Form 8-K
8-K — Fermi Inc.
Accession: 0001213900-26-078366
Filed: 2026-07-15
Period: 2026-07-09
CIK: 0002071778
SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)
Item: Entry into a Material Definitive Agreement
Item: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item: Unregistered Sales of Equity Securities
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — ea0298074-8k_fermi.htm (Primary)
EX-4.1 — INDENTURE, DATED JULY 14, 2026, BETWEEN THE COMPANY AND U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, AS TRUSTEE (ea029807401ex4-1.htm)
EX-10.1 — FORM OF CAPPED CALL CONFIRMATION (ea029807401ex10-1.htm)
EX-99.1 — PRESS RELEASE, DATED JULY 15, 2026 (ea029807401ex99-1.htm)
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8-K — CURRENT REPORT
8-K (Primary)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 9, 2026
Fermi Inc.
(Exact name of registrant as specified in its charter)
Texas
001-42888
33-3560468
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
620 S. Taylor St., Suite 301
Amarillo, TX 79101
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number including area
code: (214) 894-7855
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.001 par value
FRMI
The Nasdaq
Stock Market LLC
Common Stock, $0.001 par value
FRMI
The London Stock Exchange
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☒
Item
1.01. Entry into a Material Definitive Agreement.
Indenture and Notes
On July 14, 2026, Fermi Inc.,
a Texas corporation (the “Company”), consummated the issuance of $375 million aggregate principal amount of its 5.00%
convertible senior notes due 2031 (the “Notes”) to persons reasonably believed to be qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Concurrently with the closing
of the offering, on July 14, 2026, the Initial Purchasers (as defined below) of the Notes elected to the exercise in full the $56.25 million
option granted to them, generating total gross proceeds of $431.25 million. The Notes bear cash interest at a rate of 5.00% per year,
payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2027. The Notes are convertible into
cash, shares of the Company’s common stock, $0.001 par value per share (“Common Stock”), or a combination thereof,
at the Company’s election, and may be settled as described in the Indenture (as defined below). The Notes will mature on July 15,
2031 (the “Maturity Date”), unless earlier repurchased, redeemed or converted.
The total net proceeds
from the offering of the Notes were approximately $416.81 million, after deducting fees and estimated expenses payable by the Company. The
Company used approximately $34.5 million of the total net proceeds from the Notes to pay the cost of the Capped Call Transactions
(as defined below) entered into in connection with the offering. The Company intends to use the remainder of the net proceeds for
general corporate purposes.
The Company issued the Notes
pursuant to an indenture, dated as of July 14, 2026 (the “Indenture”), between the Company and U.S. Bank Trust Company,
National Association, as trustee (the “Trustee”).
Prior to the close of business
on the business day immediately preceding April 15, 2031, the Notes will be convertible at the option of the holders only under certain
conditions and during certain periods. On or after April 15, 2031, until the close of business on the second scheduled trading day immediately
preceding the Maturity Date, holders may convert their Notes, at their option, irrespective of these conditions.
The conversion rate for the
Notes will initially be 105.0862 shares of Common Stock per $1,000 principal amount of Notes (equivalent to an initial conversion price
of approximately $9.52 per share of Common Stock). The conversion rate and the corresponding conversion price will be subject to adjustment
in some events but will not be adjusted for any accrued and unpaid interest. The Company may redeem for cash all or part of the Notes
(subject to the partial redemption limitation described in the Indenture), at its option, on or after July 20, 2029 and prior to the 31st
scheduled trading day immediately prior to the Maturity Date, if the last reported sale price of the Common Stock has been at least 130%
of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day
period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which
the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus
accrued and unpaid interest to, but excluding, the redemption date.
If the Company undergoes a
fundamental change (as defined in the Indenture), holders may require the Company to repurchase for cash all or part of their Notes at
a repurchase price equal to 100% of the principal amount of the Notes to be purchased, plus accrued and unpaid interest to, but excluding,
the fundamental change repurchase date (as defined in the Indenture). In addition, following certain corporate events that occur prior
to the Maturity Date of the Notes or if the Company delivers a notice of redemption in respect of the Notes, the Company will, in certain
circumstances, increase the conversion rate of the Notes for a holder who elects to convert its Notes in connection with such a corporate
event or convert its notes called (or deemed called) for redemption during the related redemption period.
The Indenture provides for
customary events of default, which include (subject in certain cases to grace and cure periods), among others: nonpayment of principal
or interest; breach of covenants or other agreements in the Indenture; defaults with respect to certain other indebtedness; and certain
events of bankruptcy, insolvency or reorganization. Generally, if an event of default occurs and is continuing under the Indenture, either
the Trustee or the holders of at least 25% in aggregate principal amount of the Notes then outstanding may declare the principal amount
plus accrued and unpaid interest on such Notes to be immediately due and payable.
1
The Notes will be the Company’s
general unsecured obligations and will rank senior in right of payment to all of the Company’s future indebtedness that is expressly
subordinated in right of payment to the Notes, equal in right of payment with all of the Company’s current and future liabilities
that are not so subordinated, and effectively junior to all of the Company’s current and future secured indebtedness to the extent
of the value of the assets securing such indebtedness. The Notes will rank structurally junior to all indebtedness and other liabilities
(including trade payables but excluding intercompany obligations and liabilities of a type not required to be reflected on a balance sheet
of such subsidiaries in accordance with GAAP) of the Company’s subsidiaries.
The description of the Indenture
and the Notes above is qualified in its entirety by reference to the text of the Indenture and the Form of Note, copies of which are attached
as Exhibits 4.1 and 4.2, respectively, to this Current Report on Form 8-K and are incorporated by reference herein.
Capped Call Transactions
In connection with the pricing
of the Notes on July 9, 2026, the Company entered into privately negotiated capped call transactions (the “Base Capped Call Transactions”)
with one or more financial institutions (the “Option Counterparties”), and in connection with the exercise in full
of the option granted to the Initial Purchasers of the Notes, on July 14, 2026, the Company entered into additional capped call transactions
(such additional capped call transactions, together with the Base Capped Call Transactions, the “Capped Call Transactions”)
with the Option Counterparties. The Company used approximately $34.5 million of the total net proceeds from the offering of the Notes
to pay the cost of the Capped Call Transactions.
The Capped Call Transactions
are generally expected to reduce the potential dilution to the Common Stock upon any conversion of the Notes and/or, at the Company’s
election (subject to certain conditions), offset any cash payments the Company is required to make in excess of the principal amount of
converted Notes, as the case may be, upon any conversion of the Notes, with such reduction and/or offset subject to a cap. The Capped
Call Transactions have an initial cap price of $14.64 per share, which represents a premium of approximately 100% over the closing price
of the Common Stock on the Nasdaq Global Select Market on July 9, 2026, and is subject to certain adjustments under the terms of the Capped
Call Transactions. The Capped Call Transactions cover, subject to customary adjustments substantially similar to those applicable to the
Notes, the number of shares of the Common Stock initially underlying the Notes.
The Capped Call Transactions
are separate transactions entered into by the Company with the Option Counterparties, are not part of the terms of the Notes, and will
not change the rights of the holders of the Notes under such Notes.
The description of the Capped
Call Transactions above is qualified in its entirety by reference to the text of the form of capped call confirmation, which is attached
as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 2.03. Creation of a Direct Financial Obligation
or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth
in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 3.02. Unregistered Sales of Equity Securities.
The information set
forth in Item 1.01 and Item 7.01 of this Current Report on Form 8-K is incorporated herein by reference. The Company offered and
sold the Notes to the Initial Purchasers in reliance on the exemption from the registration requirements provided by Section 4(a)(2)
of the Securities Act for resale to persons reasonably believed to be qualified institutional buyers as defined in, and in reliance
on, Rule 144A of the Securities Act. The Company relied on these exemptions from registration based in part on representations made
by the Initial Purchasers in the Purchase Agreement, dated July 9, between the Company and the Initial Purchasers, pursuant to
which the Company sold the Notes to the Initial Purchasers. The Notes and the underlying shares of the Common Stock issuable upon
conversion of the Notes, if any, have not been and will not be registered under the Securities Act, and may not be offered or sold
in the United States absent registration or an applicable exemption from registration requirements.
2
To the extent that any shares
of the Common Stock are issued upon conversion of the Notes, they will be issued in transactions anticipated to be exempt from registration
under the Securities Act by virtue of Section 3(a)(9) thereof, because no commission or other remuneration is expected to be paid in connection
with conversion of the Notes and any resulting issuance of shares of the Common Stock. The maximum number of shares of the Company’s
Common Stock issuable upon conversion of the Notes, including pursuant to any increase in the conversion rate for any Notes converted
in connection with a make-whole fundamental change or a notice of redemption, is 58,913,925, based on the initial maximum conversion rate
of 136.6120 shares of Common Stock per $1,000 principal amount of Notes, subject to the effect of customary antidilution provisions in
the Indenture.
Item 7.01. Regulation FD Disclosure.
On July 15, 2026, the Company
issued a press release announcing the closing of the offering. A copy of the press release is filed as Exhibit 99.1 to this Current Report
on Form 8-K and is incorporated by reference herein.
The information furnished
in this Current Report pursuant to Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for any purpose, including
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise
be subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference in any filing of the Company under
the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.
Neither this Current Report
on Form 8-K nor the press release filed as Exhibit 99.1 hereto constitutes an offer to sell or a solicitation of an offer to buy the Notes,
any shares of the Common Stock issuable upon conversion of the Notes, or any other securities, nor shall it constitute an offer, solicitation
or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful. Any offer of the Notes will be made only by
means of a private offering memorandum.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
4.1
Indenture, dated July 14, 2026, between the Company and U.S. Bank
Trust Company, National Association, as trustee.
4.2
Form of 5.00% Convertible Senior Note due 2031 (included in Exhibit 4.1).
10.1
Form of Capped Call Confirmation.
99.1
Press Release, dated July 15, 2026.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
3
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
FERMI INC.
Date: July 15, 2026
By:
/s/ George Wentz
Name:
George Wentz
Title:
General Counsel
4
EX-4.1 — INDENTURE, DATED JULY 14, 2026, BETWEEN THE COMPANY AND U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, AS TRUSTEE
EX-4.1
Filename: ea029807401ex4-1.htm · Sequence: 2
Exhibit 4.1
FERMI INC.
AND
U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
as Trustee
INDENTURE
Dated as of July 14, 2026
5.00% Convertible Senior Notes due 2031
TABLE OF CONTENTS
Page
ARTICLE 1 DEFINITIONS
Section 1.01.
Definitions
1
Section 1.02.
References to Interest
15
ARTICLE 2 ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES
Section 2.01.
Designation and Amount
15
Section 2.02.
Form of Notes
15
Section 2.03.
Date and Denomination of Notes; Payments of Interest and Defaulted Amounts
16
Section 2.04.
Execution, Authentication and Delivery of Notes
18
Section 2.05.
Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary
19
Section 2.06.
Mutilated, Destroyed, Lost or Stolen Notes
25
Section 2.07.
Temporary Notes
26
Section 2.08.
Cancellation of Notes Paid, Converted, Etc.
27
Section 2.09.
CUSIP Numbers
27
Section 2.10.
Additional Notes; Repurchases
27
ARTICLE 3 SATISFACTION AND DISCHARGE
Section 3.01.
Satisfaction and Discharge
28
ARTICLE 4 PARTICULAR COVENANTS OF THE COMPANY
Section 4.01.
Payment of Principal and Interest
28
Section 4.02.
Maintenance of Office or Agency
28
Section 4.03.
Appointments to Fill Vacancies in Trustee’s Office
29
Section 4.04.
Provisions as to Paying Agent
29
Section 4.05.
Existence
30
Section 4.06.
Rule 144A Information Requirement and Annual Reports
30
Section 4.07.
Stay, Extension and Usury Laws
33
Section 4.08.
Compliance Certificate; Statements as to Defaults
33
ARTICLE 5 LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE
Section 5.01.
Lists of Holders
34
Section 5.02.
Preservation and Disclosure of Lists
34
i
ARTICLE 6 DEFAULTS AND REMEDIES
Section 6.01.
Events of Default
34
Section 6.02.
Acceleration; Rescission and Annulment
36
Section 6.03.
Additional Interest
37
Section 6.04.
Payments of Notes on Default; Suit Therefor
38
Section 6.05.
Application of Monies Collected by Trustee
39
Section 6.06.
Proceedings by Holders
40
Section 6.07.
Proceedings by Trustee
41
Section 6.08.
Remedies Cumulative and Continuing
41
Section 6.09.
Direction of Proceedings and Waiver of Defaults by Majority of Holders
42
Section 6.10.
Notice of Defaults
42
Section 6.11.
Undertaking to Pay Costs
42
ARTICLE 7 CONCERNING THE TRUSTEE
Section 7.01.
Duties and Responsibilities of Trustee
43
Section 7.02.
Reliance on Documents, Opinions, Etc.
45
Section 7.03.
No Responsibility for Recitals, Etc.
47
Section 7.04.
Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes
47
Section 7.05.
Monies and Shares of Common Stock to Be Held in Trust
47
Section 7.06.
Compensation and Expenses of Trustee
48
Section 7.07.
Officer’s Certificate as Evidence
48
Section 7.08.
Eligibility of Trustee
48
Section 7.09.
Resignation or Removal of Trustee
49
Section 7.10.
Acceptance by Successor Trustee
50
Section 7.11.
Succession by Merger, Etc.
50
ARTICLE 8 CONCERNING THE HOLDERS
Section 8.01.
Action by Holders
51
Section 8.02.
Proof of Execution by Holders
51
Section 8.03.
Who Are Deemed Absolute Owners
51
Section 8.04.
Company-Owned Notes Disregarded
52
Section 8.05.
Revocation of Consents; Future Holders Bound
52
ARTICLE 9 HOLDERS’ MEETINGS
Section 9.01.
Purpose of Meetings
52
Section 9.02.
Call of Meetings by Trustee
53
Section 9.03.
Call of Meetings by Company or Holders
53
Section 9.04.
Qualifications for Voting
53
Section 9.05.
Regulations
53
Section 9.06.
Voting
54
Section 9.07.
No Delay of Rights by Meeting
55
ii
ARTICLE 10 SUPPLEMENTAL INDENTURES
Section 10.01.
Supplemental Indentures Without Consent of Holders
55
Section 10.02.
Supplemental Indentures with Consent of Holders
56
Section 10.03.
Effect of Supplemental Indentures
57
Section 10.04.
Notation on Notes
57
Section 10.05.
Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee
57
ARTICLE 11 CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
Section 11.01.
Company May Consolidate, Etc. on Certain Terms
58
Section 11.02.
Successor Company to Be Substituted
58
ARTICLE 12 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
Section 12.01.
Indenture and Notes Solely Corporate Obligations
59
ARTICLE 13 [INTENTIONALLY OMITTED]
ARTICLE 14 CONVERSION OF NOTES
Section 14.01.
Conversion Privilege
59
Section 14.02.
Conversion Procedure; Settlement Upon Conversion
63
Section 14.03.
Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes or a Notice of Redemption
69
Section 14.04.
Adjustment of Conversion Rate
71
Section 14.05.
Adjustments of Prices
78
Section 14.06.
Shares to Be Fully Paid
79
Section 14.07.
Effect of Recapitalizations, Reclassifications and Changes of the Common Stock
79
Section 14.08.
Certain Covenants
81
Section 14.09.
Responsibility of Trustee
81
Section 14.10.
[Reserved].
82
Section 14.11.
Stockholder Rights Plans
82
Section 14.12.
Exchange in Lieu of Conversion
82
ARTICLE 15 REPURCHASE OF NOTES AT OPTION OF HOLDERS
Section 15.01.
[Intentionally Omitted]
83
Section 15.02.
Repurchase at Option of Holders Upon a Fundamental Change
83
Section 15.03.
Withdrawal of Fundamental Change Repurchase Notice
86
Section 15.04.
Deposit of Fundamental Change Repurchase Price
86
Section 15.05.
Covenant to Comply with Applicable Laws Upon Repurchase of Notes
87
iii
ARTICLE 16 REDEMPTION
Section 16.01.
Optional Redemption
87
Section 16.02.
Cleanup Redemption
87
Section 16.03.
Notice of Optional Redemption or Cleanup Redemption; Selection of Notes
88
Section 16.04.
Payment of Notes Called for Redemption
89
Section 16.05.
Restrictions on Redemption
90
ARTICLE 17 MISCELLANEOUS PROVISIONS
Section 17.01.
Provisions Binding on Company’s Successors
90
Section 17.02.
Official Acts by Successor Company
90
Section 17.03.
Addresses for Notices, Etc.
90
Section 17.04.
Governing Law; Jurisdiction
91
Section 17.05.
Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee
91
Section 17.06.
Legal Holidays
92
Section 17.07.
No Security Interest Created
92
Section 17.08.
Benefits of Indenture
92
Section 17.09.
Table of Contents, Headings, Etc.
92
Section 17.10.
Authenticating Agent
92
Section 17.11.
Execution in Counterparts
93
Section 17.12.
Severability
93
Section 17.13.
Waiver of Jury Trial
93
Section 17.14.
Force Majeure
93
Section 17.15.
Calculations
94
Section 17.16.
USA PATRIOT Act
94
Section 17.17.
Tax Withholding
94
Section 17.18.
Electronic Signatures
94
iv
EXHIBIT
Exhibit A
Form of Note
A-1
v
INDENTURE dated as of July 14,
2026 between FERMI INC., a Texas corporation, as issuer (the “Company,” as more fully set forth in Section 1.01) and
U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee,” as more fully
set forth in Section 1.01).
W I T N E S S E T H:
WHEREAS, for its lawful corporate
purposes, the Company has duly authorized the issuance of its 5.00% Convertible Senior Notes due 2031 (the “Notes”),
initially in an aggregate principal amount not to exceed $375,000,000 (or $431,250,000 if the Initial Purchasers’ Option is exercised
in full), and in order to provide the terms and conditions upon which the Notes are to be authenticated, issued and delivered, the Company
has duly authorized the execution and delivery of this Indenture;
WHEREAS, the Form of Note, the
certificate of authentication to be borne by each Note, the Form of Notice of Conversion, the Form of Fundamental Change Repurchase Notice
and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided; and
WHEREAS, all acts and things
necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized authenticating
agent, as in this Indenture provided, the valid, binding and legal obligations of the Company, and this Indenture a valid agreement according
to its terms, have been done and performed, and the execution of this Indenture and the issuance hereunder of the Notes have in all respects
been duly authorized.
NOW, THEREFORE, THIS INDENTURE
WITNESSETH:
That in order to declare the
terms and conditions upon which the Notes are, and are to be, authenticated, issued and delivered, and in consideration of the premises
and of the purchase and acceptance of the Notes by the Holders thereof, the Company covenants and agrees with the Trustee for the equal
and proportionate benefit of the respective Holders from time to time of the Notes (except as otherwise provided below), as follows:
ARTICLE
1
DEFINITIONS
Section 1.01. Definitions.
The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for
all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section
1.01. The words “herein,” “hereof,” “hereunder” and words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article include the plural as well
as the singular.
“Additional Interest”
means all amounts, if any, payable pursuant to Section 4.06(d), Section 4.06(e) and Section 6.03, as applicable.
“Additional Shares”
shall have the meaning specified in Section 14.03(a).
1
“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 or cause the direction of 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. Notwithstanding anything to the contrary herein, the determination of whether one Person is
an “Affiliate” of another Person for purposes of this Indenture shall be made based on the facts at the time such determination
is made or required to be made, as the case may be, hereunder.
“Beneficial Ownership”
shall mean ownership of Capital Stock by a Person, whether the interest in the shares of Capital Stock is held directly or indirectly
(including by a nominee), and shall include interests that would be treated as owned through the application of Section 544 of the Code,
as modified by Sections 856(h)(1)(B) and 856(h)(3)(A) of the Code. The terms “Beneficial Owner,” “Beneficially
Owns” and “Beneficially Owned” shall have the correlative meanings.
“Bid Solicitation Agent”
means the Company or the Person appointed by the Company to solicit bids for the Trading Price of the Notes in accordance with Section
14.01(b)(i). The Company shall initially act as the Bid Solicitation Agent.
“Board of Directors”
means the board of directors of the Company or a committee of such board duly authorized to act for it hereunder.
“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board
of Directors, and to be in full force and effect on the date of such certification, and delivered to the Trustee.
“Business Combination
Event” shall have the meaning specified in Section 11.01.
“Business Day”
means, with respect to any Note, any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized
or required by law or executive order to close or be closed.
“Called Notes”
means Notes called for Optional Redemption or Cleanup Redemption pursuant to Article 16 or subject to a Deemed Redemption.
“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, but shall not include any debt securities convertible into or exchangeable
for any securities otherwise constituting Capital Stock pursuant to this definition.
“Cash Settlement”
shall have the meaning specified in Section 14.02(a).
“Charter”
means the Company’s Certificate of Formation, dated as of September 30, 2025, as filed with the Secretary of State of the State
of Texas, as amended or amended and restated from time to time.
2
“Cleanup Redemption”
shall have the meaning specified in Section 16.02.
“close of business”
means 5:00 p.m. (New York City time).
“Code” means
the U.S. Internal Revenue Code of 1986, as amended.
“Combination Settlement”
shall have the meaning specified in Section 14.02(a).
“Commission”
means the U.S. Securities and Exchange Commission.
“Common Equity”
of any Person means Capital Stock of such Person that is generally entitled (a) to vote in the election of directors of such Person or
(b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or
others that will control the management or policies of such Person.
“Common Stock”
means the common stock of the Company, $0.001 par value per share, at the date of this Indenture, subject to Section 14.07.
“Company”
shall have the meaning specified in the first paragraph of this Indenture, and subject to the provisions of Article 11, shall include
its successors and assigns.
“Company Order”
means a written order of the Company signed by any of its Officers and delivered to the Trustee.
“Constructive Ownership”
shall mean ownership of Capital Stock by a Person, whether the interest in the shares of Capital Stock is held directly or indirectly
(including by a nominee), and shall include interests that would be treated as owned through the application of Section 318(a) of the
Code, as modified by Section 856(d)(5) of the Code. The terms “Constructive Owner,” “Constructively Owns”
and “Constructively Owned” shall have the correlative meanings.
“Conversion Agent”
shall have the meaning specified in Section 4.02.
“Conversion Consideration”
shall have the meaning specified in Section 14.12(a).
“Conversion Date”
shall have the meaning specified in Section 14.02(c).
“Conversion Obligation”
shall have the meaning specified in Section 14.01(a).
“Conversion Price”
means as of any time, $1,000, divided by the Conversion Rate as of such time.
“Conversion Rate”
shall have the meaning specified in Section 14.01(a).
“Corporate Event”
shall have the meaning specified in Section 14.01(b)(iii).
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“Corporate Trust Office”
means the designated office of the Trustee at which at any time this Indenture shall be administered, which office at the date hereof
is located at U.S. Bank Trust Company, National Association, 1255 Corporate Drive, 6th Floor, Irving, TX 75038 (Fermi Inc. Administrator),
or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the designated corporate
trust office of any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the
Holders and the Company).
“Custodian”
means the Trustee, as custodian for The Depository Trust Company, with respect to the Global Notes, or any successor entity thereto.
“Daily Conversion Value”
means, for each of the 30 consecutive Trading Days during the Observation Period, one-thirtieth (1/30th) of the product of (a) the Conversion
Rate on such Trading Day and (b) the Daily VWAP for such Trading Day.
“Daily Measurement Value”
means the Specified Dollar Amount (if any), divided by 30.
“Daily Settlement Amount,”
for each of the 30 consecutive Trading Days during the Observation Period, shall consist of:
(a) cash
in an amount equal to the lesser of (i) the Daily Measurement Value and (ii) the Daily Conversion Value on such Trading Day; and
(b) if
the Daily Conversion Value on such Trading Day exceeds the Daily Measurement Value, a number of shares of Common Stock equal to (i) the
difference between the Daily Conversion Value and the Daily Measurement Value, divided by (ii) the Daily VWAP for such Trading
Day.
“Daily VWAP”
means, for each of the 30 consecutive Trading Days during the relevant Observation Period, the per share volume-weighted average price
as displayed under the heading “Bloomberg VWAP” on Bloomberg page “FRMI <equity> AQR” (or its equivalent
successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading
of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market value of one share
of the Common Stock on such Trading Day determined, using a volume-weighted average method, by a nationally recognized independent investment
banking firm retained for this purpose by the Company). The “Daily VWAP” shall be determined without regard to after-hours
trading or any other trading outside of the regular trading session trading hours.
“De-legending Deadline
Date” means, with respect to the Notes issued pursuant to the Purchase Agreement (or any Notes issued in exchange therefor or
in substitution thereof) or any additional Notes issued pursuant to Section 2.10, the 380th day after the last date of original issuance
of the Notes or additional Notes issued pursuant to Section 2.10, as applicable; provided that if such 380th day is after a Regular Record
Date and on or before the next Interest Payment Date, then the “De-legending Deadline Date” will instead be the second Business
Day immediately after such Interest Payment Date.
“Deemed Redemption”
shall have the meaning specified in Section 14.01(b)(v).
4
“Default”
means any event that is, or after notice or passage of time, or both, would be, an Event of Default.
“Defaulted Amounts”
means any amounts on any Note (including, without limitation, the Redemption Price, the Fundamental Change Repurchase Price, principal
and interest) that are payable but are not punctually paid or duly provided for.
“Depositary”
means, with respect to each Global Note, the Person specified in Section 2.05(c) as the Depositary with respect to such Notes, until a
successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary”
shall mean or include such successor.
“Designated Financial
Institution” shall have the meaning specified in Section 14.12(a).
“Distributed Property”
shall have the meaning specified in Section 14.04(c).
“Effective Date”
shall have the meaning specified in Section 14.03(c), except that, as used in Section 14.04 and Section 14.05, “Effective Date”
means the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable market, regular way, reflecting
the relevant share split or share combination, as applicable. For the avoidance of doubt, any alternative trading convention on the applicable
exchange or market in respect of shares of the Common Stock under a separate ticker symbol or CUSIP number will not be considered “regular
way” for this purpose.
“Event of Default”
shall have the meaning specified in Section 6.01.
“Ex-Dividend Date”
means the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable market, regular way, without
the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of Common
Stock on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market. For the avoidance of
doubt, any alternative trading convention on the applicable exchange or market in respect of shares of the Common Stock under a separate
ticker symbol or CUSIP number will not be considered “regular way” for this purpose.
“Excepted Holder”
means any shareholder of the Company for whom an Excepted Holder Limit has been created by the Board of Directors pursuant to Section
12.2(g) of the Charter.
“Excepted Holder Limit”
shall mean the percentage limit established by the Board of Directors for any Excepted Holder pursuant to Section 12.2(g) of the Charter.
“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
“Exchange Election”
shall have the meaning specified in Section 14.12(a).
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“Exempted Fundamental
Change” shall have the meaning specified in Section 15.02(f).
“Form of Assignment
and Transfer” means the “Form of Assignment and Transfer” attached as Attachment 3 to the Form of Note attached
hereto as Exhibit A.
“Form of Fundamental
Change Repurchase Notice” means the “Form of Fundamental Change Repurchase Notice” attached as Attachment 2 to the
Form of Note attached hereto as Exhibit A.
“Form of Note”
means the “Form of Note” attached hereto as Exhibit A.
“Form of Notice of Conversion”
means the “Form of Notice of Conversion” attached as Attachment 1 to the Form of Note attached hereto as Exhibit A.
“Fundamental Change”
shall be deemed to have occurred at the time after the Notes are originally issued if any of the following occurs:
(a) except
in connection with transactions described in clause (b) below, a “person” or “group” within the meaning of Section
13(d) of the Exchange Act, other than the Company, its direct or indirect Wholly Owned Subsidiaries and the employee benefit plans of
the Company and its Wholly Owned Subsidiaries, has become and files a Schedule TO (or any successor schedule, form or report) or any schedule,
form or report under the Exchange Act that discloses that such person or group has become the direct or indirect “beneficial owner,”
as defined in Rule 13d-3 under the Exchange Act, of Common Equity of the Company representing more than 50% of the voting power of the
Common Equity of the Company, unless such beneficial ownership arises solely as a result of a revocable proxy delivered in response to
a public proxy or consent solicitation made pursuant to the applicable rules and regulations under the Exchange Act and is not also then
reportable on Schedule 13D or Schedule 13G (or any successor schedule) under the Exchange Act regardless of whether such a filing has
actually been made; provided that no person or group shall be deemed to be the beneficial owner of any securities tendered pursuant
to a tender or exchange offer made by or on behalf of such “person” or “group” until such tendered securities
are accepted for purchase or exchange under such offer;
(b) the
consummation of (A) any recapitalization, reclassification or change of the Common Stock (other than a change to par value, or from par
value to no par value, or changes resulting from a subdivision or combination) as a result of which the Common Stock would be converted
into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or merger of the Company
pursuant to which the Common Stock will be converted into cash, securities or other property or assets; or (C) any sale, lease or other
transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the Company and its
Subsidiaries, taken as a whole, to any Person other than one or more of the Company’s direct or indirect Wholly Owned Subsidiaries;
provided, however, that a transaction described in clause (A) or clause (B) in which the holders of all classes of the Company’s
Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Equity of the
continuing or surviving corporation or transferee or the parent thereof immediately after such transaction in substantially the same proportions
(relative to each other) as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause
(b);
6
(c) the
stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company; or
(d) the
Common Stock (or other common stock underlying the Notes) ceases to be listed or quoted on any of the Nasdaq Global Select Market, the
Nasdaq Global Market or The New York Stock Exchange (or any of their respective successors);
provided, however, that a transaction
or transactions described in clause (b) above shall not constitute a Fundamental Change, if at least 90% of the consideration received
or to be received by the common stockholders of the Company, excluding cash payments for fractional shares and cash payments made in respect
of dissenters’ appraisal rights, in connection with such transaction or transactions consists of shares of common stock that are
listed or quoted on any of the Nasdaq Global Select Market, the Nasdaq Global Market or The New York Stock Exchange (or any of their respective
successors) or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions and as a result
of such transaction or transactions such consideration, excluding cash payments for fractional shares and cash payments made in respect
of dissenters’ appraisal rights, becomes reference property for the Notes (subject to the provisions of Section 14.02(a)). If any
transaction in which the Common Stock is replaced by the common stock or other Common Equity of another entity occurs, following completion
of any related Make-Whole Fundamental Change Period (or, in the case of a transaction that would have been a Fundamental Change or a Make-Whole
Fundamental Change but for the proviso immediately following clause (d) of this definition, following the effective date of such transaction),
references to the Company in this definition shall instead be references to such other entity.
“Fundamental Change
Company Notice” shall have the meaning specified in Section 15.02(c).
“Fundamental Change
Repurchase Date” shall have the meaning specified in Section 15.02(a).
“Fundamental Change
Repurchase Notice” shall have the meaning specified in Section 15.02(b)(i).
“Fundamental Change
Repurchase Price” shall have the meaning specified in Section 15.02(a).
The terms “given”,
“mailed”, “notify” or “sent” with respect to any notice to be given to a Holder
pursuant to this Indenture, shall mean notice (x) given to the Depositary (or its designee) pursuant to the standing instructions from
the Depositary or its designee, including by electronic mail in accordance with accepted practices or applicable procedures at the Depositary
(in the case of a Global Note) or (y) mailed to such Holder by first class mail, postage prepaid, at its address as it appears on the
Note Register (in the case of a Physical Note), in each case, in accordance with Section 17.03. Notice so “given” shall be
deemed to include any notice to be “mailed” or “delivered,” as applicable, under this Indenture.
7
“Global Note”
shall have the meaning specified in Section 2.05(b).
“Holder,”
as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any Person in whose name
at the time a particular Note is registered on the Note Register.
“Indenture”
means this instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented.
“Initial Purchasers’
Option” means the option of the Initial Purchasers to purchase up to an additional $56,250,000 of Notes pursuant to the Purchase
Agreement.
“Interest Payment Date”
means each January 15 and July 15 of each year, beginning on January 15, 2027.
“last date of original
issuance” means (a) with respect to any Notes issued pursuant to the Purchase Agreement, and any Notes issued in exchange therefor
or in substitution thereof, the date the Company first issues such Notes; and (b) with respect to any additional Notes issued pursuant
to Section 2.10, and any Notes issued in exchange therefor or in substitution thereof, either (i) the later of (x) the date such Notes
are originally issued and (y) the last date any Notes are originally issued as part of the same offering pursuant to the exercise of an
option granted to the initial purchaser(s) of such Notes to purchase additional Notes issued pursuant to Section 2.10; or (ii) such other
date as is specified in an Officer’s Certificate delivered to the Trustee before the original issuance of such Notes.
“Last Reported Sale
Price” of the Common Stock (or any other security for which a closing sale price must be determined) on any date means the closing
sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case,
the average of the average bid and the average ask prices) on that date as reported in composite transactions for the principal U.S. national
or regional securities exchange on which the Common Stock (or such other security) is traded. If the Common Stock (or such other security)
is not listed for trading on a U.S. national or regional securities exchange on the relevant date, the “Last Reported Sale Price”
shall be the last quoted bid price for the Common Stock (or such other security) in the over-the-counter market on the relevant date as
reported by OTC Markets Group Inc. or a similar organization. If the Common Stock (or such other security) is not so quoted, 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 selected by the
Company for this purpose. The “Last Reported Sale Price” shall be determined without regard to after-hours trading
or any other trading outside of regular trading session hours.
“Make-Whole Fundamental
Change” means any transaction or event that constitutes a Fundamental Change (as defined above and determined after giving effect
to any exceptions to or exclusions from such definition, but without regard to the proviso in clause (b) of the definition thereof).
“Make-Whole Fundamental
Change Period” shall have the meaning specified in Section 14.03(a).
8
“Market Disruption Event”
means, for the purposes of determining amounts due upon conversion (a) a failure by the primary U.S. national or regional securities exchange
or market on which the Common Stock is listed or admitted for trading to open for trading during its regular trading session or (b) the
occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Common Stock for more than one half-hour
period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price
exceeding limits permitted by the relevant stock exchange or otherwise) in the Common Stock or in any options contracts or futures contracts
relating to the Common Stock.
“Maturity Date”
means July 15, 2031.
“Measurement Period”
shall have the meaning specified in Section 14.01(b)(i).
“Note” or
“Notes” shall have the meaning specified in the first paragraph of the recitals of this Indenture.
“Note Register”
shall have the meaning specified in Section 2.05(a).
“Note Registrar”
shall have the meaning specified in Section 2.05(a).
“Notice of Conversion”
shall have the meaning specified in Section 14.02(b).
“Notice of Redemption”
shall have the meaning specified in Section 16.03(a).
“Observation Period”
with respect to any Note surrendered for conversion means: (i) subject to clause (ii), if the relevant Conversion Date occurs prior to
April 15, 2031, the 30 consecutive Trading Day period beginning on, and including, the second Trading Day immediately succeeding such
Conversion Date; (ii) with respect to any Called Notes, if the relevant Conversion Date with respect to such Notes occurs during the related
Redemption Period, the 30 consecutive Trading Days beginning on, and including, the 31st Scheduled Trading Day immediately preceding such
Redemption Date; and (iii) subject to clause (ii), if the relevant Conversion Date occurs on or after April 15, 2031, the 30 consecutive
Trading Days beginning on, and including, the 31st Scheduled Trading Day immediately preceding the Maturity Date.
“Offering Memorandum”
means the preliminary offering memorandum dated July 9, 2026, as supplemented by the related pricing term sheet dated July 9, 2026, relating
to the offering and sale of the Notes.
“Officer”
means, with respect to the Company, the Chief Executive Officer, the President, the Chief Financial Officer, the Chief Operating Officer,
the Chief Accounting Officer, the Chief Legal Officer, General Counsel, the Treasurer, the Secretary, any Executive or Senior Vice President
or any Vice President (whether or not designated by a number or numbers or word or words added before or after the title “Vice President”).
9
“Officer’s Certificate,”
when used with respect to the Company, means a certificate that is delivered to the Trustee and that is signed by any Officer of the Company.
Each such certificate shall include the statements provided for in Section 17.05 if and to the extent required by the provisions of such
Section. The Officer giving an Officer’s Certificate pursuant to Section 4.08 shall be the principal executive, financial or accounting
officer of the Company.
“open of business”
means 9:00 a.m. (New York City time).
“Opinion of Counsel”
means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company, or other counsel who is reasonably
acceptable to the Trustee, which opinion may contain customary exceptions and qualifications as to the matters set forth therein, that
is delivered to the Trustee. Each such opinion shall include the statements provided for in Section 17.05 if and to the extent required
by the provisions of such Section 17.05.
“Optional Redemption”
shall have the meaning specified in Section 16.01.
“outstanding,”
when used with reference to Notes, shall, subject to the provisions of Section 8.04, mean, as of any particular time, all Notes authenticated
and delivered by the Trustee under this Indenture, except:
(a) Notes
theretofore canceled by the Trustee or accepted by the Trustee for cancellation;
(b) Notes,
or portions thereof, that have become due and payable and in respect of which monies in the necessary amount shall have been deposited
in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust by the
Company (if the Company shall act as its own Paying Agent);
(c) Notes
that have been paid pursuant to the second paragraph of Section 2.06 or Notes in lieu of which, or in substitution for which, other Notes
shall have been authenticated and delivered pursuant to the terms of Section 2.06 unless proof satisfactory to the Trustee is presented
that any such Notes are held by protected purchasers in due course;
(d) Notes
converted pursuant to Article 14 and required to be cancelled pursuant to Section 2.08;
(e) Notes
surrendered for purchase pursuant to Article 15 for which the Paying Agent or tender agent holds funds sufficient to pay for such Notes
pursuant to Section 15.04; and
(f) Notes
redeemed pursuant to Article 16.
“Ownership Limit”
means 2.5%, in value or in number of shares, whichever is more restrictive, of the outstanding shares of any class or series of capital
stock of the Company, or such other percentage determined by the Board of Directors in accordance with Section 12.2(h) of the Charter,
excluding any outstanding shares of capital stock not treated as outstanding for U.S. federal income tax purposes; provided that such
other percentage shall not be less than 2.5%.
10
“Partial Redemption
Limitation” shall have the meaning specified in Section 16.03(d).
“Paying Agent”
shall have the meaning specified in Section 4.02.
“Person” means
an individual, a corporation, a limited liability company, an association, a partnership, a joint venture, a joint stock company, a trust,
an unincorporated organization or a government or an agency or a political subdivision thereof.
“Physical Notes”
means permanent certificated Notes in registered form issued in denominations of $1,000 principal amount and integral multiples thereof.
“Physical Settlement”
shall have the meaning specified in Section 14.02(a).
“Predecessor Note”
of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note;
and, for the purposes of this definition, any Note authenticated and delivered under Section 2.06 in lieu of or in exchange for a mutilated,
lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note that it replaces.
“Purchase Agreement”
means that certain Purchase Agreement, dated July 9, 2026, between the Company and Cantor Fitzgerald & Co. and UBS Securities LLC,
as representatives of the several initial purchasers named in Schedule 1 thereto.
“Qualified Successor
Entity” means, with respect to a Business Combination Event, a corporation; provided, however, that (i) if such Business Combination
Event is an Exempted Fundamental Change, then a limited liability company, limited partnership or other similar entity will also constitute
a Qualified Successor Entity with respect to such Business Combination Event; and (ii) a limited liability company, limited partnership
or other similar entity that is the resulting, surviving or transferee person of such Business Combination Event will also constitute
a Qualified Successor Entity with respect to such Business Combination Event, provided that, in the case of this clause (ii), (1) if such
limited liability company, limited partnership or other similar entity, as applicable, is not treated as a corporation or an entity disregarded
as separate from a corporation for U.S. federal income tax purposes, (x) the Company has received an opinion of a nationally recognized
tax counsel to the effect that such Business Combination Event will not be treated as an exchange under Section 1001 of the Code for Holders
or beneficial owners of the Notes and (y) such limited liability company, limited partnership or other similar entity, as applicable,
is a direct or indirect, Wholly Owned Subsidiary of a corporation duly organized and existing under the laws of the United States of America,
any State thereof or the District of Columbia; and (2) such Business Combination Event constitutes a Share Exchange Event whose Reference
Property consists solely of any combination of cash in U.S. dollars and shares of common stock or other corporate Common Equity interests
of a corporation (or an entity treated as a corporation for U.S. federal income tax purposes) that is duly organized and existing under
the laws of the United States of America, any State thereof or the District of Columbia and that is the direct or indirect parent of such
limited liability company, limited partnership or other similar entity (or is such limited liability company, limited partnership or similar
entity if such entity is treated as a corporation for U.S. federal income tax purposes).
11
“Record Date”
means, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock (or other applicable
security) have the right to receive any cash, securities or other property or in which the Common Stock (or such other security) is exchanged
for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of the Common
Stock (or such other security) entitled to receive such cash, securities or other property (whether such date is fixed by the Board of
Directors, by statute, by contract or otherwise).
“Redemption Date”
shall have the meaning specified in Section 16.03(a).
“Redemption Period”
means, with respect to any Optional Redemption or Cleanup Redemption, the period from, and including, the relevant date on which the Company
delivers a Notice of Redemption for such Optional Redemption or Cleanup Redemption, as applicable, until the close of business on the
second Scheduled Trading Day immediately preceding the related Redemption Date (or, if the Company defaults in the payment of the Redemption
Price, until the close of business on the Scheduled Trading Day immediately preceding the date on which the Redemption Price has been
paid or duly provided for).
“Redemption Price”
means, for any Notes to be redeemed pursuant to Section 16.01 or Section 16.02, 100% of the principal amount of such Notes, plus accrued
and unpaid interest, if any, to, but excluding, the Redemption Date (unless the Redemption Date falls after a Regular Record Date but
on or prior to the immediately succeeding Interest Payment Date, in which case interest accrued to the Interest Payment Date will be paid
by the Company to Holders of record of such Notes as of the close of business on such Regular Record Date on, or at the Company’s
election, before, such Interest Payment Date and the Redemption Price will be equal to 100% of the principal amount of such Notes).
“Reference Property”
shall have the meaning specified in Section 14.07(a).
“Regular Record Date,”
with respect to any Interest Payment Date, means the January 1 or July 1 (whether or not such day is a Business Day) immediately preceding
the applicable January 15 or July 15 Interest Payment Date, respectively.
“Resale Restriction
Termination Date” shall have the meaning specified in Section 2.05(c).
“Responsible Officer”
means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president,
assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily
performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate
trust matter relating to this Indenture is referred because of such person’s knowledge of and familiarity with the particular subject
and who, in each case, shall have direct responsibility for the administration of this Indenture.
“Restricted Securities”
shall have the meaning specified in Section 2.05(c).
“Restrictive Notes Legend”
shall have the meaning specified in Section 2.05(c).
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“Rule 144”
means Rule 144 as promulgated under the Securities Act.
“Rule 144A”
means Rule 144A as promulgated under the Securities Act.
“Scheduled Trading Day”
means a day that is scheduled to be a Trading Day on the principal U.S. national or regional securities exchange or market on which the
Common Stock is listed or admitted for trading. If the Common Stock is not so listed or admitted for trading, “Scheduled Trading
Day” means a Business Day.
“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
“Settlement Amount”
has the meaning specified in Section 14.02(a)(iv).
“Settlement Method”
means, with respect to any conversion of Notes, Physical Settlement, Cash Settlement or Combination Settlement, as elected (or deemed
to have been elected) by the Company.
“Settlement Notice”
has the meaning specified in Section 14.02(a)(iii).
“Share Exchange Event”
shall have the meaning specified in Section 14.07(a).
“Significant Subsidiary”
means a Subsidiary of the Company that is a “significant subsidiary” as defined in Article 1, Rule 1-02(w) of Regulation S-X
promulgated by the Commission (or any successor rule); provided that, if and to the extent paragraph (w)(1)(iii)(A)(2) does not
apply to the determination of whether the income test in paragraph (w)(1)(iii) is met, in the case of a Subsidiary that meets the criteria
of clause (1)(iii) of the definition thereof but not clause (1)(i) or (1)(ii) thereof, in each case as such rule is in effect on the date
of the Offering Memorandum, such Subsidiary shall be deemed not to be a Significant Subsidiary unless the Subsidiary’s income from
continuing operations before income taxes, exclusive of amounts attributable to any non-controlling interests and after intercompany eliminations,
for the last completed fiscal year prior to the date of such determination exceeds $15,000,000. For the avoidance of doubt, to the extent
any such Subsidiary would not be deemed to be a “significant subsidiary” under the relevant definition set forth in Article
1, Rule 1-02(w) of Regulation S-X (or any successor rule) as in effect on the relevant date of determination, such Subsidiary shall not
be deemed to be a Significant Subsidiary under this Indenture irrespective of whether such Subsidiary would otherwise be deemed to be
a “Significant Subsidiary” after giving effect to the proviso in the immediately preceding sentence.
“Specified Dollar Amount”
means the maximum cash amount per $1,000 principal amount of Notes to be received upon conversion as specified in the Settlement Notice
(or deemed specified as provided in Section 14.02(a)(iii)) related to any converted Notes.
“Spin-Off”
shall have the meaning specified in Section 14.04(c).
“Stock Price”
shall have the meaning specified in Section 14.03(c).
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“Subsidiary”
means, with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total
voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled,
directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries
of such Person.
“Successor Company”
shall have the meaning specified in Section 11.01(a).
“Trading Day”
means, except for determining amounts due upon conversion, a day on which (i) trading in the Common Stock (or other security for which
a closing sale price must be determined) generally occurs on the Nasdaq Global Select Market or, if the Common Stock (or such other security)
is not then listed on the Nasdaq Global Select Market, on the principal other U.S. national or regional securities exchange on which the
Common Stock (or such other security) is then listed or, if the Common Stock (or such other security) is not then listed on a U.S. national
or regional securities exchange, on the principal other market on which the Common Stock (or such other security) is then traded and (ii)
a Last Reported Sale Price for the Common Stock (or closing sale price for such other security) is available on such securities exchange
or market; provided that if the Common Stock (or such other security) is not so listed or traded, “Trading Day”
means a Business Day; and provided further that, for purposes of determining amounts due upon conversion only, “Trading
Day” means a day on which (x) there is no Market Disruption Event and (y) trading in the Common Stock generally occurs on the
Nasdaq Global Select Market or, if the Common Stock is not then listed on the Nasdaq Global Select Market, on the principal other U.S.
national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S.
national or regional securities exchange, on the principal other market on which the Common Stock is then listed or admitted for trading,
except that if the Common Stock is not so listed or admitted for trading, “Trading Day” means a Business Day.
“Trading Price”
of the Notes on any date of determination means the average of the secondary market bid quotations obtained by the Bid Solicitation Agent
for $1,000,000 principal amount of Notes at approximately 3:30 p.m., New York City time, on such determination date from three independent
nationally recognized securities dealers the Company selects for this purpose; provided that if three such bids cannot reasonably
be obtained by the Bid Solicitation Agent 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 Bid Solicitation Agent, that one bid shall be used. If, on any determination date, the
Bid Solicitation Agent cannot reasonably obtain at least one bid for $1,000,000 principal amount of Notes from a nationally recognized
securities dealer, then the Trading Price per $1,000 principal amount of Notes on such determination date shall be deemed to be less than
98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate.
“transfer”
shall have the meaning specified in Section 2.05(c).
“Trigger Event”
shall have the meaning specified in Section 14.04(c).
14
“Trustee”
means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor trustee shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include
each Person who is then a Trustee hereunder.
“unit of Reference Property”
shall have the meaning specified in Section 14.07(a).
“Valuation Period”
shall have the meaning specified in Section 14.04(c).
“Wholly Owned Subsidiary”
means, with respect to any Person, any Subsidiary of such Person, except that, solely for purposes of this definition, the reference to
“more than 50%” in the definition of “Subsidiary” shall be deemed replaced by a reference to “100%,”
the calculation of which shall exclude nominal amounts of the voting power of shares of Capital Stock or other interests in the relevant
Subsidiary not held by such Person to the extent required to satisfy local minority interest requirements outside of the United States.
Section 1.02. References
to Interest. Unless the context otherwise requires, any reference to interest on, or in
respect of, any Note in this Indenture shall be deemed to include Additional Interest if, in such context, Additional Interest is, was
or would be payable pursuant to any of Section 4.06(d), Section 4.06(e) and Section 6.03. Unless the context otherwise requires, any
express mention of Additional Interest in any provision hereof shall not be construed as excluding Additional Interest in those provisions
hereof where such express mention is not made.
ARTICLE
2
ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES
Section 2.01. Designation
and Amount. The Notes shall be designated as the “5.00% Convertible Senior Notes
due 2031.” The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited
to $375,000,000 (or $431,250,000 if the Initial Purchasers’ Option is exercised in full), subject to Section 2.10 and except for
Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes to the extent expressly
permitted hereunder.
Section 2.02. Form
of Notes. The Notes and the Trustee’s certificate of authentication to be borne
by such Notes shall be substantially in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute,
and are hereby expressly incorporated in and made a part of this Indenture. To the extent applicable, the Company and the Trustee, by
their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. In the case of
any conflict between this Indenture and a Note, the provisions of this Indenture shall control and govern to the extent of such conflict.
Any Global Note may be endorsed
with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture
as may be required by the Custodian or the Depositary, or as may be required to comply with any applicable law or any regulation thereunder
or with the rules and regulations of any securities exchange or automated quotation system upon which the Notes may be listed or traded
or designated for issuance or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to
which any particular Notes are subject.
15
Any of the Notes may have such
letters, numbers or other marks of identification and such notations, legends or endorsements as the Officer executing the same may approve
(execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as
may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities
exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage or to indicate
any special limitations or restrictions to which any particular Notes are subject.
Each Global Note shall represent
such principal amount of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal
amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be increased or reduced to reflect redemptions, repurchases, cancellations, conversions, transfers or exchanges
permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes
represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon instructions
given by the Holder of such Notes in accordance with this Indenture. Payment of principal (including the Redemption Price and the Fundamental
Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, a Global Note shall be made to the Holder of such Note
on the date of payment, unless a record date or other means of determining Holders eligible to receive payment is provided for herein.
Section 2.03. Date
and Denomination of Notes; Payments of Interest and Defaulted Amounts. (a) The Notes shall
be issuable in registered form without coupons in minimum denominations of $1,000 principal amount and integral multiples thereof. Each
Note shall be dated the date of its authentication and shall bear interest from the date specified on the face of such Note. Accrued
interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months.
(b) The
Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business on any Regular Record
Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date. The principal
amount of any Note (x) in the case of any Physical Note, shall be payable at the office or agency of the Company maintained by the Company
for such purposes within the contiguous United States of America, which shall initially be the Corporate Trust Office and (y) in the case
of any Global Note, shall be payable by wire transfer of immediately available funds to the account of the Depositary or its nominee.
The Company shall pay, or cause the Paying Agent to pay, interest (i) on any Physical Notes (A) to Holders holding Physical Notes having
an aggregate principal amount of $5,000,000 or less, by check mailed to the Holders of these Notes at their address as it appears in the
Note Register and (B) to Holders holding Physical Notes having an aggregate principal amount of more than $5,000,000, either by check
mailed to each such Holder or, upon written application by such a Holder to the Note Registrar not later than the relevant Regular Record
Date, by wire transfer in immediately available funds to that Holder’s account within the United States if such Holder has provided
the Company, the Trustee or the Paying Agent (if other than the Trustee) with the requisite information necessary to make such wire transfer,
which application shall remain in effect until the Holder notifies, in writing, the Note Registrar to the contrary or (ii) on any Global
Note by wire transfer of immediately available funds to the account of the Depositary or its nominee.
16
(c) Any
Defaulted Amounts shall forthwith cease to be payable to the Holder on the relevant payment date but shall accrue interest per annum at
the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including, such relevant payment date,
and such Defaulted Amounts together with such interest thereon shall be paid by the Company, at its election in each case, as provided
in clause (i) or (ii) below:
(i) The
Company may elect to make payment of any Defaulted Amounts (together with any interest thereon) to the Persons in whose names the Notes
(or their respective Predecessor Notes) are registered at the close of business on a special record date for the payment of such Defaulted
Amounts (together with any interest thereon), which shall be fixed in the following manner. The Company shall notify the Trustee in writing
of the amount of the Defaulted Amounts (together with any interest thereon) proposed to be paid on each Note and the date of the proposed
payment (which shall be not less than 25 days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an
earlier date), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount to be
paid in respect of such Defaulted Amounts (together with any interest thereon) or shall make arrangements satisfactory to the Trustee
for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Amounts (together with any interest thereon) as in this clause provided. Thereupon the Company shall
fix a special record date for the payment of such Defaulted Amounts (together with any interest thereon) which shall be not more than
15 days and not less than 10 days prior to the date of the proposed payment, and not less than 10 days after the receipt by the Trustee
of the notice of the proposed payment (unless the Trustee shall consent to an earlier date). The Company shall promptly notify the Trustee
in writing of such special record date and the Trustee, in the name and at the expense of the Company, shall cause notice of the proposed
payment of such Defaulted Amounts and the special record date therefor to be delivered to each Holder at its address as it appears in
the Note Registrar (which shall be the Depositary in the case of Global Notes) not less than 10 days prior to such special record date;
provided that the Trustee has received such notice at least three Business Days prior to the date such notice is to be sent (or such shorter
period as shall be acceptable to the Trustee). Notice of the proposed payment of such Defaulted Amounts and the special record date therefor
having been so delivered, such Defaulted Amounts shall be paid to the Persons in whose names the Notes (or their respective Predecessor
Notes) are registered at the close of business on such special record date and shall no longer be payable pursuant to the following clause
(ii) of this Section 2.03(c).
(ii) The
Company may make payment of any Defaulted Amounts in any other lawful manner not inconsistent with the requirements of any securities
exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may be required
by such exchange or automated quotation system, if, after written notice given by the Company to the Trustee of the proposed payment pursuant
to this clause, such manner of payment shall be deemed practicable by the Trustee.
17
(iii) The
Trustee shall not at any time be under any duty or responsibility to any Holder of Notes to determine the Defaulted Amounts, or with respect
to the nature, extent, or calculation of the amount of Defaulted Amounts owed, or with respect to the method employed in such calculation
of the Defaulted Amounts.
Section 2.04. Execution,
Authentication and Delivery of Notes. The Notes shall be signed in the name and on behalf
of the Company by the manual, facsimile or other electronic signature of any Officer.
At any time and from time to
time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication,
together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company Order
shall authenticate and deliver such Notes, without any further action by the Company hereunder; provided that, subject to Section 17.05,
the Trustee shall be entitled to receive an Officer’s Certificate and an Opinion of Counsel of the Company with respect to the issuance,
authentication and delivery of such Notes.
The Company Order shall specify
the amount of Notes to be authenticated, and the applicable rate at which any interest will accrue on such Notes. The Trustee shall thereupon
authenticate and deliver said Notes to or upon the written order of the Company (as set forth in such Company Order).
The Trustee shall have the right
to decline to authenticate and deliver any Notes under this Section (a) unless and until it receives from the Company a Company Order
instructing it to so authenticate and deliver such Notes and an Officers’ Certificate and an Opinion of Counsel in accordance with
Section 17.06 hereof; (b) if the Trustee determines that such action may not lawfully be taken; or (c) if the Trustee determines that
such action would expose the Trustee to personal liability, unless indemnity and/or security and/or pre-funding satisfactory to the Trustee
against such liability is provided to the Trustee and the Note Registrar.
Only such Notes as shall bear
thereon a certificate of authentication substantially in the form set forth on the Form of Note attached as Exhibit A hereto, executed
manually by an authorized signatory of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 17.10),
shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee (or such
an authenticating agent) upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated has been duly
authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.
18
In case any Officer of the Company
who shall have signed any of the Notes shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered
by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or disposed of as though the
person who signed such Notes had not ceased to be such Officer of the Company; and any Note may be signed on behalf of the Company by
such persons as, at the actual date of the execution of such Note, shall be the Officers of the Company, although at the date of the execution
of this Indenture any such person was not such an Officer.
Section 2.05. Exchange
and Registration of Transfer of Notes; Restrictions on Transfer; Depositary.
(a) The
Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in any other office
or agency of the Company designated pursuant to Section 4.02, the “Note Register”) in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers of Notes. Such register shall
be in written form or in any form capable of being converted into written form within a reasonable period of time. The Trustee is hereby
initially appointed the “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided.
The Company may appoint one or more co-Note Registrars in accordance with Section 4.02.
Upon surrender for registration
of transfer of any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such transfer set forth
in this Section 2.05, the Company shall execute, and the Trustee, upon receipt of a Company Order, shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal
amount and bearing such restrictive legends as may be required by this Indenture.
Notes may be exchanged for other
Notes of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at any such
office or agency maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive, bearing
registration numbers not contemporaneously outstanding.
All Notes presented or surrendered
for registration of transfer or for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the Note Registrar
or any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory
to the Note Registrar and the Company and duly executed, by the Holder thereof or its attorney-in-fact duly authorized in writing.
19
No service charge shall be imposed
by the Company, the Trustee, the Conversion Agent, the Note Registrar, any co-Note Registrar or the Paying Agent for any exchange or registration
of transfer of Notes, but the Company or the Trustee may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar
issue or transfer tax required in connection therewith as a result of the name of the Holder of new Notes issued upon such exchange or
registration of transfer being different from the name of the Holder of the old Notes surrendered for exchange or registration of transfer.
None of the Company, the Trustee,
the Conversion Agent, the Note Registrar or any co-Note Registrar shall be required to exchange for other Notes or register a transfer
of (i) any Notes surrendered for conversion or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered
for conversion, (ii) any Notes, or a portion of any Note, surrendered for required repurchase upon a Fundamental Change (and not withdrawn)
in accordance with Article 15 or (iii) any Notes selected for Optional Redemption in accordance with Article 16, except the unredeemed
portion of any Note being redeemed in part.
All Notes issued upon any registration
of transfer or exchange of Notes in accordance with this Indenture shall be the valid obligations of the Company, evidencing the same
debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange.
(b) So
long as the Notes are eligible for book-entry settlement with the Depositary, unless otherwise required by law, subject to the fourth
paragraph from the end of Section 2.05(c) all Notes shall be represented by one or more Notes in global form (each, a “Global
Note”) registered in the name of the Depositary or the nominee of the Depositary. Each Global Note shall bear the legend required
on a Global Note set forth in Exhibit A hereto. The transfer and exchange of beneficial interests in a Global Note that does not involve
the issuance of a Physical Note shall be effected through the Depositary (but not the Trustee or the Custodian) in accordance with this
Indenture (including the restrictions on transfer set forth herein) and the applicable procedures of the Depositary therefor.
(c) Every
Note that bears or is required under this Section 2.05(c) to bear the Restrictive Notes Legend (together with any Common Stock issued
upon conversion of the Notes that is required to bear the legend set forth in Section 2.05(d), collectively, the “Restricted
Securities”) shall be subject to the restrictions on transfer set forth in this Section 2.05(c) (including the Restrictive Notes
Legend set forth below), unless such restrictions on transfer shall be eliminated or otherwise waived by written consent of the Company,
and the Holder of each such Restricted Security, by such Holder’s acceptance thereof, agrees to be bound by all such restrictions
on transfer. As used in this Section 2.05(c) and Section 2.05(d), the term “transfer” encompasses any sale, pledge,
transfer or other disposition whatsoever of any Restricted Security.
20
Until the date (the “Resale
Restriction Termination Date”) that is the later of (1) the date that is one year after the last date of original issuance of
the Notes, or such shorter period of time as permitted by Rule 144 or any successor provision thereto, and (2) such later date, if any,
as may be required by applicable law, any certificate evidencing such Note (and all securities issued in exchange therefor or substitution
thereof, other than Common Stock, if any, issued upon conversion thereof, which shall bear the legend set forth in Section 2.05(d), if
applicable) shall bear a legend in substantially the following form (the “Restrictive Notes Legend”) (unless such Notes
have been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that
continues to be effective at the time of such transfer, or sold pursuant to the exemption from registration provided by Rule 144 or any
similar provision then in force under the Securities Act, or unless otherwise agreed by the Company in writing, with notice thereof to
the Trustee):
THE OFFER AND SALE OF THIS NOTE
AND THE SHARES OF COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND NEITHER THIS NOTE
NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF EXCEPT
IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:
(1) REPRESENTS
THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER
THE SECURITIES ACT (“RULE 144A”)) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT;
AND
(2) AGREES
FOR THE BENEFIT OF FERMI INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE
OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE EXPIRATION OF THE HOLDING PERIOD THEN IMPOSED BY RULE 144 UNDER THE SECURITIES ACT (OR
ANY SUCCESSOR PROVISION), EXCEPT ONLY:
(A) TO
THE COMPANY OR ANY SUBSIDIARY THEREOF;
(B) PURSUANT
TO A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT;
(C) FOR
SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A TO A PERSON IT REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A; OR
(D) PURSUANT
TO ANY OTHER EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
21
BEFORE THE REGISTRATION OF ANY
SALE OR TRANSFER IN ACCORDANCE WITH (2)(C) OR (D) ABOVE, THE COMPANY, THE TRUSTEE AND THE REGISTRAR RESERVE THE RIGHT TO REQUIRE THE DELIVERY
OF SUCH CERTIFICATES, OPINIONS OF COUNSEL OR OTHER DOCUMENTATION OR EVIDENCE AS THEY MAY REASONABLY REQUIRE IN ORDER TO DETERMINE THAT
THE PROPOSED OFFER, SALE OR TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.
No transfer of any Note prior
to the Resale Restriction Termination Date will be registered by the Note Registrar unless the applicable box on the Form of Assignment
and Transfer has been checked.
Any Note (or security issued
in exchange or substitution therefor) (i) as to which such restrictions on transfer shall have expired in accordance with their terms,
(ii) that has been transferred pursuant to a registration statement that has become effective or been declared effective under the Securities
Act and that continues to be effective at the time of such transfer or (iii) that has been sold pursuant to the exemption from registration
provided by Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of such Note for exchange to
the Note Registrar in accordance with the provisions of this Section 2.05, be exchanged for a new Note or Notes, of like tenor and aggregate
principal amount, which shall not bear the Restrictive Notes Legend required by this Section 2.05(c) and shall not be assigned a restricted
CUSIP number. The Company shall be entitled to instruct the Custodian in writing to so surrender any Global Note as to which any of the
conditions set forth in clause (i) through (iii) of the immediately preceding sentence have been satisfied, and, upon such instruction,
the Custodian shall so surrender such Global Note for exchange; and any new Global Note so exchanged therefor shall not bear the Restrictive
Notes Legend specified in this Section 2.05(c) and shall not be assigned a restricted CUSIP number. In addition, the Company may effect
the removal of the Restrictive Notes Legend upon the Company’s delivery to the Trustee of written notice to such effect, whereupon
the Restrictive Notes Legend set forth above and affixed on any Note shall be deemed, in accordance with the terms of the certificate
representing such Note, to be removed therefrom without further action by the Company, the Trustee, the Holder(s) thereof or any other
Person; at such time, such Note shall be deemed to be assigned an unrestricted CUSIP number as provided in the certificate representing
such Note, it being understood, including for purposes of Section 4.06(e), that the Depositary of any Global Note may require a mandatory
exchange or other process to cause such Global Note to be identified by an unrestricted CUSIP number in the facilities of such Depositary.
The Company shall promptly notify the Trustee in writing upon the occurrence of the Resale Restriction Termination Date and promptly after
a registration statement, if any, with respect to the Notes or any Common Stock issued upon conversion of the Notes has been declared
effective under the Securities Act.
Notwithstanding any other provisions
of this Indenture (other than the provisions set forth in this Section 2.05(c)), a Global Note may not be transferred as a whole or in
part except (i) 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 and (ii)
for exchange of a Global Note or a portion thereof for one or more Physical Notes in accordance with the second immediately succeeding
paragraph.
22
The Depositary shall be a clearing
agency registered under the Exchange Act. The Company initially appoints The Depository Trust Company to act as Depositary with respect
to each Global Note. Initially, each Global Note shall be issued to the Depositary, registered in the name of Cede & Co., as the nominee
of the Depositary, and deposited with the Trustee as custodian for Cede & Co.
If (i) the Depositary notifies
the Company at any time that the Depositary is unwilling or unable to continue as depositary for the Global Notes and a successor depositary
is not appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor
depositary is not appointed within 90 days or (iii) an Event of Default with respect to the Notes has occurred and is continuing and the
Depositary requests that the Notes be issued as Physical Notes, the Company shall execute, and the Trustee, upon receipt of an Officer’s
Certificate and a Company Order for the authentication and delivery of Notes, shall authenticate and deliver (x) in the case of clause
(iii), a Physical Note to such beneficial owner in a principal amount equal to the principal amount of such Note corresponding to such
beneficial owner’s beneficial interest and (y) in the case of clause (i) or (ii), Physical Notes to each beneficial owner of the
related Global Notes (or a portion thereof) in an aggregate principal amount equal to the aggregate principal amount of such Global Notes
in exchange for such Global Notes, and upon delivery of the Global Notes to the Trustee such Global Notes shall be canceled.
Physical Notes issued in exchange
for all or a part of the Global Note pursuant to this Section 2.05(c) shall be registered in such names and in such authorized denominations
as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee in writing.
Upon execution and authentication, the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes are
so registered.
At such time as all interests
in a Global Note have been converted, canceled, repurchased upon a Fundamental Change, redeemed or transferred, such Global Note shall
be, upon receipt thereof, canceled by the Trustee in accordance with standing procedures and existing instructions between the Depositary
and the Custodian. At any time prior to such cancellation, if any interest in a Global Note is exchanged for Physical Notes, converted,
canceled, repurchased upon a Fundamental Change, redeemed or transferred to a transferee who receives Physical Notes therefor or any Physical
Note is exchanged or transferred for part of such Global Note, the principal amount of such Global Note shall, in accordance with the
standing procedures and instructions existing between the Depositary and the Custodian, be appropriately reduced or increased, as the
case may be, and an endorsement shall be made on such Global Note, by the Trustee or the Custodian, at the direction of the Trustee, to
reflect such reduction or increase.
None of the Company, the Trustee
or any agent of the Company or the Trustee (including in its capacity as Paying Agent and Conversion Agent) shall have any responsibility
or liability for any act or omission of the Depositary or for the payment of amounts to owners of beneficial interests in a Global Note,
for any aspect of the records relating to or payments made on account of those interests by the Depositary, or for maintaining, supervising
or reviewing any records of the Depositary relating to those interests.
23
(d) Until
the Resale Restriction Termination Date, any stock certificate representing Common Stock issued upon conversion of a Note shall bear a
legend in substantially the following form (unless such Common Stock has been transferred pursuant to a registration statement that has
become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or pursuant
to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or such Common
Stock has been issued upon conversion of a Note that has been transferred pursuant to a registration statement that has become or been
declared effective under the Securities Act and that continues to be effective at the time of such transfer, or pursuant to the exemption
from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by
the Company with written notice thereof to the Trustee and any transfer agent for the Common Stock):
THIS SECURITY HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:
(1) REPRESENTS
THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER
THE SECURITIES ACT (“RULE 144A”)) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT;
AND
(2) AGREES
FOR THE BENEFIT OF FERMI INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE
OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE EXPIRATION OF THE HOLDING PERIOD THEN IMPOSED BY RULE 144 UNDER THE SECURITIES ACT (OR
ANY SUCCESSOR PROVISION), EXCEPT ONLY:
(A) TO
THE COMPANY OR ANY SUBSIDIARY THEREOF;
(B) PURSUANT
TO A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT;
(C) FOR
SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A TO A PERSON IT REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A; OR
(D) PURSUANT
TO ANY OTHER EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
BEFORE THE REGISTRATION OF ANY
SALE OR TRANSFER IN ACCORDANCE WITH (2)(C) OR (D) ABOVE, THE COMPANY, THE TRUSTEE AND THE REGISTRAR RESERVE THE RIGHT TO REQUIRE THE DELIVERY
OF SUCH CERTIFICATES, OPINIONS OF COUNSEL OR OTHER DOCUMENTATION OR EVIDENCE AS THEY MAY REASONABLY REQUIRE IN ORDER TO DETERMINE THAT
THE PROPOSED OFFER, SALE OR TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.
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Any such Common Stock (i) as
to which such restrictions on transfer shall have expired in accordance with their terms, (ii) that has been transferred pursuant to a
registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time
of such transfer or (iii) that has been sold pursuant to the exemption from registration provided by Rule 144 or any similar provision
then in force under the Securities Act, may, upon surrender of the certificates representing such shares of Common Stock for exchange
in accordance with the procedures of the transfer agent for the Common Stock, be exchanged for a new certificate or certificates for a
like aggregate number of shares of Common Stock, which shall not bear the restrictive legend required by this Section 2.05(d).
The Trustee shall have no obligation
or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable
law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants or beneficial
owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof.
(e) Any
Note or restricted Common Stock issued upon the conversion or exchange of a Note that is repurchased or owned by the Company or any Affiliate
of the Company (or any Person who was an Affiliate of the Company at any time during the three months immediately preceding) may not be
resold by the Company or such Affiliate (or such Person, as the case may be) unless registered under the Securities Act or resold pursuant
to an exemption from the registration requirements of the Securities Act in a transaction that results in such Note or Common Stock, as
the case may be, no longer being a “restricted security” (as defined under Rule 144).
Section 2.06. Mutilated,
Destroyed, Lost or Stolen Notes . In case any Note shall become mutilated or be
destroyed, lost or stolen, the Company in its discretion may execute, and upon receipt of a written request from the Company the
Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, a new Note, bearing a registration
number not contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for
the Note so destroyed, lost or stolen. In every case the applicant for a substituted Note shall furnish to the Company, to the
Trustee and, if applicable, to such authenticating agent such security and/or indemnity as may be required by them to save each of
them harmless from any loss, liability, cost or expense caused by or connected with such substitution, and, in every case of
destruction, loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such
authenticating agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.
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The Trustee or such authenticating
agent may authenticate any such substituted Note and deliver the same upon the receipt of such security or indemnity as the Trustee, the
Company and, if applicable, such authenticating agent may require. No service charge shall be imposed by the Company, the Trustee, the
Note Registrar, any co-Note Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company may require a Holder
to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in connection therewith as a result
of the name of the Holder of the new substitute Note being different from the name of the Holder of the old Note that became mutilated
or was destroyed, lost or stolen. In case any Note that has matured or is about to mature or has been surrendered for required repurchase
upon a Fundamental Change or is about to be converted in accordance with Article 14 shall become mutilated or be destroyed, lost or stolen,
the Company may, in its sole discretion, instead of issuing a substitute Note, pay or authorize the payment of or convert or authorize
the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for
such payment or conversion shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security
or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected
with such substitution, and, in every case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable,
any Paying Agent or Conversion Agent evidence of their satisfaction of the destruction, loss or theft of such Note and of the ownership
thereof.
Every substitute Note issued
pursuant to the provisions of this Section 2.06 by virtue of the fact that any Note is destroyed, lost or stolen shall constitute an additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled
to all the benefits of (but shall be subject to all the limitations set forth in) this Indenture equally and proportionately with any
and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and owned upon the express condition
that the foregoing provisions are exclusive with respect to the replacement, payment, redemption, conversion or repurchase of mutilated,
destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or
hereafter enacted to the contrary with respect to the replacement, payment, redemption, conversion or repurchase of negotiable instruments
or other securities without their surrender.
Section 2.07. Temporary
Notes. Pending the preparation of Physical Notes, the Company may execute and the Trustee
or an authenticating agent appointed by the Trustee shall, upon written request of the Company, in the form of a Company Order, authenticate
and deliver temporary Notes (printed or lithographed). Temporary Notes shall be issuable in any authorized denomination, and substantially
in the form of the Physical Notes but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as
may be determined by the Company. Every such temporary Note shall be executed by the Company and authenticated by the Trustee or such
authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Physical Notes.
Without unreasonable delay, the Company shall execute and deliver to the Trustee or such authenticating agent Physical Notes (other than
any Global Note) and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each
office or agency maintained by the Company pursuant to Section 4.02 and the Trustee or such authenticating agent upon receipt of a Company
Order shall authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount of Physical Notes. Such
exchange shall be made by the Company at its own expense and without any charge therefor. Until so exchanged, the temporary Notes shall
in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Physical Notes authenticated
and delivered hereunder.
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Section 2.08. Cancellation
of Notes Paid, Converted, Etc.. The Company shall cause all Notes surrendered for the
purpose of payment at maturity, repurchase upon a Fundamental Change, Optional Redemption, registration of transfer or exchange or conversion
(other than any Notes exchanged pursuant to Section 14.12), if surrendered to the Company or any of its agents or Subsidiaries, to be
surrendered to the Trustee for cancellation. All Notes delivered to the Trustee shall be canceled promptly by it in accordance with its
customary procedures upon the written request of the Company. Except for any Notes surrendered for registration of transfer or exchange,
or as otherwise expressly permitted by any of the provisions of this Indenture, no Notes shall be authenticated in exchange for any Notes
surrendered to the Trustee for cancellation. The Trustee shall dispose of canceled Notes in accordance with its customary procedures
and, after such disposition, shall deliver evidence of such disposition to the Company, at the Company’s written request in a Company
Order.
Section 2.09. CUSIP
Numbers. The Company in issuing the Notes may use “CUSIP” numbers (if then
generally in use), and, if so, the Trustee shall use “CUSIP” numbers in all notices issued to Holders as a convenience to
such Holders; provided that the Trustee shall have no liability for any defect in the “CUSIP” numbers as they appear
on any Note, notice or elsewhere, and, provided, further, that any such notice may state that no representation is made as to
the correctness of such numbers either as printed on the Notes or on such notice and that reliance may be placed only on the other identification
numbers printed on the Notes. The Company shall promptly notify the Trustee in writing of any change in the “CUSIP” or “ISIN”
numbers, as applicable.
Section 2.10. Additional
Notes; Repurchases. The Company may, without the consent of, or notice to, the Holders
and notwithstanding Section 2.01, reopen this Indenture and issue additional Notes hereunder with the same terms as the Notes initially
issued hereunder (other than differences in the issue date, the issue price, interest accrued prior to the issue date of such additional
Notes and, if applicable, restrictions on transfer in respect of such additional Notes) in an unlimited aggregate principal amount; provided
that if any such additional Notes are not fungible with the Notes initially issued hereunder for U.S. federal income tax or securities
law purposes, such additional Notes shall have one or more separate CUSIP numbers. Prior to the issuance of any such additional Notes,
the Company shall deliver to the Trustee a Company Order, an Officer’s Certificate and an Opinion of Counsel, such Officer’s
Certificate and Opinion of Counsel to cover such matters, in addition to those required by Section 17.05, as the Trustee shall reasonably
request. In addition, the Company may, to the extent permitted by law, and directly or indirectly (regardless of whether such Notes are
surrendered to the Company), repurchase Notes in the open market or otherwise, whether by the Company or its Subsidiaries or through
a privately negotiated transaction or public tender or exchange offer or through counterparties to private agreements, including by cash-settled
swaps or other derivatives, in each case, without the consent of or notice to the Holders of the Notes. The Company may, at its option
and to the extent permitted by applicable law, reissue, resell or surrender to the Trustee for cancellation any Notes that it may repurchase,
in the case of a reissuance or resale, so long as such Notes do not constitute “restricted securities” (as defined under
Rule 144) upon such reissuance or resale; provided that if any such reissued or resold Notes are not fungible with the Notes initially
issued hereunder for U.S. federal income tax or securities law purposes, such reissued or resold Notes shall have one or more separate
CUSIP numbers. Any Notes that the Company may repurchase shall be considered outstanding for all purposes under this Indenture (other
than, at any time when such Notes are owned by the Company, by any Subsidiary thereof or by any Affiliate of the Company or any Subsidiary
thereof, as set forth in Section 8.04) unless and until such time as the Company surrenders them to the Trustee for cancellation and,
upon receipt of a Company Order, the Trustee shall cancel all Notes so surrendered.
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ARTICLE
3
SATISFACTION AND DISCHARGE
Section 3.01. Satisfaction
and Discharge. (a) This Indenture and the Notes shall cease to be of further effect when
(i) all Notes theretofore authenticated and delivered (other than (x) Notes which have been destroyed, lost or stolen and which have
been replaced, paid or converted as provided in Section 2.06 and (y) Notes for whose payment money has heretofore been deposited in trust
or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section
4.04(d)) have been delivered to the Trustee for cancellation; or (ii) the Company has deposited with the Trustee or delivered to Holders,
as applicable, after the Notes have become due and payable, whether on the Maturity Date, any Redemption Date, any Fundamental Change
Repurchase Date, upon conversion or otherwise, cash, shares of Common Stock or a combination thereof, as applicable, solely to satisfy
the Company’s Conversion Obligation, sufficient to pay all of the outstanding Notes and all other sums due and payable under this
Indenture or the Notes by the Company; and (b) the Trustee upon request of the Company contained in an Officer’s Certificate and
at the expense of the Company, shall execute such instruments requested by the Company acknowledging satisfaction and discharge of this
Indenture and the Notes, when the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture and the Notes
have been complied with. Notwithstanding the satisfaction and discharge of this Indenture or the earlier resignation or removal of the
Trustee, the obligations of the Company to the Trustee under Section 7.06 shall survive.
ARTICLE
4
PARTICULAR COVENANTS OF THE COMPANY
Section 4.01. Payment
of Principal and Interest. The Company covenants and agrees that it will cause to be paid
the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid
interest on, each of the Notes at the places, at the respective times and in the manner provided herein and in the Notes.
Section 4.02. Maintenance
of Office or Agency. The Company will maintain within the contiguous United States of
America, an office or agency where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment
or repurchase (“Paying Agent”) or for conversion (“Conversion Agent”) and where notices and demands
to or upon the Company in respect of the Notes and this Indenture may be served. The Company will give prompt written notice to the Trustee
of the location, and any change in the location, of such office or agency. 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 or the office or agency of the Trustee within the contiguous United States
of America.
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The Company may also from time
to time designate as co-Note Registrars one or more other offices or agencies where the Notes may be presented or surrendered for any
or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall
in any manner relieve the Company of its obligation to maintain an office or agency within the contiguous United States of America, for
such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the
location of any such other office or agency. The terms “Paying Agent” and “Conversion Agent” include
any such additional or other offices or agencies, as applicable.
The Company hereby initially
designates the Trustee as the Paying Agent, Note Registrar, Custodian and Conversion Agent and the Corporate Trust Office as the office
or agency within the contiguous United States of America, where Notes may be surrendered for registration of transfer or exchange or for
presentation for payment or repurchase or for conversion and where notices and demands to or upon the Company in respect of the Notes
and this Indenture may be served; provided that the Corporate Trust Office shall not be a place for service of legal process for
the Company.
Section
4.03. Appointments to Fill Vacancies in Trustee’s Office. The Company,
whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.09, a
Trustee, so that there shall at all times be a Trustee hereunder.
Section 4.04. Provisions
as to Paying Agent. (a) If the Company shall appoint a Paying Agent other than the Trustee,
the Company will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the
Trustee, subject to the provisions of this Section 4.04,
(i) that
it will hold all sums held by it as such agent for the payment of the principal (including the Redemption Price and the Fundamental Change
Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes in trust for the benefit of the Holders;
(ii) that
it will give the Trustee prompt written notice of any failure by the Company to make any payment of the principal (including the Redemption
Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes when the same shall
be due and payable; and
(iii) that
at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all sums
so held in trust.
The Company shall, on or before
each due date of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, or accrued
and unpaid interest on, the Notes, deposit with the Paying Agent a sum sufficient to pay such principal (including the Redemption Price
and the Fundamental Change Repurchase Price, if applicable) or accrued and unpaid interest, and (unless such Paying Agent is the Trustee)
the Company will promptly notify the Trustee in writing of any failure to take such action; provided that if such deposit is made
on the due date, such deposit must be received by the Paying Agent by 11:00 a.m., New York City time, on such date.
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(b) If
the Company shall act as its own Paying Agent, it will, on or before each due date of the principal (including the Redemption Price and
the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes, set aside, segregate and hold
in trust for the benefit of the Holders of the Notes a sum sufficient to pay such principal (including the Redemption Price and the Fundamental
Change Repurchase Price, if applicable) and accrued and unpaid interest so becoming due and will promptly notify the Trustee in writing
of any failure to take such action and of any failure by the Company to make any payment of the principal (including the Redemption Price
and the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes when the same shall become
due and payable.
(c) Anything
in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction and discharge
of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held in trust by the Company
or any Paying Agent hereunder as required by this Section 4.04, such sums or amounts to be held by the Trustee upon the trusts herein
contained and upon such payment or delivery by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall
be released from all further liability but only with respect to such sums or amounts.
(d) Subject
to applicable escheatment laws, any money and shares of Common Stock deposited with the Trustee or any Paying Agent, or then held by the
Company, in trust for the payment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable)
of, accrued and unpaid interest on and the consideration due upon conversion of any Note and remaining unclaimed for two years after such
principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable), interest or consideration due upon
conversion has become due and payable shall be paid to the Company on request of the Company contained in an Officer’s Certificate,
or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general
creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust
money and shares of Common Stock, and all liability of the Company as trustee thereof, shall thereupon cease.
(e) Upon
any Event of Default pursuant to Section 6.01(h) or Section 6.01(i), the Trustee shall automatically become the Paying Agent if the Trustee
is not the Paying Agent at such time.
Section 4.05. Existence.
Subject to Article 11, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect
its corporate existence.
Section 4.06. Rule
144A Information Requirement and Annual Reports. (a) At any time the Company is not subject
to Section 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Notes or any shares of Common Stock issuable upon
conversion thereof shall, at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3) under the
Securities Act, promptly provide to the Trustee and, upon written request, any Holder, beneficial owner or prospective purchaser of such
Notes or any shares of Common Stock issuable upon conversion of such Notes, the information required to be delivered pursuant to Rule
144A(d)(4) under the Securities Act to facilitate the resale of such Notes or shares of Common Stock pursuant to Rule 144A.
30
(b) The
Company shall file with the Trustee, within 15 days after the same are required to be filed with the Commission, copies of any annual
or quarterly reports (on Form 10-K or Form 10-Q or any respective successor form) that the Company is required to file with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act (excluding any such information, documents or reports, or portions thereof, subject
to confidential treatment and any correspondence with the Commission, and giving effect to any grace period provided by Rule 12b-25 under
the Exchange Act (or any successor thereto)). Any such document or report that the Company files with the Commission via the Commission’s
EDGAR system (or any successor system) shall be deemed to be filed with the Trustee for purposes of this Section 4.06(b) at the time such
documents or reports are filed via the EDGAR system (or such successor), it being understood that the Trustee shall not be responsible
for determining whether such filings have been made.
(c) Delivery
of the reports, information and documents described in subsection (b) above to the Trustee is for informational purposes only, and the
information and the Trustee’s receipt of such shall not constitute actual or 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 on an Officer’s Certificate).
(d) If,
at any time during the six-month period beginning on, and including, the date that is six months after the last date of original issuance
of the Notes, the Company fails to timely file any document or report that it is required to file with the Commission pursuant to Section
13 or 15(d) of the Exchange Act, other than current reports on Form 8-K, as applicable (after giving effect to all applicable grace periods
thereunder (including any grace period provided by Rule 12b-25 (or any successor rule), which grace period, for the avoidance of doubt,
shall be deemed applicable whether or not the Company checks the box in the relevant Rule 12b-25 filing indicating that it expects to
file such report within the applicable Rule 12b-25 grace period)), or the Notes are not otherwise freely tradable pursuant to Rule 144
by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the three
months immediately preceding (as a result of restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes),
the Company shall pay Additional Interest on the Notes. Such Additional Interest shall accrue on the Notes at the rate of (i) 0.25% per
annum of the principal amount of the Notes outstanding for each day during the first 90 days of such period for which the Company’s
failure to file has occurred and is continuing or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than
the Company’s Affiliates (or Holders that were the Company’s Affiliates at any time during the three months immediately preceding)
and (ii) 0.50% per annum of the principal amount of the Notes outstanding for each day during such period after such 90th day for which
the Company’s failure to file has occurred and is continuing or the Notes are not otherwise freely tradable pursuant to Rule 144
by Holders other than the Company’s Affiliates (or Holders that were the Company’s Affiliates at any time during the three
months immediately preceding) without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes. As used
in this Section 4.06(d), documents or reports that the Company is required to “file” with the Commission pursuant to Section
13 or 15(d) of the Exchange Act does not include documents or reports that the Company furnishes to the Commission pursuant to Section
13 or 15(d) of the Exchange Act. For purposes of this Section 4.06(d), the phrase “restrictions pursuant to U.S. securities laws
or the terms of this Indenture or the Notes” shall not include, for the avoidance of doubt, the assignment of a restricted CUSIP
number or the existence of the Restrictive Notes Legend on Notes in compliance with Section 2.05(c), in either case, during the six-month
period described in this Section 4.06(d).
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(e) If,
and for so long as, the Restrictive Notes Legend on the Notes specified in Section 2.05(c) has not been removed, the Notes are assigned
a restricted CUSIP number or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than the Company’s
Affiliates or Holders that were the Company’s Affiliates at any time during the three months immediately preceding (without restrictions
pursuant to U.S. securities laws or the terms of this Indenture or the Notes) as of the De-legending Deadline Date, the Company shall
pay Additional Interest on the Notes at a rate equal to (i) 0.25% per annum of the principal amount of Notes outstanding for each day
during the period beginning on, and including, the De-legending Deadline Date and ending on the earlier of (x) the 90th day immediately
following the De-legending Deadline Date and (y) the date on which the Restrictive Notes Legend on the Notes has been removed in accordance
with Section 2.05(c), the Notes are assigned an unrestricted CUSIP number and the Notes are freely tradable pursuant to Rule 144 by Holders
other than the Company’s Affiliates (or Holders that were the Company’s Affiliates at any time during the three months immediately
preceding) without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes and (ii) 0.50% per annum
of the principal amount of Notes outstanding for each day during the period beginning on, and including, the 91st day immediately following
the De-legending Deadline Date and ending on the date on which the Restrictive Notes Legend on the Notes has been removed in accordance
with Section 2.05(c), the Notes are assigned an unrestricted CUSIP number and the Notes are freely tradable pursuant to Rule 144 by Holders
other than the Company’s Affiliates (or Holders that were the Company’s Affiliates at any time during the three months immediately
preceding) without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes; provided, however,
no Additional Interest shall accrue or be owed pursuant to this Section 4.06(e) until the fifth Business Day following written notification
to the Company by any Holder or beneficial owner of the Notes (with a copy to the Trustee) requesting the Company complies with its obligations
under this Section 4.06(e) (which notice may be given at any time after the 330th day after the last date of original issuance of the
Notes), it being understood and agreed that in no event shall Additional Interest accrue or be owed pursuant to this Section 4.06(e) for
any period prior to the 380th day after the last date or original issuance of the Notes. However, for the avoidance of doubt, Global Notes
will continue to bear Additional Interest pursuant to this paragraph until such time as they are identified by an unrestricted CUSIP in
the facilities of the Depositary therefor, as a result of completion of such Depositary’s mandatory exchange process or otherwise.
(f) Additional
Interest will be payable in arrears on each Interest Payment Date following accrual in the same manner as regular interest on the Notes;
provided that if Additional Interest begins to accrue after the close of business on a Regular Record Date and prior to the open
of business on the corresponding Interest Payment Date, the Additional Interest that accrues during such period will be due on the Interest
Payment Date next succeeding such corresponding Interest Payment Date, and no interest shall accrue in respect of such delay.
32
(g) Subject
to the immediately succeeding sentence, the Additional Interest that is payable in accordance with Section 4.06(d) or Section 4.06(e)
shall be in addition to, and not in lieu of, any Additional Interest that may be payable as a result of the Company’s election pursuant
to Section 6.03. However, in no event shall Additional Interest payable for the Company’s failure to comply with its obligations
to timely file any document or report that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the
Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder and other than current reports on Form 8-K),
as set forth in Section 4.06(d), together with any Additional Interest that may accrue at the Company’s election as a result of
the Company’s failure to comply with its reporting obligations pursuant to Section 6.03, accrue at a rate in excess of 0.50% per
annum pursuant to this Indenture, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional
Interest.
(h) If
Additional Interest is payable by the Company pursuant to Section 4.06(d) or Section 4.06(e), the Company shall deliver to the Trustee
an Officer’s Certificate to that effect stating (i) the amount of such Additional Interest that is payable and (ii) the date on
which such Additional Interest is payable. Unless and until a Responsible Officer of the Trustee receives at the Corporate Trust Office
such a certificate, the Trustee may conclusively assume without inquiry that no such Additional Interest is payable. If the Company has
paid Additional Interest directly to the Persons entitled to it, the Company shall deliver to the Trustee an Officer’s Certificate
setting forth the particulars of such payment. For the avoidance of doubt, in the event additional Notes are issued under this Indenture
pursuant to Section 2.10 and such additional Notes are Restricted Securities, for purposes of determining whether Additional Interest
shall be payable pursuant to Section 4.06(d) or Section 4.06(e) with respect to any Notes issued under this Indenture, all Notes that
were not issued with the same CUSIP number or were not offered by the same offering document shall be considered separately.
Section 4.07. Stay,
Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do
so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay,
extension or usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal of or
interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants
or the performance of this Indenture; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage
of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.
Section 4.08. Compliance
Certificate; Statements as to Defaults. The Company shall deliver to the Trustee within
120 days after the end of each fiscal year of the Company (beginning with the fiscal year ending on December 31, 2026) an Officer’s
Certificate stating whether the signers thereof have knowledge of any Event of Default that occurred during the previous year and, if
so, specifying each such Event of Default and the nature thereof.
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In addition, the Company shall
deliver to the Trustee, within 30 days after the Company obtains knowledge of the occurrence of any Event of Default or Default, an Officer’s
Certificate setting forth the details of such Event of Default or Default, its status and the action that the Company is taking or proposing
to take in respect thereof; provided that the Company is not required to deliver such notice if such Event of Default or Default
has been cured or is no longer continuing.
ARTICLE
5
LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE
Section 5.01. Lists
of Holders. The Company covenants and agrees that it will furnish or cause to be furnished
to the Trustee, semi-annually, not more than 15 days after each January 1 and July 1 in each year beginning with January 1, 2027, and
at such other times as the Trustee may request in writing, within 30 days after receipt by the Company of any such request (or such lesser
time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it hereunder), a list
in such form as the Trustee may reasonably require of the names and addresses of the Holders as of a date not more than 15 days (or such
other date as the Trustee may reasonably request in order to so provide any such notices) prior to the time such information is furnished,
except that no such list need be furnished so long as the Trustee is acting as Note Registrar.
Section 5.02. Preservation
and Disclosure of Lists. The Trustee shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of the Holders contained in the most recent list furnished to it as provided
in Section 5.01 or maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee may destroy any list furnished
to it as provided in Section 5.01 upon receipt of a new list so furnished.
ARTICLE
6
DEFAULTS AND REMEDIES
Section 6.01. Events
of Default. Each of the following events shall be an “Event of Default”
with respect to the Notes:
(a) default
in any payment of interest on any Note when due and payable, and the default continues for a period of 30 days;
(b) default
in the payment of principal of any Note when due and payable on the Maturity Date, upon Optional Redemption, upon any required repurchase,
upon declaration of acceleration or otherwise;
(c) failure
by the Company to comply with its obligation to convert the Notes in accordance with this Indenture upon exercise of a Holder’s
conversion right and such failure continues for three Business Days;
(d) failure
by the Company to give (1) a Fundamental Change Company Notice in accordance with Section 15.02(c) or notice of a Make-Whole Fundamental
Change in accordance with Section 14.03(b), in either case when due and such failure continues for five Business Days, or (2) notice of
a specified corporate transaction in accordance with Section 14.01(b)(ii) or 14.01(b)(iii) when due and such failure continues for three
Business Days;
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(e) failure
by the Company to comply with its obligations under Article 11;
(f) failure
by the Company for 60 days after written notice to the Company from the Trustee or the Holders of at least 25% in principal amount of
the Notes then outstanding to the Company and the Trustee has been received by the Company to comply with any of its other agreements
contained in the Notes or this Indenture;
(g) default
by the Company or any Significant 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 indebtedness for money borrowed with a principal amount in excess
of $25,000,000 (or its foreign currency equivalent) in the aggregate of the Company and/or any such Significant Subsidiary, whether such
indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable prior
to its stated maturity date or (ii) constituting a failure to pay the principal of any such indebtedness when due and payable (after the
expiration of all applicable grace periods) at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise,
and in the cases of clauses (i) and (ii), such acceleration shall not have been rescinded or annulled or such failure to pay or default
shall not have been cured or waived, or such indebtedness is not paid or discharged, as the case may be, within 30 days after written
notice to the Company by the Trustee or to the Company and the Trustee by Holders of at least 25% in aggregate principal amount of Notes
then outstanding in accordance with this Indenture;
(h) the
Company or any Significant Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other
relief with respect to the Company or any such Significant Subsidiary 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 such Significant Subsidiary 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
(i) an
involuntary case or other proceeding shall be commenced against the Company or any Significant Subsidiary seeking liquidation, reorganization
or other relief with respect to the Company or such Significant Subsidiary 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 such Significant Subsidiary or any substantial part of its property, and such involuntary case or other proceeding shall remain
undismissed and unstayed for a period of 60 consecutive days.
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Section 6.02. Acceleration;
Rescission and Annulment. If one or more Events of Default shall have occurred and be
continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation
of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body), then, and in each and every such case (other than an Event of Default specified in Section 6.01(h) or Section 6.01(i) with respect
to the Company), unless the principal of all of the Notes shall have already become due and payable, either the Trustee or the Holders
of at least 25% in aggregate principal amount of the Notes then outstanding determined in accordance with Section 8.04, by notice in
writing to the Company (and to the Trustee if given by Holders), may declare 100% of the principal of, and accrued and unpaid interest,
if any, on, all the outstanding Notes to be due and payable immediately, and upon any such declaration the same shall become and shall
automatically be immediately due and payable, anything contained in this Indenture or in the Notes to the contrary notwithstanding. If
an Event of Default specified in Section 6.01(h) or Section 6.01(i) with respect to the Company occurs and is continuing, 100% of the
principal of, and accrued and unpaid interest, if any, on, all Notes shall become and shall automatically be immediately due and payable
without any action on the part of the Trustee.
The immediately preceding paragraph,
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, and if
(1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all existing Events
of Default under this Indenture (including, for the avoidance of doubt, the failure to pay interest, if any, due and payable on any Defaulted
Amounts), other than the nonpayment of the principal of and accrued and unpaid interest, if any, on Notes that shall have become due solely
by such acceleration, shall have been cured or waived pursuant to Section 6.09, then and in every such case the Holders of a majority
in aggregate principal amount of the Notes then outstanding, 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 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.
For the avoidance of doubt, and
without limiting the manner in which any Default or Event of Default can be cured: (a) a failure by the Company to send a notice in accordance
with this Indenture and any related Default (or Event of Default) shall be deemed cured and shall cease to continue upon delivery of such
notice to the applicable recipient; (b) if the Company fails to make any payment of principal of or interest on the Notes (or delivery
of any other consideration in respect thereof) when due, such Default (or Event of Default) shall be deemed cured and shall cease to continue
upon the making of such payment or delivery, as applicable, together with any accrued interest thereon, if applicable; and (c) a reporting
Event of Default shall be deemed cured and shall cease to continue at such time as the Company files the applicable report or reports
that gave rise to such reporting Event of Default (it being understood that any report that the Company files with the Commission through
the EDGAR system (or any successor thereto) will be deemed to be filed with the Trustee at the time such report is so filed via the EDGAR
system (or such successor)); provided that, for the avoidance of doubt, (x) the cure of any Event of Default shall not invalidate
any acceleration of the Notes on account of such Event of Default that was properly effected prior to such time as such Event of Default
was cured and (y) the cure of any reporting Event of Default shall not affect the Company’s obligation to pay any Additional Interest
that accrues prior to the time of such cure. In addition, if an Event of Default is cured or waived before any related notice of acceleration
is delivered, such Event of Default shall be deemed cured and the Notes shall not be subject to acceleration on account of such Event
of Default.
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Section 6.03. Additional
Interest. Notwithstanding anything in this Indenture or in the Notes to the contrary,
to the extent the Company elects, the sole remedy for an Event of Default relating to the Company’s failure to comply with its
obligations as set forth in Section 4.06(b) shall, for the first 365 days after the occurrence of such an Event of Default, consist exclusively
of the right to receive Additional Interest on the Notes at a rate equal to (x) 0.25% per annum of the principal amount of the Notes
outstanding for each day that such Event of Default is continuing during the first 180 days after the occurrence of such Event of Default
and (y) 0.50% per annum of the principal amount of the Notes outstanding from the 181st day to, and including, the 365th day following
the occurrence of such Event of Default, as long as such Event of Default is continuing. Subject to the last paragraph of this Section
6.03, Additional Interest payable pursuant to this Section 6.03 shall be in addition to, not in lieu of, any Additional Interest payable
pursuant to Section 4.06(d) or Section 4.06(e). If the Company so elects, such Additional Interest shall be payable in the same manner
and on the same dates as the stated interest payable on the Notes. On the 366th day after such Event of Default (if the Event of Default
relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) is not cured or waived prior to
such 366th day), the Notes shall be immediately subject to acceleration as provided in Section 6.02. The provisions of this paragraph
will not affect the rights of Holders in the event of the occurrence of any Event of Default other than the Company’s failure to
comply with its obligations as set forth in Section 4.06(b). In the event the Company does not elect to pay Additional Interest following
an Event of Default in accordance with this Section 6.03 or the Company elected to make such payment but does not pay the Additional
Interest when due, the Notes shall be immediately subject to acceleration as provided in Section 6.02 as a result of the Event of Default
pursuant to Section 6.01(f) if such Event of Default is then continuing.
In order to elect to pay Additional
Interest as the sole remedy during the first 365 days after the occurrence of any Event of Default relating to the Company’s failure
to comply with its obligations as set forth in Section 4.06(b) in accordance with the immediately preceding paragraph, the Company must
notify all Holders of the Notes, the Trustee and the Paying Agent (if other than the Trustee) in writing of such election prior to the
beginning of such 365-day period. Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration
as provided in Section 6.02.
In no event shall Additional
Interest payable at the Company’s election for failure to comply with its obligations pursuant to Section 4.06(b) as set forth in
this Section 6.03, together with any Additional Interest that may accrue as a result of the Company’s failure to timely file any
document or report that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable
(after giving effect to all applicable grace periods thereunder and other than current reports on Form 8-K), pursuant to Section 4.06(d),
accrue at a rate in excess of 0.50% per annum pursuant to this Indenture, regardless of the number of events or circumstances giving rise
to the requirement to pay such Additional Interest.
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Section 6.04. Payments
of Notes on Default; Suit Therefor. If an Event of Default described in clause (a) or
(b) of Section 6.01 shall have occurred and be continuing, the Company shall, upon demand of the Trustee, pay to the Trustee, for the
benefit of the Holders of the Notes, the whole amount then due and payable on the Notes for principal and interest, if any, with interest
on any overdue principal and interest, if any, at the rate borne by the Notes at such time and, in addition thereto, such further amount
as shall be sufficient to cover any amounts due to the Trustee under Section 7.06. If the Company shall fail to pay such amounts forthwith
upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection
of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company
or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the
property of the Company or any other obligor upon the Notes, wherever situated.
In the event there shall be pending
proceedings for the bankruptcy or for the reorganization of the Company or any other obligor on the Notes under Title 11 of the United
States Code, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator
or similar official shall have been appointed for or taken possession of the Company or such other obligor, the property of the Company
or such other obligor, or in the event of any other judicial proceedings relative to the Company or such other obligor upon the Notes,
or to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Notes
shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made
any demand pursuant to the provisions of this Section 6.04, shall be entitled and empowered, by intervention in such proceedings or otherwise,
to file and prove a claim or claims for the whole amount of principal and accrued and unpaid interest, if any, in respect of the Notes,
and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents and to take such other actions as
it may deem necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceedings relative to
the Company or any other obligor on the Notes, its or their creditors, or its or their property, and to collect and receive any monies
or other property payable or deliverable on any such claims, and to distribute the same after the deduction of any amounts due to the
Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official
is hereby authorized by each of the Holders to make such payments to the Trustee, as administrative expenses, and, in the event that the
Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for reasonable compensation,
expenses, advances and disbursements, including agents and counsel fees and expenses, and including any other amounts due to the Trustee
under Section 7.06, incurred by it up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses,
advances and disbursements out of the estate in any such proceedings shall be denied for any reason, payment of the same shall be secured
by a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property that the Holders of
the Notes may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization or arrangement or
otherwise.
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Nothing herein contained shall
be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting such Holder or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of
the claim of any Holder in any such proceeding.
All rights of action and of asserting
claims under this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes, or
the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall
be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the
Holders of the Notes.
In any proceedings brought by
the Trustee (and in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party)
the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes parties
to any such proceedings.
In case the Trustee shall have
proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because of any waiver
pursuant to Section 6.09 or any rescission and annulment pursuant to Section 6.02 or for any other reason or shall have been determined
adversely to the Trustee, then and in every such case the Company, the Holders and the Trustee shall, subject to any determination in
such proceeding, be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the
Company, the Holders and the Trustee shall continue as though no such proceeding had been instituted.
Section 6.05. Application
of Monies Collected by Trustee. Any monies or property collected by the Trustee pursuant
to this Article 6 with respect to the Notes shall be applied in the following order, at the date or dates fixed by the Trustee for the
distribution of such monies or property, upon presentation of the several Notes, and stamping thereon the payment, if only partially
paid, and upon surrender thereof, if fully paid:
First, to the payment
of all amounts due to the Trustee in all of its capacities under this Indenture;
Second, in case the principal
of the outstanding Notes shall not have become due and be unpaid, to the payment of interest on, and any cash due upon conversion of,
the Notes in default in the order of the date due of the payments of such interest and cash due upon conversion, as the case may be, with
interest (to the extent that such interest is payable on such Notes and has been collected by the Trustee) upon such overdue payments
at the rate borne by the Notes then payable on such Notes at such time, such payments to be made ratably to the Persons entitled thereto;
39
Third, in case the principal
of the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment of the whole amount (including,
if applicable, the payment of the Redemption Price and the Fundamental Change Repurchase Price and any cash due upon conversion) then
owing and unpaid upon the Notes for principal and interest, if any, with interest on the overdue principal and, to the extent that such
interest has been collected by the Trustee, upon overdue installments of interest at the rate borne by the Notes at such time, and in
case such monies shall be insufficient to pay in full the whole amounts so due and unpaid upon the Notes, then to the payment of such
principal (including, if applicable, the Redemption Price and the Fundamental Change Repurchase Price and any cash due upon conversion)
and interest without preference or priority of principal over interest, or of interest over principal or of any installment of interest
over any other installment of interest, or of any Note over any other Note, ratably to the aggregate of such principal (including, if
applicable, the Redemption Price and the Fundamental Change Repurchase Price and any cash due upon conversion) and accrued and unpaid
interest; and
Fourth, to the payment
of the remainder, if any, to the Company.
Section 6.06. Proceedings
by Holders. Except to enforce the right to receive payment of principal (including, if
applicable, the Redemption Price and the Fundamental Change Repurchase Price) or interest when due, or the right to receive payment or
delivery of the consideration due upon conversion, no Holder of any Note shall have any right by virtue of or by availing of any provision
of this Indenture or the Notes to institute any suit, action or proceeding in equity or at law upon or under or with respect to this
Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for any other remedy hereunder,
unless:
(a) such
Holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof, as herein provided;
(b) Holders
of at least 25% in aggregate principal amount of the Notes then outstanding shall have made written request upon the Trustee to institute
such action, suit or proceeding in its own name as Trustee hereunder;
(c) such
Holders shall have offered, and if requested, provided to the Trustee such security or indemnity reasonably satisfactory to it against
any loss, liability and/or expense to be incurred therein or thereby;
(d) the
Trustee for 60 days after its receipt of such notice, request and offer, or provision, of such security or indemnity, shall have neglected
or refused to institute any such action, suit or proceeding; and
40
(e) no direction
that, in the opinion of the Trustee, is inconsistent with such written request shall have been given to the Trustee by the Holders
of a majority of the aggregate principal amount of the Notes then outstanding within such 60-day period pursuant to Section 6.09, it
being understood and intended, and being expressly covenanted by the taker and Holder of every Note with every other taker and
Holder and the Trustee that no one or more Holders shall have any right in any manner whatever by virtue of or by availing of any
provision of this Indenture to affect, disturb or prejudice the rights of any other Holder, or to obtain or seek to obtain priority
over or preference to any other such Holder (it being understood that the Trustee does not have an affirmative duty to ascertain
whether or not such actions or forbearances are unduly prejudicial to any other Holder), or to enforce any right under this
Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders (except as otherwise
provided herein). For the protection and enforcement of this Section 6.06, each and every Holder and the Trustee shall be entitled
to such relief as can be given either at law or in equity.
Notwithstanding any other provision
of this Indenture and any provision of any Note, each Holder shall have the right to receive payment or delivery, as the case may be,
of (x) the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, (y) accrued and unpaid
interest, if any, on, and (z) the consideration due upon conversion of, such Note, on or after the respective due dates expressed or provided
for in such Note or in this Indenture, or to institute suit for the enforcement of any such payment or delivery, as the case may be.
Section 6.07. Proceedings
by Trustee. In case of an Event of Default, the Trustee may in its discretion proceed
to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect
and enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for
the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this
Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.
Section 6.08. Remedies
Cumulative and Continuing. Except as provided in the last paragraph of Section 2.06, all
powers and remedies given by this Article 6 to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative
and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the Holders of the Notes, by judicial
proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no
delay or omission of the Trustee or of any Holder of any of the Notes to exercise any right or power accruing upon any Default or Event
of Default shall impair any such right or power, or shall be construed to be a waiver of any such Default or Event of Default or any
acquiescence therein; and, subject to the provisions of Section 6.06, every power and remedy given by this Article 6 or by law to the
Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders.
41
Section 6.09. Direction
of Proceedings and Waiver of Defaults by Majority of Holders. Subject to the Trustee’s
right to receive security or indemnity from the relevant Holders as described herein, the Holders of a majority of the aggregate principal
amount of the Notes at the time outstanding determined in accordance with Section 8.04 shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee
with respect to the Notes; provided, however, that (a) such direction shall not be in conflict with any rule of law or
with this Indenture, and (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction.
The Trustee may refuse to follow any direction that conflicts with law or this Indenture, that may involve the Trustee in personal liability
or violating applicable law, or if it is not provided with security and/or indemnity to its satisfaction, or that the Trustee determines
is unduly prejudicial to the rights of any other Holder (it being understood that the Trustee shall not have an affirmative duty to ascertain
whether or not any such direction is unduly prejudicial to the rights of any other Holder) or that would involve the Trustee in personal
liability. The Holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with
Section 8.04 may on behalf of the Holders of all of the Notes waive any past Default or Event of Default hereunder and its consequences
except any continuing Defaults relating to (i) a default in the payment of accrued and unpaid interest, if any, on, or the principal
(including any Redemption Price and any Fundamental Change Repurchase Price) of, the Notes when due that has not been cured pursuant
to the provisions of Section 6.01, (ii) a failure by the Company to pay or deliver, as the case may be, the consideration due upon conversion
of the Notes or (iii) a Default in respect of a covenant or provision hereof which under Article 10 cannot be modified or amended without
the consent of each Holder of an outstanding Note affected. Upon any such waiver the Company, the Trustee and the Holders of the Notes
shall be restored to their former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default
or Event of Default or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived
as permitted by this Section 6.09, said Default or Event of Default shall for all purposes of the Notes and this Indenture be deemed
to have been cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default or
impair any right consequent thereon.
Section 6.10. Notice
of Defaults. The Trustee shall, within the later of 90 days after the occurrence and continuance
of a Default of which a Responsible Officer has actual knowledge and promptly after obtaining knowledge thereof, deliver to all Holders
notice of all Defaults actually known to a Responsible Officer, unless such Defaults shall have been cured or waived before the giving
of such notice; provided that, except in the case of a Default in the payment of the principal of (including the Redemption Price
and the Fundamental Change Repurchase Price, if applicable), or accrued and unpaid interest on, any of the Notes or a Default in the
payment or delivery of the consideration due upon conversion, the Trustee shall be protected in withholding such notice if and so long
as the Trustee (in its sole discretion) determines that the withholding of such notice is in the interests of the Holders.
Section 6.11. Undertaking
to Pay Costs. All parties to this Indenture agree, and each Holder of any Note by its
acceptance thereof shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of
any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing
by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable
costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; provided that the provisions of this Section 6.11 (to the
extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders,
holding in the aggregate more than 10% in principal amount of the Notes at the time outstanding determined in accordance with Section
8.04, or to any suit instituted by or against any Holder for the enforcement of the payment of the principal of or accrued and unpaid
interest, if any, on any Note (including, but not limited to, the Redemption Price and the Fundamental Change Repurchase Price, if applicable)
on or after the due date expressed or provided for in such Note or to any suit for the enforcement of the right to convert any Note,
or receive the consideration due upon conversion, in accordance with the provisions of Article 14.
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ARTICLE
7
CONCERNING THE TRUSTEE
Section 7.01. Duties
and Responsibilities of Trustee. The Trustee, prior to the occurrence of an Event of Default
of which the Trustee has written notice or actual knowledge and after the curing or waiver of all Events of Default that may have occurred,
undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations
will be read into this Indenture against the Trustee. In the event an Event of Default, of which the Trustee has actual written notice,
has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the
same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such
person’s own affairs; provided that if an Event of Default occurs and is continuing, the Trustee will be under no obligation
to exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders have
offered, and if requested, provided to the Trustee indemnity or security satisfactory to it against any loss, liability or expense that
might be incurred by it in compliance with such request or direction.
No provision of this Indenture
shall be construed to relieve the Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act
or its own willful misconduct, except that:
(a) prior
to the occurrence of an Event of Default of which a Responsible Officer of the Trustee has written notice or actual knowledge and after
the curing or waiving of all Events of Default that may have occurred:
(i) the
duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the Trustee shall not
be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no implied covenants
or obligations shall be read into this Indenture against the Trustee; and
(ii) in
the absence of gross negligence and willful misconduct on the part of the Trustee, as determined in a final non-appealable decision of
a court of competent jurisdiction, the Trustee may, as to the truth of the statements and the correctness of the opinions expressed therein,
conclusively rely upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but,
in the case of any such certificates or opinions that by any provisions hereof are specifically required to be furnished to the Trustee,
the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but
need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein);
43
(b) the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee,
unless it shall be proved in a final non-appealable decision in a court of competent jurisdiction that the Trustee was grossly negligent
in ascertaining the pertinent facts;
(c) the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the written
direction of the Holders of not less than a majority of the aggregate principal amount of the Notes at the time outstanding determined
as provided in Section 8.04 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred upon the Trustee, under this Indenture;
(d) whether
or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording protection
to, the Trustee shall be subject to the provisions of this Section;
(e) the
Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters relating
to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co-Note Registrar with respect to the
Notes;
(f) if
any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent to
the Trustee, the Trustee may conclusively and without liability rely on its failure to receive such notice as reason to act as if no such
event occurred, unless a Responsible Officer of the Trustee had actual knowledge of such event;
(g) the
Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers under this Indenture;
(h) in
the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a non-interest bearing
trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses, fees, taxes or other
charges incurred thereon or for losses incurred as a result of the liquidation of any such investment prior to its maturity date or the
failure of the party directing such investments prior to its maturity date or the failure of the party directing such investment to provide
timely written investment direction, and the Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the
absence of such written investment direction from the Company; and
(i) in
the event that the Trustee is also acting as Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or transfer
agent hereunder, the rights, immunities, privileges, disclaimers from liability and protections (including the right to compensation and
indemnity) afforded to the Trustee pursuant to this Article 7 shall also be afforded to such Custodian, Note Registrar, Paying Agent,
Conversion Agent, Bid Solicitation Agent or transfer agent.
(j) the
Trustee shall not be deemed to have notice of any Default or Event of Default (except in the case of a Default or Event of Default in
payment of scheduled principal of, or premium, if any, or interest on, any Note) unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a Default or Event of Default (and stating the occurrence
of a Default or Event of Default) is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references
the Notes and this Indenture;
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(k) the
Trustee shall not be responsible or liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized
or within its rights or powers;
(l) the
Trustee shall not be responsible or liable for any action taken or omitted by it in good faith at the direction of the Holders of not
less than a majority in principal amount of the Notes as to the time, method and place of conducting any proceedings for any remedy available
to the Trustee or the exercising of any power conferred by this Indenture;
(m) the
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person
employed to act hereunder; and
(o) neither
the Trustee nor any agent of the Trustee shall have any responsibility or liability for any actions taken or not taken by the Depositary.
None of the provisions contained
in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance
of any of its duties or in the exercise of any of its rights or powers. Prior to taking any action under this Indenture, the Trustee shall
be entitled to indemnification or security satisfactory to it against any loss, liability, or expense caused by taking or not taking such
action.
Section 7.02. Reliance
on Documents, Opinions, Etc.. Except as otherwise provided in Section 7.01:
(a) the
Trustee may conclusively and without liability rely and shall be fully protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, note, coupon or other paper or document believed
by it in good faith to be genuine and to have been signed or presented by the proper party or parties;
(b) any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officer’s Certificate;
and any Board Resolution may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the
Company;
(c) whenever
in the administration of this Indenture, the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering
or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of gross negligence
or willful misconduct on its part, conclusively rely upon an Officer’s Certificate;
45
(d) the
Trustee may consult with counsel of its selection, and require an Opinion of Counsel and any advice of such counsel or Opinion of Counsel
shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in
accordance with such advice or Opinion of Counsel;
(e) the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make
such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by
agent or attorney at the expense of the Company and shall incur no liability of any kind by reason of such inquiry or investigation;
(f) the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, custodians,
nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, custodian, nominee
or attorney appointed by it with due care hereunder;
(g) the
permissive rights of the Trustee enumerated herein shall not be construed as duties;
(h) the
Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of the individuals and/or titles of
officers authorized at such times to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed
by any Person authorized to sign an Officer’s Certificate, including any Person specified as so authorized in any such certificate
previously delivered and not superseded; and
(i) neither
the Trustee nor any of its directors, officers, employees, agents, or affiliates shall be responsible for nor have any duty to monitor
the performance or any action of the Company, or any of their respective directors, members, officers, agents, affiliates, or employees,
nor shall it have any liability in connection with the malfeasance or nonfeasance by such party. The Trustee shall not be responsible
for any inaccuracy in the information obtained from the Company or for any inaccuracy or omission in the records which may result from
such information or any failure by the Trustee to perform its duties or set forth herein as a result of any inaccuracy or incompleteness.
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In no event shall the Trustee
be liable for any special, indirect, punitive, or consequential loss or damage of any kind whatsoever (including but not limited to lost
profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. The Trustee
shall not be charged with knowledge of any Default or Event of Default with respect to the Notes, unless either (1) a Responsible Officer
shall have actual knowledge of such Default or Event of Default or (2) written notice of such Default or Event of Default shall have been
received by a Responsible Officer of the Trustee from the Company or from any Holder of the Notes.
Section 7.03. No Responsibility
for Recitals, Etc.. The recitals contained herein and in the Notes (except in the Trustee’s
certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness
of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture, the Offering Memorandum or of
the Notes. The Trustee shall not be accountable for the use or application by the Company of any Notes or the proceeds of any Notes authenticated
and delivered by the Trustee in conformity with the provisions of this Indenture. The Trustee shall have no responsibility or liability
with respect to any information, statement or recital in the Offering Memorandum or other disclosure material prepared or distributed
with respect to the issuance of the Notes.
Section 7.04. Trustee,
Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes.
The Trustee, any Paying Agent, any Conversion Agent, Bid Solicitation Agent (if other than the Company or any Affiliate thereof)
or Note Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with the same rights it would have
if it were not the Trustee, Paying Agent, Conversion Agent, Bid Solicitation Agent or Note Registrar.
Section 7.05. Monies
and Shares of Common Stock to Be Held in Trust. All monies and shares of Common Stock
received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received.
Money and shares of Common Stock held by the Trustee in trust hereunder need not be segregated from other funds except to the extent
required by law. The Trustee shall be under no liability for interest on any money or shares of Common Stock received by it hereunder
except as may be agreed from time to time by the Company and the Trustee. The Trustee shall not be obligated to take possession of any
Common Stock, whether upon conversion or in connection with any discharge of this Indenture pursuant to Article 3 hereof, but shall satisfy
its obligation as Conversion Agent by working through the stock transfer agent of the Company from time to time as directed by the Company.
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Section 7.06. Compensation
and Expenses of Trustee. The Company covenants and agrees to pay to the Trustee, in any
capacity under this Indenture, from time to time and the Trustee shall receive such compensation agreed in writing between the Company
and the Trustee for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard
to the compensation of a trustee of an express trust) as previously and mutually agreed to in writing between the Trustee and the Company,
and the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances reasonably
incurred or made by the Trustee in accordance with any of the provisions of this Indenture in any capacity thereunder (including the
reasonable compensation and the expenses and disbursements of its agents and counsel and of all Persons not regularly in its employ)
except any such expense, disbursement or advance as shall have been caused by its gross negligence or willful misconduct, as determined
by a final, non-appealable decision of a court of competent jurisdiction. The Company also covenants to indemnify the Trustee or any
predecessor Trustee in any capacity under this Indenture and any other document or transaction entered into in connection herewith and
its agents and any authenticating agent for, and to hold them harmless against, any loss, claim, damage, liability or expense incurred
without gross negligence or willful misconduct on the part of the Trustee, its officers, directors, agents or employees, or such agent
or authenticating agent, as the case may be, as determined by a final, non-appealable decision of a court of competent jurisdiction,
and arising out of or in connection with the acceptance or administration of this Indenture or in any other capacity hereunder and the
enforcement of this Indenture (including this Section 7.06), including the costs and expenses of defending themselves against any claim
of liability in the premises. The obligations of the Company under this Section 7.06 to compensate or indemnify the Trustee and to pay
or reimburse the Trustee for expenses, disbursements and advances shall be secured by a senior lien to which the Notes are hereby made
subordinate on all money or property held or collected by the Trustee, except, subject to the effect of Section 6.05, funds held in trust
herewith for the benefit of the Holders of particular Notes, and, for the avoidance of doubt, such lien shall not be extended in a manner
that would conflict with the Company’s obligations to its other creditors. The Trustee’s right to receive payment of any
amounts due under this Section 7.06 shall not be subordinate to any other liability or indebtedness of the Company. The obligation of
the Company under this Section 7.06 shall survive the satisfaction and discharge of this Indenture and the earlier resignation or removal
of the Trustee. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld.
The indemnification provided in this Section 7.06 shall extend to the officers, directors, agents and employees of the Trustee.
Without prejudice to any other
rights available to the Trustee under applicable law, when the Trustee and its agents and any authenticating agent incur expenses or render
services after an Event of Default specified in Section 6.01(h) or Section 6.01(i) occurs, the expenses and the compensation for the services
are intended to constitute expenses of administration under any bankruptcy, insolvency or similar laws.
Section 7.07. Officer’s
Certificate as Evidence. Except as otherwise provided in Section 7.01, whenever in the
administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established
prior to taking or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed)
may, in the absence of gross negligence and willful misconduct on the part of the Trustee, be deemed to be conclusively proved and established
by an Officer’s Certificate delivered to the Trustee, and such Officer’s Certificate, in the absence of gross negligence
and willful misconduct on the part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted by it under the
provisions of this Indenture upon the faith thereof.
Section 7.08. Eligibility
of Trustee. There shall at all times be a Trustee hereunder which shall be a Person that
is eligible to act as such and has a combined capital and surplus of at least $50,000,000. If such Person publishes reports of condition
at least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the purposes of this Section,
the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section,
it shall resign promptly in the manner and with the effect hereinafter specified in this Article.
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Section 7.09. Resignation
or Removal of Trustee.
(a) The
Trustee may at any time resign by giving written notice of such resignation to the Company and by delivering notice thereof to the Holders.
Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to
the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 45 days after the giving
of such notice of resignation to the Holders, the resigning Trustee may, at the expense of the Company, upon ten Business Days’
notice to the Company and the Holders, petition any court of competent jurisdiction, at the expense of the Company, for the appointment
of a successor trustee, or any Holder who has been a bona fide Holder of a Note or Notes for at least six months (or since the date of
this Indenture) may, subject to the provisions of Section 6.11, on behalf of himself or herself and all others similarly situated, and
at the expense of the Company petition any such court for the appointment of a successor trustee. Such court may thereupon, after such
notice, if any, as it may deem proper and prescribe, appoint a successor trustee.
(b) In
case at any time any of the following shall occur:
(i) the
Trustee shall cease to be eligible in accordance with the provisions of Section 7.08 and shall fail to resign after written request therefor
by the Company or by any such Holder, or
(ii) the
Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property
shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation,
then, in either case, the Company may by a Board
Resolution remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors,
one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions
of Section 6.11, any Holder who has been a bona fide Holder of a Note or Notes for at least six months (or since the date of this Indenture)
may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the removal of
the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and
prescribe, remove the Trustee and appoint a successor trustee.
(c) The
Holders of a majority in aggregate principal amount of the Notes at the time outstanding, as determined in accordance with Section 8.04,
may at any time remove the Trustee and nominate a successor trustee that shall be deemed appointed as successor trustee unless within
ten days after notice to the Company of such nomination the Company objects thereto, in which case the Trustee so removed or any Holder,
upon the terms and conditions and otherwise as in Section 7.09(a) provided, may petition any court of competent jurisdiction for an appointment
of a successor trustee.
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(d) Any
resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 7.09 shall
become effective upon acceptance of appointment by the successor trustee as provided in Section 7.10.
Section 7.10. Acceptance
by Successor Trustee. Any successor trustee appointed as provided in Section 7.09 shall
execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and
thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like
effect as if originally named as Trustee herein; but, nevertheless, on the written request of the Company or of the successor trustee,
the trustee ceasing to act shall, upon payment of any amounts then due to it pursuant to the provisions of Section 7.06, execute and
deliver an instrument transferring to such successor trustee all the rights and powers of the trustee so ceasing to act. Upon request
of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and
confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a senior lien
to which the Notes are hereby made subordinate on all money or property held or collected by such trustee as such, except for funds held
in trust for the benefit of Holders of particular Notes, to secure any amounts then due to it pursuant to the provisions of Section 7.06.
No successor trustee shall accept
appointment as provided in this Section 7.10 unless at the time of such acceptance such successor trustee shall be eligible under the
provisions of Section 7.08.
Upon acceptance of appointment
by a successor trustee as provided in this Section 7.10, each of the Company and the successor trustee, at the written direction and at
the expense of the Company shall deliver or cause to be delivered notice of the succession of such trustee hereunder to the Holders. If
the Company fails to deliver such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee
shall cause such notice to be delivered at the expense of the Company.
Section 7.11. Succession
by Merger, Etc.. Any organization or other entity into which the Trustee may be merged
or converted or with which it may be consolidated, or any organization or other entity resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any organization or other entity succeeding to all or substantially all of the corporate trust
business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee hereunder without the
execution or filing of any paper or any further act on the part of any of the parties hereto; provided that in the case of any
organization or other entity succeeding to all or substantially all of the corporate trust business of the Trustee such organization
or other entity shall be eligible under the provisions of Section 7.08.
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In case at the time such successor
to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered,
any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed
by such predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated,
any successor to the Trustee or an authenticating agent appointed by such successor trustee may authenticate such Notes either in the
name of any predecessor trustee hereunder or in the name of the successor trustee; and in all such cases such certificates shall have
the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have; provided,
however, that the right to adopt the certificate of authentication of any predecessor trustee or to authenticate Notes in the name
of any predecessor trustee shall apply only to its successor or successors by merger, conversion or consolidation.
ARTICLE
8
CONCERNING THE HOLDERS
Section 8.01. Action
by Holders. Whenever in this Indenture it is provided that the Holders of a specified
percentage of the aggregate principal amount of the Notes may take any action (including the making of any demand or request, the giving
of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action, the Holders
of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor
executed by Holders in person or by agent or proxy appointed in writing, or (b) by the record of the Holders voting in favor thereof
at any meeting of Holders duly called and held in accordance with the provisions of Article 9, or (c) by a combination of such instrument
or instruments and any such record of such a meeting of Holders. Whenever the Company or the Trustee solicits the taking of any action
by the Holders of the Notes, the Company or the Trustee may, but shall not be required to, fix in advance of such solicitation, a date
as the record date for determining Holders entitled to take such action. The record date if one is selected shall be not more than fifteen
days prior to the date of commencement of solicitation of such action.
Section 8.02. Proof
of Execution by Holders. Subject to the provisions of Section 7.01, Section 7.02 and Section
9.05, proof of the execution of any instrument or writing by a Holder or its agent or proxy shall be sufficient if made in accordance
with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee.
The holding of Notes shall be proved by the Note Register or by a certificate of the Note Registrar. The record of any Holders’
meeting shall be proved in the manner provided in Section 9.06.
Section 8.03. Who Are
Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying
Agent, any Conversion Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register
to be, and may treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation
of ownership or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment
of or on account of the principal (including any Redemption Price and any Fundamental Change Repurchase Price) of and (subject to Section
2.03) accrued and unpaid interest on such Note, for conversion of such Note and for all other purposes under this Indenture; and neither
the Company nor the Trustee nor any Paying Agent nor any Conversion Agent nor any Note Registrar shall be affected nor incur any liability
by any notice to the contrary. The sole registered holder of a Global Note shall be the Depositary or its nominee. All such payments
or deliveries so made to any Holder for the time being, or upon its order, shall be valid, and, to the extent of the sums or shares of
Common Stock so paid or delivered, effectual to satisfy and discharge the liability for monies payable or shares deliverable upon any
such Note. Notwithstanding anything to the contrary in this Indenture or the Notes following an Event of Default, any holder of a beneficial
interest in a Global Note may directly enforce against the Company, without the consent, solicitation, proxy, authorization or any other
action of the Depositary or any other Person, such holder’s right to exchange such beneficial interest for a Note in certificated
form in accordance with the provisions of this Indenture.
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Section 8.04. Company-Owned
Notes Disregarded. In determining whether the Holders of the requisite aggregate principal
amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company,
by any Subsidiary thereof or by any Affiliate of the Company or any Subsidiary thereof shall be disregarded and deemed not to be outstanding
for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be protected
in relying on any such direction, consent, waiver or other action only Notes that a Responsible Officer actually knows are so owned shall
be so disregarded. Notes so owned that have been pledged in good faith may be regarded as outstanding for the purposes of this Section
8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to so act with respect to such Notes
and that the pledgee is not the Company, a Subsidiary thereof or an Affiliate of the Company or a Subsidiary thereof. In the case of
a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon
request of the Trustee, the Company shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all
Notes, if any, known by the Company to be owned or held by or for the account of any of the above described Persons; and, subject to
Section 7.01, the Trustee shall be entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein set
forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination.
Section 8.05. Revocation
of Consents; Future Holders Bound. At any time prior to (but not after) the evidencing
to the Trustee, as provided in Section 8.01, of the taking of any action by the Holders of the percentage of the aggregate principal
amount of the Notes specified in this Indenture in connection with such action, any Holder of a Note that is shown by the evidence to
be included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate
Trust Office and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Note. Except as aforesaid,
any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and owners
of such Note and of any Notes issued in exchange or substitution therefor or upon registration of transfer thereof, irrespective of whether
any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor or upon registration of
transfer thereof.
ARTICLE
9
HOLDERS’ MEETINGS
Section 9.01. Purpose
of Meetings. A meeting of Holders may be called at any time and from time to time pursuant
to the provisions of this Article 9 for any of the following purposes:
(a) to
give any notice to the Company or to the Trustee or to give any directions to the Trustee permitted under this Indenture, or to consent
to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and its consequences, or
to take any other action authorized to be taken by Holders pursuant to any of the provisions of Article 6;
52
(b) to
remove the Trustee and nominate a successor trustee pursuant to the provisions of Article 7;
(c) to
consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 10.02; or
(d) to
take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the Notes under
any other provision of this Indenture or under applicable law.
Section 9.02. Call
of Meetings by Trustee. The Trustee may at any time call a meeting of Holders to take
any action specified in Section 9.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting
of the Holders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting
and the establishment of any record date pursuant to Section 8.01, shall be delivered to Holders of such Notes. Such notice shall also
be delivered to the Company. Such notices shall be delivered not less than 20 nor more than 90 days prior to the date fixed for the meeting.
Any meeting of Holders shall
be valid without notice if the Holders of all Notes then outstanding are present in person or by proxy or if notice is waived before or
after the meeting by the Holders of all Notes then outstanding, and if the Company and the Trustee are either present by duly authorized
representatives or have, before or after the meeting, waived notice.
Section 9.03. Call
of Meetings by Company or Holders. In case at any time the Company, pursuant to a Board
Resolution, or the Holders of at least 10% of the aggregate principal amount of the Notes then outstanding, shall have requested the
Trustee to call a meeting of Holders, by written request setting forth in reasonable detail the action proposed to be taken at the meeting,
and the Trustee shall not have delivered the notice of such meeting within 20 days after receipt of such request, then the Company or
such Holders may determine the time and the place for such meeting and may call such meeting to take any action authorized in Section
9.01, by delivering notice thereof as provided in Section 9.02.
Section 9.04. Qualifications
for Voting. To be entitled to vote at any meeting of Holders a Person shall (a) be a Holder
of one or more Notes on the record date pertaining to such meeting or (b) be a Person appointed by an instrument in writing as proxy
by a Holder of one or more Notes on the record date pertaining to such meeting. The only Persons who shall be entitled to be present
or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives
of the Trustee and its counsel and any representatives of the Company and its counsel.
Section 9.05. Regulations.
Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable
for any meeting of Holders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the appointment
and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and
such other matters concerning the conduct of the meeting as it shall think fit.
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The Trustee shall, by an instrument
in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders as provided
in Section 9.03, in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary
chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Holders of a majority in aggregate
principal amount of the outstanding Notes represented at the meeting and entitled to vote at the meeting.
Subject to the provisions of
Section 8.04, at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each $1,000 principal amount of Notes
held or represented by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect of
any Note challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of the meeting shall
have no right to vote other than by virtue of Notes held by it or instruments in writing as aforesaid duly designating it as the proxy
to vote on behalf of other Holders. Any meeting of Holders duly called pursuant to the provisions of Section 9.02 or Section 9.03 may
be adjourned from time to time by the Holders of a majority of the aggregate principal amount of Notes represented at the meeting, whether
or not constituting a quorum, and the meeting may be held as so adjourned without further notice.
Section 9.06. Voting.
The vote upon any resolution submitted to any meeting of Holders shall be by written ballot on which shall be subscribed the signatures
of the Holders or of their representatives by proxy and the outstanding aggregate principal amount of the Notes held or represented by
them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or
against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all
votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of
the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat
and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that
said notice was delivered as provided in Section 9.02. The record shall show the aggregate principal amount of the Notes voting in favor
of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the
meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the
latter to have attached thereto the ballots voted at the meeting.
Any record so signed and verified
shall be conclusive evidence of the matters therein stated.
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Section 9.07. No
Delay of Rights by Meeting. Nothing contained in this Article 9 shall be deemed or construed to authorize or permit, by reason
of any call of a meeting of Holders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or
delay in the exercise of any right or rights conferred upon or reserved to the Trustee or to the Holders under any of the provisions
of this Indenture or of the Notes. Nothing contained in this Article 9 shall be deemed or construed to limit any Holder’s
actions pursuant to the applicable procedures of the Depositary so long as the Notes are Global Notes.
ARTICLE
10
SUPPLEMENTAL INDENTURES
Section
10.01. Supplemental Indentures Without Consent of Holders. Notwithstanding Section 10.02, the Company and the Trustee, at the
Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto for one or more
of the following purposes:
(a) to
cure any ambiguity, omission, defect or inconsistency;
(b) to
provide for the assumption by a Successor Company of the obligations of the Company under this Indenture pursuant to Article 11;
(c) to
add guarantees with respect to the Notes;
(d) to
secure the Notes;
(e) to
add to the covenants or Events of Default of the Company for the benefit of the Holders or surrender any right or power conferred upon
the Company;
(f) to
make any change that does not adversely affect the rights of any Holder in any material respect;
(g) in
connection with any Share Exchange Event, to provide that the Notes are convertible into Reference Property, subject to the provisions
of Section 14.02, and make such related changes to the terms of the Notes to the extent expressly required by Section 14.07;
(h) to
conform the provisions of this Indenture or the Notes to the “Description of Notes” section of the Offering Memorandum as
certified in an Officer’s Certificate;
(i) to
comply with the rules of any applicable Depositary, including The Depository Trust Company, so long as such amendment does not adversely
affect the rights of any Holder in any material respect;
(j) to
appoint a successor trustee with respect to the Notes;
(k) to
increase the Conversion Rate as provided in this Indenture;
(l) to
provide for the issuance of additional Notes in compliance with this Indenture;
55
(m) to
provide for the acceptance of appointment by a successor Trustee, Note Registrar, Paying Agent, Bid Solicitation Agent or Conversion Agent
to facilitate the administration of the trusts under this Indenture by more than one trustee; or
(n) to
irrevocably elect a Settlement Method or a Specified Dollar Amount, or eliminate the Company’s right to elect a Settlement Method;
provided, however, that no such election or elimination will affect any Settlement Method theretofore elected (or deemed
to be elected) with respect to any Note pursuant to the provisions of Article 14.
Upon the written request of the
Company, the Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture and to make any
further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to, but may in its
discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture
or otherwise.
Any supplemental indenture authorized
by the provisions of this Section 10.01 may be executed by the Company and the Trustee without the consent of the Holders of any of the
Notes at the time outstanding, notwithstanding any of the provisions of Section 10.02.
Section 10.02. Supplemental
Indentures with Consent of Holders. With the consent (evidenced as provided in Article
8) of the Holders of at least a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with
Article 8 and including, without limitation, consents obtained in connection with a repurchase of, or tender or exchange offer for, Notes),
the Company and the Trustee, at the Company’s expense, may from time to time and at any time 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
Indenture, the Notes or any supplemental indenture or of modifying in any manner the rights of the Holders; provided, however,
that, without the consent of each Holder of an outstanding Note affected, no such supplemental indenture shall:
(a) reduce
the principal amount of Notes whose Holders must consent to an amendment;
(b) reduce
the rate of or extend the stated time for payment of interest on any Note;
(c) reduce
the principal of or extend the Maturity Date of any Note;
(d) make
any change that adversely affects the conversion rights of any Notes as set forth in this Indenture;
(e) reduce
the Redemption Price or the Fundamental Change Repurchase Price of any Note or amend or modify in any manner adverse to the Holders the
Company’s obligation to make such payments, whether through an amendment or waiver of provisions in the covenants, definitions or
otherwise;
(f) make
any Note payable in a currency, or at a place of payment, other than that stated in the Note;
56
(g) change
the ranking of the Notes;
(h) eliminate
the contractual right of any Holder to institute suit for the enforcement of its right to receive payment or delivery, as the case may
be, of the principal (including the Fundamental Change Repurchase Price or Redemption Price, if applicable) of, accrued and unpaid interest,
if any, on, and the consideration due upon conversion of, its Notes, on or after the respective due dates expressed or provided for in
the Notes or this Indenture; or
(i) make
any change in this Article 10 that requires each Holder’s consent or in the waiver provisions in Section 6.02 or Section 6.09.
Upon the written request of the
Company, and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid and subject to Section 10.05, the Trustee
shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be
obligated to, enter into such supplemental indenture.
Holders do not need under this
Section 10.02 to approve the particular form of any proposed supplemental indenture. It shall be sufficient if such Holders approve the
substance thereof. After any such supplemental indenture becomes effective, the Company shall deliver to the Holders (with a copy to the
Trustee) a notice briefly describing such supplemental indenture. However, the failure to give such notice to all the Holders, or any
defect in the notice, will not impair or affect the validity of the supplemental indenture.
Section 10.03. Effect
of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant
to the provisions of this Article 10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the
respective rights, limitation of rights, obligations, duties, indemnities, privileges and immunities under this Indenture of the Trustee,
the Company and the Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications
and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.
Section 10.04. Notation
on Notes. Notes authenticated and delivered after the execution of any supplemental indenture
pursuant to the provisions of this Article 10 may, at the Company’s expense, bear a notation in form approved by the Trustee as
to any matter provided for in such supplemental indenture. If the Company or the Trustee shall so determine, new Notes so modified as
to conform, in the opinion of the Trustee and the Company, to any modification of this Indenture contained in any such supplemental indenture
may, at the Company’s expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating agent
duly appointed by the Trustee pursuant to Section 17.10) and delivered in exchange for the Notes then outstanding, upon surrender of
such Notes then outstanding.
Section 10.05. Evidence
of Compliance of Supplemental Indenture to Be Furnished Trustee. In addition to the documents
required by Section 17.05, the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence
that any supplemental indenture executed pursuant hereto complies with the requirements of this Article 10 and is permitted or authorized
by this Indenture (such Opinion of Counsel to include a customary legal opinion stating that such supplemental indenture is the valid
and binding obligation of the Company, subject to customary exceptions and qualifications). The Trustee shall have no responsibility
for determining whether any amendment or supplemental indenture will or may have an adverse effect on any Holder.
57
ARTICLE
11
CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
Section 11.01. Company
May Consolidate, Etc. on Certain Terms. Subject to the provisions of Section 11.02, the Company shall not consolidate with, merge
with or into, or sell, convey, transfer or lease all or substantially all of the consolidated properties and assets of the Company and
its Subsidiaries, taken as a whole, to another Person (each, a “Business Combination Event”) unless:
(a) the
resulting, surviving or transferee Person, if not the Company, shall be a Qualified Successor Entity (such Qualified Successor Entity,
the “Successor Company”) organized and existing under the laws of the United States of America, any State thereof or
the District of Columbia, and the Successor Company (if not the Company) shall expressly assume, by supplemental indenture all of the
obligations of the Company under the Notes and this Indenture;
(b) immediately
after giving effect to such Business Combination Event, no Default or Event of Default shall have occurred and be continuing under this
Indenture; and
(c) the
Company has delivered to the Trustee an Officer’s Certificate and Opinion of Counsel stating that all conditions precedent to such
Business Combination Event and such supplemental indenture (if any) complies with the provisions of this Indenture.
For purposes of this Section
11.01, the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of one or more Subsidiaries of
the Company to another Person, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all
or substantially all of the consolidated properties and assets of the Company and its Subsidiaries, taken as a whole, shall be deemed
to be the sale, conveyance, transfer or lease of all or substantially all of the consolidated properties and assets of the Company and
its Subsidiaries, taken as a whole, to another Person.
Section 11.02. Successor
Company to Be Substituted. In case of any such Business Combination Event and upon the
assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the
Trustee, of the due and punctual payment of the principal of and accrued and unpaid interest on all of the Notes, the due and punctual
delivery or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and punctual performance of
all of the covenants and conditions of this Indenture to be performed by the Company, such Successor Company (if not the Company) shall
succeed to and, except in the case of a lease of all or substantially all of the Company’s properties and assets, shall be substituted
for the Company, with the same effect as if it had been named herein as the party of the first part, and may thereafter exercise every
right and power of the Company under this Indenture. Such Successor Company thereupon may cause to be signed, and may issue either in
its own name or in the name of the Company any or all of the Notes issuable hereunder which theretofore shall not have been signed by
the Company and delivered to the Trustee; and, upon the order of such Successor Company instead of the Company and subject to all the
terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause to be authenticated
and delivered, any Notes that previously shall have been signed and delivered by the Officers of the Company to the Trustee for authentication,
and any Notes that such Successor Company thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the
Notes so issued shall in all respects have the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter
issued in accordance with the terms of this Indenture as though all of such Notes had been issued at the date of the execution hereof.
In the event of any Business Combination Event (except in the case of a lease), upon compliance with this Article 11 the Person named
as the “Company” in the first paragraph of this Indenture (or any successor that shall thereafter have become such in the
manner prescribed in this Article 11) may be dissolved, wound up and liquidated at any time thereafter and, except in the case of a lease,
such Person shall be released from its liabilities as obligor and maker of the Notes and from its obligations under this Indenture and
the Notes.
In case of any Business Combination
Event, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate.
58
ARTICLE
12
IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
Section 12.01. Indenture
and Notes Solely Corporate Obligations. No recourse for the payment of the principal of
or accrued and unpaid interest on any Note, nor for any claim based thereon or otherwise in respect thereof, and no recourse under or
upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental indenture or in any Note, nor because
of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, employee, agent, Officer
or director or Subsidiary, as such, past, present or future, of the Company or of any successor, either directly or through the Company
or any successor, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a
consideration for, the execution of this Indenture and the issue of the Notes.
ARTICLE
13
[INTENTIONALLY OMITTED]
ARTICLE
14
CONVERSION OF NOTES
Section 14.01. Conversion
Privilege.
(a) Subject
to and upon compliance with the provisions of this Article 14, each Holder of a Note 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
(i) subject to satisfaction of the circumstances described in Section 14.01(b), at any time prior to the close of business on the Business
Day immediately preceding April 15, 2031 under the circumstances and during the periods set forth in Section 14.01(b), and (ii) regardless
of the circumstances described in Section 14.01(b), on or after April 15, 2031 and prior to the close of business on the second Scheduled
Trading Day immediately preceding the Maturity Date, in each case, at an initial conversion rate of 105.0862 shares of Common Stock (subject
to adjustment as provided in this Article 14, the “Conversion Rate”) per $1,000 principal amount of Notes (subject
to, and in accordance with, the settlement provisions of Section 14.02, the “Conversion Obligation”).
59
(b)
(i) Prior
to the close of business on the Business Day immediately preceding April 15, 2031, a Holder may surrender all or any portion of its Notes
for conversion at any time during the five Business Day period immediately after any ten consecutive Trading Day period (the “Measurement
Period”) in which the Trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder of Notes
in accordance with this subsection (b)(i), for each Trading Day of the Measurement Period was less than 98% of the product of the Last
Reported Sale Price of the Common Stock on each such Trading Day and the Conversion Rate on each such Trading Day. The Trading Prices
shall be determined by the Bid Solicitation Agent pursuant to this subsection (b)(i) and the definition of Trading Price set forth in
this Indenture. The Bid Solicitation Agent (if other than the Company) shall have no obligation to determine the Trading Price per $1,000
principal amount of Notes unless the Company has requested such determination, and the Company shall have no obligation to make such request
(or, if the Company is acting as Bid Solicitation Agent, the Company shall have no obligation to determine the Trading Price per $1,000
principal amount of Notes) unless a Holder or Holders of at least $1,000,000 aggregate principal amount of Notes provides the Company
with reasonable evidence that the Trading Price per $1,000 principal amount of Notes on any Trading Day would be less than 98% of the
product of the Last Reported Sale Price of the Common Stock on such Trading Day and the Conversion Rate on such Trading Day, at which
time the Company shall instruct the Bid Solicitation Agent (if other than the Company) to determine, or if the Company is acting as Bid
Solicitation Agent, the Company shall determine, the Trading Price per $1,000 principal amount of Notes beginning on the next Trading
Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of
the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate. At such time as the Company instructs the Bid
Solicitation Agent (if other than the Company) in writing to obtain bids, the Company shall provide the Bid Solicitation Agent with the
names and contact information for the securities dealers the Company has selected and the Company shall instruct such securities dealers
to provide bids to the Bid Solicitation Agent. If (x) the Company is not acting as Bid Solicitation Agent, and the Company does not, when
the Company is required to, instruct the Bid Solicitation Agent to determine the Trading Price per $1,000 principal amount of Notes when
obligated as provided in the preceding sentence, or if the Company gives such instruction to the Bid Solicitation Agent and the Bid Solicitation
Agent fails to make such determination, or (y) the Company is acting as Bid Solicitation Agent and the Company fails to make such determination
when obligated as provided in the preceding sentence, then, in either case, the Trading Price per $1,000 principal amount of Notes on
any date shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate
on each Trading Day of such failure. If the Trading Price condition set forth above has been met, the Company shall so notify the Holders
of the Notes, the Trustee and the Conversion Agent (if other than the Trustee) in writing. Any such determination shall be conclusive
absent manifest error. If, at any time after the Trading Price condition set forth above has been met, the Trading Price per $1,000 principal
amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion
Rate for such date, the Company shall so notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing
and thereafter neither the Company nor the Bid Solicitation Agent (if other than the Company) shall be required to solicit bids (or determine
the Trading Price of the Notes as set forth in this Indenture) again unless a new Holder request is made as provided in this subsection
(b)(i).
(ii) If,
prior to the close of business on the Business Day immediately preceding April 15, 2031, the Company elects to:
(A) distribute
to all or substantially all holders of the Common Stock any rights, options or warrants (other than in connection with a stockholder rights
plan prior to the separation of such rights from the Common Stock) entitling them, for a period of not more than 60 calendar days after
the announcement date of such distribution, to subscribe for or purchase shares of the Common Stock at a price per share that is less
than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including,
the Trading Day immediately preceding the date of announcement of such distribution; or
60
(B) distribute
to all or substantially all holders of the Common Stock the Company’s assets, securities or rights to purchase securities of the
Company (other than in connection with a stockholder rights plan prior to separation of such rights from the Common Stock), which distribution
has a per share value, as reasonably determined by the Company in good faith, exceeding 10% of the Last Reported Sale Price of the Common
Stock on the Trading Day preceding the date of announcement for such distribution,
then, in either case, the Company shall notify all
Holders of the Notes, the Trustee and the Conversion Agent (if other than the Trustee) in writing at least 35 Scheduled Trading Days
prior to the Ex-Dividend Date for such distribution (or, if later in the case of any such separation of rights issued pursuant to a stockholder
rights plan, as soon as reasonably practicable after the Company becomes aware that such separation or triggering event has occurred
or will occur); provided, however, that if the Company is then otherwise permitted to settle conversions of Notes by Physical
Settlement (and, for the avoidance of doubt, has not irrevocably elected another Settlement Method for conversions of Notes), then the
Company may instead elect to provide such notice at least five Scheduled Trading Days prior to such Ex-Dividend Date, in which case the
Company shall be required to settle all conversions of Called Notes with a Conversion Date occurring during the period on or after the
date the Company provides such notice and before such Ex-Dividend Date (or, if earlier, the date the Company announces that such issuance
or distribution will not take place) by Physical Settlement, and the Company shall describe the same in such notice. Once the Company
has given such notice, a Holder may surrender all or any portion of its Notes for conversion at any time until the earlier of (1) the
close of business on the Business Day immediately preceding the Ex-Dividend Date for such distribution and (2) the Company’s announcement
that such distribution will not take place, in each case, even if the Notes are not otherwise convertible at such time; provided that
Holders may not convert their Notes pursuant to this subsection (b)(ii) if they participate, at the same time and upon the same terms
as holders of the Common Stock and solely as a result of holding the Notes, in any of the transactions described in clause (A) or (B)
of this subsection (b)(ii) without having to convert their Notes as if they held a number of shares of Common Stock equal to the applicable
Conversion Rate as of the record date for such distribution, multiplied by the principal amount (expressed in thousands) of Notes
held by such Holder.
(iii) If
(A) a transaction or event that constitutes a Fundamental Change or a Make-Whole Fundamental Change occurs prior to the close of business
on the Business Day immediately preceding April 15, 2031, regardless of whether a Holder has the right to require the Company to repurchase
the Notes pursuant to Section 15.02, or (B) the Company is a party to a Share Exchange Event (other than a Share Exchange Event that is
solely for the purpose of changing the Company’s jurisdiction of organization that (x) does not constitute a Fundamental Change
or a Make-Whole Fundamental Change and (y) results in a reclassification, conversion or exchange of outstanding shares of Common Stock
solely into shares of common stock of the surviving entity and such common stock becomes Reference Property for the Notes) that occurs
prior to the close of business on the Business Day immediately preceding April 15, 2031, (each such Fundamental Change, Make-Whole Fundamental
Change or Share Exchange Event, a “Corporate Event”), all or any portion of a Holder’s Notes may be surrendered
for conversion at any time from or after the effective date of such Corporate Event until the earlier of (x) 35 Trading Days after the
effective date of such Corporate Event (or, if the Company gives notice after the effective date of such Corporate Event, until 35 Trading
Days after the date the Company gives notice of such Corporate Event) or, if such Corporate Event also constitutes a Fundamental Change
(other than an Exempted Fundamental Change), until the close of business on the Business Day immediately preceding the related Fundamental
Change Repurchase Date and (y) the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date. The
Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing as promptly as practicable following
the effective date of such Corporate Event, but in no event later than one Business Day after the effective date of such Corporate Event.
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(iv) Prior
to the close of business on the Business Day immediately preceding April 15, 2031, a Holder may surrender all or any portion of its Notes
for conversion at any time during any calendar quarter commencing after the calendar quarter ending on September 30, 2026 (and only during
such calendar quarter), if the Last Reported Sale Price of the Common Stock for at least 20 Trading Days (whether or not consecutive)
during the period of 30 consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar
quarter is greater than or equal to 130% of the Conversion Price on each applicable Trading Day.
(v) If
the Company calls any Notes for Optional Redemption or Cleanup Redemption pursuant to Article 16, then a Holder may surrender all or any
portion of its Called Notes for conversion at any time prior to the close of business on the second Scheduled Trading Day immediately
prior to the Redemption Date, even if the Called Notes are not otherwise convertible at such time. After that time, the right to convert
such Called Notes on account of the Company’s delivery of a Notice of Redemption shall expire, unless the Company defaults in the
payment of the Redemption Price, in which case a Holder of Called Notes may convert all or a portion of its Called Notes until the close
of business on the Scheduled Trading Day immediately preceding the date on which the Redemption Price has been paid or duly provided for.
If a Holder elects to convert Called Notes pursuant to this Section 14.01(b)(v) during the related Redemption Period, the Company will,
under certain circumstances, increase the Conversion Rate for such Called Notes pursuant to Section 14.03. If the Company elects to redeem
fewer than all of the outstanding Notes for Optional Redemption pursuant to Section 16.1, and the Holder of any Note (or any owner of
a beneficial interest in any Global Note) is reasonably not able to determine, prior to the close of business on the 31st Scheduled Trading
Day immediately before the relevant Redemption Date (or if, as permitted by Section 16.03(a), the Company delivers a Notice of Redemption
electing Physical Settlement not less than 10 nor more than 65 Scheduled Trading Days prior to the related Redemption Date, then prior
to close of business on the 9th Scheduled Trading Day immediately before the relevant Redemption Date), whether such Note or beneficial
interest, as applicable, is to be redeemed pursuant to such Optional Redemption (and, as a result thereof, convertible on account of the
related Notice of Redemption in accordance with the provisions of this Indenture), then such Holder or owner, as applicable, will be entitled
to convert such Note or beneficial interest, as applicable, at any time before the close of business on the second Scheduled Trading Day
prior to such Redemption Date, unless the Company defaults in the payment of the Redemption Price, in which case such Holder or owner,
as applicable, will be entitled to convert such Note or beneficial interest, as applicable, until the close of business on the Scheduled
Trading Day immediately preceding the date on which the Redemption Price has been paid or duly provided for, and each such conversion
will be deemed to be of a Note called for Optional Redemption, and such Note or beneficial interest will be deemed called for Optional
Redemption solely for the purposes of such conversion (“Deemed Redemption”). Accordingly, if the Company elects to
redeem fewer than all of the outstanding Notes pursuant to an Optional Redemption pursuant to Section 16.01, Holders of the Notes that
are not Called Notes will not be entitled to convert such Notes pursuant to this Section 14.01(b)(v) and will not be entitled to an increase
in the Conversion Rate on account of the Notice of Redemption for conversions of such Notes during the related Redemption Period, even
if such Notes are otherwise convertible pursuant to any other provision of this Section 14.01(b) and are converted during the related
Redemption Period.
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(c) Notwithstanding
any other provision of the Notes, (i) no Holder of Notes, other than an Excepted Holder, will be entitled to receive shares of Common
Stock following conversion of such Notes to the extent that receipt of such shares of Common Stock would cause such Holder to Beneficially
Own or Constructively Own shares of Common Stock in excess of the Ownership Limit or violate any other restriction on the ownership and
transfer of the Common Stock as provided in the Charter and (ii) no Excepted Holder will be entitled to receive shares of Common Stock
following the conversion of such notes to the extent that receipt of such shares of Common Stock would cause such Holder to Beneficially
Own or Constructively Own shares of Common Stock in excess of the Excepted Holder Limit for such Excepted Holder or violate any other
restriction on the ownership and transfer of the Common Stock as provided in the Charter.
Any purported delivery of shares
of Common Stock upon conversion of Notes that would result in a Holder Beneficially Owning or Constructively Owning Common Stock in excess
of the Ownership Limit or applicable Excepted Holder Limit or a violation of the restrictions on ownership and transfer of the Company’s
Common Stock set forth in the Charter will be void and have no effect to the extent (but only to the extent) of such violation of the
Ownership Limit, applicable Excepted Holder Limit, or other restriction. If any delivery of the shares of Common Stock owed to a Holder
upon conversion of Notes is not made, in whole or in part, as a result of this Section 14.01(c), the Company’s obligation
to make such delivery shall not be extinguished and the Company shall deliver such shares of Common Stock as promptly as practicable after
any such converting Holder gives notice to the Company that such delivery would not result in it being the Beneficial Owner or Constructive
Owner of Common Stock in excess of the Ownership Limit or applicable Excepted Holder Limit or violate any other restriction on ownership
and transfer of the Common Stock set forth in the Charter. Under no circumstances will the provisions this Section 14.01(c) obligate
the Company settle such Holder’s Notes through Cash Settlement, other assets or Combination Settlement in lieu of Physical Settlement
pending resolution of the Ownership Limit on conversion) The Trustee shall have no obligation to monitor the Ownership Limit for any Holder
or all Holders.
Section 14.02. Conversion
Procedure; Settlement Upon Conversion.
(a) Subject
to this Section 14.02, Section 14.03(b) and Section 14.07(a), upon conversion of any Note, the Company shall satisfy its Conversion Obligation
by paying or delivering, as the case may be, to the converting Holder, in respect of each $1,000 principal amount of Notes being converted,
cash (“Cash Settlement”), shares of Common Stock, together with cash, if applicable, in lieu of delivering any fractional
share of Common Stock in accordance with subsection (j) of this Section 14.02 (“Physical Settlement”) or a combination
of cash and shares of Common Stock, together with cash, if applicable, in lieu of delivering any fractional share of Common Stock in accordance
with subsection (j) of this Section 14.02 (“Combination Settlement”), at its election, as set forth in this Section
14.02.
(i) All
conversions of Called Notes for which the relevant Conversion Date occurs during the related Redemption Period shall be settled using
the same Settlement Method, and all conversions for which the relevant Conversion Date occurs on or after April 15, 2031, shall be settled
using the same Settlement Method.
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(ii) Except
for any conversions of Called Notes for which the relevant Conversion Date occurs during the related Redemption Period, and any conversions
for which the relevant Conversion Date occurs on or after April 15, 2031, and except to the extent the Company has irrevocably elected
Physical Settlement pursuant to Section 14.01(b)(ii) in a notice as described in such Section or previously made an irrevocable election
with respect to all subsequent conversions in accordance with Section 14.02(a)(iii), the Company shall use the same Settlement Method
for all conversions with the same Conversion Date, but the Company shall not have any obligation to use the same Settlement Method with
respect to conversions with different Conversion Dates.
(iii) If,
in respect of any Conversion Date (or any conversions of Called Notes for which the relevant Conversion Date occurs during the related
Redemption Period, or for which the relevant Conversion Date occurs on or after April 15, 2031 or for which the Company has irrevocably
elected Physical Settlement pursuant to Section 14.01(b)(ii) in a notice as described in such Section), the Company elects to deliver
a notice (the “Settlement Notice”) of the relevant Settlement Method in respect of such Conversion Date (or such period,
as the case may be), the Company shall deliver such Settlement Notice to converting Holders, the Trustee and the Conversion Agent (if
other than the Trustee) no later than the close of business on the Trading Day immediately following the relevant Conversion Date (or,
in the case of any conversions (A) of Called Notes for which the relevant Conversion Date occurs during the related Redemption Period,
in such Notice of Redemption, (B) for which the relevant Conversion Date occurs on or after April 15, 2031, no later than April 15, 2031
or (C) to the extent the Company has irrevocably elected Physical Settlement pursuant to Section 14.01(b)(ii) in a notice as described
in such Section). If the Company does not elect a Settlement Method prior to the deadline set forth in the immediately preceding sentence,
the Company shall no longer have the right to elect Cash Settlement or Combination Settlement with respect to any conversion on such Conversion
Date or during such period, and the Company shall be deemed to have elected Physical Settlement in respect of its Conversion Obligation.
Such Settlement Notice shall specify the relevant Settlement Method and in the case of an election of Combination Settlement, the relevant
Settlement Notice shall indicate the Specified Dollar Amount per $1,000 principal amount of Notes. If the Company delivers a Settlement
Notice electing Combination Settlement in respect of its Conversion Obligation but does not indicate a Specified Dollar Amount per $1,000
principal amount of Notes to be converted in such Settlement Notice, the Specified Dollar Amount per $1,000 principal amount of Notes
shall be deemed to be $1,000. For the avoidance of doubt, the Company’s failure to timely elect a Settlement Method or specify,
as applicable, a Specified Dollar Amount will not constitute a Default or Event of Default under this Indenture.
By notice to all Holders, the
Company may, prior to April 15, 2031, at its option, irrevocably elect to satisfy its Conversion Obligation with respect to the Notes
through any Settlement Method that the Company is then permitted to elect, including Combination Settlement with a Specified Dollar Amount
per $1,000 principal amount of Notes of $1,000 or with an ability to continue to set the Specified Dollar Amount per $1,000 principal
amount of Notes at or above a specific amount set forth in such election notice. If the Company irrevocably elects Combination Settlement
with an ability to continue to set the Specified Dollar Amount per $1,000 principal amount of Notes at or above a specific amount, the
Company will, after the date of such election, inform Holders converting their Notes, the Trustee and the Conversion Agent (if other than
the Trustee) in writing of such Specified Dollar Amount no later than the close of business on the Trading Day immediately following the
relevant Conversion Date (or in the case of any conversions (x) for which the relevant Conversion Date occurs (i) after the date of issuance
of a Notice of Redemption as described in Section 16.03 and prior to the related Redemption Date in such Notice of Redemption or (ii)
on or after April 15, 2031, no later than April 15, 2031), or, if the Company does not timely notify Holders, such Specified Dollar Amount
will be the specific amount set forth in the election notice or, if no specific amount was set forth in the election notice, such Specified
Dollar Amount will be $1,000 per $1,000 principal amount of Notes. Such irrevocable election shall apply for all conversions of Notes
with Conversion Dates occurring subsequent to delivery of such notice; provided, however, that no such election will affect
any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note. For the avoidance of doubt, such an irrevocable
election, if made by the Company, will be effective without the need to amend this Indenture or the Notes, including pursuant to Section
10.01. However, the Company may nonetheless choose to execute such an amendment at its option. If the Company irrevocably fixes the Settlement
Method pursuant to the provisions set forth in this paragraph, then, concurrently with providing notice to the Holders, the Trustee and
the Conversion Agent (if other than the Trustee) of such election, the Company shall either post the fixed Settlement Method on its website
or disclose the same in a Current Report on Form 8-K (or any successor form) that is filed with the Commission.
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(iv) The
cash, shares of Common Stock or combination of cash and shares of Common Stock in respect of any conversion of Notes (the “Settlement
Amount”) shall be computed as follows:
(A) if
the Company elects (or is deemed to have elected) to satisfy its Conversion Obligation in respect of such conversion by Physical Settlement,
the Company shall deliver to the converting Holder in respect of each $1,000 principal amount of Notes being converted a number of shares
of Common Stock equal to the Conversion Rate in effect on the Conversion Date;
(B) if
the Company elects to satisfy its Conversion Obligation in respect of such conversion by Cash Settlement, the Company shall pay to the
converting Holder in respect of each $1,000 principal amount of Notes being converted cash in an amount equal to the sum of the Daily
Conversion Values for each of the 30 consecutive Trading Days during the related Observation Period; and
(C) if
the Company elects to satisfy its Conversion Obligation in respect of such conversion by Combination Settlement, the Company shall pay
or deliver, as the case may be, to the converting Holder in respect of each $1,000 principal amount of Notes being converted, a Settlement
Amount equal to the sum of the Daily Settlement Amounts for each of the 30 consecutive Trading Days during the related Observation Period.
(v) The
Daily Settlement Amounts (if applicable) and the Daily Conversion Values (if applicable) shall be determined by the Company promptly following
the last day of the Observation Period. Promptly after such determination of the Daily Settlement Amounts or the Daily Conversion Values,
as the case may be, and the amount of cash payable in lieu of delivering any fractional share of Common Stock, the Company shall notify
the Trustee and the Conversion Agent (if other than the Trustee) of the Daily Settlement Amounts or the Daily Conversion Values, as the
case may be, and the amount of cash payable in lieu of delivering fractional shares of Common Stock. The Trustee and the Conversion Agent
(if other than the Trustee) shall have no responsibility for any such determination.
65
(b) Subject
to Section 14.02(e), before any Holder of a Note shall be entitled to convert a Note as set forth above, such Holder shall
(i) in
the case of a Global Note, comply with the applicable 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 Section 14.02(h) and,
if applicable, pay any documentary, stamp, similar issue or transfer taxes. If a Holder has complied with the applicable procedures of
the Depositary for converting a Global Note, such conversion will be irrevocable unless the Company, in its sole and absolute discretion,
agrees to permit the Holder to withdraw such conversion and such withdrawal is reasonably feasible pursuant to the applicable procedures
of the Depositary; and
(ii) (ii) in the
case of a Physical Note (1) complete, manually sign and deliver an irrevocable (unless the Company it its sole and absolute discretion
agrees to permit the Holder to withdraw such conversion) notice to the Conversion Agent as set forth in the Form of Notice of Conversion
(or a facsimile, PDF or other electronic transmission thereof) at the office of the Conversion Agent and 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 to be delivered upon settlement of the Conversion Obligation to be registered, (2) 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, (3) if required, furnish appropriate endorsements and transfer documents (4) 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 Section 14.02(h) and (5) if applicable, pay any
documentary, stamp, similar issue or transfer taxes.
A notice pursuant to the applicable
procedures of the Depositary or a notice as set forth in the Form of Notice of Conversion is referred to herein as a “Notice
of Conversion.” The Trustee (and if different, the Conversion Agent) shall notify the Company of any conversion pursuant to
this Article 14 on the Conversion Date for such conversion. No Notes may be surrendered for conversion by a Holder thereof if such Holder
has also delivered a Fundamental Change Repurchase Notice to the Company in respect of such Notes and has not validly withdrawn such Fundamental
Change Repurchase Notice in accordance with Section 15.03.
66
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 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.
(c) 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 subsection (b) above. Except as set forth in Section 14.03(b) and Section
14.07(a), the Company shall pay or deliver, as the case may be, the consideration due in respect of the Conversion Obligation on the second
Business Day immediately following the relevant Conversion Date, if the Company elects (or is deemed to have elected) Physical Settlement
(provided that, with respect to any Conversion Date following the Regular Record Date immediately preceding the Maturity Date where
Physical Settlement applies to the related conversion, the Company shall settle any such conversion on the Maturity Date), or on the second
Business Day immediately following the last Trading Day of the Observation Period, in the case of any other Settlement Method. If any
shares of Common Stock are due to a converting Holder, the Company shall issue or cause to be issued, and deliver (if applicable) to the
Conversion Agent or to such Holder, or such Holder’s nominee or nominees, the full number of shares of Common Stock to which such
Holder shall be entitled, in the case of conversion of a Global Note, in book-entry format through the Depositary, in satisfaction of
the Company’s Conversion Obligation.
(d) In
case any Note shall be surrendered for partial conversion, the Company shall execute and upon receipt of a Company Order, the Trustee
shall authenticate and deliver to or upon the written order of the Holder of the Note so surrendered a new Note or Notes in authorized
denominations in an aggregate principal amount equal to the unconverted portion of the surrendered Note, without payment of any service
charge by the converting Holder but, if required by the Company or Trustee, with payment of a sum sufficient to cover any documentary,
stamp or similar issue or transfer tax or similar governmental charge required by law or that may be imposed in connection therewith as
a result of the name of the Holder of the new Notes issued upon such conversion being different from the name of the Holder of the old
Notes surrendered for such conversion.
(e) If
a Holder submits a Note for conversion, the Company shall pay any documentary, stamp or similar issue or transfer tax due on the issue
or delivery of any shares of Common Stock upon conversion, unless the tax is due because the Holder requests such shares to be issued
in a name other than the Holder’s name, in which case the Holder shall pay that tax. The Conversion Agent 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 Trustee receives
a sum sufficient to pay any tax that is due by such Holder in accordance with the immediately preceding sentence.
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(f) Except
as provided in Section 14.04, no adjustment shall be made for dividends on any shares of Common Stock issued upon the conversion of any
Note as provided in this Article 14.
(g) 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.
(h) Upon
conversion, a Holder shall not receive any separate cash payment for accrued and unpaid interest, if any, except as set forth below. The
Company’s settlement of the full Conversion Obligation shall be deemed to satisfy in full its obligation to pay the principal amount
of the Note and accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date. As a result, accrued and unpaid
interest, if any, to, but not including, the relevant Conversion Date shall be deemed to be paid in full rather than cancelled, extinguished
or forfeited. Upon a conversion of Notes into a combination of cash and shares of Common Stock, accrued and unpaid interest will be deemed
to be paid first out of the cash paid upon such conversion. Notwithstanding the foregoing, if Notes are converted after the close of business
on a Regular Record Date and prior to the open of business on the corresponding Interest Payment Date, Holders of such Notes as of the
close of business on such Regular Record Date will receive the full amount of interest payable on such Notes on the corresponding Interest
Payment Date notwithstanding the conversion. Notes surrendered for conversion during the period from the close of business on any Regular
Record Date to the open of business on the immediately following Interest Payment Date must be accompanied by funds equal to the amount
of interest payable on the Notes so converted; provided that no such payment shall be required (1) for conversions following the
close of business on the Regular Record Date immediately preceding the Maturity Date; (2) if the Company has specified a Redemption Date
that is after a Regular Record Date and on or prior to the Business Day immediately following the corresponding Interest Payment Date;
(3) if the Company has specified a Fundamental Change Repurchase Date that is after a Regular Record Date and on or prior to the Business
Day immediately following the corresponding Interest Payment Date; or (4) to the extent of any Defaulted Amounts, if any Defaulted Amounts
exists at the time of conversion with respect to such Note. Therefore, for the avoidance of doubt, all Holders of record on the Regular
Record Date immediately preceding the Maturity Date shall receive the full interest payment due on the Maturity Date in cash regardless
of whether their Notes have been converted following such Regular Record Date. Neither the Trustee nor the Conversion Agent (if other
than the Trustee) will have any duty to determine or verify (i) determination by the Company of whether any of the conditions to conversion
have been satisfied or (ii) the Conversion Rate.
(i) The
Person in whose name the shares of Common Stock shall be issuable upon conversion shall be treated as a stockholder of record as of the
close of business on the relevant Conversion Date (if the Company elects to satisfy the related Conversion Obligation by Physical Settlement)
or the last Trading Day of the relevant Observation Period (if the Company elects to satisfy the related Conversion Obligation by Combination
Settlement), as the case may be. Upon a conversion of Notes, such Person shall no longer be a Holder of such Notes surrendered for conversion.
(j) The
Company shall not issue any fractional share of Common Stock upon conversion of the Notes and shall instead pay cash in lieu of delivering
any fractional share of Common Stock issuable upon conversion based on the Daily VWAP for the relevant Conversion Date (or, if such Conversion
Date is not a Trading Day, the immediately preceding Trading Day), in the case of Physical Settlement, or based on the Daily VWAP for
the last Trading Day of the relevant Observation Period, in the case of Combination Settlement. For each Note surrendered for conversion,
if the Company has elected Combination Settlement, the full number of shares that shall be issued upon conversion thereof shall be computed
on the basis of the aggregate Daily Settlement Amounts for the relevant Observation Period and any fractional shares remaining after such
computation shall be paid in cash.
68
Section 14.03. Increased
Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes or a Notice of Redemption.
(a) If
(i) the Effective Date of a Make-Whole Fundamental Change occurs prior to the Maturity Date and a Holder elects to convert its Notes in
connection with such Make-Whole Fundamental Change or (ii) the Company delivers a Notice of Redemption as provided under Section 16.03
and a Holder elects to convert its Called Notes in connection with such Notice of Redemption, as the case may be, the Company shall, under
the circumstances described below, increase the Conversion Rate for the Notes so surrendered for conversion by a number of additional
shares of Common Stock (the “Additional Shares”), as described below. A conversion of Notes shall be deemed for these
purposes to be “in connection with” such Make-Whole Fundamental Change or Notice of Redemption if (x) in the case of a Make-Whole
Fundamental Change, the relevant Conversion Date occurs during the period from, and including, the open of business on the Effective Date
of the Make-Whole Fundamental Change up to, and including, the close of business on the Business Day immediately prior to the related
Fundamental Change Repurchase Date (or, in the case of an Exempted Fundamental Change or a Make-Whole Fundamental Change that would have
been a Fundamental Change but for the proviso in clause (b) of the definition thereof, the 35th Trading Day immediately following the
Effective Date of such Make-Whole Fundamental Change) (such period, the “Make-Whole Fundamental Change Period”) or
(y) in the case of a Notice of Redemption, the relevant Conversion Date for conversions of Called Notes occurs during the related Redemption
Period. For the avoidance of doubt, if the Company elects to redeem fewer than all of the outstanding Notes pursuant to Article 16, Holders
of the Notes that are not Called Notes will not be entitled to convert such Notes pursuant to Section 14.01(b)(v) and will not be entitled
to an increase in the Conversion Rate on account of the Notice of Redemption during the applicable Redemption Period, even if such Notes
are otherwise convertible pursuant to Section 14.01(b)(i)-(iv) and are converted during the related Redemption Period.
(b) Upon
surrender of Notes for conversion in connection with a Make-Whole Fundamental Change or upon surrender of Called Notes during a Redemption
Period pursuant to Section 14.01(b)(v), the Company shall, at its option, satisfy the related Conversion Obligation by Physical Settlement,
Cash Settlement or Combination Settlement in accordance with Section 14.02; provided, however, that if, at the effective
time of a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Reference Property following
such Make-Whole Fundamental Change is composed entirely of cash, for any conversion of Notes following the Effective Date of such Make-Whole
Fundamental Change, the Conversion Obligation shall be calculated based solely on the Stock Price for the transaction and shall be deemed
to be an amount of cash per $1,000 principal amount of converted Notes equal to the Conversion Rate (including any increase to reflect
the Additional Shares), multiplied by such Stock Price. In such event, the Conversion Obligation shall be determined and paid to
Holders in cash on the second Business Day following the Conversion Date. The Company shall notify the Holders, the Trustee and the Conversion
Agent (if other than the Trustee) in writing of the Effective Date of any Make-Whole Fundamental Change no later than five Business Days
after such Effective Date.
69
(c) The
number of Additional Shares, if any, by which the Conversion Rate shall be increased for conversions in connection with a Make-Whole Fundamental
Change or, with respect to conversions of Called Notes, during the related Redemption Period shall be determined by reference to the table
below, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective or the date the Company delivers the Notice
of Redemption, as the case may be (in each case, the “Effective Date”), and the price (the “Stock Price”)
paid (or deemed to be paid) per share of the Common Stock in the Make-Whole Fundamental Change or determined with respect to the Notice
of Redemption, as the case may be. If the holders of the Common Stock receive in exchange for their Common Stock only cash in a Make-Whole
Fundamental Change described in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per
share. Otherwise, the Stock Price shall be the average of the Last Reported Sale Prices of the Common Stock over the five consecutive
Trading Day period ending on, and including, the Trading Day immediately preceding the applicable Effective Date. If a conversion of Called
Notes during a Redemption Period would also be deemed to be in connection with a Make-Whole Fundamental Change, a Holder of any such Notes
to be converted will be entitled to a single increase to the Conversion Rate with respect to the first to occur of the Effective Date
of the Notice of Redemption or the Make-Whole Fundamental Change, as applicable, and the later event shall be deemed not to have occurred
for purposes of this Section 14.03.
(d) The
Stock Prices set forth in the column headings of the table below shall be adjusted as of any date on which the Conversion Rate of the
Notes is otherwise 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 immediately prior to such 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 set forth in the table below shall
be adjusted in the same manner and at the same time as the Conversion Rate as set forth in Section 14.04.
(e) The
following table sets forth the number of Additional Shares by which the Conversion Rate shall be increased per $1,000 principal amount
of Notes pursuant to this Section 14.03 for each Stock Price and Effective Date set forth below:
Stock Price
Effective Date
$7.32
$8.40
$9.52
$10.90
$12.37
$14.00
$17.00
$20.00
$26.00
$34.00
$44.00
$60.00
July 14, 2026
31.5258
30.1976
24.1691
18.8890
14.9167
11.7686
7.9912
5.6675
3.0635
1.4165
0.4925
0.0000
July 15, 2027
31.5258
29.0810
22.8897
17.5661
13.6459
10.6043
7.0518
4.9295
2.6138
1.1821
0.3911
0.0000
July 15, 2028
31.5258
27.5012
21.0861
15.7193
11.8941
9.0264
5.8194
3.9910
2.0735
0.9174
0.2832
0.0000
July 15, 2029
31.5258
25.0464
18.3183
12.9440
9.3306
6.7886
4.1671
2.7930
1.4331
0.6247
0.1725
0.0000
July 15, 2030
31.5258
21.1119
13.8025
8.5413
5.4802
3.6464
2.0847
1.3915
0.7373
0.3224
0.0745
0.0000
July 15, 2031
31.5258
13.9614
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
The exact Stock Price and Effective
Date may not be set forth in the table above, in which case:
(i) if
the Stock Price is between two Stock Prices in the table above or the Effective Date is between two Effective Dates in the table, the
number of Additional Shares by which the Conversion Rate shall be increased shall be determined by a straight-line interpolation between
the number of Additional Shares set forth for the higher and lower Stock Prices and the earlier and later Effective Dates, as applicable,
based on a 365-day year;
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(ii) if
the Stock Price is greater than $60.00 per share (subject to adjustment in the same manner as the Stock Prices set forth in the column
headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate; and
(iii) if
the Stock Price is less than $7.32 per share (subject to adjustment in the same manner as the Stock Prices set forth in the column headings
of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate.
Notwithstanding the foregoing,
in no event shall the Conversion Rate per $1,000 principal amount of Notes exceed 136.6120 shares of Common Stock, subject to adjustment
in the same manner as the Conversion Rate pursuant to Section 14.04. For the avoidance of doubt, if a Holder converts its Notes prior
to the Effective Date of any Make-Whole Fundamental Change, then, whether or not the Make-Whole Fundamental Change occurs, such Holder
shall not be entitled to an increased Conversion Rate in connection with such conversion on account of such Make-Whole Fundamental Change.
(f) Nothing
in this Section 14.03 shall prevent an adjustment to the Conversion Rate that would otherwise be required pursuant to Section 14.04 in
respect of a Make-Whole Fundamental Change.
Section 14.04. Adjustment
of Conversion Rate. The Conversion Rate shall be adjusted from time to time by the Company
if any of the following events occurs, except that the Company shall not make any adjustments to the Conversion Rate if Holders of the
Notes participate (other than in the case of (x) a share split or share combination or (y) a tender or exchange offer), at the same time
and upon the same terms as holders of the Common Stock and solely as a result of holding the Notes, in any of the transactions described
in this Section 14.04, without having to convert their Notes, as if they held a number of shares of Common Stock equal to the Conversion
Rate in effect on the Record Date or Effective Date, as applicable, for the applicable transaction, multiplied by the principal
amount (expressed in thousands) of Notes held by such Holder.
(a) If
the Company exclusively issues shares of Common Stock as a dividend or distribution on shares of the Common Stock, or if the Company effects
a share split or share combination in respect of the Common Stock, the Conversion Rate shall be adjusted based on the following formula:
where,
CR0 =
the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution, or
immediately prior to the open of business on the Effective Date of such share split or share combination, as applicable;
CR’ =
the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date or Effective Date;
OS0 =
the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date
(before giving effect to any such dividend, distribution, split or combination); and
OS’ =
the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share
combination.
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Any adjustment made under this Section 14.04(a) shall
become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution, or immediately after
the open of business on the Effective Date for such share split or share combination, as applicable. If any dividend or distribution of
the type described in this Section 14.04(a) is declared but not so paid or made, the Conversion Rate shall be immediately readjusted,
effective as of the date the Board of Directors determines not to pay such dividend or distribution, to the Conversion Rate that would
then be in effect if such dividend or distribution had not been declared.
(b) If
the Company distributes to all or substantially all holders of the Common Stock any rights, options or warrants (other than pursuant to
a stockholder rights plan) entitling them, for a period of not more than 60 calendar days after the announcement date of such distribution,
to subscribe for or purchase shares of the Common Stock at a price per share that is less than the average of the Last Reported Sale Prices
of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date
of announcement of such distribution, the Conversion Rate shall be increased based on the following formula:
where,
CR0 =
the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution,
CR’ =
the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date for such distribution;
OS0 =
the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;
X =
the total number of shares of Common Stock distributable pursuant to such rights, options or warrants, and
Y =
the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the
average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the
Trading Day immediately preceding the date of announcement of the distribution of such rights, options or warrants.
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Any increase made under this Section 14.04(b) shall
be made successively whenever any such rights, options or warrants are distributed and shall become effective immediately after the open
of business on the Ex-Dividend Date for such distribution. To the extent that shares of the Common Stock are not delivered after the expiration
of such rights, options or warrants, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect had the
increase with respect to the distribution of such rights, options or warrants been made on the basis of delivery of only the number of
shares of Common Stock actually delivered. If such rights, options or warrants are not so distributed, the Conversion Rate shall be decreased
to the Conversion Rate that would then be in effect if such Ex-Dividend Date for such distribution had not occurred.
For purposes of this Section
14.04(b) and for the purpose of Section 14.01(b)(ii)(A), in determining whether any rights, options or warrants entitle the holders of
Common Stock to subscribe for or purchase shares of the Common Stock at a price per share that is less than such average of the Last Reported
Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding
the date of announcement of such distribution, 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, options 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 Company in good faith.
(c) If
the Company distributes shares of its Capital Stock, evidences of its indebtedness, other assets or property of the Company or rights,
options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Common Stock, excluding
(i) dividends, distributions or issuances (including share splits) as to which an adjustment was effected pursuant to Section 14.04(a)
or Section 14.04(b), (ii) except as otherwise provided in Section 14.11, rights issued pursuant to any stockholder rights plan of the
Company then in effect, (iii) distributions of Reference Property in exchange for, or upon conversion of, Common Stock in a Share Exchange
Event, (iv) dividends or distributions paid exclusively in cash as to which the provisions set forth in Section 14.04(d) shall apply,
and (v) Spin-Offs as to which the provisions set forth below in this Section 14.04(c) shall apply (any of such shares of Capital Stock,
evidences of indebtedness, other assets or property or rights, options or warrants to acquire Capital Stock or other securities, the “Distributed
Property”), then the Conversion Rate shall be increased based on the following formula:
where,
CR0 =
the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;
CR’ =
the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;
SP0 =
the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including,
the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and
FMV =
the fair market value (as determined by the Company in good faith) of the Distributed Property with respect to each outstanding share
of the Common Stock on the Ex-Dividend Date for such distribution.
73
Any increase made under the portion of this Section
14.04(c) above shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution. If such distribution
is not so paid or made, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect if such distribution
had not been declared. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0”
(as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, in respect of each $1,000 principal amount
thereof, at the same time and upon the same terms as holders of the Common Stock without having to convert its Notes, the amount and kind
of Distributed Property such Holder would have received if such Holder owned a number of shares of Common Stock equal to the Conversion
Rate in effect on the Ex-Dividend Date for the distribution.
With respect to an adjustment
pursuant to this Section 14.04(c) where there has been a payment of a dividend or other distribution on the Common Stock of shares of
Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company,
that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a “Spin-Off”),
the Conversion Rate shall be increased based on the following formula:
where,
CR0 =
the Conversion Rate in effect immediately prior to the end of the Valuation Period;
CR’ =
the Conversion Rate in effect immediately after the end of the Valuation Period;
FMV0 =
the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock
applicable to one share of the Common Stock (determined by reference to the definition of Last Reported Sale Price as set forth in Section
1.01 as if references therein to Common Stock were to such Capital Stock or similar equity interest) over the first 10 consecutive Trading
Day period after, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and
MP0 =
the average of the Last Reported Sale Prices of the Common Stock over the Valuation Period.
The increase to the Conversion
Rate under the preceding paragraph shall occur at the close of business on the last Trading Day of the Valuation Period; provided that
(x) in respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date occurs during the
Valuation Period, the reference to “10” in the preceding paragraph shall be deemed to be replaced with such lesser number
of Trading Days as have elapsed from, and including, the Ex-Dividend Date of such Spin-Off to, and including, the Conversion Date in determining
the Conversion Rate and (y) in respect of any conversion of Notes for which Cash Settlement or Combination Settlement is applicable, for
any Trading Day that falls within the relevant Observation Period for such conversion and within the Valuation Period, the reference to
“10” in the preceding paragraph shall be deemed to be replaced with such lesser number of Trading Days as have elapsed from,
and including, the Ex-Dividend Date of such Spin-Off to, and including, such Trading Day in determining the Conversion Rate as of such
Trading Day of such Observation Period. If any dividend or distribution that constitutes a Spin-Off is declared but not so paid or made,
the Conversion Rate shall be immediately decreased, effective as of the date the Board of Directors determines not to pay or make such
dividend or distribution, to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared or
announced.
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For purposes of this Section
14.04(c) (and subject in all respect to Section 14.11), rights, options or warrants distributed by the Company to all holders of the Common
Stock entitling them to subscribe for or purchase shares of the Company’s Capital Stock, including Common Stock (either initially
or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (“Trigger
Event”): (i) are deemed to be transferred with such shares of the Common Stock; (ii) are not exercisable; and (iii) are also
issued in respect of future issuances of the Common Stock, shall be deemed not to have been distributed for purposes of this Section 14.04(c)
(and no adjustment to the Conversion Rate under this Section 14.04(c) will be required) until the occurrence of the earliest Trigger Event,
whereupon such rights, options or 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 Section 14.04(c). If any such right, option or warrant are subject to events, upon the
occurrence of which such rights, options 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 Ex-Dividend
Date with respect to new rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be
deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any distribution
(or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately
preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to
the Conversion Rate under this Section 14.04(c) was made, (1) in the case of any such rights, options or warrants that shall all have
been redeemed or purchased without exercise by any holders thereof, upon such final redemption or purchase (x) the Conversion Rate shall
be readjusted as if such rights, options or warrants had not been issued and (y) the Conversion Rate shall then again be readjusted to
give effect to such distribution, deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal
to the per share redemption or purchase price received by a holder or holders of Common Stock with respect to such rights, options or
warrants (assuming such holder had retained such rights, options or warrants), made to all holders of Common Stock as of the date of such
redemption or purchase, and (2) in the case of such rights, options 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, options and warrants had not been issued.
(d) If
the Company makes any cash dividend or distribution to all or substantially all holders of the Common Stock, the Conversion Rate shall
be adjusted based on the following formula:
where,
CR0 =
the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;
CR’ =
the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;
SP0 =
the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution;
and
C =
the amount in cash per share the Company distributes to all or substantially all holders of the Common Stock.
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Any increase pursuant to this Section 14.04(d) shall
become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution. If such dividend or
distribution is not so paid, the Conversion Rate shall be decreased, effective as of the date the Board of Directors determines not to
make or pay such dividend or distribution, to be the Conversion Rate that would then be in effect if such dividend or distribution had
not been declared. Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than “SP0”
(as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, for each $1,000 principal amount of Notes
it holds, at the same time and upon the same terms as holders of shares of the Common Stock without having to convert its Notes, the amount
of cash that such Holder would have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate on the
Ex-Dividend Date for such cash dividend or distribution.
(e) If
the Company or any of its Subsidiaries make a payment in respect of a tender or exchange offer for the Common Stock that is subject to
the then applicable tender offer rules under the Exchange Act (other than any odd-lot tender offer), to the extent that the cash and value
of any other consideration included in the payment per share of the Common Stock exceeds the average of the Last Reported Sale Prices
of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the last
date on which tenders or exchanges may be made pursuant to such tender or exchange offer, the Conversion Rate shall be increased based
on the following formula:
where,
CR0 =
the Conversion Rate in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including,
the Trading Day next succeeding the date such tender or exchange offer expires;
CR’ =
the Conversion Rate in effect immediately after the close of business on the 10th Trading Day immediately following, and including, the
Trading 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 Company in good faith) paid or payable for shares of
Common Stock 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 (prior to giving
effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);
OS’ =
the number of shares of Common Stock outstanding immediately after the date such tender or exchange offer expires (after giving effect
to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and
SP’ =
the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including,
the Trading Day next succeeding the date such tender or exchange offer expires.
The increase to the Conversion
Rate under this Section 14.04(e) shall occur at the close of business on the 10th Trading Day immediately following, and including, the
Trading Day next succeeding the date such tender or exchange offer expires; provided that (x) in respect of any conversion of Notes
for which Physical Settlement is applicable, if the relevant Conversion Date occurs during the 10 Trading Days immediately following,
and including, the Trading Day next succeeding the expiration date of any tender or exchange offer, references to “10” or
“10th” in the preceding paragraph shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and
including, the Trading Day next succeeding the date that such tender or exchange offer expires to, and including, the Conversion Date
in determining the Conversion Rate and (y) in respect of any conversion of Notes for which Cash Settlement or Combination Settlement is
applicable, for any Trading Day that falls within the relevant Observation Period for such conversion and within the 10 Trading Days immediately
following, and including, the Trading Day next succeeding the expiration date of any tender or exchange offer, references to “10”
or “10th” in the preceding paragraph shall be deemed replaced with such lesser number of Trading Days as have elapsed from,
and including, the Trading Day next succeeding the expiration date of such tender or exchange offer to, and including, such Trading Day
in determining the Conversion Rate as of such Trading Day of such Observation Period.
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If the Company or one of its
Subsidiaries is obligated to purchase shares of Common Stock pursuant to any such tender or exchange offer described in this Section 14.04(e)
but the Company or such Subsidiary is permanently prevented by applicable law from effecting any such purchase or all such purchases are
rescinded, the Conversion Rate shall be readjusted to be the Conversion Rate that would then be in effect if such tender or exchange offer
had not been made or had been made only in respect of the purchases that have been made.
(f) Notwithstanding
this Section 14.04 or any other provision of this Indenture or the Notes, if a Conversion Rate adjustment becomes effective on any Ex-Dividend
Date, and a Holder that has converted its Notes on or after such Ex-Dividend Date and on or prior to the related Record Date would be
treated as the record holder of the shares of Common Stock as of the related Conversion Date as described under Section 14.02(i) based
on an adjusted Conversion Rate for such Ex-Dividend Date, then, notwithstanding the Conversion Rate adjustment provisions in this Section
14.04, the Conversion Rate adjustment relating to such Ex-Dividend Date shall not be made for such converting Holder. Instead, such Holder
shall be treated as if such Holder were the record owner of the shares of Common Stock on an unadjusted basis and participate in the related
dividend, distribution or other event giving rise to such adjustment.
(g) Except
as stated herein, the Company shall not adjust the Conversion Rate for the issuance of shares of the Common Stock or any securities convertible
into or exchangeable for shares of the Common Stock or the right to purchase shares of the Common Stock or such convertible or exchangeable
securities.
(h) In
addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 14.04, and subject to applicable exchange
listing rules, the Company from time to time may increase the Conversion Rate by any amount for a period of at least 20 Business Days
if the Company determines that such increase would be in the Company’s best interest. In addition, subject to applicable exchange
listing rules, the Company may (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 shares of Common Stock in connection with a dividend or distribution of shares of Common Stock (or
rights to acquire shares of Common Stock) or similar event.
(i) Notwithstanding
anything to the contrary in this Article 14, the Conversion Rate shall not be adjusted:
(i) upon
the issuance of any shares of Common Stock at a price below the Conversion Price or otherwise, other than any such issuance described
in clause (a), (b) or (c) of this Section 14.04;
(ii) 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 the Company’s securities and the investment of additional optional amounts in shares of Common Stock under any plan;
(iii) upon
the issuance of any shares of Common Stock or options or rights to purchase those shares pursuant to any present or future employee, director
or consultant benefit or incentive plan or program (including pursuant to any evergreen plan) of or assumed by the Company or any of the
Company’s Subsidiaries;
(iv) upon
the issuance of any shares of the Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or convertible security
not described in clause (iii) of this subsection and outstanding as of the date the Notes were first issued;
(v) for
a third-party tender offer by any party other than a tender offer by one or more of the Company’s Subsidiaries as described in clause
(e) of this Section 14.04;
(vi) upon
the repurchase of any shares of Common Stock pursuant to an open market share purchase program or other buy-back transaction, including
structured or derivative transactions such as accelerated share repurchase transactions or similar forward derivatives, or other buy-back
transaction, that is not a tender offer or exchange offer of the kind described under clause (e) of this Section 14.04;
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(vii) solely
for a change in the par value (or lack of par value) of the Common Stock; or
(viii) for
accrued and unpaid interest, if any.
(j) All
calculations and other determinations under this Article 14 shall be made by the Company and shall be made to the nearest one-ten thousandth
(1/10,000th) of a share.
(k) If
an adjustment to the Conversion Rate otherwise required by this Section 14.04 would result in a change of less than 1% to the Conversion
Rate, then, notwithstanding the foregoing, the Company may, at its election, defer and carry forward such adjustment, except that all
such deferred adjustments must be given effect immediately upon the earliest to occur of the following: (i) when all such deferred adjustments
would result in an aggregate change of at least 1% to the Conversion Rate, (ii) on the Conversion Date for any Notes (in the case of Physical
Settlement), (iii) on each Trading Day of any Observation Period related to any conversion of Notes (in the case of Cash Settlement or
Combination Settlement), (iv) April 15, 2031, (v) on any date on which the Company delivers a Notice of Redemption and (vi) on the effective
date of any Fundamental Change and/or Make-Whole Fundamental Change, in each case, unless the adjustment has already been made.
(l) Whenever
the Conversion Rate is adjusted as herein provided, the Company shall promptly file with the Trustee (and the Conversion Agent if not
the Trustee) an Officer’s Certificate setting forth the Conversion Rate after such adjustment and setting forth a brief statement
of the facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee and Conversion Agent shall have received
such Officer’s Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and may assume
without inquiry that the last Conversion Rate of which it has knowledge is still in effect. Promptly after delivery of such certificate,
the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted Conversion Rate and the date on
which each adjustment becomes effective and shall deliver such notice of such adjustment of the Conversion Rate to each Holder. Failure
to deliver such notice shall not affect the legality or validity of any such adjustment. 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.
(m) For
purposes of this Section 14.04, the number of shares of Common Stock at any time outstanding shall not include shares of Common Stock
held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution on shares of Common Stock
held in the treasury of the Company, but shall include shares of Common Stock issuable in respect of scrip certificates issued in lieu
of fractions of shares of Common Stock.
Section 14.05. Adjustments
of Prices. Whenever any provision of this Indenture requires the Company to calculate
the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts over a span of multiple days
(including, without limitation, an Observation Period and the period, if any, for determining the Stock Price for purposes of a Make-Whole
Fundamental Change or a Notice of Redemption), the Company shall, in good faith, make appropriate adjustments (without duplication in
respect of any adjustment made pursuant to Section 14.04) to each 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-Dividend Date, Effective Date or expiration date, as the case
may be, of the event occurs at any time during the period when the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values
or the Daily Settlement Amounts are to be calculated.
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Section 14.06. Shares
to Be Fully Paid. The Company shall at all times provide free from preemptive rights,
out of its authorized but unissued shares or shares held in treasury, a number of shares of Common Stock sufficient to provide for conversion
of the Notes from time to time as such Notes are presented for conversion (assuming delivery of the maximum number of Additional Shares
pursuant to Section 14.03 and that at the time of computation of such number of shares, all such Notes would be converted by a single
Holder and that Physical Settlement were applicable).
Section 14.07. Effect
of Recapitalizations, Reclassifications and Changes of the Common Stock.
(a) In
the case of:
(i) any
recapitalization, reclassification or change of the Common Stock (other than a change to par value, or from par value to no par value,
or changes resulting from a subdivision or combination),
(ii) any
consolidation, merger, combination or similar transaction involving the Company,
(iii) any
sale, lease or other transfer to a third party of the consolidated assets of the Company and the Company’s Subsidiaries substantially
as an entirety or
(iv) any
statutory share exchange,
in each case, as a result of which the Common Stock
would be converted into, or exchanged for, stock, other securities, other property or assets (including cash or any combination thereof)
(any such event, a “Share Exchange Event”), then, at and after the effective time of such Share Exchange Event, the
right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such principal amount of Notes into the
kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder
of a number of shares of Common Stock equal to the Conversion Rate immediately prior to such Share Exchange Event would have owned or
been entitled to receive (the “Reference Property,” with each “unit of Reference Property” meaning
the kind and amount of Reference Property that a holder of one share of Common Stock is entitled to receive) upon such Share Exchange
Event and, prior to or at the effective time of such Share Exchange Event, the Company or the successor or acquiring Person, as the case
may be, shall execute with the Trustee a supplemental indenture permitted under Section 10.01(g) providing for such change in the right
to convert each $1,000 principal amount of Notes; provided, however, that at and after the effective time of the Share Exchange
Event (A) the Company or the successor or acquiring Person, as the case may be, shall continue to have the right to determine the form
of consideration to be paid or delivered, as the case may be, upon conversion of Notes in accordance with Section 14.02 and (B) (I) any
amount payable in cash upon conversion of the Notes in accordance with Section 14.02 shall continue to be payable in cash, (II) the number
of shares of Common Stock, if any, that the Company would have been required to deliver upon conversion of the Notes in accordance with
Section 14.02 shall instead be deliverable in the amount and type of Reference Property that a holder of that number of shares of Common
Stock would have received in such Share Exchange Event and (III) the Daily VWAP shall be calculated based on the value of a unit of Reference
Property that a holder of one share of Common Stock would have received in such Share Exchange Event.
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If the Share Exchange Event causes
the Common Stock to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based
in part upon any form of stockholder election), then (i) the Reference Property into which the Notes will be convertible shall be deemed
to be the weighted average of the types and amounts of consideration actually received by the holders of Common Stock, and (ii) the unit
of Reference Property for purposes of the immediately preceding paragraph shall refer to the consideration referred to in clause (i) attributable
to one share of Common Stock. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing
of such weighted average as soon as practicable after such determination is made. If the holders of the Common Stock receive only cash
in such Share Exchange Event, then for all conversions for which the relevant Conversion Date occurs after the effective date of such
Share Exchange Event (A) the consideration due upon conversion of each $1,000 principal amount of Notes shall be solely cash in an amount
equal to the Conversion Rate in effect on the Conversion Date (as may be increased by any Additional Shares pursuant to Section 14.03),
multiplied by the price paid per share of Common Stock in such Share Exchange Event and (B) the Company shall satisfy the Conversion
Obligation by paying cash to converting Holders on the second Business Day immediately following the relevant Conversion Date.
If the Reference Property in
respect of any such Share Exchange Event includes, in whole or in part, shares of Common Equity or American depositary receipts (or other
interests) in respect thereof, such supplemental indenture described in the second immediately preceding paragraph shall provide for anti-dilution
and other adjustments that shall be as nearly equivalent as is possible to the adjustments provided for in this Article 14 with respect
to the portion of the Reference Property consisting of such Common Equity or American depositary receipts (or other interests) in respect
thereof. If, in the case of any Share Exchange Event, the Reference Property includes shares of stock, securities or other property or
assets (including any combination thereof), other than cash and/or cash equivalents, of a Person other than the Company or the successor
or acquiring Person, as the case may be, in such Share Exchange Event, then such supplemental indenture shall also be executed by such
other Person, if such Person is an Affiliate of the Company or the successor or acquiring Person, and shall contain such additional provisions
to protect the interests of the Holders as the Company shall in good faith reasonably consider necessary by reason of the foregoing, including
the provisions providing for the purchase rights set forth in Article 15.
If the Notes become convertible
into Reference Property, the Company shall notify the Trustee and the Conversion Agent (if other than the Trustee) and issue a press release
containing the relevant information, disclose the relevant information in a Current Report on Form 8-K or post such information on the
Company’s website.
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(b) When
the Company executes a supplemental indenture pursuant to subsection (a) of this Section 14.07, the Company shall promptly file with the
Trustee an Officer’s Certificate briefly stating the reasons therefor, the kind or amount of cash, securities or property or asset
that will comprise a unit of Reference Property after any such Share Exchange Event, any adjustment to be made with respect thereto and
that all conditions precedent have been complied with, and shall promptly deliver or cause to be delivered notice thereof to all Holders.
The Company shall cause notice of the execution of such supplemental indenture to be delivered to each Holder within 20 days after execution
thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture.
(c) The
Company shall not become a party to any Share Exchange Event unless its terms are consistent with this Section 14.07. None of the foregoing
provisions shall affect the right of a Holder to convert its Notes into cash, shares of Common Stock or a combination of cash and shares
of Common Stock, as applicable, as set forth in Section 14.01 and Section 14.02 prior to the effective date of such Share Exchange Event.
(d) The
above provisions of this Section shall similarly apply to successive Share Exchange Events.
Section 14.08. Certain
Covenants. (a) The Company covenants that all shares of Common Stock issued upon conversion
of Notes will be fully paid and non-assessable by the Company and free from all documentary, stamp or similar issue or transfer taxes,
liens and charges with respect to the issue thereof.
(b) The
Company covenants that, if any shares of Common Stock 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 shares of Common Stock may be validly issued
upon conversion, the Company will, to the extent then permitted by the rules and interpretations of the Commission, secure such registration
or approval, as the case may be.
(c) The
Company further covenants that if at any time the Common Stock shall be listed on any national securities exchange or automated quotation
system the Company will use its commercially reasonable efforts to list and keep listed, so long as the Common Stock shall be so listed
on such exchange or automated quotation system, any Common Stock issuable upon conversion of the Notes.
Section 14.09. Responsibility
of Trustee. The Trustee and any other Conversion Agent shall not at any time be under
any duty or responsibility to any Holder to determine the Conversion Rate (or any adjustment thereto) or whether any facts exist that
may require any adjustment (including any increase) of the Conversion Rate, or with respect to the nature or extent or calculation of
any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed,
in making the same. The Trustee and any other Conversion Agent shall not be accountable with respect to the validity or value (or the
kind or amount) of any shares of Common Stock, or of any securities, property or cash that may at any time be issued or delivered upon
the conversion of any Note; and the Trustee and any other Conversion Agent make no representations with respect thereto. Neither the
Trustee nor any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares of Common
Stock or stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of conversion or to
comply with any of the duties, responsibilities or covenants of the Company contained in this Article. Without limiting the generality
of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of any
provisions contained in any supplemental indenture entered into pursuant to Section 14.07 relating either to the kind or amount of shares
of stock or securities or property (including cash) receivable by Holders upon the conversion of their Notes after any event referred
to in such Section 14.07 or to any adjustment to be made with respect thereto, but, subject to the provisions of Section 7.01, may accept
(without any independent investigation) as conclusive evidence of the correctness of any such provisions, and shall be protected in relying
upon, the Officer’s Certificate (which the Company shall be obligated to file with the Trustee and the Conversion Agent prior to
the execution of any such supplemental indenture) with respect thereto. Neither the Trustee nor the Conversion Agent shall be responsible
for determining whether any event contemplated by Section 14.01(b) has occurred that makes the Notes eligible for conversion or no longer
eligible therefor until the Company has delivered to the Trustee and the Conversion Agent the notices referred to in Section 14.01(b)
with respect to the commencement or termination of such conversion rights, on which notices the Trustee and the Conversion Agent may
conclusively rely, and the Company agrees to deliver such notices to the Trustee and the Conversion Agent immediately after the occurrence
of any such event or at such other times as shall be provided for in Section 14.01(b).
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Section 14.10. [Reserved]..
Section 14.11. Stockholder
Rights Plans. If the Company has a stockholder rights plan in effect upon conversion of
the Notes, each share of Common Stock, if any, issued upon such conversion shall be entitled to receive the appropriate number of rights,
if any, and the certificates representing the Common Stock issued upon such conversion shall bear such legends, if any, in each case
as may be provided by the terms of any such stockholder rights plan, as the same may be amended from time to time. However, if, prior
to any conversion of Notes, the rights have separated from the shares of Common Stock in accordance with the provisions of the applicable
stockholder rights plan, the Conversion Rate shall be adjusted at the time of separation as if the Company distributed to all or substantially
all holders of the Common Stock Distributed Property as provided in Section 14.04(c), subject to readjustment in the event of the expiration,
termination or redemption of such rights.
Section 14.12. Exchange
in Lieu of Conversion.
(a) When
a Holder surrenders any Notes for conversion, the Company may, at its election (an “Exchange Election”), direct the
Conversion Agent to deliver, on or prior to the Trading Day immediately following the Conversion Date, such Notes to one or more financial
institutions designated by the Company (each, a “Designated Financial Institution”) for exchange in lieu of conversion.
In order to accept any Notes surrendered for conversion, the Designated Financial Institution(s) must agree to timely pay and/or deliver,
as the case may be, in exchange for such Notes, the cash, shares of Common Stock or combination thereof that would otherwise be due upon
conversion pursuant to Section 14.02 or such other amount agreed to by the Holder and the Designated Financial Institution(s) (the “Conversion
Consideration”). If the Company makes an Exchange Election, the Company shall, by the close of business on the Trading Day following
the relevant Conversion Date, notify in writing the Trustee, the Conversion Agent (if other than the Trustee) and the Holder surrendering
Notes for conversion that the Company has made the Exchange Election, and the Company shall promptly notify the Designated Financial Institution(s),
the Trustee and the Conversion Agent (if other than the Trustee) of the relevant deadline for delivery of the Conversion Consideration
and the type of Conversion Consideration to be paid and/or delivered, as the case may be.
(b) Any
Notes delivered to the Designated Financial Institution(s) shall remain outstanding, subject to the applicable procedures of the Depositary.
If the Designated Financial Institution(s) agree(s) to accept any Notes for exchange but does not timely pay and/or deliver, as the case
may be, the related Conversion Consideration, or if such Designated Financial Institution(s) does not accept the Notes for exchange, the
Company shall pay and/or deliver, as the case may be, the relevant Conversion Consideration, as, and at the time, required pursuant to
this Indenture as if the Company had not made the Exchange Election.
(c) The
Company’s designation of any Designated Financial Institution(s) to which the Notes may be submitted for exchange does not require
such Designated Financial Institution(s) to accept any Notes.
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ARTICLE
15
REPURCHASE OF NOTES AT OPTION OF HOLDERS
Section 15.01. [Intentionally
Omitted].
Section 15.02. Repurchase
at Option of Holders Upon a Fundamental Change.
(a) Except
as provided below, if a Fundamental Change occurs at any time, each Holder shall have the right, at such Holder’s option, to require
the Company to repurchase for cash all of such Holder’s Notes, or any portion of the principal amount thereof properly surrendered
and not validly withdrawn pursuant to Section 15.03 that is equal to $1,000 or an integral multiple of $1,000, on the date (the “Fundamental
Change Repurchase Date”) specified by the Company that is not less than 20 Business Days or more than 35 Business Days following
the date of the Fundamental Change Company Notice at a repurchase price equal to 100% of the principal amount thereof, plus accrued
and unpaid interest thereon to, but excluding, the Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”),
unless the Fundamental Change Repurchase Date falls after a Regular Record Date but on or prior to the Interest Payment Date to which
such Regular Record Date relates, in which case the Company shall instead pay the full amount of accrued and unpaid interest to Holders
of record as of the close of business as of such Regular Record Date on such Interest Payment Date, and the Fundamental Change Repurchase
Price shall be equal to 100% of the principal amount of Notes to be repurchased pursuant to this Article 15. The Trustee and the Conversion
Agent, Paying Agent or any other agent appointed for such purpose shall have no responsibility to determine the Fundamental Change Repurchase
Price.
(b) Repurchases
of Notes under this Section 15.02 shall be made, at the option of the Holder thereof, upon:
(i) delivery
to the Paying Agent by a Holder of a duly completed notice (the “Fundamental Change Repurchase Notice”) in the form
set forth in Attachment 2 to the Form of Note attached hereto as Exhibit A, if the Notes are Physical Notes, or in compliance with the
Depositary’s applicable procedures for surrendering interests in Global Notes, if the Notes are Global Notes, in each case, on or
before the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date; and
(ii) delivery
of the Notes, if the Notes are Physical Notes, to the Paying Agent at any time after delivery of the Fundamental Change Repurchase Notice
(together with all necessary endorsements for transfer) at the Corporate Trust Office of the Paying Agent, or book-entry transfer of the
Notes, if the Notes are Global Notes, in compliance with the applicable procedures of the Depositary, in each case, such delivery or transfer
being a condition to receipt by the Holder of the Fundamental Change Repurchase Price therefor.
The Fundamental Change Repurchase
Notice in respect of any Physical Notes to be repurchased shall state:
(i) the
certificate numbers of the Notes to be delivered for repurchase;
(ii) the
portion of the principal amount of Notes to be repurchased, which must be $1,000 or an integral multiple thereof; and
(iii) that
the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this Indenture.
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If the Notes are Global Notes, to exercise the Fundamental
Change repurchase right, Holders must surrender their Notes in accordance with applicable Depositary’s applicable procedures.
Notwithstanding anything herein
to the contrary, any Holder delivering to the Paying Agent the Fundamental Change Repurchase Notice contemplated by this Section 15.02
shall have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the close of business
on the Business Day immediately preceding the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal to the
Paying Agent in accordance with Section 15.03.
The Paying Agent shall promptly
notify the Company of the receipt by it of any Fundamental Change Repurchase Notice or written notice of withdrawal thereof.
(c) On
or before the 20th Business Day after the occurrence of the effective date of a Fundamental Change, the Company shall provide to all Holders
and the Trustee, the Conversion Agent (if other than the Trustee) and the Paying Agent (if other than the Trustee) a notice (the “Fundamental
Change Company Notice”) of the occurrence of the effective date of the Fundamental Change and of the resulting repurchase right
at the option of the Holders arising as a result thereof. In the case of Physical Notes, such notice shall be delivered by first class
mail or, in the case of Global Notes, such notice shall be delivered in accordance with the applicable procedures of the Depositary. Simultaneously
with providing such notice, the Company shall publish such information on the Company’s website or through such other public medium
as the Company may use at that time. Each Fundamental Change Company Notice shall specify:
(i) the
events causing the Fundamental Change;
(ii) the
effective date of the Fundamental Change;
(iii) the
last date on which a Holder may exercise the repurchase right pursuant to this Article 15;
(iv) the
Fundamental Change Repurchase Price;
(v) the
Fundamental Change Repurchase Date;
(vi) the
name and address of the Trustee, Paying Agent and the Conversion Agent, if applicable;
(vii) if
applicable, the Conversion Rate and any adjustments to the Conversion Rate as a result of the Fundamental Change (or related Make-Whole
Fundamental Change);
(viii) that
the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a Holder may be converted only if the Holder
withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture; and
(ix) the
procedures that Holders must follow to require the Company to repurchase their Notes.
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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 15.02.
At the Company’s written
request given at least three (3) Business Days before such notice is to be sent (or such shorter period as shall be acceptable to the
Trustee), the Trustee shall give such notice in the Company’s name and at the Company’s expense; provided, however,
that, in all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company.
(d) Notwithstanding
anything to the contrary in this Article 15, the Company shall not be required to repurchase, or to make an offer to repurchase, the Notes
upon a Fundamental Change if a third party makes such an offer in the same manner, at the same time and otherwise in compliance with the
requirements for an offer made by the Company as set forth in this Article 15 and such third party purchases all Notes properly surrendered
and not validly withdrawn under its offer in the same manner, at the same time and otherwise in compliance with the requirements for an
offer made by the Company as set forth above.
(e) Notwithstanding
the foregoing, no Notes may be repurchased by the Company on any date at the option of the Holders upon a Fundamental Change if the principal
amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date (except in the case of
an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such
Notes). The Paying Agent will promptly return to the respective Holders thereof any Physical Notes held by it during the acceleration
of the Notes (except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase
Price with respect to such Notes), or any instructions for book-entry transfer of the Notes in compliance with the applicable procedures
of the Depositary shall be deemed to have been cancelled, and, upon such return or cancellation, as the case may be, the Fundamental Change
Repurchase Notice with respect thereto shall be deemed to have been withdrawn.
(f) Notwithstanding
anything to the contrary in this Section 15.02, the Company shall not be required to send a Fundamental Change Company Notice, or offer
to repurchase or repurchase any Notes, as set forth in this Article 15, in connection with a Fundamental Change occurring pursuant to
clause (b)(A) or (B) (or pursuant to clause (a) that also constitutes a Fundamental Change occurring pursuant to clause (b)(A) or (B))
of the definition thereof, if: (i) such Fundamental Change constitutes a Share Exchange Event whose Reference Property consists entirely
of cash in U.S. dollars; (ii) immediately after such Fundamental Change, the Notes become convertible (pursuant to Section 14.07 and,
if applicable, Section 14.03) into consideration that consists solely of U.S. dollars in an amount per $1,000 principal amount of Notes
that equals or exceeds the Fundamental Change Repurchase Price per $1,000 principal amount of Notes (calculated assuming that the same
includes the maximum amount of accrued but unpaid interest payable as part of the Fundamental Change Repurchase Price for such Fundamental
Change); and (iii) the Company timely sends the notice relating to such Fundamental Change required pursuant to Section 14.01(b)(iii).
Any Fundamental Change with respect to which, in accordance with the provisions described in this Section 15.02(f), the Company is not
required to offer to repurchase any Notes is referred to as herein as an “Exempted Fundamental Change.”
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Section 15.03. Withdrawal
of Fundamental Change Repurchase Notice. (a) A Fundamental Change Repurchase Notice may
be withdrawn (in whole or in part) in respect of Physical Notes by means of a written notice of withdrawal delivered to the Corporate
Trust Office of the Paying Agent in accordance with this Section 15.03 at any time prior to the close of business on the Business Day
immediately preceding the Fundamental Change Repurchase Date, specifying:
(i) the
principal amount of the Notes with respect to which such notice of withdrawal is being submitted, which must be $1,000 or an integral
multiple thereof,
(ii) if
Physical Notes have been issued, the certificate number of the Note in respect of which such notice of withdrawal is being submitted,
and
(iii) the
principal amount, if any, of such Note that remains subject to the original Fundamental Change Repurchase Notice, which portion must be
in principal amounts of $1,000 or an integral multiple of $1,000;
If the Notes are Global Notes, Holders may withdraw
their Notes subject to repurchase at any time prior to the close of business on the Business Day immediately preceding the Fundamental
Change Repurchase Date in accordance with applicable procedures of the Depositary.
Section 15.04. Deposit
of Fundamental Change Repurchase Price. (a) The Company will 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 4.04) on or prior to 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date an amount
of money sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental Change 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 validly withdrawn prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase
Date) will be made on the later of (i) the Fundamental Change Repurchase Date (provided the Holder has satisfied the conditions
in Section 15.02) and (ii) 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 Section 15.02 by mailing checks for the amount payable to the Holders
of such Notes entitled thereto as they shall appear in the Note 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 Fundamental Change Repurchase
Price.
(b) If
by 11:00 a.m. New York City time, on the Fundamental Change Repurchase Date, the Trustee (or other Paying Agent appointed by the Company)
holds money sufficient to pay the Fundamental Change Repurchase Price (and, to the extent not included in the Fundamental Change Repurchase
Price, accrued and unpaid interest, if applicable) of the Notes to be repurchased on such Fundamental Change Repurchase Date, then, with
respect to the Notes that have been properly surrendered for repurchase and have not been validly withdrawn, (i) such Notes will cease
to be outstanding, (ii) interest will cease to accrue on such Notes (whether or not book-entry transfer of the Notes has been made or
whether or not the Notes have been delivered to the Trustee or Paying Agent) and (iii) all other rights of the Holders of such Notes will
terminate (other than (x) the right to receive the Fundamental Change Repurchase Price and (y) if the Fundamental Change Repurchase Date
falls after a Regular Record Date but on or prior to the related Interest Payment Date, the right of the Holder of record on such Regular
Record Date to receive the full amount of accrued and unpaid interest relating to such Regular Record Date).
(c) Upon
surrender of a Note that is to be repurchased in part pursuant to Section 15.02, the Company shall execute and the Trustee shall authenticate
and deliver to the Holder a new Note in an authorized denomination equal in principal amount to the unrepurchased portion of the Note
surrendered.
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Section 15.05. Covenant
to Comply with Applicable Laws Upon Repurchase of Notes. In connection with any repurchase
offer upon a Fundamental Change pursuant to this Article 15, the Company will, if required:
(a) comply
with the tender offer rules under the Exchange Act that may then be applicable;
(b) file
a Schedule TO or any other required schedule under the Exchange Act; and
(c) otherwise
comply in all material respects with all federal and state securities laws in connection with any offer by the Company to repurchase the
Notes;
in each case, so as to permit the rights and obligations
under this Article 15 to be exercised in the time and in the manner specified in this Article 15.
To the extent that the provisions
of any securities laws or regulations enacted or adopted after the date of this Indenture conflict with the provisions of this Indenture
relating to the Company’s obligations to repurchase the Notes upon a Fundamental Change, the Company shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its obligations under such provisions of this Indenture by virtue
of such conflict.
ARTICLE
16
REDEMPTION
Section 16.01. Optional
Redemption. No sinking fund is provided for the Notes. The Notes shall not be redeemable
by the Company prior to July 20, 2029 except as set forth in Section 16.02. On or after July 20, 2029, and prior to the 31st Scheduled
Trading Day immediately preceding the Maturity Date, the Company may redeem (an “Optional Redemption”) for cash all
or any portion of the Notes (subject to the Partial Redemption Limitation), at the Redemption Price, if the Last Reported Sale Price
of the Common Stock has been at least 130% of the Conversion Price then in effect for at least 20 Trading Days (whether or not consecutive)
during any 30 consecutive Trading Day period (including the last Trading Day of such period) ending on, and including, the Trading Day
immediately preceding the date on which the Company provides the Notice of Redemption in accordance with Section 16.03.
Section 16.02. Cleanup
Redemption. The Company may redeem for cash all, but not less than all, of the Notes,
at its option, at any time, but only if the principal amount of the Notes outstanding at such time is less than 10% of the aggregate
principal amount of the Notes initially issued under this Indenture (including any additional Notes issued pursuant to the exercise of
the initial purchasers’ option to purchase additional Notes) (a “Cleanup Redemption”).
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Section 16.03. Notice
of Optional Redemption or Cleanup Redemption; Selection of Notes.
(a) In
case the Company exercises its Optional Redemption right to redeem all or, as the case may be, any part of the Notes pursuant to Section
16.01 or its Cleanup Redemption right to redeem all of the Notes pursuant to Section 16.02, it shall fix a date for redemption (each,
a “Redemption Date”) and it or, at its written request received by the Trustee not less than 5 Business Days prior
to the date such Notice of Redemption is to be sent (or such shorter period of time as may be acceptable to the Trustee), the Trustee,
in the name of and at the expense of the Company, shall deliver or cause to be delivered a written notice of such Optional Redemption
or Cleanup Redemption (a “Notice of Redemption”) not less than 35 nor more than 65 Scheduled Trading Days prior to
the Redemption Date to each Holder so to be redeemed as a whole or in part; provided, however, that, if the Company shall
give such notice, it shall also give written notice of the Redemption Date to the Trustee, the Paying Agent (if other than the Trustee)
and the Conversion Agent (if other than the Trustee); provided further that if, in accordance with the provisions described in
Section 14.02(a)(iii), the Company elects through delivery of a Settlement Notice to settle all conversions of Notes with a Conversion
Date that occurs on or after the date of issuance of a Notice of Redemption with respect to the Notes and prior to the related Redemption
Date, by Physical Settlement, then the Company may instead elect to choose a Redemption Date that is a Business Day not less than 10 nor
more than 65 Scheduled Trading Days after the date the Company sends such Notice of Redemption to each Holder so to be redeemed as a whole
or in part. The Redemption Date must be a Business Day.
(b) The
Notice of Redemption, if delivered in the manner herein provided, shall be conclusively presumed to have been duly given, whether or not
the Holder receives such notice. In any case, failure to give such Notice of Redemption or any defect in the Notice of Redemption to the
Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption
of any other Note.
(c) Each
Notice of Redemption shall specify:
(i) the
Redemption Date;
(ii) the
Redemption Price;
(iii) that
on the Redemption Date, the Redemption Price will become due and payable upon each Note to be redeemed, and that interest thereon, if
any, shall cease to accrue on and after payment of the Redemption Price in full on the Redemption Date;
(iv) the
place or places where such Notes are to be surrendered for payment of the Redemption Price;
(v) that
Holders of Called Notes may surrender their Notes for conversion at any time prior to the close of business on the second Scheduled Trading
Day immediately preceding the Redemption Date;
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(vi) the
procedures a converting Holder must follow to convert its Called Notes and the Settlement Method and Specified Dollar Amount, if applicable;
(vii) the
Conversion Rate and, if applicable, the number of Additional Shares added to the Conversion Rate in accordance with Section 14.03;
(viii) the
CUSIP, ISIN or other similar numbers, if any, assigned to such Notes;
(ix) whether
such redemption is an Optional Redemption or Cleanup Redemption; and
(x) in
case any Note is to be redeemed in part only pursuant to an Optional Redemption, the portion of the principal amount thereof to be redeemed
and on and after the Redemption Date, upon surrender of such Note, a new Note in principal amount equal to the unredeemed portion thereof
shall be issued.
A Notice of Redemption shall be irrevocable.
(d) If
the Company elects to redeem fewer than all of the outstanding Notes pursuant to an Optional Redemption, at least $75,000,000 aggregate
principal amount of Notes must be outstanding and not subject to Optional Redemption as of the time the Company delivers, and after giving
effect to the delivery of, the Notice of Redemption (such requirement, the “Partial Redemption Limitation”). If fewer
than all of the outstanding Notes are to be redeemed pursuant to an Optional Redemption and the Notes to be redeemed are Global Notes,
the Notes to be redeemed shall be selected by the Depositary in accordance with the applicable procedures of the Depositary. If fewer
than all of the outstanding Notes are to be redeemed pursuant to an Optional Redemption and the Notes to be redeemed are not Global Notes,
the Trustee shall select the Notes or portions thereof to be redeemed (in principal amounts of $1,000 or multiples thereof) by lot, on
a pro rata basis or by another method the Trustee considers to be fair and appropriate. If any Note selected for partial redemption
by the Trustee (or the Depositary, with respect to Global Notes) pursuant to an Optional Redemption is submitted for conversion in part
after such selection, the portion of the Note submitted for conversion shall be deemed (so far as may be possible) to be the portion selected
for redemption, subject, in the case of Notes represented by a Global Note, to the Depositary’s applicable procedures.
Section 16.04. Payment
of Notes Called for Redemption.
(a) If
any Notice of Redemption has been given in respect of all or any part of the Notes in accordance with Section 16.03, the Notes so subject
to Optional Redemption or Cleanup Redemption shall become due and payable on the Redemption Date at the place or places stated in the
Notice of Redemption and at the applicable Redemption Price. On presentation and surrender of the Notes to be redeemed at the place or
places stated in the Notice of Redemption, such Notes shall be paid and redeemed by the Company at the applicable Redemption Price.
(b) Prior
to 11:00 a.m. New York City time on the Redemption Date, the Company shall deposit with the Paying Agent or, if the Company or a Subsidiary
of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 7.05 an amount of cash (in immediately
available funds if deposited on the Redemption Date), sufficient to pay the Redemption Price of all of the Notes to be redeemed on such
Redemption Date. Subject to receipt of funds by the Paying Agent, payment for the Notes to be redeemed shall be made on the Redemption
Date for such Notes. The Paying Agent shall, promptly after such payment and upon written demand by the Company, return to the Company
any funds in excess of the Redemption Price. Upon surrender of a Note that is to be redeemed in part pursuant to Section 16.01, the Company
shall execute and the Trustee shall authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal
amount to the unredeemed portion of the Note surrendered.
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Section 16.05. Restrictions
on Redemption. The Company may not redeem any Notes on any date if the principal amount
of the Notes has been accelerated in accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or
prior to the Redemption Date (except in the case of an acceleration resulting from a Default by the Company in the payment of the Redemption
Price with respect to such Notes).
ARTICLE
17
MISCELLANEOUS PROVISIONS
Section 17.01. Provisions
Binding on Company’s Successors. All the covenants, stipulations, promises and agreements
of the Company contained in this Indenture shall bind its successors and assigns whether so expressed or not.
Section 17.02. Official
Acts by Successor Company. Any act or proceeding by any provision of this Indenture authorized
or required to be done or performed by any board, committee or Officer of the Company shall and may be done and performed with like force
and effect by the like board, committee or officer of any corporation or other entity that shall at the time be the lawful sole successor
of the Company.
Section 17.03. Addresses
for Notices, Etc. Any notice or demand that by any provision of this Indenture is required
or permitted to be given or served by the Trustee or by the Holders on the Company shall be deemed to have been sufficiently given or
made, for all purposes if given or served by overnight courier or by being deposited postage prepaid by registered or certified mail
in a post office letter box addressed (until another address is filed by the Company with the Trustee) to Fermi Inc., 620 S. Taylor Street,
Suite 301, Amarillo, TX 79101, Attention: General Counsel email: [_________]. Any notice, direction, request or demand hereunder
to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited
postage prepaid by registered or certified mail in a post office letter box addressed to the Corporate Trust Office or sent electronically
in PDF format, whether by mail or electronically, upon actual receipt by the Trustee.
Notwithstanding any other provision
of this Indenture, notices to the Trustee, the Conversion Agent or the Paying Agent shall only be deemed received upon actual receipt
thereof by a Responsible Officer at the Corporate Trust Office or the Paying Corporate Trust Office, as applicable.
The Trustee, by notice to the
Company, may designate additional or different addresses for subsequent notices or communications.
Any notice or communication delivered
or to be delivered to a Holder of Physical Notes shall be mailed to it by first class mail, postage prepaid, at its address as it appears
on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed; provided that notice to the
Trustee and the Conversion Agent shall be deemed given in the manner provided in the second immediately preceding paragraph or otherwise
upon actual receipt by the Trustee or the Conversion Agent, as applicable. Any notice or communication delivered or to be delivered to
a Holder of Global Notes shall be delivered in accordance with the applicable procedures of the Depositary and shall be sufficiently given
to it if so delivered within the time prescribed. Notwithstanding any other provision of this Indenture or any Note, where this Indenture
or any Note provides for notice of any event (including any Notice of Redemption or Fundamental Change Company Notice) to a Holder of
a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant
to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with the Depositary’s
applicable procedures.
Failure to mail or deliver a
notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or
communication is mailed or delivered, as the case may be, in the manner provided above, it is duly given, whether or not the addressee
receives it.
In case by reason of the suspension
of regular mail service or by reason of any other cause it shall be impracticable to give such notice to Holders by mail, then such notification
as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.
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Section 17.04. Governing
Law; Jurisdiction. THIS INDENTURE AND EACH NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
The Company irrevocably consents
and agrees, for the benefit of the Holders from time to time of the Notes and the Trustee, that any legal action, suit or proceeding against
it with respect to obligations, liabilities or any other matter arising out of or in connection with this Indenture or the Notes may be
brought in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan, New York City,
New York and, until amounts due and to become due in respect of the Notes have been paid, hereby irrevocably consents and submits to the
non-exclusive jurisdiction of each such court in personam, generally and unconditionally with respect to any action, suit or proceeding
for itself in respect of its properties, assets and revenues.
The Company irrevocably and unconditionally
waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any of the
aforesaid actions, suits or proceedings arising out of or in connection with this Indenture brought in the courts of the State of New
York or the courts of the United States located in the Borough of Manhattan, New York City, New York and hereby further irrevocably and
unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such
court has been brought in an inconvenient forum.
Section 17.05. Evidence
of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee.
Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the
Company shall, if requested by the Trustee, furnish to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that
such action is permitted by the terms of this Indenture and that all conditions precedent to such action have been complied with.
Each Officer’s Certificate
and Opinion of Counsel provided for, by or on behalf of the Company in this Indenture and delivered to the Trustee with respect to compliance
with this Indenture (other than the Officer’s Certificates provided for in Section 4.08, Section 7.02(h) and Section 8.04) shall
include (a) a statement that the person signing such certificate is familiar with the requested action and this Indenture; (b) a brief
statement as to the nature and scope of the examination or investigation upon which the statement contained in such certificate is based;
(c) a statement that, in the judgment of such person, he or she has made such examination or investigation as is necessary to enable him
or her to express an informed judgment as to whether or not such action is permitted by this Indenture; and (d) a statement as to whether
or not, in the judgment of such person, such action is permitted by this Indenture and that all conditions precedent to such action have
been complied with; provided that no Opinion of Counsel shall be required to be delivered in connection with (1) the original issuance
of Notes on the date hereof under this Indenture, (2) the mandatory exchange of the restricted CUSIP of the Restricted Securities to an
unrestricted CUSIP pursuant to the applicable procedures of the Depositary upon the Notes becoming freely tradable by non-Affiliates of
the Company under Rule 144 unless a new Note is to be authenticated, or (3) a request by the Company that the Trustee deliver a notice
to Holders under this Indenture where the Trustee receives an Officer’s Certificate with respect to such notice. With respect to
matters of fact, an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials.
Notwithstanding anything to the
contrary in this Section 17.05, if any provision in this Indenture specifically provides that the Trustee shall or may receive an Opinion
of Counsel in connection with any action to be taken by the Trustee or the Company hereunder, the Trustee shall be entitled to such Opinion
of Counsel.
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Section 17.06. Legal Holidays.
In any case where any Interest Payment Date, any Fundamental Change Repurchase Date, any Redemption Date or the Maturity Date is not
a Business Day or it is a day on which financial institutions located in the state in which the Corporate Trust Office is located are
authorized or required by law or executive order to close or be closed, then any action to be taken on such date need not be taken on
such date, but may be taken on the next succeeding Business Day that is not a day on which financial institutions located in the state
in which the Corporate Trust Office is located are authorized or required by law or executive order to close or be closed with the same
force and effect as if taken on such date, and no interest shall accrue in respect of the delay.
Section 17.07. No Security
Interest Created. Nothing in this Indenture or in the Notes, expressed or implied, shall
be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted
and in effect, in any jurisdiction.
Section 17.08. Benefits
of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, shall give
to any Person, other than the Holders, the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note
Registrar and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this Indenture.
Section 17.09. Table of
Contents, Headings, Etc.. The table of contents and the titles and headings of the articles
and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall
in no way modify or restrict any of the terms or provisions hereof.
Section 17.10. Authenticating
Agent. The Trustee may appoint an authenticating agent that shall be authorized to act
on its behalf and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof
and transfers and exchanges of Notes hereunder, including under Section 2.04, Section 2.05, Section 2.06, Section 2.07, Section 10.04
and Section 15.04 as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture
and those Sections to authenticate and deliver Notes. For all purposes of this Indenture, the authentication and delivery of Notes by
the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a certificate
of authentication executed on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or
in the Notes for the Trustee’s certificate of authentication. Such authenticating agent shall at all times be a Person eligible
to serve as trustee hereunder pursuant to Section 7.08.
Any corporation or other entity
into which any authenticating agent may be merged or converted or with which it may be consolidated, or any corporation or other entity
resulting from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other
entity succeeding to all or substantially all of the corporate trust business of any authenticating agent, shall be the successor of the
authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section 17.10, without
the execution or filing of any paper or any further act on the part of the parties hereto or the authenticating agent or such successor
corporation or other entity.
Any authenticating
agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate
the agency of any authenticating agent by giving written notice of termination to such authenticating agent and to the Company. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under
this Section, the Trustee may appoint a successor authenticating agent (which may be the Trustee), shall give written notice of such appointment
to the Company and shall deliver notice of such appointment to all Holders.
92
The Company agrees to pay to
the authenticating agent from time to time reasonable compensation for its services although the Company may terminate the authenticating
agent, if it determines such agent’s fees to be unreasonable.
The provisions of Section 7.02,
Section 7.03, Section 7.04, Section 8.03 and this Section 17.10 shall be applicable to any authenticating agent.
If an authenticating agent is
appointed pursuant to this Section 17.10, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication,
an alternative certificate of authentication in the following form:
____________________,
as Authenticating Agent, certifies that this is one of the Notes described
in the within-named Indenture.
By:___________________________________
Authorized Officer
Section 17.11. Execution
in Counterparts. This Indenture may be executed in any number of counterparts, each of
which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of
this Indenture and of signature pages by facsimile, PDF or other electronic transmission shall constitute effective execution and delivery
of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties
hereto transmitted by facsimile, PDF or other electronic transmission shall constitute effective execution and delivery of this Indenture
as to the other parties hereto shall be deemed to be their original signatures for all purposes.
Section 17.12. Severability.
In the event any provision of this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted
by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.
Section 17.13. Waiver
of Jury Trial. EACH OF THE COMPANY, THE HOLDERS OF THE NOTES, BY THEIR ACCEPTANCE THEREOF,
AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.
Section 17.14. Force Majeure.
In no event shall the Trustee or any agents thereof be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work
stoppages, accidents, acts of war or terrorism, pandemics, epidemics, quarantine restrictions, recognized public emergencies, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications
or computer (software and hardware) services; it being understood that the Trustee or any agents thereof, as the case may be, shall use
reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under
the circumstances.
93
Section 17.15. Calculations.
Except as otherwise provided herein, the Company shall be responsible for making all calculations called for under this Indenture and
the Notes. These calculations include, but are not limited to, determinations of the Last Reported Sale Prices of the Common Stock, the
Trading Price of the Notes (for purposes of determining whether the Notes are convertible as described herein), the Daily VWAPs, the
Daily Conversion Values, the Daily Settlement Amounts, accrued interest payable on the Notes, Additional Interest, if any, payable on
the Notes, the Redemption Price and the Conversion Rate of the Notes. The Company shall make all these calculations in good faith and,
absent manifest error, the Company’s calculations shall be final and binding on Holders of Notes. The Company shall provide a schedule
of its calculations to each of the Trustee, the Paying Agent (if other than the Trustee) and the Conversion Agent (if other than the
Trustee), and each of the Trustee, the Paying Agent (if other than the Trustee) and Conversion Agent (if other than the Trustee) is entitled
to rely conclusively upon the accuracy of the Company’s calculations without independent verification. The Company will forward
the Company’s calculations to any Holder of Notes upon the request of that Holder at the sole cost and expense of the Company.
The Trustee, the Paying Agent and the Conversion Agent shall have no responsibility for the calculations under this Indenture or the
Notes or for verifying the Company’s calculations.
Section 17.16. USA PATRIOT
Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT
Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required
to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account
with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order
for the Trustee to satisfy the requirements of the USA PATRIOT Act.
Section 17.17. Tax Withholding.
Any applicable withholding taxes (including backup withholding) may be withheld from interest and payments upon conversion, repurchase,
redemption or maturity of the Notes, and if any withholding taxes (including backup withholding) are paid on behalf of a Holder or beneficial
owner of Notes, those withholding taxes may be withheld from or set off against payments of cash or the delivery of shares of Common
Stock, if any, in respect of the Notes (or any payments on the Common Stock) or sales proceeds received by or other funds or assets of
the Holder or beneficial owner.
Section 17.18. Electronic
Signatures. This Indenture (or any documents executed in connection with this Indenture)
shall be valid, binding and enforceable against a party when executed and delivered by an authorized individual on behalf of the party
by means of (i) an original manual signature, (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature
permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of Uniform Electronic Transactions
Act, and/or any relevant electronic signature law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature
Law”), in each case to the extent applicable. Each faxed, scanned or photocopied manual signature, or other electronic signature,
shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party
hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual
signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity
or authenticity thereof. For the avoidance of doubt, original manual signatures shall be used for the authentication by the Trustee of
Notes, or for the execution or indorsement of writings when required under the Uniform Commercial Code or other Signature Law due to
the character or intended character of the writings. The Company agrees to assume all risks arising out of the use of using digital signatures
and electronic methods to submit communications to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized
instructions and the risk of interception and misuse by third parties.
[Remainder of page intentionally left blank]
94
IN WITNESS WHEREOF, the parties
hereto have caused this Indenture to be duly executed as of the date first written above.
FERMI INC.
By:
/s/ Robert Masson
Name:
Robert L. Masson
Title:
Interim Chief Financial Officer
U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee
By:
/s/ Michael K. Herberger
Name:
Michael K. Herberger
Title:
Vice President
[Signature Page to Indenture]
EXHIBIT A
[FORM OF FACE OF NOTE]
Include the following legend
if a Global Note:
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 HEREUNDER 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.
Include the following legend
if this is a transfer restricted Note:
THE OFFER AND SALE OF THIS NOTE
AND THE SHARES OF COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND NEITHER THIS NOTE NOR ANY
INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF EXCEPT IN
ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:
(1) REPRESENTS
THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER
THE SECURITIES ACT (“RULE 144A”)) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT; AND
(2) (2) AGREES
FOR THE BENEFIT OF FERMI INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE OR ANY
BENEFICIAL INTEREST HEREIN PRIOR TO THE EXPIRATION OF THE HOLDING PERIOD THEN IMPOSED BY RULE 144 UNDER THE SECURITIES ACT (OR ANY SUCCESSOR
PROVISION), EXCEPT ONLY:
(A) TO
THE COMPANY OR ANY SUBSIDIARY THEREOF;
(B) PURSUANT
TO A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT;
(C) FOR
SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A TO A PERSON IT REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A; OR
(D) PURSUANT
TO ANY OTHER EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
BEFORE THE REGISTRATION OF ANY
SALE OR TRANSFER IN ACCORDANCE WITH (2)(C) OR (D) ABOVE, THE COMPANY, THE TRUSTEE AND THE REGISTRAR RESERVE THE RIGHT TO REQUIRE THE DELIVERY
OF SUCH CERTIFICATES, OPINIONS OF COUNSEL OR OTHER DOCUMENTATION OR EVIDENCE AS THEY MAY REASONABLY REQUIRE IN ORDER TO DETERMINE THAT
THE PROPOSED OFFER, SALE OR TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.
A-1
Fermi Inc.
5.00% Convertible Senior Notes due 2031
No. [____]
[Initially]1 $[______]
CUSIP No. [____]2
Fermi Inc., a corporation
duly organized and validly existing under the laws of the State of Texas (the “Company,” which term includes any successor
corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE
& CO.]3 [___________]4, or registered assigns, the principal sum [as set forth in the “Schedule of Exchanges
of Notes” attached hereto]5 [of $[______________]]6, on July 15, 2031, and interest thereon as set forth
below.
This Note shall bear interest at the rate of 5.00%
per year from July 14, 2026, or from the most recent date to which interest has been paid or provided for to, but excluding, the next
scheduled Interest Payment Date until July 15, 2031. Interest is payable semi-annually in arrears on each January 15 and July 15, commencing
on January 15, 2027, to Holders of record at the close of business on the preceding January 1 and July 1 (whether or not such day is a
Business Day), respectively. Additional Interest may be payable as set forth in Section 4.06(d), Section 4.06(e) and Section 6.03 of the
within-mentioned Indenture, and any reference to interest on, or in respect of, any Note therein shall be deemed to include Additional
Interest if, in such context, Additional Interest is, was or would be payable pursuant to any of such Section 4.06(d), Section 4.06(e)
or Section 6.03, and any express mention of the payment of Additional Interest in any provision therein shall not be construed as excluding
Additional Interest in those provisions thereof where such express mention is not made.
Any Defaulted Amounts shall
accrue interest per annum at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including,
the relevant payment date to, but excluding, the date on which such Defaulted Amounts shall have been paid by the Company, at its election,
in accordance with Section 2.03(c) of the Indenture.
1 Include if a global note.
2 This Note will be deemed to be identified by CUSIP No. [____] from and after such time
when (i) the Company delivers, pursuant to Section 2.05(c) of the within-mentioned Indenture, written notice to the Trustee of the occurrence
of the Resale Restriction Termination Date and the removal of the restrictive legend affixed to this Note and (ii) this Note is identified
by such CUSIP number in accordance with the applicable procedures of the Depositary.
3 Include if a global note.
4 Include if a physical note.
5 Include if a global note.
6 Include if a physical note.
A-2
The Company shall pay the principal
of and interest on this Note, if and so long as such Note is a Global Note, in immediately available funds to the Depositary or its nominee,
as the case may be, as the registered Holder of such Note. As provided in and subject to the provisions of the Indenture, the Company
shall pay the principal of any Notes (other than Notes that are Global Notes) at the office or agency designated by the Company for that
purpose. The Company has initially designated the Trustee as its Paying Agent and Note Registrar in respect of the Notes and its Corporate
Trust Office within the contiguous United States of America, as a place where Notes may be presented for payment or for registration of
transfer and exchange.
Reference is made to the further
provisions of this Note set forth on the reverse hereof, including, without limitation, provisions giving the Holder of this Note the
right to convert this Note into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, on the
terms and subject to the limitations set forth in the Indenture. Such further provisions shall for all purposes have the same effect as
though fully set forth at this place.
This Note shall be construed
in accordance with and governed by the laws of the State of New York.
In the case of any conflict between
this Note and the Indenture, the provisions of the Indenture shall control and govern.
This Note shall not be valid
or become obligatory for any purpose until the certificate of authentication hereon shall have been signed manually by the Trustee or
a duly authorized authenticating agent under the Indenture.
[Remainder of page intentionally left blank]
A-3
IN WITNESS WHEREOF, the Company
has caused this Note to be duly executed.
FERMI INC.
By:
Name:
Title:
Dated:
TRUSTEE’S CERTIFICATE OF AUTHENTICATION
U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION
as Trustee, certifies that this is one of the Notes described
in the within-named Indenture.
By:
A-4
REVERSE OF NOTE
Fermi Inc.
5.00% Convertible Senior Notes due 2031
This Note is one of a duly authorized
issue of Notes of the Company, designated as its 5.00% Convertible Senior Notes due 2030 (the “Notes”), initially limited
to the aggregate principal amount of $375,000,000 (or $431,250,000 if the Initial Purchasers’ Option is exercised in full) all issued
or to be issued under and pursuant to an Indenture dated as of July 14, 2026 (the “Indenture”), between the Company
and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal
amount, subject to certain conditions specified in the Indenture. Capitalized terms used in this Note and not defined in this Note shall
have the respective meanings set forth in the Indenture.
In case certain Events of Default
shall have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee or Holders
of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and payable, in the
manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture.
Subject to the terms and conditions
of the Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental
Change Repurchase Date, the Redemption Price on any Redemption Date and the principal amount on the Maturity Date, as the case may be,
to the Holder who surrenders a Note to a Paying Agent to collect such payments in respect of the Note. The Company will pay cash amounts
in money of the United States that at the time of payment is legal tender for payment of public and private debts.
The Indenture contains provisions
permitting the Company and the Trustee in certain circumstances, without the consent of the Holders of the Notes, and in certain 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,
evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as described
therein. It is also provided in the Indenture that, subject to certain exceptions, 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.
Each Holder shall have the right
to receive payment or delivery, as the case may be, of (x) the principal (including the Redemption Price and the Fundamental Change Repurchase
Price, if applicable) of, (y) accrued and unpaid interest, if any, on, and (z) the consideration due upon conversion of, this Note at
the place, at the respective times, at the rate and in the lawful money or shares of Common Stock, as the case may be, as provided in
the Indenture..
A-5
The Notes are issuable in registered
form without coupons in denominations of $1,000 principal amount and integral multiples thereof. At the office or agency of the Company
referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, Notes may be exchanged for
a like aggregate principal amount of Notes of other authorized denominations, without payment of any service charge but, if required by
the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar tax that may be imposed in connection therewith
as a result of the name of the Holder of the new Notes issued upon such exchange of Notes being different from the name of the Holder
of the old Notes surrendered for such exchange.
The Company may not redeem the
Notes prior to July 20, 2029 except in the case of a Cleanup Redemption. The Notes shall be redeemable at the Company’s option on
or after July 20, 2029 and prior to the 31st Scheduled Trading Day immediately preceding the Maturity Date in accordance with the terms
and subject to the conditions specified in the Indenture. No sinking fund is provided for the Notes.
Upon the occurrence of a Fundamental
Change (other than an Exempted Fundamental Change), the Holder has the right, at such Holder’s option, to require the Company to
repurchase for cash all of such Holder’s Notes or any portion thereof (in principal amounts of $1,000 or integral multiples thereof)
on the Fundamental Change Repurchase Date at a price equal to the Fundamental Change Repurchase Price.
Subject to the provisions of
the Indenture, the Holder hereof has the right, at its option, during certain periods and upon the occurrence of certain conditions specified
in the Indenture, prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, to convert
any Notes or portion thereof that is $1,000 or an integral multiple thereof, into cash, shares of Common Stock or a combination of cash
and shares of Common Stock, as applicable, at the Conversion Rate specified in the Indenture, as adjusted from time to time as provided
in the Indenture.
A-6
ABBREVIATIONS
The following abbreviations,
when used in the inscription of the face of this Note, shall be construed as though they were written out in full according to applicable
laws or regulations:
TEN COM = as tenants in common
UNIF GIFT MIN ACT = Uniform Gifts to Minors Act
CUST = Custodian
TEN ENT = as tenants by the entireties
JT TEN = joint tenants with right of survivorship
and not as tenants in common
Additional abbreviations may also be used though
not in the above list.
A-7
SCHEDULE A
SCHEDULE OF EXCHANGES OF NOTES7
Fermi Inc.
5.00% Convertible Senior Notes due 2031
The initial principal amount
of this Global Note is ______________DOLLARS ($________). The following increases or decreases in this Global Note have been
made:
Date of exchange
Amount of
decrease in
principal amount
of this Global Note
Amount of
increase in
principal amount
of this Global Note
Principal amount
of this Global Note
following such
decrease or
increase
Signature of
authorized
signatory of
Trustee or
Custodian
7 Include if a global note.
Schedule A
ATTACHMENT 1
[FORM OF NOTICE OF CONVERSION]
To: U.S. Bank Trust Company, National Association
1255 Corporate Drive,
6th Floor,
Irving, TX 75038
Attention: Fermi Inc. Administrator
The undersigned registered owner
of this Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000 principal amount or an integral multiple
thereof) below designated, into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, in accordance
with the terms of the Indenture referred to in this Note, and directs that any cash payable and any shares of Common Stock issuable and
deliverable upon such conversion, together with any cash for any fractional share, and any Notes representing any unconverted principal
amount hereof, be issued and delivered to the registered Holder hereof unless a different name has been indicated below. If any shares
of Common Stock or any portion of this Note not converted are to be issued in the name of a Person other than the undersigned, the undersigned
will pay all documentary, stamp or similar issue or transfer taxes, if any in accordance with Section 14.02(d) and Section 14.02(e) of
the Indenture. Any amount required to be paid to the undersigned on account of interest accompanies this Note. Capitalized terms used
herein but not defined shall have the meanings ascribed to such terms in the Indenture.
Dated:
Signature(s)
Signature Guarantee
Signature(s) must be guaranteed
by an eligible Guarantor Institution
(banks, stock brokers, savings and
loan associations and credit unions)
with membership in an approved
signature guarantee medallion program
pursuant to Securities and Exchange
Commission Rule 17Ad-15 if shares
of Common Stock are to be issued, or
1-1
Notes are to be delivered, other
than
to and in the name of the registered holder.
Fill in for registration of shares if
to be issued, and Notes if to
be delivered, other than to and in the
name of the registered holder:
(Name)
(Street Address)
(City, State and Zip Code)
Please print name and address
Principal amount to be converted (if less
than all):
$__________,000
NOTICE: The above signature(s) of the
Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement
or any change whatever.
Social Security or Other Taxpayer Identification Number
1-2
ATTACHMENT 2
[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE]
To: U.S. Bank Trust Company, National Association
1255 Corporate Drive,
6th Floor,
Irving, TX 75038
Attention: Fermi Inc. Administrator
The undersigned registered owner
of this Note hereby acknowledges receipt of a notice from Fermi Inc. (the “Company”) as to the occurrence of a Fundamental
Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs the Company to pay
to the registered holder hereof in accordance with Section 15.02 of the Indenture referred to in this Note (1) the entire principal amount
of this Note, or the portion thereof (that is $1,000 principal amount or an integral multiple thereof) below designated, and (2) if such
Fundamental Change Repurchase Date does not fall during the period after a Regular Record Date and on or prior to the corresponding Interest
Payment Date, accrued and unpaid interest, if any, thereon to, but excluding, such Fundamental Change Repurchase Date. Capitalized terms
used herein but not defined shall have the meanings ascribed to such terms in the Indenture.
In the case of Physical Notes,
the certificate numbers of the Notes to be repurchased are as set forth below:
Dated:
Signature(s)
Social Security or Other Taxpayer Identification Number
Principal amount to be repaid (if less than all):
$______,000
NOTICE: The above signature(s) of the Holder(s)
hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any
change whatever.
2-1
ATTACHMENT 3
[FORM OF ASSIGNMENT AND TRANSFER]
For value received _____________________________
hereby sell(s), assign(s) and transfer(s) unto ____________________(Please insert social security or Taxpayer Identification Number of
assignee) the within Note, and hereby irrevocably constitutes and appoints _________________________ attorney to transfer the said Note
on the books of the Company, with full power of substitution in the premises.
In connection with any transfer
of the within Note occurring prior to the Resale Restriction Termination Date, as defined in the Indenture
governing such Note, the undersigned confirms that such Note is being transferred:
☐ To
Fermi Inc. or a subsidiary thereof;
☐
Pursuant to a registration statement that is effective under the Securities Act of 1933, as amended;
☐
Pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended; or
☐
Pursuant to and in compliance with any other available exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933, as amended.
3-1
Dated:
Signature(s)
Signature Guarantee
Signature(s) must be guaranteed by an
eligible Guarantor Institution (banks, stock
brokers, savings and loan associations and
credit unions) with membership in an approved
signature guarantee medallion program pursuant
to Securities and Exchange Commission
Rule 17Ad-15 if Notes are to be delivered, other
than to and in the name of the registered holder.
NOTICE: The signature on the assignment must
correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.
3-2
EX-10.1 — FORM OF CAPPED CALL CONFIRMATION
EX-10.1
Filename: ea029807401ex10-1.htm · Sequence: 3
Exhibit 10.1
Bid Form
[Dealer]
[Dealer Address]
To:
Fermi Inc.
620 S. Taylor
Street, Suite 301
Amarillo, TX 79101
From: [Dealer]
Re: [Base][Additional] Call Option Transaction
Date: [_], 2026
Dear Ladies and Gentlemen:
The purpose of this letter
agreement (this “Confirmation”) is to confirm the terms and conditions of the call option transaction entered into
between [_____________] (“Dealer”) and Fermi Inc. (“Counterparty”) as of the Trade Date specified below (the
“Transaction”). This letter agreement constitutes a “Confirmation” as referred to in the ISDA Master
Agreement specified below. This Confirmation shall replace any previous agreements and serve as the final documentation for the Transaction.
The definitions and
provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published by
the International Swaps and Derivatives Association, Inc. (“ISDA”) are incorporated into this Confirmation. In
the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern. Certain defined
terms used herein are based on terms that are defined in the Offering Memorandum dated July 9, 2026 (the “Offering
Memorandum”) relating to the 5.00% Convertible Senior Notes due July 15, 2031 (as originally issued by Counterparty,
the “Convertible Notes” and each USD 1,000 principal amount of Convertible Notes, a “Convertible
Note”) issued by Counterparty pursuant to the Purchase Agreement (as defined herein)) pursuant to an Indenture [to
be]1 dated [_], 2026 between Counterparty and U.S. Bank Trust Company, National Association, as trustee (the
“Indenture”). In the event of any inconsistency between the terms defined in the Offering Memorandum, the
Indenture and this Confirmation, this Confirmation shall govern. The parties acknowledge that this Confirmation is entered into on
the date hereof with the understanding that (i) definitions set forth in the Indenture which are also defined herein by reference to
the Indenture and (ii) sections of the Indenture that are referred to herein will conform to the descriptions thereof in the
Offering Memorandum. If any such definitions in the Indenture or any such sections of the Indenture differ from the descriptions
thereof in the Offering Memorandum, the descriptions thereof in the Offering Memorandum will govern for purposes of this
Confirmation. The parties further acknowledge that the Indenture section numbers used herein are based on the [draft of the
Indenture last reviewed by Dealer as of the date of this Confirmation, and if any such section numbers are changed in the Indenture
as executed, the parties will amend this Confirmation in good faith to preserve the intent of the parties]2 [Indenture as
executed]3. Subject to the foregoing, references to the Indenture herein are references to the Indenture as in effect on
the date of its execution, and if the Indenture is amended or supplemented following such date (other than any amendment or
supplement (x) pursuant to [Section 10.01(h)]4 of the Indenture that, as determined by the Calculation Agent, conforms
the Indenture to the description of Convertible Notes in the Offering Memorandum or (y) pursuant to [Section 14.07]5 of
the Indenture, subject, in the case of this clause (y), to the second paragraph under “Method of Adjustment” in Section
3), any such amendment or supplement will be disregarded for purposes of this Confirmation unless the parties agree otherwise in
writing. If Dealer, the Calculation Agent or the Determining Party is required to make any calculation, adjustment or determination
hereunder by reference to the Convertible Notes or the Indenture at a time at which the Convertible Notes are no longer outstanding,
Dealer, the Calculation Agent or the Determining Party, as the case may be, shall make such calculation, adjustment or
determination, as applicable, assuming the Convertible Notes remained outstanding.
1 Insert if Indenture is not completed at the time of the Confirmation.
2 Include in the Base Call Option Confirmation. Include in the
Additional Call Option Confirmation if it is executed before closing the base deal.
3 Include in the Additional Call Option Confirmation, but only
if the Additional Call Option Confirmation is executed after closing the base deal.
4 Include cross reference to Indenture section permitting amendments
without holder consent to conform the Indenture to the Description of Notes.
5 Include cross-reference to Indenture section relating to Share
Exchange Events.
Each party is hereby advised,
and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial transactions
and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this Confirmation relates
on the terms and conditions set forth below.
1. This Confirmation evidences
a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which this Confirmation relates.
This Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the
“Agreement”) as if Dealer and Counterparty had executed an agreement in such form (but without any Schedule except
for (i) the election of the laws of the State of New York as the governing law (without reference to choice of law doctrine)) on the
Trade Date, (ii) in respect of Section 5(a)(vi) of the Agreement, the election that the “Cross Default” provisions shall
apply to Dealer with (a) a “Threshold Amount” of three percent of the shareholders’ equity of [Dealer][[ ] (“Dealer Parent”)]6 as of the Trade Date, (b) the deletion of the phrase “, or
becoming capable at such time of being declared,” from clause (1) and (c) the following language added to the end thereof: “Notwithstanding
the foregoing, a default under subsection (2) hereof shall not constitute an Event of Default if (x) the default was caused solely by
error or omission of an administrative or operational nature; (y) funds were available to enable the party to make the payment when due;
and (z) the payment is made within two Local Business Days of such party’s receipt of written notice of its failure to pay.”,
and (iii) the term “Specified Indebtedness” shall have the meaning specified in Section 14 of the Agreement, except that
such term shall not include obligations in respect of deposits received in the ordinary course of Dealer’s banking business). In
the event of any inconsistency between provisions of the Agreement and this Confirmation, this Confirmation will prevail for the purpose
of the Transaction to which this Confirmation relates.
The parties hereby agree that no transaction other
than the Transaction to which this Confirmation relates shall be governed by the Agreement. If there exists any ISDA Master Agreement
between Dealer and Counterparty or any confirmation or other agreement between Dealer and Counterparty pursuant to which an ISDA Master
Agreement is deemed to exist between Dealer and Counterparty, then notwithstanding anything to the contrary in such ISDA Master Agreement,
such confirmation or agreement or any other agreement to which Dealer and Counterparty are parties, the Transaction shall not be considered
a Transaction under, or otherwise governed by, such existing or deemed ISDA Master Agreement. For purposes of the Equity Definitions,
the Transaction shall be deemed to be a Share Option Transaction.
6 Insert if Dealer is not the highest rated entity in the group
2
2. The
terms of the particular Transaction to which this Confirmation relates are as follows:
General Terms.
Trade Date:
[_], 2026
Effective Date:
The second Exchange Business Day immediately prior to the Premium Payment Date, subject to Section 9(x).
Option Style:
European
Option Type:
Call
Buyer:
Counterparty
Seller:
Dealer
Shares:
The common stock of Counterparty, $0.001 par value per share (Exchange symbol “FRMI”).
Number of Options:
[_________]7. For the avoidance of doubt, the Number of Options shall be reduced by any Options exercised by
Counterparty. In no event will the Number of Options be less than zero.
Applicable Percentage:
[_________]%
Option Entitlement:
A number equal to the product of the Applicable Percentage and [_____]8.
Strike Price:
USD [_________]
Cap Price:
USD [_________]
Premium:
USD [_________]
Premium Payment Date:
[_], 2026
Exchange:
Nasdaq Global Select Market
Related Exchange(s):
All Exchanges
Excluded Provisions:
[Section 14.03 and Section 14.04(h)]9 of the Indenture.
7 For the Base Call Option Confirmation, this is equal to the
number of Convertible Notes in principal amount of $1,000 initially issued on the closing date for the Convertible Notes. For the Additional
Call Option Confirmation, this is equal to the number of additional Convertible Notes in principal amount of $1,000.
8 Insert the initial Conversion Rate for the Convertible Notes.
9 Insert cross references to sections of the Indenture addressing
“make-whole” adjustments to the Conversion Rate in connection with a make-whole fundamental change or a redemption and permitting
discretionary adjustments to the Conversion Rate by the Counterparty.
3
Procedures for Exercise.
Conversion Date:
With respect to any conversion of a Convertible Note, the date
on which the Holder (as such term is defined in the Indenture) of such Convertible Note satisfies all of the requirements for conversion
thereof as set forth in [Section 14.02(b)]10 of the Indenture.
Free Convertibility Date:
April 15, 2031
Expiration Time:
The Valuation Time
Expiration Date:
July 15, 2031, subject to earlier exercise.
Automatic Exercise:
Applicable Notwithstanding the foregoing, in no event shall the number of Options that are exercised or deemed exercised hereunder exceed the Number of Options.
Notice of Exercise:
Notwithstanding anything to the contrary in the Equity Definitions or under
“Automatic Exercise” above, in order to exercise any Options, Counterparty must notify Dealer in writing before 5:00
p.m. (New York City time) on the Free Convertibility Date (the “Notice of Final Settlement Method”) specifying
(1) the Relevant Settlement Method for such Options and (2) if the Relevant Settlement Method is Combination Settlement, the
specified cash amount (the “Specified Cash Amount”) elected by Counterparty; provided that if Counterparty shall
not have so timely delivered the Notice of Final Settlement Method, then the Notice of Final Settlement Method shall be deemed to
have been delivered by Counterparty at 5:00 p.m. (New York City time) on the Free Convertibility Date specifying Net Share
Settlement as the Relevant Settlement Method.
Counterparty acknowledges its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations thereunder, in respect of any election of a settlement method with respect to such Options that is not Net Share Settlement.
Valuation Time:
At the close of trading of the regular trading session on the Exchange; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in its commercially reasonable discretion.
Market Disruption Event:
Section 6.3(a) of the Equity Definitions is hereby replaced in its entirety by the following:
“‘Market Disruption Event’ means, in respect of a Share, (i) a failure by the primary United States national or regional securities exchange or market on which the Shares are listed or admitted for trading to open for trading during its regular trading session or (ii) the occurrence or existence prior to 1:00 p.m. (New York City time) on any Scheduled Valid Day for the Shares for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Shares or in any options contracts or futures contracts relating to the Shares.”
10 Insert cross reference to section of the Indenture detailing
the requirements for conversion.
4
Settlement Terms.
Settlement Method:
For any Option, Net Share Settlement; provided that if the Relevant Settlement Method set forth below for such Option is not Net Share Settlement, then the Settlement Method for such Option shall be such Relevant Settlement Method, but only if Counterparty shall have notified Dealer of the Relevant Settlement Method in the Notice of Final Settlement Method for such Option.
Relevant Settlement Method:
In respect of any Option, Net Share Settlement, Combination Settlement or Cash Settlement, as specified by Counterparty in the Notice of Final Settlement Method.
Net Share Settlement:
If Net Share Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will deliver to Counterparty, on the relevant Settlement Date for each such Option, a number of Shares (the “Net Share Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for each such Option, of (i) (a) the Daily Option Value for such Valid Day, divided by (b) the Relevant Price on such Valid Day, divided by (ii) the number of Valid Days in the Settlement Averaging Period. Dealer will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Net Share Settlement Amount valued at the Relevant Price for the last Valid Day of the Settlement Averaging Period.
Combination Settlement:
If Combination Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will pay or deliver, as the case may be, to Counterparty, on the relevant Settlement Date for each such Option:
(i)
cash (the “Combination Settlement Cash Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for such Option, of (A) an amount (the “Daily Combination Settlement Cash Amount”) equal to the lesser of (1) the product of (x) the Applicable Percentage and (y) the Specified Cash Amount minus USD 1,000 and (2) the Daily Option Value, divided by (B) the number of Valid Days in the Settlement Averaging Period; provided that if the calculation in clause (A) above results in zero or a negative number for any Valid Day, the Daily Combination Settlement Cash Amount for such Valid Day shall be deemed to be zero; and
(ii)
Shares (the “Combination Settlement Share Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for such Option, of a number of Shares for such Valid Day (the “Daily Combination Settlement Share Amount”) equal to (A) (1) the Daily Option Value on such Valid Day minus the Daily Combination Settlement Cash Amount for such Valid Day, divided by (2) the Relevant Price on such Valid Day, divided by (B) the number of Valid Days in the Settlement Averaging Period; provided that if the calculation in sub-clause (A)(1) above results in zero or a negative number for any Valid Day, the Daily Combination Settlement Share Amount for such Valid Day shall be deemed to be zero.
Dealer will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Combination Settlement Share Amount valued at the Relevant Price for the last Valid Day of the Settlement Averaging Period.
5
Cash Settlement:
If Cash Settlement is applicable to any Option exercised or deemed exercised hereunder, in lieu of Section 8.1 of the Equity Definitions, Dealer will pay to Counterparty, on the relevant Settlement Date for each such Option, an amount of cash (the “Cash Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for such Option, of (i) the Daily Option Value for such Valid Day, divided by (ii) the number of Valid Days in the Settlement Averaging Period.
Daily Option Value:
For any Valid Day, an amount equal to (i) the Option Entitlement on such Valid Day, multiplied by (ii) (A) the lesser of the Relevant Price on such Valid Day and the Cap Price, less (B) the Strike Price on such Valid Day; provided that if the calculation contained in clause (ii) above results in a negative number, the Daily Option Value for such Valid Day shall be deemed to be zero. In no event will the Daily Option Value be less than zero.
Valid Day:
A day on which (i) there is no Market Disruption Event and (ii) trading in the Shares generally occurs on the Exchange or, if the Shares are not then listed on the Exchange, on the principal other United States national or regional securities exchange on which the Shares are then listed or, if the Shares are not then listed on a United States national or regional securities exchange, on the principal other market on which the Shares are then listed or admitted for trading. If the Shares are not so listed or admitted for trading, “Valid Day” means a Business Day.
Scheduled Valid Day:
A day that is scheduled to be a Valid Day on the principal U.S. national or regional securities exchange or market on which the Shares are listed or admitted for trading. If the Shares are not so listed or admitted for trading, “Scheduled Valid Day” means a Business Day.
Business Day:
Any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed.
6
Relevant Price:
On any Valid Day, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page FRMI <equity> AQR (or its equivalent successor if such page is not available) in respect of the period from the scheduled opening time of the Exchange to the Scheduled Closing Time of the Exchange on such Valid Day (or if such volume-weighted average price is unavailable at such time, the market value of one Share on such Valid Day, as determined by the Calculation Agent in a good faith commercially reasonable manner using, if practicable, a volume-weighted average method). The Relevant Price will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.
Settlement Averaging Period:
For any Option and regardless of the Settlement Method applicable to such Option, the 30 consecutive Valid Days commencing on, and including, the 31st Scheduled Valid Day immediately prior to the Expiration Date.
Settlement Date:
For any Option, the second Business Day immediately following the final Valid Day of the Settlement Averaging Period for such Option.
Settlement Currency:
USD
Other Applicable Provisions:
The provisions of Sections 9.1(c), 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Settled”. “Share Settled” in relation to any Option means that Net Share Settlement or Combination Settlement is applicable to that Option.
Representation and Agreement:
Notwithstanding anything to the contrary in the Equity Definitions (including, but not limited to, Section 9.11 thereof), the parties acknowledge that (i) any Shares delivered to Counterparty shall be, upon delivery, subject to restrictions and limitations arising from Counterparty’s status as issuer of the Shares under applicable securities laws (including, without limitation, Shares that are “restricted securities” (as defined in Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”))) and (ii) if Dealer is not, after using commercially reasonable efforts, able to deliver any Shares through the Clearance System, Dealer may deliver any Shares required to be delivered hereunder in certificated form in lieu of delivery through the Clearance System.
7
3. Additional
Terms applicable to the Transaction.
Adjustments applicable to the Transaction:
Potential Adjustment Events:
Notwithstanding Section 11.2(e) of the Equity Definitions, a “Potential Adjustment Event” means an occurrence of any event or condition, as set forth in any Dilution Adjustment Provision, that would result in an adjustment pursuant to the Indenture to the “Conversion Rate” or the composition of a “unit of Reference Property” or to any “Last Reported Sale Price”, “Daily VWAP,” “Daily Conversion Value” or “Daily Settlement Amount” (each as defined in the Indenture). For the avoidance of doubt, Dealer shall not have any delivery or payment obligation hereunder, and no adjustment shall be made to the terms of the Transaction, on account of (x) any distribution of cash, property or securities by Counterparty to holders of the Convertible Notes (upon conversion or otherwise) or (y) any other transaction in which holders of the Convertible Notes are entitled to participate, in each case, in lieu of an adjustment under the Indenture of the type referred to in the immediately preceding sentence (including, without limitation, pursuant to the [third] sentence of the second paragraph of [Section 14.04(c)]11 of the Indenture or the [third] sentence of the second paragraph of [Section 14.04(d)]12 of the Indenture).
Method of Adjustment:
Calculation Agent Adjustment, which means that, notwithstanding Section 11.2(c) of the Equity Definitions, upon any Potential Adjustment Event, the Calculation Agent, acting in good faith and in a commercially reasonable manner, shall make a corresponding adjustment to the adjustment under the Indenture to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction. Notwithstanding the foregoing and “Consequences of Merger Events / Tender Offers” below:
(i)
if the Calculation Agent in good faith disagrees with any adjustment to the Convertible Notes that involves an exercise of discretion by Counterparty or its board of directors (including, without limitation, pursuant to [Section 14.05]13 of the Indenture, [Section 14.07]14 of the Indenture or any supplemental indenture entered into thereunder or the determination of the fair value of any securities, property, rights or other assets), then in each such case, the Calculation Agent will determine the adjustment to be made to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction in a commercially reasonable manner taking into account the methodology set forth in the relevant provisions of the Indenture; provided that, (i) in no event shall the Cap Price be less than the Strike Price and (ii) notwithstanding the foregoing, if any Potential Adjustment Event occurs during the Settlement Averaging Period but no adjustment was made to any Convertible Note under the Indenture because the relevant Holder (as such term is defined in the Indenture) was deemed to be a record owner of the underlying Shares on the related Conversion Date, then the Calculation Agent may, consistent with the methodology set forth in the Indenture as determined by it, make a commercially reasonable adjustment to the terms hereof in order to account for such Potential Adjustment Event.
11 Include cross-reference to section of the Indenture providing
for an adjustment to the Conversion Rate in connection with distributions of Distributed Property.
12 Include references to provisions of the Indenture providing
for pass through of cash or distributed property in lieu of conversion rate adjustments.
13 Include cross-reference to specific paragraph of the section
of the Indenture providing for adjustments where a Conversion Rate adjustment occurs during a period over which VWAP, conversion value,
settlement amount or closing price is calculated.
14 Include cross-reference to the section of the Indenture describing
consequences of Share Exchange Events.
8
(ii)
in connection with any Potential Adjustment Event as a result of an event or condition set forth in [Section 14.04(b)]15 of the Indenture or [Section 14.04(c)] of the Indenture where, in either case, the period for determining “Y” (as such term is used in [Section 14.04(b)] of the Indenture) or “SPO” (as such term is used in [Section 14.04(c)] of the Indenture), as the case may be, begins before Counterparty has publicly announced the event or condition giving rise to such Potential Adjustment Event, then the Calculation Agent shall, in good faith and in a commercially reasonable manner, have the right to adjust any variable relevant to the exercise, settlement or payment for the Transaction as appropriate to reflect the costs (including, but not limited to, hedging mismatches and market losses) and commercially reasonable out-of-pocket expenses incurred by Dealer in connection with its hedging activities, as a result of such event or condition not having been publicly announced prior to the beginning of such period; and
(iii)
if any Potential Adjustment Event is declared and (a) the event or condition giving rise to such Potential Adjustment Event is subsequently amended, modified, cancelled or abandoned, (b) the “Conversion Rate” (as defined in the Indenture) is otherwise not adjusted at the time or in the manner contemplated by the relevant Dilution Adjustment Provision based on such declaration or (c) the “Conversion Rate” (as defined in the Indenture) is adjusted as a result of such Potential Adjustment Event and subsequently re-adjusted (each of clauses (a), (b) and (c), a “Potential Adjustment Event Change”) then, in each case, the Calculation Agent shall, in good faith and in a commercially reasonable manner, have the right to adjust any variable relevant to the exercise, settlement or payment for the Transaction as appropriate to reflect the costs (including, but not limited to, hedging mismatches and market losses) and commercially reasonable out-of-pocket expenses incurred by Dealer in connection with its hedging activities.
Dilution Adjustment Provisions
[Sections 14.04(a), (b), (c), (d) and (e) and Section 14.05]16 of the Indenture.
15 Include cross-reference to section of the Indenture providing
for an adjustment to the Conversion Rate in connection with a below-market rights, options or warrants offering.
16 Include cross-reference to specific paragraph of the section
of the Indenture providing for adjustments where a Conversion Rate adjustment occurs during a period over which VWAP, conversion value,
settlement amount or closing price is calculated.
9
Extraordinary Events applicable to the Transaction:
Merger Events:
Applicable; provided that notwithstanding Section 12.1(b) of the Equity Definitions, a “Merger Event” means the occurrence of any event or condition set forth in the definition of “Share Exchange Event” in [Section 14.07(a)] of the Indenture.
Tender Offers:
Applicable; provided that notwithstanding Section 12.1(d) of the Equity Definitions, a “Tender
Offer” means the occurrence of any event or condition set forth in [Section 14.04(e)]17 of the Indenture.
Consequences of Merger Events
and Tender Offers:
Notwithstanding Section 12.2 and Section 12.3 of the Equity Definitions, upon the occurrence of a
Merger Event or a Tender Offer, that is required under the terms of the Indenture to result in an adjustment to the terms of the
Convertible Notes, the Calculation Agent, acting in good faith and in a commercially reasonable manner, shall make a corresponding
adjustment in respect of any adjustment under the Indenture to any one or more of the nature of the Shares (in the case of a Merger
Event), Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment
for the Transaction, to the extent an analogous adjustment is required under [Section 14.07]18 of the Indenture in respect
of such Merger Event, as determined in good faith and in a commercially reasonable manner by the Calculation Agent by reference to
such Section, subject to the second paragraph under “Method of Adjustment”; provided that, such adjustment shall
be made without regard to any adjustment to the Conversion Rate pursuant to any Excluded Provision; provided further that
if with respect to any Merger Event or any Tender Offer, (i) (A) the consideration for the Shares includes (or, at the option of
a holder of Shares, may include) shares of an entity or person that is not a corporation or is not organized under the laws of the
United States, any State thereof or the District of Columbia or (B) the Counterparty to the Transaction following such Merger Event
or Tender Offer will not be a corporation organized under the laws of the United States, any State thereof or the District of Columbia
or not be the Issuer, Dealer may elect in its commercially reasonable discretion that Cancellation and Payment shall apply. For
the avoidance of doubt, adjustments shall be made pursuant to the provisions set forth above regardless of whether any Merger Event
or Tender Offer results in a Conversion Date occurring prior to the Free Convertibility Date (any such conversion, an “Early
Conversion”).
17 Include cross-reference to specific paragraph of the section
of the Indenture providing for adjustments for issuer tender offers.
18 Include cross-reference to the section of the Indenture describing
consequences of Share Exchange Events.
10
Notice of Merger Consideration:
Upon the occurrence of a Merger Event, Counterparty shall reasonably promptly (but in any event prior to consummation of such Merger Event) notify the Calculation Agent of, in the case of a Merger Event that causes the Shares 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), the weighted average of the types and amounts of consideration actually received by holders of Shares upon consummation of such Merger Event.
Consequences of Announcement Events:
Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement Event, (x) references to “Tender Offer” shall be replaced by references to “Announcement Event” and references to “Tender Offer Date” shall be replaced by references to “date of such Announcement Event”, (y) the phrase “exercise, settlement, payment or any other terms of the Transaction (including, without limitation, the spread)” shall be replaced with the phrase “Cap Price (provided that in no event shall the Cap Price be less than the Strike Price)” and the words “whether within a commercially reasonable (as determined by the Calculation Agent) period of time prior to or after the Announcement Event” shall be inserted prior to the word “which” in the seventh line, and (z) for the avoidance of doubt, the Calculation Agent shall determine whether the relevant Announcement Event has had a material economic effect on the Transaction (and, if so, may adjust the Cap Price accordingly in a commercially reasonable manner provided that such adjustment may be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relevant to the Shares or to such Transaction) on one or more occasions on or after the date of the Announcement Event up to, and including, the Expiration Date, any Early Termination Date, any date of cancellation and/or any other date with respect to which the Announcement Event is cancelled, withdrawn, discontinued or otherwise terminated, as applicable, it being understood that any adjustment in respect of an Announcement Event shall take into account any earlier adjustment relating to the same Announcement Event and shall not be duplicative with any other adjustment or cancellation valuation made pursuant to this Confirmation, the Equity Definitions or the Agreement; provided that, in no event shall the Cap Price be less than the Strike Price. An Announcement Event shall be an “Extraordinary Event” for purposes of the Equity Definitions, to which Article 12 of the Equity Definitions is applicable.
11
Announcement Event:
(i)
The public announcement by (w) Issuer, any subsidiary, affiliate, agent or representative of Issuer, or any Valid Third-Party Entity (any such person or entity, a “Relevant Party”) of any transaction or event that is reasonably likely to be completed (as determined by the Calculation Agent which may take into account the effect of such announcement on the market for the Shares and/or options on the Shares) and, if completed, would constitute a Merger Event or Tender Offer, (x) any Relevant Party of any potential acquisition or disposition by Issuer and/or its subsidiaries where the aggregate consideration exceeds 40% of the market capitalization of Issuer as of the date of such announcement (an “Acquisition Transaction”), (y) any Relevant Party of the intention to enter into a Merger Event or Tender Offer or (z) any Relevant Party of the intention to enter into an Acquisition Transaction, (ii) the public announcement by Issuer or any subsidiary or affiliate of Issuer of an intention to solicit or enter into, or to explore strategic alternatives or other similar undertaking that may include, a Merger Event or Tender Offer or an Acquisition Transaction or (iii) any subsequent public announcement by a Relevant Party of a change to a transaction or intention that is the subject of an announcement of the type described in clause (i) or (ii) of this sentence (including, without limitation, a new announcement, whether or not by such party, relating to such a transaction or intention or the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention), as determined by the Calculation Agent in its commercially reasonable judgment. For the avoidance of doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not preclude the occurrence of a later Announcement Event with respect to such transaction or intention. For purposes of this definition of “Announcement Event,” “Merger Event” and “Tender Offer” shall each have the meanings assigned to such term in the Equity Definitions; provided that (i) the remainder of the definition of “Merger Event” in Section 12.1(b) of the Equity Definitions following the definition of “Reverse Merger” therein shall be disregarded and (ii) provided that Section 12.1(d) of the Equity Definitions is hereby amended by replacing “10%” with “20%” in the third line thereof.
Valid Third-Party Entity:
In respect of any potential transaction, any third party (or any subsidiary, affiliate, agent or representative of such third party) that the Calculation Agent determines has a bona fide intent to enter into or consummate such transaction (it being understood and agreed that in determining whether such third party has such a bona fide intent, the Calculation Agent may take into consideration the effect of the relevant announcement by such third party on the Shares and/or options relating to the Shares).
Nationalization, Insolvency or Delisting:
Cancellation and Payment; provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market, The NASDAQ Capital Market or The NASDAQ Global Market (or their respective successors), such exchange or quotation system shall thereafter be deemed to be the Exchange.
12
Additional Termination Event(s):
Notwithstanding anything to the contrary in the Equity Definitions, if, as a result of an Extraordinary Event, the Transaction would be cancelled or terminated (whether in whole or in part) pursuant to Article 12 of the Equity Definitions, an Additional Termination Event (with the Transaction (or the cancelled or terminated portion thereof) being the Affected Transaction and Counterparty being the sole Affected Party) shall be deemed to occur, and, in lieu of Sections 12.7, 12.8 and 12.9 of the Equity Definitions, Section 6 of the Agreement shall apply to such Affected Transaction.
Determining Party:
For all applicable Extraordinary Events, Dealer; provided that, any determinations or calculations by the Determining Party or the Non-affected Party, as applicable, shall be made in good faith and in a commercially reasonable manner; provided further that, following any determination or calculation by such party hereunder, upon a written request by Counterparty, such party will, upon written notice from Counterparty, provide a statement displaying in reasonable detail the basis for such determination or calculation, as the case may be (including any quotations, market data or information from internal or external sources, and any assumptions used in making such determination or calculation, it being understood that such party shall not be obligated to disclose proprietary models or other information that may be proprietary or subject to contractual, legal or regulatory obligations to not disclose) and shall use commercially reasonable efforts to provide such written explanation within five (5) Exchange Business Days from the receipt of such request.
Additional Disruption Events:
Change in Law:
Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public announcement of, the formal or informal interpretation”, (ii) replacing the word “Shares” with the phrase “Hedge Positions” in clause (X) thereof and (iii) replacing the parenthetical beginning after the word “regulation” in the second line thereof with the words “(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption or promulgation of new regulations authorized or mandated by existing statute)”.
Failure to Deliver:
Applicable
Insolvency Filing:
Applicable
13
Hedging Disruption:
Applicable; provided that:
(i)
Section
12.9(a)(v) of the Equity Definitions is hereby amended by (a) inserting the following words at the end of clause (A) thereof: “in
the manner contemplated by the Hedging Party on the Trade Date” and (b) inserting the following two phrases at the end of such Section:
“For the avoidance of
doubt, the term “equity price risk” shall be deemed to include, but shall not be limited to, stock price and volatility risk.
And, for the further avoidance of doubt, any such transactions or assets referred to in phrases (A) or (B) above must be available on
commercially reasonable pricing terms.”; and
(ii)
Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line thereof, after the words “to
terminate the Transaction”, the words “or a portion of the Transaction affected by such Hedging Disruption”.
Increased Cost of Hedging:
Not Applicable
Hedging Party:
For all applicable Additional Disruption Events, Dealer.
Non-Reliance:
Applicable
Agreements and Acknowledgements Regarding Hedging Activities:
Applicable
Additional Acknowledgements:
Applicable
4. Calculation Agent.
Dealer, whose judgments, determinations and calculations shall be made in good faith and in a commercially reasonable manner; provided that, following the occurrence and during the continuance of an Event of Default of the type described in Section 5(a)(vii) of the Agreement with respect to which Dealer is the sole Defaulting Party, Counterparty shall have the right to designate a nationally recognized third-party dealer in over-the-counter corporate equity derivatives to act as the Calculation Agent and the parties shall work in good faith to execute any appropriate documentation required by such replacement Calculation Agent. Following any determination or calculation by the Calculation Agent hereunder, upon a request by Counterparty, the Calculation Agent will, upon written notice from Counterparty, provide a statement (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such determination or calculation, as the case may be (including any quotations, market data or information from internal or external sources, and any assumptions used in making such determination or calculation, it being understood that the Calculation Agent shall not be required to disclose proprietary models or other information that may be proprietary or subject to contractual, legal or regulatory obligations to not disclose) and shall use commercially reasonable efforts to provide such written explanation within five (5) Exchange Business Days from the receipt of such request.
14
5. Account
Details.
(a) Account for payments to Counterparty:
To be provided.
Account for delivery of Shares to Counterparty:
To be provided.
(b) Account for payments to Dealer:
[Dealer to provide].19
Account for delivery of Shares from Dealer:
To be provided.
6. Offices.
(a) The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch Party.
(b) The Office of Dealer for the Transaction is: [ ]
7. Notices.
(a) Address for notices or communications to Counterparty:
620 S. Taylor Street,
Suite 301
Amarillo, TX 79101
(b) Address for notices or communications
to Dealer:20
[_________]
[_________]
[_________]
[_________]
With a copy (which shall not constitute
notice):
Gibson, Dunn & Crutcher LLP
200 Park Avenue, New York, NY 10166-4683
8. Representations
and Warranties of Counterparty.
Counterparty hereby represents
and warrants to Dealer on the date hereof and on and as of the Premium Payment Date that:
(a) Counterparty is duly organized and validly existing under the laws of the jurisdiction of its organization
or incorporation and in good standing. Counterparty has all necessary corporate power and authority to execute, deliver and perform its
obligations in respect of the Transaction; such execution, delivery and performance have been duly authorized by all necessary corporate
action on Counterparty’s part; and this Confirmation has been duly and validly executed and delivered by Counterparty and constitutes
its valid and binding obligation, enforceable against Counterparty in accordance with its terms, subject to applicable bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject,
as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing
(regardless of whether enforcement is sought in a proceeding at law or in equity) and except that rights to indemnification and contribution
hereunder may be limited by federal or state securities laws or public policy relating thereto.
19 Dealer to provide payment details.
20 Dealer to confirm notice details.
15
(b) Neither the execution and delivery of this Confirmation nor the incurrence or performance of obligations
of Counterparty hereunder will conflict with or result in a breach of the certificate of incorporation or by-laws (or any equivalent documents)
of Counterparty, or any applicable law or regulation, or any order, writ, injunction or decree of any court or governmental authority
or agency, or any material agreement or instrument to which Counterparty or any of its subsidiaries is a party or by which Counterparty
or any of its subsidiaries is bound, or constitute a default under, or result in the creation of any lien under, any such agreement or
instrument.
(c) No consent, approval, authorization, or order of, or filing with, any governmental agency or body or any
court is required in connection with the execution, delivery or performance by Counterparty of this Confirmation, except such as have
been obtained or made and such as may be required under the Securities Act or state securities laws.
(d) Counterparty is not and, after consummation of the transactions contemplated hereby, will not be required
to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.
(e) Without limiting the generality of Section 3(a)(iii) of the Agreement, the Transaction will not violate
Rule 13e-1 or Rule 13e-4 under the Exchange Act.
(f) On or prior to the Trade Date, Counterparty shall deliver to Dealer a resolution of Counterparty’s
board of directors authorizing the Transaction and approving the Transaction and any related hedging activity.
(g) Counterparty is an “eligible contract participant” (as such term is defined in Section 1a(18)
of the Commodity Exchange Act, as amended, other than a person that is an eligible contract participant under Section 1a(18)(C) of the
Commodity Exchange Act).
(h) Counterparty is not, on the date hereof, in possession of any material non-public information with respect
to Counterparty or the Shares.
(i) To Counterparty’s actual knowledge, no state or local (including any non-U.S. jurisdiction’s)
law, rule, regulation or regulatory order applicable to the Shares would give rise to any reporting, consent, registration or other requirement
(including without limitation a requirement to obtain prior approval from any person or entity) as a result of Dealer or its affiliates
owning or holding (however defined) Shares, in each case, other than U.S. federal securities laws generally applicable to transactions
relating to common equity securities of U.S. domestic issuers listed on the Exchange; provided that Counterparty makes no representation
or warranty regarding any such requirement that is applicable generally to the ownership of equity securities by Dealer or any of its
affiliates solely as a result of it or any of such affiliates being financial institutions or broker-dealers.
16
(j) As of immediately after the Trade Date and the Premium Payment Date, (A) the value of the total assets
of Counterparty is greater than the sum of the total liabilities (including contingent liabilities) and the capital of Counterparty as
they mature and become absolute, (B) the capital of Counterparty is adequate to conduct the business of Counterparty as described in the
Offering Memorandum, (C) Counterparty has the ability to pay its debts and obligations as such debts mature and does not intend to, and
does not believe that it will, incur debt beyond its ability to pay as such debts mature, (D) Counterparty will be able to continue as
a going concern; (E) Counterparty is not, and will not be, “insolvent” (as such term is defined under Section 101(32) of the
U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)) and (F) Counterparty would be able
to purchase the Number of Shares with respect to the Transaction in compliance with the laws of the jurisdiction of Counterparty’s
incorporation.
(k) On the Trade Date, neither Counterparty nor any “affiliate” or “affiliated purchaser”
(each as defined in Rule 10b-18 of the Exchange Act) shall directly or indirectly (including, without limitation, by means of any cash-settled
or other derivative instrument) purchase, offer to purchase, place any bid or limit order that would effect a purchase of, or commence
any tender offer relating to, any Shares (or an equivalent interest, including a unit of beneficial interest in a trust or limited partnership
or a depository share) or any security convertible into or exchangeable or exercisable for Shares, except through Dealer.
(l) Without limiting the generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges that
neither Dealer nor any of its affiliates is making any representations or warranties or taking any position or expressing any view with
respect to the treatment of the Transaction under any accounting standards including ASC Topic 260, Earnings Per Share, ASC Topic
815, Derivatives and Hedging, or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives
and Hedging – Contracts in Entity’s Own Equity (or any successor issue statements).
(m) Counterparty (A) is capable of evaluating investment risks independently, both in general and with regard
to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating
the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing; and
(C) has total assets of at least USD 50 million as of the date hereof.
9. Other
Provisions.
(a) Opinions. Counterparty shall deliver to Dealer
an opinion of counsel, dated as of the Premium Payment Date, with respect to the matters set forth in Sections 8(a) through (d) of this
Confirmation; provided that any such opinion of counsel may contain customary exceptions and qualifications including, without limitation,
exceptions and qualifications relating to indemnification provisions. Delivery of such opinion to Dealer shall be a condition precedent
for the purpose of Section 2(a)(iii) of the Agreement with respect to each obligation of Dealer under Section 2(a)(i) of the Agreement.
17
(b) Repurchase Notices.
Counterparty shall, at least one Scheduled Trading Day prior to any day on which Counterparty
intends to effect any repurchase of Shares, promptly give Dealer a written notice of such
repurchase (a “Repurchase Notice”) on such day if following such repurchase,
the Notice Percentage would reasonably be expected to be (i) greater than [ ]21%
and (ii) greater by 0.5% than the Notice Percentage included in the immediately preceding
Repurchase Notice (or, in the case of the first such Repurchase Notice, greater than the
Notice Percentage as of the date hereof) provided that Counterparty may provide Dealer
advance notice on or prior to any such day, which may include the maximum number of Shares
that may be repurchased under a repurchase program entered into in reliance or Rule 10b5-1(c)
and the approximate period in which such purchases may occur, to the extent it expects that
repurchases effected on such day may result in an obligation to deliver a Repurchase Notice
(and in such case, any such advance notice shall be deemed a Repurchase Notice to the maximum
extent of repurchases set forth in such advance notice as if Counterparty had executed such
repurchases). For the avoidance of doubt, any “net settlement” of equity by the
Counterparty for the benefit of service providers to the Counterparty for the purpose of
paying withholding taxes shall not be deemed to be a repurchase of Shares. The “Notice
Percentage” as of any day is the fraction, expressed as a percentage, the numerator
of which is the Number of Shares plus the number of Shares underlying any other convertible
bond hedge transactions or similar call options sold by Dealer to Counterparty and the denominator
of which is the number of Shares outstanding on such day. Counterparty agrees to indemnify
and hold harmless Dealer and its affiliates and their respective officers, directors, employees,
affiliates, advisors, agents and controlling persons (each, an “Indemnified Person”)
from and against any and all losses (including losses relating to Dealer’s commercially
reasonable hedging activities as a consequence of becoming, or of the risk of becoming, a
Section 16 “insider”, including without limitation, any forbearance from hedging
activities or cessation of hedging activities and any losses in connection therewith with
respect to the Transaction), claims, damages, judgments, liabilities and reasonable documented
out of pocket expenses (including reasonable attorney’s fees), joint or several, which
an Indemnified Person may become subject to, in each case, as a result of Counterparty’s
failure to provide Dealer with a Repurchase Notice on the day and in the manner specified
in this paragraph, and to reimburse each of such Indemnified Persons for any reasonable documented
out of pocket legal or other reasonable expenses incurred in connection with investigating,
preparing for, providing testimony or other evidence in connection with or defending any
of the foregoing. If any suit, action, proceeding (including any governmental or regulatory
investigation), claim or demand shall be brought or asserted against the Indemnified Person
as a result of Counterparty’s failure to provide Dealer with a Repurchase Notice in
accordance with this paragraph, such Indemnified Person shall promptly notify Counterparty
in writing, and Counterparty, upon request of the Indemnified Person, shall retain counsel
reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and
any others Counterparty may designate in such proceeding and shall pay the reasonable fees
and reasonable expenses of such counsel related to such proceeding. Counterparty shall not
have liability for any settlement of any such proceeding contemplated by this paragraph that
is effected without its written consent (not to be unreasonably withheld), but if settled
with such consent or if there be a final judgment for the plaintiff, Counterparty agrees
to indemnify any Indemnified Person from and against any loss or liability by reason of such
settlement or judgment. Counterparty shall not, without the prior written consent of the
Indemnified Person, effect any settlement of any such proceeding that is pending or threatened
in respect of which any Indemnified Person is or could have been a party and indemnity could
have been sought hereunder by such Indemnified Person, unless such settlement includes an
unconditional release of such Indemnified Person from all liability on claims that are the
subject matter of such proceeding on terms reasonably satisfactory to such Indemnified Person.
If the indemnification provided for in this paragraph is unavailable to an Indemnified Person
or insufficient in respect of any losses, claims, damages or liabilities referred to therein,
then Counterparty hereunder, in lieu of indemnifying such Indemnified Person thereunder,
shall contribute to the amount paid or payable by such Indemnified Person as a result of
such losses, claims, damages or liabilities. The remedies provided for in this paragraph
(b) are not exclusive and shall not limit any rights or remedies which may otherwise be available
to any Indemnified Person at law or in equity. Counterparty will not be liable under this
indemnity provision to the extent any loss, claim, damage, liability or expense is found
in a final and non-appealable judgment by a court of competent jurisdiction to have resulted
from Dealer’s gross negligence or willful misconduct. The indemnity and contribution
agreements contained in this paragraph shall remain operative and in full force and effect
regardless of the termination of the Transaction.
21 To be the Notice Percentage (including the shoe) plus 0.5%.
To be based on Dealer with highest Applicable Percentage.
18
(c) Regulation M. Counterparty represents that (A)
the Shares or securities that are convertible into, or exchangeable or exercisable for Shares, are not, and shall not be, subject to
a “restricted period,” as such term is defined in Regulation M under the Exchange Act (“Regulation M”),
and (B) Counterparty is not engaged in any “distribution,” as such term is defined in Regulation M, other than a distribution
meeting the requirements of the exceptions set forth in Rule 101(b)(10) and Rule 102(b)(7) or Rule 102(c)(1)(i) of Regulation M. Counterparty
shall not, until the second Exchange Business Day immediately following the Trade Date, engage in any such distribution.
(d) No Manipulation. Counterparty is not entering
into the Transaction to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for
the Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable
for the Shares) or otherwise in violation of the Exchange Act.
(e) Transfer or Assignment.
(i) Counterparty shall have the right to transfer or assign its rights and obligations hereunder with respect
to all, but not less than all, of the Options hereunder (such Options, the “Transfer Options”); provided that such
transfer or assignment shall be subject to reasonable conditions that Dealer may impose, including but not limited, to the following conditions:
(A) With respect to any Transfer Options, Counterparty or the Issuer, as applicable, shall not be released
from its notice and indemnification obligations pursuant to Section 9(b) or any obligations under Section 9(o) or 9(u) of this Confirmation;
(B) Any Transfer Options shall only be transferred or assigned to a third party that is a “United States
person” (as defined in Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the “Code”));
(C) Such transfer or assignment shall be effected on terms, including any reasonable undertakings by such
third party (including, but not limited to, an undertaking with respect to compliance with applicable securities laws in a manner that,
in the reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and execution of any
documentation and delivery of legal opinions with respect to securities laws and other matters by such third party and Counterparty, as
are requested and reasonably satisfactory to Dealer;
(D) Dealer will not, as a result of such transfer or assignment, be required to pay the transferee on any
payment date an amount under Section 2(d)(i)(4) of the Agreement greater than an amount that Dealer would have been required to pay to
Counterparty in the absence of such transfer and assignment (except to the extent that such greater amount is due to a Change in Tax Law
after the date of such transfer or assignment), and Dealer will not, as a result of such transfer or assignment, receive from the transferee
or assignee on any payment date an amount under Section 2(d)(i)(4) of the Agreement that is less than the amount that Dealer would have
received from Counterparty in the absence of such transfer or assignment (except to the extent that such lesser amount is due to a Change
in Tax Law after the date of such transfer or assignment);
(E) An Event of Default, Potential Event of Default or Termination Event will not occur as a result of such
transfer and assignment;
19
(F) Without limiting the generality of clause (B), Counterparty shall cause the transferee to provide a complete
and duly executed United States Internal Revenue Service Form W-9 (or successor form) and make such Payee Tax Representations as may be
reasonably requested by Dealer to permit Dealer to determine that results described in clause (D) will not occur upon or after such transfer
and assignment; and
(G) Counterparty shall be responsible for all reasonable costs and expenses, including reasonable counsel
fees, incurred by Dealer in connection with such transfer or assignment.
(ii) Dealer may, without Counterparty’s consent, transfer or assign all or any part of its rights or
obligations under the Transaction (A) to any affiliate or branch of Dealer whose obligations hereunder will be guaranteed, pursuant to
the terms of a customary guarantee in a form used by Dealer generally for similar transactions, by Dealer [or Dealer Parent], or (B) to
any other wholly owned direct or indirect subsidiary or branch of [Dealer][Dealer Parent] with a long-term issuer rating equal to or better
than the greater of (1) the credit rating of Dealer at the time of the transfer and (2) AA- by Standard and Poor’s Rating Group,
Inc. or its successor (“S&P”), or A3 by Moody’s Investor Service, Inc. (“Moody’s”)
or, if either S&P or Moody’s ceases to rate such debt, at least an equivalent rating or better by a substitute rating agency
mutually agreed by Counterparty and Dealer; provided that, under the applicable law effective on the date of such assignment, (1) Counterparty
will not, as a result of such transfer or assignment, be required to pay the transferee or assignee on any payment date an amount under
Section 2(d)(i)(4) of the Agreement greater than the amount that Counterparty would have been required to pay to Dealer in the absence
of such transfer or assignment (except to the extent that such greater amount is due to a Change in Tax Law after the date of such transfer
or assignment); (2) Counterparty will not, as a result of such transfer or assignment, receive from the transferee or assignee on any
payment date an amount under Section 2(d)(i)(4) of the Agreement that is less than the amount that Counterparty would have received from
Dealer in the absence of such transfer or assignment (except to the extent that such lesser amount is due to a Change in Tax Law after
the date of such transfer or assignment); and (3) Dealer shall cause the transferee or assignee to make such Payee Tax Representations
and to provide such tax documentation as may reasonably be requested by Counterparty to determine that the results described in clauses
(1) and (2) above will not occur upon or after such transfer and assignment. If at any time at which (A) the Section 16 Percentage exceeds
8.0% or (B) the Share Amount exceeds the Applicable Share Limit (if any applies) (any such condition described in clauses (A) or (B),
an “Excess Ownership Position”), Dealer is unable after using its commercially reasonable efforts to effect a transfer
or assignment of Options to a third party on pricing terms reasonably acceptable to Dealer and within a time period reasonably acceptable
to Dealer such that no Excess Ownership Position exists, then Dealer may designate any Exchange Business Day as an Early Termination Date
with respect to a portion of the Transaction (the “Terminated Portion”), such that following such partial termination
no Excess Ownership Position exists (after taking into account commercially reasonable adjustments to Dealer’s Hedge Positions from
such partial termination). In the event that Dealer so designates an Early Termination Date with respect to a portion of the Transaction,
a payment shall be made pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated in respect of a
Transaction having terms identical to the Transaction and a Number of Options equal to the number of Options underlying the Terminated
Portion, (2) Counterparty were the sole Affected Party with respect to such partial termination and (3) the Terminated Portion were the
sole Affected Transaction (and, for the avoidance of doubt, the provisions of Section 9(m) shall apply to any amount that is payable by
Dealer to Counterparty pursuant to this sentence as if Counterparty was not the Affected Party). The “Section 16 Percentage”
as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of voting Shares that Dealer and any
of its affiliates or any other person subject to aggregation with Dealer for purposes of the “beneficial ownership” test under
Section 13 of the Exchange Act, or any “group” (within the meaning of Section 13 of the Exchange Act) of which Dealer is or
may be deemed to be a part beneficially owns (within the meaning of Section 13 of the Exchange Act), without duplication, on such day
(or, to the extent that for any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder
results in a higher number, such higher number) and (B) the denominator of which is the number of Shares outstanding on such day. The
“Share Amount” as of any day is the number of Shares that Dealer and any person whose ownership position would be aggregated
with that of Dealer (Dealer or any such person, a “Dealer Person”) under any law, rule, regulation, regulatory order
or organizational documents or contracts of Counterparty that are, in each case, applicable to ownership of Shares (“Applicable
Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant
definition of ownership under any Applicable Restriction, as determined by Dealer in its reasonable discretion. The “Applicable
Share Limit” means a number of Shares equal to (A) the minimum number of Shares that would give rise to reporting or registration
obligations (except for any filing requirements on Form 13F, Schedule 13D or Schedule 13G under the Exchange Act, in each case, as in
effect on the Trade Date) or other requirements (including obtaining prior approval from any person or entity) of a Dealer Person, or
would result in an adverse effect on a Dealer Person, under any Applicable Restriction, as determined by Dealer in its reasonable discretion,
minus (B) 1% of the number of Shares outstanding.
(iii) Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Dealer
to purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from Counterparty,
Dealer may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities, or to make or receive
such payment in cash, and otherwise to perform Dealer’s obligations in respect of the Transaction and any such designee may assume
such obligations. Dealer shall be discharged of its obligations to Counterparty solely to the extent of any such performance.
20
(f) Staggered Settlement. If upon advice of counsel
with respect to applicable legal and regulatory requirements, including any requirements relating to Dealer’s hedging activities
hereunder, Dealer reasonably determines that it would not be practicable or advisable to deliver, or to acquire Shares to deliver, any
or all of the Shares to be delivered by Dealer on any Settlement Date for the Transaction, Dealer may, by notice to Counterparty on or
prior to any Settlement Date (a “Nominal Settlement Date”), elect to deliver the Shares on two or more dates (each,
a “Staggered Settlement Date”) as follows:
(i) in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (each of which
will be on or prior to such Nominal Settlement Date) and the number of Shares that it will deliver on each Staggered Settlement Date;
(ii) the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered
Settlement Dates will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date; and
(iii) if the Net Share Settlement terms or the Combination Settlement terms set forth above were to apply on
the Nominal Settlement Date, then the Net Share Settlement terms or the Combination Settlement terms, as the case may be, will apply on
each Staggered Settlement Date, except that the Shares otherwise deliverable on such Nominal Settlement Date will be allocated among such
Staggered Settlement Dates as specified by Dealer in the notice referred to in clause (i) above.
(g) Securities Act. Each of Dealer and Counterparty acknowledges
that the offer and sale of the Transaction to it is intended to be exempt from registration under the Securities Act, by virtue of Section
4(a)(2) thereof. Accordingly, Counterparty represents and warrants to Dealer that (i) it has the financial ability to bear the economic
risk of its investment in the Transaction and is able to bear a total loss of its investment and its investments in and liabilities in
respect of the Transaction, which it understands are not readily marketable, are not disproportionate to its net worth, and it is able
to bear any loss in connection with the Transaction, including the loss of its entire investment in the Transaction, (ii) it is an “accredited
investor” as that term is defined in Regulation D as promulgated under the Securities Act, (iii) it is entering into the Transaction
for its own account and without a view to the distribution or resale thereof, (iv) the assignment, transfer or other disposition of the
Transaction has not been and will not be registered under the Securities Act and is restricted under this Confirmation, the Securities
Act and state securities laws, and (v) its financial condition is such that it has no need for liquidity with respect to its investment
in the Transaction and no need to dispose of any portion thereof to satisfy any existing or contemplated undertaking or indebtedness
and is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands
and accepts, the terms, conditions and risks of the Transaction.
(h) [Risk Disclosure Statement. Counterparty represents and warrants
that it has received, read and understands the OTC Options Risk Disclosure Statement provided by Dealer and a copy of the most recent
disclosure pamphlet prepared by The Options Clearing Corporation entitled “Characteristics and Risks of Standardized Options”.
(i) Conduct Rules. Each party acknowledges and agrees
to be bound by the Conduct Rules of the Financial Industry Regulatory Authority, Inc. applicable to transactions in options, and further
agrees not to violate the position and exercise limits set forth therein.]22
22 To include for relevant Dealers.
21
(j) Additional Termination Events.
(i) Within fifteen (15) Scheduled Trading Days
promptly following any Repayment Event (as defined below), Counterparty may notify Dealer
of such Repayment Event and the aggregate principal amount of Convertible Notes subject to
such Repayment Event or the portion of such aggregate principal amount that Counterparty
elects to be subject to such Repayment Event) (any such notice, a “Repayment Notice”).
Any Repayment Notice shall contain a written representation by Counterparty to Dealer that
Counterparty is not, on the date of such Repayment Notice, in possession of any material
non-public information with respect to Counterparty or the Shares. The receipt by Dealer
from Counterparty of any Repayment Notice shall constitute an Additional Termination Event
as provided in this Section 9(j)(i). Upon receipt of any such Repayment Notice, Dealer shall
as soon as reasonably practicable designate an Exchange Business Day following receipt of
such Repayment Notice as an Early Termination Date with respect to the portion of the Transaction
corresponding to a number of Options (the “Repayment Options”) equal to
the lesser of (A) the aggregate principal amount of such Convertible Notes specified in such
Repayment Notice, divided by USD 1,000, [minus the number of “Repayment Options”
(as defined in the letter confirmation for base call option transactions dated [ ], 2026
between Dealer and Counterparty (the “Base Call Option Transaction Confirmation”)
relate to such Convertible Note (and for purposes of determining whether any Options under
this Confirmation or under the Base Call Option Transaction Confirmation will be among the
Repayment Options hereunder or under, and as defined in, the Base Call Option Transaction
Confirmation, the Convertible Notes specified in such Repayment Notice shall be allocated
first to the Base Call Option Transaction Confirmation until all Options thereunder are exercised
or terminated)]23 and (B) the Number of Options as of the date Dealer designates
such Early Termination Date and, as of such date, the Number of Options shall be reduced
by the number of Repayment Options. Any payment hereunder with respect to such termination
(the “Repayment Unwind Payment”) shall be calculated pursuant to Section
6 of the Agreement as if (1) an Early Termination Date had been designated in respect of
a Transaction having terms identical to the Transaction and a Number of Options equal to
the number of Repayment Options, (2) Counterparty were the sole Affected Party with respect
to such Additional Termination Event and (3) the terminated portion of the Transaction were
the sole Affected Transaction. “Repayment Event” means that (i) any Convertible
Notes are repurchased or redeemed (whether pursuant to [Section 15.02]24 of the
Indenture, pursuant to [Section 16.01]25 of the Indenture or for any other reason)
by Counterparty or any of its subsidiaries, (ii) any Convertible Notes are delivered to Counterparty
or any of its subsidiaries in exchange for delivery of any property or assets of such party
(howsoever described), (iii) any principal of any of the Convertible Notes is repaid prior
to the final maturity date of the Convertible Notes, or (iv) any Convertible Notes are exchanged
by or for the benefit of the Holders (as such term is defined in the Indenture) thereof for
any other securities of Counterparty or any of its subsidiaries (or any other property, or
any combination thereof) pursuant to any exchange offer or similar transaction. For the avoidance
of doubt, any conversion of Convertible Notes pursuant to the terms of the Indenture shall
not constitute a Repayment Event.
(ii) Notwithstanding anything to the contrary in this Confirmation, upon any Early Conversion in respect of
which a Notice of Conversion (as such term is defined in the Indenture) that is effective as to Counterparty has been delivered by the
relevant converting Holder (as such term is defined in the Indenture):
(A) Counterparty may, within fifteen (15) Scheduled Trading Days of the Conversion Date for such Early Conversion,
provide written notice (an “Early Conversion Notice”) to Dealer (which Early Conversion Notice shall contain a written
representation by Counterparty to Dealer that Counterparty is not, on the date of such Early Conversion Notice, in possession of any material
non-public information with respect to Counterparty or the Shares) specifying the number of Convertible Notes surrendered for conversion
on such Conversion Date or the portion of such aggregate principal amount that Counterparty elects to be subject to such Early Conversion
Notice (such Convertible Notes, the “Affected Convertible Notes”), and the giving of such Early Conversion Notice shall
constitute an Additional Termination Event as provided in this clause (ii);
23 Include for additional capped call.
24 Include cross-reference to section of the Indenture providing
for repurchase upon a Fundamental Change.
25 Include cross-reference to section of the Indenture providing
for redemption.
22
(B) upon receipt of any such Early Conversion
Notice, Dealer shall as soon as reasonably practicable designate an Exchange Business Day
as an Early Termination Date (which Exchange Business Day shall be no earlier than one Scheduled
Trading Day following the Conversion Date for such Early Conversion) with respect to the
portion of the Transaction corresponding to a number of Options (the “Affected Number
of Options”) equal to the lesser of (x) the number of Affected Convertible Notes
[minus the “Affected Number of Options” (as defined in the Base Call Option
Confirmation), if any, that relate to such Affected Convertible Notes]26 and (y)
the Number of Options as of the Conversion Date for such Early Conversion; provided that
settlement with respect to any such Early Termination Date shall occur on or as promptly
as commercially reasonably practicable after the date of payment of the amount of cash (if
any) and/or delivery of the number of Shares (if any) upon settlement of the conversion of
the relevant Affected Convertible Notes;
(C) any payment hereunder with respect to such termination shall be calculated pursuant to Section 6 of the
Agreement as if (x) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction
and a Number of Options equal to the Affected Number of Options, (y) Counterparty were the sole Affected Party with respect to such Additional
Termination Event and (z) the terminated portion of the Transaction were the sole Affected Transaction;
(D) for the avoidance of doubt, in determining the amount payable in respect of such Affected Transaction
pursuant to Section 6 of the Agreement, the Calculation Agent shall assume that (x) the relevant Early Conversion and any conversions,
adjustments, agreements, payments, deliveries or acquisitions by or on behalf of Counterparty leading thereto had not occurred, (y) no
adjustments to the Conversion Rate (as such term is defined in the Indenture) have occurred pursuant to any Excluded Provision and (z)
the corresponding Convertible Notes remain outstanding; and
(E) the Transaction shall remain in full force and effect, except that, as of the Conversion Date for such
Early Conversion, the Number of Options shall be reduced by the Affected Number of Options.
(k) Amendments to Equity Definitions.
(i) Section 11.2(e)(vii) of the Equity Definitions is hereby amended and restated as follows: “any other
corporate event involving the Issuer that in the commercially reasonable judgment of the Calculation Agent has a material economic effect
on the theoretical value of the Shares or the Options; provided that such corporate event involving the Issuer is not based on (a) an
observable market, other than the market for Counterparty’s own stock or (b) an observable index, other than an index calculated
and measured solely by reference to Counterparty’s own operations.” .
26 include only in the Additional Call Option Confirmation
23
(ii) Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) deleting from the fourth line thereof
the word “or” after the word “official” and inserting a comma therefor, and (2) deleting the semi-colon at the
end of subsection (B) thereof and inserting the following words therefor “or (C) the occurrence of any of the events specified in
Section 5(a)(vii)(1) through (9) of the ISDA Master Agreement with respect to that Issuer.”
(iii) Section 12.9(b)(i) of the Equity Definitions is hereby amended by (1) replacing “either party may
elect” with “Dealer may elect” and (2) replacing “notice to the other party” with “notice to Counterparty”
in the first sentence of such section.
(iv) Section 11.2(e)(v) of the Equity Definitions is hereby amended by adding the phrase “, provided
that, notwithstanding this Section 11.2(e)(v), the parties hereto agree that, with respect to the Transaction, the following
repurchases of Shares by the Issuer or any of its subsidiaries shall not be considered Potential Adjustment Events: any repurchases of
Shares in open-market transactions at prevailing market prices or privately negotiated accelerated Share repurchase (or similar) transactions
that are entered into at prevailing market prices and in accordance with customary market terms for transactions of such type to repurchase
the Shares, in each case, to the extent that, after giving effect to such transactions, the aggregate number of Shares repurchased during
the term of the Transaction pursuant to all transactions described in this proviso would not exceed 20% of the number of Shares outstanding
as of the Trade Date, as determined by the Calculation Agent” at the end of such Section.
(l) No Netting or
Set-off. The provisions of Section 2(c) of the Agreement shall not apply to the Transaction. Each party waives any and all rights
it may have to set-off delivery or payment obligations it owes to the other party under the Transaction against any delivery or payment
obligations owed to it by the other party under any other agreement between the parties hereto, by operation of law or otherwise.
(m) Alternative Calculations and Payment on Early Termination
and on Certain Extraordinary Events. If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination
Event) occurs or is designated with respect to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence
of an Extraordinary Event (except as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid
to all holders of Shares consists solely of cash, (ii) an Announcement Event, Merger Event or Tender Offer that is within Counterparty’s
control, or (iii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the
Affected Party other than an Event of Default of the type described in Section 5(a)(iii), (v), (vi), (vii) or (viii) of the Agreement
or a Termination Event of the type described in Section 5(b) of the Agreement, in each case that resulted from an event or events outside
Counterparty’s control), and if Dealer would owe any amount to Counterparty pursuant to Section 6(d)(ii) of the Agreement or any
Cancellation Amount pursuant to Article 12 of the Equity Definitions (any such amount, a “Payment Obligation”), then
Dealer shall satisfy the Payment Obligation by the Share Termination Alternative (as defined below), unless (a) Counterparty gives irrevocable
telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time) on
the date of the Announcement Event, Merger Date, Tender Offer Date, Announcement Date (in the case of a Nationalization, Insolvency or
Delisting), Early Termination Date or date of cancellation, as applicable, of its election that the Share Termination Alternative shall
not apply, (b) Counterparty remakes the representation set forth in Section 8(h) as of the date of such election and (c) Dealer agrees,
in its sole, commercially reasonable discretion, to such election, in which case the provisions of Section 12.7 or Section 12.9 of the
Equity Definitions, or the provisions of Section 6(d)(ii) and Section 6(e) of the Agreement, as the case may be, shall apply.
24
Share Termination Alternative:
If applicable, Dealer shall deliver to Counterparty the Share Termination Delivery Property on, or within a commercially reasonable period of time after, the date when the relevant Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as applicable, in satisfaction of such Payment Obligation in the manner reasonably requested by Counterparty free of payment.
Share Termination Delivery Property:
A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall adjust the Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price.
Share Termination Unit Price:
The value of property contained in one Share Termination Delivery Unit, as determined by the Calculation Agent in its discretion by commercially reasonable means and notified to Dealer by the Calculation Agent at the time of notification of the Payment Obligation. For the avoidance of doubt, the parties agree that in determining the Share Termination Delivery Unit Price the Calculation Agent may consider a variety of factors, including the market price of the Share Termination Delivery Units and/or the purchase price paid in connection with the commercially reasonable purchase of Share Termination Delivery Property.
Share Termination Delivery Unit:
One Share or, if the Shares have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property, the “Exchange Property”), a unit consisting of the type and amount of such Exchange Property received per Share by holders of all or substantially all Shares (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Nationalization, Insolvency or Merger Event, as determined by the Calculation Agent.
Failure to Deliver:
Applicable
Other Applicable Provisions:
If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 (as modified above) of the Equity Definitions and the provisions set forth opposite the caption “Representation and Agreement” in Section 2 will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as references to “Share Termination Delivery Units”. “Share Termination Settled” in relation to the Transaction means that the Share Termination Alternative is applicable to the Transaction.
25
(n) Waiver of Jury Trial. Each party waives, to the
fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating
to the Transaction. Each party (i) certifies that no representative, agent or attorney of either party has represented, expressly or
otherwise, that such other party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and
(ii) acknowledges that it and the other party have been induced to enter into the Transaction, as applicable, by, among other things,
the mutual waivers and certifications provided herein.
(o) Registration. Counterparty hereby agrees that
if, in the good faith reasonable judgment of Dealer, based on the advice of counsel, the Shares (the “Hedge Shares”)
acquired by Dealer for the purpose of effecting a commercially reasonable hedge of its obligations pursuant to the Transaction cannot
be sold in the U.S. public market by Dealer without registration under the Securities Act, Counterparty shall, at its election: (i) in
order to allow Dealer to sell the Hedge Shares in a registered offering, make available to Dealer an effective registration statement
under the Securities Act and (A) enter into an agreement, in form and substance reasonably satisfactory to Dealer, substantially in the
form of an underwriting agreement customary for a registered offering, (B) provide accountant’s “comfort” letters in
customary form for registered offerings of equity securities, (C) provide disclosure opinions of nationally recognized outside counsel
to Counterparty reasonably acceptable to Dealer, (D) provide other customary opinions, certificates and closing documents customary in
form for registered offerings of equity securities and (E) afford Dealer a reasonable opportunity to conduct a “due diligence”
investigation with respect to Counterparty customary in scope for underwritten offerings of equity securities (in all cases of (A)-(E)
above, as would be usual and customary for offerings for companies of similar size and in a similar industry); provided that, if Counterparty
elects clause (i) above but the items referred to therein are not completed in a timely manner, or if Dealer, in its sole reasonable
discretion, is not satisfied with access to due diligence materials, the results of its due diligence investigation, or the procedures
and documentation for the registered offering referred to above, then clause (ii) or clause (iii) of this paragraph shall apply at the
election of Counterparty; (ii) in order to allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement
agreement substantially similar to private placement purchase agreements customary for private placements of equity securities of issuers
of similar size and in a similar industry, in form and substance reasonably satisfactory to Dealer, including using reasonable efforts
to include customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Dealer,
due diligence rights (for Dealer or any designated buyer of the Hedge Shares from Dealer), and reasonable best efforts obligations to
provide opinions and certificates and such other documentation as is customary for private placements agreements for transactions of
similar size and type, as is commercially reasonably acceptable to Dealer (in which case, the Calculation Agent shall make any adjustments
to the terms of the Transaction that are necessary, in its reasonable judgment, to compensate Dealer for any discount from the public
market price of the Shares incurred on the sale of Hedge Shares in a private placement of similar size, provided that no “comfort
letter” or accountants’ consent shall be required to be delivered in connection with any private placement, and for the avoidance
of doubt, the Delivery Obligation shall be calculated on the basis of such adjustments by the Calculation Agent); or (iii) purchase the
Hedge Shares from Dealer at the then-current market price on such Exchange Business Days, and in the amounts requested by Dealer.
(p) Tax Disclosure. Effective from the date of commencement
of discussions concerning the Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any
and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind
(including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure.
26
(q) Right to Extend. The Calculation Agent may postpone
or add, in whole or in part, any Valid Day or Valid Days during the Settlement Averaging Period or any other date of valuation, payment
or delivery by Dealer, with respect to some or all of the Options hereunder, if Dealer reasonably determines, in the case of clause (i),
in its discretion or, in the case of clause (ii), based on advice of counsel, that such action is reasonably necessary or appropriate
(i) to preserve commercially reasonable hedging or hedge unwind activity hereunder in light of existing liquidity conditions (but only
if liquidity as of the relevant time is less than the Calculation Agent’s commercially reasonable expectations of liquidity at
such time as of the Trade Date) or (ii) to enable a dealer to effect purchases of Shares in connection with its hedging, hedge unwind
or settlement activity hereunder in a manner that would, if such dealer were Counterparty or an affiliated purchaser of Counterparty,
be in compliance with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures applicable
to Dealer; provided that such policies and procedures have been adopted by Dealer in good faith and are generally applicable in similar
situations and applied in a non-discriminatory manner; provided further that no such Valid Day or other date of valuation, payment or
delivery may be postponed or added more than 90 Valid Days after the original Valid Day or other date of valuation, payment or delivery,
as the case may be.
(r) [Reserved.]
(s) Status of Claims in Bankruptcy. Dealer acknowledges
and agrees that this Confirmation is not intended to convey to Dealer rights against Counterparty with respect to the Transaction that
are senior to the claims of common stockholders of Counterparty in any United States bankruptcy proceedings of Counterparty; provided
that nothing herein shall limit or shall be deemed to limit Dealer’s right to pursue remedies in the event of a breach by Counterparty
of its obligations and agreements with respect to the Transaction; provided, further, that nothing herein shall limit or shall be deemed
to limit Dealer’s rights in respect of any transactions other than the Transaction.
(t) Securities Contract- Swap Agreement.
The parties hereto intend for (i) the Transaction to be a “securities contract” and a “swap agreement” as defined
in the Bankruptcy Code, and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6),
362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s right to liquidate the Transaction and to exercise
any other remedies upon the occurrence of any Event of Default under the Agreement with respect to the other party to constitute a “contractual
right” as described in the Bankruptcy Code, and (iii) each payment and delivery of cash, securities or other property hereunder
to constitute a “margin payment” or “settlement payment” and a “transfer” as defined in the Bankruptcy
Code.
(u) Notice of Certain Other Events. Counterparty covenants
and agrees that:
(i) promptly following the public announcement of the results of any election by the holders of Shares with
respect to the consideration due upon consummation of any Merger Event, Counterparty shall give Dealer written notice of (x) the weighted
average of the types and amounts of consideration that holders of Shares have elected to receive upon consummation of such Merger Event
or (y) if no holders of Shares affirmatively make such election, the types and amounts of consideration actually received by holders of
Shares (the date of such notification, the “Consideration Notification Date”); provided that in no event shall the
Consideration Notification Date be later than the date on which such Merger Event is consummated; and
(ii) promptly following any adjustment to the Convertible Notes in connection with any Potential Adjustment
Event, Merger Event or Tender Offer (or, if the Convertible Notes are no longer outstanding, any such Potential Adjustment Event, Merger
Event or Tender Offer that would have resulted in an adjustment to the Convertible Notes, if the Convertible Notes were outstanding),
Counterparty shall give Dealer written notice of the details of such adjustment (or such adjustment that would have occurred if the Convertible
Notes were outstanding, as the case may be).
27
(v) Wall Street Transparency
and Accountability Act. In connection with Section 739 of the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”),
the parties hereby agree that neither the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an
amendment made by WSTAA, shall limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate,
modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality,
increased costs, regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement
(including, but not limited to, rights arising from Change in Law, Hedging Disruption, an Excess Ownership Position, or Illegality (as
defined in the Agreement)).
(w) Agreements and Acknowledgements Regarding Hedging.
Counterparty understands, acknowledges and agrees that: (A) at any time on and prior to the Expiration Date, Dealer and its affiliates
may buy or sell Shares or other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities
in order to adjust its hedge position with respect to the Transaction; (B) Dealer and its affiliates also may be active in the market
for Shares other than in connection with hedging activities in relation to the Transaction; (C) Dealer shall make its own determination
as to whether, when or in what manner any hedging or market activities in securities of Issuer shall be conducted and shall do so in
a manner that it deems appropriate to hedge its price and market risk with respect to the Relevant Prices; and (D) any market activities
of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, as well as the Relevant Prices,
each in a manner that may be adverse to Counterparty.
(x) Early Unwind.
In the event the sale of the [“Base Securities”]27 [“Option
Securities”]28 (as defined in the Purchase Agreement dated as of [ ], 2026,
between Counterparty and Cantor Fitzgerald & Co., as representative of the Initial Purchasers
party thereto (the “Initial Purchasers”)), is not consummated with the
Initial Purchasers for any reason, or Counterparty fails to deliver to Dealer opinions of
counsel as required pursuant to Section 9(a), in each case by 5:00 p.m. (New York City time)
on the Premium Payment Date, or such later date as agreed upon by the parties (the Premium
Payment Date or such later date, the “Early Unwind Date”), the Transaction
shall automatically terminate (the “Early Unwind”) on the Early Unwind
Date and (i) the Transaction and all of the respective rights and obligations of Dealer and
Counterparty under the Transaction shall be cancelled and terminated and (ii) each party
shall be released and discharged by the other party from and agrees not to make any claim
against the other party with respect to any obligations or liabilities of the other party
arising out of and to be performed in connection with the Transaction either prior to or
after the Early Unwind Date. Each of Dealer and Counterparty represents and acknowledges
to the other that, upon an Early Unwind, all obligations with respect to the Transaction
shall be deemed fully and finally discharged.
(y) Payment by Counterparty. In the event that, following
payment of the Premium, (i) an Early Termination Date occurs or is designated with respect to the Transaction as a result of a Termination
Event or an Event of Default (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result,
Counterparty owes to Dealer an amount calculated under Section 6(e) of the Agreement, or (ii) Counterparty owes to Dealer, pursuant to
Section 12.7 or Section 12.9 of the Equity Definitions, an amount calculated under Section 12.8 of the Equity Definitions, such amount
shall be deemed to be zero.
27 Insert only for the Base Call Option Confirmation
28 Insert only for the Additional Call Option Confirmation
28
(z) Hedging Adjustments. For the avoidance of doubt,
whenever the Calculation Agent, Hedging Party, Determining Party or Dealer is required or permitted to make a calculation, adjustment
or determination pursuant to the terms of this Confirmation or the Equity Definitions to take into account the effect of an event (other
than an adjustment to be made by reference to the Indenture), the Calculation Agent, Hedging Party, Determining Party or Dealer shall
make such calculation, adjustment, or determination by reference to the effect of such event on Dealer (taking into account, among other
factors, Dealer’s hedge position), assuming that such Dealer maintains a commercially reasonable hedge position.
(aa) Other Adjustments Pursuant to the Equity Definitions.
Notwithstanding anything to the contrary in this Confirmation, solely for the purpose of adjusting the Cap Price, the terms “Potential
Adjustment Event,” “Merger Event,” and “Tender Offer” shall each have the meanings assigned to such term
in the Equity Definitions (as amended by Section 9(k)(i)), and upon the occurrence of a Merger Date, the occurrence of a Tender Offer
Date, or declaration by Counterparty of the terms of any Potential Adjustment Event, respectively, as such terms are defined in the Equity
Definitions, the Calculation Agent shall, in good faith and in a commercially reasonable manner, determine whether such occurrence or
declaration, as applicable, has had a material economic effect on the Transaction and, if so, shall adjust the Cap Price as the Calculation
Agent determines appropriate to account for the economic effect on the Transaction of such occurrence or declaration, as applicable,
such adjustment to be without duplication of any other adjustment hereunder or under the Agreement or the Equity Definitions in respect
of such event; provided that in no event shall the Cap Price be less than the Strike Price.
(bb) FATCA and Dividend Equivalent Tax. “Tax”
as used in Section 9(cc) below (Payer Tax Representations) and “Indemnifiable Tax” as defined in Section 14 of the
Agreement shall not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the Code,
any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the
Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in
connection with the implementation of such Sections of the Code (a “FATCA Withholding Tax”). For the avoidance of
doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes of Section
2(d) of the Agreement. The parties agree that the definitions and provisions contained in the Attachment to the ISDA 2015 Section 871(m)
Protocol, as published by ISDA (the “871(m) Protocol”), are incorporated into and apply to the Agreement as if set
forth in full therein. For the avoidance of doubt, any such tax imposed under Section 871(m) of the Code is a Tax the deduction or withholding
of which is required by applicable law for the purposes of Section 2(d) of the Agreement.
(cc) Part 2(a) of the ISDA Schedule – Payer Tax Representations.
(i) Payer Tax Representations. For the purpose of Section 3(e) of the Agreement, each of Dealer and
Counterparty makes the following representation:
It is not required
by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make
any deduction or withholding for or on account of any Tax from any payment (other than any amounts treated as interest) to be made by
it to the other party under the Agreement. In making this representation, it may rely on (i) the accuracy of any representations made
by the other party pursuant to Section 3(f) of the Agreement, (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii)
of the Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii)
of the Agreement and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of the Agreement, except that
it will not be a breach of this representation where reliance is placed on clause (ii) above and the other party does not deliver a form
or document under Section 4(a)(iii) of the Agreement by reason of material prejudice to its legal or commercial position.
29
(dd) Part 2(b) of the ISDA Schedule – Payee Tax Representations.
(i) For the purpose of Section 3(f) of the Agreement, Counterparty makes the following representations to
Dealer:
Counterparty is a corporation for U.S.
federal income tax purposes and is a “U.S. person” (as that term is used in Section 1.1441-4(a)(3)(ii) of the United States
Treasury Regulations).
(ii) For the purpose of Section 3(f) of the Agreement, Dealer makes the following representations to Counterparty:
[Dealer to provide]29
(ee) Part 3(g) of the ISDA Schedule
– Tax Forms.
Party Required to Deliver Form/Document/Certificate Document
Date by which to be Delivered
Counterparty
A complete and duly executed United States Internal Revenue Service Form W-9 (or successor form).
(i) Upon execution and delivery of this Confirmation; (ii) promptly upon reasonable demand by Dealer; and (iii) promptly upon learning that any such Form previously provided by Counterparty has become obsolete or incorrect.
Dealer
A complete and duly executed United States Internal Revenue Service [Form W-9][Form W-8[insert applicable series]] (or successor form).
(i) Upon execution and delivery of this Confirmation; (ii) promptly upon reasonable demand by Counterparty; and (iii) promptly upon learning that any such Form previously provided by Dealer has become obsolete or incorrect.
29 Dealer to provide Payee Representations. If Dealer provides
an IRS Form W-8BEN-E, Dealer to provide a standard tax treaty representation. If Dealer provides an IRS Form W-8IMY, Dealer to provide
a withholding statement with the sole beneficial owner of payments hereunder as a U.S. person.
30
(ff) [QFC Stay Rules.
The parties agree that (i) to the extent that prior to the date hereof both parties have
adhered to the 2018 ISDA U.S. Resolution Stay Protocol (the “Protocol”),
the terms of the Protocol are incorporated into and form a part of this Confirmation, and
for such purposes this Confirmation shall be deemed a Protocol Covered Agreement, and each
party shall be deemed to have the same status as Regulated Entity and/or Adhering Party as
applicable to it under the Protocol; (ii) to the extent that prior to the date hereof the
parties have executed a separate agreement the effect of which is to amend the qualified
financial contracts between them to conform with the requirements of the QFC Stay Rules (the
“Bilateral Agreement”), the terms of the Bilateral Agreement are incorporated
into and form a part of this Confirmation and each party shall be deemed to have the status
of “Covered Entity” or “Counterparty Entity” (or other similar term)
as applicable to it under the Bilateral Agreement; or (iii) if clause (i) and clause (ii)
do not apply, the terms of Section 1 and Section 2 and the related defined terms (together,
the “Bilateral Terms”) of the form of bilateral template entitled “Full-Length
Omnibus (for use between U.S. G-SIBs and Corporate Groups)” published by ISDA on November
2, 2018 (currently available on the 2018 ISDA U.S. Resolution Stay Protocol page at www.isda.org
and a copy of which is available upon request), the effect of which is to amend the qualified
financial contracts between the parties thereto to conform with the requirements of the QFC
Stay Rules, are hereby incorporated into and form a part of this Confirmation, and for such
purposes this Confirmation shall be deemed a “Covered Agreement,” Dealer shall
be deemed a “Covered Entity” and Counterparty shall be deemed a “Counterparty
Entity.” In the event that, after the date of this Confirmation, both parties hereto
become adhering parties to the Protocol, the terms of the Protocol will replace the terms
of this paragraph. In the event of any inconsistencies between this Confirmation and the
terms of the Protocol, the Bilateral Agreement or the Bilateral Terms (each, the “QFC
Stay Terms”), as applicable, the QFC Stay Terms will govern. Terms used in this
paragraph without definition shall have the meanings assigned to them under the QFC Stay
Rules. For purposes of this paragraph, references to “this Confirmation” include
any related credit enhancements entered into between the parties or provided by one to the
other. “QFC Stay Rules” means the regulations codified at 12 C.F.R. 252.2, 252.81-8,
12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which, subject to limited exceptions, require an
express recognition of the stay-and-transfer powers of the FDIC under the Federal Deposit
Insurance Act and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall
Street Reform and Consumer Protection Act and the override of default rights related directly
or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions
on the transfer of any covered affiliate credit enhancements.]30
(gg) Counterparts. This Confirmation may be executed
in several counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.
Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act
of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., DocuSign and AdobeSign
(any such signature, an “Electronic Signature”)) or other transmission method and any counterpart so delivered shall be deemed
to have been duly and validly delivered and be valid and effective for all purposes. The words “execution,” “signed,”
“signature” and words of like import in this Confirmation or in any other certificate, agreement or document related to this
Confirmation shall include any Electronic Signature, except to the extent electronic notices are expressly prohibited under this Confirmation
or the Agreement.
(hh) Governing Law: Jurisdiction: Waiver of Jury.
(a) THE
AGREEMENT, THIS CONFIRMATION AND ALL MATTERS ARISING IN CONNECTION WITH THE AGREEMENT AND THIS CONFIRMATION SHALL BE GOVERNED BY, AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CHOICE OF LAW DOCTRINE, OTHER THAN
TITLE 14 OF THE NEW YORK GENERAL OBLIGATIONS LAW).
30 To modify as necessary for each Dealer.
31
(ii) CARES Act. Counterparty acknowledges that the
Transaction may constitute a purchase of its equity securities or a capital distribution. Counterparty further acknowledges that, pursuant
to the provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), the Counterparty will
be required to agree to certain time-bound restrictions on its ability to purchase its equity securities or make capital distributions
if it receives loans, loan guarantees or direct loans (as that term is defined in the CARES Act) under section 4003(b) of the CARES Act.
Counterparty further acknowledges that it may be required to agree to certain time-bound restrictions on its ability to purchase its
equity securities or make capital distributions if it receives loans, loan guarantees or direct loans (as that term is defined in the
CARES Act) under programs or facilities established by the Board of Governors of the Federal Reserve System or the U.S. Department of
Treasury for the purpose of providing liquidity to the financial system, and may be required to agree to similar restrictions under programs
or facilities established in the future. Accordingly, Counterparty represents and warrants that neither it nor any of its subsidiaries
has applied for, and throughout the term of the Transaction shall not apply, for a loan, loan guarantee, direct loan (as that term is
defined in the CARES Act) or other investment, or to receive any financial assistance or relief (howsoever defined) under any program
or facility that (a) is established under applicable law (whether in existence as of the Trade Date or subsequently enacted, adopted
or amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and (b) requires under applicable law
(or any regulation, guidance, interpretation or other pronouncement thereunder), as a condition of such loan, loan guarantee, direct
loan (as that term is defined in the CARES Act), investment, financial assistance or relief, that Counterparty or any of its subsidiaries
agree, attest, certify or warrant that it has not, as of the date specified in such condition, repurchased, or will not repurchase, any
equity security of Counterparty, and that it has not, as of the date specified in such condition, made a capital distribution or will
not make a capital distribution (collectively, “Restricted Financial Assistance”); provided that Counterparty
may apply for Restricted Financial Assistance if Counterparty either (a) determines, based on the advice of outside counsel of national
standing, that the terms of the Transaction would not cause Counterparty to fail to satisfy any condition for application for or receipt
or retention of such loan, loan guarantee, direct loan (as that term is defined in the CARES Act), investment, financial assistance or
relief based on the terms of the program or facility as of the date of such advice or (b) delivers to Dealer evidence of a waiver or
other guidance from a governmental authority with jurisdiction for such program or facility that the Transaction is permitted under such
program or facility (either by specific reference to the Transaction or by general reference to transactions with attributes of the Transaction
in all relevant respects). Counterparty further represents and warrants that the Premium is not being paid, in whole or in part, directly
or indirectly, with funds received under or pursuant to any program or facility, including the U.S. Small Business Administration’s
“Paycheck Protection Program”, that (a) is established under applicable law (whether in existence as of the Trade Date or
subsequently enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and (b)
requires under such applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with
jurisdiction for such program or facility) that such funds be used for specified or enumerated purposes that do not include the purchase
of the Transaction (either by specific reference to the Transaction or by general reference to transactions with the attributes of the
Transaction in all relevant respects).
(jj) [Dealer Boilerplate. Insert Dealer specific terms,
if any.]
32
Counterparty hereby agrees
(a) to check this Confirmation carefully and immediately upon receipt so that errors or discrepancies can be promptly identified and rectified
and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer
and Counterparty with respect to the Transaction, by signing this Confirmation or this page hereof as evidence of agreement to such terms
and providing the other information requested herein and immediately returning an executed copy to Dealer.
Very truly yours,
[DEALER]
By:
Name:
Title:
[Signature Page to [Base][Additional] Capped Call Confirmation]
33
Accepted and confirmed
as of the Trade Date:
Fermi Inc.
By:
Name:
Title:
[Signature Page to [Base] [Additional] Capped Call Confirmation]
34
EX-99.1 — PRESS RELEASE, DATED JULY 15, 2026
EX-99.1
Filename: ea029807401ex99-1.htm · Sequence: 4
Exhibit
99.1
Fermi
Outlines Strategic Rationale for Upsized $431 Million Convertible Notes Offering
Flexible
convertible structure with shareholder-friendly capped call minimizes dilution
Proceeds
strengthen liquidity in midst of customer and partner negotiations and preserve Fermi’s speed-to-power advantage
Attractive
five-year cost of capital provides run room to advance multiple commercial tracks in parallel
DALLAS,
July 15, 2026 -- Fermi Inc. (Nasdaq & LSE: FRMI), operating as Fermi America™ (“Fermi” or the “Company”),
outlined today the strategic rationale for its recently closed and upsized offering of $431.25 million aggregate principal amount of
5.00% Convertible Senior Notes due 2031 (the “Notes”), which included the exercise in full of the initial purchasers’
13-day option to purchase up to an additional $56.25 million aggregate principal amount of Notes. The Notes are intended to strengthen
Fermi’s balance sheet, enhance liquidity, and support continued execution of Project Matador as the Company advances tenant, strategic
partnership, and power-delivery milestones.
“We
were deliberate about the form, size, and timing of this raise,” said Rob Masson, Fermi’s Chief Financial Officer. “We
believe a convertible structure is the right financing for this stage of Project Matador’s development. This convertible with a
capped call checks the box for one of our 90-day milestones by bolstering our balance sheet with sufficient capital to support our liquidity
needs at a very attractive cost of capital, while protecting shareholders against dilution until the stock price more than doubles. This
transaction’s five-year term fits our development and power-delivery plan and delivers a strengthened balance sheet, enabling us
to continue our ongoing tenant and strategic partnership negotiations from a position of strength.”
Strategic
Rationale
Strengthening
the balance sheet is a key enabler of Fermi’s near-term business objectives:
● Signing
binding tenant agreements;
● Advancing
strategic partnerships; and
● Delivering
initial power at the site.
Fermi chose
the convertible path at this critical stage in the development of Project Matador for the following reasons:
● Timing.
Opportunistically raising capital while credit markets are open and ahead of these milestones
strengthens Fermi’s balance sheet and enables it to move quickly on commercial opportunities
as they advance, rather than being paced by its cash position.
● Shareholder-friendly
path to liquidity. The Company concluded that convertible notes with a capped call feature
were the most shareholder-friendly way to secure stronger liquidity, as it is significantly
less dilutive than a common equity offering or a private investment in public equity (PIPE).
Fermi entered into capped call transactions in connection with the offering, with a cap set
at 100% above Fermi’s share price at the time of pricing. As a result, the Notes are
expected to create no dilution to existing shareholders unless the Company’s stock
price doubles. Even if the stock price triples, the resulting dilution would only be approximately
2%, and the combined transaction continues to be significantly less dilutive than alternatives
at stock prices above that.
● Capital-efficient
debt. The Notes carry a low coupon, with no scheduled amortization and no financial maintenance
or restrictive covenants and are expected to deliver significant interest savings versus
conventional financing, while preserving operational and financial flexibility.
● Term
aligned to the build. The five-year term, with the Notes maturing on July 15, 2031, aligns
with Fermi’s development and power-delivery horizon.
● Sized
for run room. Fermi sized the offering to carry a healthy cash balance that takes the
timing of initial tenant commitments into account and allows construction to continue without
interruption. A larger, well-capitalized balance sheet also reinforces the Company’s
credibility with sophisticated counterparties.
● Flexibility
to execute on multiple fronts. Combined with the nearly $1 billion of commitments already
secured, the offering gives Fermi the liquidity and flexibility to advance several tenant
and joint-venture conversations at once without prioritizing one over another and without
compromising its power-delivery schedule or speed-to-power advantage.
Convertible
Notes Details
The Notes
bear interest at a rate of 5.00% per year and mature on July 15, 2031, unless earlier converted, redeemed or repurchased. The initial
conversion price is approximately $9.52 per share, representing a 30% premium to the July 9, 2026 closing price of Fermi’s common
stock. In connection with the offering, Fermi entered into capped call transactions that are expected to reduce potential dilution upon
conversion, with an effective conversion price of $14.64 per share, representing a 100% premium to the July 9, 2026 closing price.
The net proceeds
from the offering were approximately $416.81 million, including net proceeds from the initial purchasers’ exercise in full of their
option to purchase additional notes, after deducting discounts, commissions and estimated offering expenses. The Company will use approximately
$34.5 million to fund the capped call transactions, with the remainder for general corporate purposes.
Project
Matador
Fermi America
is developing one of the world’s largest advanced energy and AI campus sites, with 7,570 acres secured or under long-term lease
in the Texas Panhandle and more than $1.4 billion invested in site buildout to date. Project Matador is engineered to solve the single
biggest constraint in AI infrastructure – access to large-scale, reliable power on a timeline that meets customer demand. Subject
to entering into binding tenant agreements, the project is expected to ramp to approximately 1.5 gigawatts through 2027, with capital
deployment matched to commercial progress.
About
Fermi America™
Fermi America™
(Nasdaq & LSE: FRMI) develops next-generation private electric grids that deliver highly redundant power at gigawatt scale to support
next-generation intelligence and AI compute. Fermi America™ combines cutting-edge technology with a deep bench of proven world-class
multi-disciplinary leaders with a combined 25 GW of experience, to create the world’s largest, 11 GW next-gen private grid, helping ensure
America’s energy and AI dominance. The behind-the-meter Project Matador campus is expected to integrate the nation’s biggest combined-cycle
natural gas project, one of the largest clean, new nuclear power complexes in America, utility grid power, solar power, and battery energy
storage, to support hyperscale AI and advanced computing. For additional information visit www.fermiamerica.com.
Contacts
Investors
Rodrigo Acuna | IR@fermiamerica.com
Media
Fermi Inc.
Communications | press@fermiamerica.com
Forward-Looking
Statements
This press
release contains “forward-looking statements” within the meaning of the federal securities laws, including statements regarding
the anticipated benefits, terms and use of proceeds of the Notes and the capped call transactions, and the Company’s business,
strategy, milestones and expectations for Project Matador, including tenant and partnership timing and power-delivery plans. These statements
are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ
materially, including market conditions, the completion and timing of tenant and partnership agreements, the timing and cost of power
delivery, and the other risks and uncertainties described in the Company’s filings with the U.S. Securities and Exchange Commission
(the “SEC”). Investors should consult the further disclosures and risk factors included in the Company’s Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other documents filed from time to time with the SEC, available
at www.sec.gov and in the Investor Relations section of the Company’s website. Fermi undertakes no duty to publicly update or revise
any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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