Document:

EX-10.1

 Exhibit 10.1 

November     , 2020 
 Q2 Holdings, Inc. 

13785 Research Boulevard, Suite 150 
 Austin, Texas 78750 

Attention: General Counsel 
 Re: Exchange and/or Subscription
for Q2 Holdings, Inc. Convertible Senior Notes due 2025 
 Ladies and Gentlemen: 

Q2 Holdings, Inc., a Delaware corporation, (the “Company”), is offering a new series of its Convertible Senior Notes due 2025 (the
“New Notes”). The New Notes will be convertible into cash, shares (“Underlying Shares”) of common stock of the Company, par value $0.0001 per share (“Stock”), or a combination of cash and shares of
Underlying Shares, at the Company’s election. 
 The undersigned (the “Investor”), for itself and, on behalf of the accounts (if any)
listed on (x) Exhibit A hereto, in the case of the Exchange (as defined below), for whom the Investor has been duly authorized to enter into the Exchange (each, including the Investor if it is listed on Exhibit A, an
“Exchanging Holder”) and (y) Exhibit B hereto, in the case of the Subscription (as defined below), for whom the Investor has been duly authorized to enter into the Subscription (each, including the Investor if it is
listed on Exhibit B, a “Subscriber”), may: 
  

	 	(1)	 exchange 0.75% Convertible Senior Notes due 2023 (CUSIP 74736LAB5 and ISIN: US74736LAB53) of the Company (the
“Old Notes”) for (a) an amount of New Notes determined as set forth herein; and (b) [the Cash Premium (as defined below)]1 [and][the Exchange Shares (as defined below)]2 (the “Exchange”); and/or 

  

	 	(2)	 subscribe for and purchase from the Company New Notes for cash (the “Subscription” and, the
Exchange and/or the Subscription, as applicable, the “Notes Transactions”), 

 in each case, pursuant and subject
to the terms and conditions set forth in this agreement (the “Exchange/Subscription Agreement” or this “Agreement”). 

The Exchanging Holders and the Subscribers (including the Investor, as applicable) are referred to collectively as the “Purchasers,” and each
Purchaser (other than the Investor) is referred to herein as an “Account.” 
 The Investor hereby confirms that this Agreement relates
to participation by the Purchasers, taken together, in the: 
  

					
	 Exchange only  ☐
	  	 Subscription only  ☐
	  	 Exchange and Subscription  ☐

 
  

	1 	 NTD: To be used if excess paid in cash. 

	2 	 NTD: To be used if excess delivered in stock. 

 The Investor and each Account understands that the Notes Transactions are being made without registration
under the Securities Act of 1933, as amended (the “Securities Act”), or any securities laws of any state of the United States or of any other jurisdiction, and that the Notes Transactions are only being made to investors who are
both “accredited investors” (as defined in Rule 501 of Regulation D under the Securities Act) and “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) in reliance upon an exemption from registration
under the Securities Act. The Notes Transactions are described in, and are being made pursuant to, the draft Indenture relating to the New Notes (the “Indenture”) to be entered into as of the Closing Date (as defined below) between
the Company and Wilmington Trust, National Association, as Trustee (the “New Notes Trustee”), as supplemented by the Pricing Term Sheet, to be dated on or about November [•], 2020 (the “Pricing Term
Sheet” and, together with the Indenture, the “Transaction Documents”). 
 The Company and one or more financial institutions (the
“Capped Call Counterparties”) expect to enter into one or more capped call transactions pursuant to one or more capped call confirmations in connection with the issuance of the New Notes (each to be dated on or about the date hereof
(the “Capped Call Confirmations”) and the Company and the option counterparties to the bond hedge and warrants entered into in connection with the issuance of the Old Notes expect to terminate the associated portion of such bond
hedge and warrants with respect to such portion of the Old Notes accepted in the Exchange. 
  

	 	1.	 The Exchange. If the Investor and/or any other Exchanging Holders are participating in the Exchange,
subject to the terms and conditions of this Exchange/Subscription Agreement, the Investor and the other Exchanging Holders hereby deliver, assign and transfer to the Company all right, title and interest in the aggregate principal amount (the
“Exchanged Principal Amount”) of Old Notes set forth in column 2 of Exhibit A hereto (such principal amount of Old Notes, the “Exchanged Old Notes”) in exchange for: 

 

	 	(a)	 New Notes having an aggregate principal amount, for each Exchanging Holder, as set forth in Exhibit A
(such aggregate principal amount of New Notes, the “Exchanged New Notes”); and 

  

	 	(b)	 [a cash payment in the amount set forth in column 6 of Exhibit A (the “Cash Premium”
and, together with the Exchanged New Notes, the “Exchange Consideration”).] 

  

	 	(b)	 [a number of shares of Stock as set forth in column 6 of Exhibit A (the “Exchange
Shares” and, together with the Exchanged New Notes, the “Exchange Consideration”).] 

 The
Company agrees to issue such Exchange Consideration to the Exchanging Holders in exchange for such Exchanged Old Notes. For the avoidance of doubt, the Company will not make any separate cash payment in respect of rounded amounts or interest, if
any, accrued and unpaid to the Closing Date (as defined below) for the Exchanged Old Notes. Instead, such amounts will be deemed to be paid in full rather than cancelled, extinguished or forfeited upon exchange of the Exchanged Old Notes for the
Exchange Consideration. Subject to the terms and conditions of this Exchange/Subscription Agreement, the Investor, on behalf of itself and each Exchanging Holder, hereby (a) waives any and all other rights with respect to such Exchanged Old
Notes, and (b) releases and discharges the Company from any and all claims the Investor and each Exchanging Holder may now have, or may have in the future, arising out of, or related to, such Exchanged Old Notes. 

 

	 	2.	 The Subscription. If the Investor and/or any other Subscriber is participating in the Subscription,
subject to the terms and conditions of this Exchange/Subscription Agreement, the Investor hereby agrees to purchase from the Company, and the Company hereby agrees to issue and sell to the Investor and/or any such Account, New Notes (the
“Purchased New Notes”) having an aggregate principal amount as set forth in column 2 of Exhibit B hereto (the “Purchased Principal Amount”), for an aggregate purchase price in cash in respect of such
Purchased New Notes as set forth in column 4 of Exhibit B (such aggregate cash purchase price, the “Cash Purchase Price”). For the avoidance of doubt, such Cash Purchase Price shall not be adjusted for accrued interest if the
Closing occurs after November [20], 2020. 

  
 2 

	 	3.	 The Closing. The closing of the Notes Transactions (the “Closing”) shall take place at
the offices of DLA Piper LLP (US), 401 Congress Avenue, Suite 2500, Austin, Texas at 10:00 a.m., New York City time, on November [20], 20203 or, subject to the immediately succeeding sentence, at
such other time and place as the Company may designate by notice to the Investor (the “Closing Date”). The Company, in its sole discretion, may delay the Closing Date in order for the premium payment date for the Capped Call
Confirmations to occur on the Closing Date in the event of market disruptions; provided that the Closing Date cannot be later than November [27], 20204 without the prior written consent of
the Investor. 

  

	 	4.	 Closing Mechanics. 

 

	 	(a)	 The Depository Trust Company (“DTC”) will act as securities depositary for the New Notes.

  

	 	(b)	 At or prior to the times set forth in the Exchange/Subscription Procedures set forth in Exhibit C hereto
(the “Exchange/Subscription Procedures”), the Investor, on behalf of itself and/or any other Account, shall: 

  

	 	(i)	 if participating in the Exchange only, (A) deliver and/or cause the Exchanging Holders to deliver the
Exchanged Old Notes, by book entry transfer through the facilities of DTC, to Wilmington Trust, National Association, in its capacity as trustee of the Old Notes (in such capacity, the “Old Notes Trustee”), for the account/benefit
of the Company for cancellation as instructed in the Exchange/Subscription Procedures; and (B) deliver [account information for receipt of Cash Premium]5[ transfer instructions for delivery
of the Exchange Shares]6; 

  

	 	(ii)	 if participating in the Subscription only, transfer the Cash Purchase Price by wire in immediately available
funds to the account of the Company designated in the Exchange/Subscription Procedures; and 

  

	 	(iii)	 if participating in both the Exchange and the Subscription: 

 

	 	A.	 deliver and/or cause the Exchanging Holders to deliver the Exchanged Old Notes, by book entry transfer through
the facilities of DTC, to the Old Notes Trustee, for the account/benefit of the Company for cancellation as instructed in the Exchange/Subscription Procedures; and 

 

	 	B.	 transfer the Cash Purchase Price by wire in immediately available funds to the account of the Company
designated in the Exchange/Subscription Procedures. 

  

	 	(c)	 On the Closing Date, subject to satisfaction of the conditions precedent specified in
Section 7 hereof, and (1) the prior receipt by the Old Notes Trustee from each Exchanging Holder of the Exchanged Old Notes, if the Investor and/or any other Exchanging Holder is participating in the Exchange only
pursuant to clause (b)(i) above, (2) the prior receipt by 

  

	3 	 NTD: 5 trading day settlement cycle. 

	4 	 To be 5 Scheduled Trading Days following the proposed Closing Date. 

	5 	 NTD: Include if excess portion paid in cash. 

	6 	 NTD: Include if excess portion delivered in shares.

  
 3 

	 	
the Company of the Cash Purchase Price from the Investor on behalf of each Subscriber, if such Subscriber is participating in the Subscription only pursuant to clause (b)(ii) above,
and (3) the prior receipt by the Old Notes Trustee from each Purchaser of the Exchanged Old Notes to be submitted for exchange by such Purchaser and the prior receipt by the Company of the Cash Purchase Price from such Purchaser if such
Purchaser is participating in both the Exchange and the Subscription pursuant to clause (b)(iii) above: 

  

	 	(i)	 the Company shall execute and deliver the Indenture, dated as of the Closing Date, between the Company and the
New Notes Trustee; 

  

	 	(ii)	 the Company shall execute, cause the New Notes Trustee to authenticate and cause to be delivered to the DTC
account(s) specified by the Investor or the relevant Account in Exhibit D hereto, the Exchanged New Notes (if the Investor and/or any Exchanging Holder is participating in the Exchange) and/or the Purchased New Notes (if the Investor and/or
any Subscriber is participating in the Subscription), as the case may be; and 

  

	 	(iii)	 the Company shall deliver to the Exchanging Holder the [Cash Premium][Exchange Shares]. 

All questions as to the form of all documents and the validity and acceptance of the Old Notes and the New Notes will be determined by the
Company, in its sole discretion, which determination shall be final and binding. 
  

	 	5.	 Representations and Warranties of the Company. The Company represents and warrants to the Investor (and
each Account, as applicable) that: 

  

	 	(a)	 Organization. The Company is duly organized and is validly existing under the laws of the State of
Delaware. 

  

	 	(b)	 Due Authorization. This Exchange/Subscription Agreement has been duly authorized, executed and delivered
by the Company. 

  

	 	(c)	 New Notes. The New Notes have been duly authorized by the Company and, when duly executed by the Company
in accordance with the terms of the Indenture, assuming due authentication of the New Notes by the New Notes Trustee, upon delivery to the Investors in accordance with the terms of the Exchange and/or Subscription, as applicable, will be validly
issued and delivered and will constitute valid and binding obligations of the Company entitled to the benefits of the Indenture, enforceable against the Company in accordance with their terms, except as such enforceability may be limited by
bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered in a
proceeding in equity or at law) (collectively, the “Enforceability Exceptions”). The maximum number of Underlying Shares initially issuable upon conversion of the New Notes (assuming settlement solely in shares of Stock and taking
into account the maximum make-whole adjustment under the Indenture) have been duly and validly authorized and reserved for by the Company and, when issued upon conversion of the New Notes in accordance with the terms of the New Notes, will be
validly issued, fully paid and non-assessable, and the issuance of any Underlying Shares will not be subject to any preemptive, participation, rights of first refusal or similar rights. At the Closing, the
Underlying Shares shall have been approved for listing on the New York Stock Exchange, subject only to official notice of issuance. 

  
 4 

	 	(d)	 Indenture. The Company has all requisite corporate power and authority to perform its obligations under
the Indenture. The Indenture has been duly authorized by the Company, and will have been duly executed and delivered by the Company on or prior to the Closing. Assuming due authorization, execution and delivery by the New Notes Trustee thereto, the
Indenture, upon execution and delivery thereof by the Company, will constitute the valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, subject to the Enforceability Exceptions.

  

	 	(e)	 Exemption from Registration. Assuming the accuracy of the representations and warranties of the Investor
and each other investor executing an Exchange/Subscription Agreement, (1) each of the issuance of the Exchanged New Notes [and the Exchange Shares] in connection with the Exchange and/or the issuance of the Purchased New Notes in connection
with the Subscription, as the case may be, pursuant to this Exchange/Subscription Agreement is exempt from the registration requirements of the Securities Act; and (2) the Indenture is not required to be qualified under the Trust Indenture Act
of 1939, as amended. 

  

	 	(f)	 New Class. The New Notes, when issued, will not be of the same class as securities listed on a national
securities exchange registered under Section 6 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or quoted in a U.S. automated inter-dealer quotation system, within the meaning of Rule 144A(d)(3)(i) under
the Securities Act. 

  

	 	(g)	 No Conflicts. The issue of the New Notes [and the issue or payment, as applicable, of any other Exchange
Consideration] pursuant to the Exchange/Subscription Agreements, the execution, delivery and performance, as applicable, by the Company of its obligations under the New Notes, the Indenture, each Exchange/Subscription Agreement, and the consummation
of the transactions contemplated hereby and thereby, will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, impose any lien, charge or encumbrance upon any property or assets of the Company or its
subsidiaries, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement, license, lease or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its
subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the charter or by-laws or similar
organizational document of the Company or any of its subsidiaries or (iii) result in any violation of any statute or any judgment, order, decree, rule or regulation of any court or arbitrator or federal, state, local or foreign governmental
agency or regulatory authority having jurisdiction over the properties or assets of the Company or any of its subsidiaries or any of their properties or assets, except, with respect to clauses (i) and (iii), conflicts, breaches, violations,
impositions or defaults that would not reasonably be expected to have a material adverse effect on the condition (financial or otherwise), results of operations, stockholders’ equity, properties, business or prospects of the Company and its
subsidiaries taken as a whole or a material adverse effect on the performance by the Company of its obligations under any Exchange/Subscription Agreement, the Old Notes Indenture, the Indenture or the New Notes or the consummation of any of the
transactions contemplated hereby or thereby. 

  

	 	(h)	 [Validity of the Exchange Shares; Listing Notification. The Exchange Shares have been duly authorized
and, upon delivery, will be fully paid and non-assessable; the Exchange Shares will be issued without any legends that restrict the transfer of such Exchange Shares under the U.S. federal securities laws; and
the Exchange Shares will not be subject to any preemptive, participation, rights of first refusal or other similar rights. At the Closing, the Exchange Shares shall have been approved for listing on the New York Stock Exchange, subject only to
official notice of issuance.] 

  
 5 

	 	(i)	 Capped Call Confirmations. The Capped Call Confirmations have been duly authorized by the Company.

  

	 	(j)	 Solvency. On each of the date hereof and immediately after giving effect to the Exchange on the Closing
Date, (A) the present fair market value (or present fair saleable value) of the total assets of Company is not less than the total amount required to pay the probable total liabilities (including contingent liabilities) of the Company as they
mature and become absolute, (B) the capital of the Company is adequate to conduct its business and to enter into the Exchange, (C) the Company has the ability to pay its debts and obligations as such debts mature, and (D) the Company
is not “insolvent” (as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code)). 

  

	 	(k)	 Exchange. The Company acknowledges that the terms of the Notes Transactions have been mutually
negotiated between the parties. 

  

	 	6.	 Representations and Warranties of the Investor. The Investor hereby represents and warrants to and
covenants with the Company, on behalf of itself and each Account, as applicable, that: 

  

	 	(a)	 The Investor is a corporation, limited partnership, limited liability company or other entity, as the case may
be, duly formed, validly existing and in good standing under the laws of the jurisdiction of its formation. 

  

	 	(b)	 If the Investor is participating in the Exchange, the Investor has full power and authority to deliver, assign
and transfer the Exchanged Old Notes in exchange for the Exchange Consideration pursuant to this Agreement and to enter into this Exchange/Subscription Agreement and perform all obligations required to be performed by the Investor hereunder. If the
Investor is executing this Exchange/Subscription Agreement on behalf of an Account, (i) the Investor has all requisite authority to enter into this Exchange/Subscription Agreement on behalf of, and, bind, each Account to the terms of this
Agreement, (ii) Exhibit A hereto is a true, correct and complete list of (A) the name of each Exchanging Holder, (B) the principal amount of each Exchanging Holder’s Exchanged Old Notes and (C) the [Cash
Premium][Exchange Shares] and (iii) Exhibit B hereto is a true, correct and complete list of the name of each Subscriber and the aggregate principal amount of Purchased New Notes each such Subscriber agrees to purchase hereunder.

  

	 	(c)	 Each Exchanging Holder participating in the Exchange is the current beneficial owner of the Exchanged Old
Notes. When the Exchanged Old Notes are exchanged, the Company will acquire good, marketable and unencumbered title thereto, free and clear of all liens, restrictions, charges, encumbrances, adverse claims, rights or proxies. 

 

	 	(d)	 Participation in the Notes Transactions will not contravene (1) any law, rule or regulation binding on the
Investor or any investment guideline or restriction applicable to the Investor (or, if applicable, any Account) and (2) the charter or bylaws (or equivalent organizational documents) of the Investor (or, if applicable, any Account).

  

	 	(e)	 The Investor (or applicable Account) is a resident of the jurisdiction set forth in Exhibit D and,
unless otherwise set out in Exhibit A or Exhibit B hereto, as applicable, is not acquiring the Exchanged New Notes[, Exchange Shares] or the Purchased New Notes as a nominee or agent or otherwise for any other person.

  
 6 

	 	(f)	 The Investor and each Account will comply with all applicable laws and regulations in effect in any
jurisdiction in which the Investor or such Account purchases or acquires pursuant to the Exchange or Subscription, as the case may be, or sells New Notes [or Exchange Shares] and will obtain any consent, approval or permission required for such
purchases, acquisitions or sales under the laws and regulations of any jurisdiction to which the Investor or such Account is subject or in which the Investor or such Account makes such purchases, acquisitions or sales, and the Company shall not have
any responsibility therefor. 

  

	 	(g)	 The Investor and each Account has received a copy of the Transaction Documents. The Investor acknowledges that:
(1) no person has been authorized to give any information or to make any representation concerning the Notes Transactions or the Company or any of its subsidiaries, other than as contained in this Agreement or the Transaction Documents or in
the information given by the Company’s duly authorized officers and employees in connection with the Investor’s examination of the Company and its subsidiaries and the terms of the Notes Transactions; and (2) the Company and its
subsidiaries do not take any responsibility for, and cannot provide any assurance as to the reliability of, any other information that may have been provided to the Investor. The Investor hereby acknowledges that J. Wood Capital Advisors LLC (the
“Placement Agent”) does not take any responsibility for, and can provide no assurance as to the reliability of, the information set forth in the Transaction Documents or any such other information. 

 

	 	(h)	 The Investor and each Account understands and accepts that acquiring the New Notes in the Notes Transactions
involves risks. The Investor and each Account has such knowledge, skill and experience in business, financial and investment matters that the Investor and each Account is capable of evaluating the merits and risks of the Notes Transactions and an
investment in the New Notes. With the assistance of its own professional advisors (to the extent the Investor and each Account has deemed appropriate), the Investor and each Account has made its own legal, tax, accounting and financial evaluation of
the merits and risks of an investment in the New Notes and the consequences of the Notes Transactions and this Agreement. The Investor and each Account has considered the suitability of the New Notes as an investment in light of its own
circumstances and financial condition, and the Investor is and each Account able to bear the risks associated with an investment in the New Notes. 

  

	 	(i)	 The Investor confirms that neither it nor any Account is relying on any communication (written or oral) of the
Company or the Placement Agent or any of their respective agents or affiliates as investment advice or as a recommendation to participate in the Notes Transactions and receive the New Notes pursuant to the terms hereof. It is understood that
information provided in the Transaction Documents, or by the Company or the Placement Agent or any of their respective agents or affiliates, shall not be considered investment advice or a recommendation with respect to the Notes Transactions, and
that none of the Company, the Placement Agent or any of their respective agents or affiliates is acting or has acted as an advisor to the Investor or any Account in deciding whether to participate in the Notes Transactions. 

 

	 	(j)	 The Investor confirms, for itself and for each Account, that neither the Company nor the Placement Agent has
(1) given any guarantee or representation as to the potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the New Notes; or (2) made any representation to the
Investor regarding the legality of an investment in the New Notes under applicable investment guidelines, laws or regulations. In deciding to participate in the Notes Transactions, neither the Investor nor any Account is relying on the advice or
recommendations of the Company or the Placement Agent, and the Investor and each Account has made its own independent decision that the investment in the New Notes is suitable and appropriate for the Investor or such Account. 

  
 7 

	 	(k)	 The Investor and each Account is a sophisticated participant in the transactions contemplated hereby and has
such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the New Notes, is experienced in investing in capital markets and is able to bear the economic risk of an
investment in the New Notes. The Investor and each Account is familiar with the business and financial condition and operations of the Company and its subsidiaries and has conducted its own investigation of the Company and its subsidiaries and the
New Notes and has consulted with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby. The Investor and each Account has had access to
the Company filings with the Securities and Exchange Commission and such other information concerning the Company and its subsidiaries and the New Notes as it deems necessary to enable it to make an informed investment decision concerning the Notes
Transactions. The Investor and each Account has been offered the opportunity to ask questions of the Company and its representatives and has received answers thereto as the Investor or such Account deems necessary to enable it to make an informed
investment decision concerning the Notes Transactions and the New Notes. 

  

	 	(l)	 The Investor and each Account understands that no federal, state, local or foreign agency has passed upon the
merits or risks of an investment in the New Notes or made any finding or determination concerning the fairness or advisability of such investment. 

  

	 	(m)	 The Investor and each Account is an “accredited investor” as defined in Rule 501(a) under the
Securities Act and a “qualified institutional buyer” as defined in Rule 144A under the Securities Act. The Investor, for itself and on behalf of each Account, agrees to furnish any additional information reasonably requested by the Company
or any of their affiliates to assure compliance with applicable U.S. federal and state securities laws in connection with the Notes Transactions. 

  

	 	(n)	 The Investor and each Account is not directly, or indirectly through one or more intermediaries, controlling or
controlled by, or under direct or indirect common control with, the Company and is not, and has not been for the immediately preceding three months, an “affiliate” (within the meaning of Rule 144 under the Securities Act) of the Company.

  

	 	(o)	 The Investor and each Account is acquiring the New Notes solely for the Investor’s or such Account’s
own beneficial account, or for an account with respect to which the Investor or such Account exercises sole investment discretion, for investment purposes, and not with a view to, or for resale in connection with, any distribution of the New Notes.
The Investor and each Account understands that the offer and sale of the New Notes have not been registered under the Securities Act or any state securities laws by reason of specific exemptions under the provisions thereof that depend in part upon
the investment intent of the Investor or each Account and the accuracy of the other representations made by the Investor and each Account in this Agreement. 

  

	 	(p)	 The Investor and each Account understands that the Company is relying upon the representations and agreements
contained in this Agreement (and any supplemental information) for the purpose of determining whether the Investor’s and such Account’s participation in the Notes Transactions meets the requirements for the exemptions referenced in
clause (o) above. In addition, the Investor and each Account acknowledges and agrees that any hedging transactions engaged in by the Investor or such Account after the confidential information (as described in the
confirmatory email received by the Investor from the Placement Agent (the “Wall Cross Email”)) was made available to the Investor and prior to the Closing in connection with the issuance and sale of the New Notes have been and will
be conducted in compliance with the Securities Act and the rules and regulations promulgated thereunder. 

  
 8 

	 	(q)	 The Investor and each Account acknowledges that the New Notes have not been registered under the Securities
Act. As a result, the New Notes may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the
Securities Act as described in the Indenture (including, but not limited to, Section 2.05 thereof), and the Investor, for itself and on behalf of each Account, hereby agrees that neither it nor any Account will sell the New Notes other than in
compliance with such transfer restrictions. Further, the Investor and each Account acknowledges that the New Notes will be issued pursuant to a restricted CUSIP number. 

 

	 	(r)	 The Investor and each Account acknowledges that the terms of the Notes Transactions have been mutually
negotiated between the Investor (for itself and on behalf of each Account), and the Company. The Investor was given a meaningful opportunity to negotiate the terms of the Notes Transactions on behalf of itself and each Account.

  

	 	(s)	 The Investor and each Account acknowledges the Company intends to pay an advisory fee to the Placement Agent.

  

	 	(t)	 The Investor will, for itself and on behalf of each Account, upon request, execute and deliver any additional
documents, information or certifications reasonably requested by the Company, the Old Notes Trustee or the New Notes Trustee to complete the Notes Transactions. 

 

	 	(u)	 The Investor and each Account understands that, unless the Investor notifies the Company in writing to the
contrary before the Closing, each of the Investor’s representations and warranties contained in this Agreement will be deemed to have been reaffirmed and confirmed as of the Closing, taking into account all information received by the Investor.

  

	 	(v)	 The participation in the Notes Transactions by any Exchanging Holder was not conditioned by the Company on such
Exchanging Holders’ exchange of a minimum principal amount of Exchanged Old Notes. No Subscriber’s participation in the Notes Transactions was conditioned upon a minimum aggregate principal amount of New Notes issued for cash in the
Subscription. 

  

	 	(w)	 The Investor acknowledges that it and each Account had a sufficient amount of time to consider whether to
participate in the Notes Transactions and that neither the Company nor the Placement Agent has placed any pressure on the Investor or any Account to respond to the opportunity to participate in the Notes Transactions. The Investor acknowledges that
neither it nor any Account did become aware of the Notes Transactions through any form of general solicitation or advertising within the meaning of Rule 502 under the Securities Act. 

 

	 	(x)	 The operations of the Investor and each Account have been conducted in material compliance with the rules and
regulations administered or conducted by the U.S. Department of Treasury Office of Foreign Assets Control (“OFAC”) applicable to the Investor. The Investor has performed due diligence necessary to reasonably determine that its (or,
where applicable, any Account’s) beneficial owners are not named on the lists of denied parties or blocked persons administered by OFAC, resident in or organized under the laws of a country that is the subject of comprehensive economic
sanctions and embargoes administered or conducted by OFAC (“Sanctions”), or otherwise the subject of Sanctions. 

  
 9 

	 	7.	 Conditions to Obligations of the Investor and the Company. The obligations of the Investor to deliver,
or to cause the Accounts to deliver, the Exchanged Old Notes (if applicable) and the Cash Purchase Price (if applicable) and of the Company to deliver the [New Notes][Exchange Consideration] are subject to the satisfaction at or prior to the Closing
of the condition precedent that the representations and warranties of the Company on the one hand, and of the Investor on the other contained in Sections 5 and 6, respectively, shall be true and correct as of the Closing in all
material respects with the same effect as though such representations and warranties had been made as of the Closing. 

  

	 	8.	 Covenant and Acknowledgment of the Company. The Company hereby agrees to publicly disclose at or before
9:00 a.m., New York City time (the “Release Time”), on the first business day after the date hereof, the Notes Transactions as contemplated by this Exchange/Subscription Agreement in a press release. The Company hereby acknowledges
and agrees that as of the Release Time the Company will disclose all confidential information to the extent the Company believes such confidential information constitutes material non-public information, if
any, with respect to the Notes Transactions or that was otherwise communicated by the Company to the Investor or any Account in connection with the Notes Transactions. For the avoidance of doubt, the Company may be aware of material non-public information regarding the Company at the time of Closing that has not been communicated to the Investor or any Account. The Company will, on the first business day following the Closing, file a Current
Report on Form 8-K publicly disclosing the closing of the Notes Transactions as contemplated by this Exchange/Subscription Agreement. 

 

	 	9.	 Covenant of the Investor. No later than one (1) business day after the date hereof, the Investor
agrees to deliver settlement instructions for each Purchaser to the Company substantially in the form of Exhibit D hereto. 

  

	 	10.	 Waiver, Amendment. Neither this Agreement nor any provisions hereof shall be modified, changed,
discharged or terminated except by an instrument in writing, signed by the party against whom any waiver, change, discharge or termination is sought. 

  

	 	11.	 Assignability. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder
or by reason hereof shall be assignable by the Company or the Investor without the prior written consent of the other party. 

  

	 	12.	 Taxation. The Company and its agents shall be entitled to deduct and withhold from any consideration
payable pursuant to this Agreement such amounts as may be required (as determined by the Company in good faith) to be deducted or withheld under applicable law. Without limiting the generality of the foregoing, in the event that the Holder (or
Account(s) of such Holder, if applicable) (i) is a “United States person” (as defined in Section 7701(a) of the Internal Revenue Code of 1986, as amended (the “Code”)), such Exchanging Holder or Purchaser, as
applicable (or Account(s) of such Exchanging Holder or Purchaser, if applicable), shall deliver to the Company, at least one (1) business day prior to Closing, an accurately completed and duly executed IRS Form
W-9 certifying that such Exchanging Holder or Purchaser, as applicable, is exempt from backup withholding or (ii) is not a “United States person” (as defined in Section 7701(a) of the
Code), such Exchanging Holder or Purchaser, as applicable (or Account(s) of such Exchanging Holder or Purchaser, if applicable), shall deliver to the Company, at least one (1) business day prior to Closing, either (A) in the case of such
an Exchanging Holder or Purchaser, as applicable (or Account(s) of such Exchanging Holder or Purchaser, if applicable), which is the beneficial owner of the Exchange Consideration, in the case of an Exchanging Holder, or New Notes in the case of a
Purchaser, a completed and duly executed IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from Sections 1471
to 1474 of the Code and either (x) properly establishing an exemption from or reduction in U.S. federal withholding under the “interest” provision of a tax treaty with the United States or (y) together with a Form of Tax
Certificate, substantially in the form of Exhibit D-1 or (B) in the case of such a Exchanging Holder or Purchaser, as applicable (or Account(s) of such Exchanging Holder or Purchaser, if
applicable), which is not the beneficial owner of the Exchange Consideration, in the case of an Exchanging Holder, or a New Note, in the case of a Purchaser, (x) a completed and duly executed IRS Form
W-8IMY 

  
 10 

 
accompanied by one of the following forms from each of its partners/members: (a) an IRS Form W-9, or (b) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from Sections 1471 to 1474 of the Code and either
(i) properly establishing an exemption from or reduction in U.S. federal withholding under the “interest” provision of a tax treaty with the United States or (ii) together with a Form of Tax Certificate, substantially in the form
of Exhibit D-2 (or, if such partner/member is not the beneficial owner of the Exchange Consideration, in the case of an Exchanging Holder, or a New Note, in the case of a Purchaser, an IRS Form W-8IMY together with the foregoing from each of its partners/members). To the extent any amounts are withheld and remitted to the appropriate taxing authority (including, for the avoidance of doubt, due to the
failure of an Exchanging Holder or Purchaser, as applicable (or Account(s) of such Exchanging Holder or Purchaser, if applicable), to comply with the obligations set forth in this Section 12), such amounts shall be treated for all purposes of
this Agreement as having been paid to the Exchanging Holder or Purchaser, as applicable (or Account(s) of such Exchanging Holder or Purchasers, if applicable), to whom such amounts otherwise would have been paid. Any forms, certificates and other
documents required to be delivered to the Company pursuant to this Section 12 shall be delivered via electronic mail to each of the individuals named below at the address indicated next to such individual’s name: 

 

	 	•	 	 [_____________] 

  

	 	13.	 Waiver of Jury Trial. EACH OF THE COMPANY AND THE INVESTOR (FOR ITSELF AND, IF APPLICABLE, ON BEHALF OF
EACH ACCOUNT) IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF THE TRANSACTIONS CONTEMPLATED BY THIS EXCHANGE/SUBSCRIPTION AGREEMENT. 

 

	 	14.	 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. 

  

	 	15.	 Submission to Jurisdiction. Each of the Company and the Investor (for itself and, if applicable, on
behalf of each Account) (a) agrees that any legal suit, action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby shall be instituted exclusively in the courts of the State of New York located in
the City and County of New York or in the United States District Court for the Southern District of New York; (b) waives any objection that it may now or hereafter have to the venue of any such suit, action or proceeding; and
(c) irrevocably consents to the jurisdiction of the aforesaid courts in any such suit, action or proceeding. Each of the Company and the Investor (for itself and, if applicable, on behalf of each Account) agrees that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

  

	 	16.	 Venue. Each of the Company and the Investor (for itself and, if applicable, on behalf of each Account)
irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement in any court referred to in Section 15. Each of the Company and the Investor (for itself and, if applicable, on behalf of each Account) irrevocably waives, to the fullest extent permitted by law, the
defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

  

	 	17.	 Service of Process. Each of the Company and the Investor (for itself and, if applicable, on behalf of
each Account) irrevocably consents to service of process in the manner provided for notices in Section 20. Nothing in this Exchange/Subscription Agreement will affect the right of any party to this Agreement to serve
process in any other manner permitted by law. 

  

	 	18.	 Section and Other Headings. The section and other headings contained in this Exchange/Subscription
Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Exchange/Subscription Agreement. 

  
 11 

	 	19.	 Counterparts. This Agreement may be executed by one or more of the parties hereto in any number of
separate counterparts (including by facsimile or other electronic means, including telecopy, email or otherwise), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed
signature page of this Exchange/Subscription Agreement by facsimile or other transmission (e.g., “pdf” or “tif” format) shall be effective as delivery of a manually executed counterpart hereof. 

 

	 	20.	 Notices. All notices and other communications to the Company provided for herein shall be in writing and
shall be deemed to have been duly given if delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid to the following addresses, or, in the case of the Investor or any Account, the address provided in
Exhibit D (or such other address as either party shall have specified by notice in writing to the other): 

  

					
	
                
	 	If to the Company:	  	 Q2 Holdings, Inc.
 13785 Research Boulevard,
Suite 150
 Austin, Texas 78750
 Attention: General
Counsel

			
		 	In each case, with a copy to 
(which shall not constitute notice):	  	 DLA Piper LLP (US)
 401 Congress Avenue

Suite 2500
 Austin, Texas 78701

Attention: John J. Gilluly, Brent L. Bernell

  

	 	21.	 Binding Effect. The provisions of this Exchange/Subscription Agreement shall be binding upon and accrue
to the benefit of the parties hereto and their respective heirs, legal representatives, successors and permitted assigns. 

  

	 	22.	 Notification of Changes. The Investor (for itself and, if applicable, on behalf of each Account) hereby
covenants and agrees to notify the Company upon the occurrence of any event prior to the Closing that would cause any representation, warranty, or covenant of the Investor (and/or such Account) contained in this Agreement to be false or incorrect in
any material respect. 

  

	 	23.	 Reliance by Placement Agent. The Placement Agent may rely on each representation and warranty of the
Company and the Investor made herein or pursuant to the terms hereof (including, without limitation, in any officer’s certificate delivered pursuant to the terms hereof) with the same force and effect as if such representation or warranty were
made directly to the Placement Agent. The Placement Agent shall be a third party beneficiary to this Exchange/Subscription Agreement to the extent provided in this Section 23. 

 

	 	24.	 Severability. If any term or provision (in whole or in part) of this Exchange/Subscription Agreement is
invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Exchange/Subscription Agreement or invalidate or render unenforceable such term or provision
in any other jurisdiction. 

 [Signature Pages Follow] 

  
 12 

 IN WITNESS WHEREOF, the Investor (for itself and, if applicable, on behalf of each Account) has executed
this Exchange/Subscription Agreement as of the date first written above. 
  

			
	 Legal Name of Executing Investor:

	 
	 By
	 	 
		 	 Name:

		 	 Title:

		 	 Legal Name:

 [Signature Page to Exchange/Subscription Agreement] 

 ACCEPTED AND AGREED: 

 

			
	 Q2 HOLDINGS, INC.

		
	 By
	 	 
		 	 Name:

		 	 Title:

 [Signature Page to Exchange/Subscription Agreement] 

 EXHIBIT A: FOR THE EXCHANGE 

 

																									
	 Name of
Exchanging
Holder
(i.e.,
Beneficial
Owner)
	  	Aggregate
Principal
Amount of
Exchanged
Old Notes	 	  	CUSIP –
Exchanged
Old Notes	 	  	Aggregate
Principal
Amount of
Exchanged
New Notes	 	  	CUSIP –
Exchanged
New Notes	 	  	[Cash
Premium]	 	  	[Number of
Exchange
Shares]	 
		  	$	 	 	  				  	$	 	 	  				  	$	 	 	  			
		  				  				  				  				  				  			
		  				  				  				  				  				  			
		  				  				  				  				  				  			
		  				  				  				  				  				  			
		  				  				  				  				  				  			
		  				  				  				  				  				  			
		  				  				  				  				  				  			
		  	  
	  
	 	  				  	  
	  
	 	  				  	  
	  
	 	  			
	 Total:
	  	$	 	 	  				  	$	 	 	  				  	$	 	 	  			
		  	  
	  
	 	  				  	  
	  
	 	  				  	  
	  
	 	  			

 EXHIBIT B: FOR THE SUBSCRIPTION 

Participating Accounts, Allocation of Aggregate Principal Amount of Purchased New Notes and Cash Purchase Price: 

 

													
	 Name of
Subscriber
	  	Purchased New
Notes	 	  	CUSIP – Purchased
New Notes	 	  	Cash Purchase
Price	 
		  	$	 	 	  				  	$	 	 
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total:
	  	$	 	 	  				  	$	 	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 EXHIBIT C TO THE EXCHANGE/SUBSCRIPTION AGREEMENT 

NOTICE OF EXCHANGE/SUBSCRIPTION PROCEDURES 

Attached are Exchange/Subscription Procedures for the settlement of the Q2 Holdings, Inc. (the “Company”) exchange and/or subscription of its
Convertible Senior Notes due 2025 (the “New Notes”) pursuant to the Exchange/Subscription Agreement, dated as of November    , 2020, between you and the Company which is expected to occur on or about
November    , 2020. To ensure timely settlement, please follow the instructions for exchanging your Q2 Holdings, Inc.’s 0.75% Convertible Senior Notes due 2023 (the “Old Notes”) (if applicable) and/or
subscribing for New Notes (if applicable) as set forth on the following page. 
 These instructions supersede any prior instructions you received.
Your failure to comply with the attached instructions may delay your receipt of the New Notes. 
 If you have any questions, please
contact Katy Neumer at (407) 617-9991. 
 Thank you. 

 OPTION A – EXCHANGING OLD NOTES FOR NEW NOTES AND [EXCHANGE SHARES][CASH PREMIUM] ONLY

 Delivery of Old Notes 
 You must direct the
eligible DTC participant through which you hold a beneficial interest in the Old Notes to post on November , 2020, no later than 9:00 a.m., New York City time, one-sided withdrawal instructions through DTC via DWAC for transfer to [●]
(DTC Participant No.        ), the aggregate principal amount1 of Exchanged Old Notes (CUSIP [●]/ISIN: [●]) set forth in column 2 of Exhibit
A (Aggregate Principal Amount of Exchanged Old Notes) of the Exchange/Subscription Agreement. 
 It is important that this instruction be submitted
and the DWAC posted on November         , 2020, no later than 9:00 a.m., New York City time. 
 To receive
New Notes 
 You must direct your eligible DTC participant through which you wish to hold a beneficial interest in the New Notes to post and accept
on November , 2020, no later than 9:00 a.m., New York City time, a one-sided deposit instruction through DTC via DWAC from [●] for the aggregate principal amount2 of Exchanged New Notes
(CUSIP/ISIN #        /        ) set forth in column 4 of Exhibit A (“Aggregate Principal Amount of Exchanged New Notes”) of the Exchange/Subscription
Agreement. 
 It is important that this instruction be submitted and the DWAC posted on November        , 2020,
no later than 9:00 a.m., New York City time. 
 [To receive Exchange Shares 

You must direct your eligible DTC participant through which you wish to hold a beneficial interest in the Exchange Shares to post and accept on November ,
2020, no later than 9:00 a.m., New York City time, a one-sided deposit instruction through DTC via DWAC from [●] for the number of Shares of (CUSIP/ISIN
#        /        ) set forth in column 6 of Exhibit A (Number of Exchange Shares) of the Exchange/Subscription Agreement.] 

It is important that this instruction be submitted and the DWAC posted on November        , 2020, no later than
9:00 a.m., New York City time. 
 [To receive the Cash Premium 

You must provide your deposit account information to the Company by November         , 2020, no later than 9:00 a.m.,
New York City Time. 
 You must complete ALL of the steps described above in order to complete the exchange of Old Notes for the Exchange
Consideration.] 
  

	1 	 Note that the DWAC instruction should specify the principal amount, not the number, of Exchanged Old Notes.

	2 	 Note that the DWAC instruction should specify the principal amount, not the number, of New Notes.

 OPTION B – PURCHASING NEW NOTES ONLY (WITHOUT AN EXCHANGE OF OLD NOTES)

 To receive New Notes 
 You must BOTH:

  

	 	1.	 Direct your eligible DTC participant through which you wish to hold a beneficial interest in the New Notes to
post and accept on November         , 2020, no later than 9:00 a.m., New York City time, a one-sided deposit instruction through DTC via DWAC from [●] for the aggregate principal amount of New Notes
(CUSIP/ISIN #        /        ) set forth in column 2 of Exhibit B (“Purchased New Notes”) of the Exchange/Subscription Agreement.

 It is important that this instruction be submitted and the DWAC posted on
November         , 2020, no later than 9:00 a.m., New York City time. 
 AND 

 

	 	2.	 No later than 3.00 p.m., New York City time, on
November         , 2020, you must pay the Cash Purchase Price set forth in column 4 of Exhibit B3 (“Cash Purchase Price”) of the
Exchange/Subscription Agreement by wire transfer in immediately available funds to the following account of the Company: 

ABA Routing Number: 
 Beneficiary
Account Name: 
 SWIFT Code: 

Beneficiary Account Number: 
  

	3 	 The Cash Purchase Price is the amount of cash that you must wire to the Company in connection with your
purchase of New Notes. 

 OPTION C – EXCHANGING OLD NOTES FOR NEW NOTES AND PURCHASING NEW NOTES 

For that portion of Exchange Consideration being acquired by means of an exchange for Old Notes, you must follow the steps outlined in Option A
above. 
 For that portion of New Notes you are acquiring in addition to those acquired pursuant to Option A above, you must follow the steps
outlined in Option B above. 
 SETTLEMENT 
 On
                    , 2020, after the Company receives your Old Notes (if applicable) and/or your Cash Purchase Price (if applicable) and your
delivery instructions as set forth above, and subject to the satisfaction of the conditions to closing as set forth in your Exchange/Subscription Agreement, the Company will deliver your New Notes and any other Exchange Consideration, if applicable,
in accordance with the delivery instructions set forth above. 

 EXHIBIT D TO THE EXCHANGE/SUBSCRIPTION AGREEMENT 

Purchaser Settlement Details 
 These
settlement instructions are to be delivered to the Company for each Purchaser no later than one (1) business day after the date of the Exchange/Subscription Agreement.  

Name of Purchaser:
                                         

 Purchaser Address: 
  

                          
                                         
  

                          
                                         
  

                          
                                         
  

Telephone:                        
                         
 Email
Address:
                                         
    
 Country of Residence:
                                     

Taxpayer Identification Number:
                                        

 If Purchaser is an Exchanging Holder: 
 Exchanged
Old Notes 
 DTC Participant
Number:                                        
                                         
        
 DTC Participant
Name:                                        
                                         
            
 DTC Participant Phone Number:
                                         
                                        

DTC Participant Contact Email:
                                         
                                        

FFC Account
#:                                        
                                         
                            

Account # at
Bank/Broker:                                       
                                         
         
 Exchanged New Notes (if different from Exchanged Old Notes) 

DTC Participant
Number:                                        
                                         
            
 DTC Participant
Name:                                        
                                         
                
 DTC Participant Phone Number:
                                         
                                         
   
 DTC Participant Contact Email:
                                         
                                         
   
 FFC Account
#:                                        
                                         
                    
 Account # at
Bank/Broker:                                       
                                         

 [Exchange Shares 
 DTC Participant
Number:                                        
                                         
    

 DTC Participant
Name:                                        
                                         
                                    

DTC Participant Phone Number:
                                         
                                         
                       
 DTC Participant
Contact Email:
                                         
                                         
                       
 FFC Account
#:                                        
                                         
                                         
           
 Account # at
Bank/Broker:                                       
                                         
                                 ] 

Purchaser Wire Instructions for Cash Premium 

ABA Routing Number:      

Beneficiary Account Name:      

SWIFT Code:      

Beneficiary Account Number: 
 If Purchaser is a
Subscriber: 
 DTC Participant Information for Delivery of Purchased New Notes 

DTC Participant
Number:                                        
                                         
                                    

DTC Participant
Name:                                        
                                         
                                        

DTC Participant Phone Number:
                                         
                                         
                       
 DTC Participant
Contact Email:
                                         
                                         
                       
 FFC Account
#:                                        
                                         
                                         
           
 Account # at
Bank/Broker:                                       
                                         
                                     

 EXHIBIT D-1 TO THE EXCHANGE/SUBSCRIPTION AGREEMENT

 FORM OF TAX CERTIFICATE 

(For Non-U.S. Holders that are not Partnerships for U.S. Federal Income Tax Purposes) 

Reference is made to the Exchange/Subscription Agreement, dated as of [•], 2020, by and among [•] (“Holder”) and
Q2 Holdings, Inc., a Delaware corporation (the “Company”) (the “Agreement”). Unless otherwise defined herein, terms defined in the Agreement and used herein shall
have the meanings given to them in the Agreement. [______________________] (“Non-U.S. Holder”) is providing this certificate pursuant to Section 12 of the Agreement.
The Non-U.S. Holder hereby represents and warrants that: 
 1. The
Non-U.S. Holder is not a “United States person” as defined in Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the “Code”), is the sole record and
beneficial owner of the Exchanged Notes in respect of which it is providing this certificate and has furnished the Company with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E. 
 2.
The Non-U.S. Holder is not a “bank” for purposes of Section 881(c)(3)(A) of the Code. In this regard, the Non-U.S. Holder further represents and warrants
that: 
 (a) the Non-U.S. Holder is not subject to regulatory or other legal
requirements as a bank in any jurisdiction; and 
 (b) the Non-U.S. Holder has not
been treated as a bank for purposes of any tax, securities law or other filing or submission made to any governmental authority, any application made to a rating agency or qualification for any exemption from tax, securities law or other legal
requirements. 
 3. The Non-U.S. Holder is not a
“10-percent shareholder” of the Company within the meaning of Section 881(c)(3)(B) of the Code. 

4. The Non-U.S. Holder is not a “controlled foreign corporation” receiving interest from a
related person within the meaning of Section 881(c)(3)(C) of the Code. 
 5. The Non-U.S.
Holder’s office address is
[                                        
]. 
 6. The Non-U.S. Holder shall promptly notify the Company in writing in accordance with the
Agreement if any of the representations and warranties made herein are no longer true and correct. 

 IN WITNESS WHEREOF, the undersigned has duly executed this certificate. 

 

			
	[NAME OF NON-U.S. HOLDER]
		
	By:	 	 
		 	Name:
		 	Title:

 
			
	
	Date:
                                         
               ,                  

 EXHIBIT D-2 TO THE EXCHANGE/SUBSCRIPTION AGREEMENT

 FORM OF TAX CERTIFICATE 

(For Non-U.S. Holders that are Partnerships for U.S. Federal Income Tax Purposes) 

Reference is made to the Exchange/Subscription Agreement, dated as of [•], 2020, by and among [•] (“Holder”) and
Q2 Holdings, Inc., a Delaware corporation (the “Company”) (the “Agreement”). Unless otherwise defined herein, terms defined in the Agreement and used herein shall
have the meanings given to them in the Agreement. [______________________] (“Non-U.S. Holder”) is providing this certificate pursuant to Section 12 of the Agreement.
The Non-U.S. Holder hereby represents and warrants that: 
 1. The
Non-U.S. Holder is not a “United States person” as defined in Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the “Code”), is the sole record owner
of the Exchanged Notes in respect of which it is providing this certificate and has furnished the Company with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS
Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from
each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. 
 2. Neither the Non-U.S. Holder nor any of its direct or indirect partners/members is a “bank” for purposes of Section 881(c)(3)(A) of the Code. In this regard, the Non-U.S.
Holder further represents and warrants that: 
 (a) neither the Non-U.S. Holder nor
any of its direct or indirect partners/members are subject to regulatory or other legal requirements as a bank in any jurisdiction; and 

(b) neither the Non-U.S. Holder nor any of its direct or indirect partners/members has
been treated as a bank for purposes of any tax, securities law or other filing or submission made to any governmental authority, any application made to a rating agency or qualification for any exemption from tax, securities law or other legal
requirements. 
 3. None of its direct or indirect partners/members is a “10-percent
shareholder” of the Company within the meaning of Section 881(c)(3)(B) of the Code. 
 4. None of its direct or indirect
partners/members is a “controlled foreign corporation” receiving interest from a related person within the meaning of Section 881(c)(3)(C) of the Code. 

5. The Non-U.S. Holder’s office address is
[                                         
            ]. 
 6. The Non-U.S. Holder
shall promptly notify the Company in writing in accordance with the Agreement if any of the representations and warranties made herein are no longer true and correct. 

 IN WITNESS WHEREOF, the undersigned has duly executed this certificate. 

 

			
	[NAME OF NON-U.S. HOLDER]
		
	By:	 	 
		 	Name:
		 	Title:

 
			
	
	Date:
                                         
               ,EX-10.2

 Exhibit 10.2 

[Dealer  
 Dealer Address] 

November 11, 2020 
 To: Q2
Holdings, Inc. 
 13785 Research Blvd., Suite 150 
 Austin, TX
78750 
 Attention: 
 Telephone No.: 

Email: 
 Re: Call Option Transaction 

The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and conditions of the call option
transaction entered into between [_______] (“Dealer”) and Q2 Holdings, Inc., a Delaware corporation (“Counterparty”), as of the Trade Date specified below (the “Transaction”). This letter
agreement constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. Each party further agrees that this Confirmation together with the Agreement evidence a complete binding agreement between Counterparty and
Dealer as to the subject matter and terms of the Transaction to which this Confirmation relates, and shall supersede all prior or contemporaneous written or oral communications with respect thereto. 

The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as
published by the International Swaps and Derivatives Association, Inc. (“ISDA”), are incorporated into this Confirmation. In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation
shall govern. Certain defined terms used herein are based on terms that are defined in the Indenture, to be dated November 18, 2020, between Counterparty and Wilmington Trust, National Association, as trustee (the “Indenture”)
governing the 0.125% Convertible Senior Notes due 2025 (as originally issued by Counterparty, the “Convertible Notes” and each USD 1,000 principal amount of Convertible Notes, a “Convertible Note”) issued by
Counterparty in an aggregate initial principal amount of USD 350,000,000. In the event of any inconsistency between the terms defined in the Indenture and this Confirmation, this Confirmation shall govern. The parties further acknowledge that the
Indenture section numbers used herein are based on the draft of the Indenture last reviewed by Dealer and Counterparty as of the date of this Confirmation, and if any such section numbers are changed in the Indenture as executed, the parties will
amend this Confirmation in good faith to preserve the intent of the parties. Subject to the foregoing, references to the Indenture herein are references to the Indenture as in effect on the date of its execution and if the Indenture is amended or
supplemented following such date (other than any amendment or supplement pursuant to Section 14.07 of the Indenture, subject to the second paragraph under “Method of Adjustment” in Section 3), any such amendment or supplement
will be disregarded for purposes of this Confirmation (other than as provided in Section 9(i)(iii) below) unless the parties agree otherwise in writing. For the purposes of the Equity Definitions, the Transaction shall be deemed to be a Share
Option Transaction. 
 Each party is hereby advised, and each such party acknowledges, that the other party has engaged in, or refrained
from engaging in, substantial financial transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this Confirmation relates on the terms and conditions set forth below. 

1. This Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which this Confirmation
relates. This Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the ISDA 2002 Master Agreement (the “Agreement”) as if Dealer and Counterparty had executed an agreement in such form but
without any Schedule except for (a) the election of the laws of the State of New York as the governing law (without reference to choice of law doctrine) and the election of USD as the Termination Currency; and (b) (i) the election that the
“Cross Default” provisions of Section 5(a)(vi) of the Agreement shall apply to Dealer with a “Threshold Amount” of three percent of Dealer’s shareholders’ equity; provided that “Specified
Indebtedness” shall not include obligations in respect of deposits received in the ordinary course of Dealer’s banking business, (ii) the phrase “or becoming capable at such time of being declared” shall be

 
deleted from clause (1) of such Section 5(a)(vi) and (iii) the following language shall be added to the end thereof “Notwithstanding the foregoing, a default under subsection
(2) hereof shall not constitute an Event of Default if (x) the default was caused solely by error or omission of an administrative or operational nature; (y) funds were available to enable the party to make the payment when due; and
(z) the payment is made within two Local Business Days of such party’s receipt of written notice of its failure to pay 
 In the event of any
inconsistency between provisions of the Agreement and this Confirmation, this Confirmation will prevail for the purpose of the Transaction to which this Confirmation relates. The parties hereby agree that no transaction other than the Transaction to
which this Confirmation relates shall be governed by the Agreement. If there exists any ISDA Master Agreement between Dealer and Counterparty or any confirmation or other agreement between Dealer and Counterparty pursuant to which an ISDA Master
Agreement is deemed to exist between Dealer and Counterparty, then notwithstanding anything to the contrary in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which Dealer and Counterparty are parties, the
Transaction shall not constitute a “Transaction” or “Specified Transaction” as defined in any such existing or deemed to be existing ISDA Master Agreement between Dealer and Counterparty, and the occurrence of an Event of
Default, Termination Event or other event under this Transaction shall not, by itself, give rise to any right or obligation under any other ISDA Master Agreement or other agreement or deemed agreement. 

2. The terms of the particular Transaction to which this Confirmation relates are as follows: 

General Terms. 
  

					
	                	 	Trade Date:	  	November 11, 2020
			
		 	Effective Date:	  	The fifth Exchange Business Day immediately prior to the Premium Payment Date
			
		 	Option Style:	  	“Modified American”, as described under “Procedures for Exercise” below
			
		 	Option Type:	  	Call
			
		 	Buyer:	  	Counterparty
			
		 	Seller:	  	Dealer
			
		 	Shares:	  	The common stock of Counterparty, par value USD 0.0001 per share (Exchange symbol “QTWO”).
			
		 	Number of Options:	  	350,000. For the avoidance of doubt, the Number of Options shall be reduced by any Options exercised by Counterparty. In no event will the Number of Options be less than zero.
			
		 	Applicable Percentage:	  	[__]%
			
		 	Option Entitlement:	  	A number equal to the product of the Applicable Percentage and 7.1355.
			
		 	Strike Price:	  	USD 140.1443
			
		 	Cap Price:	  	USD 211.5400
			
		 	Premium:	  	USD [__]
			
		 	Premium Payment Date	  	November 18, 2020
			
		 	Exchange:	  	The New York Stock Exchange

  
 2 

					
	                	 	Related Exchange(s):	  	All Exchanges
			
		 	Excluded Provisions:	  	Section 14.03 and Section 14.04(h) of the Indenture.
		
	 Procedures for Exercise.
	  	
			
		 	Conversion Date:	  	With respect to any conversion of a Convertible Note (other than any conversion of Convertible Notes with a Conversion Date occurring prior to the Free Convertibility Date (any such conversion, an “Early
Conversion”), to which the provisions of Section 9(i)(i) of this Confirmation shall apply), the date on which the Holder (as such term is defined in the Indenture) of such Convertible Note satisfies all of the requirements for
conversion thereof as set forth in Section 14.02 of the Indenture; provided that if Counterparty has not delivered to Dealer a related Notice of Exercise, then in no event shall a Conversion Date be deemed to occur hereunder (and no
Option shall be exercised or deemed to be exercised hereunder) with respect to any surrender of a Convertible Note for conversion in respect of which Counterparty has elected to designate a financial institution for exchange in lieu of conversion of
such Convertible Note pursuant to Section 14.12 of the Indenture.
			
		 	Free Convertibility Date:	  	August 15, 2025
			
		 	Expiration Time:	  	The Valuation Time
			
		 	Expiration Date:	  	November 15, 2025, subject to earlier exercise.
			
		 	Multiple Exercise:	  	Applicable, as described under “Automatic Exercise” below.
			
		 	Automatic Exercise:	  	Notwithstanding Section 3.4 of the Equity Definitions, on each Conversion Date occurring on or after the Free Convertibility Date, in respect of which a Notice of Conversion that is effective as to Counterparty has been
delivered by the relevant converting Holder, a number of Options equal to the number of Convertible Notes in denominations of USD 1,000 as to which such Conversion Date has occurred shall be deemed to be automatically exercised; provided that
such Options shall be exercised or deemed exercised only if Counterparty has provided a Notice of Exercise to Dealer in accordance with “Notice of Exercise” below.
			
		 		  	Notwithstanding the foregoing, in no event shall the number of Options that are exercised or deemed exercised hereunder exceed the Number of Options.
			
		 	Notice of Exercise:	  	Notwithstanding anything to the contrary in the Equity Definitions or under “Automatic Exercise” above, in order to exercise any Options relating to Convertible Notes with a Conversion Date occurring on or after the Free
Convertibility Date, Counterparty must notify Dealer

  
 3 

					
		 		  	in writing before 5:00 p.m. (New York City time) on the Scheduled Valid Day immediately preceding the Expiration Date specifying the number of such Options; provided that if the Relevant Settlement Method for such Options is
(x) Net Share Settlement and the Specified Cash Amount (as defined below) is not USD 1,000, (y) Cash Settlement or (z) Combination Settlement, Dealer shall have received a separate notice (the “Notice of Final Settlement
Method”) in respect of all such Convertible Notes before 5:00 p.m. (New York City time) on the Free Convertibility Date specifying (1) the Relevant Settlement Method for such Options, and (2) if the settlement method for the
related Convertible Notes is not Settlement in Shares or Settlement in Cash (each as defined below), the fixed amount of cash per Convertible Note that Counterparty has elected to deliver to Holders (as such term is defined in the Indenture) of the
related Convertible Notes (the “Specified Cash Amount”). Counterparty acknowledges its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of the Exchange Act (as defined below)
and the rules and regulations thereunder, in respect of any election of a settlement method with respect to the Convertible Notes.
			
	                	 	Valuation Time:	  	At the close of trading of the regular trading session on the Exchange; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in its reasonable
discretion.
			
		 	Market Disruption Event:	  	Section 6.3(a) of the Equity Definitions is hereby replaced in its entirety by the following:
			
		 		  	“‘Market Disruption Event’ means, in respect of a Share, (i) a failure by the primary United States national or regional securities exchange or market on which the Shares are listed or admitted for trading to
open for trading during its regular trading session or (ii) the occurrence or existence prior to 1:00 p.m. (New York City time) on any Scheduled Valid Day for the Shares for more than one half-hour period in the aggregate during regular trading
hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Shares or in any options contracts or futures contracts relating to the Shares,
which, in either case, the Calculation Agent determines is material.”
	 Settlement Terms.
	  	
			
		 	Settlement Method:	  	For any Option, Net Share Settlement; provided that if the Relevant Settlement Method set forth below for such Option is not Net Share Settlement, then the Settlement Method for such Option shall be such Relevant Settlement
Method, but only if Counterparty shall have notified Dealer of the Relevant Settlement Method in the Notice of Final Settlement Method for such Option.

  
 4 

					
	                	 	Relevant Settlement Method:	  	In respect of any Option:
			
		 		  	(i) if Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note (A) entirely in Shares pursuant to Section 14.02(a)(iv)(A) of the Indenture (together with cash in lieu of
fractional Shares) (such settlement method, “Settlement in Shares”), (B) in a combination of cash and Shares pursuant to Section 14.02(a)(iv)(C) of the Indenture with a Specified Cash Amount less than USD 1,000 (such settlement
method, “Low Cash Combination Settlement”) or (C) in a combination of cash and Shares pursuant to Section 14.02(a)(iv)(C) of the Indenture with a Specified Cash Amount equal to USD 1,000, then, in each case, the
Relevant Settlement Method for such Option shall be Net Share Settlement;
			
		 		  	(ii) if Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note in a combination of cash and Shares pursuant to Section 14.02(a)(iv)(C) of the Indenture with a Specified Cash
Amount greater than USD 1,000, then the Relevant Settlement Method for such Option shall be Combination Settlement; and
			
		 		  	(iii) if Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note entirely in cash pursuant to Section 14.02(a)(iv)(B) of the Indenture (such settlement method,
“Settlement in Cash”), then the Relevant Settlement Method for such Option shall be Cash Settlement.
			
		 	Net Share Settlement:	  	If Net Share Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will deliver to Counterparty, on the relevant Settlement Date for each such Option, a number of Shares (the “Net Share
Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for each such Option, of (i) (a) the Daily Option Value for such Valid Day, divided by (b) the Relevant Price on such Valid
Day, divided by (ii) the number of Valid Days in the Settlement Averaging Period; provided that in no event shall the Net Share Settlement Amount for any Option exceed a number of Shares equal to the Applicable Limit for such
Option divided by the Applicable Limit Price on the Settlement Date for such Option. Counterparty shall notify Dealer (which notice may, for the avoidance of doubt, be by email) of such amount of cash, if any, and number of Shares, if any,
that the Counterparty will be delivering to holders of the Convertible Notes pursuant to the terms of the Indenture prior to the Settlement Date.
			
		 		  	Dealer will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Net Share Settlement Amount valued at the Relevant Price for the last Valid Day of the Settlement Averaging
Period.

  
 5 

					
	                	 	Combination Settlement:	  	If Combination Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will pay or deliver, as the case may be, to Counterparty, on the relevant Settlement Date for each such Option:
			
		 		  	 (i) cash (the “Combination Settlement Cash Amount”) equal to the sum, for
each Valid Day during the Settlement Averaging Period for such Option, of (A) an amount (the “Daily Combination Settlement Cash Amount”) equal to the lesser of (1) the product of (x) the Applicable Percentage and
(y) the Specified Cash Amount minus USD 1,000 and (2) the Daily Option Value, divided by (B) the number of Valid Days in the Settlement Averaging Period; provided that if the calculation in clause (A) above
results in zero or a negative number for any Valid Day, the Daily Combination Settlement Cash Amount for such Valid Day shall be deemed to be zero; and

			
		 		  	 (ii)  Shares (the “Combination Settlement Share Amount”) equal to the
sum, for each Valid Day during the Settlement Averaging Period for such Option, of a number of Shares for such Valid Day (the “Daily Combination Settlement Share Amount”) equal to (A) (1) the Daily Option Value on such Valid
Day minus the Daily Combination Settlement Cash Amount for such Valid Day, divided by (2) the Relevant Price on such Valid Day, divided by (B) the number of Valid Days in the Settlement Averaging Period;
provided that if the calculation in sub-clause (A)(1) above results in zero or a negative number for any Valid Day, the Daily Combination Settlement Share Amount for such Valid Day shall be deemed to be
zero;

			
		 		  	provided that in no event shall the sum of (x) the Combination Settlement Cash Amount for any Option and (y) the Combination Settlement Share Amount for such Option multiplied by the Applicable Limit Price on
the Settlement Date for such Option, exceed the Applicable Limit for such Option.
			
		 		  	Dealer will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Combination Settlement Share Amount valued at the Relevant Price for the last Valid Day of the Settlement Averaging
Period.
			
		 	Cash Settlement:	  	If Cash Settlement is applicable to any Option exercised or deemed exercised hereunder, in lieu of Section 8.1 of the Equity Definitions, Dealer will pay to Counterparty, on the relevant Settlement Date for each such Option, an
amount of cash (the “Cash Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for such Option, of (i) the Daily Option Value for such Valid Day, divided by (ii) the number
of Valid Days in the Settlement Averaging Period.

  
 6 

					
	                	 	Daily Option Value:	  	For any Valid Day, an amount equal to (i) the Option Entitlement on such Valid Day, multiplied by (ii) (A) the lesser of the Relevant Price on such Valid Day and the Cap Price, less (B) the Strike Price
on such Valid Day; provided that if the calculation contained in clause (ii) above results in a negative number, the Daily Option Value for such Valid Day shall be deemed to be zero. In no event will the Daily Option Value be less than
zero.
			
		 	Applicable Limit:	  	For any Option, an amount of cash equal to the Applicable Percentage multiplied by the excess of (i) the aggregate of (A) the amount of cash, if any, paid to the Holder of the related Convertible Note upon
conversion of such Convertible Note pursuant to Section 14.02 of the Indenture and (B) the number of Shares, if any, delivered to the Holder of the related Convertible Note pursuant to Section 14.02 of the Indenture upon conversion of
such Convertible Note multiplied by the Applicable Limit Price on the Settlement Date for such Option, over (ii) USD 1,000.
			
		 	Applicable Limit Price:	  	On any day, the opening price as displayed under the heading “Op” on Bloomberg page QTWO <equity> (or any successor thereto).
			
		 	Valid Day:	  	A day on which (i) there is no Market Disruption Event and (ii) trading in the Shares generally occurs on the Exchange or, if the Shares are not then listed on the Exchange, on the principal other United States national or
regional securities exchange on which the Shares are then listed or, if the Shares are not then listed on a United States national or regional securities exchange, on the principal other market on which the Shares are then listed or admitted for
trading. If the Shares are not so listed or admitted for trading, “Valid Day” means a Business Day.
			
		 	Scheduled Valid Day:	  	A day that is scheduled to be a Valid Day on the principal United States national or regional securities exchange or market on which the Shares are listed or admitted for trading. If the Shares are not so listed or admitted for
trading, “Scheduled Valid Day” means a Business Day.
			
		 	Business Day:	  	Any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed.
			
		 	Relevant Price:	  	On any Valid Day during the applicable Settlement Averaging Period, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page QTWO <equity> AQR (or its equivalent
successor if such page is not available) in respect of the period from the scheduled opening time of the Exchange to the Scheduled Closing Time of the Exchange on such Valid Day (or if such volume-weighted average price is unavailable at such time,
the market value of one Share on such Valid Day, as determined by the

  
 7 

					
		 		  	Calculation Agent in a commercially reasonable manner using, if practicable, a volume-weighted average method). The Relevant Price will be determined without regard to after-hours trading or any other trading outside of the regular
trading session trading hours.
			
	                	 	Settlement Averaging Period:	  	For any Option and regardless of the Settlement Method applicable to such Option, the 30 consecutive Valid Days commencing on, and including, the 31st Scheduled Valid Day
immediately prior to the Expiration Date.
			
		 	Settlement Date:	  	For any Option, the second Business Day immediately following the final Valid Day of the Settlement Averaging Period for such Option.
			
		 	Settlement Currency:	  	USD
			
		 	Other Applicable Provisions:	  	The provisions of Sections 9.1(c), 9.8, 9.9, 9.11 and 9.12 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share
Settled”. “Share Settled” in relation to any Option means that Net Share Settlement or Combination Settlement is applicable to that Option.
			
		 	Representation and Agreement:	  	Notwithstanding anything to the contrary in the Equity Definitions (including, but not limited to, Section 9.11 thereof), the parties acknowledge that (i) any Shares delivered to Counterparty shall be, upon delivery,
subject to restrictions and limitations arising from Counterparty’s status as issuer of the Shares under applicable securities laws, (ii) Dealer may deliver any Shares required to be delivered hereunder in certificated form in lieu of
delivery through the Clearance System and (iii) any Shares delivered to Counterparty may be “restricted securities” (as defined in Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”)). With
respect to any such certificated shares (as described in clause (ii) above), the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by deleting the remainder of the provision after the word
“encumbrance” in the fourth line thereof.
	
	3. Additional Terms applicable to the Transaction.
	
	 Adjustments applicable to the Transaction:

			
		 	Potential Adjustment Events:	  	Notwithstanding Section 11.2(e) of the Equity Definitions, a “Potential Adjustment Event” means an occurrence of any event or condition, as set forth in any Dilution Adjustment Provision, that would result in an
adjustment under the Indenture to the “Conversion Rate” or the composition of a “unit of Reference Property” or to any “Last Reported Sale Price” , “Daily VWAP,” “Daily Conversion Value” or
“Daily Settlement Amount” (each as defined in the Indenture). For the avoidance of doubt, Dealer shall not have any delivery or payment obligation

  
 8 

					
	                	 		  	hereunder, and no adjustment shall be made to the terms of the Transaction, on account of (x) any distribution of cash, property or securities by Counterparty to holders of the Convertible Notes (upon conversion or otherwise)
or (y) any other transaction in which holders of the Convertible Notes are entitled to participate, in each case, in lieu of an adjustment under the Indenture of the type referred to in the immediately preceding sentence (including, without
limitation, pursuant to the fourth sentence of the first paragraph of Section 14.04(c) of the Indenture or the fourth sentence of Section 14.04(d) of the Indenture).
			
		 	Method of Adjustment:	  	Calculation Agent Adjustment, which means that, notwithstanding Section 11.2(c) of the Equity Definitions, upon any Potential Adjustment Event, the Calculation Agent shall make a corresponding adjustment to any one or more of
the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction to account for the economic effect of the event on the Transaction, with such adjustments made by
reference to the effect of such event on a commercially reasonable hedge position.
			
		 		  	Notwithstanding the foregoing and “Consequences of Merger Events / Tender Offers” below:
			
		 		  	 (i) if the Calculation Agent in good faith disagrees with any adjustment to the Convertible
Notes that involves an exercise of discretion by Counterparty or its board of directors (including, without limitation, pursuant to Section 14.05 of the Indenture, Section 14.07 of the Indenture or any supplemental indenture entered into
thereunder or in connection with any proportional adjustment or the determination of the fair value of any securities, property, rights or other assets), then in each such case, the Calculation Agent will determine the adjustment to be made to any
one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction in a commercially reasonable manner; provided that, notwithstanding the
foregoing, if any Potential Adjustment Event occurs during the Settlement Averaging Period but no adjustment was made to any Convertible Note under the Indenture because the relevant Holder (as such term is defined in the Indenture) was deemed to be
a record owner of the underlying Shares on the related Conversion Date, then the Calculation Agent shall make an adjustment, as determined by it in good faith and in a commercially reasonable manner, to the terms hereof in order to account for such
Potential Adjustment Event;

  
 9 

					
	                	 		  	 (ii)  in connection with any Potential Adjustment Event as a result of an event or
condition set forth in Section 14.04(b) of the Indenture or Section 14.04(c) of the Indenture where, in either case, the period for determining “Y” (as such term is used in Section 14.04(b) of the Indenture) or “SP0” (as such term is used in Section 14.04(c) of the Indenture), as the case may be, begins before Counterparty has publicly announced the event or condition giving rise to such Potential
Adjustment Event, then the Calculation Agent shall have the right to adjust any variable relevant to the exercise, settlement or payment for the Transaction as appropriate to reflect the costs (including, but not limited to, hedging mismatches and
market losses) and expenses incurred by Dealer in connection with its hedging activities, with such adjustments made assuming that the Dealer maintains a commercially reasonable hedge position, as a result of such event or condition not having been
publicly announced prior to the beginning of such period; and

			
		 		  	 (iii)  if any Potential Adjustment Event is declared and (a) the event or
condition giving rise to such Potential Adjustment Event is subsequently amended, modified, cancelled or abandoned, (b) the “Conversion Rate” (as defined in the Indenture) is otherwise not adjusted at the time or in the manner
contemplated by the relevant Dilution Adjustment Provision based on such declaration or (c) the “Conversion Rate” (as defined in the Indenture) is adjusted as a result of such Potential Adjustment Event and subsequently re-adjusted (each of clauses (a), (b) and (c), a “Potential Adjustment Event Change”) then, in each case, the Calculation Agent shall have the right to adjust any variable relevant to the exercise,
settlement or payment for the Transaction as appropriate to reflect the costs (including, but not limited to, hedging mismatches and market losses) and expenses incurred by Dealer in connection with its hedging activities, with such adjustments made
assuming that the Dealer maintains a commercially reasonable hedge position, as a result of such Potential Adjustment Event Change.

			
		 	Dilution Adjustment Provisions:	  	Sections 14.04(a), (b), (c), (d) and (e) and Section 14.05 of the Indenture.

  
 10 

					
	 Extraordinary Events applicable to the Transaction:

			
	                	 	Merger Events:	  	Applicable; provided that notwithstanding Section 12.1(b) of the Equity Definitions, a “Merger Event” means the occurrence of any event or condition set forth in the definition of “Merger Event” in
Section 14.07 of the Indenture.
			
		 	Tender Offers:	  	Applicable; provided that notwithstanding Section 12.1(d) of the Equity Definitions, a “Tender Offer” means the occurrence of any event or condition set forth in Section 14.04(d) of the
Indenture.
			
		 	Consequences of Merger Events/ Tender Offers:	  	Notwithstanding Section 12.2 and Section 12.3 of the Equity Definitions, upon the occurrence of a Merger Event or a Tender Offer, the Calculation Agent shall make a corresponding adjustment in respect of any adjustment
under the Indenture to any one or more of the nature of the Shares (in the case of a Merger Event), Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction,
subject to the second paragraph under “Method of Adjustment”; provided, however, that such adjustment shall be made without regard to any adjustment to the Conversion Rate pursuant to any Excluded Provision; provided
further that if, with respect to a Merger Event or a Tender Offer, (i) the consideration for the Shares includes (or, at the option of a holder of Shares, may include) shares of an entity or person that is not a corporation or is not
organized under the laws of the United States, any State thereof or the District of Columbia or (ii) the Counterparty to the Transaction following such Merger Event or Tender Offer will not be a corporation organized under the laws of the
United States, any State thereof or the District of Columbia, then, in either case, Cancellation and Payment (Calculation Agent Determination) may apply at Dealer’s sole election; provided further that, for the avoidance of doubt,
adjustments shall be made pursuant to the provisions set forth above regardless of whether any Merger Event or Tender Offer gives rise to an Early Conversion.
			
		 	Consequences of Announcement Events:	  	Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement Event, (x) references to “Tender Offer” shall be replaced by
references to “Announcement Event” and references to “Tender Offer Date” shall be replaced by references to “date of such Announcement Event”, (y) the phrase “exercise, settlement, payment or any other terms of the
Transaction (including, without limitation, the spread)” shall be replaced with the phrase “Cap Price (provided that in no event shall the Cap Price be less than the Strike Price)”, the parenthetical beginning in the fifth line shall
be deleted and replaced with the parenthetical “(solely to account for changes in volatility, expected dividends,

  
 11 

					
	                	 		  	stock loan rate or liquidity relevant to the Shares or the Transaction)”, and the words “whether within a commercially reasonable (as determined by the Calculation Agent) period of time prior to or after the Announcement
Event,” shall be inserted prior to the word “which” in the seventh line, and (z) for the avoidance of doubt, the Calculation Agent shall in a commercially reasonable manner determine whether the relevant Announcement Event has
had a material economic effect on the Transaction (and, if so, shall adjust the Cap Price accordingly) on one or more occasions on or after the date of the Announcement Event up to, and including, the Expiration Date, any Early Termination Date
and/or any other date of cancellation, it being understood that any adjustment in respect of an Announcement Event shall take into account any earlier adjustment relating to the same Announcement Event. An Announcement Event shall be an
“Extraordinary Event” for purposes of the Equity Definitions, to which Article 12 of the Equity Definitions is applicable.
			
		 	Announcement Event:	  	(i) The public announcement by (x) the Issuer, any subsidiary of the Issuer or any Valid Third-Party Entity of an Announcement Date in respect of a Merger Event or Tender Offer or any transaction or event or series of
transactions and/or events that, if completed, would constitute a Merger Event or Tender Offer, (y) Issuer or any subsidiary thereof of any potential acquisition or disposition by Counterparty and/or its subsidiaries where the aggregate
consideration exceeds 30% of the market capitalization of Counterparty as of the date of such announcement (an “Acquisition Transaction”) or (z) Issuer, any subsidiary of Issuer or any Valid Third-Party Entity of the intention
to enter into a Merger Event or Tender Offer or an Acquisition Transaction, (ii) the public announcement by Counterparty of an intention to solicit or enter into, or to explore strategic alternatives or other similar undertaking that may
include, a Merger Event or Tender Offer or an Acquisition Transaction or (iii) any subsequent public announcement by any Valid Third Party Entity, Issuer or any subsidiary of Issuer of a change to a transaction or intention that is the subject
of an announcement of the type described in clause (i) or (ii) of this sentence (including, without limitation, a new announcement, whether or not by the same party, relating to such a transaction or intention or the announcement of a
withdrawal from, or the abandonment or discontinuation of, such a transaction or intention), as determined by the Calculation Agent (any event described in clause (i), (ii) or (iii), an “Announcement Event”). For the avoidance of
doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not preclude the occurrence of a later Announcement Event with respect to such transaction or intention. For purposes of this definition of
“Announcement Event,” (A) “Merger Event” shall mean such term as defined under

  
 12 

					
	                	 		  	Section 12.1(b) of the Equity Definitions (but, for the avoidance of doubt, the remainder of the definition of “Merger Event” in Section 12.1(b) of the Equity Definitions following the definition of “Reverse
Merger” therein shall be disregarded) and (B) “Tender Offer” shall mean such term as defined under Section 12.1(d) of the Equity Definitions; provided that Section 12.1(d) of the Equity Definitions is hereby
amended by replacing “10%” with “20%” in the third line thereof.

					
		
	 Valid Third-Party Entity:
	  	In respect of any transaction, any third party that the Calculation Agent in good faith and in a commercially reasonable manner determines has a bona fide intent to enter into or consummate such transaction (it being understood and
agreed that in determining whether such third party has such a bona fide intent, the Calculation Agent shall take into consideration the effect of the relevant announcement by such third party on the Shares and/or options relating to the
Shares).
		
	 Announcement Date:
	  	The definition of “Announcement Date” in Section 12.1 of the Equity Definitions is hereby amended by (i) replacing the words “a firm” with the word “any” in the second and fourth lines
thereof, (ii) replacing the word “leads to the” with the words “, if completed, would lead to a” in the third and the fifth lines thereof, (iii) replacing the words “voting shares” with the word
“Shares” in the fifth line thereof,; and (iv) inserting the word “potential” following the words “in the case of a” at the beginning of clauses (i) and (ii) therein.
		
	 Nationalization, Insolvency or Delisting:
	  	Cancellation and Payment (Calculation Agent Determination); provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located
in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange,
The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors), such exchange or quotation system shall thereafter be deemed to be the
Exchange.

					
			
	                	 	Additional Disruption Events:	  	
			
		 	Change in Law:	  	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public
announcement of, the formal or informal interpretation”, (ii) replacing the word “Shares” where it appears in clause (X) thereof with the words “Hedge Position” and (iii) replacing the parenthetical beginning after
the word “regulation” in the second line thereof the words “(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption, effectiveness or promulgation of new regulations authorized or
mandated by existing statute)”.

  
 13 

					
	                	 	Failure to Deliver:	  	Applicable
			
		 	Hedging Disruption:	  	Applicable; provided that:
			
		 		  	 (i) Section 12.9(a)(v) of the Equity Definitions is hereby amended by inserting the
following two phrases at the end of such Section:

			
		 		  	 “For the avoidance of doubt, the term “equity price risk” shall be deemed to include, but shall not be
limited to, stock price and volatility risk. And, for the further avoidance of doubt, any such transactions or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing terms.”; and

			
		 		  	 (ii)  Section 12.9(b)(iii) of the Equity Definitions is hereby amended by
inserting in the third line thereof, after the words “to terminate the Transaction”, the words “or a portion of the Transaction affected by such Hedging Disruption”.

			
		 	Increased Cost of Hedging:	  	Not Applicable
			
		 	Hedging Party:	  	For all applicable Additional Disruption Events, Dealer.
			
		 	Determining Party:	  	For all applicable Extraordinary Events, Dealer; provided that when making any determination or calculation as “Determining Party,” Dealer shall be bound by the same obligations relating to required acts of the
Calculation Agent as set forth in Section 1.40 of the Equity Definitions and this Confirmation as if Determining Party were the Calculation Agent. Whenever Determining Party is called upon to make a determination, calculation or adjustment
pursuant to the terms of this Confirmation or the Equity Definitions to take into account the effect of an event, the Determining Party shall make such determination, calculation or adjustment assuming that the Determining Party maintains a
commercially reasonable Hedge Position in respect of the Transaction.
			
		 		  	Following any determination or calculation by Determining Party hereunder, upon a written request by Counterparty (which may be by email), Determining Party will promptly (but in any event within five Scheduled Trading Days) provide
to Counterparty by email to the email address provided by Counterparty in such written request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such
determination or calculation (including any assumptions used in making such determination or calculation), it being understood that in no event will Determining Party be obligated to share with Counterparty any proprietary or confidential data or
information or any proprietary or confidential models used by it in making such determination or calculation or any information that is subject to an obligation not to disclose such
information.

  
 14 

					
	                	 	Non-Reliance:	  	Applicable
			
		 	Agreements and Acknowledgments Regarding Hedging Activities:	  	Applicable
			
		 	Additional Acknowledgments:	  	Applicable
		
	4. Calculation Agent.	  	Dealer; provided that if an Event of Default as a result of Section 5(a)(vii) of the Agreement has occurred and is continuing with respect to Dealer, then Counterparty shall have the right to designate a Calculation
Agent that is a leading recognized dealer in equity derivatives (as determined in good faith by the Counterparty) for so long as such Event of Default is continuing.
			
		 		  	Whenever the Calculation Agent is called upon to make a determination, calculation or adjustment pursuant to the terms of this Confirmation or the Equity Definitions to take into account the effect of an event, the Calculation Agent
shall make such determination, calculation or adjustment assuming that such dealer maintains a commercially reasonable Hedge Position in respect of the Transaction.
			
		 		  	Following any adjustment, determination or calculation by the Calculation Agent hereunder, upon a written request by Counterparty (which may be by email), the Calculation Agent will promptly (but in any event within five Scheduled
Trading Days) provide to Counterparty by email to the email address provided by Counterparty in such written request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the
basis for such adjustment, determination or calculation (including any assumptions used in making such adjustment, determination or calculation), it being understood that in no event will the Calculation Agent be obligated to share with Counterparty
any proprietary or confidential data or information or any proprietary or confidential models used by it in making such adjustment, determination or calculation or any information that is subject to an obligation not to disclose such
information.
			
		 		  	All calculations and determinations by the Calculation Agent shall be made in good faith and in a commercially reasonable manner.

  
 15 

	5.	 Account Details. 

 

	 	(a)	 Account for payments to Counterparty: 

[________] 
 Account for delivery
of Shares to Counterparty: 
 [________] 
  

	 	(b)	 Account for payments to Dealer: 

[________] 
 Account for delivery
of Shares from Dealer: 
 To be provided. 
  

	6.	 Offices. 

 

	 	(a)	 The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch Party.

  

	 	(b)	 The Office of Dealer for the Transaction is: [______] 

 

	7.	 Notices. 

 

	 	(a)	 Address for notices or communications to Counterparty: 

Q2 Holdings, Inc. 
 13785 Research
Blvd., Suite 150 
 Austin, TX 78750 

Attention: 
 Telephone No.: 

Email: 
  

	 	(b)	 Address for notices or communications to Dealer: 

[____________________] 

			
	Attention:	  	[____________]
	Telephone:	  	[____________]
	Facsimile:	  	[____________]
	Email:	  	[____________]
	
	With a copy to:
	
	[____________________]
	Attention:	  	[____________]
	Telephone:	  	[____________]
	Facsimile:	  	[____________]
	Email:	  	[____________]

  

	8.	 Representations and Warranties of Counterparty. 

Counterparty hereby represents and warrants to Dealer that each of the representations and warranties of Counterparty set forth in
Section 5 of the Exchange and/or Subscription Agreement (the “Exchange Agreement”), dated as of November 11, 2020, between Counterparty and the investors in the Convertible Notes, is true and correct and is hereby deemed
to be repeated to Dealer as if set forth herein. Counterparty hereby further represents and warrants to Dealer on the date hereof and on and as of the Premium Payment Date that: 

  
 16 

	 	(a)	 Counterparty has all necessary corporate power and authority to execute, deliver and perform its obligations in
respect of the Transaction; such execution, delivery and performance have been duly authorized by all necessary corporate action on Counterparty’s part; and this Confirmation has been duly and validly executed and delivered by Counterparty and
constitutes its valid and binding obligation, enforceable against Counterparty in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’
rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or
in equity) and except that rights to indemnification and contribution hereunder may be limited by federal or state securities laws or public policy relating thereto. 

 

	 	(b)	 Neither the execution and delivery of this Confirmation nor the incurrence or performance of obligations of
Counterparty hereunder will conflict with or result in a breach of the certificate of incorporation or by-laws (or any equivalent documents) of Counterparty, or any applicable law or regulation, or any
applicable order, writ, injunction or decree of any court or governmental authority or agency, or any agreement or instrument to which Counterparty or any of its subsidiaries is a party or by which Counterparty or any of its subsidiaries is bound or
to which Counterparty or any of its subsidiaries is subject, or constitute a default under, or result in the creation of any lien under, any such agreement or instrument. 

 

	 	(c)	 No consent, approval, authorization, or order of, or filing with, any governmental agency or body or any court
is required in connection with the execution, delivery or performance by Counterparty of this Confirmation, except such as have been obtained or made and such as may be required under the Securities Act or state securities laws.

  

	 	(d)	 Counterparty is not and, after consummation of the transactions contemplated hereby, will not be required to
register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 

  

	 	(e)	 Counterparty is an “eligible contract participant” (as such term is defined in Section 1a(18) of
the Commodity Exchange Act, as amended, other than a person that is an eligible contract participant under Section 1a(18)(C) of the Commodity Exchange Act). 

 

	 	(f)	 Counterparty is not, on the date hereof, in possession of any material
non-public information with respect to Counterparty or the Shares. 

  

	 	(g)	 No state or local (including any non-U.S. jurisdiction’s) law,
rule, regulation or regulatory order applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without limitation a requirement to obtain prior approval from any person or entity) as a result of
Dealer or its affiliates owning or holding (however defined) Shares; provided that Counterparty makes no representation or warranty regarding any such requirement that is applicable generally to the ownership of equity securities by Dealer or
any of its affiliates solely as a result of it or any of such affiliates being a financial institution or broker-dealer. 

  

	 	(h)	 Counterparty (A) is capable of evaluating investment risks independently, both in general and with regard
to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the
broker-dealer in writing; and (C) has total assets of at least USD 50 million. 

  

	 	(i)	 The underlying assets of Counterparty do not constitute “plan assets” under the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), by reason of Department of Labor Regulation 29 CFR §2510.3-101, as modified by Section 3(42) of ERISA. 

  
 17 

	 	(j)	 On each of the Trade Date and the Premium Payment Date, Counterparty is not “insolvent” (as such term
is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)) and Counterparty would be able to purchase the Number of Shares in compliance with the laws of the
jurisdiction of Counterparty’s incorporation. 

  

	9.	 Other Provisions. 

 

	 	(a)	 Opinions. Counterparty shall deliver to Dealer an opinion of counsel, dated as of the Premium
Payment Date, with respect to the matters set forth in Sections 8(a) through (c) of this Confirmation; provided that with respect to any “agreement or instrument” referred to in Section 8(b), such opinion shall only refer to each
of the material agreements that would be required to be listed as exhibits to the Counterparty’s Annual Report on Form 10-K if such report was filed as of the date of such counsel’s opinion (it being
understood that such opinion of counsel shall be limited to the federal laws of the United States, the laws of the State of New York and the General Corporate Law of the State of Delaware and may contain customary limitations, exceptions and
qualifications). Delivery of such opinion to Dealer shall be a condition precedent for the purpose of Section 2(a)(iii) of the Agreement with respect to each obligation of Dealer under Section 2(a)(i) of the Agreement.

  

	 	(b)	 Repurchase Notices. Counterparty shall, at least one Exchange Business Day prior to any day on
which Counterparty effects any repurchase of Shares, give Dealer a written notice of such repurchase (a “Repurchase Notice”) on such day if following such repurchase, the number of outstanding Shares as determined on such day is
(i) less than [__]1 million (in the case of the first such notice) or (ii) thereafter more than [__]2 million less than the number of
Shares included in the immediately preceding Repurchase Notice. Counterparty agrees to indemnify and hold harmless Dealer and its affiliates and their respective officers, directors, employees, affiliates, advisors, agents and controlling persons
(each, an “Indemnified Person”) from and against any and all losses (including losses relating to Dealer’s hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”,
including without limitation, any forbearance from hedging activities or cessation of hedging activities and any losses in connection therewith with respect to the Transaction), claims, damages, judgments, liabilities and expenses (including
reasonable attorney’s fees), joint or several, which an Indemnified Person may become subject to, as a result of Counterparty’s failure to provide Dealer with a Repurchase Notice on the day and in the manner specified in this paragraph,
and to reimburse, within 30 days, upon written request, each of such Indemnified Persons for any reasonable legal or other expenses incurred in connection with investigating, preparing for, providing testimony or other evidence in connection with or
defending any of the foregoing. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against the Indemnified Person as a result of Counterparty’s failure to
provide Dealer with a Repurchase Notice in accordance with this paragraph, such Indemnified Person shall promptly notify Counterparty in writing, and Counterparty, upon request of the Indemnified Person, shall retain counsel reasonably satisfactory
to the Indemnified Person to represent the Indemnified Person and any others Counterparty may designate in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding. Counterparty shall not be liable for any
settlement of any proceeding contemplated by this paragraph that is effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, Counterparty agrees to indemnify any Indemnified Person
from and against any loss or liability by reason of such settlement or judgment. Counterparty shall not, without the prior written consent of the 

  

 

	1 	 Insert the number of Shares outstanding that would cause Dealer’s current position in the Shares
underlying the Transaction (including the number of Shares underlying any additional transaction if the greenshoe is exercised in full, and any Shares under pre-existing call option transactions with
Counterparty) to increase by 0.5%. To be based on Dealer with highest Applicable Percentage. 

	2 	 Insert the number of Shares that, if repurchased, would cause Dealer’s current position in the Shares
underlying the Transaction (including the number of Shares underlying any additional transaction if the greenshoe is exercised in full, and any Shares under pre-existing call option transactions with
Counterparty) to increase by a further 0.5% from the threshold for the first Repurchase Notice. To be based on Dealer with highest Applicable Percentage. 

  
 18 

	 	
Indemnified Person, effect any settlement of any pending or threatened proceeding contemplated by this paragraph that is in respect of which any Indemnified Person is or could have been a party
and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such proceeding on terms
reasonably satisfactory to such Indemnified Person. If the indemnification provided for in this paragraph is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then
Counterparty hereunder, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities. The remedies provided for in
this paragraph (b) are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity. The indemnity and contribution agreements contained in this paragraph shall remain
operative and in full force and effect regardless of the termination of the Transaction. 

  

	 	(c)	 Regulation M. Counterparty is not on the Trade Date engaged in a distribution, as such term is
used in Regulation M under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of any securities of Counterparty, other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10)
and 102(b)(7) of Regulation M. Counterparty shall not, until the second Scheduled Trading Day immediately following the final day of the Effective Date, engage in any such distribution. 

 

	 	(d)	 No Manipulation. Counterparty is not entering into the Transaction to create actual or apparent
trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares) or otherwise in
violation of the Exchange Act. 

  

	 	(e)	 Transfer or Assignment. 

 

	 	(i)	 Counterparty shall have the right to transfer or assign its rights and obligations hereunder with respect to
all, but not less than all, of the Options hereunder (such Options, the “Transfer Options”); provided that such transfer or assignment shall be subject to reasonable conditions that Dealer may impose, including but not
limited to the following conditions: 

  

	 	(A)	 With respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification
obligations pursuant to Section 9(b) or any obligations under Section 9(n) or 9(s) of this Confirmation; 

  

	 	(B)	 Any Transfer Options shall only be transferred or assigned to a third party that is a United States person (as
defined in the Internal Revenue Code of 1986, as amended); 

  

	 	(C)	 Such transfer or assignment shall be effected on terms, including any reasonable undertakings by such third
party (including, but not limited to, an undertaking with respect to compliance with applicable securities laws in a manner that, in the reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and
execution of any documentation and delivery of legal opinions with respect to securities laws and other matters by such third party and Counterparty, as are requested and reasonably satisfactory to Dealer; 

 

	 	(D)	 Dealer will not, as a result of such transfer and assignment, be required to pay the transferee on any payment
date an amount under Section 2(d)(i)(4) of the Agreement greater than an amount that Dealer would have been required to pay to Counterparty in the absence of such transfer and assignment; 

  
 19 

	 	(E)	 An Event of Default, Potential Event of Default or Termination Event will not occur as a result of such
transfer and assignment; 

  

	 	(F)	 Without limiting the generality of clause (B), Counterparty shall cause the transferee to make such Payee Tax
Representations and to provide such tax documentation as may be reasonably requested by Dealer to permit Dealer to determine that results described in clauses (D) and (E) will not occur upon or after such transfer and assignment; and

  

	 	(G)	 Counterparty shall be responsible for all reasonable costs and expenses, including reasonable counsel fees,
incurred by Dealer in connection with such transfer or assignment. 

  

	 	(ii)	 Dealer may, without Counterparty’s consent, transfer or assign all, but not less than all, of its rights
or obligations under the Transaction to any Affiliate of Dealer that (i) is a nationally recognized dealer in equity derivatives similar to the Transaction and (ii) has a long-term issuer rating that is equal to or better than
Dealer’s credit rating at the time of such transfer or assignment [and (iii) whose obligations will be guaranteed, pursuant to the terms of a customary guarantee used generally for similar transactions, by [DEALER], a Delaware company, or
its ultimate parent]3 if the following conditions are satisfied (the “Transfer Conditions”): (1) the transferee agrees in writing with Dealer to be bound by the terms of this
Confirmation with respect to the transferred obligations; (2) as of the date of such transfer, and giving effect thereto, the transferee will not be required to withhold or deduct on account of Tax from any payments under the Agreement or will be
required to gross up for such Tax under Section 2(d)(i)(4) of the Agreement; (3) as of the date of such transfer, and giving effect thereto, Counterparty will not be required to gross up for such Tax under Section 2(d)(i)(4) of the
Agreement; (4) no Event of Default where Dealer is the Defaulting Party or Termination Event where Dealer is the sole Affected Party has occurred and is continuing at the time of the transfer, and no Event of Default or Termination Event will
occur with respect to Counterparty, Dealer or the transferee as a result of such transfer; (5) if to a transferee incorporated or organized in a jurisdiction other than the United States or United Kingdom, after giving effect to such transfer,
no material adverse legal or regulatory consequence shall result to Dealer, Counterparty or the transferee as a result of such transfer; and (6) Dealer shall have provided prompt written notice to Counterparty of such transfer. Dealer may, with
Counterparty’s consent, transfer or assign all or any part of its rights or obligations under the Transaction to any other third party, such consent not to be unreasonably withheld or delayed. If at any time at which (A) the
Section 16 Percentage exceeds 8.5%, (B) the Option Equity Percentage exceeds 14.5%, or (C) the Share Amount exceeds the Applicable Share Limit (if any applies) (any such condition described in clauses (A), (B) or (C), an “Excess
Ownership Position”), Dealer is unable after using its commercially reasonable efforts to effect a transfer or assignment of Options to a third party on pricing terms reasonably acceptable to Dealer and within a time period reasonably
acceptable to Dealer such that no Excess Ownership Position exists, then Dealer may designate any Exchange Business Day as an Early Termination Date with respect to a portion of the Transaction (the “Terminated Portion”), such that
following such partial termination no Excess Ownership Position exists. In the event that Dealer so designates an Early Termination Date with respect to a portion of the Transaction, a payment shall be made pursuant to Section 6 of the
Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction and a Number of Options equal to the number of Options underlying the Terminated Portion,
(2) Counterparty were the sole Affected Party with respect to such partial termination and (3) the Terminated Portion were the sole Affected Transaction (and, for the avoidance of doubt, the provisions of Section 9(m) shall apply to
any amount that is payable by Dealer 

  
  

	3 	 Include for Dealer providing guarantee 

  
 20 

	 	
to Counterparty pursuant to this sentence as if Counterparty was not the Affected Party). The “Section 16 Percentage” as of any day is the fraction, expressed
as a percentage, (A) the numerator of which is the number of Shares that Dealer and any of its affiliates or any other person subject to aggregation with Dealer for purposes of the “beneficial ownership” test under Section 13 of
the Exchange Act, or any “group” (within the meaning of Section 13 of the Exchange Act) of which Dealer is or may be deemed to be a part beneficially owns (within the meaning of Section 13 of the Exchange Act), without
duplication, on such day (or, to the extent that for any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in a higher number, such higher number) and (B) the
denominator of which is the number of Shares outstanding on such day. The “Option Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the sum of (1) the product of the
Number of Options and the Option Entitlement and (2) the aggregate number of Shares underlying any other call option transaction sold by Dealer to Counterparty, and (B) the denominator of which is the number of Shares outstanding. The
“Share Amount” as of any day is the number of Shares that Dealer and any person whose ownership position would be aggregated with that of Dealer (Dealer or any such person, a “Dealer Person”) under any law, rule,
regulation, regulatory order or organizational documents or contracts of Counterparty that are, in each case, applicable to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls,
holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by Dealer in its reasonable discretion. The “Applicable Share Limit” means a number of Shares equal to
(A) the minimum number of Shares that would give rise to reporting or registration obligations or other requirements (including obtaining prior approval from any person or entity) of a Dealer Person, or would result in an adverse effect on a
Dealer Person, under any Applicable Restriction, as determined by Dealer in its reasonable discretion, minus (B) 1% of the number of Shares outstanding. 

  

	 	(iii)	 Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Dealer to
purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from Counterparty, Dealer may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities, or
to make or receive such payment in cash, and otherwise to perform Dealer’s obligations in respect of the Transaction and any such designee may assume such obligations. Dealer shall be discharged of its obligations to Counterparty to the extent
of any such performance, but shall not be discharged to the extent of any failure to perform any designated or delegated obligation of Dealer under this Confirmation. 

 

	 	(f)	 Staggered Settlement. If upon advice of counsel with respect to applicable legal and regulatory
requirements, including any requirements relating to Dealer’s commercially reasonable hedging activities hereunder, Dealer reasonably determines that it would have a legal or regulatory concern if it were to deliver, or to acquire Shares to
deliver, any or all of the Shares to be delivered by Dealer on any Settlement Date for the Transaction, Dealer, acting in good faith and in a commercially reasonable manner, may, by notice to Counterparty on or prior to any Settlement Date (a
“Nominal Settlement Date”), elect to deliver the Shares on two or more dates (each, a “Staggered Settlement Date”) as follows: 

 

	 	(i)	 in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (the first of which
will be such Nominal Settlement Date and the last of which will be no later than the twentieth (20th) Exchange Business Day following such Nominal Settlement Date) and the number of Shares that it
will deliver on each Staggered Settlement Date; 

  

	 	(ii)	 the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered
Settlement Dates will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date; and 

  
 21 

	 	(iii)	 if the Net Share Settlement terms or the Combination Settlement terms set forth above were to apply on the
Nominal Settlement Date, then the Net Share Settlement terms or the Combination Settlement terms, as the case may be, will apply on each Staggered Settlement Date, except that the Shares otherwise deliverable on such Nominal Settlement Date will be
allocated among such Staggered Settlement Dates as specified by Dealer in the notice referred to in clause (i) above. 

  

	 	(g)	 [Insert Dealer agency boilerplate, if applicable.] 

 

	 	(h)	 Reserved. 

 

	 	(i)	 Additional Termination Events/Conversion Event/Repayment Event. 

 

	 	(i)	 Notwithstanding anything to the contrary in this Confirmation, upon any Early Conversion in respect of which a
Notice of Conversion that is effective as to Counterparty has been delivered by the relevant converting Holder: 

  

	 	(A)	 Counterparty shall, within one Scheduled Trading Day of the Conversion Date for such Early Conversion, provide
written notice (an “Early Conversion Notice”) to Dealer specifying the number of Convertible Notes surrendered for conversion on such Conversion Date (such Convertible Notes, the “Affected Convertible Notes”), and
the giving of such Early Conversion Notice shall constitute a Conversion Event. “Conversion Event” means an event as provided in this clause (i), provided that any such Early Conversion Notice shall contain an acknowledgment by
Counterparty of its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of the Exchange Act and the rules and regulations thereunder in respect of the delivery of such Early Conversion Notice;

  

	 	(B)	 upon receipt of any such Early Conversion Notice, Dealer shall designate an Exchange Business Day as an Early
Termination Date (which Exchange Business Day shall be no earlier than one Scheduled Trading Day following the Conversion Date for such Early Conversion) with respect to the portion of the Transaction corresponding to a number of Options (the
“Affected Number of Options”) equal to the lesser of (x) the number of Affected Convertible Notes and (y) the Number of Options as of the Conversion Date for such Early Conversion; 

 

	 	(C)	 any amount payable hereunder with respect to such termination shall be calculated pursuant to Section 6 of
the Agreement as if (x) an Additional Termination Event had occurred and an Early Termination Date had been designated in respect of a transaction having terms identical to the Transaction and a Number of Options equal to the Affected Number of
Options, (y) Counterparty were the sole Affected Party with respect to such Additional Termination Event and (z) the terminated portion of the Transaction were the sole Affected Transaction; provided that the amount payable with
respect to such termination shall not be greater than (1) the Applicable Percentage, multiplied by (2) the Affected Number of Options, multiplied by (3) (x) the sum of (i) the amount of cash paid (if any) to the Holder
(as determined pursuant to the Indenture) of an Affected Convertible Note upon conversion of such Affected Convertible Note and (ii) the number of Shares delivered (if any) to the Holder (as such term is defined in the Indenture) of an Affected
Convertible Note upon conversion of such Affected Convertible Note, multiplied by the fair market value of one Share as determined by the Calculation Agent, minus (y) USD 1,000; 

  
 22 

	 	(D)	 for the avoidance of doubt, in determining the amount payable in respect of such Affected Transaction pursuant
to Section 6 of the Agreement, Dealer shall assume that (x) the relevant Early Conversion and any conversions, adjustments, agreements, payments, deliveries or acquisitions by or on behalf of Counterparty leading thereto had not occurred,
(y) no adjustments to the Conversion Rate have occurred pursuant to any Excluded Provision and (z) the corresponding Convertible Notes remain outstanding; 

 

	 	(E)	 the provisions of Section 9(l) will apply to any payment required to be made pursuant to this section; and

  

	 	(F)	 the Transaction shall remain in full force and effect, except that, as of the Conversion Date for such Early
Conversion, the Number of Options shall be reduced by the Affected Number of Options; provided, however, the Transaction shall terminate upon such reduction if, after such reduction, the Number of Options is zero. 

 

	 	(ii)	 Notwithstanding anything to the contrary in this Confirmation if an event of default with respect to
Counterparty occurs under the terms of the Convertible Notes as set forth in Section 6.01 of the Indenture, resulting in the obligations thereunder becoming or being declared due and payable prior to their stated maturity, then such event of
default shall constitute an Additional Termination Event applicable to the Transaction and, with respect to such Additional Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the Transaction shall be the
sole Affected Transaction and (C) Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement. 

 

	 	(iii)	 Notwithstanding anything to the contrary in this Confirmation, the occurrence of an Amendment Event shall
constitute an Additional Termination Event applicable to the Transaction and, with respect to such Additional Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the Transaction shall be the sole Affected
Transaction and (C) Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement. “Amendment Event” means that Counterparty amends, modifies, supplements, waives or
obtains a waiver in respect of any term of the Indenture or the Convertible Notes governing the principal amount, coupon, maturity, repurchase obligation of Counterparty, redemption right of Counterparty, any term relating to conversion of the
Convertible Notes (including changes to the conversion rate, conversion rate adjustment provisions, conversion settlement dates or conversion conditions), or any term that would require consent of the holders of not less than 100% of the principal
amount of the Convertible Notes to amend (other than, in each case, any amendment or supplement pursuant to Section 14.07 of the Indenture), in each case, without the consent of Dealer, such consent not to be unreasonably withheld or delayed.

  

	 	(iv)	 Within three Scheduled Trading Days following any Repayment Event (as defined below), Counterparty may, at its
option, notify Dealer of such Repayment Event and the aggregate principal amount of Convertible Notes subject to such Repayment Event (any such notice, a “Repayment Notice”); provided that any such Repayment Notice shall contain an
acknowledgement by Counterparty of its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of the Exchange Act and the rules and regulations thereunder, in respect of the delivery of such
Repayment Notice. Upon receipt of any such Repayment Notice, Dealer shall designate an Exchange Business Day following receipt of such Repayment Notice (which Exchange Business Day shall be on or as promptly as reasonably practicable after the
related repurchase settlement date for the relevant Repayment Event) as an Early Termination Date with respect to the portion of the Transaction corresponding to a number of Options (the “Repayment Options”) equal to the lesser of
(A) the aggregate principal amount of such 

  
 23 

	 	
Convertible Notes specified in such Repayment Notice, divided by USD 1,000, and (B) the Number of Options as of the date Dealer designates such Early Termination Date and, as of such date,
the Number of Options shall be reduced by the number of Repayment Options. Any payment hereunder with respect to such termination (the “Repayment Unwind Payment”) shall be calculated pursuant to Section 6 of the
Agreement as if (1) an Early Termination Date had been designated on the basis of an Additional Termination Event having occurred in respect of a transaction having terms identical to the Transaction but a Number of Options equal to the number
of Repayment Options, as determined by the Calculation Agent, (2) Counterparty were the sole Affected Party with respect to such Additional Termination Event, (3) no adjustments to the Conversion Rate have occurred pursuant to an Excluded
Provision, (4) the corresponding Convertible Notes remain outstanding, (5) the relevant Repayment Event and any conversions, adjustments, agreements, payments, deliveries or acquisitions by or on behalf of Counterparty leading thereto had
not occurred and (6) the terminated portion of the Transaction were the sole Affected Transaction. “Repayment Event” means that (i) any Convertible Notes are repurchased or redeemed (whether in connection with or as a
result of a fundamental change, howsoever defined, or for any other reason) by Counterparty or any of its subsidiaries, (ii) any Convertible Notes are delivered to Counterparty in exchange for delivery of any property or assets of Counterparty
or any of its subsidiaries (howsoever described), (iii) any principal of any of the Convertible Notes is repaid prior to the final maturity date of the Convertible Notes (other than as a result of an acceleration of the Convertible Notes that
results in an Additional Termination Event pursuant to Section 9(i)(ii)), or (iv) any Convertible Notes are exchanged by or for the benefit of the “Holders” (as defined in the Indenture) thereof for any other securities of
Counterparty or any of its subsidiaries (or any other property, or any combination thereof) pursuant to any exchange offer or similar transaction. For the avoidance of doubt, any conversion of Convertible Notes (whether into cash, Shares,
“Reference Property” (as defined in the Indenture) or any combination thereof) pursuant to the terms of the Indenture shall not constitute a Repayment Event. 

 

	 	(j)	 Amendments to Equity Definitions. 

 

	 	(i)	 Solely in respect of adjustments to the Cap Price pursuant to Section 9(z), Section 11.2(e)(vii) of
the Equity Definitions is hereby amended by deleting the words “that may have a diluting or concentrative effect on the theoretical value of the relevant Shares” and replacing them with the words “that is the result of a corporate
event involving the Issuer or its securities that has a material economic effect on the Shares or options on the Shares; provided that such event is not based on (a) an observable market, other than the market for the
Issuer’s own stock or (b) an observable index, other than an index calculated and measured solely by reference to Issuer’s own operations.” 

 

	 	(ii)	 Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) inserting “(1)”
immediately following the word “means” in the first line thereof and (2) inserting immediately prior to the semi-colon at the end of subsection (B) thereof the following words: “or (2) the occurrence of any of the
events specified in Section 5(a)(vii)(1) through (9) of the ISDA Master Agreement with respect to that Issuer.” 

  

	 	(iii)	 Section 12.9(b)(i) of the Equity Definitions is hereby amended by (1) replacing “either party
may elect” with “Dealer may elect” and (2) replacing “notice to the other party” with “notice to Counterparty” in the first sentence of such section. 

 

	 	(k)	 No Setoff. The provisions of Section 2(c) of the Agreement will not apply to the
Transaction. Each party (“X”) waives any and all rights it may have to set off delivery or payment obligations (whether absolute or contingent, matured or unmatured, and irrespective of the currency, place of payment or booking of
the obligation) arising under the Agreement or the Transaction against any delivery or payment obligations of the other party to X, whether arising under the Agreement, under any other agreement between parties hereto, by operation of law or
otherwise. 

  
 24 

	 	(l)	 Alternative Calculations and Payment on Early Termination, Early Conversion and on Certain Extraordinary
Events. If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with respect to the Transaction, (b) the Transaction is cancelled or terminated upon the
occurrence of an Extraordinary Event (except as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid to holders of Shares consists solely of cash, (ii) an Announcement Event, Merger Event or
Tender Offer that is within Counterparty’s control, or (iii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party other than an Event of Default of the type
described in Section 5(a)(iii), (v), (vi), (vii) or (viii) of the Agreement or a Termination Event of the type described in Section 5(b) of the Agreement, in each case that resulted from an event or events outside Counterparty’s
control) or (c) an Early Conversion in respect of which a Notice of Conversion has been delivered by the Counterparty pursuant to Section 9(i)(i) and, in the case of (a), (b) or (c), if Dealer would owe any amount to Counterparty pursuant
to Section 6(d)(ii) of the Agreement or any Cancellation Amount pursuant to Article 12 of the Equity Definitions (any such amount, a “Payment Obligation”), then Dealer shall satisfy the Payment Obligation by the Share
Termination Alternative (as defined below), unless (a) Counterparty gives irrevocable telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time) on the date of the
Announcement Event, Merger Date, Tender Offer Date, Announcement Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as applicable, of its election that the Share Termination Alternative
shall not apply, (b) Counterparty remakes the representation set forth in Section 8(f) as of the date of such election and (c) Dealer agrees, in its sole discretion, to such election, in which case the provisions of Section 12.7
or Section 12.9 of the Equity Definitions, or the provisions of Section 6(d)(ii) of the Agreement, as the case may be, shall apply. 

 

			
	Share Termination Alternative:	  	If applicable, Dealer shall deliver to Counterparty the Share Termination Delivery Property on, or within a commercially reasonable period of time after, the date when the relevant Payment Obligation would otherwise be due pursuant
to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as applicable, in satisfaction of such Payment Obligation in the manner reasonably requested by Counterparty free of payment.
		
	Share Termination Delivery Property:	  	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall adjust the Share Termination Delivery
Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price.
		
	Share Termination Unit Price:	  	The value of property contained in one Share Termination Delivery Unit, as determined by the Calculation Agent in its discretion by commercially reasonable means and notified by the Calculation Agent at the time of notification of
the Payment Obligation. For the avoidance of doubt, the parties agree that in determining the Share Termination Delivery Unit Price the Calculation Agent may consider the purchase price paid in connection with the purchase of Share Termination
Delivery Property.

  
 25 

			
	Share Termination Delivery Unit:	  	One Share or, if the Shares have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property, the
“Exchange Property”), a unit consisting of the type and amount of such Exchange Property received by holders of all or substantially all Shares (determined on a per Share basis) (without consideration of any requirement to pay cash
or other consideration in lieu of fractional amounts of any securities) in such Nationalization, Insolvency or Merger Event, as determined by the Calculation Agent.
		
	Failure to Deliver:	  	Applicable
		
	Other applicable provisions:	  	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9, 9.11 and 9.12 (as modified above) of the Equity Definitions and the provisions set forth opposite the caption “Representation and
Agreement” in Section 2 will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall
be read as references to “Share Termination Delivery Units”. “Share Termination Settled” in relation to the Transaction means that Share Termination Alternative is applicable to the Transaction.

  

	 	(m)	 Governing Law; Waiver of Jury Trial. This Confirmation will be governed by and construed in
accordance with the laws of the State of New York (without reference to choice of law doctrine). Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or
proceeding relating to the Transaction. Each party (i) certifies that no representative, agent or attorney of either party has represented, expressly or otherwise, that such other party would not, in the event of such a suit, action or
proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into the Transaction, as applicable, by, among other things, the mutual waivers and certifications provided herein.

  

	 	(n)	 Registration. Counterparty hereby agrees that if, in the good faith reasonable judgment of
Dealer, the Shares (“Hedge Shares”) acquired by Dealer for the purpose of effecting a commercially reasonable hedge of its obligations pursuant to the Transaction cannot be sold in the public market by Dealer without registration
under the Securities Act, Counterparty shall, at its election: (i) in order to allow Dealer to sell the Hedge Shares in a registered offering, make available to Dealer an effective registration statement under the Securities Act to cover the
resale of such Hedge Shares and (A) enter into a customary agreement, in form and substance reasonably satisfactory to Dealer, substantially in the form of an underwriting agreement for a registered secondary offering of similar size,
(B) provide accountant’s “comfort” letters in customary form for registered offerings of equity securities of a similar size, (C) provide disclosure opinions of nationally recognized outside counsel to Counterparty
reasonably acceptable to Dealer, (D) provide other customary opinions, certificates and closing documents customary in form for registered secondary offerings of equity securities of a similar size and (E) afford Dealer a reasonable
opportunity to conduct a “due diligence” investigation with respect to Counterparty customary in scope for underwritten offerings of equity securities of a similar size; provided, however, that if the items referred to in
clause (i) are not completed within a commercially reasonable time, or if Dealer, in its commercially reasonable discretion, is not satisfied with access to due diligence materials, the

  
 26 

	 	
results of its due diligence investigation, or the procedures and documentation for the registered offering referred to above, then clause (ii) or clause (iii) of this paragraph shall
apply at the election of Counterparty, (ii) in order to allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement agreement substantially similar to private placement purchase agreements customary for private
placements of equity securities of a similar size, in form and substance satisfactory to Dealer, including customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Dealer, due diligence
rights (for Dealer or any designated buyer of the Hedge Shares from Dealer), and obligations to use commercially reasonable efforts to obtain opinions and certificates and such other documentation as is customary for private placement agreements for
private placements of equity securities of a similar size, all satisfactory to Dealer (in which case, the Calculation Agent shall make any adjustments to the terms of the Transaction that are necessary, in its commercially reasonable judgment, to
compensate Dealer for any discount from the public market price of the Shares incurred on the sale of Hedge Shares in a private placement) of similar size, or (iii) purchase the Hedge Shares from Dealer at the then-current market price on such
Exchange Business Days, and in the amounts and at such time(s), requested by Dealer. This Section 9(n) shall survive the termination, expiration or early unwind of the Transaction. 

 

	 	(o)	 Tax Disclosure. Effective from the date of commencement of discussions concerning the
Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind
(including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure. 

  

	 	(p)	 Right to Extend. Dealer may postpone or add, in whole or in part, any Valid Day or Valid Days
during the Settlement Averaging Period or any other date of valuation, payment or delivery by Dealer, with respect to some or all of the Options hereunder, if Dealer reasonably determines that such action is reasonably necessary to preserve a
commercially reasonable hedging position or hedge unwind activity hereunder in light of existing liquidity conditions in the cash market, the stock loan market or other relevant market or to enable Dealer to effect purchases of Shares in connection
with a commercially reasonable hedging position, hedge unwind or settlement activity hereunder in a manner that would, if Dealer were Counterparty or an affiliated purchaser of Counterparty, be in compliance with applicable legal, regulatory or
self-regulatory requirements, or with related policies and procedures applicable to Dealer. 

  

	 	(q)	 Status of Claims in Bankruptcy. Dealer acknowledges and agrees that this Confirmation is
not intended to convey to Dealer rights against Counterparty with respect to the Transaction that are senior to the claims of common stockholders of Counterparty in any United States bankruptcy proceedings of Counterparty; provided that
nothing herein shall limit or shall be deemed to limit Dealer’s right to pursue remedies in the event of a breach by Counterparty of its obligations and agreements with respect to the Transaction; provided, further that nothing
herein shall limit or shall be deemed to limit Dealer’s rights in respect of any transactions other than the Transaction. 

  

	 	(r)	 Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction to be
a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded by,
among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default
under the Agreement with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii) each payment and delivery of cash, securities or other property hereunder to constitute a
“margin payment” or “settlement payment” and a “transfer” as defined in the Bankruptcy Code. 

  
 27 

	 	(s)	 Notice of Certain Other Events. Counterparty covenants and agrees that: 

 

	 	(i)	 promptly following the public announcement of the results of any election by the holders of Shares with respect
to the consideration due upon consummation of any Merger Event, Counterparty shall give Dealer written notice of the types and amounts of consideration actually received by holders of Shares upon consummation of such Merger Event (the date of such
notification, the “Consideration Notification Date”); provided that in no event shall the Consideration Notification Date be later than the date on which such Merger Event is consummated; and 

 

	 	(ii)	 (A) Counterparty shall give Dealer commercially reasonable advance (but in no event less than one Exchange
Business Day) written notice of the section or sections of the Indenture and, if applicable, the formula therein, pursuant to which any adjustment will be made to the Convertible Notes in connection with any Potential Adjustment Event, Merger Event
or Tender Offer and (B) promptly following any such adjustment, Counterparty shall give Dealer written notice of the details of such adjustment. 

  

	 	(t)	 Wall Street Transparency and Accountability Act. In connection with Section 739 of the Wall
Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall limit
or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased
costs, regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging, an
Excess Ownership Position, or Illegality (as defined in the Agreement)). 

  

	 	(u)	 Agreements and Acknowledgements Regarding Hedging. Counterparty understands, acknowledges and
agrees that: (A) at any time on and prior to the Expiration Date, Dealer and its affiliates may buy or sell Shares or other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to
adjust its hedge position with respect to the Transaction; (B) Dealer and its affiliates also may be active in the market for Shares other than in connection with hedging activities in relation to the Transaction; (C) Dealer shall make its
own determination as to whether, when or in what manner any hedging or market activities in securities of Counterparty shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the
Relevant Prices; and (D) any market activities of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, as well as the Relevant Prices, each in a manner that may be adverse to Counterparty.

  

	 	(v)	 Early Unwind. (A) In the event that Counterparty fails to deliver to Dealer opinions
of counsel as required pursuant to Section 9(a), or (B) to the extent the transactions contemplated in the Exchange Agreements are not consummated for any reason, in each case by 5:00 p.m. (New York City time) on the third Business Day
immediately following the Premium Payment Date, or such later date as agreed upon by the parties (the Premium Payment Date or such later date the “Early Unwind Date”), the Transaction or, in the cause of clause
(B) above, a corresponding portion of the Transaction, shall automatically terminate (the “Early Unwind”), on the Early Unwind Date and (i) the Transaction, or portion thereof in the case of clause (B) above,
and all of the respective rights and obligations of Dealer and Counterparty under the Transaction, or portion thereof, shall be cancelled and terminated, and Counterparty shall pay to Dealer an amount in cash equal to the aggregate amount of
commercially reasonable costs and expenses relating to the unwinding of Dealer’s commercially reasonable hedging activities in respect of the Transaction, or portion thereof, so terminated (including commercially reasonable market losses
incurred in reselling any Shares purchased by Dealer or its affiliates in connection with such commercially reasonable hedging activities, unless Counterparty agrees to purchase any such Shares at the cost at which Dealer purchased such Shares) or,
at the election of Counterparty, deliver to Dealer Shares with a value equal to such amount, as determined by the Calculation Agent, in which event the parties shall enter into customary and commercially reasonable documentation relating to the
registered or exempt resale of such Shares (provided that the aggregate amount of Shares deliverable pursuant 

  
 28 

	 	
to this Section 9(v) shall not exceed 824,1504), and (ii) each party shall be released and discharged by the other party from and
agrees not to make any claim against the other party with respect to any obligations or liabilities of the other party arising out of and to be performed in connection with the Transaction, or portion thereof, so terminated either prior to or after
the Early Unwind Date. Each of Dealer and Counterparty represents and acknowledges to the other that, upon an Early Unwind, all obligations with respect to the Transaction, or portion thereof, so terminated shall be deemed fully and finally
discharged. For the avoidance of doubt, it is intended that payments pursuant to this Section 9(v) shall be made solely in respect of the terminated portion of the Transaction. 

 

	 	(w)	 Payment by Counterparty. In the event that, following payment of the Premium, (i) an Early
Termination Date occurs or is designated with respect to the Transaction as a result of a Termination Event or an Event of Default (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result,
Counterparty owes to Dealer an amount calculated under Section 6(e) of the Agreement, or (ii) Counterparty owes to Dealer, pursuant to Section 12.7 or Section 12.9 of the Equity Definitions, an amount calculated under
Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero. 

  

	 	(x)	 Tax Matters. For the purpose of Section 4(a)(i) and 4(a)(ii) of the Agreement, each party
agrees to deliver the following documents, as applicable, (i) an executed United States Internal Revenue Service Form W-9 or W-8ECI (or any successor of such
Forms) (a) upon execution of this Transaction, (b) promptly upon reasonable demand of the other party and (c) promptly upon learning that the information on any such previously delivered form is inaccurate or incorrect and
(ii) such other forms or documents that may be required or reasonably requested by the other party in order to allow such party to make a payment under the Agreement without any deduction or withholding for or on account of any tax or with such
deduction or withholding at a reduced rate. 

  

	 	(y)	 US QFC Protocol. Each party hereby agrees that the terms of the ISDA 2018 U.S. Resolution
Stay Protocol (the “ISDA U.S. Stay Protocol”) are incorporated into and form a part of this Agreement, and this Agreement shall be deemed a Protocol Covered Agreement for purposes thereof. For purposes of incorporating the ISDA
U.S. Stay Protocol, Dealer shall be deemed to be a Regulated Entity and Counterparty shall be deemed to be an Adhering Party. 

  

	 	(z)	 Other Adjustments Pursuant to the Equity Definitions. Notwithstanding anything to the contrary in
this Confirmation, solely for the purpose of adjusting the Cap Price, the terms “Potential Adjustment Event,” “Merger Event,” and “Tender Offer” shall each have the meanings assigned to such term in the Equity
Definitions (as amended by Section 9(j)(i)), and upon the occurrence of a Merger Date, the occurrence of a Tender Offer Date, or declaration by Counterparty of the terms of any Potential Adjustment Event, respectively, as such terms are defined
in the Equity Definitions, the Calculation Agent shall determine in a commercially reasonable manner whether such occurrence or declaration, as applicable, has had a material economic effect on the Transaction and, if so, shall adjust the Cap Price
to preserve the fair value of the Options; provided that in no event shall the Cap Price be less than the Strike Price; provided further that any adjustment to the Cap Price made pursuant to this Section 9(z) shall be
made without duplication of any other adjustment hereunder (including, for the avoidance of doubt, adjustment made pursuant to the provisions opposite the captions “Method of Adjustment,” “Consequences of Merger Events / Tender
Offers” and “Consequences of Announcement Events” in Section 3 above). 

  

	 	(aa)	 CARES Act. Counterparty acknowledges that the Transaction may constitute a purchase of its
equity securities. Counterparty further acknowledges that, pursuant to the provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), the Counterparty would be required to agree to certain time-bound
restrictions on its ability to purchase its equity securities if it receives loans, loan guarantees or direct loans (as that term is defined in the CARES Act) 

 
  

	4 	 To be equal to the Number of Shares. 

  
 29 

	 	
under section 4003(b) of the CARES Act. Counterparty further acknowledges that it may be required to agree to certain time-bound restrictions on its ability to purchase its equity securities if
it receives loans, loan guarantees or direct loans (as that term is defined in the CARES Act) under programs or facilities established by the Board of Governors of the Federal Reserve System for the purpose of providing liquidity to the financial
system (together with loans, loan guarantees or direct loans under section 4003(b) of the CARES Act, “Governmental Financial Assistance”). Accordingly, Counterparty represents and warrants that it has not applied for, and has no
present intention to apply, prior to the termination or settlement of this Transaction, for Governmental Financial Assistance under any governmental program or facility that (a) is established under the CARES Act or the Federal Reserve Act, as
amended, and (b) requires, as a condition of such Governmental Financial Assistance, that the Counterparty agree, attest, certify or warrant that it has not, as of the date specified in such condition, repurchased, or will not repurchase, any
equity security of Counterparty. 

  

	 	(bb)	 [________]5 

 
  

	5 	 Appropriate Dealer boilerplate to come, as applicable. 

  
 30 

 Please confirm that the foregoing correctly sets forth the terms of our agreement by
executing this Confirmation and returning it to Dealer. 
  

					
	Very truly yours,
		
	            	 	[Dealer]
			
		 	By:	 	
                 

		 	Authorized Signatory
		 	Name:

 Accepted and confirmed 
 as
of the Trade Date: 
  

			
	Q2 Holdings, Inc.
		
	By:	 	
                 

	Authorized Signatory
	Name:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}]]