Document:

First Supplemental Indenture

 Exhibit 4.1 
  

 NATIONAL FINANCIAL PARTNERS CORP. 
 ISSUER 
  

 WELLS FARGO BANK, NATIONAL ASSOCIATION 
 TRUSTEE 
  

 FIRST SUPPLEMENTAL INDENTURE

 Dated as of January 22, 2007 
  

 0.75% CONVERTIBLE SENIOR NOTES DUE 2012 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	PAGE
	ARTICLE 1
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION
			
	 SECTION 1.01.
	  	Definitions.	  	2
	 SECTION 1.02.
	  	Acts of Holders of Notes.	  	13
	 SECTION 1.03.
	  	Notices, Etc. to the Trustee and Company.	  	14
	 SECTION 1.04.
	  	Effect of Headings and Table of Contents.	  	14
	
	ARTICLE 2
	NOTE FORMS
			
	 SECTION 2.01.
	  	Form Generally.	  	15
	 SECTION 2.02.
	  	Form of Note.	  	15
	 SECTION 2.03.
	  	Form of Notice of Conversion.	  	25
	 SECTION 2.04.
	  	Form of Assignment.	  	26
	
	ARTICLE 3
	THE NOTES
			
	 SECTION 3.01.
	  	Title And Terms.	  	27
	 SECTION 3.02.
	  	Denominations	  	27
	 SECTION 3.03.
	  	Global Notes; Non-global Notes; Book-entry Provisions.	  	27
	 SECTION 3.04.
	  	Persons Deemed Owners.	  	29
	
	ARTICLE 4
	SATISFACTION AND DISCHARGE
			
	SECTION 4.01.	  	Satisfaction And Discharge Of Indenture.	  	30
	
	ARTICLE 5
	REMEDIES
			
	 SECTION 5.01.
	  	Events Of Default.	  	30
	 SECTION 5.02.
	  	Acceleration Of Maturity; Rescission And Annulment.	  	32
	 SECTION 5.03.
	  	Unconditional Right Of Holders To Receive Principal And Interest And To Convert.	  	33
	 SECTION 5.04.
	  	Waiver Of Past Defaults.	  	34
	 SECTION 5.05.
	  	Waiver Of Stay, Usury Or Extension Laws.	  	34

  

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	ARTICLE 6
	[RESERVED]
	
	ARTICLE 7
	[RESERVED]
	
	ARTICLE 8
	SUPPLEMENTAL INDENTURES
			
	 SECTION 8.01.
	  	Supplemental Indentures Without Consent Of Holders Of Notes.	  	34
	 SECTION 8.02.
	  	Supplemental Indentures With Consent Of Holders Of Notes.	  	36
	 SECTION 8.03.
	  	Notice Of Supplemental Indentures.	  	37
	
	ARTICLE 9
	HOLDERS LISTS AND BY TRUSTEE AND COMPANY
			
	 SECTION 9.01.
	  	Preservation Of Information.	  	37
	 SECTION 9.02.
	  	Reports By Company.	  	38
	
	ARTICLE 10
	COVENANTS
			
	 SECTION 10.01.
	  	Payment Of Principal And Interest.	  	38
	 SECTION 10.02.
	  	Maintenance Of Offices Or Agencies.	  	38
	 SECTION 10.03.
	  	Existence.	  	39
	 SECTION 10.04.
	  	Statement By Officers As To Default.	  	39
	
	ARTICLE 11
	[RESERVED]
	
	ARTICLE 12
	CONVERSION OF NOTES
			
	 SECTION 12.01.
	  	Conversion Privilege And Conversion Rate.	  	40
	 SECTION 12.02.
	  	Exercise Of Conversion Privilege.	  	44
	 SECTION 12.03.
	  	Fractions Of Shares.	  	49
	 SECTION 12.04.
	  	Adjustment Of Conversion Rate.	  	49
	 SECTION 12.05.
	  	Notice Of Adjustments Of Conversion Rate.	  	60
	 SECTION 12.06.
	  	Company To Reserve Common Stock.	  	60
	 SECTION 12.07.
	  	Taxes On Conversions.	  	60
	 SECTION 12.08.
	  	Certain Covenants.	  	60

  

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	 SECTION 12.09.
	  	Cancellation Of Converted Notes.	  	61
	 SECTION 12.10.
	  	Provision In Case Of Effect Of Reclassification, Consolidation, Merger Or Sale.	  	61
	 SECTION 12.11.
	  	Responsibility Of Trustee For Conversion Provisions.	  	63
	
	ARTICLE 13
	DISCHARGE
			
	 SECTION 13.01.
	  	Discharge of Liability on Notes.	  	64
	 SECTION 13.02.
	  	Reinstatement.	  	65
	 SECTION 13.03.
	  	Officers’ Certificate; Opinion of Counsel.	  	65
	
	ARTICLE 14
	REPURCHASE OF NOTES
			
	 SECTION 14.01.
	  	Right To Require Repurchase Upon A Designated Event.	  	65

  

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 FIRST SUPPLEMENTAL INDENTURE, dated as of January 22, 2007 (the “First Supplemental
Indenture”), between NATIONAL FINANCIAL PARTNERS CORP., a corporation duly organized and existing under the laws of the State of Delaware, having its principal office at 787 Seventh Avenue, 11th Floor, New York, New York 10019 (herein called the “Company”), and Wells Fargo Bank, National Association, a national banking association, as
Trustee hereunder (herein called the “Trustee”). 
 The Company executed and delivered the Indenture (the “Original
Indenture”), dated as of January 16, 2007, to the Trustee to issue from time to time for its lawful purposes, among other securities, debt securities evidencing the Company’s senior unsecured Indebtedness. 
 Sections 3.01 of the Original Indenture provides that by means of a supplemental indenture the Company may create one or more series of its debt
securities and establish the form, terms and provisions thereof. 
 The consent of holders of the Notes to the execution and delivery of this
First Supplemental Indenture is not required, and all other actions required to be taken under the Original Indenture with respect to this First Supplemental Indenture have been taken. 
 RECITALS OF THE COMPANY 
 The Company has duly authorized the creation of an issue of
its 0.75% Convertible Senior Notes due 2012 (herein called the “Notes”) of substantially the tenor and amount hereinafter set forth, and to provide therefor the Company has duly authorized the execution and delivery of this First
Supplemental Indenture. 
 All things necessary to make the Notes, when the Notes are executed by the Company and authenticated and delivered
hereunder, the valid obligations of the Company, and to make this First Supplemental Indenture a valid agreement of the Company, in accordance with their and its terms, have been done. Further, all things necessary to duly authorize the issuance of
the Common Stock of the Company issuable upon the conversion of the Notes, and to duly reserve for issuance the number of shares of Common Stock issuable upon such conversion, have been done. 
 NOW, THEREFORE, THIS FIRST 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 1 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
 SECTION 1.01. Definitions. 
 This First Supplemental Indenture shall constitute an integral part of the Original Indenture. 
 Articles IV, V, XII and XV
and Sections 6.07, 7.01, 7.02, 10.02, 14.01 and 14.02 of the Original Indenture shall not apply to the Notes. For all purposes of this First Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires:

 (a) capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Original Indenture;

 (b) terms defined both herein and in the Original Indenture shall have the meanings assigned to them herein; 
 (c) the terms defined in this Article 1 have the meanings assigned to them in this Article 1 and include the plural as well as the singular; 

(d) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles
in the United States, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are
generally accepted at the date of such computation; and 
 (e) all other terms used in this First Supplemental Indenture, which are defined
in the Trust Indenture Act or which are by reference therein defined in the Securities Act (except as herein otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in the Trust
Indenture Act and in the Securities Act as in force at the date of the execution of this First Supplemental Indenture. The words “herein,” “hereof” and “hereunder” and other words of similar import refer to this First
Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 
 “Act,” when used with
respect to any Holder of a Note, has the meaning specified in Section 1.02. 
 “Additional Notes” means an unlimited
amount of Notes (other than the Initial Notes) issued under this First Supplemental Indenture in accordance with Section 3.03, as part of the same series as the Initial Notes. 
  

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 “Additional Shares” has the meaning specified in Section 12.01. 
 “Adjustment Determination Date” has the meaning specified in Section 12.04. 
 “Adjustment Event” has the meaning specified in Section 12.04. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person, means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Agent Member” means any member of, or participant in, the Depositary. 
 “American Depository Receipts” means negotiable United States security that represents a non-United States company’s publicly
traded equity. 
 “Applicable Procedures” means, with respect to any transfer or transaction involving a Global Note or
beneficial interest therein, the rules and procedures of DTC or any successor Depository, in each case to the extent applicable to such transaction and as in effect from time to time. 
 “Capital Stock” means, for any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other
equivalents of or interests in (however designated) stock issued by that entity. 
 “Cash Percentage” has the meaning
specified in Section 12.02(a)(ii). 
 “Common Stock” means the Common Stock, par value $0.10 per share, of the Company
authorized at the date of this instrument as originally executed or as such stock may be constituted from time to time. Subject to the provisions of Section 12.10, shares issuable upon conversion of Notes shall include only shares of Common
Stock or shares of any class or classes of common stock resulting from any reclassification or reclassifications thereof; provided, however, that if at any time there shall be more than one such resulting class, the shares so issuable
on conversion of Notes shall include shares of all such classes, and the shares of each such class then so issuable shall be substantially in the proportion which the total number of shares of such class resulting from all such reclassifications
bears to the total number of shares of all such classes resulting from all such reclassifications. 
 “common stock”
includes any stock of any class of capital stock which has no preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the issuer thereof and which is not subject
to redemption by the issuer thereof. 
  

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 “Conversion Agent” means any Person authorized by the Company to convert Notes in
accordance with Article 12. The Company has initially appointed the Trustee as its Conversion Agent pursuant to Section 10.02. 
 “Conversion Date” has the meaning specified in Section 12.02. 
 “Conversion Obligation” has
the meaning specified in Section 12.01. 
 “Conversion Price” means at any time the amount equal to $1,000 divided by
the then current Conversion Rate. 
 “Conversion Rate” has the meaning specified in Section 12.01. 
 “Corporate Trust Office” means the office of the Trustee at which at any particular time the trust created by this First Supplemental
Indenture shall be principally administered (which at the date of this First Supplemental Indenture is located at Sixth Street and Marquette Avenue, N9303-120, Minneapolis, Minnesota 55479, Attention: Corporate Trust Services (National Financial
Partners Corp., 0.75% Convertible Senior Notes due 2012). 
 “corporation” means a corporation, company, association,
joint-stock company or business trust. 
 “Daily Conversion Value” means, for each of the 20 consecutive VWAP Trading Days
during the Observation Period, one-twentieth (1/20) of the product of (a) the applicable Conversion Rate and (b) the Daily VWAP of the Common Stock (or the Reference Property pursuant to Section 12.10) on such VWAP Trading Day,
as determined by the Company. Any such determination by the Company shall be conclusive absent manifest error. 
 “Daily Settlement
Amount” means, for each of the 20 VWAP Trading Days during the Observation Period, 
 (i) cash equal to the lesser of
(x) $50 and (y) the Daily Conversion Value relating to such VWAP Trading Day; and 
 (ii) if such Daily Conversion
Value exceeds $50, either (i) a number of shares of Common Stock equal to (A) the difference between such Daily Conversion Value and $50, divided by (B) the Daily VWAP of the Common Stock for such VWAP Trading Day, subject to
adjustment pursuant to Section 12.04(m), (ii) cash equal to the difference between such Daily Conversion Value and $50 or (iii) any combination, as determined by the Company, of shares of Common Stock, subject to adjustment pursuant
to Section 12.04(m), and cash equal to the difference between such Daily Conversion Value and $50. 
  

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 “Daily VWAP” means for each of the 20 consecutive VWAP Trading Days during the
Observation Period, the per share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page NFP.N <equity> AQR in respect of the period from the scheduled open of trading on the principal trading
market for the Common Stock to the scheduled close of trading on such market on such VWAP Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of Common Stock on such VWAP Trading Day as the Board of
Directors determines in good faith using a volume-weighted method). 
 “Default” means any event which is, or after notice
or lapse of time or both would become, an Event of Default pursuant to Section 5.01. 
 “Designated Event” means the
occurrence of either a Fundamental Change or a Termination of Trading. 
 “Designated Event Expiration Time” has the meaning
specified in Section 14.01. 
 “Designated Event Repurchase Date” has the meaning specified in Section 14.01.

 “Designated Event Repurchase Notice” has the meaning specified in Section 14.01. 
 “Designated Event Repurchase Price” has the meaning specified in Section 14.01. 
 “Designated Event Repurchase Right Notice” has the meaning specified in Section 14.01. 
 “Distributed Property” has the meaning specified in Section 12.04. 
 “Dividend Threshold Amount” has the meaning specified in Section 12.04(d). 
 “Dollar,” “U.S. $” or “$” means a dollar or other equivalent unit in such coin or currency of the
United States as at the time shall be legal tender for the payment of public and private debts. 
 “DTC” means The
Depository Trust Company, a New York corporation, or any successor. 
  

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 “Effective Date” has the meaning specified in Section 12.01. 
 “Elected Cash Value” has the meaning specified in Section 12.02. 
 “Event of Default” has the meaning specified in Section 5.01. 
 “Ex- Date” means, with respect to any issuance or distribution on the Common Stock or any other equity security, the first date on which
the shares of Common Stock or such other equity security trade on the relevant exchange or in the relevant market, regular way, without the right to receive such issuance or distribution. 
 “Extension Fee” has the meaning specified in Section 5.02. 
 “Extension Right” has the meaning specified in Section 5.02. 
 “First Supplemental Indenture” has the meaning specified in the first paragraph of this instrument. 
 “Fundamental Change” will be deemed to have occurred at the time after the Notes are originally issued that any of the following occurs:

 (1) any Person acquires beneficial ownership directly or indirectly, through a purchase, merger or other acquisition
transaction or series of transactions, of shares of the Company’s Capital Stock entitling the Person to exercise 50% or more of the total voting power of all shares of the Company’s Capital Stock entitled to vote generally in elections of
directors, other than an acquisition by the Company, any of the Company’s Subsidiaries or any of the Company’s employee benefit plans; provided that this clause (1) shall not apply to a merger of the Company with or into a
wholly-owned subsidiary of a company that has a class of common stock or American Depositary Receipts in respect of common stock traded on a United States national securities exchange if immediately following the transaction or series of
transactions (a) the holders of Common Stock immediately before such transaction are entitled to exercise, directly or indirectly, 50% or more of the voting power of all shares of capital stock entitled to vote generally in the election of
directors of such parent company and (b) such parent company fully and unconditionally guarantees all obligations of such continuing or surviving corporation under the Notes and this First Supplemental Indenture on a senior basis on terms and
pursuant to a supplemental indenture reasonably satisfactory to the Trustee; or 
 (2) the Company (i) merges or
consolidates with or into any other Person (other than a Subsidiary), another Person merges with or into 

  

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the Company, or the Company conveys, sells, transfers or leases all or substantially all of the Company’s assets to another Person or (ii) engages
in any recapitalization, reclassification or other transaction in which all or substantially all of the Common Stock is exchanged for or converted into cash, securities or other property, in each case other than a merger or consolidation:

 (a) that does not result in a reclassification, conversion, exchange or cancellation of the Company’s outstanding
Common Stock; 
 (b) pursuant to which the holders of the Company’s Common Stock immediately prior to the transaction are
entitled to exercise, directly or indirectly, 50% or more of the voting power of all shares of Capital Stock entitled to vote generally in the election of directors of either (i) the continuing or surviving corporation or (ii) a company
that directly or indirectly owns 100% of the capital stock of such continuing or surviving company, in either case, immediately after such transaction; provided that, in the case of this clause (b), such parent company fully and
unconditionally guarantees all obligations of such continuing or surviving company under the Notes and this First Supplemental Indenture on a senior basis on terms and pursuant to a supplemental indenture reasonably satisfactory to the Trustee; or

 (c) which is effected solely to change the Company’s jurisdiction of incorporation and results in a reclassification,
conversion or exchange of outstanding shares of the Company’s Common Stock solely into shares of common stock of the surviving entity. 
 “Global Note” means a Note that is registered in the Register in the name of a Depositary or a nominee thereof. 
 “Holder” means the Person in whose name the Note is registered in the Register. 
 “Initial Notes”
means the first $230,000,000 aggregate principal amount of the Notes issued under this First Supplemental Indenture on the date hereof. The Initial Notes and the Additional Notes shall be treated as a single class for all purposes under this First
Supplemental Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes. 
  

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 “Interest Payment Date” means February 1 and August 1 of each year beginning
August 1, 2007. 
 “Issue Date” means January 22, 2007. 
 “Last Reported Sale Price” means, with respect to the Common Stock or any other security for which a Last Reported Sale Price must be
determined, on any date, the closing sale price per share of the Common Stock or unit of such other security (or, if no closing sale price is reported, the average of the last bid and last ask prices or, if more than one in either case, the average
of the average last bid and the average last ask prices) on such date as reported in composite transactions for the principal United States national or regional securities exchange on which it is then traded, if any. If the Common Stock or such
other security is not listed for trading on a United States national or regional securities exchange on the relevant date, the Last Reported Sale Price shall be the average of the last quoted bid and ask prices per share of Common Stock or such
other security in the over-the-counter market on the relevant date, as reported by the National Quotation Bureau or similar organization. In absence of such quotation, the Last Reported Sale Price shall be the average of the mid-point of the last
bid and ask prices for the Common Stock or such other security on the relevant date from each of at least three nationally recognized independent investment banking firms, which may include any or all of the Underwriters, selected from time to time
by the Board of Directors of the Company for that purpose. The Last Reported Sale Price shall be determined without reference to extended or after hours trading. Any such determination shall be made by the Company and shall be conclusive absent
manifest error. 
 “Market Disruption Event” means the occurrence or existence on any Scheduled Trading Day for the Common
Stock of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the stock exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common
Stock, and such suspension or termination occurs or exists at any time within the 30 minutes prior to the closing time of the relevant exchange on such day. 
 “Maturity,” when used with respect to any Notes, means the date on which the principal of such Notes becomes due and payable as therein or herein provided, whether on the Maturity Date or by
declaration of acceleration, exercise of the repurchase right set forth in Article 14 or otherwise. 
 “Maturity Date,”
means, with respect to the Notes, February 1, 2012. 
 “Measurement Period” has the meaning specified in
Section 12.01. 
 “Merger Event” has the meaning specified in Section 12.10. 
  

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 “Notes” has the meaning ascribed to it in the fourth paragraph under the caption
“Recitals of the Company.” Unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes. 
 “Notice of Conversion” has the meaning specified in Section 12.02. 
 “Observation Period” means: 
 (i) with respect to any Conversion Date that occurs no more than 25
Scheduled Trading Days prior to the Maturity Date, the 20 consecutive VWAP Trading Day period beginning on and including the 22nd Scheduled Trading Day prior to the Maturity Date (whether or not the Maturity Date is a Scheduled Trading Day) (or if
such day is not a VWAP Trading Day, the next succeeding VWAP Trading Day); and 
 (ii) in all other instances, the 20
consecutive VWAP Trading Day period beginning on and including the third VWAP Trading Day after the related Conversion Date in respect of such Notes. 
 “Officers’ Certificate” means a certificate signed by (i) the Chairman of the Board or the Chief Executive Officer, the President or any Vice President and by (ii) the Chief Financial
Officer, Controller, Treasurer, Assistant Treasurer, Corporate Secretary or Assistant Corporate Secretary and delivered to the Trustee. One of the Officers signing an Officers’ Certificate given pursuant to Section 10.04 shall be the
principal executive, financial or accounting officer of the Company. 
 “Original Indenture” has the meaning specified in
the first paragraph under the caption “Recitals of the Company,” 
 “Outstanding,” when used with respect to the
Notes, means, as of the date of determination, all Notes theretofore authenticated and delivered under this First Supplemental Indenture, except: 
 (i) Notes theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 
 (ii) Notes for the payment of which money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company
shall act as its own Paying Agent) for the Holders of such Notes in accordance with the terms of such Indenture; 
 (iii)
Notes which have been paid pursuant to Section 3.07 of the Original Indenture or in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this First Supplemental Indenture; and 
  

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 (iv) Notes converted into Common Stock pursuant to Article 12; 
 provided, however, that, in determining whether the Holders of the requisite principal amount of Outstanding Notes are present at a meeting of Holders of
Notes for quorum purposes or have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Notes owned by the Company or any other obligor upon the Notes or any Affiliate of the Company or such other obligor shall be
disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such determination as to the presence of a quorum or upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes which a Responsible Officer of the Trustee has been notified in writing to be so owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee
is not the Company or any other obligor upon the Notes or any Affiliate of the Company or such other obligor, and the Trustee shall be protected in relying upon an Officers’ Certificate to such effect. 
 “Paying Agent” means any Person authorized by the Company to pay the principal of or interest on any Notes on behalf of the Company and,
except as otherwise specifically set forth herein, such term shall include the Company if it shall act as its own Paying Agent. The Company has initially appointed the Trustee as its Paying Agent pursuant to Section 10.02. 
 “Person” means any individual, corporation, limited liability company, partnership, joint venture, trust, estate, unincorporated
organization or government or any agency or political subdivision thereof and any syndicate or group that would be deemed a “person” under Section 13(d)(3) of the Exchange Act. 
 “Place of Conversion” has the meaning specified in Section 3.01. 
 “Place of Payment” has the meaning specified in Section 3.01. 
 “Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by
such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 3.07 of the Original Indenture in exchange for or in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Note. 
  

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 “Press Release” means any press release issued by the Company and disseminated to
Reuters Business News Services and Bloomberg News Services. 
 “Prospectus Supplement” means the final prospectus supplement
dated January 17, 2007 filed with the SEC in connection with the offering of the Notes. 
 “Record Date” means any
Regular Record Date or Special Record Date. 
 “Record Date Period” means the period from the close of business of any
Regular Record Date next preceding any Interest Payment Date to 9:00 a.m., New York City time, on such Interest Payment Date. 
 “Reference Property” has the meaning specified in Section 12.10. 
 “Regular Record Date” for
interest payable in respect of any Note on any Interest Payment Date means the close of business on January 15 or July 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. 
 “Scheduled Trading Day” means a day that is scheduled to be a Trading Day on the principal United States national securities exchange or
market on which the Common Stock is listed or admitted for trading. 
 “Significant Subsidiary” means, with respect to any
Person, a Subsidiary of such Person that would constitute a “significant subsidiary” as such term is defined under Rule 1-02 of Regulation S-X under the Securities Act and the Exchange Act. 
 “Stock Price” means the price paid per share of Common Stock in connection with a Fundamental Change pursuant to which Additional Shares
shall be added to the Conversion Rate as set forth in Section 12.01(d), which shall be equal to (i) if holders of Common Stock receive only cash in such Fundamental Change, the cash amount paid per share of Common Stock and (ii) in
all other cases, the average of the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period ending on the Trading Day preceding the Effective Date of the Fundamental Change. 
 “Spin-Off” has the meaning specified in Section 12.04. 
 “Subsidiary” means a corporation more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by the Company
or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries. For the purposes of this definition, “voting stock” means stock or other similar interests in the corporation which ordinarily has or have
voting power for the election of directors, or persons performing similar functions, whether at all times or only so long as no senior class of stock or other interests has or have such voting power by reason of any contingency. 
  

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 “Successor Note” of any particular Note means every Note issued after, and evidencing
all or a portion of the same debt as that evidenced by, such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 3.07 of the Original Indenture in exchange for or in lieu of a mutilated,
destroyed, lost or stolen Note shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Note. 
 “Termination of Trading” means the occurrence whereby the Common Stock, or any other capital stock or American Depositary Receipts in respect of shares of capital into which the Notes are convertible pursuant to the terms
of this First Supplemental Indenture, are not listed for trading on a United States national securities exchange. 
 “Trading
Day” means a day during which (i) trading in the Common Stock generally occurs and (ii) there is no Market Disruption Event. 
 “Trading Price” with respect to any Notes, on any date of determination, means the average of the secondary market bid quotations obtained by the Trustee for $2.0 million principal amount of such Notes at approximately 3:30
p.m., New York City time, on such determination date from three independent nationally recognized securities dealers, which may include any or all of the Underwriters, selected by the Company; provided that if three such bids cannot
reasonably be obtained by the Trustee, but two such bids are obtained, then the average of the two bids shall be used, and if only one such bid can reasonably be obtained by the Trustee, that one bid shall be used. Any such determination by the
Trustee shall be conclusive absent manifest error. 
 “Trading Price Condition” has the meaning specified in
Section 12.01. 
 “Trigger Event” has the meaning specified in Section 12.04. 
 “Underwriters” means Goldman, Sachs & Co., UBS Securities LLC, Merrill Lynch & Co. and any underwriters of Additional
Notes. 
 “Underwriting Agreement” means the Underwriting Agreement, dated as of January 17, 2007 between the Company
and the Underwriters, as such agreement may be amended from time to time. 
 “VWAP Market Disruption Event” means (i) a
failure by the principal United States national or regional securities exchange or market on which the Common Stock is listed or admitted to trading to open for trading during its regular trading session or (ii) the occurrence or existence
prior to 1:00 p.m. New 

  

 12 

 
York City time on any Scheduled Trading Day for the Common Stock for an aggregate one half-hour period of any suspension or limitation imposed on trading (by
reason of movements in price exceeding limits permitted by the stock exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock. 
 “VWAP Trading Day” means a day during which (i) trading in the Common Stock generally occurs on the principal United States
national or regional securities exchange or market on which the Common Stock is listed or admitted for trading and (ii) there is no VWAP Market Disruption Event. For purposes of determining payment upon conversion of the Notes in accordance
with Section 12.02 (including, for the avoidance of doubt, for purposes of the definition of “Observation Period” in Section 12.02), if the Common Stock is not so listed or traded, then “Trading Day” shall mean
“Business Day.” 
 SECTION 1.02. Acts of Holders of Notes. 
 (a) Subject to Article 5 of this First Supplemental Indenture and Articles VII and VIII of the Original Indenture, upon actual receipt by the Trustee from
any Holder of (i) any notice of Default or breach referred to in Section 5.01(e), if such Default or breach has occurred and is continuing and the Trustee shall not have given such a notice to the Company, (ii) any declaration of
acceleration referred to in Section 5.02, if an Event of Default has occurred and is continuing and the Trustee shall not have given such a declaration to the Company, or (iii) any direction referred to in Section 7.06 of the Original
Indenture, if the Trustee shall not have taken the action specified in such direction, then, with respect to clauses (ii) and (iii), a record date shall automatically and without any action by the Company or the Trustee be set for determining
the Holders entitled to join in such declaration or direction, which record date shall be the close of business on the 10th calendar day (or, if such day is not a Business Day, the first Business Day thereafter) following the calendar day on which
the Trustee receives such declaration or direction, and, with respect to clause (i), the Trustee may set any calendar day as a record date for the purpose of determining the Holders entitled to join in such notice of Default. Promptly after such
receipt by the Trustee of any such declaration or direction referred to in clause (ii) or (iii), and promptly after setting any record date with respect to clause (i), and as soon as practicable thereafter, the Trustee shall notify the Company
and the Holders of any such record date so fixed. The Holders on such record date (or their duly appointed agents or proxies), and only such Persons, shall be entitled to join in such notice, declaration or direction, whether or not such Holders
remain Holders after such record date; provided that, unless such notice, declaration or direction shall have become effective by virtue of Holders of the requisite principal amount of Notes on such record date (or their duly appointed agents
or proxies) having joined therein on or prior to the 90th calendar day after such record date, such notice, declaration or direction shall automatically and without any action by any 

  

 13 

 
Person be canceled and of no further effect. Nothing in this paragraph shall be construed to prevent a Holder (or a duly appointed agent or proxy thereof)
from giving, before or after the expiration of such 90-calendar day period, a notice, declaration or direction contrary to or different from, or, after the expiration of such period, identical to, the notice, declaration or direction to which such
record date relates, in which event a new record date in respect thereof shall be set pursuant to this paragraph. For the avoidance of doubt, nothing in this paragraph shall be construed to render ineffective any notice, declaration or direction of
the type referred to in this paragraph given at any time to the Trustee and the Company by Holders (or their duly appointed agents or proxies) of the requisite principal amount of Notes on the date such notice, declaration or direction is so given.

 SECTION 1.03. Notices, Etc. to the Trustee and Company. 
 Any request, demand, authorization, direction, notice, consent, election, waiver or other Act of Holders of Notes or other document provided or permitted
by this First Supplemental Indenture to be made upon, given or furnished to, or filed with, 
 (a) the Trustee by any Holder of Notes or by
the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing (which may be via facsimile) to or with a Responsible Officer of the Trustee and received at its Corporate Trust Office, Attention: Corporate
Trust Services Group, National Financial Partners Corp., 0.75% Convertible Senior Notes due 2012, Sixth Street and Marquette Avenue, N9303-120, Minneapolis, Minnesota 55479. 
 (b) the Company by the Trustee or by any Holder of Notes shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if
in writing, mailed, first-class postage prepaid, or telecopied and confirmed by mail, first-class postage prepaid, or delivered by hand or overnight courier, addressed to the Company at 787 Seventh Avenue, 11th Floor, New York, NY 10019, Attention: Corporate Secretary, or at any other address previously furnished in writing to the Trustee by the Company.

 SECTION 1.04. Effect of Headings and Table of Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
  

 14 

 ARTICLE 2 
 NOTE FORMS 
 SECTION 2.01. Form Generally. 
 The Notes shall be in substantially the form set forth in this Article 2, with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this First Supplemental Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities
exchange, the Code, and regulations thereunder, or as may, consistent herewith, be determined by the officers executing such Notes, as evidenced by their execution thereof. The Company shall furnish any such legends and endorsements to the Trustee
in writing. All Notes shall be in fully registered form. 
 Notices of Conversion shall be in substantially the form set forth in 0.

 The Notes shall be printed, lithographed, typewritten or engraved or produced by any combination of these methods or may be produced in
any other manner permitted by the rules of any automated quotation system or securities exchange (including on steel engraved borders if so required by any securities exchange upon which the Notes may be listed) on which the Notes may be listed for
trading, as the case may be, all as determined by the officers executing such Notes, as evidenced by their execution thereof. 
 SECTION 2.02. Form of Note. 
 [FORM OF FACE OF NOTE] 
 THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL NOTE: 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE
TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT 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. 
  

 15 

 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE REGISTERED FORM IN THE
LIMITED CIRCUMSTANCES REFERRED TO IN THE INDENTURE, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
  

 16 

 NATIONAL FINANCIAL PARTNERS CORP. 
 0.75% Convertible Senior Notes due 2012 
  

			
	No.                             	  	$                            

 CUSIP No.
                         
 NATIONAL FINANCIAL PARTNERS CORP., a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company,” which term includes any successor Person under the
Indenture referred to on the reverse hereof), for value received, hereby promises to pay to                     , or registered assigns, the
principal sum of                          United States Dollars (U.S.
$                    ) [if this Note is a Global Note, then insert — (which principal amount may from time to time be decreased to
such other principal amounts by adjustments made on the records of the Trustee hereinafter referred to in accordance with the Indenture)] on February 1, 2012, and to pay interest thereon, from January 22, 2007, or from the most recent
Interest Payment Date (as defined below) to which interest has been paid or duly provided for, semi-annually in arrears on February 1 and August 1 in each year (each, an “Interest Payment Date”), commencing August 1,
2007, at the rate of 0.75% per annum, until the principal hereof is due, and at the same rate on any overdue principal and, to the extent permitted by law, on any overdue interest. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall
be the January 15 or July 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Except as otherwise provided in the Indenture, 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 may either be paid to the Person in whose name this Note (or one or more Predecessor Notes) 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 Notes not less than 10 calendar days prior to the Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any automated quotation system or securities exchange on which the Notes may be listed for trading, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. Payments of principal shall be
made upon the surrender of this Note at the option of the Holder at the Corporate Trust Office of the Trustee, or at such other office or agency of the Company as may be designated by it for such purpose in such lawful monies of the United States of
America as at the time of payment shall be legal tender for the payment of public and private debts, or at such other offices or agencies as the Company may designate, by United States Dollar check drawn on, or wire transfer to, a United States
Dollar account (such a transfer to be made only to a 

  

 17 

 
Holder of an aggregate principal amount of Notes in excess of U.S. $1.0 million and only if such Holder shall have furnished wire instructions in writing to
the Trustee no later than 15 calendar days prior to the relevant payment date). Payment of interest on this Note may be made on an Interest Payment Date by United States Dollar check mailed to the address of the Person entitled thereto as such
address shall appear in the Register, or, upon written application by the Holder to the Registrar setting forth wire instructions not later than the relevant Record Date, by transfer to a United States Dollar account (such a transfer to be made only
to a Holder of an aggregate principal amount of Notes in excess of U.S. $1.0 million and only if such Holder shall have furnished wire instructions in writing to the Trustee no later than 15 calendar days prior to the relevant payment date).

 Except as specifically provided herein and in the Indenture, the Company shall not be required to make any payment with respect to any
tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 
 Reference is hereby made to the further provisions of this Note 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 executed by the Trustee referred to on the reverse hereof or an Authenticating Agent by the
manual signature of one of their respective authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 [Remainder of page intentionally left blank] 
  

 18 

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

			
	NATIONAL FINANCIAL PARTNERS CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Attest:
		
	By:	 	  

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes referred to in the within-mentioned Indenture. 
 Dated:
                                        
         
  

			
	 WELLS FARGO BANK, NATIONAL
     ASSOCIATION, as Trustee

		
	By:	 	  

		 	Authorized Signatory
		
	By:	 	  

  

 19 

 [FORM OF REVERSE OF NOTE] 
 NATIONAL FINANCIAL PARTNERS CORP. 
 0.75% Convertible Senior Notes due 2012 
 This note is one of a duly authorized issue of notes of the Company designated as its “0.75% Convertible Senior Notes due 2012” (herein
called the “Notes”) issued and to be issued under an Original Indenture and First Supplemental Indenture, each dated as of January 22, 2007, between the Company and Wells Fargo Bank, N.A., as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture, and the Original Indenture and First Supplemental Indenture collectively referred to herein as 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 and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes
are, and are to be, authenticated and delivered. As provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes of any authorized denominations as
requested by the Holder surrendering the same upon surrender of the Note or Notes to be exchanged, at the Corporate Trust Office of the Trustee. The Trustee upon such surrender by the Holder shall issue the new Notes in the requested denominations.
Additional Notes may be issued in an unlimited aggregate principal amount, subject to certain conditions specified in the Indenture. 
 No
sinking fund is provided for the Notes and the Notes are not subject to redemption at the option of the Company. 
 In any case where the due
date for the payment of the principal of or interest on any Note or the last day on which a Holder of a Note has a right to convert his Note shall be, at any Place of Payment or Place of Conversion, as the case may be, a day on which banking
institutions at such Place of Payment or Place of Conversion are authorized or obligated by law or executive order to close, then payment of principal, interest or delivery for conversion of such Note need not be made on or by such date at such
place but may be made on or by the next succeeding day at such place which is not a day on which banking institutions are authorized or obligated by law or executive order to close, with the same force and effect as if made on the date for such
payment or the date fixed for redemption or repurchase, or by such last day for conversion, and no interest shall accrue on the amount so payable for the period after such date. 
 The Indenture contains provisions permitting the Company and the Trustee in certain circumstances, without the consent of the Holders of the Notes, and
in other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, 

  

 20 

 
evidenced as in the Indenture provided, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the
provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of the Notes; provided, however, that no such supplemental indenture shall make any of the changes set forth in
Section 8.2 of the First Supplemental Indenture, without the consent of each Holder of an outstanding Note affected thereby. It is also provided in the Indenture that, prior to any declaration accelerating the maturity of the Notes, the Holders
of a majority in aggregate principal amount of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences except as provided in the
Indenture. Any such consent or waiver by the Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future holders and owners of this Note and any Notes which may be issued in
exchange or substitution hereof, irrespective of whether or not any notation thereof is made upon this Note or such other Notes. 
 No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, and accrued and unpaid interest on, this Note, at
the place, at the respective times, at the rate and in the lawful money herein prescribed. 
 Subject to the provisions of the Indenture,
upon the occurrence of a Designated Event, the Holder has the right, at such Holder’s option, to require the Company to repurchase all of such Holder’s Notes or any portion thereof (in principal amounts of $1,000 or integral multiples
thereof) on the Designated Event Repurchase Date at a price equal to 100% of the principal amount of the Notes such Holder elects to require the Company to repurchase, together with accrued and unpaid interest to but excluding the Designated Event
Repurchase Date, unless such Designated Event Repurchase Date falls after a Regular Record Date and on or prior to the corresponding Interest Payment Date, in which case the Company shall pay the full amount of accrued and unpaid interest payable on
such Interest Payment Date to the Holder of record at the close of business on the corresponding Regular Record Date. The Company or, at the written request of the Company, the Trustee shall mail to all Holders of record of the Notes a notice of the
occurrence of a Designated Event and of the repurchase right arising as a result thereof after the occurrence of any Designated Event, but on or before the 10th calendar day following such occurrence. 
 Subject to the provisions of the Indenture, the Holder hereof has the right, at its option, on and after December 1, 2011, or earlier upon the
occurrence of certain conditions specified in the Indenture and prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, to convert any Notes or portion thereof which is $1,000 or an integral
multiple 

  

 21 

 
thereof, into cash and at the election of the Company, and, if applicable, shares of Common Stock or Reference Property, in each case at the Conversion Rate
specified in the Indenture, as adjusted from time to time as provided in the Indenture, upon surrender of this Note, together with a Notice of Conversion, a form of which is contained under 0 of the First Supplemental Indenture, as provided in the
Indenture and this Note, to the Company at the office or agency of the Company maintained for that purpose, or at the option of such Holder, the Corporate Trust Office, and, unless the shares of Common Stock or Reference Property, as the case may
be, issuable on conversion are to be issued in the same name as this Note, duly endorsed by, or accompanied by instruments of transfer in form satisfactory to the Company duly executed by, the Holder or by his duly authorized attorney. The initial
Conversion Rate shall be 17.9791 shares of Common Stock for each $1,000 principal amount of Notes. No fractional shares of Common Stock or Reference Property, as the case may be, shall be issued upon any conversion, but an adjustment in cash shall
be paid to the Holder, as provided in the Indenture, in respect of any fraction of such share which would otherwise be issuable upon the surrender of any Note or Notes for conversion. No adjustment shall be made for dividends or any such shares
issued upon conversion of such Notes except as provided in the Indenture. 
 Upon due presentment for registration of transfer of this Note
at the office or agency of the Company, a new Note or Notes of authorized denominations for an equal aggregate principal amount shall be issued to the transferee in exchange thereof, subject to the limitations provided in the Indenture, without
charge except for any tax, assessments or other governmental charge imposed in connection therewith. 
 The Company, the Trustee, any
authenticating agent, any Paying Agent, any Conversion Agent and any Registrar may deem and treat the registered Holder hereof as the absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any notation of
ownership or other writing hereon), for the purpose of receiving payment hereof, or on account hereof, for the conversion hereof and for all other purposes, and neither the Company nor the Trustee nor any other authenticating agent nor any Paying
Agent nor any other Conversion Agent nor any Registrar shall be affected by any notice to the contrary. All payments made to or upon the order of such registered Holder shall, to the extent of the sum or sums paid, satisfy and discharge liability
for monies payable on this Note. 
 No recourse for the payment of the principal of, or accrued and unpaid interest on, this Note, or for any
claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any indenture supplemental thereto or in any Note, or because of the creation of any
Indebtedness represented thereby, shall be had against any incorporator, stockholder, employee, agent, officer, director or 

  

 22 

 
subsidiary, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released. 
 Terms used in this Note and defined in the Indenture are used herein as therein defined. 
 Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TENANT (=tenants by the entireties), JT
TEN (joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform gift to Minors Act). 
  

 23 

 FORM OF DESIGNATED EVENT REPURCHASE NOTICE 
 To: National Financial Partners Corp. 
 The undersigned registered owner of this Note hereby acknowledges
receipt of a notice from National Financial Partners Corp. (the “Company”) as to the occurrence of a Designated Event with respect to the Company and hereby directs the Company to pay, or cause the Trustee to pay, it or
                             an amount in cash equal to 100% of the entire principal amount, or the
portion thereof (which is $1,000 principal amount or an integral multiple thereof) below designated, to be repurchased plus interest accrued to, but excluding, the Designated Event Repurchase Date, as provided in the Indenture. 
  

			
		 	Dated:
		
		 	  

		 	  

		
		 	Signature(s)
		
		 	 Signature(s) must be guaranteed by an
 Eligible Guarantor
Institution with
 membership in an approved signature
 guarantee
program pursuant to Rule 17Ad-15
 under the Securities Exchange Act of 1934.

		
		 	  

		 	Signature Guaranteed
		
		 	 Principal amount to be repurchased (at least
 U.S. $1,000
or an integral multiple of $1,000
 in excess thereof):
                            

		
		 	 Remaining principal amount following such
 repurchase
(not less than U.S. $1,000):                     

  

			
	By:	 	  

		 	Authorized Signatory

  

 24 

 SECTION 2.03 Form of Notice of Conversion. 
 NOTICE OF CONVERSION 
 The undersigned Holder
of this Note hereby irrevocably exercises the option to convert this Note, or any portion of the principal amount hereof (which is U.S. $1,000 or an integral multiple of U.S. $1,000 in excess thereof, provided that the unconverted portion of
such principal amount is U.S. $1,000 or any integral multiple of U.S. $1,000 in excess thereof) below designated, into cash and, if applicable, shares of Common Stock or Reference Property in accordance with the terms of the Indenture referred to in
this Note, and directs that such shares, together with a check in payment for any fractional share and any Notes representing any unconverted principal amount hereof, be delivered to and be registered in the name of the undersigned unless a
different name has been indicated below. If shares of Common Stock, Reference Property or Notes are to be registered in the name of a Person other than the undersigned, (a) the undersigned shall pay all transfer taxes payable with respect
thereto and (b) signature(s) must be guaranteed by an Eligible Guarantor Institution with membership in an approved signature guarantee program pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934. Any amount required to be paid
by the undersigned on account of interest accompanies this Note. 
  

			
	Dated:
                                        
            	 	  

		 	Signature(s)

  

	
	 If shares or Notes are to be registered in the
 name of a
Person other than the Holder,
 please print such Person’s name and address:

	
	  

	(Name)
	
	  

	
	  

	(Address)
	
	  

	 Social Security or other Identification
 Number, if
any

	
	  

	[Signature Guaranteed]

  

 25 

 If only a portion of the Notes is to be converted, please indicate: 
  

	1.	Principal amount to be converted: U.S. $                     

  

	2.	Principal amount and denomination of Notes representing unconverted principal amount to be issued: 

 Amount: U.S.
$                         Denominations: U.S.
$                         
 (U.S. $1,000 or any integral multiple of U.S. $1,000 in excess thereof, provided that the unconverted portion of such principal amount is U.S. $1,000 or any integral multiple of U.S. $1,000 in excess thereof) 
 SECTION 2.04. Form of Assignment. 
 ASSIGNMENT 
 For value received,
                                 hereby sell(s), assign(s) and transfer(s) unto
                         (Please insert Social Security or other identifying number of assignee) the within Note, and
hereby irrevocably constitutes and appoints                              as attorney to transfer the
said Note on the books of the Company, with full power of substitution in the premises. 
  

					
	Dated:                         	  	Signature(s)	  	  

 Signature(s) must be guaranteed by an Eligible Guarantor Institution with membership in an
approved signature guarantee program pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934. 
  

	
	  

	Signature Guaranteed

  

 26 

 ARTICLE 3 
 THE NOTES 
 SECTION 3.01. Title And Terms. 
 The Notes shall be known and designated as the “0.75% Convertible Senior Notes due 2012” of the Company. Their Maturity Date shall be
February 1, 2012, and they shall bear interest on their principal amount from January 22, 2007, payable semi-annually in arrears on February 1 and August 1 in each year, commencing August 1, 2007, at the rate of
0.75% per annum until the principal thereof is due; provided, however, that payments shall only be made on a Business Day as provided in Section 16.06 of the Original Indenture. 
 The Company shall pay interest on overdue principal at the rate borne by the Notes, and it shall pay interest on overdue installments of interest at the
same rate to the extent lawful. 
 The principal of and interest on the Notes shall be payable as provided in the form of Notes set forth in
Section 2.02. The Designated Event Repurchase Price shall be payable at such place as is identified in the Designated Event Repurchase Right Notice given pursuant to Section 14.01(b) (such city in which the identified Paying Agent is
located being herein called a “Place of Payment”). 
 The Notes shall be senior unsecured obligations of the Company and
shall rank pari passu with all of the Company’s other senior unsecured obligations. 
 The Notes may not be redeemed at the
option of the Company prior to Maturity. 
 The Notes shall be convertible as provided in Article 12 (any city in which any Conversion Agent
is located being herein called a “Place of Conversion”). 
 The Notes shall be subject to repurchase by the Company at the
option of the Holders as provided in Article 14. 
 SECTION 3.02. Denominations. The Notes shall be issuable only in
registered form, without coupons, in denominations of U.S. $1,000 and integral multiples of U.S. $1,000 in excess thereof. 
 SECTION 3.03. Global Notes; Non-global Notes; Book-entry Provisions. 
 (a) Global Notes 

(i) Each Global Note authenticated under this First Supplemental Indenture shall be registered in the name of the Depositary designated
by the Company for such Global Note or a nominee thereof 

  

 27 

 
and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Note shall constitute a single Note for all purposes of
this First Supplemental Indenture. The Company hereby appoints DTC as the Depositary. 
 (ii) Except for exchanges of Global
Notes for definitive, Non-global Notes at the sole discretion of the Company, no Global Note may be exchanged in whole or in part for Notes registered, and no transfer of a Global Note in whole or in part may be registered, in the name of any Person
other than the Depositary for such Global Note or a nominee thereof unless (A) such Depositary (i) has notified the Company that it is unwilling or unable to continue as Depositary for such Global Note or (ii) has ceased to be a
clearing agency registered as such under the Exchange Act or announces an intention permanently to cease business or does in fact do so or (B) there shall have occurred and be continuing an Event of Default with respect to such Global Note. In
such event, if a successor Depositary for such Global Note is not appointed by the Company within 90 calendar days after the Company receives such notice or becomes aware of such ineligibility, the Company shall execute, and the Trustee, upon
receipt of an Officers’ Certificate directing the authentication and delivery of Notes, shall authenticate and deliver, Notes, in any authorized denominations in an aggregate principal amount equal to the principal amount of such Global Note in
exchange for such Global Note. 
 (iii) If any Global Note is to be exchanged for other Notes or canceled in whole, it shall
be surrendered by or on behalf of the Depositary or its nominee to the Trustee, as Security, for exchange or cancellation, as provided in this Article 3. If any Global Note is to be exchanged for other Notes or canceled in part, or if another Note
is to be exchanged in whole or in part for a beneficial interest in any Global Note, in each case, as provided in Article III of the Original Indenture, then either (A) such Global Note shall be so surrendered for exchange or cancellation, as
provided in this Article 3, or (B) the principal amount thereof shall be reduced or increased by an amount equal to the portion thereof to be so exchanged or canceled, or equal to the principal amount of such other Note to be so exchanged for a
beneficial interest therein, as the case may be, by means of an appropriate adjustment made on the records of the Trustee, as Registrar, whereupon the Trustee, in accordance with the Applicable Procedures, shall instruct the Depositary or its
authorized representative to make a corresponding adjustment to its records. Upon any such surrender or adjustment of a Global Note, the Trustee shall, subject to this Article 3, authenticate and deliver any Notes issuable in exchange for
such Global Note (or any portion thereof) to or upon the order of, and registered in such names as may be directed by, the Depositary or its authorized representative. The Trustee shall be entitled to 

  

 28 

 
receive from the Depositary the names, addresses and tax identification numbers of the Persons in whose name the Notes are to be registered prior to such
authentication and delivery. Upon the request of the Trustee in connection with the occurrence of any of the events specified in the preceding paragraph, the Company shall promptly make available to the Trustee a reasonable supply of Notes that are
not in the form of Global Notes. The Trustee shall be entitled to rely upon any order, direction or request of the Depositary or its authorized representative which is given or made pursuant to this Article 3 if such order, direction or request is
given or made in accordance with the Applicable Procedures. 
 (iv) Every Note authenticated and delivered upon registration
of transfer of, or in exchange for or in lieu of, a Global Note or any portion thereof, whether pursuant to this Article 3 or otherwise, shall be authenticated and delivered in the form of, and shall be, a registered Global Note, unless such Note is
registered in the name of a Person other than the Depositary for such Global Note or a nominee thereof, in which case such Note shall be authenticated and delivered in definitive, fully registered form, without interest coupons. 
 (v) The Depositary or its nominee, as registered owner of a Global Note, shall be the Holder of such Global Note for all purposes under
this First Supplemental Indenture and the Notes, and owners of beneficial interests in a Global Note shall hold such interests pursuant to the Applicable Procedures. Accordingly, any such owner’s beneficial interest in a Global Note shall be
shown only on, and the transfer of such interest shall be effected only through, records maintained by the Depositary or its nominee or its Agent Members and such owners of beneficial interests in a Global Note shall not be considered the owners or
holders thereof. 
 (b) Non-global Notes. Notes issued upon the events described in Section 3.03(a)(ii) shall be in definitive, fully
registered form, without interest coupons. 
 SECTION 3.04. Persons Deemed Owners. 
 Prior to due presentment of a Note for registration of transfer, the Company, the Trustee, any Paying Agent and any agent of the Company, the Trustee or
any Paying Agent may treat the Person in whose name such Note is registered as the owner of such Note for the purpose of receiving payment of principal of and (subject to Section 3.08 of the Original Indenture) interest on such Note and for all
other purposes whatsoever, whether or not such Note be overdue, and neither the Company, the Trustee, any Paying Agent nor any agent of the Company, the Trustee or any Paying Agent shall be affected by notice to the contrary. 
  

 29 

 ARTICLE 4 
 SATISFACTION AND DISCHARGE 
 SECTION 4.01.
Satisfaction And Discharge Of Indenture. 
 Section 12.02 of the Original Indenture shall not be applicable to the Notes. 

ARTICLE 5 
 REMEDIES

 SECTION 5.01. Events Of Default. 
 Section 7.01 of the Original Indenture shall not be applicable to the Notes. 
 “Event of
Default,” wherever used herein, means any one of the following events with respect to the Notes (whatever the reason for such Event of Default or whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to
any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (a) default in any
payment of interest on any Note when due and payable and the default continues for a period of 30 calendar days; or 
 (b) default in the
payment of principal of any Note when due and payable at Maturity, upon required repurchase, declaration or otherwise; or 
 (c) failure by
the Company to comply with its obligation to convert the Notes into cash or a combination of cash and Common Stock, as applicable, upon exercise of a Holder’s conversion right; or 
 (d) failure by the Company to comply with its obligations under Section 6.04 of the Original Indenture; or 
 (e) failure by the Company to issue a Designated Event Repurchase Right Notice in accordance with Section 14.01 or comply with its notice
requirements under Sections 12.01(b)-(d) when due; or 
 (f) failure by the Company for 60 calendar days to comply with any of its other
agreements (other than a covenant or warranty Default in whose 

  

 30 

 
performance or whose breach is elsewhere in this Section specifically provided for) contained in the Notes or this First Supplemental Indenture after written
notice of such Default from the Trustee or the Holders of at least 25% principal amount of the Outstanding Notes has been received by the Company; or 
 (g) default by the Company or any Subsidiary of the Company with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any debt for
money borrowed in excess of $10.0 million in the aggregate of the Company and/or any such Subsidiary, whether such debt now exists or shall hereafter be created, which default results in (i) such debt becoming or being declared due and payable,
and such debt shall not have been rescinded or annulled within 30 calendar days or (ii) from a failure to pay the principal of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration or otherwise,
and such defaulted payment shall not have been made, waived or extended within 30 calendar days; or 
 (h) failure by the Company or any of
its Subsidiaries, within 30 calendar days, to pay, bond or otherwise discharge any judgments or orders for the payment of money the total uninsured amount of which for the Company or any of its Subsidiaries exceeds in the aggregate $10.0 million,
which are not stayed on appeal; or 
 (i) the Company shall commence a voluntary case or other proceeding seeking liquidation, reorganization
or other relief with respect to the Company or any of its Significant Subsidiaries or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian
or other similar official of the Company or any of its Significant Subsidiaries or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or
other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due; or 
 (j) an involuntary case or other proceeding shall be commenced against the Company or any of its Significant Subsidiaries seeking liquidation, reorganization or other relief with respect to the Company or its debts
under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company or any of its Significant Subsidiaries or any
substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of ninety (90) consecutive calendar days. 
  

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 SECTION 5.02. Acceleration Of Maturity; Rescission And Annulment. 

Section 7.02 of the Original Indenture shall not be applicable to the Notes. 
 If an Event of Default (other than an Event of Default specified in Section 5.01(i) or Section 5.01(j) with respect to the Company) occurs and
is continuing, then in every such case (except as provided in the immediately following paragraph) the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare the principal of and accrued and unpaid
interest on all such Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal and all accrued interest thereon shall become immediately
due and payable. If an Event of Default specified in Section 5.01(i) or Section 5.01(j) with respect to the Company occurs, the principal of, and accrued interest on, all of the Notes shall become immediately due and payable without any
declaration or other Act of the Holders or any act on the part of the Trustee. 
 Notwithstanding the foregoing, at the election of the
Company, the sole remedy for an Event of Default specified in Section 5.01(f) relating to the failure by the Company to comply with its obligations under Section 9.02 and for any failure by the Company to comply with the requirements of
Section 314(a)(1) of the Trust Indenture Act, shall for the first 60 calendar days after the occurrence of such an Event of Default consist exclusively of the right (the “Extension Right”) to receive an extension fee on the
Notes in an amount equal to 0.25% of the principal amount of the Notes (the “Extension Fee”). If the Company so elects, the Extension Fee shall be payable on all Outstanding Notes from and including the date on which an Event of
Default relating to a failure to comply with the obligations under Section 9.02 or the failure to comply with the requirements of Section 314(a)(1) of the Trust Indenture Act first occurs. If such Event of Default has not been cured or
waived pursuant to Section 5.04 prior to such 60th calendar day, then the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare the principal of and accrued and unpaid interest on all such Notes to
be due and payable immediately. If the Company elects to pay the Extension Fee as the sole remedy for an Event of Default specified in Section 5.01(f) relating to the failure by the Company to comply with its obligations under Section 9.02
and for any failure by the Company to comply with the requirements of Section 314(a)(1) of the Trust Indenture Act, the Company shall notify, in the manner provided for in Section 16.05 of the Original Indenture, the Holders and the
Trustee of such election at any time on or before the close of business on the date on which such Event of Default first occurs. If an Extension Fee is payable under this Section 5.02, the Company shall deliver to the Trustee a certificate to
that effect stating (i) the amount of such Extension Fee that is payable and (ii) the date on which such Extension Fee is payable. Unless and until a Responsible Officer of the Trustee receives at the Corporate Trust Office such a
certificate, the Trustee may assume without inquiry that the Extension Fee is not payable. If the Extension Fee has been paid by the Company directly to the persons entitled to it, the Company shall deliver to the Trustee a certificate setting forth
the particulars of such payment. 
  

 32 

 This Section 5.02, however, is subject to the conditions that if, at any time after the principal of
the Notes shall have been so declared due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum
sufficient to pay installments of accrued and unpaid interest upon all Notes and the principal of any and all Notes that shall have become due otherwise than by acceleration (with interest on overdue installments of accrued and unpaid interest (to
the extent that payment of such interest is enforceable under applicable law) and on such principal at the rate borne by the Notes during the period of such Default) and amounts due to the Trustee pursuant to Section 11.01 of the Original
Indenture, and if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all Events of Defaults under this First Supplemental Indenture with respect to such Notes, other than the
nonpayment of principal of and accrued and unpaid interest on such Notes that shall have become due solely by such acceleration, shall have been cured or waived pursuant to Section 5.04, then and in every such case the holders of a majority in
aggregate principal amount of the Outstanding Notes, by written notice to the Company and to the Trustee, may waive all Defaults or Events of Default with respect to the Notes and rescind and annul such declaration and its consequences and such
Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this First Supplemental Indenture; but no such waiver or rescission and annulment shall extend to or shall affect any
subsequent Default or Event of Default, or shall impair any right consequent thereon. The Company shall notify the Trustee in writing, promptly upon becoming aware thereof, of any Event of Default by delivering to the Trustee a statement specifying
such Event of Default and any action the Company has taken, is taking or proposes to take with respect thereto. No rescission or annulment referred to above shall affect any subsequent Default or impair any right consequent thereon. 
 SECTION 5.03. Unconditional Right Of Holders To Receive Principal And Interest And To Convert. 
 Notwithstanding any other provision in this First Supplemental Indenture, the Holder of any Note shall have the right, which is absolute and
unconditional, to receive payment of the principal of and (subject to Section 3.08 of the Original Indenture) interest on such Note on the Maturity Date, and to convert such Note in accordance with Article 12, and to institute suit for the
enforcement of any such payment and right to convert, and such rights shall not be impaired without the consent of such Holder. 
  

 33 

 SECTION 5.04. Waiver Of Past Defaults. 
 The Holders of not less than a majority in principal amount of the Outstanding Notes may on behalf of the Holders of all of the Notes waive any past
Default hereunder and its consequences, except a Default (A) in the payment of the principal of or interest on any Note, or (B) in respect of a covenant or provision hereof which under Article 8 cannot be modified or amended without the
consent of the Holder of each Outstanding Note affected. 
 Upon any such waiver, such Default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this First Supplemental Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
 SECTION 5.05. Waiver Of Stay, Usury Or Extension Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay, usury or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this First Supplemental Indenture; and the Company (to the extent that it
may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it shall not hinder, delay or impede by reason of such law the execution of any power herein granted to the Trustee, but shall suffer and permit
the execution of every such power as though no such law had been enacted. 
 ARTICLE 6 
 [RESERVED] 
 ARTICLE 7 
 [RESERVED] 
 ARTICLE 8

 SUPPLEMENTAL INDENTURES 
 SECTION 8.01. Supplemental Indentures Without Consent Of Holders Of Notes. 
 Section 14.01 of the Original Indenture shall not be applicable to the Notes. 
  

 34 

 Without the consent of any Holders of Notes, the Company, when authorized by a Board Resolution, and the
Trustee, upon receipt of a Company Request, at any time and from time to time, may enter into one or more indentures supplemental hereto for any of the following purposes: 
 (a) to cure any ambiguity, to correct or supplement any provision herein that may be inconsistent with any other provision herein or that is otherwise defective; or 
 (b) to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants and obligations of the Company
herein and in the Notes as permitted by Section 6.04 of the Original Indenture; or 
 (c) to add guarantees with respect to the Notes;
or 
 (d) to secure the Notes; or 
 (e) to add to the covenants of the Company or Events of Default for the benefit of the Holders of Notes or to surrender any right or power herein conferred upon the Company; or 
 (f) to provide for the conversion of Notes pursuant to Section 12.10; or 
 (g) to make any changes or modifications to this First Supplemental Indenture, provided that such action pursuant to this clause (g) shall
not adversely affect the interests of the Holders of Notes in any material respect; provided further that any such action to conform the terms of this First Supplemental Indenture to the description of Notes contained in the Prospectus
Supplement shall not be deemed to be adverse to the Holders of Notes; or 
 (h) to comply with the requirements of the Trust Indenture Act or
the rules and regulations of the SEC thereunder in order to effect or maintain the qualification of the Original Indenture and this First Supplemental Indenture under the Trust Indenture Act, as contemplated by this First Supplemental Indenture or
otherwise; or 
 (i) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee; or 
 (j) to provide for the issuance of Additional Notes in accordance with the terms and conditions of this First Supplemental Indenture; 
 (k) to make any other provisions with respect to matters or questions arising under this First Supplemental Indenture as the Company may deem necessary
or desirable, provided that such action pursuant to this clause (k) shall not adversely affect the interests of the Holders of Notes in any material respect; or 
  

 35 

 (l) eliminate the Company’s option to elect to pay cash to Holders of Notes surrendered for
conversion in lieu of all or a portion of the Common Stock issuable upon conversion of Notes pursuant to Section 12.02. 
 Upon Company
Request, accompanied by a Board Resolution authorizing the execution of any such supplemental indenture, and subject to and upon receipt by the Trustee of the documents described in Section 14.04 of the Original Indenture, the Trustee shall
join with the Company in the execution of any supplemental indenture authorized or permitted by the terms of this First Supplemental Indenture and to make any further appropriate agreements and stipulations that may be therein contained. 

SECTION 8.02. Supplemental Indentures With Consent Of Holders Of Notes. 
 Section 14.02 of the Original Indenture shall not be applicable to the Notes. 
 With the written consent of the Holders of not less than a majority in principal amount of the Outstanding Notes, by the Act of said Holders delivered to
the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this First Supplemental Indenture or of modifying in any manner the rights of the Holders of Notes under this First Supplemental Indenture; provided, however, that no such supplemental indenture shall, without the
consent of the Holder of each Outstanding Note affected thereby: 
 (a) reduce the percentage in aggregate principal amount of Notes the
Holders of which must consent to an amendment; or 
 (b) reduce the rate, extend the stated time for payment, of interest on any Note or
reduce the amount, or extend the stated time for payment of the Extension Fee; or 
 (c) reduce the principal, or extend the Maturity Date,
of any Note; or 
 (d) make any change that adversely affects the conversion rights of any Notes; or 
 (e) reduce the Designated Event Repurchase Price of any Note or amend or modify in any manner adverse to the Holders of the Notes the Company’s
obligations to make such payments, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise; or 
  

 36 

 (f) change the place or currency of payment of principal, interest or the Extension Fee in respect of any
Note; or 
 (g) impair the right of any Holder to receive payment of principal of, and interest on, such Holder’s Notes on or after the
due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Note; or 
 (h) adversely
affect the ranking of the Notes as the senior unsecured Indebtedness of the Company; or 
 (i) make any change in the provisions of this
Article 8 that require each Holder’s consent or in the waiver provisions in Section 5.02 and Section 5.04. 
 It shall not be
necessary for any Act of Holders of Notes under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 SECTION 8.03. Notice Of Supplemental Indentures. 
 Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of Section 8.02, the Company shall give notice to all Holders of Notes of such fact, setting
forth in general terms the substance of such supplemental indenture, in the manner provided in Section 16.05 of the Original Indenture. Any failure of the Company to give such notice, or any defect therein, shall not in any way impair or affect
the validity of any such supplemental indenture. 
 ARTICLE 9 
 HOLDERS LISTS AND BY TRUSTEE AND COMPANY 
 SECTION 9.01. Preservation Of Information. 
 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 10.03 of the
Original Indenture and the names and addresses of Holders received by the Trustee in its capacity as Registrar. The Trustee may destroy any list, if any, furnished to it as provided in Section 10.03 of the Original Indenture upon receipt of a
new list so furnished. 
  

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 (b) The rights of Holders to communicate with other Holders with respect to their rights under this First
Supplemental Indenture or under the Notes, and the corresponding rights, and duties of the Trustee, shall be as provided by the Trust Indenture Act. 
 (c) Every Holder of Notes, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any
disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 
 SECTION 9.02.
Reports By Company. 
 (a) The Company shall file any documents that it is required to file with the SEC pursuant to Section 13 or
15(d) of the Exchange Act with the Trustee within 30 calendar days after the same are required to be filed with the SEC. 
 (b) Delivery of
such reports, information and documents to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively on an Officers’ Certificate). 
 ARTICLE 10 
 COVENANTS

 SECTION 10.01. Payment Of Principal And Interest. 
 The Company covenants and agrees that it shall duly and punctually pay the principal of and interest on the Notes in accordance with the terms of the
Notes and this First Supplemental Indenture. The Company shall deposit or cause to be deposited with the Trustee or its nominee, no later than 9:00 a.m., New York City time, on the Maturity Date of the Notes or no later than 9:00 a.m., New York City
time, on the due date for any installment of interest, all payments so due, which payments shall be in immediately available funds on the date of such Maturity Date or due date, as the case may be. 
 SECTION 10.02. Maintenance Of Offices Or Agencies. 
 The Company shall maintain in an office or agency where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or for conversion or repurchase and where notices and
demands to or upon the Company in respect of the Notes and this First Supplemental Indenture 

  

 38 

 
may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency not
designated or appointed by the Trustee. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be
made or served at the Corporate Trust Office. 
 The Company may at any time and from time to time vary or terminate the appointment of any
such agent or appoint any additional agents for any or all of such purposes; provided, however, that until all of the Notes have been delivered to the Trustee for cancellation, or moneys sufficient to pay the principal of and interest
on the Notes have been made available for payment and either paid or returned to the Company pursuant to the provisions of Section 6.03 of the Original Indenture, the Company shall maintain an office or agency where Notes may be presented or
surrendered for payment and conversion, where Notes may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Notes and this First Supplemental Indenture may be served. The
Company shall give prompt written notice to the Trustee, and notice to the Holders in accordance with Section 16.05 of the Original Indenture, of the appointment or termination of any such agents and of the location and any change in the
location of any such office or agency. 
 The Company hereby initially designates the Trustee as Paying Agent, Registrar, and Conversion
Agent, and each of the Corporate Trust Office of the Trustee and the office or agency of the Trustee located at Sixth Street and Marquette Avenue N9303-120, Minneapolis, MN 55479, Attention: Corporate Trust Services (National Financial Partners
Corp. 0.75% Convertible Senior Notes due 2012), as one such office or agency of the Company for each of the aforesaid purposes. 
 SECTION 10.03. Existence. 
 Subject to Section 6.04 of the Original Indenture, the Company shall do or cause
to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises; provided, however, that the Company shall not be required to preserve any such right or
franchise if the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss thereof is not disadvantageous in any material respect to the Holders. 
 SECTION 10.04. Statement By Officers As To Default. 
 Section 6.07 of the Original Indenture shall not be applicable to the Notes. 
  

 39 

 The Company shall deliver to the Trustee, within 30 calendar days of becoming aware of any Default or any
Event of Default under this First Supplemental Indenture, an Officers’ Certificate specifying with particularity such Default or Event of Default and further stating what action the Company has taken, is taking or proposes to take with respect
thereto. 
 Any notice required to be given under this Section shall be delivered to the Trustee at its Corporate Trust Office. 

ARTICLE 11 
 [RESERVED]

 ARTICLE 12 
 CONVERSION OF NOTES 
 SECTION 12.01. Conversion Privilege And
Conversion Rate. 
 (a) Subject to the conditions described in clause (i), (ii), and (iii) below, and upon compliance with the
provisions of this Article 12, a Holder shall have the right, at such Holder’s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral multiple thereof) of such Note at any time prior to
the close of business on the Scheduled Trading Day immediately preceding December 1, 2011, at a rate (the “Conversion Rate”) of 17.9791 shares of Common Stock (subject to adjustment by the Company as provided in
Section 12.04) per $1,000 principal amount of the Note (the “Conversion Obligation”) under the circumstances and during the periods set forth below. On and after December 1, 2011, regardless of the conditions
described in clause (i), (ii) and (ii) below, and upon compliance with the provisions of this Article 12, a Holder shall have the right, at such Holder’s option, to convert all or any portion (if the portion to be converted is $1,000
principal amount or an integral multiple thereof) of Notes at the applicable Conversion Rate at any time prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date. 
 (i) The Notes shall be convertible prior to December 1, 2011, during the five Business Day period immediately after any five
consecutive Trading Day period (the “Measurement Period”) in which the Trading Price per $1,000 principal amount of the Notes for each Trading Day of such Measurement Period was less than 98% of the product of the Last Reported Sale
Price of the Common Stock on each such date and the Conversion Rate (the “Trading Price Condition”) determined as set forth below. If a Holder provides the Company with 

  

 40 

 
reasonable evidence that the Trading Price of the Notes would be less than 98% of the product of (a) the then-applicable Conversion Rate of the Notes
and (b) the Last Reported Sale Price at such time, then the Company shall instruct the Trustee to determine the Trading Price of the Notes beginning on the next Trading Day and on each successive Trading Day until the date on which the Trading
Price per Note is greater than or equal to 98% of the product of (a) the then-applicable Conversion Rate of the Notes and (b) the Last Reported Sale Price (as provided to the Trustee by the Company on each such date). If the Trading Price
Condition has been met, the Company shall so notify the Holders of the Notes. If, at any time after the Trading Price Condition has been met, the Trading Price per $1,000 principal amount of the Notes is greater than 98% of the product of
(a) the then-applicable Conversion Rate of the Notes and (b) the Last Reported Sale Price on such date, the Company shall so notify the Holders of the Notes, and the Trustee shall have no further obligation to determine the Trading Price
of the Notes unless requested by the Company to do so again in writing pursuant to this Section 12.01(a)(i). Notwithstanding the foregoing, if the Trustee cannot reasonably obtain at least one bid for $2.0 million principal amount of the Notes
from a nationally recognized securities dealer selected by the Board of Directors of the Company for the purpose of the determining the Trading Price on any Trading Day, then the Trading Price per $1,000 principal amount of notes shall be deemed to
be less than 98% of the product of (a) the then-applicable Conversion Rate of the Notes and (b) the Last Reported Sale Price on such date (any such determination by the Trustee shall be conclusive absent manifest error). Furthermore, if
the Company does not, when obligated to do so pursuant to this clause (i), instruct the Trustee to determine the Trading Price of the Notes, or if the Company so instructs the Trustee, but the Trustee does not make such determination, then the
Trading Price per $1,000 principal amount of the Notes shall be deemed to be less than 98% of the product of (a) the then-applicable Conversion Rate of the Notes and (b) the Last Reported Sale Price on such date. 
 (ii) The Notes shall be convertible prior to December 1, 2011, during any calendar quarter after the calendar quarter ending
March 31, 2007 (and only during such calendar quarter), if the Last Reported Sale Price of the Common Stock for twenty (20) or more Trading Days in a period of thirty (30) consecutive Trading Days ending on the last Trading Day of the
immediately preceding calendar quarter exceeds 130% of the applicable Conversion Price in effect on the last Trading Day of the immediately preceding calendar quarter. 
 (iii) The Notes shall be convertible prior to December 1, 2011, as provided in subsections (b), (c) and (d) of this
Section. 
  

 41 

 (b) In the event that the Company elects to: 
 (i) distribute to all or substantially all holders of Common Stock any rights or warrants entitling them, for a period of not more than 45
calendar days after the record date for such distribution, to subscribe for or purchase Common Stock at a price per share less than the Last Reported Sale Price of the Common Stock for the Trading Day immediately preceding the declaration date of
such distribution; or 
 (ii) distribute to all or substantially all holders of Common Stock, assets (including cash) or debt
securities of the Company or rights to purchase the Company’s securities, which distribution has a per share value (as determined by the Board of Directors) exceeding 15% of the Last Reported Sale Price of the Common Stock on the Trading Day
immediately preceding the date of declaration of such distribution, 
 then, in either case, Holders may surrender the Notes for conversion at any time on
and after the date that the Company provides the notice to such Holders referred to in the next sentence until the earlier of 5:00 p.m., New York City time, on the Business Day immediately preceding the Ex-Date for such distribution or the date the
Company announces that such distribution will not take place. The Company shall notify Holders of any distribution referred to in either clause (i) or clause (ii) above and of the resulting conversion right no later than the 25th Scheduled
Trading Day prior to the Ex-Date for such distribution. A Holder may not exercise this right if such Holder is permitted to participate (as a result of holding the Notes, and at the same time as holders of the Common Stock participate) in any
distribution referred to in clause (i) or clause (ii) above as if such Holder held a number of shares of Common Stock equal to the then-applicable Conversion Rate, multiplied by the principal amount (expressed in thousands) of Notes held
by such Holder, without having to convert its Notes. 
 (c) If the Company is a party to a combination, merger, binding share exchange or
sale or conveyance of all or substantially all of its properties and assets in each case pursuant to which the Common Stock would be converted into cash, securities and/or other property, then the Holders shall have the right to convert Notes at any
time beginning 15 Scheduled Trading Days prior to the date announced by the Company as the anticipated effective date of the transaction and until and including the date that is 25 Scheduled Trading Days after the date that is the effective date of
such transaction; provided such transaction does not otherwise constitute a Designated Event to which the provisions of subsection (d) of this Section shall apply. The Company shall notify Holders and issue a Press Release at least 20
Scheduled Trading Days prior to the anticipated effective date of such transaction. The Board of Directors shall determine the anticipated effective date of the transaction, and such determination shall be conclusive and binding on the Holders.

  

 42 

 (d) If the Company is a party to any transaction or event that constitutes a Designated Event, a Holder
may surrender Notes for conversion at any time, after the Company gives the notice referred to in following sentence, from and after the 15th Scheduled Trading Day prior to the anticipated effective date of such transaction or event until
(i) the related Designated Event Repurchase Date or (ii) if there is no such Designated Event Repurchase Date, 30 Trading Days following the effective date of such Designated Event and, upon such surrender, if such Designated Event also
constitutes a Fundamental Change, the Holder may be entitled to receive Additional Shares of Common Stock, if any, as specified in subsection (e) of this Section. The Company shall notify, in the manner provided for in Section 16.05 of the
Original Indenture, each of the Holders and the Trustee of the Designated Event, and issue a Press Release, no later than 20 Scheduled Trading Days prior to the anticipated effective date of the Designated Event. 
 (e) Subject to subsection (d) of this Section, if a Holder elects to convert Notes in connection with a Fundamental Change that occurs prior to the
Maturity Date, the Conversion Rate applicable to each $1,000 principal amount of Notes so converted shall be increased by an additional number of shares of Common Stock (the “Additional Shares”) as described below; provided,
however that no increase shall be made in the case of a Fundamental Change if at least 90% of the consideration paid for the Company’s Common Stock (excluding cash payments for fractional shares and cash payments made pursuant to
dissenters’ appraisal rights) in such Fundamental Change transaction consists of shares of capital stock or American Depositary Receipts in respect of shares of capital stock traded on the New York Stock Exchange or a United States national
securities exchange (or that will be so traded immediately following the transaction) and as a result of such transaction or transactions the Notes become convertible into such shares of such capital stock or such American Depositary Receipts.
Settlement of Notes tendered for conversion to which Additional Shares shall be added to the Conversion Rate as provided in this subsection shall be settled pursuant to Section 12.02(d). For purposes of this subsection (e), a conversion shall
be deemed to be “in connection with” a Fundamental Change to the extent that such conversion is effected during the time period specified in subsection (d) of this Section (regardless of whether the provisions of clause (a)(i),
(a)(ii), (b) or (c) of this Section shall apply to such conversion). 
 (i) The number of Additional Shares shall be
determined by the Company by reference to the table attached as Schedule A hereto, based on the date on which the Fundamental Change occurs or becomes effective (the “Effective Date”), and the Stock Price; provided that if
the actual Stock Price is between two Stock Price amounts in the table or the Effective Date is between two Effective Dates in the table, the number of Additional Shares shall be determined by a straight-line interpolation between the number of
Additional Shares set forth for the next higher and next lower Stock Price amounts and the two nearest Effective Dates, as 

  

 43 

 
applicable, based on a 365-day year; provided further that if (1) the Stock Price is greater than $125.00 per share of Common Stock (subject to
adjustment in the same manner as set forth in Section 12.04), no Additional Shares shall be added to the Conversion Rate, and (2) the Stock Price is less than $46.35 per share (subject to adjustment in the same manner as set forth in
Section 12.04), no Additional Shares shall be added to the Conversion Rate. Notwithstanding the foregoing, in no event shall the total number of shares of Common Stock issuable upon conversion exceed 21.5750 per $1,000 principal amount of
Notes (subject to adjustment in the same manner as set forth in Section 12.04). 
 (ii) The Stock Prices set forth in the
first row of the tables in Schedule A hereto shall be adjusted by the Company as of any date on which the Conversion Rate of the Notes is adjusted. The adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to such
adjustment, multiplied by a fraction, the numerator of which is the Conversion Rate in effect immediately prior to the adjustment giving rise to the Stock Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The
number of Additional Shares within the table shall be adjusted in the same manner as the Conversion Rate as set forth in Section 12.04 (other than by operation of an adjustment to the Conversion Rate by adding Additional Shares). 
 SECTION 12.02. Exercise Of Conversion Privilege. 
 (a)(i) Subject to subsection (b) of this Section, the Company shall satisfy the Conversion Obligation with respect to each $1,000 principal amount of Notes tendered for conversion in cash and shares of fully paid
Common Stock, if applicable, by delivering, on the third VWAP Trading Day immediately following the last VWAP Trading Day of the related Observation Period, cash and shares of Common Stock, if any, equal to the sum of the Daily Settlement Amounts
for each of the 20 VWAP Trading Days during the related Observation Period; provided that the Company shall deliver cash in lieu of fractional shares of Common Stock as provided in Section 12.03. The Daily Settlement Amounts shall be
determined by the Company promptly following the last VWAP Trading Day of the Observation Period. 
 (ii) If the Company
elects to pay cash in lieu of delivering shares of Common Stock, the Company shall notify, in the manner provided for in Section 16.05 of the Original Indenture, the Holder tendering a Notice of Conversion of the percentage of each share of
Common Stock issuable upon conversion that shall be paid in cash in lieu of shares of Common Stock (the “Cash Percentage”) at any time on or before the close of business on the VWAP Trading Date following the Company’s receipt
of the Notice of Conversion tendered by such Holder. 

  

 44 

 
In the event the Company elects to settle in cash all or any portion of the shares of Common Stock issuable upon conversion in connection with conversions of
Notes within 25 Scheduled Trading Days prior to the Maturity Date, the Company shall send, on or prior to the 25th Scheduled Trading Date prior to the Maturity Date, a single notice for all such conversions to the Trustee with respect to the Cash
Percentage that shall be paid in cash in lieu of shares of Common Stock. 
 (iii) Notwithstanding the provisions described
above in this subsection (a), in satisfaction of the Conversion Obligation, the Company may direct the Conversion Agent to surrender, on or prior to the commencement of the Observation Period, such Notes to a financial institution designated by the
Company for exchange in lieu of conversion. In order to accept any Notes surrendered for conversion, the designated institution must agree to deliver, in exchange for such Notes, the cash or combination of cash and shares of Common Stock equal to
the consideration due upon conversion pursuant to this Section 12.02, at the sole option of the designated financial institution and as is designated to the Conversion Agent by the Company. By the close of business on the Scheduled Trading Day
immediately preceding the start of the Observation Period, the Company shall notify, in the manner provided in Section 16.05 of the Original Indenture, the Holder surrendering Notes for conversion that the Company has directed the designated
financial institution to make an exchange in lieu of conversion and such financial institution shall be required to notify on such Scheduled Trading Day the Conversion Agent and such Holder whether it shall deliver, upon exchange, all cash or a
combination of cash and shares of Common Stock. If the designated institution accepts any such Notes, it shall deliver cash and, if applicable, the appropriate number of shares of Common Stock in accordance with Section 12.02(d). Any Notes
exchanged by the designated institution shall remain outstanding. If the designated institution agrees to accept any Notes for exchange but does not timely deliver the related consideration, or if such designated financial institution does not
accept the Notes for exchange, the Company shall, no later than the third VWAP Trading Day immediately following the last VWAP Trading Day of the related Observation Period, convert the Notes into cash and, if applicable, the appropriate number of
shares of Common Stock due upon conversion pursuant to this Section 12.02 as elected by the designated financial institution by the last Scheduled Trading Day prior to the related Observation Period. 
 (b) Notwithstanding subsection (a) of this Section, the Company shall satisfy the Conversion Obligation with respect to each $1,000 principal amount
of Notes tendered for conversion to which Additional Shares shall be added to the Conversion Rate as set forth in Section 12.01(e) pursuant to this clause (b); 

  

 45 

 
provided, the Company may elect to pay cash to Holders of Notes surrendered for conversion in lieu of all or a portion of the shares of Common Stock
issuable upon conversion of the Notes in satisfaction of the Conversion Obligation pursuant to clause (ii) of subsection (a) of this Section. 
 (i) If the last VWAP Trading Day of the applicable Observation Period related to Notes surrendered for conversion is prior to the third Scheduled Trading Day preceding the Effective Date of the Fundamental Change, the
Company shall satisfy the related Conversion Obligation with respect to each $1,000 principal amount of Notes tendered for conversion as described in this subsection (b) by delivering the cash and shares of Common Stock (based on the Conversion
Rate, but without regard to the number of Additional Shares to be added to the Conversion Rate pursuant to Section 12.01(e)) on the third VWAP Trading Day immediately following the last VWAP Trading Day of the applicable Observation Period. As
soon as practicable following the Effective Date of the Fundamental Change, the Company shall deliver the increase in such amount of Reference Property in lieu of shares of Common Stock, if any, as if the Conversion Rate had been increased by such
number of Additional Shares during the related Observation Period (and based upon the related Daily VWAP prices during such Observation Period). If such increased amount of cash and shares, if any, results in an increase to the amount of cash to be
paid to Holders, the Company shall pay such increase in cash, and if such increased amount results in an increase to the number of shares of Common Stock, the Company shall deliver such increase by delivering Reference Property based on such
increased number of shares. 
 (ii) If the last VWAP Trading Day of the applicable Observation Period related to Notes
surrendered for conversion is on or following the third Scheduled Trading Day preceding the Effective Date of such Fundamental Change, the Company shall satisfy the Conversion Obligation with respect to each $1,000 principal amount of Notes tendered
for conversion as described in Section 12.01(b) (based on the Conversion Rate as increased by the Additional Shares pursuant to Section 12.01(e)) on the later to occur of (1) the Effective Date of the Fundamental Change and
(2) the third VWAP Trading Day immediately following the last VWAP Trading Day of the applicable Observation Period. 
 (c) Before any
Holder of a Note shall be entitled to convert the same as set forth above, such holder shall (1) in the case of a Global Note, comply with the procedures of the Depositary in effect at that time and, if required, pay funds equal to interest
payable on the next Interest Payment Date to which such Holder is not entitled as set forth in subsection (i) of this Section and, if required, pay all taxes or duties, if any, and (2) in the case of a Note issued in certificated form,

  

 46 

 
(A) complete and manually sign and deliver an irrevocable written notice to the Conversion Agent in the form set forth under 0 (or a facsimile thereof) (a
“Notice of Conversion”) at the office of the Conversion Agent and shall state in writing therein the principal amount of Notes to be converted and the name or names (with addresses) in which such Holder wishes the certificate or
certificates for any shares of Common Stock, if any, to be delivered upon settlement of the Conversion Obligation to be registered, (B) surrender such Notes, duly endorsed to the Company or in blank (and accompanied by appropriate endorsement
and transfer documents), at the office of the Conversion Agent, (C) if required, pay funds equal to interest payable on the next Interest Payment Date to which such Holder is not entitled as set forth in subsection (i) of this Section, and
(D) if required, pay all taxes or duties, if any. A Note shall be deemed to have been converted immediately prior to the close of business on the date (the “Conversion Date”) that the Holder has complied with the requirements
set forth in this subsection (c). 
 No Notice of Conversion with respect to any Notes may be tendered by a Holder thereof if such Holder has
also tendered a Designated Event Repurchase Notice and not validly withdrawn such Designated Event Repurchase Notice in accordance with the applicable provisions of Section 14.01. 
 If more than one Note shall be surrendered for conversion at one time by the same Holder, the Conversion Obligation with respect to such Notes, if any,
that shall be payable upon conversion shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered. 
 (d) Delivery of the amounts owing in satisfaction of the Conversion Obligation shall be made by the Company in no event later than the date specified in
subsection (a) of this Section, except to the extent specified in subsection (b) of this Section. The Company shall make such delivery by paying the cash amount owed to the Holder of the Note surrendered for conversion, or such
Holder’s nominee or nominees, and by issuing, or causing to be issued, and delivering to such Holder, or such Holder’s nominee or nominees, certificates or a book-entry transfer through the Depositary for the number of full shares of
Common Stock, if any, to which such holder shall be entitled as part of such Conversion Obligation (together with any cash in lieu of fractional shares). 
 (e) In case any Note shall be surrendered for partial conversion, the Company shall execute and the Trustee shall, as provided in a Company Order, authenticate and deliver to or upon the written order of the Holder of
the Note so surrendered, without charge to such Holder, a new Note or Notes in authorized denominations in an aggregate principal amount equal to the unconverted portion of the surrendered Notes. 
  

 47 

 (f) If a Holder submits a Note for conversion, the Company shall pay all stamp and other duties, if any,
which may be imposed by the United States or any political subdivision thereof or taxing authority thereof or therein with respect to the issuance of shares of Common Stock, if any, upon the conversion. However, the Holder shall pay any such tax
which is due because the Holder requests any shares of Common Stock to be issued in a name other than the Holder’s name. The Company may refuse to deliver the certificates representing the shares of Common Stock being issued in a name other
than the Holder’s name until the Company receives a sum sufficient to pay any tax which will be due because the shares are to be issued in a name other than the Holder’s name. Nothing herein shall preclude any tax withholding required by
law or regulations. 
 (g) Except as provided in Section 12.04, no adjustment shall be made for dividends on any shares issued upon the
conversion of any Note as provided in this Article 12. 
 (h) Upon the conversion of an interest in a Global Note, the Trustee, or the
Custodian at the direction of the Trustee, shall make a notation on such Global Note as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any conversion of Notes effected through any
Conversion Agent other than the Trustee. 
 (i) Upon conversion, a Holder shall not receive any separate cash payment for accrued and unpaid
interest except as set forth below. The Company’s settlement of the Conversion Obligation as described above shall be deemed to satisfy its obligation to pay the principal amount of the Note and accrued and unpaid interest to, but not
including, the Conversion Date. As a result, accrued and unpaid interest to, but not including, the Conversion Date shall be deemed to be paid in full rather than cancelled, extinguished or forfeited. Notwithstanding the preceding sentence, if Notes
are converted after 5:00 p.m., New York City time, on a Record Date, Holders of such Notes as of 5:00 p.m., New York City time, on the Record Date shall receive the interest payable on such Notes on the corresponding Interest Payment Date
notwithstanding the conversion. Notes surrendered for conversion during the period from 5:00 p.m., New York City time, on any Regular Record Date to 9:00 a.m., New York City time, on the corresponding Interest Payment Date must be accompanied by
payment of an amount equal to the interest payable on the Notes so converted; provided, however, that no such payment need be made (i) if the Company has specified a Designated Event Purchase Date that is after a Record Date and
on or prior to the corresponding Interest Payment Date; (ii) to the extent of any overdue interest existing at the time of conversion with respect to such Note; or (iii) with respect to any Conversion Date that occurs during the period
from the close of business on the Regular Record Date immediately preceding the Maturity Date to the Maturity Date. Except as described above, no payment or adjustment shall be made for accrued interest on converted Notes. 
  

 48 

 SECTION 12.03. Fractions Of Shares. 
 No fractional shares of Common Stock shall be issued upon conversion of any Note or Notes. If more than one Note shall be surrendered for conversion at
one time by the same Holder, the number of full shares which shall be issuable upon conversion thereof shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof) so surrendered. Instead of any
fractional share of Common Stock that would otherwise be issuable upon conversion of any Note or Notes (or specified portions thereof), the Company shall calculate and pay a cash adjustment in respect of such fraction (calculated to the nearest
1/100th of a share) in an amount equal to the same fraction of the Daily VWAP of the Common Stock on the last VWAP Trading Day of the relevant Observation Period. 
 SECTION 12.04. Adjustment Of Conversion Rate. 
 The Conversion Rate shall be adjusted from time
to time by the Company as follows; provided that the Company shall not make any adjustments to the Conversion Rate if Holders of the Notes participate (as a result of holding the Notes, and at the same time as holders of the Common Stock
participate) in any the transactions described below as if such Holders held a number of shares of Common Stock equal to the then-applicable Conversion Rate, multiplied by the principal amount (expressed in thousands) of Notes held by such Holders,
without having to convert their Notes: 
 (a) In case the Company shall issue shares of Common Stock as a dividend or distribution to holders
of all or substantially all of the outstanding Common Stock, or shall effect a share split or share combination, the Conversion Rate shall be adjusted based on the following formula: 
  

									
		 	CR’ = CR0
×  	 	    OS’    	  		  	
	 	 	OS0	  		  	

 where, 
 CR0 = the Conversion Rate in effect immediately prior to the Ex-Date for such
dividend or distribution or immediately prior to the effective date of such share split or combination, as the case may be; 
 CR’ = the
Conversion Rate in effect immediately after the Ex-Date for such dividend or distribution or immediately after the effective date of such share split or combination, as the case may be; 
 OS0 = the number of
shares of Common Stock outstanding immediately prior to the Ex-Date for such dividend or distribution or immediately prior to the effective date of such share split or combination, as the case may be; and 
  

 49 

 OS’ = the number of shares of Common Stock outstanding immediately after giving effect to such
dividend or distribution or immediately after the effective date of such share split or combination, as the case may be. 
 Such adjustment
shall become effective immediately after 9:00 a.m., New York City time, on the Ex-Date fixed for such dividend or distribution, or the effective date for such share split or share combination. If any dividend or distribution of the type described in
this Section 12.04(a) is declared but not so paid or made, or the outstanding shares of Common Stock are not split or combined, as the case may be, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of
Directors determines not to pay such dividend or distribution, or split or combine the outstanding shares of Common Stock, as the case may be, to the Conversion Rate that would then be in effect if such dividend, distribution, share split or share
combination had not been declared. 
 (b) In case the Company shall distribute to all or substantially all holders of its outstanding shares
of Common Stock rights or warrants entitling them (for a period expiring within 45 calendar days after the record date for such distribution) to subscribe for or purchase shares of Common Stock at a price per share less than the Last Reported Sale
Price of the Common Stock on the Trading Day immediately preceding the declaration date of such distribution, the Conversion Rate shall be adjusted based on the following formula: 
  

									
		 	  
 CR’ = CR0 ×  
	 	    OS0 + X    	  		  	
	 	 	OS0 + Y	  		  	

 where, 
 CR0 = the Conversion Rate in effect immediately prior to the Ex-Date for such
distribution; 
 CR’ = the Conversion Rate in effect immediately after the Ex-Date for such distribution; 
 OS0 = the number of
shares of Common Stock outstanding immediately prior to the Ex-Date for such distribution; 
 X = the total number of shares of Common Stock
issuable pursuant to such rights or warrants; and 
  

 50 

 Y = the number of shares of Common Stock equal to the aggregate price payable to exercise such rights or
warrants divided by the average of the Last Reported Sale Prices of Common Stock over the 10 consecutive Trading Day period ending on the Trading Day immediately preceding the Ex-Date for such distribution. 
 Such adjustment shall be successively made whenever any such rights or warrants are distributed and shall become effective immediately after the opening
of business on the Ex-Date for such distribution. The Company shall not issue any such rights or warrants in respect of shares of the Common Stock held in treasury by the Company. To the extent that shares of the Common Stock are not delivered after
the expiration of such rights or warrants, the Conversion Rate shall be readjusted to the Conversion Rate that would then be in effect had the adjustments made upon the issuance of such rights or warrants been made on the basis of delivery of only
the number of shares of Common Stock actually delivered. If such rights or warrants are not so issued, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such Ex- Date for such distribution had not
been fixed. 
 In determining whether any rights or warrants entitle the holders to subscribe for or purchase shares of Common Stock at less
than such Last Reported Sale Price, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account any consideration received by the Company for such rights or warrants and any amount payable on
exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors. 
 (c) In
case the Company shall, by dividend or otherwise, distribute to all or substantially all holders of its Common Stock shares of any class of Capital Stock of the Company (other than Common Stock as covered by subsection (a) of this Section),
evidences of its Indebtedness or other assets or property of the Company (including securities, but excluding dividends and distributions covered by subsection (b) or (d) of this Section and distributions described below in this subsection
(c) with respect to Spin-Offs) (any of such shares of Capital Stock, Indebtedness, or other asset or property hereinafter in this subsection (c) called the “Distributed Property”), then, in each such case the Conversion
Rate shall be adjusted based on the following formula: 
  

									
		 	CR’ = CR0
×  	 	        SP0        	  		  	
	 	 	SP0 – FMV	  		  	

 where, 
 CR0 = the Conversion Rate in effect immediately prior to the Ex-Date for such
distribution; 
  

 51 

 CR’ = the Conversion Rate in effect immediately after the Ex-Date for such distribution; 

SP0 = the average
of the Last Reported Sale Prices of Common Stock over the ten (10) consecutive Trading Day period ending on the Trading Day immediately preceding the Ex-Date for such distribution; and 
 FMV = the fair market value as determined by the Board of Directors of the shares of capital stock, evidences of indebtedness, assets or property
distributed with respect to each outstanding share of Common Stock on the Ex-Date for such distribution. 
 Such adjustment shall become
effective immediately prior to the opening of business on the Ex-Date for such distribution; provided that if “FMV” as set forth above is equal to or greater than “SP0” as set forth above, in lieu of the foregoing adjustment, adequate provision shall be made so that each Holder of Notes has the right to receive, for each
$1,000 principal amount of Notes, the amount of Distributed Property such holder would have received had such holder owned a number of shares of Common Stock equal to the Conversion Rate on the record date for such distribution, without being
required to convert the Notes. If such distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. If the Board of
Directors determines “FMV” for purposes of this Section 12.04(c) by reference to the actual or when issued trading market for any securities, it must in doing so consider the prices in such market over the same period used in
computing the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period ending on the Trading Day immediately preceding the Ex-Date for such distribution. 
 With respect to an adjustment pursuant to this subsection (c) where there has been a payment of a dividend or other distribution on the Common Stock
or shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit (a “Spin-Off”), the Conversion Rate in effect immediately before 5:00 p.m., New York City time, on
the 10th Trading Day immediately following, and including, the effective date of the Spin-Off shall be increased based on the following formula: 
  

									
		 	CR’ = CR0
×  	  	FMV0 + MP0	  		  	
	 	  	MP0	  		  	

 Where, 
 CR0 = the Conversion Rate in effect immediately prior to the 10th Trading Day
immediately following the effective date of the Spin-Off; 
  

 52 

 CR’ = the Conversion Rate in effect immediately after the 10th Trading Day immediately following the
effective date of the Spin-Off; 
 FMV0 = the average of the Last Reported Sale Prices of the capital stock or similar equity interest distributed to holders of Common Stock applicable to one share of Common Stock over the first 10
consecutive Trading Day period immediately following, and including, the effective date of the Spin-Off; and 
 MP0 = the average of the Last Reported Sale Prices of our common stock over the first 10 consecutive Trading Day period immediately
following, and including, the effective date of the Spin-Off. 
 Such adjustment shall occur on the 10th Trading Day from, and including, the
effective date of the Spin-Off; provided that in respect of any conversion within the 10 Trading Days immediately following, and including, the effective date of any Spin-Off, references with respect to the Spin-Off to 10 Trading Days shall
be deemed replaced with such lesser number of Trading Days as have elapsed between the effective date of such Spin-Off and the Conversion Date in determining the applicable Conversion Rate; provided further that in respect of any conversion
within the first four Trading Days following the effective date of such Spin-Off (if such Trading Days are also VWAP Trading Days), references to 10 Trading Days shall be deemed replaced with four (4) Trading Days. 
 Rights or warrants distributed by the Company to all holders of Common Stock, entitling the holders thereof to subscribe for or purchase shares of the
Company’s Capital Stock, including Common Stock (either initially or under certain circumstances), which rights or warrants, until the occurrence of a specified event or events (“Trigger Event”): (i) are deemed to be
transferred with such shares of Common Stock; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of Common Stock, shall be deemed not to have been distributed for purposes of this Section (and no adjustment
to the Conversion Rate under this Section shall be required) until the occurrence of the earliest Trigger Event, whereupon such rights and warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the
Conversion Rate shall be made under this subsection (c). If any such rights or warrants are subject to events, upon the occurrence of which such rights or warrants become exercisable to purchase different securities, evidences of Indebtedness or
other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and record date with respect to new rights or warrants with such rights (and a termination or expiration of the existing rights
or warrants without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights or warrants, or any Trigger Event or other event (of the type described in the preceding sentence) with
respect thereto that was counted for purposes of calculating a distribution amount for 

  

 53 

 
which an adjustment to the Conversion Rate under this Section was made, (1) in the case of any such rights or warrants that shall all have been redeemed
or repurchased without exercise by any holders thereof, the Conversion Rate shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as the case may be, as though it were a cash distribution,
equal to the per share redemption or repurchase price received by a holder or holders of Common Stock with respect to such rights or warrants (assuming such holder had retained such rights or warrants), made to all holders of Common Stock as of the
date of such redemption or repurchase, and (2) in the case of such rights or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion Rate shall be readjusted as if such rights and warrants had
not been issued. 
 For purposes of this subsection (c) and subsections (a) and (b) of this Section, any dividend or
distribution to which this subsection (c) is applicable that also includes shares of Common Stock to which subsection (a) of this Section applies or rights or warrants to subscribe for or purchase shares of Common Stock to which subsection
(a) or (b) of this Section applies (or both), shall be deemed instead to be (1) a dividend or distribution of the evidences of Indebtedness, assets or shares of capital stock other than such shares of Common Stock or rights or
warrants, to which this subsection (c) applies (and any Conversion Rate adjustment required by this subsection (c) with respect to such dividend or distribution shall then be made) immediately followed by (2) a dividend or
distribution of such shares of Common Stock or such rights or warrants (and any further Conversion Rate adjustment required by subsections (a) and (b) of this Section with respect to such dividend or distribution shall then be made),
except (A) the Ex-Date of such dividend or distribution shall under this subsection (c) be substituted as “the Ex-Date” within the meaning of subsection (a) and subsection (b) and (B) any shares of Common Stock
included in such dividend or distribution shall not be deemed “outstanding immediately prior to the Ex-Date for such dividend or distribution or immediately prior to the effective date of such share split or combination, as the case may
be” within the meaning of subsection (a) or “outstanding immediately prior to the Ex-Date for such distribution” within the meaning of subsection (b). 
 (d) In case the Company shall pay dividends or make distributions consisting exclusively of cash to all or substantially all holders of its Common Stock (excluding the first dividend or distribution with an Ex-Date in
any calendar quarter if such dividend or distribution does not exceed $0.18 per share (the “Dividend Threshold Amount”); provided that the Dividend Threshold Amount shall be subject to adjustment in a manner inversely
proportional to adjustments to the Conversion Rate, except that no adjustment shall be made to the Dividend Threshold Amount on account of any adjustment made to the Conversion Rate pursuant to this clause (d); provided further that if such
dividend or distribution is not the first dividend or distribution during any calendar quarter, the Dividend 

  

 54 

 
Threshold Amount shall be deemed to be zero), the Conversion Rate shall be adjusted based on the following formula: 
  

									
		 	CR’ = CR0
×  	 	SP0 – QD	  		  	
	 	 	SP0 - C	  		  	

 where, 
 CR0 = the Conversion Rate in effect immediately prior to the Ex-Date for such
distribution; 
 CR’ = the Conversion Rate in effect immediately after the Ex-Date for such distribution; 
 SP0 = the Last
Reported Sale Price of Common Stock on the Trading Day immediately preceding the Ex-Date for such distribution; 
 QD = the Dividend Threshold
Amount; and 
 C = the amount in cash per share we distribute to holders of Common Stock in such distribution. 
 Such adjustment shall become effective immediately after the opening of business on the Ex-Date for such dividend or distribution; provided that
if the portion of the cash so distributed applicable to one share of the Common Stock is equal to or greater than SP0 as set forth above, in lieu of the foregoing adjustment, adequate provision shall be made so that each Holder of Notes shall receive on the date on which such cash dividend is distributed to holders of Common Stock, for each $1,000
principal amount of Notes, the amount of cash such holder would have received had such holder owned a number of shares equal to the Conversion Rate on the Ex-Date for such distribution, without being required to convert the Notes. If such dividend
or distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. 
 For the avoidance of doubt, for purposes of this subsection (d), in the event of any reclassification of the Common Stock, as a result of which the Notes
become convertible into more than one class of Common Stock, if an adjustment to the Conversion Rate is required pursuant to this subsection (d), references in this Section to one share of Common Stock or Last Reported Sale Price of one share of
Common Stock shall be deemed to refer to a unit or to the price of a unit consisting of the number of shares of each class of Common Stock into which the Notes are then convertible equal to the numbers of shares of such class issued in respect of
one share of Common Stock in such reclassification. The above provisions of this paragraph shall similarly apply to successive reclassifications. 
  

 55 

 (e) In case the Company or any of its Subsidiaries make a payment in respect of a tender offer or
exchange offer for all or any portion of the Common Stock, to the extent that the cash and value of any other consideration included in the payment per share of Common Stock exceeds the Last Reported Sale Price of the Common Stock on the Trading Day
next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be amended), the Conversion Rate shall be increased based on the following formula: 
  

									
		 	CR’ = CR0
×  	 	    AC + (SP’ × OS’)    	  		  	
	 	 	OS0 × SP’	  		  	

 where, 
 CR0 = the Conversion Rate in effect on the date such tender or exchange offer
expires; 
 CR’ = the Conversion Rate in effect on the day next succeeding the date such tender or exchange offer expires; 
 AC = the aggregate value of all cash and any other consideration as determined by the Board of Directors paid or payable for shares purchased in such
tender or exchange offer; 
 OS0 = the number of shares of Common Stock outstanding immediately prior to the date such tender or exchange offer expires; 
 OS’ = the number of shares of Common Stock outstanding immediately after the date such tender or exchange offer expires (after giving effect to such tender offer or exchange offer); and 
 SP’ = the Last Reported Sale Price of Common Stock on the Trading Day next succeeding the date such tender or exchange offer expires. 
 Such adjustment shall become effective immediately after close of business on the Trading Day next succeeding the date such tender or exchange offer
expires. If the Company or its Subsidiary is obligated to purchase shares of Common Stock pursuant to any such tender or exchange offer, but the Company or its Subsidiary is permanently prevented by applicable law from effecting all or any such
purchases or all or any portion of such purchases are rescinded, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such tender or exchange offer had not been made or had only been made in respect
of the purchases that had been effected. 
  

 56 

 No adjustment to the Conversion Rate shall be made if the application of any of the foregoing formulas
(other than in connection with a share combination) would result in a decrease in the Conversion Rate. 
 For purposes of this
Section 12.04 the term “record date” shall mean, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock have the right to receive any cash, securities or other property or
in which the Common Stock (or other applicable security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of shareholders entitled to receive such cash, securities or other
property (whether such date is fixed by the Board of Directors or by statute, contract or otherwise). 
 (f) In addition to those required by
subsections (a), (b), (c), (d) and (e) of this Section, and to the extent permitted by applicable law, the Company from time to time may increase the Conversion Rate by any amount for a period of at least 20 calendar days if the Board of
Directors determines that such increase would be in the Company’s best interest. Whenever the Conversion Rate is increased pursuant to the preceding sentence, the Company shall mail to the Holder of each Note at his last address appearing on
the Register provided for in Section 16.05 of the Original Indenture a notice of the increase at least 15 calendar days prior to the date the increased Conversion Rate takes effect, and such notice shall state the increased Conversion Rate and
the period during which it will be in effect. In addition, the Company may also (but is not required to) increase the Conversion Rate to avoid or diminish any income tax to holders of Common Stock or rights to purchase Common Stock in connection
with any dividend or distribution of shares (or rights to acquire shares) or similar event. 
 (g) Without limiting the foregoing, no
adjustment to the Conversion Rate need be made 
 (i) upon the issuance of any shares of Common Stock pursuant to any present
or future plan providing for the reinvestment of dividends or interest payable on securities of the Company and the investment of additional optional amounts in shares of Common Stock under any plan; 
 (ii) upon the issuance of any shares of Common Stock or options or rights to purchase shares of Common Stock pursuant to any present or
future employee, director or consultant benefit plan or program or employee stock purchase plan of or assumed by the Company or any of its Subsidiaries; 
 (iii) upon the issuance of any shares of Common Stock pursuant to any option, warrant, right, or exercisable, exchangeable or convertible security not described in clause (ii) above and outstanding as of the date
of this First Supplemental Indenture; 
  

 57 

 (iv) for a change in the par value of the Common Stock; or 
 (v) for accrued and unpaid Interest (including any Additional Interest). 
 (h) All calculations and other determinations under this Article 12 shall be made by the Company and shall be made to the nearest cent or to the nearest
one-ten thousandth (1/10,000) of a share, as the case may be. No adjustment shall be made for the Company’s issuance of Common Stock or convertible or exchangeable securities or rights to purchase Common Stock or convertible or
exchangeable securities, other than as provided in this Section. No adjustment shall be made to the Conversion Rate unless such adjustment would require a change of at least 1% in the Conversion Rate then in effect at such time. The Company shall
carry forward any adjustments that are less than 1% of the Conversion Rate and make such carried forward adjustments, regardless of whether the aggregate adjustment is less than 1% (1) annually, on the anniversary of the date of this First
Supplemental Indenture, (2) upon a Designated Event or (3) on the Maturity Date (and on each VWAP Trading Day of the 20 VWAP Trading Day Observation Period beginning on the 22nd Scheduled Trading Day prior to the Maturity Date).

 (i) In any case in which this Section provides that an adjustment shall become effective immediately after (1) the Ex-Date for an
event or (2) the last date on which tenders or exchanges may be made pursuant to any tender or exchange offer pursuant to subsection (e) of this Section (each an “Adjustment Determination Date”), the Company may elect to
defer until the occurrence of the applicable Adjustment Event (as hereinafter defined) (x) issuing to the Holder of any Note converted after such Adjustment Determination Date and before the occurrence of such Adjustment Event, the additional
cash and, if applicable, shares of Common Stock or other securities issuable upon such conversion by reason of the adjustment required by such Adjustment Event over and above the amounts deliverable upon such conversion before giving effect to such
adjustment and (y) paying to such Holder any amount in cash in lieu of any fraction pursuant to Section 12.03. For purposes of this subsection (i), the term “Adjustment Event” shall mean: 
 (i) in any case referred to in clause (1) hereof, the date any dividend or distribution of Common Stock, shares of capital stock,
evidences of Indebtedness, other assets or property or cash is paid or made, the effective date of any share split or combination or the date of expiration of any rights or warrants, and 
  

 58 

 (ii) in any case referred to in clause (2) hereof, the date a sale or exchange of
Common Stock pursuant to such tender or exchange offer is consummated and becomes irrevocable. 
 (j) For purposes of this Section, the
number of shares of Common Stock at any time outstanding shall not include shares held in the treasury of the Company but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock.

 (k) For the avoidance of doubt, if a holder converts Notes prior to the effective date of a Fundamental Change, and the Fundamental Change
does not occur, the Holder shall not be entitled to Additional Shares in connection with such conversion. 
 (l) With respect to a conversion
of Notes pursuant to this Article 12, at and after the close of business on the last VWAP Trading Day (the “Relevant Date”) of the related Observation Period, the Person in whose name any certificate representing any shares of
Common Stock issuable upon such conversion is registered shall be treated as a stockholder of record of the Company on such Relevant Date; provided, however, that if any such shares of Common Stock constitute Additional Shares, then the
Relevant Date with respect to such shares that constitute Additional Shares shall instead be deemed to be the later of (i) the last VWAP Trading Day of the related Observation Period and (ii) the Effective Date of the Fundamental Change
resulting in the Additional Shares. On and after the Conversion Date with respect to a conversion of Notes pursuant hereto, all rights of the Holders of such Notes shall terminate, other than the right to receive the consideration deliverable upon
conversion of such Notes as provided herein. A Holder of a Note is not entitled, as such, to any rights of a holder of Common Stock until, if such Holder converts such Note and is entitled pursuant hereto to receive shares of Common Stock in respect
of such conversion, the close of business on the Relevant Date or respective Relevant Dates, as the case may be, with respect to such conversion. 
 (m) Whenever any provision of this Article 12 requires a calculation of Last Reported Sale Prices or Daily VWAP over a span of multiple days, the Company shall make appropriate adjustments to the Daily Settlement Amount (determined in good
faith by the Board of Directors) to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Date of the event occurs, at any time during the period from which
such calculation is to be calculated; provided that such adjustments shall only be made to the Daily Settlement Amounts relating to days prior to the date that the adjustment to the Conversion Ratio becomes effective. 
  

 59 

 SECTION 12.05. Notice Of Adjustments Of Conversion Rate. 
 Whenever the Conversion Rate is adjusted as herein provided: 
 (a) the Company shall compute the adjusted Conversion Rate in accordance with Section 12.04 and shall prepare a certificate signed by the Chief Financial Officer of the Company setting forth the adjusted
Conversion Rate and showing in reasonable detail the facts upon which such adjustment is based, and such certificate shall promptly be filed with the Trustee and with each Conversion Agent (if other than the Trustee); and 
 (b) upon each such adjustment, a notice stating that the Conversion Rate has been adjusted and setting forth the adjusted Conversion Rate shall be
required, such notice shall be provided by the Company to all Holders in accordance with Section 16.05 of the Original Indenture. 
 Neither the Trustee nor any Conversion Agent shall be under any duty or responsibility with respect to any such certificate or the information and calculations contained therein, except to exhibit the same to any Holder of Notes desiring
inspection thereof at its office during normal business hours.  
 SECTION 12.06. Company To Reserve Common Stock.

 The Company shall at all times reserve and keep available, free from preemptive rights, out of its authorized but unissued Common
Stock, for the purpose of effecting the conversion of Notes, the full number of shares of Common Stock then issuable upon the conversion of all Outstanding Notes. 
 SECTION 12.07. Taxes On Conversions. 
 Except as provided in the next sentence, the
Company shall pay any and all taxes and duties that may be payable in respect of the issue or delivery of shares of Common Stock on conversion of Notes pursuant hereto. The Company shall not, however, be required to pay any tax or duty that may be
payable in respect of (i) income of the Holder, or (ii) any transfer involved in the issue and delivery of shares of Common Stock in a name other than that of the Holder of the Note or Notes to be converted, and no such issue or delivery
shall be made unless and until the Person requesting such issue has paid to the Company the amount of any such tax or duty, or has established to the satisfaction of the Company that such tax or duty has been paid. 
 SECTION 12.08. Certain Covenants. 
 Before taking any action which would cause an adjustment reducing the Conversion Rate below the then par value, if any, of the shares of Common Stock issuable upon conversion of the Notes, the Company shall take all corporate action which
it reasonably determines may be necessary in order that the Company may validly and legally issue shares of such Common Stock at such adjusted Conversion Rate. 
  

 60 

 The Company covenants that all shares of Common Stock issued upon conversion of Notes shall be fully paid
and non-assessable by the Company and free from all taxes, liens and changes with respect to the issue thereof. 
 (a) The Company further
covenants that if at any time the Common Stock shall be listed for trading on any other national securities exchange the Company shall, if permitted and required by the rules of such exchange, list and keep listed, so long as the Common Stock shall
be so listed on such exchange, all Common Stock issuable upon conversion of the Notes. 
 SECTION 12.09. Cancellation Of
Converted Notes. 
 All Notes delivered for conversion shall be delivered to the Trustee or its agent and canceled by the Trustee as
provided in Section 3.09 of the Original Indenture. 
 SECTION 12.10. Provision In Case Of Effect Of Reclassification,
Consolidation, Merger Or Sale. 
 If any of the following events occur, namely (i) any reclassification or change of the outstanding
shares of Common Stock (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a split, subdivision or combination), (ii) any consolidation, merger or combination of the Company
with another Person, or (iii) any sale or conveyance of all or substantially all of the property and assets of the Company to any other Person, in any case as a result of which holders of Common Stock shall be entitled to receive cash,
securities or other property or assets with respect to or in exchange for such Common Stock (any such event described in clauses (i) through (iii) a “Merger Event”), then: 
 (a) the Company or the successor or purchasing Person, as the case may be, shall execute with the Trustee a supplemental indenture (which shall comply
with the Trust Indenture Act as in force at the date of execution of such supplemental indenture if such supplemental indenture is then required to so comply) permitted under Section 8.01(f) providing for the conversion and settlement of the
Notes as set forth in this First Supplemental Indenture. Such supplemental indenture shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 12 and the Trustee may
conclusively rely on the determination by the Company of the equivalency of such adjustments. If, in the case of any Merger Event, the Reference Property includes shares of stock or other securities and assets of a company other than the successor
or purchasing company, as the case may be, in 

  

 61 

 
such reclassification, change of control, consolidation, merger, combination, sale or conveyance, then such supplemental indenture shall also be executed by
such other company and shall contain such additional provisions to protect the interests of the Holders of the Notes as the Board of Directors shall reasonably consider necessary by reason of the foregoing, including to the extent required by the
Board of Directors and practicable the provisions providing for the repurchase rights set forth in Article 14. 
 In the event a supplemental
indenture is executed pursuant to this Section, the Company shall promptly file with the Trustee an Officers’ Certificate briefly stating the reasons therefore, the kind or amount of cash, securities or property or assets that will constitute
the Reference Property after any such Merger Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly mail notice thereof to all Holders. 
 If any securities to be provided for the purpose of conversion of Notes hereunder require registration with or approval of any governmental authority
under any federal or state law before such securities may be validly issued upon conversion, each supplemental indenture executed pursuant to this Section shall provide that the Company or the successor or the purchasing Person, as the case may be,
or if the Reference Property includes shares of stock or other securities and assets of a company other than the successor or purchasing company, as the case may be, then such company, shall use all commercially reasonable efforts, to the extent
then permitted by the rules and interpretations of the SEC (or any successor thereto), to secure such registration or approval in connection with the conversion of Notes. 
 (b) Notwithstanding the provisions of Section 12.02(a) and Section 12.02(b), and subject to the provisions of Section 12.01, at the effective time of such Merger Event, the right to convert each $1,000
principal amount of Notes shall be changed to a right to convert such Notes by reference to the kind and amount of cash, securities or other property or assets that a holder of a number of shares of Common Stock equal to the Conversion Rate
immediately prior to such transaction would have owned or been entitled to receive (the “Reference Property”) such that from and after the effective time of such transaction, a Holder shall be entitled thereafter to convert its
Notes into cash and, in lieu of Common Stock, if any, the same type (and in the same proportion) of Reference Property, based on the Daily Settlement Amounts of Reference Property in an amount equal to the applicable Conversion Rate, as described
under Section 12.02(a). For purposes of determining the constitution of Reference Property, the type and amount of consideration that a holder of Common Stock would have been entitled to in the case of reclassifications, consolidations,
mergers, sales or conveyance of assets or other transactions that cause the Common Stock to be converted into the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election) shall be
deemed 

  

 62 

 
to be the (i) weighted average of the types and amounts of consideration received by the holders of Common Stock that affirmatively make such an
election or (ii) if no holders of Common Stock affirmatively make such election, the types and amounts of consideration actually received by such holders. The Company shall not become a party to any such transaction unless its terms are
consistent with the preceding. None of the foregoing provisions shall affect the right of a holder of Notes to convert its Notes in accordance with the provisions of this Article 12 prior to the effective date. 
 (c) The Company shall cause notice of the execution of such supplemental indenture to be mailed to each Holder, at his address appearing on the Register
provided for in this First Supplemental Indenture, within 20 calendar days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture. 
 (d) The above provisions of this Section shall similarly apply to successive Merger Events. 
 SECTION 12.11. Responsibility Of Trustee For Conversion Provisions. 
 The Trustee, subject to the provisions of Section 11.02 of the Original Indenture, and any Conversion Agent shall not at any time be under any duty
or responsibility to any Holder of Notes to determine whether any facts exist which may require any adjustment of the Conversion Rate, or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed,
herein or in any supplemental indenture provided to be employed, in making the same, or whether a supplemental indenture need be entered into. Neither the Trustee, subject to the provisions of Section 11.02 of the Original Indenture, nor any
Conversion Agent shall be accountable with respect to the validity or value (or the kind or amount) of any Common Stock, or of any other securities or property or cash, which may at any time be issued or delivered upon the conversion of any Notes;
and it or they do not make any representation with respect thereto. Neither the Trustee, subject to the provisions of Section 11.02 of the Original Indenture, nor any Conversion Agent shall be responsible for any failure of the Company to make
or calculate any cash payment or to issue, transfer or deliver any shares of Common Stock or share certificates or other securities or property or cash upon the surrender of any Note for the purpose of conversion; and the Trustee, subject to the
provisions of Section 11.02 of the Original Indenture, and any Conversion Agent shall not be responsible for any failure of the Company to comply with any of the covenants of the Company contained in this Article 12. 
  

 63 

 ARTICLE 13 
 DISCHARGE 
 SECTION 13.01. Discharge of Liability on Notes. 
 When (1) the Company shall deliver to the Registrar for cancellation all Notes theretofore authenticated (other than any Notes which have been
mutilated, destroyed, lost or wrongfully taken and in lieu of or in substitution for which other Notes shall have been authenticated and delivered) and not theretofore canceled or (2) all the Notes not theretofore canceled or delivered to the
Registrar for cancellation shall have (a) been deposited for conversion (after all related Observation Periods have elapsed) and the Company shall deliver to the Holders cash or a combination of cash and shares of Common Stock, as applicable,
sufficient to pay all amounts owing in respect of all Notes (other than any Notes which shall have been mutilated, destroyed, lost or wrongfully taken and in lieu of or in substitution for which other Notes shall have been authenticated and
delivered) not theretofore canceled or delivered to the Registrar for cancellation or (b) become due and payable on the Maturity Date, Designated Event Repurchase Date or otherwise, and the Company shall deposit with the Trustee cash sufficient
to pay all amounts owing in respect of all Notes (other than any Notes which shall have been mutilated, destroyed, lost or wrongfully taken and in lieu of or in substitution for which other Notes shall have been authenticated and delivered) not
theretofore canceled or delivered to the Registrar for cancellation, including the principal amount and interest accrued and unpaid to the Maturity Date, Designated Event Repurchase Date or other such date, and if in either case (1) or
(2) the Company shall also pay or cause to be paid all other sums payable hereunder by the Company, then this First Supplemental Indenture with respect to the Notes shall cease to be of further effect (except as to (i) remaining rights of
registration of transfer, substitution and exchange and conversion of Notes, (ii) rights hereunder of Holders to receive from the Trustee payments of the amounts then due, including interest with respect to the Notes and the other rights,
duties and obligations of Holders, as beneficiaries hereof solely with respect to the amounts, if any, so deposited with the Trustee and (iii) the rights, obligations and immunities of the Trustee, Authenticating Agent, Paying Agent, Conversion
Agent and Registrar under this First Supplemental Indenture with respect to the Notes), and the Trustee, on demand of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel as required by Section 13.03 and at the
cost and expense of the Company, shall execute proper instruments acknowledging satisfaction of and discharging this First Supplemental Indenture with respect to the Notes; however, the Company hereby agrees to reimburse the Trustee, Authenticating
Agent, Paying Agent, Conversion Agent and Registrar for any costs or expenses thereafter reasonably and properly incurred by the Trustee, Authenticating Agent, Paying Agent, Conversion Agent and Registrar and to compensate the Trustee,
Authenticating Agent, Paying Agent, Conversion Agent and Registrar for any services thereafter reasonably and properly rendered by the Trustee, Authenticating Agent, Paying Agent, Conversion Agent and Registrar in connection with this First
Supplemental Indenture with respect to the Notes. 
  

 64 

 SECTION 13.02. Reinstatement. 
 If the Trustee or the Paying Agent is unable to apply any money to the Holders entitled thereto by reason of any order or judgment of any court of
governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this First Supplemental Indenture with respect to the Notes shall be revived and reinstated as though no deposit had
occurred pursuant to Section 13.01 until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with this First Supplemental Indenture and the Notes to the Holders entitled thereto; provided,
however, that if the Company makes any payment of principal amount of or interest on any Note following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from
the money held by the Trustee or Paying Agent. 
 SECTION 13.03. Officers’ Certificate; Opinion of Counsel.

 Upon any application or demand by the Company to the Trustee to take any action under Section 13.01, the Company shall furnish to the
Trustee an Officers’ Certificate or Opinion of Counsel stating that all conditions precedent, if any, provided for in this First Supplemental Indenture relating to the proposed action have been complied with. 
 ARTICLE 14 
 REPURCHASE
OF NOTES 
 SECTION 14.01. Right To Require Repurchase Upon A Designated Event. 

(a) If a Designated Event occurs at any time, then each Holder shall have the right, at such Holder’s option, to require the Company to repurchase
all of such Holder’s Notes or any portion thereof that is a multiple of $1,000 principal amount, for cash on the date (the “Designated Event Repurchase Date”) specified by the Company that is not less than 20 calendar days and
not more than 35 calendar days after the date of the Designated Event Repurchase Right Notice at a repurchase price equal to 100% of the principal amount thereof, together with accrued and unpaid interest thereon to, but excluding, the Designated
Event Repurchase Date, unless such Designated Event Repurchase Date falls after a Regular Record Date and on or prior to the corresponding Interest Payment Date, in which case the Company shall pay the full amount of accrued and unpaid interest
payable on such Interest Payment Date to the holder of record at the close of business on the corresponding Regular Record Date (the “Designated Event Repurchase Price”). 
  

 65 

 However, notwithstanding the foregoing, Holders shall not have the right to require the Company to
repurchase any Notes under this Section (and the Company shall not be required to deliver the Designated Event Repurchase Notice incidental thereto) if at least 90% of the consideration paid for the Company’s Common Stock (excluding cash
payments for fractional shares and, cash payments made pursuant to dissenters’ appraisal rights and cash dividends) in the case of a Fundamental Change consists of shares of Capital Stock or American Depositary Receipts in respect of shares of
Capital Stock traded on the New York Stock Exchange or another United States national securities exchange (or will be so traded immediately following the Fundamental Change) and, as a result of such transaction or transactions, the Notes become
convertible into such shares of such Capital Stock or such American Depositary Receipts. 
 Repurchases of Notes under this Section shall be
made, at the option of the Holder thereof, upon: 
 (i) delivery to the Trustee (or other Paying Agent appointed by the
Company) by a Holder of a duly completed notice (the “Designated Event Repurchase Notice”) in the form set forth on the reverse of the Note prior to the close of business on the Business Day immediately preceding the Designated
Event Repurchase Date; and 
 (ii) delivery or book-entry transfer of the Notes to the Trustee (or other Paying Agent
appointed by the Company) at any time after delivery of the Designated Event Repurchase Notice (together with all necessary endorsements) at the Corporate Trust Office of the Trustee (or other Paying Agent appointed by the Company), such delivery
being a condition to receipt by the Holder of the Designated Event Repurchase Price therefor; provided that such Designated Event Repurchase Price shall be so paid pursuant to this Section only if the Note so delivered to the Trustee (or
other Paying Agent appointed by the Company) shall conform in all respects to the description thereof in the related Designated Event Repurchase Notice. 
 The Designated Event Repurchase Notice shall state: 
 (A) if certificated, the certificate
numbers of Notes to be delivered for repurchase; 
 (B) the portion of the principal amount of Notes to be repurchased, which
must be $1,000 or an integral multiple thereof; and 
  

 66 

 (C) that the Notes are to be repurchased by the Company pursuant to the applicable
provisions of the Notes and this First Supplemental Indenture. 
 Any purchase by the Company contemplated pursuant to the provisions of this
Section shall be consummated by the delivery of the consideration to be received by the Holder promptly following the later of the Designated Event Repurchase Date and the time of the book-entry transfer or delivery of the Note. 
 The Trustee (or other Paying Agent appointed by the Company) shall promptly notify the Company of the receipt by it of any Designated Event Repurchase
Notice or written notice of withdrawal thereof in accordance with the provisions of subsection (c) of this Section. 
 Any Note that is
to be repurchased only in part shall be surrendered to the Trustee (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by the
Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and make available for delivery to the Holder of such Note without service charge, a new Note or Notes, containing
identical terms and conditions, each in an authorized denomination in aggregate principal amount equal to and in exchange for the unrepurchased portion of the principal of the Note so surrendered. 
 (b) After the occurrence of a Designated Event, but on or before the 10th calendar day after the Effective Date of such Designated Event, the Company
shall provide to all Holders of record of the Notes and the Trustee and Paying Agent a notice (the “Designated Event Repurchase Right Notice”) of the occurrence of such Designated Event and of the repurchase right, if any, at the
option of the Holders arising as a result thereof. Such mailing shall be by first class mail. Simultaneously with providing such Designated Event Repurchase Right Notice, the Company shall publish a notice containing the information included therein
in a newspaper of general circulation in the City of new York or on the Company’s website or through such other public medium as the Company may use at such time. 
 Each Designated Event Repurchase Right Notice shall specify (if applicable): 
 (i) the events
causing the Designated Event and whether such Designated Event also constituted a Fundamental Change; 
 (ii) the date of the
Designated Event; 
  

 67 

 (iii) the Designated Event Repurchase Date and the last date on which a Holder may
exercise the repurchase right; 
 (iv) the Designated Event Repurchase Price; 
 (v) the name and address of the Paying Agent and the Conversion Agent; 
 (vi) the applicable Conversion Rate and any adjustments to the applicable Conversion Rate; 
 (vii) that the Notes with respect to which a Designated Event Repurchase Notice has been delivered by a Holder may be converted only if
the Holder withdraws the Designated Event Repurchase Notice in accordance with the terms of this First Supplemental Indenture; 
 (viii) that the Holder must exercise the repurchase right on or prior to the close of business on the third Business Day immediately preceding the Designated Event Repurchase Date (the “Designated Event Expiration Time”);

 (ix) that the Holder shall have the right to withdraw any Notes surrendered for repurchase prior to the Designated Event
Expiration Time; and 
 (x) the procedures that Holders must follow to require the Company to repurchase their Notes.

 No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect
the validity of the proceedings for the repurchase of the Notes pursuant to this Section. 
 (c) A Designated Event Repurchase Notice may be
withdrawn by means of a written notice of withdrawal delivered to the Paying Agent in accordance with the Designated Event Repurchase Right Notice at any time prior to the close of business on the Business Day prior to the Designated Event
Repurchase Date, specifying: 
 (i) if certificated Notes have been issued, the certificate numbers of the withdrawn Notes,

 (ii) the principal amount of the Note with respect to which such notice of withdrawal is being submitted, and 

 

 68 

 (iii) the principal amount, if any, of such Note that remains subject to the original
Designated Event Repurchase Notice, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000; 
 provided,
however, that if the Notes are not in certificated form, the notice must comply with appropriate procedures of the Depositary. 
 (d) On
or prior to 11:00 a.m., New York City time, on the Business Day on the Designated Event Repurchase Date, the Company shall deposit with the Trustee (or other Paying Agent appointed by the Company or if the Company is acting as its own Paying Agent,
set aside, segregate and hold in trust as provided in Section 10.03) an amount of money sufficient to repurchase on the Designated Event Repurchase Date all of the Notes to be repurchased on such date at the Designated Event Repurchase Price.
Subject to receipt of funds and/or Notes by the Trustee (or other Paying Agent appointed by the Company), payment for Notes surrendered for repurchase (and not withdrawn) prior to the Designated Event Expiration Time shall be made promptly after the
later of (x) the Designated Event Repurchase Date with respect to such Note (provided the Holder has satisfied the conditions to the payment of the Designated Event Repurchase Price in this Section), and (y) the time of book-entry
transfer or the delivery of such Note to the Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the manner required by this Section by mailing checks for the amount payable to the Holders of such Notes entitled thereto
as they shall appear in the Register, provided, however, that payments to the Depositary shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee. The Trustee shall, promptly after
such payment and upon written demand by the Company, return to the Company any funds in excess of the Designated Event Repurchase Price. 
 (e) If the Trustee (or other Paying Agent appointed by the Company) holds money sufficient to repurchase on the Designated Event Repurchase Date all the Notes or portions thereof that are to be purchased as of the Business Day following the
Designated Event Repurchase Date, then on and after the Designated Event Repurchase Date (i) such Notes shall cease to be outstanding, (ii) interest shall cease to accrue on such Notes, and (iii) all other rights of the Holders of
such Notes shall terminate, whether or not book-entry transfer of the Notes has been made or the Notes have been delivered to the Trustee or Paying Agent, other than the right to receive the Designated Event Repurchase Price upon delivery of the
Notes. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all
such counterparts shall together constitute but one and the same instrument. 
  

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

			
	NATIONAL FINANCIAL PARTNERS CORP.
		
	By:	 	 /s/ Stephanie Scherr Olson

	Name:	 	Stephanie Scherr Olson
	Title:	 	 Senior Vice President and
 Associate General
Counsel

	
	 WELLS FARGO BANK, N.A.,
 as
Trustee

		
	By:	 	 /s/ Jane Schweiger

	Name:	 	Jane Y. Schweiger
	Title:	 	Vice President

  

 70 

 SCHEDULE A 
 The following table sets forth the “Stock Price,” “Effective Date” and number of Additional Shares by which the Conversion Rate for the 0.75% Convertible Senior Notes due 2012 shall be increased in
the event of a Fundamental Change: 
  

																					
	 	  	Stock Price
	 Effective Date
	  	$46.35	  	$47.50	  	$50.00	  	$55.00	  	$60.00	  	$70.00	  	$80.00	  	$90.00	  	$100.00	  	$125.00
	 January 22, 2007
	  	3.5959	  	3.3555	  	2.8830	  	2.1443	  	1.5931	  	0.8530	  	0.4268	  	0.1859	  	0.0587	  	0.0015
	 February 1, 2008
	  	3.5959	  	3.5308	  	3.0308	  	2.2340	  	1.6418	  	0.8632	  	0.4230	  	0.1797	  	0.0529	  	0.0000
	 February 1, 2009
	  	3.5959	  	3.5959	  	3.0901	  	2.2382	  	1.6137	  	0.8116	  	0.3798	  	0.1472	  	0.0354	  	0.0000
	 February 1, 2010
	  	3.5959	  	3.5959	  	3.0431	  	2.1274	  	1.4797	  	0.6815	  	0.2752	  	0.0849	  	0.0085	  	0.0000
	 February 1, 2011
	  	3.5959	  	3.4777	  	2.8165	  	1.8210	  	1.1465	  	0.4061	  	0.1072	  	0.0088	  	0.0000	  	0.0000
	 February 1, 2012
	  	3.5959	  	3.0735	  	2.0209	  	0.2027	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000Class A(2007-1) Terms Document

 Exhibit 4.1 
 CHASE ISSUANCE TRUST 
 as Issuing Entity 
 CLASS A(2007-1) TERMS DOCUMENT 
 dated as of January 25, 2007 
 to 
 AMENDED AND RESTATED 
 CHASESERIES INDENTURE SUPPLEMENT 
 dated as of October 15, 2004 
 to 
 SECOND AMENDED AND RESTATED 
 INDENTURE 
 dated as of March 14, 2006 
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
 as Indenture Trustee and Collateral Agent 

 TABLE OF CONTENTS 
  

					
	 	  	PAGE
	ARTICLE I Definitions and Other Provisions of General Application	  	
			
	Section 1.01	  	Definitions	  	1
	Section 1.02	  	Governing Law	  	4
	Section 1.03	  	Counterparts	  	4
	Section 1.04	  	Ratification of Indenture and Indenture Supplement	  	4
		
	ARTICLE II The Class A(2007-1) Notes	  	
			
	Section 2.01	  	Creation and Designation	  	5
	Section 2.02	  	Specification of Required Subordinated Amount and Other Terms	  	5
	Section 2.03	  	Interest Payment	  	6
	Section 2.04	  	Calculation Agent; Determination of LIBOR	  	6
	Section 2.05	  	Payments of Interest and Principal	  	7
	Section 2.06	  	Form of Delivery of Class A(2007-1) Notes; Depository; Denominations.	  	7
	Section 2.07	  	Delivery and Payment for the Class A(2007-1) Notes	  	8
	Section 2.08	  	Supplemental Indenture	  	8
	Section 2.09	  	Appointment of co-Paying Agent and co-Transfer Agent	  	8

 THIS CLASS A(2007-1) TERMS DOCUMENT (this “Terms Document”), by and between the CHASE ISSUANCE
TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuing Entity”), having its principal office at c/o Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-1600, and WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and collateral agent (the “Collateral Agent”), is made and entered into as of January 25, 2007. 
 Pursuant to this Terms Document, the Issuing Entity and the Indenture Trustee shall create a new Tranche of CHASEseries Class A Notes and shall
specify the principal terms thereof. 
 ARTICLE I 
 Definitions and Other Provisions of General Application 
 Section 1.01 Definitions For all
purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms defined in
this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 
 (2) all other terms used
herein which are defined in the Indenture Supplement, the Indenture or the Asset Pool Supplement, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) as used in this Terms Document and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in
this Terms Document or in any such certificate or other document, and accounting terms partly defined in this Terms Document or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them
under GAAP. To the extent that the definitions of accounting terms in this Terms Document or in any such certificate or other document are inconsistent with the meanings of such terms under GAAP, the definitions contained in this Terms Document or
in any such certificate or other document shall control; 
 (4) the words “hereof,” “herein,” “hereunder” and
words of similar import when used in this Terms Document shall refer to this Terms Document as a whole and not to any particular provision of this Terms Document; references to any subsection, Section, clause, Schedule or Exhibit are references to
subsections, Sections, clauses, Schedules and Exhibits in or to this Terms Document unless otherwise specified; the term “including” means “including without limitation”; references to any law or regulation refer to that law or
regulation as amended from time to time and include any successor law or regulation; references to any Person include that Person’s successors and assigns; and references to any agreement refer to such agreement, as amended, supplemented or
otherwise modified from time to time; 

 (5) in the event that any term or provision contained herein shall conflict with or be inconsistent with
any term or provision contained in the Indenture Supplement, the Indenture or the Asset Pool Supplement, the terms and provisions of this Terms Document shall be controlling; and 
 (6) each capitalized term defined herein shall relate only to the Class A(2007-1) Notes and no other Tranche of CHASEseries Notes issued by the Issuing
Entity. 
 “Asset Pool Supplement” means the Amended and Restated Asset Pool One Supplement to the Indenture, dated as of
October 15, 2004, as amended by the First Amendment thereto, dated as of May 10, 2005, and the Second Amendment thereto, dated as of February 1, 2006, by and among the Issuing Entity, the Indenture Trustee and the Collateral Agent.

 “BDL” means Banque de Luxembourg. 
 “Beneficiary” means Chase Bank USA, National Association, in its capacity as beneficial owner of the Issuing Entity. 
 “Calculation Agent” is defined in Section 2.04(a). 
 “Class A(2007-1) Adverse
Event” means the occurrence of any of the following: (a) an Early Amortization Event with respect to the Class A(2007-1) Notes, (b) an Event of Default and acceleration of the Class A(2007-1) Notes, (c) the Class A Usage
of the Class B Required Subordinated Amount for the Class A(2007-1) Notes becomes greater than zero or (d) the Class A Usage of the Class C Required Subordinated Amount for the Class A(2007-1) Notes becomes greater than zero. 

“Class A(2007-1) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated
therein as a Class A(2007-1) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class A(2007-1)
Noteholder” means a Person in whose name a Class A(2007-1) Note is registered in the Note Register. 
 “Class A(2007-1)
Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2007-1) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on
which the Indenture is discharged and satisfied pursuant to Article V thereof. 
 “Class A Required Subordinated Amount of Class B
Notes” is defined in Section 2.02(a). 
 “Class A Required Subordinated Amount of Class C Notes” is defined in
Section 2.02(b). 
  

 2 

 “Controlled Accumulation Amount” means $166,666,666.67; provided, however,
if the Accumulation Period Length is determined to be less than twelve months pursuant to Section 3.12(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount for any Note Transfer Date with respect to the Class A(2007-1) Notes
will be the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement. 
 “Indenture” means the Second Amended and Restated Indenture, dated as of March 14, 2006, between the Issuing Entity and the Indenture Trustee. 
 “Indenture Supplement” means the Amended and Restated CHASEseries Indenture Supplement, dated as of October 15, 2004, among the
Issuing Entity, the Indenture Trustee and the Collateral Agent. 
 “Initial Dollar Principal Amount” means $2,000,000,000.

 “Interest Payment Date” means February 15, 2007 and the 15th day of each month thereafter, or if such 15th day is
not a Business Day, the next succeeding Business Day. 
 “Interest Period” means, with respect to any Interest Payment Date,
the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) to but excluding such Interest Payment Date. 
 “Issuance Date” means January 25, 2007. 
 “Legal Maturity Date” means March 15, 2013. 
 “LIBOR” means, for any
Interest Period, the London interbank offered rate for one-month United States dollar deposits determined by the Trustee on the LIBOR Determination Date for each Interest Period in accordance with the provisions of Section 2.04. 
 “LIBOR Determination Date” means (1) January 23, 2007 for the period from and including the Issuance Date through but
excluding February 15, 2007 and (2) for each interest period thereafter, the second London Business Day prior to the commencement of the second and each subsequent Interest Period. 
 “London Business Day” means any Business Day on which dealings in deposits in United States Dollars are transacted in the London
interbank market. 
 “Note Interest Rate” means a rate per annum equal to 0.02% in excess of LIBOR, as determined by the
Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period. 
 “Paying Agent” means
Wells Fargo Bank, National Association. 
  

 3 

 “Predecessor Note” means, with respect to any particular Note, every previous Note
evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 3.06 of the Indenture in lieu of a mutilated, lost, destroyed or
stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
 “Record Date”
means, for any Note Transfer Date, the last Business Day of the preceding Monthly Period. 
 “Reference Banks” means four
major banks in the London interbank market selected by the Beneficiary. 
 “Scheduled Principal Payment Date” means
January 18, 2011. 
 “Stated Principal Amount” means $2,000,000,000. 
 “Telerate Page 3750” means the display page currently so designated on the Bridge Telerate Market Report (or such other page as may
replace that page on that service for the purpose of displaying comparable rates or prices). 
 Section 1.02 Governing Law
THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS. 
 Section 1.03 Counterparts This Terms Document may be executed in any number of counterparts,
each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 
 Section 1.04 Ratification of Indenture and Indenture Supplement As supplemented by this Terms Document, each of the Indenture, the Asset Pool Supplement and the Indenture Supplement is in all respects ratified and confirmed and
the Indenture as so supplemented by the Asset Pool Supplement and the Indenture Supplement as so supplemented by this Terms Document shall be read, taken and construed as one and the same instrument. 
 [END OF ARTICLE I] 
  

 4 

 ARTICLE II 
 The Class A(2007-1) Notes 
 Section 2.01 Creation and Designation There is hereby created a
Tranche of CHASEseries Class A Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known as the “CHASEseries Class A(2007-1) Notes.” 
 Section 2.02 Specification of Required Subordinated Amount and Other Terms 
 (a) For the Class A(2007-1) Notes for any date of determination, the Class A Required Subordinated Amount of Class B Notes will be an amount equal
to 7.80347% of (i) prior to the occurrence of a Class A(2007-1) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2007-1) Notes on such date of determination or (ii) on and after the date on which a Class
A(2007-1) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2007-1) Notes on such date of determination and (2) the Adjusted Outstanding Dollar Principal Amount of the
Class A(2007-1) Notes as of the close of business on the day immediately preceding the date on which such Class A(2007-1) Adverse Event shall have occurred. 
 (b) For the Class A(2007-1) Notes for any date of determination, the Class A Required Subordinated Amount of Class C Notes will be an amount equal to 7.80347% of (i) prior to the occurrence of a Class
A(2007-1) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2007-1) Notes on such date or (ii) on and after the date on which a Class A(2007-1) Adverse Event shall have occurred, the greater of (1) the Adjusted
Outstanding Dollar Principal Amount of the Class A(2007-1) Notes on such date of determination and (2) Adjusted Outstanding Dollar Principal Amount of the Class A(2007-1) Notes as of the close of business on the day immediately preceding the
date on which such Class A(2007-1) Adverse Event shall have occurred. 
 (c) The Issuing Entity may change the percentages or the formulas
set forth in either clause (a) or (b) above without the consent of any Noteholder so long as the Issuing Entity has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes that the change in
either of such percentages or formulas, as applicable, will not result in a Ratings Effect with respect to any Outstanding Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuing
Entity Tax Opinion. 
  

 5 

 Section 2.03 Interest Payment 
 (a) For each Interest Payment Date, the amount of interest due with respect to the Class A(2007-1) Notes shall be an amount equal to the product of
(i) (A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times, (B) the Note Interest Rate in effect with respect to the related Interest
Period, times, (ii) the Outstanding Dollar Principal Amount of the Class A(2007-1) Notes determined as of the close of business on the Interest Payment Date preceding the related Note Transfer Date for the Class A(2007-1) Notes;
provided, however, that for the first Interest Payment Date, the amount of interest due with respect to the Class A(2007-1) Notes shall be an amount equal to the product of (x) the Outstanding Dollar Principal Amount of the Class
A(2007-1) Notes on the Issuance Date, (y) 21 divided by 360 and (z) the Note Interest Rate in effect with respect to the Class A(2007-1) Notes determined on January 23, 2007. Interest on the Class A(2007-1) Notes will be calculated on
the basis of the actual number of days elapsed and a 360-day year. 
 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each
Note Transfer Date with respect to the Class A(2007-1) Notes, the Indenture Trustee shall deposit into the Class A(2007-1) Interest Funding Sub-Account the portion of CHASEseries Available Finance Charge Collections allocable to the Class A(2007-1)
Notes. 
 Section 2.04 Calculation Agent; Determination of LIBOR 
 (a) The Issuing Entity hereby agrees that for so long as any Class A(2007-1) Notes are Outstanding, there shall at all times be an agent appointed to
calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuing Entity hereby initially appoints the Indenture Trustee as the Calculation Agent for purposes of determining LIBOR for each Interest Period. The Calculation
Agent may be removed by the Issuing Entity at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuing Entity, or if the Calculation Agent fails to determine LIBOR for an Interest Period, the Issuing
Entity shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuing Entity or its Affiliates. The Calculation Agent may not resign its duties, and the Issuing Entity
may not remove the Calculation Agent, without a successor having been duly appointed. 
 (b) On each LIBOR Determination Date, the
Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a one-month period which appears on Telerate Page 3750 or on such comparable system as is customarily used to quote LIBOR as of 11:00 a.m.,
London time, on such date. If such rate does not appear on Telerate Page 3750 or on a comparable system as is customarily used to quote LIBOR the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which deposits
in United States dollars are offered by the 

  

 6 

 
Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period. The Calculation
Agent shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of the
quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Beneficiary, at approximately 11:00 a.m.,
New York City time, on that day for loans in United States dollars to leading European banks for a one-month period. 
 (c) The Note
Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture Trustee at its corporate trust office at (612) 667-8058 or such other telephone number as shall be
designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time. 
 (d) On each LIBOR Determination Date, the Calculation Agent shall send to the Indenture Trustee and the Beneficiary, by facsimile transmission, notification of LIBOR for the following Interest Period. 
 Section 2.05 Payments of Interest and Principal 
 (a) Any installment of interest or principal payable on any Class A(2007-1) Note which is punctually paid or duly provided for by the Issuing Entity and the Indenture Trustee on the applicable Interest Payment Date or
Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2007-1) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s
account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check
mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment
shall be made by wire transfer in immediately available funds to the account designated by such nominee. 
 (b) The right of the Class
A(2007-1) Noteholders to receive payments from the Issuing Entity will terminate on the first Business Day following the Class A(2007-1) Termination Date. 
 Section 2.06 Form of Delivery of Class A(2007-1) Notes; Depository; Denominations. 
 (a) The
Class A(2007-1) Notes shall be delivered in the form of a global Registered Note as provided in Sections 2.02 and 3.01(i) of the Indenture, respectively. 
  

 7 

 (b) The Depository for the Class A(2007-1) Notes shall be The Depository Trust Company, and the Class
A(2007-1) Notes shall initially be registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2007-1) Notes will be
issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess of $100,000. 
 Section 2.07 Delivery and
Payment for the Class A(2007-1) Notes The Issuing Entity shall execute and deliver the Class A(2007-1) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2007-1) Notes when authenticated, each
in accordance with Section 3.03 of the Indenture. 
 Section 2.08 Supplemental Indenture The Issuing Entity may enter into a
supplemental indenture with respect to the Class A(2007-1) Notes as provided in Section 9.01 of the Indenture; provided, however, that any supplemental indenture which provides for an additional or alternative form of credit
enhancement for the Class A(2007-1) Notes shall, in addition to the requirements set forth in Section 9.01 of the Indenture, require confirmation from the Note Rating Agencies that have rated any Outstanding Notes of the CHASEseries that such
change in credit enhancement will not result in a Ratings Effect with respect to any Outstanding Notes of the CHASEseries. 
 Section 2.09 Appointment of co-Paying Agent and co-Transfer Agent BDL is appointed as co-paying agent and as co-transfer agent in Luxembourg with respect to the Class A(2007-1) Notes for so long as the Class A(2007-1) Notes are
listed on the Luxembourg Stock Exchange. Any reference in this Terms Document, the Indenture Supplement, the Asset Pool Supplement and the Indenture to the Paying Agent or the Transfer Agent shall be deemed to include BDL as co-paying agent or
co-transfer agent, as the case may be, unless the context requires otherwise. 
 [END OF ARTICLE II] 
  

 8 

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

			
	CHASE ISSUANCE TRUST
		
	By:	 	CHASE BANK USA, NATIONAL ASSOCIATION,
		 	as Beneficiary and not in its individual capacity
		
	By:	 	 /s/ Keith W. Schuck

	Name:	 	Keith W. Schuck
	Title:	 	President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee and Collateral Agent
		
	By:	 	 /s/ Cheryl C. Zimmerman

	Name:	 	Cheryl C. Zimmerman, CCTS
	Title:	 	Assistant Vice President

 Chase Issuance Trust 
 CHASEseries Class A(2007-1) Notes Terms Document 
 Signature Page

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