Document:

Exhibit 4.3

 

Execution Version

 

YAMANA GOLD INC., 

 

as Issuer

 

Jacobina
Mineracao e Comercio Ltda.

Minera
Meridian Limitada

Yamana
SANTA CRUZ Holdings B.V.

MINERA FLORIDA LIMITADA,

 

as Guarantors

 

Wilmington
Trust, National Association,

 

as Trustee

 

and

 

Citibank,
N.A.,

 

as Securities Administrator

 

 

 

SEVENTH SUPPLEMENTAL INDENTURE 

 

Dated as of August 6, 2021

 

to

 

Indenture

 

Dated as of June 30, 2014

 

 

 

Creating series of Securities designated as

2.630% Senior Notes due 2031

 

     

     

    

 

TABLE OF CONTENTS

 

ARTICLE One INTERPRETATIONS
AND AMENDMENTS

 

	SECTION 101.	Seventh Supplemental Indenture	2
	SECTION 102.	Definitions in Seventh Supplemental Indenture	2
	SECTION 103.	Interpretation not Affected by Headings	2

 

ARTICLE Two NOTES

 

	SECTION 201.	Form and Terms of Notes	2
	SECTION 202.	Issuance of Notes	5
	SECTION 203.	Transfer Restrictions; Forms of Transfer Certificates	5

 

ARTICLE Three OPTIONAL
REDEMPTION OF NOTES

 

	SECTION 301.	Redemption of Notes	6
	SECTION 302.	Certain Additional Definitions Relating to Redemption of Notes	7
	SECTION 303.	Notice of Redemption	7

 

ARTICLE Four CHANGE
OF CONTROL

 

	SECTION 401.	Change of Control	8
	SECTION 402.	Certain Additional Definitions Relating to Change of Control	9

 

ARTICLE Five GUARANTEES

 

	SECTION 501.	Guarantees	11
	SECTION 502.	Additional Amounts	12
	SECTION 503.	Execution and Delivery	12
	SECTION 504.	Additional Guarantees	12
	SECTION 505.	Additional Events of Default	12
	SECTION 506.	Release of Guarantees	12
	SECTION 507.	Certain Additional Definitions Relating to Guarantees	12

 

ARTICLE Six THE
TRUSTEE AND THE SECURITIES ADMINISTRATOR

 

	SECTION 601.	Certain Rights of the Trustee	13

 

ARTICLE Seven GENERAL

 

	SECTION 701.	Effectiveness	13
	SECTION 702.	Effect of Recitals	13
	SECTION 703.	Ratification of Original Indenture	13
	SECTION 704.	Governing Law	13
	SECTION 705.	Severability	13
	SECTION 706.	Acceptance of Trust	13
	SECTION 707.	Benefits of Seventh Supplemental Indenture	14
	SECTION 708.	Execution	14
	SECTION 709.	Agent for Service	14

 

    i

     

    

 

THIS SEVENTH SUPPLEMENTAL INDENTURE (this “Seventh
Supplemental Indenture”) dated as of August 6, 2021, by and among YAMANA GOLD INC., a corporation amalgamated under the laws
of Canada (the “Company”), Jacobina Mineracao e Comercio Ltda., Minera Meridian Limitada, Yamana Santa Cruz Holdings
B.V. and Minera Florida Limitada (collectively, the “Guarantors” and each, a “Guarantor”), Wilmington
Trust, National Association, as Trustee (the “Trustee”) and Citibank, N.A., as paying agent, registrar and authenticating
agent (the “Securities Administrator”).

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company has heretofore executed and
delivered to the Trustee and the Securities Administrator an Indenture, dated as of June 30, 2014 (the “Original Indenture”),
providing for the issuance from time to time of its debentures, notes or other evidences of indebtedness (the “Securities”)
in one or more series;

 

WHEREAS, Sections 201, 301 and 901(i) of the Original
Indenture provide that the Company, the Trustee and the Securities Administrator may from time to time enter into one or more indentures
supplemental thereto to establish the form or terms of Securities of a new series issued pursuant to the Original Indenture;

 

WHEREAS, the Company desires to issue US$500,000,000
aggregate principal amount of 2.630% Notes due 2031 (the “Notes”);

 

WHEREAS, each Guarantor desires to fully and unconditionally
guarantee the Notes (the “Guarantees”), and to provide therefor each Guarantor has duly authorized the execution and
delivery of this Seventh Supplemental Indenture;

 

WHEREAS, the Company has requested that the Trustee
and the Securities Administrator execute and deliver this Seventh Supplemental Indenture. The Company has delivered to the Trustee and
the Securities Administrator an Officers’ Certificate and an Opinion of Counsel pursuant to Sections 103 and 903 of the Original
Indenture to the effect, among other things, that all conditions precedent provided for in the Original Indenture to the Trustee’s
and the Securities Administrator’s execution and delivery of this Seventh Supplemental Indenture have been complied with. All acts
and things necessary have been done and performed to make this Seventh Supplemental Indenture enforceable in accordance with its terms,
and the execution and delivery of this Seventh Supplemental Indenture has been duly authorized in all respects;

 

WHEREAS, all things necessary to make this Seventh
Supplemental Indenture, when executed by the Company and the Guarantors, the legal, valid and binding obligation of each of the Company
and the Guarantors in accordance with the terms hereof, have been done;

 

WHEREAS, all things necessary to make the Notes,
when executed by the Company and authenticated and delivered hereunder and duly issued by the Company, the legal, valid and binding obligations
of the Company in accordance with the terms of the Notes and this Seventh Supplemental Indenture, have been done; and

 

WHEREAS, the Company, the Guarantors and the initial
purchasers named therein have entered into that certain Registration Rights Agreement, dated as of August 6, 2021 (the “Registration
Rights Agreement”), providing for the issuance from time to time of Securities issued in exchange for, and in an aggregate principal
amount equal to, the Notes (the “Exchange Notes”) containing terms substantially identical to, and evidencing the same
indebtedness as, the Notes exchanged therefor (except that such Exchange Notes will be registered under the Securities Act and will not
bear any legend to the contrary).

 

NOW, THEREFORE, THIS SEVENTH SUPPLEMENTAL INDENTURE
WITNESSETH: For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually covenanted and
agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows:

 

     

     

    

 

ARTICLE
One

INTERPRETATIONS AND AMENDMENTS

 

SECTION 101.            
Seventh Supplemental Indenture. As used herein “Seventh Supplemental Indenture”, “hereto”,
 “herein”, “hereof”, “hereby”, “hereunder” and similar expressions
refer to this Seventh Supplemental Indenture and not to any particular Article, Section or other portion hereof and include any and every
instrument supplemental or ancillary hereto or in implementation hereof, and further include the terms of the Notes set forth in the form
of Notes annexed as Schedule A hereto.

 

SECTION 102.            
Definitions in Seventh Supplemental Indenture. All terms contained in this Seventh Supplemental Indenture which are defined
in the Original Indenture and not defined herein shall, for all purposes hereof, have the meanings given to such terms in the Original
Indenture, unless the context otherwise specifies or requires; provided, however, that notwithstanding the foregoing, the
terms “Company”, “Trustee” and “Securities Administrator” shall have the respective
meanings given to them in the Original Indenture.

 

SECTION 103.            
Interpretation not Affected by Headings . The division of this Seventh Supplemental Indenture into Articles and Sections,
the provision of the table of contents hereto and the insertion of headings are for convenience of reference only and shall not affect
the construction or interpretation of this Seventh Supplemental Indenture.

 

ARTICLE
Two

NOTES

 

SECTION 201.            
Form and Terms of Notes.

 

(a)    
There shall be and there is hereby created for issuance under the Original Indenture, as supplemented by this Seventh Supplemental
Indenture, a series of Securities which shall consist of an aggregate principal amount of US$500,000,000 of Notes; provided, however,
that if the Company shall, at any time after the date hereof, increase the principal amount of Notes which may be issued and issue such
increased principal amount (or any portion thereof), then any such additional Notes so issued shall have the same form and terms (other
than the date of issuance and the date from which interest thereon shall begin to accrue and, under certain circumstances, the first interest
payment date), and shall carry the same right to receive accrued and unpaid interest, as the Notes theretofore issued; provided further
that, if the additional Notes are not fungible with the outstanding Notes for U.S. federal income tax purposes, the additional Notes shall
have a separate CUSIP number.

 

(b)   
The Notes will mature, and the principal of the Notes and accrued and unpaid interest thereon shall be due and payable, on August
15, 2031 (the “Stated Maturity”), or such earlier date as the principal of any of the Notes may become due and payable
in accordance with the provisions of the Original Indenture and this Seventh Supplemental Indenture.

 

(c)    
The Notes shall bear interest on the principal amount thereof from August 6, 2021 or from and including the most recent interest
payment date to which interest shall have been paid or provided for payment on the Notes, whichever is later, at the rate of 2.630% per
annum, payable semi-annually in arrears on February 15 and August 15 (each, an “Interest Payment Date”) of each year,
commencing February 15, 2022, until the principal of and premium, if any, on the Notes is paid or provided for payment. Interest on the
Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. The interest payable, and punctually paid or
provided for, on any Interest Payment Date shall, as provided in the Original Indenture, be paid to the Persons in whose names the Notes
(or one or more predecessor Notes) are registered at the close of business on February 1 or August 1 (the “Regular Record Dates”),
as the case may be, immediately prior to such Interest Payment Date, regardless of whether any such Regular Record Date is a Business
Day. Any such interest on the Notes not so punctually paid or provided for on any Interest Payment Date shall be payable, as applicable,
as provided in the form of Note annexed hereto as Schedule A to this Seventh Supplemental Indenture.

 

(d)    Wherever
in this Seventh Supplemental Indenture there is mentioned, in any context, the payment of principal (and premium, if any), interest
or any other amount payable under or with respect to the Notes, such mention will be deemed to include mention of the payment of
Additional Amounts and Additional Interest, in each case to the extent that, in such context, Additional Amounts and/or Additional
Interest are, were or would be payable in respect of the Notes. “Additional Interest” means any additional
amounts of interest that shall become payable in respect of the Notes pursuant to the Registration Rights Agreement as a result of a
registration default under such agreement.

 

    2 

     

    

 

(e)    
All payments of principal of, premium, if any, and interest on the Notes will be made in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and private debts, and all references herein to “United
States dollars”, “US$ ” or “U.S. dollars” shall be deemed to refer to such coin or currency
of the United States of America. If any date on which principal of, premium, if any, and interest on the Notes is payable is not a Business
Day, then payment of the principal of, premium, if any, and interest on that date will be made on the next succeeding day which is a Business
Day (and without any additional interest or other payment in respect of any delay), with the same force and effect as if made on such
date.

 

(f)     
The principal of, premium, if any, and interest on the Notes shall be payable, and the Notes may be surrendered for exchange, registration,
transfer or discharge from registration, at the Corporate Trust Office of the Securities Administrator in The City of New York, New York,
and in such other places as the Company may from time to time designate in accordance with the Original Indenture. The Securities Administrator
is hereby appointed as the initial Paying Agent and Security Registrar for the Notes in The City of New York, New York.

 

(g)   
The Notes shall be issued only as registered Global Securities, without coupons, in denominations of US$2,000 and any integral
multiples of US$1,000 in excess thereof. The Notes initially will be represented by one or more Global Securities (collectively, the “Global
Notes”) registered in the name of The Depository Trust Company, as Depositary or its nominee, or a successor depositary or its
nominee.

 

(h)   
Notes offered and sold in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”),
shall be initially represented by one or more Global Notes (collectively, the “Restricted Global Notes”). The Restricted
Global Notes (and any notes issued in exchange for the Restricted Global Notes, other than Exchange Notes), including beneficial interests
in the Restricted Global Notes, will be subject to certain restrictions on transfer set forth therein and in this Seventh Supplemental
Indenture and will bear the legend regarding such restrictions set forth below:

 

THIS SECURITY (OR ITS PREDECESSOR)
WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
EXEMPTION THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION
FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT
OF THE Company THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY (I) TO THE Company OR ANY OF ITS SUBSIDIARIES, (II) IN THE UNITED STATES TO A PERSON
WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE
WITH RULE 904 UNDER THE SECURITIES ACT, (IV) PURSUANT TO RULE 144 UNDER THE SECURITIES ACT, IF APPLICABLE, OR (V) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (V) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF
ANY STATE OF THE UNITED STATES, SUBJECT TO THE Company’s, THE SECURITIES ADMINISTRATOR’S
AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION
AND/OR OTHER INFORMATION REQUIRED BY THE INDENTURE, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER
OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

 

    3 

     

    

 

(i)     
 Notes offered and sold in reliance on Regulation S under the Securities Act shall be initially represented by one or more Global
Notes (collectively, the “Regulation S Global Notes”) and will be deposited with the Securities Administrator as custodian
for the Depositary and registered in the name of the Depositary or its nominee.

 

(j)     
All Global Notes shall also bear the following legends:

 

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

 

THIS SECURITY IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF DTC OR A NOMINEE OF DTC. THIS SECURITY
IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY
A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR NOMINEE OF SUCH SUCCESSOR
DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

 

UNLESS PERMITTED UNDER APPLICABLE
CANADIAN SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY IN CANADA BEFORE THE DATE THAT IS FOUR MONTHS
AND A DAY AFTER AUGUST 6, 2021.

 

(k)   
At any time and from time to time after the execution and delivery of this Seventh Supplemental Indenture, the Company may deliver
Exchange Notes to be issued in exchange for any series of Restricted Global Notes and Regulation S Global Notes, executed by the Company
for authentication, together with a Company Order for the authentication and delivery of such Exchange Notes, and the Securities Administrator
in accordance with such Company Order shall authenticate and deliver such Exchange Notes.

 

(l)     
The Notes and the certificate of authentication of the Securities Administrator endorsed thereon shall be in the form set out in
Schedule A to this Seventh Supplemental Indenture with such appropriate insertions, omissions, substitutions and variations as the Securities
Administrator may approve and shall be numbered in such manner as the Securities Administrator may approve, such approvals of the Securities
Administrator concerning any Note to be conclusively evidenced by its authentication of such Note.

 

(m)  
The Security Register referred to in Section 305 of the Original Indenture shall, with respect to the Notes, be kept at the office
or agency in The City of New York, New York that the Company may from time to time designate for such purpose (which shall initially be
the Corporate Trust Office of the Securities Administrator in The City of New York, New York), and at such other place or places as the
Company, with the approval of the Trustee and the Securities Administrator may hereafter designate.

 

(n)    The
Notes shall be subject to redemption at the option of the Company as provided in Article Three (Optional Redemption of Notes) of
this Seventh Supplemental Indenture and Article Eleven of the Original Indenture and repurchase by the Company as provided in
Article Four (Change of Control) of this Seventh Supplemental Indenture. The Company shall not otherwise be required to redeem,
purchase or repay Notes pursuant to any mandatory redemption, sinking fund or analogous provision or at the option of the Holders
thereof. The Notes will not be convertible into or exchangeable for securities of any Person.

 

    4 

     

    

 

(o)   
The Notes shall have the other terms and provisions set forth in the form of Note attached hereto as Schedule A to this Seventh
Supplemental Indenture with the same force and effect as if such terms and provisions were set forth in full herein.

 

SECTION 202.            
Issuance of Notes. The Notes in the aggregate principal amount of US$500,000,000 shall be executed by the requisite authorized
officers of the Company and delivered by the Company to the Securities Administrator on the date of issue for authentication and delivery
pursuant to and in accordance with the provisions of Section 303 of the Original Indenture and, upon the requirements of such provisions
being complied with, the Notes shall be authenticated by or on behalf of the Securities Administrator and delivered by it to or upon the
Company Order of the Company without any further act or formality on the part of the Company. Neither the Trustee nor the Securities Administrator
shall have any duty or responsibility with respect to the use or application of any of the Notes so certified and delivered or the proceeds
thereof.

 

SECTION 203.            
Transfer Restrictions; Forms of Transfer Certificates.

 

(a)    
No transfer of any beneficial interest in a Restricted Global Note may take place except in accordance with the provisions of this
Section 203.

 

(b)   
A beneficial interest in a Restricted Global Note may be transferred to a person who takes delivery in the form of an interest
in a Restricted Global Note without furnishing any certificate to the Trustee or the Securities Administrator or a designee of the Trustee
or the Securities Administrator.

 

(c)    
A beneficial interest in a Regulation S Global Note may be transferred to a person who takes delivery in the form of an interest
in a Regulation S Global Note without furnishing any certificate to the Trustee or the Securities Administrator or a designee of the Trustee
or the Securities Administrator.

 

(d)   
A beneficial interest in a Restricted Global Note may be transferred to a person who takes delivery in the form of a Regulation
S Global Note only if the following certificate from the transferor is furnished to the Securities Administrator and/or any person designated
by the Trustee and the Securities Administrator to receive such certificates:

 

TRANSFER CERTIFICATE OF RULE 144A NOTES TO REGULATION S NOTES

 

The undersigned transferor hereby certifies, in connection
with its transfer to [name of transferee], transferee, dated [date], of [specify amount] in principal face amount
of beneficial interests in [title of Security], currently held by the Depositary as a Restricted Global Note, as those terms are
defined in the Indenture governing [title of security], that such transfer is being made in accordance with (specify by checkmark):

 

 ̈
Rule 904 of Regulation S under the Securities Act

 

 ̈
Rule 144 under the Securities Act

 

This Certificate shall be governed by and construed
in accordance with the laws of the State of New York.

 

(e)    
A beneficial interest in a Regulation S Global Note may be transferred to a person who takes delivery in the form of a Restricted
Global Note only if the following certificate from the transferor is furnished to the Securities Administrator and/or any person designated
by the Trustee and the Securities Administrator to receive such certificates:

 

TRANSFER CERTIFICATE OF REGULATION S NOTES TO RULE 144A NOTES

 

The undersigned transferor hereby certifies, in
connection with its transfer to [name of transferee], transferee, dated [date], of [specify amount] in
principal face amount of beneficial interests in [title of Security], currently held by the Depositary as a Regulation S
Global Note, as those terms are defined in the Indenture governing [title of security], that such transfer is being made (i)
to a person whom the transferor reasonably believes is a qualified institutional buyer as defined in Rule 144A under the Securities
Act and (ii) in a transaction meeting the requirements of Rule 144A.

 

    5 

     

    

 

This Certificate shall be governed by and construed
in accordance with the laws of the State of New York.

 

(f)     
Any beneficial interest in one of the Global Notes that is transferred to a person who takes delivery in the form of an interest
in another Global Note shall, upon transfer, cease to be an interest in such Global Notes and shall become an interest in such other Global
Note and, accordingly, shall thereafter be subject to all transfer restrictions and other procedures applicable to beneficial interests
in such other Global Note for as long as it remains such an interest.

 

ARTICLE
Three

OPTIONAL REDEMPTION OF NOTES

 

SECTION 301.            
Redemption of Notes. The Notes shall be redeemable, in whole or in part, at any time at the option of the Company, subject
to the following conditions:

 

(a)    
prior to May 15, 2031, the Notes shall be redeemable (in the manner and in accordance with and subject to the terms and provisions
set forth in Article Eleven of the Original Indenture), at a Redemption Price equal to the greater of:

 

(i)          
100% of the principal amount of the Notes to be redeemed; and

 

(ii)        
the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed that would
be due if the Notes to be redeemed matured on the Par Call Date (exclusive of interest accrued to the date of redemption) discounted to
the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 25
basis points;

 

plus, in each case, accrued interest thereon to, but not including,
the Redemption Date; and

 

(b)   
on or after May 15, 2031, the Notes shall be redeemable (in the manner and in accordance with and subject to the terms and provisions
set forth in Article Eleven of the Original Indenture), at a Redemption Price equal to (i) 100% of the principal amount of the Notes to
be redeemed, plus (ii) accrued interest thereon to, but not including, the Redemption Date.

 

Notice of redemption shall be given in the manner
provided for in Section 107 of the Original Indenture not less than 10 nor more than 60 days prior to the Redemption Date, to each Holder
of Notes to be redeemed. Any notice of redemption in connection with this Section 301 may, at the Company’s discretion, be subject
to one or more conditions precedent, including, but not limited to, completion of a corporate transaction that is pending (such as an
equity or equity-linked offering, an incurrence of indebtedness or an acquisition or other strategic transaction involving a change of
control in us or another entity). If such redemption is so subject to satisfaction of one or more conditions precedent, such notice shall
describe each such condition, and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied
or otherwise waived on or prior to the Business Day immediately preceding the relevant Redemption Date. The Company will provide written
notice to the Securities Administrator of any such rescission as soon as practicable after the Company determines that such conditions
precedent will not be able to be satisfied or the Company is not able or willing to waive such conditions precedent. Once notice of redemption
is mailed or sent, subject to the satisfaction of any conditions precedent provided in the notice of redemption, the Notes called for
redemption will become due and payable on the Redemption Date and at the applicable Redemption Price as set forth in this Section 301.

 

The Company shall provide written notice to the
Trustee and the Securities Administrator prior to the Redemption Date of the calculation of the Redemption Price. The Redemption Price
shall be calculated by the Independent Investment Banker, and the Company, the Trustee, the Securities Administrator and any Paying Agent
shall be entitled to rely conclusively on such calculation.

 

    6 

     

    

 

SECTION 302.            
Certain Additional Definitions Relating to Redemption of Notes. For the purposes of this Seventh Supplemental Indenture,
the following expressions shall have the following meanings:

 

“Comparable Treasury Issue”
means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated
maturity comparable to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the Notes matured on the Par Call
Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of a comparable maturity to the remaining term of such Notes.

 

“Comparable Treasury Price”
means, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after
excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Company obtains fewer than three such Reference
Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations.

 

“Independent Investment Banker”
means one of the Reference Treasury Dealers appointed by the Company;

 

“Par Call Date” means May 15,
2031, the date that is three months prior to the Stated Maturity.

 

“Reference Treasury Dealer Quotations
 ” means any Redemption Date, the average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as
a percentage of its principal amount) quoted in writing to the Company by a Reference Treasury Dealer at 3:30 p.m. New York time on the
third Business Day preceding such Redemption Date.

 

“Reference Treasury Dealer”
means each of BofA Securities, Inc. and Citigroup Global Markets Inc. or their respective affiliates which are primary U.S. government
securities dealers, and three other primary U.S. government securities dealers in the United States (each a “Primary Treasury
Dealer”) selected by the Company, and their respective successors; provided, however, that if any of the foregoing
or their affiliates shall cease to be a Primary Treasury Dealer, the Company shall substitute another Primary Treasury Dealer.

 

“Treasury Rate” means, with
respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated (on a day count
basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such Redemption Date.

 

SECTION 303.            
Notice of Redemption. Section 1104 of the Original Indenture shall be amended by replacing clause (b) with the following:

 

“(b)          
All notices of redemption shall state:

 

(1)          
the Redemption Date;

 

(2)          
the Redemption Price and the amount of accrued interest to the Redemption Date payable as provided in Section 1106, if any;

 

(3)          
if less than all the Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption,
the principal amounts) of the particular Securities to be redeemed;

 

(4)          
in case any Security is to be redeemed in part only, the notice which relates to such Security shall state that on and after the Redemption
Date, upon surrender of such Security, the Holder will receive, without charge, a new Security or Securities of authorized denominations
for the principal amount thereof remaining unredeemed;

 

(5)          
that on the Redemption Date, the Redemption Price and accrued interest, if any, to the Redemption Date payable as provided in Section 1106
will become due and payable upon each such Security, or the portion thereof, to be redeemed and, if applicable, that interest thereon
will cease to accrue on and after said date;

 

    7 

     

    

 

(6)          
the Place or Places of Payment where such Securities are to be surrendered for payment of the Redemption Price and accrued interest, if
any;

 

(7)          
that the redemption is for a sinking fund, if such is the case;

 

(8)          
CUSIP numbers of such Securities to be redeemed; and

 

(9)           if
applicable, any condition to such redemption.”

 

ARTICLE
Four

CHANGE OF CONTROL

 

SECTION 401.            
Change of Control. With respect to the Notes:

 

(a)    
Upon the occurrence of a Change of Control Repurchase Event, unless all Notes have been called for redemption pursuant to Section
301 hereof, the Company shall be required to make an offer to each Holder of the Notes to repurchase all or any part (in multiples of
US$1,000 with no Notes of a principal amount of US$2,000 or less purchased in part) of such Holder’s Notes at a repurchase price
in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus accrued and unpaid interest on the Notes, to, but
not including, the date of repurchase (the “Change of Control Payment”).

 

(b)   
Within 30 days following any Change of Control Repurchase Event, or, at the Company’s option, prior to any Change of Control,
but after the public announcement of the Change of Control, the Company shall mail a notice to each Holder of Notes, with a copy to the
Trustee and the Securities Administrator, describing the transaction or transactions that constitute or may constitute the Change of Control
Repurchase Event and offering to repurchase the Notes on the payment date specified in such notice and specifying:

 

(i)          
if applicable, that a Change of Control has occurred and that such Holder has the right to require the Company to purchase all
or a portion of such Holder’s Notes at a repurchase price in cash equal to the Change of Control Payment and that all Notes tendered
will be accepted for payment;

 

(ii)        
the circumstances and relevant facts regarding such Change of Control;

 

(iii)      
the instructions, as determined by the Company, consistent with this Section 401, that a Holder must follow in order to have its
Notes purchased;

 

(iv)       
the Change of Control Payment and the repurchase date, which date shall be no earlier than 30 days and no later than 60 days from
the date such notice is mailed, other than as may be required by law (the “Change of Control Payment Date”);

 

(v)        
the CUSIP number for the Notes;

 

(vi)       
that any Note not tendered shall continue to accrue interest;

 

(vii)     
that, unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the
Change of Control Offer shall cease to accrue interest after the Change of Control Payment Date;

 

(viii)   
that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender such Notes
to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Change
of Control Payment Date;

 

(ix)        that
Holders shall be entitled to withdraw their election referred to in clause (viii) if the Paying Agent receives, not later than the
close of business on the first Business Day preceding the Change of Control Payment Date, a facsimile transmission or letter setting
forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing
his election to have the Notes purchased;

 

    8 

     

    

 

 

(x)        
that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered, which unpurchased portion will be equal to US$2,000 in principal amount or an integral multiple of US$1,000
in excess thereof; and

 

(xi)       
if such notice is mailed prior to the date of consummation of the Change of Control, that the Change of Control Offer is conditioned
on the Change of Control Repurchase Event occurring on or prior to the Change of Control Payment Date.

 

(c)    
The Company shall comply with the requirements of Rule 14e–1 under the Securities Exchange Act of 1934, as amended (the “
Exchange Act”) and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable
in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions
of any securities laws or regulations conflict with the provisions of this Section 401, the Company shall comply with the applicable securities
laws and regulations and shall not be deemed to have breached its obligations under this Section 401 by virtue of such conflict.

 

(d)    
On the Change of Control Payment Date, the Company will, to the extent lawful:

 

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

 

(ii)        
deposit with the Trustee or the Securities Administrator, as paying agent, an amount equal to the Change of Control Payment in
respect of all Notes or portions of Notes properly tendered; and

 

(iii)       
deliver or cause to be delivered to the Trustee or the Securities Administrator, as paying agent, the Notes properly accepted,
together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the
Company.

 

(e)    
The Trustee or the Securities Administrator, as paying agent, will promptly pay to each Holder of the Notes properly tendered the
Change of Control Payment for such Notes, and the Securities Administrator, as authenticating agent, will promptly authenticate and deliver
to each Holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided, that each new
Note shall be in a minimum principal amount of US$2,000 and integral multiple of US$1,000 in excess thereof.

 

(f)     
The Company shall not be required to make a Change of Control Offer upon a Change of Control Repurchase Event if a third party
makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section
401 applicable to a Change of Control Offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn
under such Change of Control Offer.

 

(g)    
Prior to the occurrence of a Change of Control Repurchase Event, the provisions set forth in this Section 401 may be waived or
modified with the written consent of the Holders of a majority in principal amount of the Notes.

 

SECTION 402.            
Certain Additional Definitions Relating to Change of Control. For the purposes of this Seventh Supplemental Indenture, the
following expressions shall have the following meanings:

 

“Change of Control” means the
occurrence of any of the following:

 

(1)       the
direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger, amalgamation or statutory plan
of arrangement or consolidation), in one or a series of related transactions, of all or substantially all of the Company’s assets
and the assets of the Company’s subsidiaries taken as a whole to any “person” or “group” (as such terms
are used in Sections 13(d) and 14(d) of the Exchange Act) other than to the Company or one of its subsidiaries;

 

    9

     

    

 

(2)       the
consummation of any transaction (including, without limitation, any merger, amalgamation or statutory plan of arrangement or consolidation)
the result of which is that any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Exchange Act) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more
than 50% of the combined voting power of the Company’s Voting Stock or other Voting Stock into which the Company’s Voting
Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares;

 

(3)       the
Company consolidates, amalgamates, or enters into a statutory plan of arrangement with, or merges with or into, any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act), or any person consolidates, amalgamates, or enters into a statutory plan
of arrangement with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s
outstanding Voting Stock or the Voting Stock of such other person is converted into or exchanged for cash, securities or other property,
other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction
constitute, or are converted into or exchanged for, Voting Stock representing more than 50% of the combined voting power of the surviving
person immediately after giving effect to such transaction;

 

(4)       the
first day on which the majority of the members of the Company’s Board of Directors cease to be Continuing Directors; or

 

(5)       the
adoption of a plan relating to the Company’s liquidation or dissolution.

 

Notwithstanding the foregoing, a transaction will
not be deemed to involve a Change of Control if (1) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company
and (2)(A) the direct or indirect holders of the Voting Stock of the ultimate parent holding company immediately following that transaction
are substantially the same as the holders of our Voting Stock immediately prior to that transaction or (B) immediately following that
transaction no “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) is
the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of more than 50% of the Voting Stock of such ultimate
parent holding company, measured by voting power rather than number of shares.

 

“Change of Control Offer ”
means an offer to repurchase the Notes pursuant to Section 401 hereof.

 

“Change of Control Repurchase Event”
means each of the Rating Agencies during the trigger period (as defined below) downgrade their ratings of the Notes by at least one “notch”
and, following such downgrades, the Notes are rated below Investment Grade by each of the Rating Agencies on any date during the 60-day
period (the “trigger period”) (which trigger period shall be extended so long as the rating of the Notes is under publicly
announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of the (1) public announcement by the
Company of any Change of Control (or pending Change of Control) or (2) consummation of such Change of Control. Notwithstanding the foregoing,
no Change of Control Repurchase Event shall be deemed to have occurred in connection with any particular Change of Control unless and
until such Change of Control has actually been consummated.

 

“Continuing Director” means,
as of any date of determination, any member of the Company’s Board of Directors who was nominated for election, elected or appointed
to such Board of Directors with the approval of a majority of the members of such Board of Directors at the time of such nomination, election
or appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee
for election as a director, without objection to such nomination).

 

“Investment Grade” means a
rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s); a rating of BBB
- or better by S&P (or its equivalent under any successor rating categories of S&P); and the equivalent investment grade credit
rating from any additional rating agency or rating agencies selected by the Company.

 

“Moody’s” means Moody’s
Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

    10

     

    

 

“Rating Agency” means each
of Moody’s and S&P; provided, that if either Moody’s or S&P ceases to rate the Notes or fails to make a rating
of the Notes publicly available for any reason that is beyond the Company’s control, the Company may select (as certified by a resolution
of the Company’s Board of Directors) a “nationally recognized statistical rating organization” within the meaning of
Section 3(a)(62) of the Exchange Act, as a replacement agency for Moody’s or S&P, or both of them, as the case may be.

 

“S&P” means S&P Global
Ratings, a business unit of Standard & Poor’s Financial Services LLC, and its successors.

 

“Voting Stock” of any specified
 “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date means the capital stock of such person
that is at the time entitled to vote generally in the election of the board of directors of such person.

 

ARTICLE
Five

GUARANTEES

 

SECTION 501.            
Guarantees .

 

(a)    
Each Guarantor hereby fully and unconditionally guarantees to each Holder of Notes, the due and punctual payment of the principal
of, premium, if any, and interest on the Notes, the due and punctual payment of any Additional Amounts and/or Additional Interest that
may be payable with respect to such Notes, when and as the same shall become due and payable, whether on the Stated Maturity, by declaration
of acceleration, call for redemption or otherwise, according to the terms hereof and of the Original Indenture. In case of the failure
of the Company punctually to make any such payment of principal, premium, if any, or interest, or any Additional Amounts and/or Additional
Interest that may be payable with respect to the Notes, each Guarantor hereby agrees to cause any such payment to be made punctually when
and as the same shall become due and payable, whether on the Stated Maturity or by declaration of acceleration, call for redemption or
otherwise, and as if such payment were made by the Company.

 

(b)    
Each Guarantor hereby agrees that its obligations hereunder shall be as if it were principal debtor and not merely surety, and
shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of
the Notes, the Original Indenture or this Seventh Supplemental Indenture, any failure to enforce the provisions of the Notes, the Original
Indenture or this Seventh Supplemental Indenture, or any waiver, modification or indulgence granted to the Company with respect thereto
or hereto, by the Holder of the Notes or the Trustee or Securities Administrator or any other circumstance which may otherwise constitute
a legal or equitable discharge of a surety or guarantor; provided, however, that, notwithstanding the foregoing, no such
waiver, modification or indulgence shall, without the consent of each Guarantor, increase the principal amount of the Notes, or increase
the interest rate thereon, or increase any premium payable upon redemption thereof, or alter the Stated Maturity thereof. Each Guarantor
hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Company,
any right to require a proceeding first against the Company, protest or notice with respect to the Notes or the indebtedness evidenced
thereby or with respect to any Additional Amounts and/or Additional Interest that may be payable with respect to the Notes and all demands
whatsoever, and covenants that its obligations under this Article Five will not be discharged except by payment in full of the principal
of, premium, if any, and interest on and any Additional Amounts and/or Additional Interest that may be payable with respect to the Notes.

 

(c)    
Each Guarantor shall be subrogated to all rights of each Holder of the Notes, the Trustee and the Securities Administrator against
the Company in respect of any amounts paid to such Holder by each Guarantor pursuant to the provisions of this Article Five; provided,
however, that no Guarantor shall be entitled to enforce or to receive any payments arising out of or based upon such right of subrogation
until the principal of, premium, if any, and interest on all Notes of the same series issued under this Seventh Supplemental Indenture
and any Additional Amounts and/or Additional Interest with respect to such Notes shall have been paid in full.

 

(d)     Any
term or provision of the Original Indenture and this Seventh Supplemental Indenture to the contrary notwithstanding, the maximum
aggregate amount of the Notes guaranteed hereunder by any Guarantor shall not exceed the maximum amount that can be hereby
guaranteed by the applicable Guarantor without rendering the Guarantee, as it relates to the Guarantor, voidable under applicable
law relating to fraudulent conveyance, fraudulent transfer, corporate benefit, financial assistance or similar laws affecting the
rights of creditors generally.

 

    11

     

    

 

(e)    
By executing this Seventh Supplemental Indenture, each of the Guarantors acknowledge and agree that the obligations to compensate,
reimburse, and indemnify the Trustee and the Securities Administrator under the Original Indenture, including, without limitation, Section
607 of the Original Indenture, shall apply to such Guarantors and that the Guarantors and the Company, jointly and severally, are obligated
to compensate, reimburse, and indemnify the Trustee and the Security Administrator in accordance with the terms of the Original Indenture,
including, without limitation, Section 607 of the Original Indenture.

 

SECTION 502.            
Additional Amounts.

 

(a)    
The obligations of the Company pursuant to Section 1009 of the Original Indenture shall apply, mutatis mutandis, to each
Guarantor. For purposes of this section, the “Relevant Taxing Jurisdiction” of each Guarantor shall be the jurisdiction in
which such Guarantor is organized and any authority or agency therein or thereof having power to tax.

 

SECTION 503.            
Execution and Delivery.

 

(a)    
To evidence its Guarantee set forth in Section 501, each Guarantor hereby agrees that this Seventh Supplemental Indenture shall
be executed on behalf of such Guarantor by an authorized officer or person holding an equivalent title.

 

(b)    
Each Guarantor hereby agrees that its Guarantee set forth in Section 501 shall remain in full force and effect notwithstanding
the absence of the endorsement of any notation of such Guarantee on the Notes.

 

(c)    
If an Officer whose signature is on this Seventh Supplemental Indenture no longer holds that office at the time the Securities
Administrator authenticates any Notes, the Guarantees shall nevertheless be valid.

 

(d)    
The delivery of any Notes by the Securities Administrator, after the authentication thereof, shall constitute due delivery of the
Guarantee set forth in this Seventh Supplemental Indenture on behalf of the Guarantors.

 

SECTION 504.            
Additional Guarantees. If any Subsidiary shall be a Credit Agreement Guarantor at a time when such Subsidiary is not a Guarantor,
the Company shall cause such Subsidiary to execute a supplemental indenture pursuant to which such Subsidiary shall become a Guarantor
hereunder. The Company shall cause any such Subsidiary to comply with the provisions of this Article Five.

 

SECTION 505.            
Additional Events of Default. In addition to the Events of Default provided in the Original Indenture, each of the following
shall constitute an Event of Default with respect to the Notes: (i) a Guarantee of a Restricted Subsidiary ceases to be in full force
and effect or is declared to be null and void and unenforceable; (ii) such Guarantee is found to be invalid; or (iii) such Restricted
Subsidiary denies its liability under such Guarantee (other than by reason of release of the Restricted Subsidiary in accordance with
the terms of this Seventh Supplemental Indenture).

 

SECTION 506.            
Release of Guarantees. A Guarantor will be released and relieved of its obligations under its Guarantee in respect of the
Notes, and such Guarantee will be terminated, upon Company Order (without the consent of the Trustee or the Securities Administrator)
(i) if the Guarantor is no longer a Credit Agreement Guarantor or will be released and relieved of its obligations under the Credit Agreement
concurrently with the release of such Guarantee, and (ii) upon satisfaction and discharge, defeasance or covenant defeasance with respect
to the Notes under the terms of the Original Indenture.

 

SECTION 507.            
Certain Additional Definitions Relating to Guarantees. For the purposes of this Seventh Supplemental Indenture, the following
expressions shall have the following meanings:

 

“Credit Agreement” means the
Company’s amended and restated credit agreement, dated as of February 29, 2012 (as it may be amended, modified, amended and restated
or replaced from time to time).

 

    12

     

    

 

“Credit Agreement Guarantor”
means any Subsidiary of the Company that has issued a guarantee or is otherwise an obligor under the Credit Agreement.

 

ARTICLE
Six

THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

 

SECTION 601.            
Certain Rights of the Trustee. Section 603 of the Original Indenture shall be amended by replacing clause (i) with the following:

 

“the Trustee shall not be deemed to have notice of
any default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof through written notice of the
event which is in fact a default and such written notice is received by such Responsible Officer at the Corporate Trust Office of the
Trustee, and such notice references the Securities and this Indenture. For purposes of determining the Trustee’s responsibility
and liability hereunder, whenever reference is made in this Indenture to a default or an Event of Default, such reference shall be construed
to refer only to such default or Event of Default for which the Trustee has or is deemed to have notice pursuant to this Section 603(i).”

 

ARTICLE
Seven

GENERAL

 

SECTION 701.            
Effectiveness. This Seventh Supplemental Indenture shall become effective upon its execution and delivery.

 

SECTION 702.            
Effect of Recitals. The recitals contained herein and in the Notes, except the Securities Administrator’s certificates
of authentication, shall be taken as the statements of the Company, and neither the Trustee, the Securities Administrator nor any Authenticating
Agent assumes any responsibility for their correctness. Neither the Trustee, the Securities Administrator nor any Authenticating Agent
shall be accountable for the use or application by the Company of the Notes or the proceeds thereof. The Trustee and the Securities Administrator
each accept the amendments of the Original Indenture effected by this Seventh Supplemental Indenture, but on the terms and conditions
set forth in the Original Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of
the Trustee and the Securities Administrator, respectively. Neither the Trustee nor the Securities Administrator make any representations
as to (i) the validity or sufficiency of this Seventh Supplemental Indenture or of the Notes, except that each of the Trustee and the
Securities Administrator represents that it is duly authorized to execute and deliver this Seventh Supplemental Indenture, and the Securities
Administrator represents that it is duly authorized to authenticate the Notes, (ii) the proper authorization hereof by the Company and
the Guarantors by action or otherwise, (iii) the due execution hereof by the Company and the Guarantors or (iv) the consequences of any
amendment herein provided for.

 

SECTION 703.            
Ratification of Original Indenture. The Original Indenture as amended and supplemented by this Seventh Supplemental Indenture
is in all respects ratified and confirmed, and this Seventh Supplemental Indenture shall be deemed part of the Original Indenture in the
manner and to the extent herein and therein provided.

 

SECTION 704.            
Governing Law. This Seventh Supplemental Indenture, the Original Indenture as supplemented hereby and the Notes shall be
governed by and construed in accordance with the laws of the State of New York.

 

SECTION 705.            
Severability. In case any provision in this Seventh Supplemental Indenture, the Original Indenture as amended and supplemented
hereby or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.

 

SECTION 706.            
Acceptance of Trust. Each of the Trustee and the Securities Administrator hereby accepts the trusts in this Seventh Supplemental
Indenture declared and provided for and agrees to perform the same upon the terms and conditions herein before set forth in trust for
the various Persons who shall from time to time be Holders subject to all the terms and conditions herein set forth.

 

    13

     

    

 

SECTION 707.            
Benefits of Seventh Supplemental Indenture. Nothing in this Seventh Supplemental Indenture or in the Notes, express or implied,
shall give to any Person, other than the parties hereto, and their successors hereunder and the Holders, any benefit or any legal or
equitable right, remedy or claim under this Seventh Supplemental Indenture.

 

SECTION 708.            
Execution. The parties may sign any number of copies of this Seventh Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. One signed copy is enough to prove this Seventh Supplemental Indenture.
Delivery of an executed counterpart of a signature page to this Seventh Supplemental Indenture by telecopier, facsimile or other electronic
transmission (i.e., a “pdf” or “tif”) shall be effective as delivery as a manually executed counterpart thereof
and may be used in lieu of the original Seventh Supplemental Indenture for all purposes. Unless otherwise provided herein or in the Original
Indenture, the words “execute”, “execution”, “signed”, and “signature” and words of similar
import used in or related to any document to be signed in connection with this Seventh Supplemental Indenture, the Original Indenture
or any of the transactions contemplated hereby (including amendments, waivers, consents and other modifications) shall be deemed to include
electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable, to the fullest extent and as
provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, and any other similar state laws based on the Uniform Electronic Transactions Act, provided that,
notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any
form or in any format unless expressly agreed to by such Trustee pursuant to procedures approved by such Trustee.

 

SECTION 709.            
Agent for Service. By the execution and delivery of this Seventh Supplemental Indenture, each of the Company and the Guarantors
(i) irrevocably designates and appoints, and acknowledges that it has irrevocably designated and appointed, C T Corporation System,
28 Liberty Street, New York, New York 10005 as its authorized agent upon which process may be served in any suit, action or proceeding
arising out of or relating to the Notes or this Seventh Supplemental Indenture that may be instituted in any United States federal or
New York state court in The City of New York or brought under federal or state securities laws or brought by the Trustee or the Securities
Administrator (whether in their individual capacities or in their capacities as Trustee or Securities Administrator hereunder (as applicable))
or, subject to Section 507 of the Original Indenture, any Holder of Notes in any United States federal or New York state court in The
City of New York, (ii) submits to the non-exclusive jurisdiction of any such court in any such suit, action or proceeding, and (iii) agrees
that service of process upon C T Corporation System and written notice of said service to the Company or such Guarantor, as applicable,
at its principal office and in the manner specified in the Original Indenture, shall be deemed in every respect effective service of process
upon the Company or such Guarantor, as applicable, in any such suit, action or proceeding. The Company further agrees to take any and
all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation
and appointment of C T Corporation System in full force and effect so long as any of the Notes shall be Outstanding or any amounts shall
be payable in respect of any Notes.

 

[Signature Page to Follow]

 

    14

     

    

 

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

 

	 	YAMANA
    GOLD INC.
	 	 
	 	By: 	/s/ Jason LeBlanc
	 	 	Name:  Jason LeBlanc
	 	 	Title:    Senior Vice President, Finance and Chief Financial
Officer

 

[Signature Page for the Seventh Supplemental Indenture]

 

     

     

    

 

	 	Jacobina
    Mineracao e Comercio Ltda.

 

	 	By: 	/s/ Carolina Sampaio Batista
	 	 	Name:  Carolina Sampaio Batista
	 	 	Title:    Director

 

	 	By: 	/s/ Sergio Marcos Visconti
	 	 	Name:  Sergio Marcos Visconti
	 	 	Title:    Director

 

[Signature Page for the Seventh Supplemental Indenture]

 

     

     

    

 

	 	Minera
    Meridian Limitada
	 	 
	 	By: 	/s/ Cristóbal Correa
	 	 	Name:  Cristóbal Correa
	 	 	Title:    Delegate
	 	 
	 	By: 	/s/ Andrés Guzmán
	 	 	Name:  Andrés Guzmán
	 	 	Title:    Delegate

 

[Signature Page for the Seventh Supplemental Indenture]

 

     

     

    

 

	 	Yamana
    SANTA CRUZ Holdings B.V.
	 	 
	 	By:	/s/ Jason LeBlanc
	 	 	Name:  Jason LeBlanc
	 	 	Title:    Director A
	 	 
	 	By:	/s/ Michiel van Schijndel
	 	 	Name:  Michiel van Schijndel
	 	 	Title:    Director B

 

*due to COVID-19 travel restrictions, this document could not be signed
in the Netherlands

https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/guidance-international-income-tax-issues.html

 

[Signature Page for the Seventh Supplemental Indenture]

 

     

     

    

 

 

	 	MINERA FLORIDA LIMITADA
	 	 
	 	By:	/s/ Cristóbal Correa 
	 	 	Name: Cristóbal Correa
	 	 	Title:   Delegate
	 	 
	 	By:	/s/ Andrés Guzmán 
	 	 	Name: Andrés Guzmán
	 	 	Title:   Delegate
	 	 

 

[Signature Page for the Seventh Supplemental Indenture]

 

    

     

    

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	/s/ Nedine P. Sutton
	 	 	Name: Nedine P. Sutton
	 	 	Title:   Vice President

 

[Signature Page for the Seventh Supplemental Indenture]

 

    

     

    

 

	 	CITIBANK, N.A., as Securities Administrator
	 	 
	 	By:	 /s/ Danny Lee
	 	 	Name: Danny Lee
	 	 	Title:   Senior Trust Officer

 

[Signature Page for the Seventh Supplemental Indenture]

 

    

     

    

 

Schedule A

 

FORM OF NOTE

FACE OF NOTE

 

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

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF DTC OR A NOMINEE OF DTC. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED
IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF
THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE
OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR NOMINEE OF SUCH SUCCESSOR DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED
CIRCUMSTANCES.

 

[insert U.S. restrictive legend, if applicable]

 

UNLESS PERMITTED UNDER APPLICABLE CANADIAN SECURITIES LEGISLATION,
THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY IN CANADA BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER AUGUST 6, 2021.

 

YAMANA GOLD INC.

 

2.630% Notes due 2031

 

	No. [●]	US$[●]
	 	CUSIP No.: [●]
	 	ISIN No.: [●]

 

YAMANA GOLD INC., a corporation amalgamated under
the laws of the Canada (the “Company”, which term includes any successor Person under the Indenture hereinafter referred
to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of US$[●] ([●]
MILLION United States DOLLARS) on August 15, 2031, at the office or agency of the Company
referred to below, and to pay interest thereon on February 15, 2022, and semi-annually thereafter on February 15 and August 15 in each
year, from and including August 6, 2021 or from and including the most recent Interest Payment Date to which interest has been paid or
duly provided for, at the rate of 2.630% per annum, until the principal hereof is paid or duly provided for, and (to the extent lawful)
to pay on demand interest on any overdue principal or interest at the rate borne by this Security from and including the date on which
such overdue principal, or interest becomes payable to but excluding the date payment of such principal or interest has been made or duly
provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the February 1 or August 1 (whether or not a Business Day), as the case may
be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to
be payable to the Holder on such Regular Record Date, and such Defaulted Interest, and (to the extent lawful) interest on such Defaulted
Interest at the rate borne by the Securities of this series, may be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by
the Company, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record
Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which
the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said
Indenture. Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place.

 

Unless the certificate of authentication hereon
has been duly executed by the Securities Administrator by manual signature, this Security shall not be entitled to any benefit under
the Indenture, or be valid or obligatory for any purpose.

 

    

     

    

 

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

 

	Dated:    August 6, 2021  	 YAMANA GOLD INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

    A-2

     

    

 

SECURITIES ADMINISTRATOR’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	Dated:    August 6, 2021	CITIBANK, N.A., as Securities Administrator
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

     

    A-3

     

    

 

REVERSE SIDE OF NOTE

 

This Security is one of a duly authorized issue
of securities of the Company designated as its 2.630% Notes due 2031 (the “Securities”), limited (except as otherwise
provided in the Indenture referred to below and except as provided in the second succeeding paragraph) in aggregate principal amount to
US$500,000,000, which may be issued under an Indenture (the “Original Indenture”) dated as of June 30, 2014, by and
among the Company, Wilmington Trust, National Association, as trustee (the “Trustee”, which term includes any successor
trustee under the Indenture) and Citibank, N.A., as paying agent, registrar and authenticating agent (the “Securities Administrator”,
which term includes any successor securities administrator under the Indenture), as supplemented by a Seventh Supplemental Indenture dated
as of August 6, 2021, by and among the Company, the Guarantors named therein (the “Guarantors”), the Trustee and the
Securities Administrator (the “Seventh Supplemental Indenture” and, the Original Indenture as amended and supplemented
by the Seventh Supplemental Indenture, the “Indenture”), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations of rights, duties, obligations, indemnities and immunities
thereunder of the Company, the Guarantors, the Trustee, the Securities Administrator and the Holders of the Securities, and of the terms
upon which the Securities are, and are to be, authenticated and delivered. This Security is a global Security initially representing US$[●]
aggregate principal amount of the Securities of this series.

 

Payment of the principal of (and premium, if any)
and interest on this Security will be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan,
The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that payment of interest may be made at the option of the Company (i) by check
mailed to the address of the Person entitled thereto as such address shall appear on the Security Register or (ii) by wire transfer to
an account maintained in the United States by the payee. Notwithstanding the foregoing, payments of principal, premium, if any, and interest
on a global Security registered in the name of a Depositary or its nominee will be made by wire transfer of immediately available funds.
Principal paid in relation to any Security of this series at Maturity shall be paid to the Holder of such Security only upon presentation
and surrender of such Security to such office or agency referred to above.

 

As provided for in the Indenture, the Company
may from time to time without notice to, or the consent of, the Holders of the Securities, create and issue additional Securities of this
series under the Indenture, equal in rank to the Outstanding Securities of this series in all respects (or in all respects except for
the payment of interest accruing prior to the issue date of the new Securities of this series or except for the first payment of interest
following the issue date of the new Securities of this series) so that the new Securities of this series shall be consolidated and form
a single series with the Outstanding Securities of this series and have the same terms as to status, redemption or otherwise as the Outstanding
Securities of this series; provided that, if the additional Securities of this series are not fungible with the Outstanding Securities
of this series for U.S. federal income tax purposes, the additional Securities shall have a separate CUSIP number.

 

The Company shall pay to the Holder of this Security
such Additional Amounts and other amounts as may be payable under Section 1009 of the Original Indenture and such Additional Interest
as may be payable pursuant to the Registration Rights Agreement. Whenever in this Security there is mentioned, in any context, the payment
of principal (or premium, if any), interest or any other amount payable under or with respect to this Security, such mention shall be
deemed to include mention of the payment of Additional Amounts and/or Additional Interest to the extent that, in such context, Additional
Amounts and/or Additional Interest are, were or would be payable in respect thereof.

 

The Securities of this series are subject to redemption,
in whole but not in part, at the option of the Company at a Redemption Price equal to 100% of the principal amount thereof plus accrued
and unpaid interest to, but not including, the applicable Redemption Date, all on the terms and subject to the conditions set forth in
Section 1109 of the Original Indenture.

 

The Securities of this series are subject to redemption
upon not less than 10 or more than 60 days’ notice, as a whole or in part, at any time at the election of the Company. Prior to
May 15, 2031, the Securities shall be redeemable at a Redemption Price equal to the greater of (i) 100% of the principal amount of the
Securities to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the
Securities to be redeemed that would be due if the Securities to be redeemed matured on the Par Call Date (exclusive of interest accrued
to the date of redemption) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate plus 25 basis points, plus, in each case, accrued interest thereon to, but not including, the Redemption
Date. If the Securities of this series are redeemed on or after May 15, 2031, the Securities may be redeemed at a Redemption Price equal
to 100% of the principal amount of the Securities to be redeemed, plus accrued interest thereon to, but not including, the Redemption
Date.

 

    A-4

     

    

 

In the event of redemption of the Securities of
this series in part only, the Securities Administrator will select the Securities to be redeemed by a method determined by the Securities
Administrator to be fair and appropriate and in accordance with the procedures of the Depositary.

 

In the case of any redemption of Securities of
this series, interest installments whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such
Securities, or one or more Predecessor Securities, of record at the close of business on the relevant record dates according to their
terms and the provisions of Section 307 of the Original Indenture. Securities of this series (or portions thereof) for whose redemption
payment is made or duly provided for in accordance with the Indenture shall cease to bear interest from and after the Redemption Date.

 

In the event of redemption of this Security in
part only, a new Security or Securities of this series for the unredeemed portion hereof shall be issued in the name of the Holder hereof
upon the cancellation hereof.

 

Upon the occurrence of a Change of Control Repurchase
Event, unless all Securities have been called for redemption by the Company as described above, the Company shall be required to make
an offer to each Holder of Securities to repurchase all or any part (in denominations of US$2,000 and integral multiples of US$1,000 in
excess thereof) of such Holder’s Securities at a repurchase price in cash equal to 101% of the aggregate principal amount of the
Securities repurchased plus any accrued and unpaid interest on the Securities repurchased to, but not including, the date of repurchase,
as provided in, and subject to the terms of, the Indenture.

 

If an Event of Default shall occur and be continuing,
the principal of all the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.

 

The Securities do not have the benefit of sinking
fund obligations.

 

The Indenture contains provisions for defeasance
at any time of (i) the entire indebtedness of the Company on this Security and (ii) certain restrictive covenants and the related Defaults
and Events of Default applicable to the Securities of this series, upon compliance by the Company, with certain conditions set forth therein,
which provisions apply to this Security.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders
under the Indenture at any time by the Company, the Trustee and the Securities Administrator with the consent of the Holders of a majority
in aggregate principal amount of the debt securities of all series at the time Outstanding affected by such amendment or modification.
The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the debt securities
of all series at the time Outstanding, on behalf of the Holders of all the debt securities of all series affected thereby, to waive compliance
by the Company with certain provisions of the Indenture and also contains provisions permitting the Holders of a majority in aggregate
principal amount of the debt securities of all series with respect to which a Default shall have occurred and shall be continuing, on
behalf of the Holders of all debt securities of all series affected thereby, to waive certain past defaults under the Indenture and their
consequences. Any such consent or waiver by or on behalf of the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof whether or not notation of such consent or waiver is made upon this Security.

 

No reference herein to the Indenture and no provision
of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of (and premium, if any, on) and interest on this Security at the times, place, and rate, and in the coin or currency, herein
prescribed.

 

As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable on the Security Register of the Company, upon surrender of
this Security for registration of transfer at the office or agency of the Company maintained for such purpose in the Borough of Manhattan,
The City of New York duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities
of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or
transferees.

 

The Securities of this series are issuable only
in registered form without coupons in denominations of US$2,000 and any integral multiples of US$1,000 in excess thereof. As provided
in the Indenture and subject to certain limitations therein set forth, the Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series of a different authorized denomination, as requested by the Holder surrendering the same.

 

    A-5

     

    

 

No service charge shall be made for any registration
of transfer or exchange of Securities of this series, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.

 

Prior to the time of due presentment of this Security
for registration of transfer, the Company, the Trustee, the Securities Administrator and any agent of the Company, the Trustee or the
Securities Administrator may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether
or not this Security is overdue, and neither the Company, the Trustee, the Securities Administrator nor any agent shall be affected by
notice to the contrary.

 

If at any time, (i) the Depositary for the Securities
of this series notifies the Company that it is unwilling or unable or no longer qualified to continue as Depositary for the Securities
of this series or if at any time the Depositary for the Securities of this series shall no longer be a clearing agency registered or in
good standing under the Securities Exchange Act of 1934, as amended and a successor Depositary is not appointed by the Company within
90 days after the Company receives such notice or becomes aware of such condition, as the case may be, (ii) the Company determines that
the Securities of this series shall no longer be represented by a global Security or Securities or (iii) any Event of Default shall have
occurred and be continuing with respect to the Securities of this series, then in such event the Company will execute and the Securities
Administrator will authenticate and deliver Securities of this series in definitive registered form, in authorized denominations, and
in an aggregate principal amount equal to the principal amount of this Security in exchange for this Security. Such Securities of this
series in definitive registered form shall be registered in such names and issued in such authorized denominations as the Depositary,
pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee and the Securities Administrator.
The Securities Administrator shall deliver such Securities of this series to the Persons in whose names such Securities of this series
are so registered.

 

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

 

All references herein to “U.S. dollars”
or “US$” means a dollar or other equivalent unit in such coin or currency of the United States of America as at the time should
be legal tender for the payment of public and private debts, and all terms used in this Security which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

 

    A-6Exhibit 4.4

 

Execution Version

 

REGISTRATION RIGHTS AGREEMENT

 

dated as of August 6, 2021

 

between

 

Yamana
Gold Inc.

 

the Guarantors
specified herein

 

and

 

BOFA SECURITIES, INC.

 

CITIGROUP GLOBAL MARKETS INC.

 

as Representatives of the several Initial Purchasers

 

    

     

    

 

This Registration Rights Agreement (this “Agreement”)
is made and entered into as of August 6, 2021, between Yamana Gold Inc., a corporation amalgamated under the laws of Canada (the “Company”),
and the subsidiaries of the Company that are initially Guarantors (as defined below), on the one hand, and BofA Securities, Inc. and Citigroup
Global Markets Inc., as representatives of the several Initial Purchasers (collectively, the “Initial Purchasers”)
named in Schedule 1 to the Purchase Agreement (as defined below), on the other hand. Pursuant to the Purchase Agreement, the Initial
Purchasers have agreed to purchase, severally and not jointly, the Company’s 2.630% Senior Notes due 2031 (the “Notes”).
The Notes are fully and unconditionally guaranteed by the Guarantors (the “Guarantees”). The Notes and the Guarantees
are herein collectively referred to as the “Securities.”

 

This Agreement is made pursuant to the Purchase
Agreement, dated August 4, 2021 (the “Purchase Agreement”), among the Company, the initial Guarantors and the Initial
Purchasers (i) for the benefit of the Initial Purchasers and (ii) for the benefit of the holders from time to time of Transfer
Restricted Securities (as defined herein), including the Initial Purchasers. In order to induce the Initial Purchasers to purchase the
Notes, the Company and the Guarantors have agreed to provide the registration rights set forth in this Agreement. The execution and delivery
of this Agreement is a condition to the obligations of the Initial Purchasers set forth in the Purchase Agreement.

 

The parties hereby agree as follows:

 

1.                 
Certain Definitions. For purposes of this Agreement, the following terms shall have the following respective meanings:

 

“Additional Interest” shall have
the meaning assigned thereto in Section 2(c) hereof.

 

“Base Interest”
shall mean the interest that would otherwise accrue on the Notes under the terms thereof and the Indenture, without giving effect to the
provisions of this Agreement.

 

The term “broker-dealer” shall
mean any broker or dealer registered with the Commission under the Exchange Act.

 

“Closing Date” shall mean the
date on which the Securities are initially issued.

 

“Commission” shall mean the United
States Securities and Exchange Commission, or any other federal agency at the time administering the Exchange Act or the Securities Act,
whichever is the relevant statute for the particular purpose.

 

“Effective Time”, in the case
of (i) an Exchange Registration, shall mean the time and date as of which the Commission declares the Exchange Registration Statement
effective or as of which the Exchange Registration Statement otherwise becomes effective and (ii) a Shelf Registration, shall mean
the time and date as of which the Commission declares the Shelf Registration Statement effective or as of which the Shelf Registration
Statement otherwise becomes effective.

 

    

     

    

 

“Electing Holder” shall mean any
holder of Transfer Restricted Securities that has returned a completed and signed Notice and Questionnaire to the Company (or its counsel)
in accordance with Section 3(b)(ii) or 3(b)(iii) hereof.

 

“Exchange Act” shall mean the
United States Securities Exchange Act of 1934, as amended.

 

“Exchange Offer” shall have the
meaning assigned thereto in Section 2(a) hereof.

 

“Exchange Registration” shall
have the meaning assigned thereto in Section 3(a) hereof.

 

“Exchange Registration Statement”
shall have the meaning assigned thereto in Section 2(a) hereof.

 

“Exchange Securities” shall have
the meaning assigned thereto in Section 2(a) hereof.

 

“Guarantors” means the Guarantors
named in Schedule 2 of the Purchase Agreement, and any other subsidiary of the Company that hereafter becomes a Guarantor under the
Indenture, that in each case remains a Guarantor under the Indenture as of any relevant time.

 

The term “holder” shall mean the
Initial Purchasers and other persons who acquire Transfer Restricted Securities from time to time (including any successors or assigns),
in each case for so long as such person owns any Transfer Restricted Securities; provided that for purposes of any obligation of the Company
to give notice to any holders, “holder” shall mean the record owner of Transfer Restricted Securities.

 

“Indenture” shall mean the Indenture
dated as of June 30, 2014, among the Company, Wilmington Trust, National Association, as Trustee (the “Trustee”) and
Citibank, N.A., as paying agent, registrar and authenticating agent (the “Securities Administrator”), as amended and
supplemented by the Seventh Supplemental Indenture thereto, among the Company, the Guarantors, the Trustee and the Securities Administrator,
as the same shall be amended or supplemented from time to time.

 

“Initial Purchasers” shall have
the meaning ascribed to such term in the first paragraph of this Agreement.

 

“MJDS” means the U.S./Canada Multijurisdictional
Disclosure System adopted by the Commission and Canadian securities regulators.

 

“Notice and Questionnaire” means
a Notice of Registration Statement and Selling Securityholder Questionnaire substantially in the form of Exhibit A hereto.

 

“Ontario Securities Laws” shall
mean the Securities Act (Ontario) and the rules, regulations and national, multijurisdictional and local instruments and published
policy statements applicable in the province of Ontario.

 

    2

     

    

 

“OSC” means the Ontario Securities
Commission.

 

The term “person” shall mean a
corporation, association, partnership, organization, business, individual, government or political subdivision thereof or governmental
agency.

 

“Registration Default” shall have
the meaning assigned thereto in Section 2(c) hereof.

 

“Registration Expenses” shall
have the meaning assigned thereto in Section 4 hereof.

 

“Resale Period” shall have the
meaning assigned thereto in Section 2(a) hereof.

 

“Restricted Holder” shall mean
(i) a holder that is an affiliate of the Company or any Guarantor within the meaning of Rule 405, (ii) a holder who acquires
Exchange Securities outside the ordinary course of such holder’s business, (iii) a holder who has arrangements or understandings
with any person to participate in the Exchange Offer for the purpose of distributing Exchange Securities, and (iv) a holder that
is a broker-dealer, but only with respect to Exchange Securities received by such broker-dealer pursuant to an Exchange Offer in exchange
for Transfer Restricted Securities acquired by the broker-dealer directly from the Company or any Guarantor, as applicable.

 

“Rule 144”, “Rule 405”
and “Rule 415” shall mean, in each case, such rule promulgated under the Securities Act (or any successor provision),
as the same shall be amended from time to time.

 

“Securities Act” shall mean the
United States Securities Act of 1933, as amended.

 

“Shelf Registration” shall have
the meaning assigned thereto in Section 2(b) hereof.

 

“Shelf Registration Statement”
shall have the meaning assigned thereto in Section 2(b) hereof.

 

“Transfer Restricted Securities”
shall mean each Security until:

 

(1)              
the date on which such Security has been exchanged by a person other than a broker-dealer for an Exchange Security in the Exchange
Offer;

 

(2)              
following the exchange by a broker-dealer in the Exchange Offer of a Security for an Exchange Security, the date on which such
Exchange Security is sold to a purchaser who receives from such broker-dealer on or prior to the date of such sale a copy of the prospectus
contained in the Exchange Registration Statement;

 

(3)              
the date on which such Security has been effectively registered under the Securities Act and disposed of in accordance with the
Shelf Registration Statement; or

 

    3

     

    

 

(4)              
 such Security shall cease to be outstanding.

 

“Trust Indenture Act” shall mean
the Trust Indenture Act of 1939, or any successor thereto, and the rules, regulations and forms promulgated thereunder, all as the same
shall be amended from time to time.

 

Unless the context otherwise requires, any reference
herein to a “Section” or “clause” refers to a Section or clause, as the case may be, of this Agreement, and
the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement
as a whole and not to any particular Section or other subdivision.

 

2.                 
Registration Under the Securities Act.

 

(a)               Except
as set forth in Section 2(b) below, the Company and the Guarantors agree, on or prior to 240 days after the Closing Date, to
file under the Securities Act a registration statement on an appropriate form relating to an offer to exchange (such registration
statement, the “Exchange Registration Statement”, and such offer, the “Exchange Offer”) any
and all of the Notes for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors
which debt securities and guarantees are substantially identical to the Notes and the Guarantees (and are entitled to the benefits
of a trust indenture which is substantially identical to the Indenture or is the Indenture and which has been qualified under the
Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act
and do not contain provisions for the additional interest contemplated in Section 2(c) below (such new debt securities,
together with such guarantees, hereinafter called “Exchange Securities”). The Exchange Securities will be issued
as evidence of the same continuing indebtedness of the Company and will not constitute the creation of new indebtedness. The Company
and the Guarantors agree to use their respective commercially reasonable efforts to cause the Exchange Registration Statement to
become effective under the Securities Act on or prior to 420 days after the Closing Date. The Company and the Guarantors further
agree to use their commercially reasonable efforts to commence and complete the Exchange Offer on or prior to 45 business days after
such registration statement has become effective, hold the Exchange Offer open for not less than 20 business days and exchange
Exchange Securities for all Transfer Restricted Securities that have been properly tendered and not withdrawn on or prior to the
expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only if the Exchange
Securities received by holders other than Restricted Holders in the Exchange Offer for Transfer Restricted Securities are, upon
receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material
restrictions under blue sky or securities laws of a substantial majority of the States of the United States. The Exchange Offer
shall be deemed to have been completed upon the earlier to occur of (i) the Company having exchanged the Exchange Securities
for all outstanding Transfer Restricted Securities pursuant to the Exchange Offer and (ii) the Company having exchanged,
pursuant to the Exchange Offer, Exchange Securities for all Transfer Restricted Securities that have been properly tendered and not
withdrawn before the expiration of the Exchange Offer, which shall be on a date that is not less than 20 business days following the
commencement of the Exchange Offer. The Company and the Guarantors agree (x) to include in the Exchange Registration Statement
a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer that has acquired such Transfer
Restricted Securities for its own account as a result of market-making activities or other trading activities and not directly from
the Company or any Guarantor, and (y) to use commercially reasonable efforts to keep such Exchange Registration Statement
effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange
Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as
such broker-dealers no longer own any Transfer Restricted Securities, other than Transfer Restricted Securities acquired from the
Company. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification
and contribution set forth in Sections 5(a), (c), (d) and (e) hereof.

 

(b)              
If (i) on or prior to the time the Exchange Offer is completed, existing Commission interpretations are changed such that
the debt securities received by holders other than Restricted Holders in the Exchange Offer for Transfer Restricted Securities are not
or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer
has not been completed within the applicable time period set forth in section 2(a) hereof or (iii) the Exchange Offer is not available
to any holder of the Securities in the United States (other than Restricted Holders), the Company and the Guarantors shall, in lieu of
(or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), use their commercially
reasonable efforts to file with the Commission, a “shelf” registration statement on an appropriate form providing for the
registration of, and the sale on a continuous or delayed basis by the holders of, all of the Transfer Restricted Securities, pursuant
to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such
registration statement, the “Shelf Registration Statement”). The Company and the Guarantors agree to use their commercially
reasonable efforts (x) to cause the Shelf Registration Statement to become or be declared effective on or prior to 420 days after
the Closing Date and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the first
anniversary of the Effective Time or such time as there are no longer any Transfer Restricted Securities outstanding, provided,
however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use
the prospectus forming a part thereof for resales of Transfer Restricted Securities unless such holder is an Electing Holder, and (y) after
the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Transfer Restricted Securities that
is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof
for resales of Transfer Restricted Securities, including, without limitation, any action necessary to identify such holder as a selling
securityholder in the Shelf Registration Statement, provided, however, that nothing in this clause (y) shall relieve
any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company and the Guarantors in accordance
with Section 3(b)(iii) hereof. The Company and the Guarantors further agree to supplement or make amendments to the Shelf Registration
Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company and
the Guarantors for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration,
and the Company and the Guarantors agree to furnish to each Electing Holder copies of any such supplement or amendment prior to its being
used or promptly following its filing with the Commission.

 

    4

     

    

 

(c)              
 In the event that (i) the Exchange Offer Registration Statement has not been filed with the Commission on or prior to the
date that such registration statement is required to be filed pursuant to Section 2(a), or (ii) the Exchange Registration Statement
or Shelf Registration Statement has not become effective or been declared effective by the Commission on or prior to the date that such
registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the
Exchange Offer has not been completed within 45 business days after the initial effective date of the Exchange Registration Statement
relating to the Exchange Offer (if the Exchange Offer is then required to be made), or (iv) any Exchange Registration Statement or
Shelf Registration Statement required by Section 2(a) or 2(b) hereof is filed and declared effective but thereafter ceases to be
effective or usable in connection with resales of Transfer Restricted Securities during the time periods specified herein, or (v) the
Company and the Guarantors require holders to refrain from disposing of their Securities or Exchange Securities under the circumstances
described in Section 3(g) and that suspension period exceeds 45 days in one instance or 90 days in the aggregate during any consecutive
12-month period (each such event referred to in clauses (i) through (v), a “Registration Default” and each period
during which a Registration Default has occurred and is continuing, a “Registration Default Period”), then, as the
sole remedy for such Registration Default, additional interest (“Additional Interest”), in addition to the Base Interest,
shall accrue on the Notes that are Transfer Restricted Securities at a per annum rate of 0.25% with respect to the first 90-day period
immediately following the occurrence of the first Registration Default. The amount of the Additional Interest will increase by an additional
per annum rate of 0.25% with respect to each subsequent 90 day Registration Default Period until all Registration Defaults have been cured,
up to a maximum per annum rate of 0.50% for all Registration Defaults. Following the cure of all Registration Defaults, the accrual of
Additional Interest will cease. The Company and the Guarantors shall pay all Additional Interest, if any, in the manner and on the dates
specified in the Indenture.

 

(d)              
The Company and the Guarantors shall use their commercially reasonable efforts to take all actions necessary or advisable to be
taken by them to ensure that the transactions contemplated herein are effected as so contemplated. Such actions may include amending and
supplementing the prospectus and amending the Exchange Registration Statement or Shelf Registration Statement if required by the rules,
regulations or instructions applicable to the registration form used by the Company and the Guarantors for such Exchange Registration
Statement or Shelf Registration Statement.

 

(e)              
Any reference herein to a registration statement as of any time shall be deemed to include any document incorporated, or deemed
to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement
as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

 

(f)                The
Company and the Guarantors will (i) cause any Exchange Registration Statement and Shelf Registration Statement and any
amendment thereto and any prospectus forming part thereof and any supplement thereto to comply in all material respects with the
Securities Act and the rules and regulations thereunder, (ii) cause any Exchange Registration Statement and Shelf Registration
Statement and any amendment thereto, when it becomes effective, not to contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading and (iii) any
prospectus forming part of any Exchange Registration Statement or Shelf Registration Statement, and any supplement to such
prospectus, not to include an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

    5

     

    

 

3.                 
Registration Procedures.

 

If the Company and the Guarantors file a registration
statement pursuant to Section 2(a) or Section 2(b), the following provisions shall apply:

 

(a)              
In connection with the obligations of the Company and the Guarantors with respect to the registration of Exchange Securities as
contemplated by Section 2(a) (the “Exchange Registration”), if applicable, the Company and the Guarantors shall,
as soon as practicable (or as otherwise specified):

 

(i)                
on or prior to 240 days after the Closing Date, prepare and file with the Commission an Exchange Registration Statement on an appropriate
form of registration statement that may be utilized by the Company and the Guarantors and which shall permit the Exchange Offer and resales
of Exchange Securities by broker-dealers that have not acquired Transfer Restricted Securities directly from the Company or any Guarantor
during the Resale Period to be effected as contemplated by Section 2(a), and use its commercially reasonable efforts to cause such
Exchange Registration Statement to become effective on or prior to 420 days after the Closing Date;

 

(ii)             
as soon as practicable prepare and file with the Commission such amendments and supplements to such Exchange Registration Statement
and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Exchange Registration Statement
for the periods and purposes contemplated in Section 2(a) hereof and as may be required by the applicable rules and regulations of
the Commission and the instructions applicable to the form of such Exchange Registration Statement, and promptly provide each broker-dealer
holding Exchange Securities not acquired directly from the Company and the Guarantors with such number of copies of the prospectus included
therein (as then amended or supplemented), in conformity in all material respects with the requirements of the Securities Act and the
rules and regulations of the Commission thereunder, as such broker-dealer reasonably may request prior to the expiration of the Resale
Period, for use in connection with resales of Exchange Securities;

 

(iii)            promptly
notify each broker-dealer that has requested or, to the knowledge of the Company and the Guarantors, received copies of the
prospectus included in such registration statement, and confirm such advice in writing, (A) in cases where a broker-dealer has
specifically requested such information, when such Exchange Registration Statement or the prospectus included therein or any
prospectus amendment or supplement or post-effective amendment has been filed, (B) with respect to such Exchange Registration
Statement or any post-effective amendment, when the same has become effective, (C) in cases where a broker-dealer has
specifically requested such information, any request by the Commission or the OSC for amendments or supplements to such Exchange
Registration Statement or prospectus or for additional information, (D) of the issuance by the Commission of any stop order
suspending the effectiveness of such Exchange Registration Statement or the initiation or threatening of any proceedings for that
purpose, (E) of the receipt by the Company or any Guarantor of any notification with respect to the suspension of the
qualification of the Exchange Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such
purpose, or (F) at any time during the Resale Period when a prospectus is required to be delivered under the Securities Act,
that such Exchange Registration Statement, prospectus, prospectus amendment or supplement or post-effective amendment does not
conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and
regulations of the Commission thereunder or any applicable Ontario Securities Laws or contains an untrue statement of a material
fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing;

 

(iv)            
in the event that the Company and the Guarantors would be required, pursuant to Section 3(a)(iii)(F) above, to notify any
broker-dealers holding Exchange Securities, without delay prepare and furnish to each such holder a reasonable number of copies of a prospectus
supplemented or amended so that, as thereafter delivered to purchasers of such Exchange Securities during the Resale Period, such prospectus
shall conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the rules
and regulations of the Commission thereunder and the Ontario Securities Laws, if applicable, and shall not contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading
in light of the circumstances then existing;

 

    6

     

    

 

(v)              
use their commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of such Exchange Registration
Statement or any post-effective amendment thereto at the earliest practicable date;

 

(vi)            
use their commercially reasonable efforts to (A) register or qualify (or obtain an exemption from such registration or qualification)
the Exchange Securities under the securities laws or blue sky laws of such jurisdictions in the United States as are contemplated by Section 2(a)
no later than the commencement of the Exchange Offer, (B) keep such registrations or qualifications (or the exemptions therefrom)
in effect and comply with such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions until
the expiration of the Resale Period and (C) take any and all other actions as may be reasonably necessary or advisable to enable
each broker-dealer holding Exchange Securities to consummate the disposition thereof in such jurisdictions; provided, however, that none
of the Company or any Guarantor shall be required for any such purpose to (1) qualify as a foreign corporation in any jurisdiction
wherein it would not otherwise be required to qualify but for the requirements of this Section 3(a)(vi), (2) consent to general
service of process in any such jurisdiction or (3) make any changes to its certificate of incorporation or by-laws or any agreement
between it and its shareholders;

 

(vii)          obtain
the consent or approval of each governmental agency or authority, whether federal, state, provincial or local, which may be required
to effect the Exchange Registration, the Exchange Offer and the offering and sale of Exchange Securities by broker-dealers during
the Resale Period;

 

(viii)       
provide CUSIP numbers for all Exchange Securities, not later than the applicable Effective Time; and

 

(ix)            
comply with all applicable rules and regulations of the Commission and make generally available to its securityholders as soon
as practicable but no later than eighteen months after the effective date of such Exchange Registration Statement, an earnings statement
of the Company and its subsidiaries complying with Section 11(a) of the Securities Act (including, at the option of the Company,
Rule 158 thereunder).

 

    7

     

    

 

(b)              
In connection with the obligations of the Company and the Guarantors with respect to the Shelf Registration, if applicable, the
Company and the Guarantors shall, as soon as practicable (or as otherwise specified):

 

(i)                
prepare and file with the Commission a Shelf Registration Statement on an appropriate form of registration statement which may
be utilized by the Company and the Guarantors and which shall register all of the Transfer Restricted Securities for resale by the holders
thereof in accordance with such method or methods of disposition as may be specified by such of the holders as, from time to time, may
be Electing Holders and use its commercially reasonable efforts to cause such Shelf Registration Statement to become effective on or prior
to 420 days after the Closing Date;

 

(ii)             
not less than 30 days prior to the Effective Time of the Shelf Registration Statement, mail the Notice and Questionnaire to the
holders of Transfer Restricted Securities; provided that no holder shall be entitled to be named as a selling securityholder in the Shelf
Registration Statement as of the Effective Time, and no holder shall be entitled to use the prospectus forming a part thereof for resales
of Transfer Restricted Securities at any time, unless such holder has returned a completed and signed Notice and Questionnaire to the
Company and the Guarantors (or their counsel) by the deadline for response set forth therein; and provided, further, that
holders of Transfer Restricted Securities shall have at least 30 days from the date on which the Notice and Questionnaire is first mailed
to such holders to return a completed and signed Notice and Questionnaire to the Company and the Guarantors (or their counsel);

 

(iii)           
after the Effective Time of the Shelf Registration Statement, upon the request of any holder of Transfer Restricted Securities
that is not then an Electing Holder, promptly send a Notice and Questionnaire to such holder; provided that the Company and the
Guarantors shall not be required to take any action to name such holder as a selling securityholder in the Shelf Registration Statement
or to enable such holder to use the prospectus forming a part thereof for resales of Transfer Restricted Securities until 30 days after
such holder has returned a completed and signed Notice and Questionnaire to the Company and the Guarantors (or their counsel);

 

(iv)             as
soon as practicable prepare and file with the Commission and, if applicable, the OSC such amendments and supplements to such Shelf
Registration Statement and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such
Shelf Registration Statement for the period specified in Section 2(b) hereof and as may be required by the applicable rules and
regulations of the Commission and the OSC and the instructions applicable to the form of such Shelf Registration Statement, and
furnish to the Electing Holders copies of any such supplement or amendment simultaneously with or prior to its being used or filed
with the Commission and the OSC;

 

    8

     

    

 

(v)              
comply with the provisions of the Securities Act and any applicable Ontario Securities Laws with respect to the disposition of
all of the Transfer Restricted Securities covered by such Shelf Registration Statement in accordance with the intended methods of disposition
by the Electing Holders provided for in such Shelf Registration Statement;

 

(vi)            
provide (A) any Electing Holders, (B) the underwriters (which term, for purposes of this Agreement, shall include a person
deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act), if any, thereof, (C) any sales or
placement agent therefor, (D) counsel for any such underwriter or agent and (E) not more than one counsel for all the Electing
Holders, the opportunity to review and provide comments in connection with the preparation of such Shelf Registration Statement, each
prospectus included therein or filed with the Commission or, if applicable, the OSC and each amendment or supplement thereto;

 

(vii)         
for a reasonable period prior to the filing of such Shelf Registration Statement, and throughout the period specified in Section 2(b),
make available during reasonable business hours at the Company’s principal place of business or such other reasonable place for
inspection by the persons referred to in Section 3(b)(vi) such financial and other information and books and records of the
Company and the Guarantors, and cause the officers, employees, counsel and independent chartered accountants of the Company and the Guarantors
to respond to such inquiries, as shall be reasonably necessary, in the judgment of the respective counsel referred to in such Section,
to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided, however, that
each such party shall be required to agree in writing to maintain in confidence and not to disclose to any other person any information
or records reasonably designated by the Company and the Guarantors as being confidential, until such time as (A) such information
becomes a matter of public record (whether by virtue of its inclusion in such Shelf Registration Statement or otherwise), or (B) such
person shall be required to disclose such information pursuant to a subpoena or order of any court or other governmental agency or body
having jurisdiction over the matter (subject to the requirements of such order, and only after such person shall have given the Company
and the Guarantors prompt prior written notice of such requirement);

 

(viii)        promptly
notify each of the Electing Holders, any sales or placement agent therefor and any underwriter thereof (which notification may be
made through any managing underwriter that is a representative of such underwriter for such purpose) and confirm such advice in
writing, (A) when such Shelf Registration Statement or the prospectus included therein or any prospectus amendment or
supplement or post-effective amendment has been filed with the Commission or the OSC, and, with respect to such Shelf Registration
Statement or any post-effective amendment, when the same has become effective, (B) in cases where an Electing Holder has
specifically requested such information in writing, of any comments by the Commission and by the blue sky or securities commissioner
or regulator of any state or province with respect thereto or any request by the Commission for amendments or supplements to such
Shelf Registration Statement or prospectus or for additional information, (C) of the issuance by the Commission of any stop
order suspending the effectiveness of such Shelf Registration Statement or the initiation or threatening of any proceedings for that
purpose, (D) if at any time the representations and warranties of the Company and the Guarantors contemplated by
Section 3(b)(xvii) cease to be true and correct in all material respects, (E) of the receipt by the Company and the
Guarantors of any notification with respect to the suspension of the qualification of the Transfer Restricted Securities for sale in
any jurisdiction or the initiation or threatening of any proceeding for such purpose, or (F) if at any time when a prospectus
is required to be delivered under the Securities Act or Ontario Securities Laws, that such Shelf Registration Statement, prospectus,
prospectus amendment or supplement or post-effective amendment does not conform in all material respects to the applicable
requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder or any
applicable Ontario Securities Laws or contains an untrue statement of a material fact or omits to state any material fact required
to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing;

 

    9

     

    

 

(ix)            
use its commercially reasonable efforts to obtain the withdrawal of (A) any order suspending the effectiveness of such Shelf
Registration Statement or any post-effective amendment thereto at the earliest practicable date or (B) the suspension of the qualification
of the Transfer Restricted Securities for sale in any jurisdiction;

 

(x)              
if requested by any managing underwriter or underwriters, any placement or sales agent or any Electing Holder, promptly incorporate
in a prospectus supplement or post-effective amendment such information as is required by the applicable rules and regulations of the
Commission or, if applicable, the OSC and as such managing underwriter or underwriters, such agent or such Electing Holder specifies should
be included therein relating to the terms of the sale of such Transfer Restricted Securities, including information with respect to the
principal amount of Transfer Restricted Securities being sold by such Electing Holder or agent or to any underwriters, the name and description
of such Electing Holder, agent or underwriter, the offering price of such Transfer Restricted Securities and any discount, commission
or other compensation payable in respect thereof, the purchase price being paid therefor by such underwriters and with respect to any
other terms of the offering of the Transfer Restricted Securities to be sold by such Electing Holder or agent or to such underwriters;
and make all required filings of such prospectus supplement or post-effective amendment promptly after notification of the matters to
be incorporated in such prospectus supplement or post-effective amendment;

 

(xi)             furnish
to each Electing Holder, each placement or sales agent, if any, therefor, each underwriter, if any, thereof and the respective
counsel referred to in Section 3(b)(vi) an executed copy (or, in the case of an Electing Holder, a conformed copy) of such
Shelf Registration Statement, each such amendment and supplement thereto (in each case including all exhibits thereto (in the case
of an Electing Holder of Transfer Restricted Securities, upon request) and documents incorporated by reference therein) and such
number of copies of such Shelf Registration Statement (excluding exhibits thereto and documents incorporated by reference therein
unless specifically so requested by such Electing Holder, agent or underwriter, as the case may be) and of the prospectus included
in such Shelf Registration Statement (including each preliminary prospectus and any summary prospectus), in conformity in all
material respects with the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations
of the Commission thereunder and any applicable Ontario Securities Laws, and such other documents, as such Electing Holder, agent,
if any, and underwriter, if any, may reasonably request in order to facilitate the offering and disposition of the Transfer
Restricted Securities owned by such Electing Holder, offered or sold by such agent or underwritten by such underwriter and to permit
such Electing Holder, agent and underwriter to satisfy the prospectus delivery requirements of the Securities Act and any applicable
Ontario Securities Laws; and the Company and the Guarantors hereby consent to the use of such prospectus (including such preliminary
and summary prospectus) and any amendment or supplement thereto by each such Electing Holder and by any such agent and underwriter,
in each case in the form most recently provided to such person by the Company and the Guarantors, in connection with the offering
and sale of the Transfer Restricted Securities covered by the prospectus (including such preliminary and summary prospectus) or any
supplement or amendment thereto;

 

    10

     

    

 

(xii)         
use their commercially reasonable efforts to (A) register or qualify (or obtain an exemption from such registration or qualification)
the Transfer Restricted Securities to be included in such Shelf Registration Statement under such securities laws or blue sky laws of
such jurisdictions in the United States as any Electing Holder and each placement or sales agent, if any, therefor and underwriter, if
any, thereof shall reasonably request and ensure that any Transfer Restricted Securities can be offered in a private placement in any
provinces of Canada in which any Electing Holders are resident, (B) keep such registrations or qualifications (or the exemptions
therefrom) in effect and comply with such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions
during the period the Shelf Registration is required to remain effective under Section 2(b) above and for so long as may be necessary
to enable any such Electing Holder, agent or underwriter to complete its distribution of Securities pursuant to such Shelf Registration
Statement and (C) take any and all other actions as may be reasonably necessary or advisable to enable each such Electing Holder,
agent, if any, and underwriter, if any, to consummate the disposition in such jurisdictions of such Transfer Restricted Securities; provided,
however, that none of the Company or any Guarantor shall be required for any such purpose to (1) qualify as a foreign corporation
in any jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this Section 3(b)(xii), (2) consent
to general service of process in any such jurisdiction, or (3) make any changes to its constating documents or by-laws or any agreement
between it and its shareholders;

 

(xiii)       
use their commercially reasonable efforts to obtain the consent or approval of each governmental agency or authority, whether federal
or state, which may be required to effect the Shelf Registration or the offering or sale in connection therewith or to enable the selling
holder or holders to offer, or to consummate the disposition of, their Transfer Restricted Securities in the United States;

 

(xiv)         unless
any Transfer Restricted Securities shall be in book-entry only form, cooperate with the Electing Holders and the managing
underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Transfer Restricted Securities
to be sold, which certificates, if so required by any securities exchange upon which any Transfer Restricted Securities are listed,
shall be penned, lithographed or engraved, or produced by any combination of such methods, on steel engraved borders, and which
certificates shall not bear any restrictive legends (except as may be required by Canadian provincial securities laws with respect
to Transfer Restricted Securities held by Electing Holders resident in any Canadian province); and, in the case of an underwritten
offering, enable such Transfer Restricted Securities to be in such denominations and registered in such names as the managing
underwriters may request at least two business days prior to any sale of the Transfer Restricted Securities;

 

(xv)          
provide CUSIP numbers for all Transfer Restricted Securities, not later than the applicable Effective Time;

 

(xvi)        
enter into one or more underwriting agreements, engagement letters, agency agreements, “best efforts” underwriting
agreements or similar agreements, as appropriate, including customary provisions relating to indemnification and contribution, and take
such other actions in connection therewith as any Electing Holders aggregating at least a majority in aggregate principal amount of the
Transfer Restricted Securities at the time outstanding shall reasonably request in order to expedite or facilitate the disposition of
such Transfer Restricted Securities in the United States; provided that the Company and the Guarantors shall not be required to enter
into any such agreement more than twice with respect to all of the Transfer Restricted Securities and may delay entering into any such
agreement until the consummation of any underwritten public offering in which the Company and the Guarantors shall be engaged provided
that such delay is reasonable;

 

    11

     

    

 

(xvii)      whether
or not an agreement of the type referred to in Section 3(b)(xvi) hereof is entered into and whether or not any portion of
the offering contemplated by the Shelf Registration is an underwritten offering or is made through a placement or sales agent or any
other entity, (A) make such representations and warranties to the Electing Holders and the placement or sales agent, if any,
therefor and the underwriters, if any, thereof in form, substance and scope as are customarily made in connection with an offering
of debt securities pursuant to any appropriate agreement or to a registration statement filed on the form applicable to the Shelf
Registration; (B) use commercially reasonable efforts to obtain opinions of counsel to the Company and the Guarantors in
customary form and covering such matters, of the type customarily covered by such an opinion as the managing underwriters, if any,
or as any Electing Holders of at least a majority in aggregate principal amount of the Transfer Restricted Securities at the time
outstanding may reasonably request, addressed to such Electing Holder or Electing Holders and the placement or sales agent, if any,
therefor and the underwriters, if any, thereof and dated the effective date of such Shelf Registration Statement (and if such Shelf
Registration Statement contemplates an underwritten offering of a part or all of the Transfer Restricted Securities, dated the date
of the closing under the underwriting agreement relating thereto); (C) use commercially reasonable efforts to obtain a
 “cold comfort” letter or letters from the independent chartered accountants of the Company (and the independent
chartered accountants of any other entity, to the extent that financial statements of such other entity (or pro forma financial
statements which include financial information relating to such other entity) are included or incorporated by reference in the Shelf
Registration Statement) addressed to the selling Electing Holders, the placement or sales agent, if any, therefor or the
underwriters, if any, thereof, dated (i) the effective date of such Shelf Registration Statement and (ii) the effective
date of any prospectus supplement to the prospectus included in such Shelf Registration Statement or post-effective amendment to
such Shelf Registration Statement which includes unaudited or audited financial statements as of a date or for a period subsequent
to that of the latest such statements included in such prospectus (and, if such Shelf Registration Statement contemplates an
underwritten offering pursuant to any prospectus supplement to the prospectus included in such Shelf Registration Statement or
post-effective amendment to such Shelf Registration Statement which includes unaudited or audited financial statements as of a date
or for a period subsequent to that of the latest such statements included in such prospectus, dated the date of the closing under
the underwriting agreement relating thereto), such letter or letters to be in customary form and covering such matters of the type
customarily covered by letters of such type; (D) deliver such documents and certificates, including officers’
certificates, as may be reasonably requested by any Electing Holders of at least a majority in aggregate principal amount of the
Transfer Restricted Securities at the time outstanding or the placement or sales agent, if any, therefor and the managing
underwriters, if any, thereof to evidence the accuracy of the representations and warranties made pursuant to clause (A) above
and the compliance with or satisfaction of any agreements or conditions contained in the underwriting agreement or other agreement
entered into by the Company and the Guarantors; and (E) undertake such obligations relating to expense reimbursement,
indemnification and contribution as are provided in Section 5 hereof;

 

(xviii)   
notify in writing each holder of Transfer Restricted Securities of any proposal by the Company and the Guarantors to amend or waive
any provision of this Agreement pursuant to Section 7(g) hereof and of any amendment or waiver effected pursuant thereto, each of
which notices shall contain the text of the amendment or waiver proposed or effected, as the case may be;

 

(xix)        
in the event that any broker-dealer registered under the Exchange Act shall underwrite any Transfer Restricted Securities or participate
as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the Conduct
Rules (the “Conduct Rules”) of the Financial Industry Regulatory Authority, Inc. (“FINRA”) or any
successor thereto, as amended from time to time) thereof, whether as a holder of such Transfer Restricted Securities or as an underwriter,
a placement or sales agent or a broker or dealer in respect thereof, or otherwise, assist such broker-dealer in complying with the requirements
of such Conduct Rules, including by (A) if such Conduct Rules shall so require, engaging a “qualified independent underwriter”
(as defined in such Conduct Rules) to participate in the preparation of the Shelf Registration Statement relating to such Transfer Restricted
Securities and to exercise usual standards of due diligence in respect thereto, (B) indemnifying any such qualified independent underwriter
to the extent of the indemnification of underwriters provided in Section 5 hereof (or to such other customary extent as may be requested
by such underwriter), and (C) providing such information to such broker-dealer as may be required in order for such broker-dealer
to comply with the requirements of the Conduct Rules; and

 

(xx)          
comply with all applicable rules and regulations of the Commission, and make generally available to its securityholders as soon
as practicable but in any event not later than eighteen months after the effective date of such Shelf Registration Statement, an earnings
statement of the Company and its subsidiaries complying with Section 11(a) of the Securities Act (including, at the option of the
Company, Rule 158 thereunder).

 

    12

     

    

 

(c)              
 In the event that the Company and the Guarantors would be required, pursuant to Section 3(a)(iii)(F) or Section 3(b)(viii)(F)
above, to notify, as applicable, each broker-dealer, the Electing Holders, the placement or sales agent, if any, therefor and the managing
underwriters, if any, thereof, the Company and the Guarantors shall without delay prepare and furnish to each of the Electing Holders,
to each placement or sales agent, if any, and to each such underwriter, if any, a reasonable number of copies of a prospectus supplemented
or amended so that, as thereafter delivered to purchasers of Transfer Restricted Securities, such prospectus shall conform in all material
respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission
thereunder and any applicable Ontario Securities Laws and shall not contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then
existing. Each Electing Holder agrees that upon receipt of any notice from the Company and the Guarantors pursuant to Section 3(a)(iii)(F)
or Section 3(b)(viii)(F) hereof, such broker-dealer, Electing Holder, underwriter or placement or sales agent shall forthwith discontinue
the disposition of Transfer Restricted Securities pursuant to the Exchange Registration Statement or the Shelf Registration Statement
applicable to such Transfer Restricted Securities until such broker-dealer, Electing Holder, underwriter or placement or sales agent shall
have received copies of such amended or supplemented prospectus and if so directed by the Company, such broker-dealer, Electing Holder,
underwriter or placement or sales agent shall destroy or deliver to the Company and the Guarantors (at the Company’s expense) all
copies, other than permanent file copies, then in such Electing Holder’s possession of the prospectus covering such Transfer Restricted
Securities at the time of receipt of such notice.

 

(d)              
In the event of a Shelf Registration, in addition to the information required to be provided by each Electing Holder in its Notice
Questionnaire, the Company and the Guarantors may require such Electing Holder to furnish to the Company and the Guarantors such additional
information regarding such Electing Holder and such Electing Holder’s intended method of distribution of Transfer Restricted Securities
as may be required in the reasonable judgment of counsel for the Company and the Guarantors in order to comply with the Securities Act.
Each such Electing Holder agrees to notify the Company and the Guarantors as promptly as practicable of any inaccuracy or change in information
previously furnished by such Electing Holder to the Company and the Guarantors or of the occurrence of any event in either case as a result
of which any prospectus relating to such Shelf Registration contains or would contain an untrue statement of a material fact regarding
such Electing Holder or such Electing Holder’s intended method of disposition of such Transfer Restricted Securities or omits or
would omit to state any material fact regarding such Electing Holder or such Electing Holder’s intended method of disposition of
such Transfer Restricted Securities required to be stated therein or necessary to make the statements therein not misleading in light
of the circumstances then existing, and promptly to furnish to the Company and the Guarantors any additional information required to correct
and update any previously furnished information or required so that such prospectus shall not contain, with respect to such Electing Holder
or the disposition of such Transfer Restricted Securities, an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing.

 

    13

     

    

 

(e)              
 As a condition to its participation in the Exchange Offer pursuant to the terms of this Agreement, each holder of Transfer Restricted
Securities shall furnish, upon the request of the Company and the Guarantors, prior to the completion of the Exchange Offer, a written
representation to the Company and the Guarantors to the effect that (A) it is not an affiliate of the Company or the Guarantors,
(B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any person to participate
in, a distribution of the Exchange Securities to be issued in the Exchange Offer and (C) it is acquiring the Exchange Securities
in its ordinary course of business, and such holder shall make such other written representations as the Company and the Guarantors may
reasonably request in order to comply with applicable Ontario Securities Laws. As a condition to its participation in the Exchange Offer
pursuant to the terms of this Agreement, each holder shall acknowledge and agree that any broker-dealer and any such holder using the
Exchange Offer to participate in a distribution of the securities to be acquired in the Exchange Offer (1) could not under Commission
policy as in effect on the date of this Agreement rely on the position of the Commission enunciated in Morgan Stanley and Co., Inc. (available
June 5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s letter
to Shearman & Sterling dated July 2, 1993, and similar no-action letters and (2) must comply with the registration and prospectus
delivery requirements of the Securities Act in connection with a secondary resale transaction and that such a secondary resale transaction
must be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508,
as applicable, of Regulation S-K if the resales are of Exchange Securities obtained by such holder in exchange for Securities acquired
by such holder directly from the Company and the Guarantors.

 

(f)               
Until the expiration of one year after the Closing Date, the Company and the Guarantors will not, and will not permit any of their
 “affiliates” (as defined in Rule 144) to, resell any of the Securities that have been reacquired by any of them except pursuant
to an effective registration statement under the Securities Act.

 

(g)               By
its acquisition of Securities or Exchange Securities each Electing Holder and each broker-dealer agrees that, upon the Company and
the Guarantors providing notice to such Electing Holder or broker-dealer or the underwriter or placement or sales agent, as the case
may be, (x) of the happening of any event of the kind described in clauses (D), (E) or (F) of
Section 3(a)(iii) hereof or clauses (C), (E) or (F) of Section 3(b)(viii) hereof, or (y) that the
Board of Directors of the Company has resolved that the Company and the Guarantors have a bona fide business purpose for doing so,
then, upon providing such notice (which shall refer to this Section 3(g)), the Company and the Guarantors may delay the filing
or the effectiveness of the Exchange Registration Statement or the Shelf Registration Statement (if not then filed or effective, as
applicable) and shall not be required to maintain the effectiveness thereof or amend or supplement the Exchange Registration
Statement or the Shelf Registration Statement, in all cases, for a period (a “Delay Period”) expiring upon the
earlier to occur of (i) in the case of the immediately preceding clause (x), receipt by such broker-dealer, Electing Holder,
underwriter or placement or sales agent of the copies of the supplemented or amended prospectus contemplated by Section 3(c)
hereof or until it is advised in writing by the Company and the Guarantors pursuant to Section 3(c) hereof that the use of the
applicable prospectus may be resumed, and has received copies of any amendments or supplements thereto or (ii) in the case of
the immediately preceding clause (y), the date which is the earlier of (A) the date on which such business purpose ceases to
interfere with the obligations of the Company and the Guarantors to file or maintain the effectiveness of such Exchange Registration
Statement or the Shelf Registration Statement pursuant to this Agreement or (B) 45 days after the Company and the Guarantors
notify the Electing Holders of such good faith determination. The period of effectiveness of the Exchange Registration Statement
provided for in Section 2(a) above and the Shelf Registration Statement provided for in Section 2(b) shall each be
extended by a number of days equal to the number of days during any Delay Period. No Delay Period shall exceed 45 consecutive days,
and the aggregate number of days in all Delay Periods shall not exceed 90 during any 12-month period.

 

    14

     

    

 

4.            Registration Expenses.

 

The Company and the Guarantors agree to bear
and to pay or cause to be paid promptly all expenses incident to the performance of or compliance with this Agreement by the Company
and the Guarantors, including (a) any and all Commission, OSC and FINRA registration, filing and review fees and expenses
including reasonable fees and disbursements of counsel for the placement or sales agent or underwriters in connection with such
registration, filing and review, (b) all fees and expenses in connection with the qualification of the Securities for offering
and sale under the State securities and blue sky laws referred to in Section 3(b)(xii) hereof and determination of their
eligibility for investment under the laws of such jurisdictions as any managing underwriters or the Electing Holders may designate,
including any reasonable fees and disbursements of counsel for the Electing Holders or underwriters in connection with such
qualification and determination, (c) all expenses relating to the preparation, printing, production, distribution and
reproduction of each registration statement required to be filed hereunder, each prospectus included therein or prepared for
distribution pursuant hereto, each amendment or supplement to the foregoing, the expenses of preparing the Securities for delivery
and the expenses of printing or producing any underwriting agreements, agreements among underwriters, selling agreements and blue
sky or legal investment memoranda and all other documents in connection with the offering, sale or delivery of Securities to be
disposed of (including certificates representing the Securities), (d) messenger, telephone and delivery expenses relating to
the offering, sale or delivery of Securities and the preparation of documents referred to in clause (c) above, (e) fees
and expenses of the Trustee and the Securities Administrator under the Indenture, any agent of the Trustee and the Securities
Administrator and any counsel for the Trustee and the Securities Administrator and of any collateral agent, security trustee or
custodian, (f) internal expenses (including all salaries and expenses of the Company’s officers and employees performing
legal or accounting duties), (g) fees, disbursements and expenses of counsel of the Company and the Guarantors and independent
chartered accountants of the Company and any other applicable chartered accountants (including the expenses of any opinions or
 “cold comfort” letters required by or incident to such performance and compliance), (h) fees, disbursements and
expenses of any “qualified independent underwriter” engaged pursuant to Section 3(b)(xix) hereof,
(i) reasonable fees, disbursements and expenses of one counsel for the Electing Holders retained in connection with a Shelf
Registration, as selected by the Electing Holders of at least a majority in aggregate principal amount of the Transfer Restricted
Securities held by Electing Holders (which counsel shall be reasonably satisfactory to the Company and which counsel may also be
counsel for the Initial Purchasers), (j) any fees charged by securities rating services for rating the Securities, and (k) fees,
expenses and disbursements of any other persons, including special experts, retained by the Company and the Guarantors in connection
with such registration (collectively, the “Registration Expenses”). To the extent that any Registration Expenses
are incurred, assumed or paid by any holder of Transfer Restricted Securities or any placement or sales agent therefor or
underwriter thereof, the Company and the Guarantors shall reimburse such person for the full amount of the Registration Expenses so
incurred, assumed or paid promptly after receipt of a request therefor with supporting documentation evidencing the Registration
Expenses. Notwithstanding the foregoing, the holders of the Transfer Restricted Securities being registered shall pay all agency
fees and commissions and underwriting discounts and commissions attributable to the sale of such Transfer Restricted Securities and
the fees and disbursements of any counsel or other advisors or experts retained by such holders (severally or jointly), other than
the counsel and experts specifically referred to above.

 

    15

     

    

 

5.            Indemnification.

 

(a)              
Indemnification by the Company and the Guarantors. Each of the Company and the Guarantors, jointly and severally, will indemnify
and hold harmless each Initial Purchaser, its affiliates, as such term is defined in Rule 405 under the Securities Act and each person,
if any, who controls each Initial Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act, the holders of Transfer Restricted Securities included in an Exchange Registration Statement, each of the Electing Holders of Transfer
Restricted Securities included in a Shelf Registration Statement and each person who participates as underwriter in any offering or sale
of such Transfer Restricted Securities against any losses, claims, damages or liabilities, joint or several, to which such Initial Purchaser,
holder, underwriter may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon:

 

(i)                
any information or statement contained in any Exchange Registration Statement or Shelf Registration Statement, as the case may
be, furnished by the Company to any Initial Purchaser, any such holder, Electing Holder, underwriter, or any amendment or supplement thereto,
as the case may be, under which such Transfer Restricted Securities were registered under the Securities Act, which contains or is alleged
to contain an untrue statement of a material fact or omits or is alleged to omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading; or

 

(ii)              any
information or statement contained in any preliminary, final or summary prospectus, as the case may be, furnished by the Company to
any Initial Purchaser, any such holder, Electing Holder, underwriter, or any amendment or supplement thereto, as the case may be,
which at the time and in the light of the circumstances under which it was made contains or is alleged to contain an untrue
statement of a material fact or omits or is alleged to omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading, and will reimburse such Initial Purchaser, such holder, such Electing Holder, and such
underwriter for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such
action, loss, claim, damage or liability as such expenses are incurred; provided, however, that the Company and the
Guarantors shall not be liable to any such person in any such case to the extent that any such loss, claim, damage or liability
arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such
registration statement, or preliminary, final or summary prospectus, or amendment or supplement thereto, in reliance upon and in
conformity with written information furnished to the Company and the Guarantors by such person expressly for use therein.

 

    16

     

    

 

(b)              
Indemnification by the Holders and any Underwriters. The Company and the Guarantors may require, as a condition to including
any Transfer Restricted Securities in any registration statement filed pursuant to Section 2(b) hereof and to entering into any underwriting
agreement with respect thereto, that the Company and the Guarantors shall have received an undertaking reasonably satisfactory to them
from the Electing Holder of such Transfer Restricted Securities and from each underwriter named in any such underwriting agreement severally
and not jointly, to (i) indemnify and hold harmless the Company and the Guarantors and all other holders of Transfer Restricted Securities,
against any losses, claims, damages or liabilities to which the Company and the Guarantors or such other holders of Transfer Restricted
Securities may become subject, under the Securities Act, the Ontario Securities Laws or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material
fact contained in such registration statement, or any preliminary, final or summary prospectus contained therein or furnished by the Company
and the Guarantors to any such Electing Holder or underwriter, or any amendment or supplement thereto, or arise out of or are based upon
the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein
not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission
or alleged omission was made in reliance upon and in conformity with written information furnished to the Company and the Guarantors by
such Electing Holder or underwriter expressly for use therein, and (ii) reimburse the Company and the Guarantors for any legal or
other expenses reasonably incurred by the Company and the Guarantors in connection with investigating or defending any such action or
claim as such expenses are incurred; provided, however, that no such Electing Holder shall be required to undertake liability to any person
under this Section 5(b) for any amounts in excess of the dollar amount of the proceeds to be received by such Electing Holder from
the sale of such Electing Holder’s Transfer Restricted Securities pursuant to such registration.

 

(c)               Notices
of Claims, Etc. In case any proceeding (including any governmental investigation) shall be instituted involving any person in
respect of which indemnity may be sought pursuant to either Section 5(a) or 5(b) above, the indemnified party shall promptly
notify the indemnifying party in writing, but failure to so notify an indemnifying party shall not relieve such indemnifying party
from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it
from any liability which it may otherwise have otherwise than on account of this indemnity. The indemnifying party, upon request of
the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and
any others the indemnifying party may designate in such proceeding and shall pay the fees and disbursements of such counsel related
to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and
expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the
indemnified party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding
(including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties
by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that the
indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related
proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local
counsel) for all indemnified parties and that all such fees and expenses shall be reimbursed as they are incurred. The indemnifying
party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such
consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and
against any loss or liability by reason of such settlement or judgment. No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified
party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement
(i) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of
such proceeding and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on
behalf of an indemnified party.

 

    17

     

    

 

(d)               Contribution.
If for any reason the indemnification provisions contemplated by Section 5(a) or Section 5(b) are unavailable to or
insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses (or actions in
respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as
is appropriate to reflect the relative fault of the indemnifying party and the indemnified party in connection with the statements
or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other
relevant equitable considerations. The relative fault of such indemnifying party and indemnified party shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission
to state a material fact relates to information supplied by such indemnifying party or by such indemnified party, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
The parties hereto agree that it would not be just and equitable if contributions pursuant to this Section 5(d) were determined
by pro rata allocation (even if the holders or any underwriters or all of them were treated as one entity for such purpose) or by
any other method of allocation which does not take account of the equitable considerations referred to in this Section 5(d).
The amount paid or payable by an indemnified party as a result of the losses, claims, damages, or liabilities (or actions in respect
thereof) referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such indemnified
party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this
Section 5(d), no holder shall be required to contribute any amount in excess of the amount by which the dollar amount of the
proceeds received by such holder from the sale of any Transfer Restricted Securities (after deducting any fees, discounts and
commissions applicable thereto) exceeds the amount of any damages which such holder has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission, and no underwriter shall be required to contribute any
amount in excess of the amount by which the total price at which the Transfer Restricted Securities underwritten by it and
distributed to the public were offered to the public exceeds the amount of any damages which such underwriter has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. The holders’ and any underwriters’ obligations in this
Section 5(d) to contribute shall be several in proportion to the principal amount of Transfer Restricted Securities registered
or underwritten, as the case may be, by them and not joint.

 

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(e)              
The obligations of the Company and the Guarantors under this Section 5 shall be in addition to any liability which the Company
and the Guarantors may otherwise have and shall extend, upon the same terms and conditions, to each officer, director and partner of each
holder and underwriter and each person, if any, who controls any holder or underwriter within the meaning of the Securities Act; and the
obligations of the holders and any underwriters contemplated by this Section 5 shall be in addition to any liability which the respective
holder or underwriter may otherwise have and shall extend, upon the same terms and conditions, to each officer and director of the Company
and the Guarantors (including any person who, with his or her consent, is named in any registration statement as about to become a director
of the Company and the Guarantors) and to each person, if any, who controls the Company and the Guarantors within the meaning of the Securities
Act.

 

6.            Underwritten Offerings.

 

(a)              
Selection of Underwriters. If any of the Transfer Restricted Securities covered by the Shelf Registration are to be sold
pursuant to an underwritten offering, the managing underwriter or underwriters thereof shall be designated by Electing Holders holding
at least a majority in aggregate principal amount of the Transfer Restricted Securities to be included in such offering, provided that
such designated managing underwriter or underwriters is or are reasonably acceptable to the Company and the Guarantors.

 

(b)              
Participation by Holders. Each holder of Transfer Restricted Securities hereby agrees with each other such holder that no
such holder may participate in any underwritten offering hereunder unless such holder (i) agrees to sell such holder’s Transfer
Restricted Securities on the basis provided in any underwriting arrangements approved by the persons entitled hereunder to approve such
arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other
documents reasonably required under the terms of such underwriting arrangements.

 

7.            Miscellaneous.

 

(a)              
No Inconsistent Agreements. The Company and the Guarantors represent, warrant, covenant and agree that they have not granted,
and shall not grant, registration rights with respect to Transfer Restricted Securities or any other securities which would be inconsistent
with the terms contained in this Agreement.

 

(b)               Notices.
All notices, requests, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have
been duly given when delivered by hand, if delivered personally or by courier, or three days after being deposited in the mail
(registered or certified mail, postage prepaid, return receipt requested) as follows: if to the Company and the Guarantors, to
Yamana Gold Inc., 200 Bay Street, Suite 2200, Royal Bank Plaza, North Tower, Toronto, Ontario M5J 2J3, Canada, (fax : 416-815-0021);
Attention: General Counsel, and if to a holder, to the address of such holder set forth in the security register or other records of
the Company and the Guarantors, or to such other address as the Company and the Guarantors or any such holder may have furnished to
the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

 

    19

     

    

 

(c)              
Parties in Interest. All the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of
and shall be enforceable by the parties hereto and the holders from time to time of the Transfer Restricted Securities and the respective
successors and assigns of the parties hereto and such holders. In the event that any transferee of any holder of Transfer Restricted Securities
shall acquire Transfer Restricted Securities, in any manner, whether by gift, bequest, purchase, operation of law or otherwise, such transferee
shall, without any further writing or action of any kind, be deemed a beneficiary hereof for all purposes and such Transfer Restricted
Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such Transfer Restricted Securities
such transferee shall be entitled to receive the benefits of, and be conclusively deemed to have agreed to be bound by all of the applicable
terms and provisions of, this Agreement. If the Company and the Guarantors shall so request, any such successor, assign or transferee
shall agree in writing to acquire and hold the Transfer Restricted Securities subject to all of the applicable terms hereof.

 

(d)              
Survival. The respective indemnities, agreements, representations, warranties and each other provision set forth in this
Agreement or made pursuant hereto shall remain in full force and effect regardless of any investigation (or statement as to the results
thereof) made by or on behalf of any holder of Transfer Restricted Securities, any director, officer or partner of such holder, any underwriter
or any director, officer or partner thereof, or any controlling person of any of the foregoing, and shall survive delivery of and payment
for the Transfer Restricted Securities pursuant to the Purchase Agreement and the transfer and registration of Transfer Restricted Securities
by such holder and the consummation of an Exchange Offer.

 

(e)              
Governing Law. This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be
governed by and construed in accordance with the laws of the State of New York.

 

(f)               
Headings. The descriptive headings of the several Sections and paragraphs of this Agreement are inserted for convenience
only, do not constitute a part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement.

 

(g)               Entire
Agreement; Amendments. This Agreement and the other writings referred to herein (including the Indenture and the form of
Securities) or delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with respect to
its subject matter. This Agreement supersedes all prior agreements and understandings between the parties with respect to its
subject matter. This Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in
a particular instance and either retroactively or prospectively) only by a written instrument duly executed by the Company and the
Guarantors and the holders of at least a majority in aggregate principal amount of the Transfer Restricted Securities at the time
outstanding. Each holder of any Transfer Restricted Securities at the time or thereafter outstanding shall be bound by any amendment
or waiver effected pursuant to this Section 7(g), whether or not any notice, writing or marking indicating such amendment or
waiver appears on such Transfer Restricted Securities or is delivered to such holder.

 

    20

     

    

 

(h)              
Inspection. For so long as this Agreement shall be in effect, this Agreement and a complete list of the names and addresses
of all the holders of Transfer Restricted Securities shall be made available for inspection and copying on any business day by any holder
of Transfer Restricted Securities for proper purposes only (which shall include any purpose related to the rights of the holders of Transfer
Restricted Securities under the Securities, the Indenture and this Agreement) at the offices of the Company at the address thereof set
forth in Section 7(b) above and at the office of the Securities Administrator under the Indenture.

 

(i)                
Counterparts. This Agreement may be executed by the parties in counterparts, each of which shall be deemed to be an original,
but all such respective counterparts shall together constitute one and the same instrument.

 

(j)                
Service of Process. The Company and the Guarantors (i) agree that any legal suit, action or proceeding against it brought
by any holder, the Initial Purchasers, any underwriter or by any person who controls any holder or underwriter arising out of or based
upon this Agreement or the transactions contemplated hereby may be instituted in any Federal or state court located in the Borough of
Manhattan in the City of New York in the State of New York (“New York Court”), (ii) waive, to the
fullest extent they may effectively do so, any objection which it may now or hereafter have to the laying of venue of any such proceeding
and (iii) submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. The Company has appointed
C T Corporation System, 28 Liberty Street, New York, New York 10005, as its authorized agent (the “Authorized Agent”)
upon whom process may be served in any such legal suit, action or preceding against the Company and the Guarantors arising out of or based
upon this Agreement or the transactions contemplated hereby which may be instituted in any New York Court by any holder, Initial
Purchaser or underwriter or by any person who controls any holder, Initial Purchaser or underwriter. Such appointment shall be irrevocable.
The Company represents and warrants that the Authorized Agent has agreed to act as such agent for service of process and agrees to take
any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment
in full force and effect as aforesaid. Service of process upon the Authorized Agent and written notice of such service to the Company
shall be deemed, in every respect, effective service of process upon the Company and the Guarantors.

 

(k)               Judgment
Currency. In respect of any judgment or order given or made for any amount due hereunder that is expressed and paid in a
currency (the “judgment currency”) other than United States dollars, the Company and the Guarantors shall
indemnify each holder or underwriter against any loss incurred by such holder or underwriter as a result of any variation as between
(i) the rate of exchange at which the United States dollar amount is converted into the judgment currency for the purpose of
such judgment or order and (ii) the rate of exchange at which a holder or underwriter is able to purchase United States dollars
with the amount of judgment currency actually received by such holder or underwriter. The foregoing indemnity shall constitute a
separate and independent obligation of the Company and the Guarantors and shall continue in full force and effect notwithstanding
any such judgment or order as aforesaid. The term “rate of exchange” shall include any premiums and costs of exchange
payable in connection with the purchase of or conversion into United States dollars.

 

[Signature page follows]

 

    21

     

    

 

IN WITNESS WHEREOF, the parties have executed this
Agreement as of the date first written above.

 

 

	 	YAMANA
    GOLD INC.
	 	 
	 	By:	/s/ Jason LeBlanc
	 	 	Name: Jason LeBlanc
	 	 	Title:   Senior Vice President, Finance
    and Chief Financial Officer

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	Jacobina
    Mineracao e Comercio Ltda.
	 	 
	 	By:	/s/
    Carolina Sampaio Batista
	 	 	Name: Carolina Sampaio Batista
	 	 	Title:   Director
	 	 
	 	By:	/s/ Sergio Marcos
    Visconti
	 	 	Name: Sergio Marcos Visconti
	 	 	Title:   Director

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	Minera
    Meridian Limitada
	 	 
	 	By:	/s/
    Cristóbal Correa
	 	 	Name: Cristóbal Correa
	 	 	Title:   Delegate
	 	 
	 	By:	/s/ Andrés
    Guzmán
	 	 	Name: Andrés Guzmán
	 	 	Title:   Delegate

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

 

	 	Yamana SANTA CRUZ Holdings B.V.

 

	 	By:	/s/ Jason LeBlanc

	 	Name: Jason LeBlanc
	 	Title:   Director A

 

	 	By:	/s/ Michiel van Schijndel

	 	Name: Michiel van Schijndel
	 	Title:   Director B

 

*due to COVID-19 travel restrictions, this document could not be
signed in the Netherlands
https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/guidance-international-income-tax-issues.html

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	MINERA FLORIDA LIMITADA

 

	 	By:	/s/ Cristóbal Correa

	 	Name: Cristóbal Correa
	 	Title:   Delegate

 

	 	By:	/s/ Andrés Guzmán

	 	Name: Andrés Guzmán
	 	Title:   Delegate

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

Confirmed and accepted as of the date first above written:

 

BOFA SECURITIES, INC.

CITIGROUP GLOBAL MARKETS INC.

 

Acting on behalf of themselves and the several Initial Purchasers

 

BOFA SECURITIES, INC.

 

	By:	/s/ Laurie Campbell	 
	 	Name: Laurie Campbell	 
	 	Title:   Managing Director	 

 

CITIGROUP GLOBAL MARKETS INC.

 

	By:	/s/ Brian D. Bednarski	 
	 	Name: Brian D. Bednarski	 
	 	Title:   Managing Director	 

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

Exhibit A

 

FORM OF INSTRUCTION TO DTC PARTICIPANTS

 

[Date of Mailing]

 

URGENT — IMMEDIATE ATTENTION REQUESTED

DEADLINE FOR RESPONSE: [DATE](a)

 

The Depository Trust Company (“DTC”) has identified
you as a DTC Participant through which beneficial interests in the Yamana Gold Inc. (the “Company”) 2.630% Senior Notes
due 2031 (the “Securities”) are held.

 

The Company is in the process of registering the Securities under the
Securities Act of 1933 for resale by the beneficial owners thereof. In order to have their Securities included in the registration statement,
beneficial owners must complete and return the enclosed Notice of Registration Statement and Selling Securityholder Questionnaire.

 

It is important that beneficial owners of the Securities receive
a copy of the enclosed materials as soon as possible as their rights to have the Securities included in the registration statement
depend upon their returning the Notice and Questionnaire by [Deadline For Response]. Please forward a copy of the enclosed documents
to each beneficial owner that holds interests in the Securities through you. If you require more copies of the enclosed materials or have
any questions pertaining to this matter, please contact Yamana Gold Inc., 200 Bay Street, Suite 2200, Royal Bank Plaza, North Tower, Toronto,
Ontario M5J 2J3, Canada, (fax : 416-815-0021); Attention: General Counsel.

 

 

(a)Not less than 30 days from date of mailing

 

     

     

    

 

FORM OF NOTICE OF REGISTRATION STATEMENT

and

SELLING SECURITYHOLDER QUESTIONNAIRE

 

[Date]

 

Reference is hereby made to the Registration Rights Agreement (the
 “Registration Rights Agreement”) among Yamana Gold Inc. (the “Company”), the subsidiary guarantors
referred to therein (the “Guarantors”), and the Initial Purchasers named therein. Pursuant to the Registration Rights
Agreement, the Company and the Guarantors have filed with the United States Securities and Exchange Commission (the “Commission”)
a registration statement (the “Shelf Registration Statement”) for the registration and resale of the Securities Act
of 1933, as amended (the “Securities Act”), of the 2.630% Senior Notes due 2031 of the Company guaranteed by the Guarantors
(the “Securities”). A copy of the Registration Rights Agreement is attached hereto. All capitalized terms not otherwise
defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement.

 

Each beneficial owner of Transfer Restricted Securities (as defined
below) is entitled to have the Transfer Restricted Securities beneficially owned by it included in the Shelf Registration Statement. In
order to have Transfer Restricted Securities included in the Shelf Registration Statement, this Notice of Registration Statement and Selling
Securityholder Questionnaire (“Notice and Questionnaire”) must be completed, executed and delivered to the Company’s
counsel at the address set forth herein for receipt ON OR BEFORE [Deadline for Response]. Beneficial owners of Transfer Restricted
Securities who do not complete, execute and return this Notice and Questionnaire by such date (i) will not be named as selling securityholders
in the Shelf Registration Statement and (ii) may not use the Prospectus forming a part thereof for resales of Transfer Restricted
Securities.

 

Certain legal consequences arise from being named as a selling securityholder
in the Shelf Registration Statement and related Prospectus. Accordingly, holders and beneficial owners of Transfer Restricted Securities
are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling securityholder
in the Shelf Registration Statement and related Prospectus.

 

The term “Transfer Restricted Securities” is defined
in the Registration Rights Agreement.

 

ELECTION

 

The undersigned holder (the “Selling Securityholder”)
of Transfer Restricted Securities hereby elects to include in the Shelf Registration Statement the Transfer Restricted Securities beneficially
owned by it and listed below in Item (3). The undersigned, by signing and returning this Notice and Questionnaire, agrees to be bound
with respect to such Transfer Restricted Securities by the terms and conditions of this Notice and Questionnaire and the Registration
Rights Agreement, including, without limitation, Section 5 of the Registration Rights Agreement, as if the undersigned Selling Securityholder
were an original party thereto.

 

Upon any sale of Transfer Restricted Securities pursuant to the
Shelf Registration Statement, the Selling Securityholder will be required to deliver to the Company, the Trustee and the Securities
Administrator the Notice of Transfer set forth in Appendix A to the Prospectus and as Exhibit B to the Registration Rights
Agreement.

 

     

     

    

 

The Selling Securityholder hereby provides the following information
to the Company and represents and warrants that such information is accurate and complete:

 

QUESTIONNAIRE

 

	(1)	(a)	Full Legal Name of Selling Securityholder:

 

		(b)	Full Legal Name of Registered Holder (if not the same as in (a) above) of Transfer Restricted Securities Listed in Item (3) below:

 

		(c)	Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) Through Which Transfer Restricted Securities
Listed in Item (3) below are Held:

 

		(2)	Address for Notices to Selling Securityholder:

 

Telephone:

Fax:

Contact Person:

Email Address:

 

		(3)	Beneficial Ownership of Securities:

 

Except as set forth below in this Item (3), the undersigned
does not beneficially own any Securities.

 

		(a)	Principal amount of Transfer Restricted Securities beneficially owned:

 

CUSIP No(s). of such Transfer Restricted Securities:

 

		(b)	Principal amount of Securities other than Transfer Restricted Securities beneficially owned:

 

CUSIP No(s). of such other Securities:

 

		(c)	Principal amount of Transfer Restricted Securities which the undersigned wishes to be included in the Shelf Registration Statement:

 

CUSIP No(s). of such Transfer Restricted Securities:

 

     

     

    

 

		(4)	Beneficial Ownership of Other Securities of the Company:

 

Except as set forth below, the undersigned
Selling Securityholder is not the beneficial or registered owner of other securities of the Company, other than the Securities
listed above in Item (3).

 

State any exceptions here:

 

		(5)	Relationships with the Company:

 

Except as set forth below, neither the undersigned
Selling Securityholder nor any of its affiliates, officers, directors or principal equity holders (5% or more) has held any position or
office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.

 

State any exceptions here:

 

		(6)	Plan of Distribution:

 

Except as set forth below, the undersigned Selling
Securityholder intends to distribute the Transfer Restricted Securities listed above in Item (3) only as follows (if at all): Such
Transfer Restricted Securities may be sold from time to time directly by the undersigned Selling Securityholder or, alternatively, through
underwriters, broker-dealers or agents. Such Transfer Restricted Securities may be sold in one or more transactions at fixed prices, at
prevailing market prices at the time of sale, at varying prices determined at the time of sale, or at negotiated prices. Such sales may
be effected in transactions (which may involve crosses or block transactions) (i) on any national securities exchange or quotation
service on which the Registered Securities may be listed or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in
transactions otherwise than on such exchanges or services or in the over-the-counter market, or (iv) through the writing of options.
In connection with sales of the Transfer Restricted Securities or otherwise, the Selling Securityholder may enter into hedging transactions
with broker-dealers, which may in turn engage in short sales of the Transfer Restricted Securities in the course of hedging the positions
they assume. The Selling Securityholder may also sell Transfer Restricted Securities short and deliver Transfer Restricted Securities
to close out such short positions, or loan or pledge Transfer Restricted Securities to broker-dealers that in turn may sell such securities.

 

     

     

    

 

State any exceptions here:

 

By signing below, the Selling Securityholder acknowledges that it understands
its obligation to comply, and agrees that it will comply, with the provisions of the Exchange Act and the rules and regulations thereunder,
particularly Regulation M.

 

In the event that the Selling Securityholder transfers all or any portion
of the Transfer Restricted Securities listed in Item (3) above after the date on which such information is provided to the Company,
the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer of its rights and obligations under this Notice
and Questionnaire and the Exchange and Registration Rights Agreement.

 

By signing below, the Selling Securityholder consents to the disclosure
of the information contained herein in its answers to Items (1) through (6) above and the inclusion of such information in the Shelf
Registration Statement and related Prospectus. The Selling Securityholder understands that such information will be relied upon by the
Company in connection with the preparation of the Shelf Registration Statement and related Prospectus.

 

In accordance with the Selling Securityholder’s obligation under
Section 3(b) of the Registration Rights Agreement to provide such information as may be required by law for inclusion in the Shelf
Registration Statement, the Selling Securityholder agrees to promptly notify the Company of any inaccuracies or changes in the information
provided herein which may occur subsequent to the date hereof at any time while the Shelf Registration Statement remains in effect. All
notices hereunder and pursuant to the Registration Rights Agreement shall be made in writing, by hand-delivery, first-class mail, or air
courier guaranteeing overnight delivery as follows:

 

(i)       To the Company and the Guarantors:

 

(ii)      With a copy to:

 

Once this Notice and Questionnaire is executed by the Selling Securityholder
and received by the Company’s counsel, the terms of this Notice and Questionnaire, and the representations and warranties contained
herein, shall be binding on, shall inure to the benefit of and shall be enforceable by the respective successors, heirs, personal representatives,
and assigns of the Company, the Guarantors and the Selling Securityholder (with respect to the Transfer Restricted Securities beneficially
owned by such Selling Securityholder and listed in Item (3) above). This Agreement shall be governed in all respects by the laws
of the State of New York.

 

[Signature page follows]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused
this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized agent.

 

	Dated:	 	 

 

	 	 
	 	Selling Securityholder
	 	(Print/type full legal name of beneficial owner of Transfer Restricted Securities)

 

		By:	 

	 	Name:
	 	Title:

 

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR
RECEIPT ON OR BEFORE [DEADLINE FOR RESPONSE] TO THE COMPANY’S COUNSEL AT:

 

     

     

    

 

Exhibit B

 

FORM OF NOTICE OF TRANSFER PURSUANT TO REGISTRATION
STATEMENT

 

Wilmington Trust, National Association

Citibank, N.A.

Yamana Gold Inc.

c/o [Trustee Address]

 

Attention:

 

	 	Re:	Yamana Gold Inc. (the “Company”)
	 	 	2.630% Senior Notes due 2031 (the “Notes”)

 

Dear Sirs:

 

Please be advised that                                 has transferred $                 aggregate principal amount
of the above-referenced Notes pursuant to an effective Registration Statement on Form        (File No. 333-           ) filed by the Company and the Guarantors.

 

We hereby certify that the prospectus delivery requirements, if any,
of the Securities Act of 1933, as amended, have been satisfied and that the above-named beneficial owner of the Notes is named as a “Selling
Holder” in the Prospectus dated                      , 20      or in supplements thereto, and that the aggregate principal amount of the Notes
transferred are the Notes listed in such Prospectus opposite such owner’s name.

 

Dated:

 

	 	Very truly yours,

 

	 	 
	 	(Name)

 

	 	By:	 
	 	 	(Authorized Signature)

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