture and without the consent of the Holders, the Company may issue Additional Securities. All Securities, including any 

  
 A-2-4 

 
Additional Securities, shall be treated as a single class of securities under the Indenture. Terms used herein without definition and that are defined in the Indenture have the meanings assigned
to them in the Indenture. 
 6. Optional Redemption. The Securities are redeemable at the Company’s election, in whole or in
part, at any time and from time to time. If the Company redeems the Securities prior to the First Par Call Date, the Company will pay a redemption price equal to the greater of: 

(1) 100% of the principal amount of the Securities to be redeemed then outstanding; and 

(2) as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and
interest on the Securities to be redeemed that would be due if such Securities matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on an
annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate, plus 20 basis points; 
 plus, in either of the above cases, accrued
and unpaid interest to the date of redemption on the Securities to be redeemed. 
 If the Company redeems the Securities on or after the
First Par Call Date, the Company will pay a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued interest to the redemption date. 

If the Company selects a redemption date that is on or after a Regular Record Date and on or before the related Interest Payment Date, the
accrued and unpaid interest, if any, shall be paid to the person in whose name the Security is registered at the close of business on such Regular Record Date. 

The Company shall mail or cause to be mailed a notice of redemption at least 15 days, but not more than 60 days, before the redemption date to
each Holder of the Securities to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Securities or a
satisfaction and discharge of the Indenture. Notices of redemption may not be conditional. 
 Unless the Company defaults in payment of the
redemption price, on and after the redemption date, interest shall cease to accrue on the Securities or portions thereof called for redemption. Securities called for redemption become due on the date fixed for redemption. 

For purposes of the foregoing, the following terms have the following meanings: 

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation a German government bond
(Bundesanleihe) whose maturity is closest to the maturity of the applicable Securities, or if an Independent Investment Banker selected by the Company in its discretion determines that such similar bond is not in issue, such other German
government bond as such Independent Investment Banker may, with the advice of three brokers of, and/or market makers in, German government bonds selected by such Independent Investment Banker, determine to be appropriate for determining the
Comparable Government Bond Rate. 
 “Comparable Government Bond Rate” means, with respect to any redemption date, the
price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the applicable Securities, if they were to be purchased at such price on the third Business Day prior to
the date fixed for redemption, would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on
such Business Day as determined by an Independent Investment Banker selected by the Company. 
 “First Par Call Date” means
February 21, 2029. 

  
 A-2-5 

 “Independent Investment Banker” means one of the Reference Government Bond
Dealers appointed by the Company. 
 “Reference Government Bond Dealer” means any of the primary European government
securities dealers. 
 7. No Mandatory Redemption. The Company shall not be required to make mandatory redemption payments with
respect to the Securities. 
 8. Repurchase at Option of Holder. Upon the occurrence of a Change of Control Triggering Event, and
subject to certain conditions set forth in the Indenture, the Company shall be required to offer to purchase all of the outstanding Securities at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if
any, thereon to the date of repurchase. 
 9. Notice of Redemption. Notice of redemption shall be mailed at least 15 days but not
more than 60 days before the redemption date to each Holder whose Securities are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in
connection with Article 10 or Article 11 of the Base Indenture. Securities in denominations larger than €100,000 may be redeemed in part but only in whole multiples of €1,000, unless all of the Securities held by a Holder are to be
redeemed. Unless the Company defaults in payment of the redemption price, on and after the redemption date interest shall cease to accrue on Securities or portions thereof called for redemption. 

10. Denominations, Transfer, Exchange. The Securities are in registered form, without coupons, in denominations of €100,000
principal amount and integral multiples of €1,000 principal amount. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or similar governmental charge that may be
imposed in connection with certain transfers or exchanges. The Company shall not be required to register the transfer of or exchange any Security selected for redemption, except for the unredeemed portion of any Security being redeemed in part.
Also, the Company need not exchange or register the transfer of any Securities for a period of 15 days next preceding the first mailing of notice of redemption of Securities to be redeemed. 

11. Persons Deemed Owners. The registered Holder of a Security shall be treated as the owner of such Security for all purposes.

 12. Merger or Consolidation. The Company shall not consolidate with or merge with or into, or sell, transfer, lease, convey or
otherwise dispose of all or substantially all of its property or assets to, another Person (including pursuant to a statutory arrangement), whether in a single transaction or series of related transactions, unless it complies with Article 8 of
the Base Indenture. 
 13. Amendments, Supplements and Waivers. The Indenture or the Securities may be amended or supplemented as
provided in the Indenture. 
 14. Defaults and Remedies. The Events of Default relating to the Securities are defined in
Section 5.01 of the Base Indenture. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities may declare the principal, premium, if any, interest and any
other monetary obligations on all the then outstanding Securities to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding
Securities shall become due and payable immediately without further action or notice. 
 Holders may not enforce the Indenture or the
Securities except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Securities may direct the Trustee in its exercise of any trust or power. The Trustee may
withhold from Holders of the Securities notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, or interest) if it 

  
 A-2-6 

 
determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Securities then outstanding by notice to the Trustee may on behalf of the
Holders of all of the Securities waive any existing Default and its consequences under the Indenture except a continuing Default in payment of the principal of, premium, if any, or interest, if any, on, any of the Securities held by a non-consenting Holder. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of
Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
 15. Trustee Dealings with the
Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its affiliates, and may otherwise deal with the Company or its affiliates, as if it were not the
Trustee. 
 16. No Recourse Against Others. A director, officer, employee, incorporator or stockholder, of the Company, as
such, shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Security waives and
releases all such liability. The waiver and release are part of the consideration for the issuance of the Securities. 

17. Authentication. This Security shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent in accordance with the Indenture. 
 18. 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 tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 19. CUSIP and ISIN Numbers and Common Codes. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Company has caused CUSIP and ISIN numbers and common codes to be printed on the Securities and the Trustee may use CUSIP and ISIN numbers and common codes in notices of redemption as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

THE COMPANY SHALL FURNISH TO ANY HOLDER UPON WRITTEN REQUEST AND WITHOUT CHARGE A COPY OF THE BASE INDENTURE OR THE SUPPLEMENTAL INDENTURE.
REQUESTS MAY BE MADE TO: 
 American Tower Corporation 

116 Huntington Avenue 
 Boston, MA
02116 
 Telecopier No.: (617) 375-7575 

Attention: Investor Relations 

  
 A-2-7 

 [FORM OF ASSIGNMENT] 

I or we assign to 
 PLEASE INSERT SOCIAL SECURITY OR 

OTHER IDENTIFYING NUMBER 
  

                          
                                         
          
 (please print or type name and address) 

 

                          
                                         
          
  

                          
                                         
          
 the within Security and all rights thereunder, and hereby irrevocably constitute and appoint

  

                          
                                         
          
 Attorney to transfer the Security on the books of the Company with full power of substitution
in the premises. 
 Dated: _____________________________________ 
  

			
		 	NOTICE: The signature on this assignment must correspond with the name as it appears upon the face of the within Security in every particular without alteration or enlargement or any change whatsoever and be guaranteed by a
guarantor institution participating in the Securities Transfer Agents Medallion Program or in such other guarantee program acceptable to the Trustee.

 Signature Guarantee:_____________________________________ 

  
 A-2-8 

 Option of Holder to Elect Purchase 

If you want to elect to have only part of the Security purchased by the Company pursuant to Section 4.01(b) of the Supplemental Indenture, state the
amount you elect to have purchased: 
 €_______________ 

Date:________________ 
 Your
Signature:______________________________ 
 (Sign exactly as your name appears on 

the face of this Security) 

Tax Identification No.:______________________ 

Signature Guarantee*:___________________ 
  

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

  
 A-2-9 

 SCHEDULE A-2 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY* 

The initial principal amount of this Global Security is € . The following exchanges of a part of this Global Security for an
interest in another Global Security or for Securities in certificated form, 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 officer of
Registrar or
Paying Agent

 

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

  
 A-2-10 

 EXHIBIT A-3 

[Face of Security] 

AMERICAN TOWER CORPORATION 

Certificate No. _______ 
 [INSERT GLOBAL SECURITY
LEGEND AS REQUIRED] 
 1.250% Senior Notes due 2033 

CUSIP No. 03027X BQ2 
 ISIN No.
XS2346208197 
 COMMON CODE: 2346208197 

American Tower Corporation, a Delaware corporation (the “Company”), for value received, hereby promises to pay to USB
Nominees (UK) Limited, as nominee of Elavon Financial Services DAC, as common depositary, or its registered assigns, the principal sum of euros
(€                  ) on May 21, 2033 and to pay interest thereon, as provided on the reverse hereof, until the principal and
any unpaid and accrued interest are paid or duly provided for. 
 Interest Payment Date: May 21, with the first payment to be made on
May 21, 2022. 
 Regular Record Date: May 6. 

The provisions on the back of this certificate are incorporated as if set forth on the face hereof. 

  
 A-3-1 

 IN WITNESS WHEREOF, American Tower Corporation has caused this instrument to be duly
signed. 
  

			
	AMERICAN TOWER CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Dated _______________ 

  
 A-3-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	          

		 	Authorized Signatory

			
	Dated:	 	  

  
 A-3-3 

 [REVERSE OF SECURITY] 

AMERICAN TOWER CORPORATION 

1.250% Senior Notes due 2033 

(the “Securities”) 

1. Interest. American Tower Corporation, a Delaware corporation (the “Company”), promises to pay interest on the
principal amount of this Security at the rate per annum shown above. The Company will pay interest, payable annually in arrears, on May 21 of each year, with the first payment to be made on May 21, 2022. Interest on the Securities
will accrue on the principal amount from, and including, the most recent date to which interest has been paid or provided for or, if no interest has been paid, from, and including, May 21, 2021, in each case to, but excluding, the next Interest
Payment Date or the Stated Maturity for the payment of principal on the Securities, as the case may be; provided that if there is no existing Default in the payment of interest, the Company shall pay interest (including post-petition interest
in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest shall be computed on the basis of the actual number
of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Securities (or May 21, 2021 if no interest has been paid on the Securities), to but
excluding the next scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. 

2. Maturity. The Securities will mature on May 21, 2033. 

3. Method of Payment. Except as provided in the Indenture (as defined below), the Company shall pay interest on the Securities to
the persons who are Holders of record of Securities at the close of business on the Regular Record Date set forth on the face of this Security next preceding the applicable Interest Payment Date. Holders must surrender Securities to a Paying Agent
to collect the principal amount. The Company shall pay, in euros, all amounts due in cash with respect to the Securities, which amounts shall be paid (A) in the case this Security is a Global Security, by wire transfer of immediately available
funds to the account designated by the Common Depositary for the Securities or its nominee; and (B) in the case this Security is a Physical Security, by mailing a check to the address of the relevant Holder set forth in the Security Register
for the Securities. The Company shall pay, in cash, interest on any overdue amount (including, to the extent permitted by applicable law, overdue interest) at the rate borne by the Securities. 

4. Paying Agent and Registrar. Initially, Elavon Financial Services DAC, UK Branch (the “Paying Agent”) shall act
as Paying Agent, and U.S. Bank National Association (the “Trustee”) shall act as Registrar. The Company may change any Paying Agent or Registrar upon prior written notice to the Paying Agent or the Trustee, respectively. The Company
or any of its Subsidiaries may act in any such capacity. 
 5. Indenture. The Company issued the Securities under an indenture
dated as of June 4, 2019 (as amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Base Indenture”) between the Company and the Trustee, as amended, supplemented or otherwise
modified by the Supplemental Indenture No. 9 dated as of May 21, 2021 (the “Supplemental Indenture”), between the Company, the Trustee and the Paying Agent (the Base Indenture, as amended, supplemented or otherwise
modified by the Supplemental Indenture, the “Indenture”). The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code
§§ 77aaa-77bbbb) (the “TIA”) as amended and in effect from time to time. The Securities are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. To the extent any
provision of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Securities are general unsecured senior obligations of the Company. The Original Securities are
limited to €500,000,000 aggregate principal amount, except as otherwise provided in the Indenture (except for Securities issued in substitution for destroyed, mutilated, lost or stolen Securities). Subject to the conditions set forth in the
Indenture and without the consent of the Holders, the Company may issue Additional Securities. All Securities, including any 

  
 A-3-4 

 
Additional Securities, shall be treated as a single class of securities under the Indenture. Terms used herein without definition and that are defined in the Indenture have the meanings assigned
to them in the Indenture. 
 6. Optional Redemption. The Securities are redeemable at the Company’s election, in whole or in
part, at any time and from time to time. If the Company redeems the Securities prior to the First Par Call Date, the Company will pay a redemption price equal to the greater of: 

(1) 100% of the principal amount of the Securities to be redeemed then outstanding; and 

(2) as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and
interest on the Securities to be redeemed that would be due if such Securities matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on an
annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate, plus 25 basis points; 
 plus, in either of the above cases, accrued
and unpaid interest to the date of redemption on the Securities to be redeemed. 
 If the Company redeems the Securities on or after the
First Par Call Date, the Company will pay a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued interest to the redemption date. 

If the Company selects a redemption date that is on or after a Regular Record Date and on or before the related Interest Payment Date, the
accrued and unpaid interest, if any, shall be paid to the person in whose name the Security is registered at the close of business on such Regular Record Date. 

The Company shall mail or cause to be mailed a notice of redemption at least 15 days, but not more than 60 days, before the redemption date to
each Holder of the Securities to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Securities or a
satisfaction and discharge of the Indenture. Notices of redemption may not be conditional. 
 Unless the Company defaults in payment of the
redemption price, on and after the redemption date, interest shall cease to accrue on the Securities or portions thereof called for redemption. Securities called for redemption become due on the date fixed for redemption. 

For purposes of the foregoing, the following terms have the following meanings: 

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation a German government bond
(Bundesanleihe) whose maturity is closest to the maturity of the applicable Securities, or if an Independent Investment Banker selected by the Company in its discretion determines that such similar bond is not in issue, such other German
government bond as such Independent Investment Banker may, with the advice of three brokers of, and/or market makers in, German government bonds selected by such Independent Investment Banker, determine to be appropriate for determining the
Comparable Government Bond Rate. 
 “Comparable Government Bond Rate” means, with respect to any redemption date, the
price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the applicable Securities, if they were to be purchased at such price on the third Business Day prior to
the date fixed for redemption, would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on
such Business Day as determined by an Independent Investment Banker selected by the Company. 
 “First Par Call Date” means
February 21, 2033. 

  
 A-3-5 

 “Independent Investment Banker” means one of the Reference Government Bond
Dealers appointed by the Company. 
 “Reference Government Bond Dealer” means any of the primary European government
securities dealers. 
 7. No Mandatory Redemption. The Company shall not be required to make mandatory redemption payments with
respect to the Securities. 
 8. Repurchase at Option of Holder. Upon the occurrence of a Change of Control Triggering Event, and
subject to certain conditions set forth in the Indenture, the Company shall be required to offer to purchase all of the outstanding Securities at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if
any, thereon to the date of repurchase. 
 9. Notice of Redemption. Notice of redemption shall be mailed at least 15 days but not
more than 60 days before the redemption date to each Holder whose Securities are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in
connection with Article 10 or Article 11 of the Base Indenture. Securities in denominations larger than €100,000 may be redeemed in part but only in whole multiples of €1,000, unless all of the Securities held by a Holder are to be
redeemed. Unless the Company defaults in payment of the redemption price, on and after the redemption date interest shall cease to accrue on Securities or portions thereof called for redemption. 

10. Denominations, Transfer, Exchange. The Securities are in registered form, without coupons, in denominations of €100,000
principal amount and integral multiples of €1,000 principal amount. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or similar governmental charge that may be
imposed in connection with certain transfers or exchanges. The Company shall not be required to register the transfer of or exchange any Security selected for redemption, except for the unredeemed portion of any Security being redeemed in part.
Also, the Company need not exchange or register the transfer of any Securities for a period of 15 days next preceding the first mailing of notice of redemption of Securities to be redeemed. 

11. Persons Deemed Owners. The registered Holder of a Security shall be treated as the owner of such Security for all purposes.

 12. Merger or Consolidation. The Company shall not consolidate with or merge with or into, or sell, transfer, lease, convey or
otherwise dispose of all or substantially all of its property or assets to, another Person (including pursuant to a statutory arrangement), whether in a single transaction or series of related transactions, unless it complies with Article 8 of
the Base Indenture. 
 13. Amendments, Supplements and Waivers. The Indenture or the Securities may be amended or supplemented as
provided in the Indenture. 
 14. Defaults and Remedies. The Events of Default relating to the Securities are defined in
Section 5.01 of the Base Indenture. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities may declare the principal, premium, if any, interest and any
other monetary obligations on all the then outstanding Securities to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding
Securities shall become due and payable immediately without further action or notice. 
 Holders may not enforce the Indenture or the
Securities except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Securities may direct the Trustee in its exercise of any trust or power. The Trustee may
withhold from Holders of the Securities notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, or interest) if it 

  
 A-3-6 

 
determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Securities then outstanding by notice to the Trustee may on behalf of the
Holders of all of the Securities waive any existing Default and its consequences under the Indenture except a continuing Default in payment of the principal of, premium, if any, or interest, if any, on, any of the Securities held by a non-consenting Holder. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of
Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
 15. Trustee Dealings with the
Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its affiliates, and may otherwise deal with the Company or its affiliates, as if it were not the
Trustee. 
 16. No Recourse Against Others. A director, officer, employee, incorporator or stockholder, of the Company, as
such, shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Security waives and
releases all such liability. The waiver and release are part of the consideration for the issuance of the Securities. 

17. Authentication. This Security shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent in accordance with the Indenture. 
 18. 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 tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 19. CUSIP and ISIN Numbers and Common Codes. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Company has caused CUSIP and ISIN numbers and common codes to be printed on the Securities and the Trustee may use CUSIP and ISIN numbers and common codes in notices of redemption as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

THE COMPANY SHALL FURNISH TO ANY HOLDER UPON WRITTEN REQUEST AND WITHOUT CHARGE A COPY OF THE BASE INDENTURE OR THE SUPPLEMENTAL INDENTURE.
REQUESTS MAY BE MADE TO: 
 American Tower Corporation 

116 Huntington Avenue 
 Boston, MA
02116 
 Telecopier No.: (617) 375-7575 

Attention: Investor Relations 

  
 A-3-7 

 [FORM OF ASSIGNMENT] 

I or we assign to 
 PLEASE INSERT SOCIAL SECURITY OR 

OTHER IDENTIFYING NUMBER 
  

                          
                               

(please print or type name and address) 
  

                          
                               

 

                          
                               

the within Security and all rights thereunder, and hereby irrevocably constitute and appoint 

 

                          
                               

Attorney to transfer the Security on the books of the Company with full power of substitution in the premises. 

Dated: _____________________________________                 

 

			
	        	 	NOTICE: The signature on this assignment must correspond with the name as it appears upon the face of the within Security in every particular without alteration or enlargement or any change whatsoever and be guaranteed by a
guarantor institution participating in the Securities Transfer Agents Medallion Program or in such other guarantee program acceptable to the Trustee.

 Signature
Guarantee:_____________________________________                 

  
 A-3-8 

 Option of Holder to Elect Purchase 

If you want to elect to have only part of the Security purchased by the Company pursuant to Section 4.01(b) of the Supplemental Indenture, state the
amount you elect to have purchased: 
 €_______________ 

Date:________________ 
 Your
Signature:______________________________ 
 (Sign exactly as your name appears on 

the face of this Security) 

Tax Identification No.:______________________ 

Signature Guarantee*:___________________ 
  

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

  
 A-3-9 

 SCHEDULE A-3 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY* 

The initial principal amount of this Global Security is € . The following exchanges of a part of this Global Security for an
interest in another Global Security or for Securities in certificated form, 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 officer of
Registrar or
Paying Agent

 

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

  
 A-3-10 

 EXHIBIT B 

FORM OF LEGEND FOR GLOBAL SECURITIES 

Any Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form: 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE COMMON
DEPOSITARY OR A NOMINEE OF THE COMMON DEPOSITARY, WHICH SHALL BE TREATED BY THE COMPANY, THE TRUSTEE, THE PAYING AGENT AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK, S.A./N.V., AS OPERATOR OF THE EUROCLEAR SYSTEM
(“EUROCLEAR”) OR CLEARSTREAM BANKING, SOCIÉTÉ ANONYME (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE COMMON DEPOSITARY OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT HEREON IS MADE TO THE COMMON DEPOSITARY OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, THE COMMON DEPOSITARY, HAS AN
INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF
EUROCLEAR/CLEARSTREAM OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 

  
 B-1Exhibit 4.4

 

WARRANT AGREEMENT

 

This WARRANT
AGREEMENT (this “Agreement”) is made as of [●], 2021 between Lakeshore Acquisition I Corp., a Cayman
Islands exempted company with limited liability, with offices at Suite A-2F, 555 Shihui Road, Songjiang District, Shanghai, China 201100
(“Company”), and Continental Stock Transfer & Trust Company, a New York limited purpose trust company,
with offices at 1 State Street, New York, New York 10004, as warrant agent (“Warrant Agent”).

 

WHEREAS, the Company
is engaged in a public offering (“Public Offering”) of up to 5,750,000 units (including 750,000 units which may be
issued pursuant to an overallotment option granted to the underwriters of the Public Offering), each unit (the “Public Units”)
comprised of one ordinary share of the Company, par value $.0001 (“Ordinary Share”), and three-quarters of one warrant,
where each whole warrant entitles the holder to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment as described
herein, and, in connection therewith, will issue and deliver up to 4,312,500 warrants (the “Public Warrants”) to the
public investors in connection with the Public Offering; and

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-255174
  (“Registration Statement”) and prospectus (“Prospectus”), for the registration, under the
Securities Act of 1933, as amended (“Act”) of, among other securities, the Public Warrants; and

 

WHEREAS, the
Company has received binding commitments (“Subscription Agreements”) from the Company’s sponsor, RedOne
Investments Limited (the “Sponsor”), Craig-Hallum Capital Group LLC, Roth Capital Partners, LLC and certain other parties to
purchase, simultaneously with the closing of the Public Offering, up to an aggregate of 250,000 units (the “Private
Units”), each containing one Ordinary Share and three-quarters of one warrant (the “Private Warrants”),
each exercisable to purchase one Ordinary Share at a price of $11.50 per share, bearing the legend set forth in Exhibit B hereto;
and

 

WHEREAS, the Company
may issue up to an additional 50,000 units (the “Working Capital Units” and together with the Public Units and the
Private Units, the “Units”) at a price of $10.00 per Working Capital Unit, with each Working Capital Unit consisting
of one Ordinary Share and three-quarters of one warrant (a whole warrant of each such warrant, a “Working Capital Warrant”),
in satisfaction of certain working capital loans made by the Company’s officers, directors, initial stockholders and their affiliates;
and

 

WHEREAS, following consummation
of the Public Offering, the Company may issue additional warrants (“Post IPO Warrants” and together with the Public
Warrants, Private Warrants, and Working Capital Warrants, the “Warrants”) in connection with, or following the consummation
by the Company of, a Business Combination (defined below); and

 

WHEREAS, the Company
desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance,
registration, transfer, exchange, redemption, and exercise of the Warrants; and

 

WHEREAS, the Company
desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective
rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and
things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned
by or on behalf of the Warrant Agent, as provided herein, the valid, binding, and legal obligations of the Company, and to authorize the
execution and delivery of this Agreement.

  

NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

 

    1

     

    

 

1. Appointment of Warrant Agent.
The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such
appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2. Warrants.

 

2.1. Form of
Warrant. Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions
of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board of Directors or
Chief Executive Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s
seal. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in
which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased
to be such at the date of issuance.

 

2.2. Uncertificated
Warrants. Notwithstanding anything herein to the contrary, any Warrant, or portion thereof, may be issued as part of, and be represented
by, a Unit, and any Warrant may be issued in uncertificated or book-entry form through the Warrant Agent and/or the facilities of The
Depository Trust Company (the “Depositary”) or other book-entry depositary system, in each case as determined by the
Board of Directors of the Company or by an authorized committee thereof. Any Warrant so issued shall have the same terms, force and effect
as a certificated Warrant that has been duly countersigned by the Warrant Agent in accordance with the terms of this Agreement.

 

2.3. Effect of
Countersignature. Except with respect to uncertificated Warrants as described above, unless and until countersigned by the Warrant
Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.4. Registration.

 

2.4.1. Warrant
Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance
and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register
the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered
to the Warrant Agent by the Company.

 

2.4.2. Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat
the person in whose name such Warrant is then registered in the Warrant Register (“registered holder”) as the absolute
owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the Warrant
certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes,
and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

2.5. Detachability
of Warrants. The securities comprising the Units will not be separately transferable until the 52nd day following the
date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which
banks in New York City are generally open for normal business (a “Business Day”), then on the immediately
succeeding Business Day following such date, or earlier with the consent of Craig-Hallum Capital Group LLC and Roth Capital Partners,
LLC (the “Representatives”), but in no event will the Representatives allow separate trading of the securities
comprising the Units until (i) the Company has filed a Current Report on Form 8-K which includes an audited balance
sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering including the proceeds received by the
Company from the exercise of the underwriters’ over-allotment option in the Public Offering, if the over-allotment option is
exercised prior to the filing of the Form 8-K, and (ii) the Company has issued a press release and has filed a
Current Report on Form 8-K announcing when such separate trading shall begin (the “Detachment Date”).

 

2.6. Private
Warrant and Working Capital Warrant Attributes. The Private Warrants and Working Capital Warrants will be identical to the Public
Warrants.

 

    2

     

    

 

2.7.  Post IPO
Warrants. The Post IPO Warrants, when and if issued, shall have the same terms and be in the same form as the Public Warrants except
as may be agreed upon by the Company.

 

3. Terms and Exercise of Warrants

 

3.1. Warrant
Price. Each Warrant shall, when countersigned by the Warrant Agent (except with respect to uncertificated Warrants), entitle the registered
holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of Ordinary Shares
stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence
of this Section 3.1. The term “Warrant Price” as used in this Agreement refers to the price per share at which the Ordinary
Shares may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time
prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days; provided, that the Company
shall provide at least twenty (20) days’ prior written notice of such reduction to registered holders of the Warrants and,
provided further that any such reduction shall be applied consistently to all of the Warrants.

 

3.2. Duration
of Warrants. A Warrant may be exercised only during the period commencing 30 days after the consummation by the Company of a merger,
share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or
more businesses or entities (“Business Combination”) (as described more fully in the Registration Statement), and
terminating at 5:00 p.m., New York City time on the earlier to occur of (i) the date that is five (5) years after the date on which
the Company consummates a Business Combination, (ii) at 5:00 p.m., New York City time on the Redemption Date as provided in Section 6.2
of this Agreement and (iii) the liquidation of the Trust Account (defined below) (“Expiration Date”). The period
of time from the date the Warrants will first become exercisable until the expiration of the Warrants shall hereafter be referred to
as the “Exercise Period.” Except with respect to the right to receive the Redemption Price (as set forth in Section 6
hereunder), as applicable, each outstanding Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof
under this Agreement shall cease at the close of business on the Expiration Date. The Company in its sole discretion may extend the duration
of the Warrants by delaying the Expiration Date; provided, however, that the Company will provide at least twenty (20) days’
prior written notice of any such extension to registered holders and, provided further that any such extension shall be applied consistently
to all of the Warrants. Notwithstanding anything to the contrary contained herein, for so long as any Private Placement Warrant is held
by Craig-Hallum Capital Group LLC or Roth Capital Partners, LLC and/or their designees, such Private Placement Warrant may not be exercised
after five years from the effective date of the Registration Statement.

 

3.3. Exercise
of Warrants.

 

3.3.1. Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the
registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent,
in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed, and by
paying in full the Warrant Price for each Ordinary Share as to which the Warrant is exercised and any and all applicable taxes due in
connection with the exercise of the Warrant, as follows:

 

(a) in lawful
money of the United States, by good certified check or good bank draft payable to the order of the Warrant Agent or wire transfer;

 

(b) in
the event of a redemption pursuant to Section 6.1 hereof in which the Company’s management has elected to force all
holders of Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of
Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the
Warrants, multiplied by the difference between the Warrant Price and the “Fair Market Value” (defined below) by
(y) the Fair Market Value. Solely for purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean
the average reported closing price of the Ordinary Shares for the ten (10) trading days ending on the third trading day prior
to the date on which the notice of redemption is sent to holders of the Warrants pursuant to Section 6 hereof; or

 

    3

     

    

  

(c) in the
event the registration statement required by Section 7.4 hereof is not effective and current within ninety (90) days after the
closing of a Business Combination, by surrendering such Warrants for that number of Ordinary Shares equal to the quotient obtained by
dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by the difference between the exercise
price of the Warrants and the “Fair Market Value” by (y) the Fair Market Value; provided, however, that no cashless exercise
shall be permitted unless the Fair Market Value is equal to or higher than the exercise price. Solely for purposes of this Section 3.3.1(c),
the “Fair Market Value” shall mean the average reported last sale price of the Ordinary Shares for the ten (10) trading
days ending on the trading day prior to the date of exercise.

 

3.3.2. Issuance
of Ordinary Shares. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant
Price (if any), the Company shall issue to the registered holder of such Warrant a certificate or certificates, or book entry position,
for the number of Ordinary Shares to which he, she or it is entitled, registered in such name or names as may be directed by him, her
or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant, or book entry position, for the number
of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, in no event will the Company be required
to net cash settle the Warrant exercise. No Warrant shall be exercisable for cash and the Company shall not be obligated to issue Ordinary
Shares upon exercise of a Warrant unless the Ordinary Shares issuable upon such Warrant exercise has been registered, qualified or deemed
to be exempt under the securities laws of the state of residence of the registered holder of the Warrants. In the event that the condition
in the immediately preceding sentence is not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to
exercise such Warrant for cash and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing
such  Warrants shall have paid the full purchase price for the Unit solely for the Ordinary Shares underlying such Unit. Warrants
may not be exercised by, or securities issued to, any registered holder in any state in which such exercise or issuance would be unlawful.

 

3.3.3. Valid
Issuance. All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued,
fully paid and nonassessable.

 

3.3.4. Date
of Issuance. Each person in whose name any book entry position or certificate for Ordinary Shares is issued shall for all purposes
be deemed to have become the holder of record of such shares on the date on which the Warrant, or book entry position representing such
Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate, except that,
if the date of such surrender and payment is a date when the share transfer books of the Company or book entry system of the Warrant Agent
are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date
on which the share transfer books or book entry system are open.

 

    4

     

    

 

3.3.5 Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions
contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it
makes such election. If the election is made by a holder, the Warrant Agent shall not cause the exercise of the holder’s
Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise,
such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in
excess of 9.8% (the “Maximum Percentage”) of the Ordinary Shares outstanding immediately after giving effect to
such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by such person and
its affiliates shall include the number of Ordinary Shares issuable upon exercise of the Warrant with respect to which the
determination of such sentence is being made, but shall exclude Ordinary Shares that would be issuable upon (x) exercise of the
remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or
conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and
its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a
limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence,
for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant, in determining the number of
outstanding Ordinary Shares, the holder may rely on the number of outstanding Ordinary Shares as reflected in (1) the
Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on
Form 8-K or other public filing with the SEC as the case may be, (2) a more recent public announcement by the Company
or (3) any other notice by the Company or the Warrant Agent setting forth the number of Ordinary Shares outstanding. For any
reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days,
confirm orally and in writing to such holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding
Ordinary Shares shall be determined after giving effect to the conversion or exercise of equity securities of the Company by the
holder and its affiliates since the date as of which such number of outstanding Ordinary Shares was reported. By written notice to
the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to
any other percentage specified in such notice; provided, however, that any such increase shall not be effective until the
sixty-first (61st) day after such notice is delivered to the Company.

 

4. Adjustments.

 

4.1. Stock Dividends;
Split Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding Ordinary Shares
is increased by a stock dividend payable in Ordinary Shares, or by a split up of Ordinary Shares, or other similar event, then, on the
effective date of such stock dividend, split up or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall
be increased in proportion to such increase in outstanding Ordinary Shares.

 

4.2. Aggregation
of Shares. If after the date hereof, the number of outstanding Ordinary Shares is decreased by a consolidation, combination, reverse
stock split or reclassification of Ordinary Shares or other similar event, then, on the effective date of such consolidation, combination,
reverse stock split, reclassification or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be decreased
in proportion to such decrease in outstanding Ordinary Shares.

 

    5

     

    

 

4.3 Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a
distribution in cash, securities or other assets to the holders of the Ordinary Shares or other shares of the Company’s
capital stock into which the Warrants are convertible (an “Extraordinary Dividend”), then the Warrant Price shall
be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and the fair
market value (as determined by the Company’s Board of Directors, in good faith) of any securities or other assets paid in
respect of such Extraordinary Dividend divided by all outstanding shares of the Company at such time (whether or not any
shareholders waived their right to receive such dividend); provided, however, that none of the following shall be deemed an
Extraordinary Dividend for purposes of this provision: (a) any adjustment described in subsection 4.1 above, (b) any cash
dividends or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid
on the Ordinary Shares during the 365-day period ending on the date of declaration of such dividend or distribution does
not exceed $0.50 per share (taking into account all of the outstanding shares of the Company at such time (whether or not any
shareholders waived their right to receive such dividend) and as adjusted to appropriately reflect any of the events referred to in
other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the
Warrant Price or to the number of Ordinary Shares issuable on exercise of each Warrant) but only with respect to the amount of the
aggregate cash dividends or cash distributions equal to or less than $0.50, (c) any payment to satisfy the conversion rights of the
holders of the Ordinary Shares in connection with a proposed initial Business Combination or certain amendments to the
Company’s Amended and Restated Certificate of Incorporation (as described in the Registration Statement) or (d) any
payment in connection with the Company’s liquidation and the distribution of its assets upon its failure to consummate a
Business Combination. Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding and
unexpired, pays a cash dividend of $0.35 and previously paid an aggregate of $0.40 of cash dividends and cash distributions on the
Ordinary Shares during the 365-day period ending on the date of declaration of such $0.35 dividend, then the Warrant Price
will be decreased, effectively immediately after the effective date of such $0.35 dividend, by $0.25 (the absolute value of the
difference between $0.75 (the aggregate amount of all cash dividends and cash distributions paid or made in
such 365-day period, including such $0.35 dividend) and $0.50 (the greater of (x) $0.50 and (y) the aggregate amount
of all cash dividends and cash distributions paid or made in such 365-day period prior to such $0.35 dividend)).
Furthermore, solely for the purposes of illustration, if following the closing of the Company’s initial Business Combination,
there were 100,000,000 shares outstanding and the Company paid a $1.00 dividend to 17,500,000 of such shares (with the remaining
82,500,000 shares waiving their right to receive such dividend), then no adjustment to the Warrant Price would occur as a $17.5
million dividend payment divided by 100,000,000 shares equals $0.175 per share which is less than $0.50 per share.

 

4.4 Adjustments
in Exercise Price. Whenever the number of Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided in
Sections 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior
to such adjustment by a fraction (x) the numerator of which shall be the number of Ordinary Shares purchasable upon the exercise
of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of Ordinary Shares so
purchasable immediately thereafter.

 

4.5. Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary Shares (other
than a change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of the Ordinary Shares), or in the case
of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company
is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding Ordinary Shares),
or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety
or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall thereafter have the right
to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Ordinary Shares
of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount
of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation,
or upon a dissolution following any such sale or transfer, that the Warrant holder would have received if such Warrant holder had exercised
his, her or its Warrant(s) immediately prior to such event. If any reclassification also results in a change in the Ordinary Shares covered
by Section 4.1, 4.2 or 4.3, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3, 4.4 and this Section 4.5.
The provisions of this Section 4.5 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations,
sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of
the Warrant. Notwithstanding anything to the contrary herein, in the event of any tender offer for shares of Ordinary Shares, the offeror
shall not make any tender offer for Warrants if the effect of such offer would be to require the Warrants to be accounted for as liabilities
under applicable accounting principles.

 

    6

     

    

 

4.6. Issuance
in connection with a Business Combination. If, in connection with a Business Combination, the Company (a) issues additional
Ordinary Shares or equity-linked securities at an issue price or effective issue price of less than $9.20 per share (with such issue
price or effective issue price as determined by the Company’s Board of Directors, in good faith, and in the case of any such
issuance to the Company’s initial stockholders, or their affiliates, without taking into account any founders’ shares
held by them prior to such issuance), (b) the aggregate gross proceeds from such issuances represent more than 60% of the total
equity proceeds, and interest thereon, available for the funding of the Business Combination on the date of the consummation of such
Business Combination (net of redemptions), and (c) the Fair Market Value (as defined below) is below $9.20 per share, the exercise
price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Fair Market Value or (ii)
the price at which the Company issues the Ordinary Shares or equity-linked securities, and the $18.00 per share redemption trigger
price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Fair Market Value and the price at which the
Company issues Ordinary Shares or equity-linked securities. Solely for purposes of this Section 4.6, the “Fair Market
Value” shall mean the volume weighted average reported trading price of the Ordinary Shares for the twenty (20) trading
days starting on the trading day prior to the date of the consummation of the Business Combination.

 

4.7 Notices of Changes
in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant, the Company shall
give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase
or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail
the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1,
4.2, 4.3, 4.4, 4.5, or 4.6, then, in any such event, the Company shall give written notice to each Warrant holder, at the last address
set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice,
or any defect therein, shall not affect the legality or validity of such event.

 

4.8. No Fractional
Warrants or Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional
shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would
be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round
up to the nearest whole number of Ordinary Shares to be issued to the Warrant holder.

 

4.9. Form of
Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after
such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant
to this Agreement. However, the Company may at any time in its sole discretion make any change in the form of Warrant that the Company
may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange
or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

4.10 Other Events.
In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of this Section 4
are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact
on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint
a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give
its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose
of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment. The Company shall adjust
the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

5. Transfer and Exchange of Warrants.

 

5.1. Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register,
upon surrender of such Warrant for transfer, properly endorsed with signatures, in the case of certificated Warrants, properly guaranteed
and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number
of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants
so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request.

 

5.2. Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, either in certificated form or in book entry position,
together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more
new Warrants, or book entry positions, as requested by the registered holder of the Warrants so surrendered, representing an equal aggregate
number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant
Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel
for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

    7

     

    

 

5.3. Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance
of a warrant certificate or book-entry position for a fraction of a Warrant.

 

5.4. Service
Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.5. Warrant
Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms
of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required
by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

5.6. Private
Warrants and Working Capital Warrants. The Warrant Agent shall not register any transfer of Private Warrants or Working Capital Warrants
until after the consummation by the Company of an initial Business Combination, except for transfers (i) among the initial shareholders
or to the initial shareholders’ or the Company’s officers, directors, consultants or their affiliates, (ii) to a holder’s
shareholders or members upon the holder’s liquidation, in each case if the holder is an entity, (iii) by bona fide gift to
a member of the holder’s immediate family or to a trust, the beneficiary of which is the holder or a member of the holder’s
immediate family, in each case for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant
to a qualified domestic relations order, (vi) to the Company for no value for cancellation in connection with the consummation of
a Business Combination, (vii) in connection with the consummation of a Business Combination by private sales at prices no greater
than the price at which the Private Warrants were originally purchased, (viii) in the event of the Company’s liquidation prior
to its consummation of an initial Business Combination or (ix) in the event that, subsequent to the consummation of an initial Business
Combination, the Company completes a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s
shareholders having the right to exchange their Ordinary Shares for cash, securities or other property, in each case (except for clauses
(vi), (viii) or (ix) or with the Company’s prior written consent) on the condition that prior to such registration for transfer,
the Warrant Agent shall be presented with written documentation pursuant to which each transferee (each, a “Permitted Transferee”)
or the trustee or legal guardian for such transferee agrees to be bound by the transfer restrictions contained in this section and any
other applicable agreement the transferor is bound by.

 

5.7. Transfers
prior to Detachment. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit
in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit.
Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants included in such
Unit. Notwithstanding the foregoing, the provisions of this Section 5.7 shall have no effect on any transfer of Warrants on or after
the Detachment Date.

 

6. Redemption.

 

6.1. Redemption.
Not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any
time during the Exercise Period, at the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price of
$0.01 per Warrant (“Redemption Price”), provided that the closing price of the Ordinary equals or exceeds $18.00 per
share (subject to adjustment in accordance with Section 4 hereof), on each of twenty (20) trading days within any thirty (30) trading
day period commencing after the Warrants become exercisable and ending on the third trading day prior to the date on which notice of redemption
is given and provided that there is an effective registration statement covering the Ordinary Shares issuable upon exercise of the Warrants,
and a current prospectus relating thereto, available throughout the 30-day redemption or the Company has elected to require
the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1(b); provided, however, that if and when the Warrants become redeemable by the Company, the Company may not exercise such redemption right if the issuance of Ordinary Shares
upon exercise of the Warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company
is unable to effect such registration or qualification.

 

6.2. Date
Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants that are subject to
redemption, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall
be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date to
the registered holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any
notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the registered
holder received such notice.

 

    8

     

    

 

 

6.3. Exercise
After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with
Section 3 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2
hereof and prior to the Redemption Date. In the event the Company determines to require all holders of Warrants to exercise their
Warrants on a “cashless basis” pursuant to Section 3.3.1(b), the notice of redemption will contain the information necessary
to calculate the number of Ordinary Shares to be received upon exercise of the Warrants, including the “Fair Market Value”
in such case. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon
surrender of the Warrants, the Redemption Price.

 

7. Other Provisions Relating to Rights
of Holders of Warrants.

 

7.1. No Rights
as Stockholder. A Warrant does not entitle the registered holder thereof to any of the rights of a stockholder of the Company, including,
without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to
receive notice as shareholders in respect of the meetings of shareholders or the election of directors of the Company or any other matter.

 

7.2. Lost, Stolen,
Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on
such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include
the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed.
Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated,
or destroyed Warrant shall be at any time enforceable by anyone.

 

7.3. Reservation
of Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Ordinary Shares
that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

7.4. Registration
of Ordinary Shares. The Company agrees that as soon as practicable after the closing of its initial Business Combination, it
shall use its best efforts to file with the Securities and Exchange Commission a registration statement for the registration, under
the Act, of the Ordinary Shares issuable upon exercise of the Warrants, and it shall use its best efforts to take such action as is
necessary to register or qualify for sale, in those states in which the Warrants were initially offered by the Company and in those
states where holders of Warrants then reside, the Ordinary Shares issuable upon exercise of the Warrants, to the extent an exemption
is not available. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of
such registration statement, and a current prospectus relating thereto, until the expiration of the Warrants in accordance with the
provisions of this Agreement. If any such registration statement has not been declared effective by the 90th day following the
closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 91st day after
the closing of the Business Combination and ending upon such registration statement being declared effective by the Securities and
Exchange Commission, and during any other period when the Company shall fail to have maintained an effective registration statement
covering the Ordinary Shares issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis” as
determined in accordance with Section 3.3.1(c). The Company shall provide the Warrant Agent with an opinion of counsel for the
Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a
cashless basis in accordance with this Section 7.4 is not required to be registered under the Act and (ii) the Ordinary
Shares issued upon such exercise will be freely tradable under U.S. federal securities laws by anyone who is not an affiliate (as
such term is defined in Rule 144 under the Act) of the Company and, accordingly, will not be required to bear a restrictive legend.
For the avoidance of any doubt, unless and until all of the Warrants have been exercised on a cashless basis, the Company shall
continue to be obligated to comply with its registration obligations under the first three sentences of this Section 7.4. The
provisions of this Section 7.4 may not be modified, amended, or deleted without the prior written consent of the
Representatives.

 

    9 

     

    

 

8. Concerning the Warrant Agent and
Other Matters.

 

8.1. Payment
of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant
Agent in respect of the issuance or delivery of Ordinary Shares upon the exercise of Warrants, but the Company shall not be obligated
to pay any transfer taxes in respect of the Warrants or such Ordinary Shares.

 

8.2. Resignation,
Consolidation, or Merger of Warrant Agent.

 

8.2.1. Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office
of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days
after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant (who shall,
with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of
the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor
Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the
State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized
under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment,
any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor
Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason
it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument
transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon
request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for
more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties,
and obligations.

 

8.2.2. Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the
predecessor Warrant Agent and the transfer agent for the Ordinary Shares not later than the effective date of any such appointment.

 

8.2.3. Merger
or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant
Agent under this Agreement without any further act.

 

8.3. Fees and
Expenses of Warrant Agent.

 

8.3.1. Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and will reimburse
the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

 

8.3.2. Further
Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and
delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying
out or performing of the provisions of this Agreement.

 

    10 

     

    

 

8.4. Liability
of Warrant Agent.

 

8.4.1. Reliance
on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or
desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact
or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established
by a statement signed by the Chief Executive Officer or Chairman of the Board of Directors of the Company and delivered to the Warrant
Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions
of this Agreement.

 

8.4.2. Indemnity.
The Warrant Agent shall be liable hereunder only for its own fraud, gross negligence, willful misconduct or bad faith. The Company agrees
to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel
fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement except as a result of the Warrant Agent’s
fraud, gross negligence, willful misconduct, or bad faith.

 

8.4.3. Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4
hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would
require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization
or reservation of any Ordinary Shares to be issued pursuant to this Agreement, the Amended and Restated Memorandum and Articles of Association
of the Company, or any Warrant or as to whether any Ordinary Shares will, when issued, be valid and fully paid and nonassessable.

 

8.5. Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms
and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently
account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of Ordinary Shares through the exercise
of Warrants.

 

9. Miscellaneous Provisions.

 

9.1. Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the
benefit of their respective successors and assigns.

 

9.2. Notices.
Any notice, statement or demand authorized by this Agreement to be
given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given (i) if by email when
the email is sent, (ii) if by hand or overnight delivery, when so delivered, or (iii) if sent by certified mail or private courier service
within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company
with the Warrant Agent), as follows:

 

Lakeshore Acquisition
I Corp.

Suite A-2F, 555 Shihui
Road, Songjiang District,

Shanghai, China, 201100

Attn: Bill Chen, Chief
Executive Officer

E-mail:bchen65@126.com

 

Any notice, statement or demand authorized
by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently
given (i) if by email, when the email is sent, (ii) if by hand or overnight delivery, when so delivered, or (iii) if sent by certified
mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed
in writing by the Warrant Agent with the Company), as follows:

 

Continental Stock Transfer &
Trust Company

1 State Street

New York, New York 10004

Attn: Compliance Department

 

    11 

     

    

 

with a copy in each case to:

 

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

Attn: Giovanni Caruso, Esq.

E-mail: gcaruso@loeb.com

 

and

Graubard Miller

The Chrysler Building

405 Lexington Avenue, 11th Floor

New York, New York 10174

Attn: Jeffrey M. Gallant, Esq.

 

and

Roth Capital Partners, LLC

888 San Clemente Drive, Suite
400

Newport Beach, CA 92660

Attn: [_]

 

Craig-Hallum Capital Group LLC

222 South Ninth Street, Suite
350

Minneapolis, MN 55402

Attn: [_]

 

and

Harney Westwood & Riegels

[_]

 

9.3. Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the
laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in
any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for
the Southern District of New York. The Company hereby waives any objection that such courts represent an inconvenient forum. Any such
process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return
receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed
personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

9.4. Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the
provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties
hereto and the registered holders of the Warrants and, for the purposes of Sections 7.4, 9.4 and 9.8 hereof, the Representatives,
any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or
agreement hereof. The Representatives shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections
7.4, 9.4 and 9.8 hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall
be for the sole and exclusive benefit of the parties hereto (and the Representatives with respect to the Sections 7.4, 9.4 and 9.8
hereof) and their successors and assigns and of the registered holders of the Warrants.

 

    12 

     

    

 

9.5. Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in
the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant Agent may require
any such holder to submit his Warrant for inspection by it.

 

9.6. Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

  

9.7. Effect of
Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation
thereof.

 

9.8 Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity,
or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect
to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not
adversely affect the interest of the registered holders. All other modifications or amendments, including any amendment to increase the
Warrant Price or shorten the Exercise Period, shall require the written consent or vote of the registered holders of (i) a majority
of the then outstanding Public Warrants if such modification or amendment is being undertaken prior to, or in connection with, the consummation
of a Business Combination or (ii) a majority of the then outstanding Warrants if such modification or amendment is being undertaken
after the consummation of a Business Combination. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the
duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the registered holders. The provisions
of this Section 9.8 may not be modified, amended or deleted without the prior written consent of the Representatives.

 

9.9 Trust Account
Waiver. The Warrant Agent acknowledges and agrees that it shall not make any claims or proceed against the trust account established
by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (“Trust Account”),
including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. In the event
that the Warrant Agent has a claim against the Company under this Agreement, the Warrant Agent will pursue such claim solely against the
Company and not against the property held in the Trust Account.

 

9.10 Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible and be valid and enforceable.

  

[signature page follows]

 

    13 

     

    

 

IN WITNESS WHEREOF, this
Agreement has been duly executed by the parties hereto as of the day and year first above written.

  

	 	LAKESHORE ACQUISITION I CORP.
	 	 	 
	 	By:	 
	 	 	Name: Bill Chen
	 	 	Title: Chief Executive Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST
    COMPANY
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

[Signature Page to Warrant Agreement]

 

    14 

     

    

 

EXHIBIT A

 

WARRANT CERTIFICATE

 

    15 

     

    

 

EXHIBIT B

 

LEGEND FOR PRIVATE PLACEMENT WARRANTS

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED
OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION
IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG LAKESHORE
ACQUISITION I CORP. (THE “COMPANY”), REDONE INVESTMENT LIMITED, CRAIG-HALLUM CAPITAL GROUP, ROTH CAPITAL PARTNERS
AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS
THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT
AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 5.6 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING
WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

SECURITIES EVIDENCED BY THIS CERTIFICATE AND ORDINARY SHARES OF THE
COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED
BY THE COMPANY.

  

    16

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