Form 8-K

8-K — Keel Infrastructure Corp.

Accession: 0001213900-26-067042

Filed: 2026-06-10

Period: 2026-06-09

CIK: 0001812477

SIC: 6199 (FINANCE SERVICES)

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: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — ea0294115-8k_keelinfra.htm (Primary)

EX-4.1 — INDENTURE, DATED AS OF JUNE 9, 2026, AMONG KEEL INFRASTRUCTURE CORP. AS ISSUER, BITFARMS LTD. AS GUARANTOR, AND COMPUTERSHARE TRUST COMPANY, N.A., AS TRUSTEE (ea029411501ex4-1.htm)

EX-10.1 — FORM OF CAPPED CALL TRANSACTION (ea029411501ex10-1.htm)

EX-99.1 — PRESS RELEASE OF KEEL INFRASTRUCTURE CORP. ANNOUNCING THE CLOSING OF ITS CONVERTIBLE NOTES OFFERING, DATED JUNE 9, 2026 (ea029411501ex99-1.htm)

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8-K — CURRENT REPORT

8-K (Primary)

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0001812477

2026-06-09

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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)

the Securities Exchange Act of 1934

Date

of Report (Date of earliest event reported): June 9, 2026

Keel

Infrastructure Corp.

(Exact

name of registrant as specified in its charter)

Delaware

001-40370

41-4266374

(State

or other jurisdiction

incorporation)

(Commission

File Number)

(I.R.S.

Employer

Identification

No.)

120

Broadway, Suite 1075, New York, New York

10004

(Address

of principal executive offices)

(Zip

Code)

Registrant’s

telephone number, including area code: (929)-264-5151

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

KEEL

Nasdaq

Stock Market LLC

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 ☐

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 Convertible Notes

June 9, 2026, Keel Infrastructure Corp. (the “Company”) issued $458,000,000 aggregate principal amount of its 1.250% Convertible

Senior Notes due 2032 (the “Notes”). The Notes were issued pursuant to, and are governed by, an indenture (the “Indenture”),

dated as of June 9, 2026, among the Company, Bitfarms Ltd., as guarantor (the “Guarantor”), and Computershare Trust Company,

N.A., as trustee (the “Trustee”). Pursuant to the purchase agreement, dated June 4, 2026, among the Company, the Guarantor

and the representatives of the initial purchasers of the Notes, the Company granted the initial purchasers an option to purchase, for

settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $58,000,000 aggregate

principal amount of Notes. The Notes issued on June 9, 2026 include $58,000,000 aggregate principal amount of Notes issued pursuant to

the full exercise by the initial purchasers of such option.

The

payment obligations under the Notes are fully and unconditionally guaranteed, on a senior, unsecured basis, by the Guarantor.

The

Notes will be the Company’s senior unsecured obligations and will rank senior in right of payment to any of the Company’s

indebtedness that is expressly subordinated in right of payment to the Notes; equal in right of payment with any of the Company’s

unsecured indebtedness that is not so subordinated (including the Company’s obligations with respect to the Company’s existing

1.375% convertible senior Notes due 2031 (the “Existing Convertible Notes”)); and effectively junior in right of payment

to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness. In the event

of the Company’s bankruptcy, liquidation, reorganization or other winding up, the Company’s assets that secure secured debt

will be available to pay obligations on the Notes only after all indebtedness under such secured debt has been repaid in full. 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 that do not guarantee the Notes.

The

guarantee of the Guarantor will be the Guarantor’s senior unsecured obligation and will rank senior in right of payment to any

indebtedness of the Guarantor that is expressly subordinated in right of payment to the guarantee; equal in right of payment with any

unsecured indebtedness of the Guarantor that is not so subordinated (including the Guarantor’s obligations with respect to the

Existing Convertible Notes); and effectively junior in right of payment to any secured indebtedness of the Guarantor, to the extent of

the value of the assets securing such indebtedness. The guarantee 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 Guarantor’s subsidiaries.

The

Notes accrue interest at a rate of 1.250% per annum, payable semi-annually on January 15 and July 15 of each year, beginning on January

15, 2027. The Notes will mature on January 15, 2032, unless earlier repurchased, redeemed or converted. Before the close of business

on the business day immediately preceding October 15, 2031, holders of the Notes will have the right to convert their Notes only upon

the occurrence of certain events. On or after October 15, 2031, holders of the Notes may convert their Notes at any time at their election

until the close of business on the second scheduled trading day immediately preceding the maturity date.

The

Company will have the right to elect to settle conversions by paying or delivering, as applicable, cash, shares of the Company’s

Common Stock, or any combination of cash and shares of the Company’s Common Stock. The initial conversion rate is 134.9073 shares

of Common Stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $7.41 per share.

The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events. In addition,

if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the Indenture) occur, then the

conversion rate will, in certain circumstances, be increased for a specified period of time.

The

Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after July 20,

2029 and before the 31st scheduled trading day immediately preceding the maturity date, but only if the last reported sale price per

share of the Company’s Common Stock is at least 130% of the conversion price for at least twenty (20) trading days (whether or

not consecutive) during any thirty (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 such redemption notice. The redemption price

will be a cash amount equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding,

the redemption date. In addition, calling any Note for redemption will result in the conversion rate applicable to the conversion of

that Note being increased in certain circumstances if it is converted after it is called for redemption.

certain corporate events that constitute a “Fundamental Change” (as defined in the Indenture) occur, then, subject to certain

conditions, noteholders may require the Company to repurchase their Notes at a cash repurchase price equal to the principal amount of

the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. The

definition of Fundamental Change includes, among other events, certain business combination transactions involving the Company.

The

Notes will have customary provisions relating to the occurrence of “Events of Default” (as defined in the Indenture), which

include the following: (i) certain payment defaults on the Notes (which, in the case of a default in the payment of interest on the Notes,

will be subject to a 30-day cure period); (ii) the Company’s failure to send certain notices under the Indenture when due; (iii)

a default in the Company’s obligation to convert a Note upon the exercise of the conversion right with respect thereto, if such

default is not cured within three business days after its occurrence; (iv) the failure by the Company or the Guarantor to comply with

certain covenants in the Indenture relating to the ability of the Company or the Guarantor to consolidate with or merge with or into,

or sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the assets of the Company

or the Guarantor, as applicable, and its subsidiaries, taken as a whole, to another person; (v) a default by the Company or the Guarantor

in its other obligations or agreements under the Indenture or the Notes if such default is not cured or waived within 60 days after notice

is given in accordance with the Indenture; (vi) certain defaults by the Company, the Guarantor or any of the Company’s significant

subsidiaries with respect to indebtedness for borrowed money in excess of $25,000,000; (vii) the rendering of certain judgments against

the Company, the Guarantor or any of the Company’s significant subsidiaries for the payment of at least $25,000,000, where such

judgments are not discharged or stayed within 60 days after date on which the right to appeal has expired or on which all rights to appeal

have been extinguished; (viii) certain events of bankruptcy, insolvency and reorganization involving the Company, the Guarantor or any

of the Company’s significant subsidiaries; (ix) a termination of trading occurs and (x) except as permitted by the Indenture, any

guarantee of the Notes ceases to be in full force and effect or the Guarantor denies or disaffirms its obligations under its guarantee

of the Notes.

an Event of Default involving bankruptcy, insolvency or reorganization events with respect to the Company or the Guarantor or any of

the Company’s significant subsidiaries occurs, then the principal amount of, and all accrued and unpaid interest on, all of the

Notes then outstanding will immediately become due and payable without any further action or notice by any person. If any other Event

of Default occurs and is continuing, then, the Trustee, by notice to the Company, or noteholders of at least 25% of the aggregate principal

amount of Notes then outstanding, by notice to the Company and the Trustee, may declare the principal amount of, and all accrued and

unpaid interest, if any, on, all of the Notes then outstanding to become due and payable immediately.

a termination of trading occurs, the Company may cure such Event of Default by offering to purchase the outstanding Notes as if the occurrence

of the termination of trading were a fundamental change and make-whole fundamental change.

The

above description of the Indenture and the Notes is a summary and is not complete. A copy of the Indenture and the form of the certificate

representing the Notes are filed as exhibits 4.1 and 4.2, respectively, to this Current Report on Form 8-K, and are incorporated herein

by reference. The above summary is qualified by reference to the terms of the Indenture and the Notes set forth in such exhibits.

Capped

Call Transactions

June 4, 2026, in connection with the pricing of the Notes, the Company entered into privately negotiated capped call transactions (the

“Base Capped Call Transactions”) with one or more of the initial purchasers or their respective affiliates and/or one or

more other financial institutions (the “Option Counterparties”). In addition, on June 5, 2026, in connection with the initial

purchasers’ exercise of their option to purchase additional Notes, the Company entered into additional capped call transactions

(the “Additional Capped Call Transactions,” and, together with the Base Capped Call Transactions, the “Capped Call

Transactions”) with each of the Option Counterparties. The Capped Call Transactions cover, subject to anti-dilution adjustments

substantially similar to those applicable to the Notes, the number of shares of the Company’s Common Stock initially underlying

the Notes, and are expected generally to reduce potential dilution to the Company’s Common Stock upon any conversion of the Notes

and/or offset any cash payments the Company could be required to make in excess of the principal amount of converted Notes, as the case

may be, upon conversion of the Notes, with such reduction and/or offset subject to a cap. The cap price of the Capped Call Transactions

is initially $11.86 per share (subject to adjustment under the terms of the Capped Call Transactions), which represents a premium of

100.0% over the last reported sale price of the Company’s Common Stock on June 4, 2026. The cost of the Capped Call Transactions

was approximately $41.7 million.

The

Capped Call Transactions are separate transactions, each between the Company and the applicable Option Counterparty, and are not part

of the terms of the Notes and will not affect any noteholder’s rights under the Notes or the Indenture. Noteholders of the Notes

will not have any rights with respect to the Capped Call Transactions.

The

above description of the Capped Call Transactions is a summary and is not complete. A copy of the form of confirmation for the Capped

Call Transactions is filed as exhibit 10.1 to this Current Report on Form 8-K, and are incorporated herein by reference. The above summary

is qualified by reference to the terms of the form of confirmation set forth in such exhibit.

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 above is incorporated by reference into this Item 2.03.

Item

3.02. Unregistered Sales of Equity Securities.

The

disclosure set forth in Item 1.01 above is incorporated by reference into this Item 3.02. The Notes were issued to the initial purchasers

in reliance upon Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), in transactions not involving

any public offering. The Notes were resold by the initial purchasers to persons whom the initial purchasers reasonably believe are “qualified

institutional buyers,” as defined in, and in accordance with, Rule 144A under the Securities Act. Any shares of Common Stock that

may be issued upon conversion of the Notes will be issued in reliance upon Section 3(a)(9) of the Securities Act as involving an exchange

by the Company exclusively with its security holders. Initially, a maximum of 77,234,372 shares of Common Stock may be issued upon

conversion of the Notes, based on the initial maximum conversion rate of 168.6340 shares of Common Stock per $1,000 principal amount

of Notes, which is subject to customary anti-dilution adjustment provisions.

Item

8.01. Other Events.

Press

Release

the Closing Date, the Company issued a press release announcing that it has completed the sale of the Notes, pursuant to the purchase

agreement among the Company, the Guarantor and the initial purchasers of the Notes. A copy of the Company’s press release is attached

hereto as Exhibit 99.1, which is incorporated herein by reference.

Forward-Looking

Statements

This

Current Report on Form 8-K contains certain “forward-looking information” and “forward-looking statements” (collectively,

“forward-looking information”) that are based on expectations, estimates, and projections as at the date of this news release

and are covered by safe harbors under U.S. and Canadian securities laws. Any statements that involve discussions with respect to predictions,

expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases

such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not

anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”,

“positioning”, “prospects”, “believes”, “on track” or “intends” or variations

of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”,

“might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking

information. This forward-looking information is contained throughout this Current Report in Form 8-K.

This

forward-looking information is based on assumptions and estimates of management of Keel at the time they were made, and involves known

and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Keel to be materially

different from any future results, performance, or achievements expressed or implied by such forward-looking information. Such factors,

risks, and uncertainties include risks and uncertainties disclosed in Keel’s filings with the U.S. Securities and Exchange Commission

(“SEC”) at www.sec.gov and under its profile at www.sedarplus.ca, including the Company’s Annual Report on Form 10-K

for the fiscal year ended December 31, 2025, and subsequent filings with the SEC. There may be other factors that cause results not to

be as anticipated, estimated, or intended, including factors that are currently unknown to or deemed immaterial by Keel. There can be

no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated

in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Keel does not undertake

any obligation to revise or update any forward-looking information other than as required by law.

Item

9.01. Financial Statements and Exhibits.

(d)

Exhibits

Exhibit

Number

Description

4.1*

Indenture, dated as of June 9, 2026, among Keel Infrastructure Corp. as Issuer, Bitfarms Ltd. as Guarantor, and Computershare Trust Company, N.A., as Trustee.

4.2

Form of certificate representing the 1.250% Convertible Senior Notes due 2032 (included as Exhibit A to Exhibit 4.1).

10.1

Form of Capped Call Transaction.

99.1

Press release of Keel Infrastructure Corp. announcing the closing of its Convertible Notes offering, dated June 9, 2026.

104

Cover

Page Interactive Data File (embedded within the Inline XBRL document).

Portions

of this exhibit have been redacted in compliance with Item 601(a)(6) of Regulation S-K because disclosure would constitute a clearly

unwarranted invasion of personal privacy. Redacted information is indicated by [***].

SIGNATURES

Pursuant

to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by

the undersigned hereunto duly authorized.

Keel

Infrastructure Corp.

(Registrant)

Date:

June 9, 2026

By:

/s/

Jonathan Mir

Jonathan

Mir

Chief

Financial Officer

EX-4.1 — INDENTURE, DATED AS OF JUNE 9, 2026, AMONG KEEL INFRASTRUCTURE CORP. AS ISSUER, BITFARMS LTD. AS GUARANTOR, AND COMPUTERSHARE TRUST COMPANY, N.A., AS TRUSTEE

EX-4.1

Filename: ea029411501ex4-1.htm · Sequence: 2

Exhibit 4.1

Execution Version

KEEL INFRASTRUCTURE CORP.

as Issuer

BITFARMS LTD.

as Guarantor

and

COMPUTERSHARE TRUST COMPANY, N.A.

as Trustee

INDENTURE

Dated as of June 9, 2026

1.250% Convertible Senior Notes due 2032

TABLE OF CONTENTS

Page

Article 1 Definitions

Section 1.01

Definitions

Section 1.02

Other Definitions

Section 1.03

References to Interest

Article 2 Issue, Description, Execution, Registration And Exchange Of Notes

Section 2.01

Designation and Amount

Section 2.02

Form of Notes

Section 2.03

Date and Denomination of Notes; Payments of Principal, Interest and Defaulted Amounts

Section 2.04

Execution, Authentication and Delivery of Notes

Section 2.05

Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary

Section 2.06

Mutilated, Destroyed, Lost or Stolen Notes

Section 2.07

Temporary Notes

Section 2.08

Cancellation of Notes Paid, Converted, Etc

Section 2.09

CUSIP Numbers

Section 2.10

Additional Notes; Repurchases

Section 2.11

Additional Amounts

Article 3 Satisfaction And Discharge

Section 3.01

Satisfaction and Discharge

Article 4 Particular Covenants Of The Company

Section 4.01

Payment of Principal and Interest

Section 4.02

Maintenance of Office or Agency

Section 4.03

Appointments to Fill Vacancies in Trustee’s Office

Section 4.04

Provisions as to Paying Agent

Section 4.05

Existence

Section 4.06

Rule 144A Information Requirement and Annual Reports

Section 4.07

Stay, Extension and Usury Laws

Section 4.08

Compliance Certificate; Statements as to Defaults

Section 4.09

Further Instruments and Acts

Article 5 Lists Of Holders And Reports By The Company And The Trustee

Section 5.01

Lists of Holders

Section 5.02

Preservation and Disclosure of Lists

Article 6 Defaults And Remedies

Section 6.01

Events of Default

Section 6.02

Acceleration; Rescission and Annulment

Section 6.03

Additional Interest

Section 6.04

Payments of Notes on Default; Suit Therefor

Section 6.05

Application of Monies Collected by Trustee

Section 6.06

Proceedings by Holders

Section 6.07

Proceedings by Trustee

Section 6.08

Remedies Cumulative and Continuing

Section 6.09

Direction of Proceedings and Waiver of Defaults by Majority of Holders

Section 6.10

Notice of Defaults

Section 6.11

Undertaking to Pay Costs

Article 7 Concerning The Trustee

Section 7.01

Duties and Responsibilities of Trustee

Section 7.02

Reliance on Documents, Opinions, Etc

Section 7.03

No Responsibility for Recitals, Etc

Section 7.04

Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes

Section 7.05

Monies and Common Stock to Be Held in Trust

Section 7.06

Compensation and Expenses of Trustee

Section 7.07

Officer’s Certificate as Evidence

Section 7.08

Eligibility of Trustee

Section 7.09

Resignation or Removal of Trustee

Section 7.10

Acceptance by Successor Trustee

Section 7.11

Succession by Merger, Etc

Section 7.12

Trustee’s Application for Instructions from the Company

Article 8 Concerning The Holders

Section 8.01

Action by Holders

Section 8.02

Proof of Execution by Holders

Section 8.03

Who Are Deemed Absolute Owners

Section 8.04

Company-Owned Notes Disregarded

Section 8.05

Revocation of Consents; Future Holders Bound

Article 9 Holders’ Meetings

Section 9.01

Purpose of Meetings

Section 9.02

Call of Meetings by Trustee

Section 9.03

Call of Meetings by Company or Holders

Section 9.04

Qualifications for Voting

Section 9.05

Regulations

Section 9.06

Voting

Section 9.07

No Delay of Rights by Meeting

Article 10 Supplemental Indentures

Section 10.01

Supplemental Indentures Without Consent of Holders

Section 10.02

Supplemental Indentures with Consent of Holders

Section 10.03

Effect of Supplemental Indentures

Section 10.04

Notation on Notes

Section 10.05

Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee

Article 11 Consolidation, Merger, Sale, Conveyance And Lease

Section 11.01

Company May Consolidate, Etc

Section 11.02

Successor Corporation to Be Substituted

Article 12 Immunity Of Incorporators, Stockholders, Officers And Directors

Section 12.01

Indenture and Notes Solely Corporate Obligations

Article 13

Section 13.01

Guarantee

Section 13.02

Limitation on Guarantor Liability

Section 13.03

Execution and Delivery of Guarantee

Section 13.04

When the Guarantor May Consolidate, Etc

Section 13.05

Successor Guarantor to Be Substituted

Section 13.06

Release of Guarantee

Article 14 Conversion Of Notes

Section 14.01

Conversion Privilege

Section 14.02

Conversion Procedure; Settlement Upon Conversion

Section 14.03

Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes or a Notice of Optional Redemption

Section 14.04

Adjustment of Conversion Rate

Section 14.05

Adjustments of Prices

Section 14.06

Shares to Be Fully Paid

Section 14.07

Effect of Recapitalizations, Reclassifications and Changes of the Common Stock

Section 14.08

Certain Covenants

Section 14.09

Responsibility of Trustee

Section 14.10

Notice to Holders Prior to Certain Actions

Section 14.11

Stockholder Rights Plans

Article 15 Requirement to Offer to Repurchase Notes

Section 15.01

[Intentionally Omitted]

Section 15.02

Requirement to Offer to Repurchase Notes Upon a Fundamental Change

Section 15.03

Withdrawal of Fundamental Change Repurchase Offer Acceptance Notice

Section 15.04

Deposit of Fundamental Change Repurchase Price

Section 15.05

Covenant to Comply with Applicable Laws Upon Repurchase of Notes

Article 16 Optional Redemption

Section 16.01

Optional Redemption

Section 16.02

Notice of Optional Redemption; Selection of Notes

Section 16.03

[Reserved]

Section 16.04

[Reserved].

Section 16.05

Payment of Notes Called for Redemption

Section 16.06

Restrictions on Redemption

iii

Article 17 Miscellaneous Provisions

Section 17.01

Provisions Binding on Company’s Successors

Section 17.02

Official Acts by Successor Corporation

Section 17.03

Addresses for Notices, Etc

Section 17.04

Governing Law; Jurisdiction

Section 17.05

Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee

Section 17.06

Legal Holidays

Section 17.07

No Security Interest Created

Section 17.08

Benefits of Indenture

Section 17.09

Table of Contents, Headings, Etc

Section 17.10

Authenticating Agent

Section 17.11

Execution in Counterparts

Section 17.12

Severability

Section 17.13

Waiver of Jury Trial

Section 17.14

Force Majeure

Section 17.15

Calculations

Section 17.16

USA PATRIOT Act

APPENDIX

Appendix A

Provisions Relating to Initial Notes and Additional Notes

EXHIBIT

Exhibit A

Form of Note

INDENTURE dated as of June 9, 2026, among KEEL

INFRASTRUCTURE CORP., a Delaware corporation, as issuer (the “Company,” as more fully set forth in Section 1.01), BITFARMS

LTD., a corporation organized and existing under the Business Corporations Act (Ontario), as guarantor (the “Guarantor,”

as more fully set forth in Section 1.01) and COMPUTERSHARE TRUST COMPANY, N.A., as trustee (the “Trustee,” as applicable,

and 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 1.250% Convertible Senior Notes due 2032, initially in an aggregate principal amount not

to exceed $458,000,000 (the “Initial Notes”), 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; and

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 Offer Acceptance 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

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 Amounts” shall have

the meaning specified in Section 2.11(b).

“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 Notes” means additional

Notes issued pursuant to Section 2.10.

“Additional Shares” shall have

the meaning specified in Section 14.03(a).

“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.

“Authorized Officers” shall

have the meaning specified in Section 17.03.

“Bankruptcy and Insolvency Act (Canada)”

means Bankruptcy and Insolvency Act (Canada), as amended, and the rules and regulations promulgated thereunder.

“Bankruptcy Law” means Title

11, United States Code or any Federal or State bankruptcy, insolvency or similar law for the relief of debtors.

“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 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.

“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).

“Clause A Distribution” shall

have the meaning specified in Section 14.04(c).

“Clause B Distribution” shall

have the meaning specified in Section 14.04(c).

“Clause C Distribution” shall

have the meaning specified in Section 14.04(c).

“close of business” means 5:00

p.m. (New York City time).

“Code” means the Internal Revenue

Code of 1986, as amended, from time to time, or any corresponding provision or provisions of succeeding law.

“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, par value $0.001 per share, at the date of this Indenture, subject to Section 14.07.

“Companies’ Creditors Arrangement

Act (Canada)” means Companies’ Creditors Arrangement Act (Canada), as amended, and the rules and regulations promulgated

thereunder.

“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.

“Conversion Agent” shall have

the meaning specified in Section 4.02.

“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 Trust Office” means,

the designated office of the Trustee at which at any time its corporate trust business shall be administered, which office at the date

hereof is located at Computershare Trust Company, N.A., 1505 Energy Park Drive, St. Paul, MN 55108, Attn: Keel Infrastructure Corp. 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 DTC, with respect to the Global Notes, or any successor entity thereto.

“Daily Conversion Value” means,

for each of the thirty (30) consecutive Trading Days during the Observation Period, 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 thirty (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

Trading Day, the per share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg

page “KEEL <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 afterhours trading or any other trading outside of the regular trading

session trading hours.

“Default” means any event that

is, or after notice or passage of time, or both, would be, an Event of Default.

“Default Interest” shall have

the meaning specified in Section 2.03(b).

“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.

“Definitive Notes” means permanent

certificated Notes in registered form issued in denominations of $1,000 principal amount and integral multiples thereof.

“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.

“Distributed Property”

shall have the meaning specified in Section 14.04(c).

“distribution trigger irrevocable

physical settlement period” shall have the meaning specified in Section 14.01(b)(ii).

“Dollar” or “$”

means a dollar or other equivalent unit in such coin or currency of the United States of America as at the time shall be legal tender

for the payment of public and private debts.

“DTC” means The Depository Trust

Company.

“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 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 the Common Stock, under a separate ticker symbol or CUSIP number, will not be considered “regular

way” for purposes of this definition.

“Electronic Means” shall mean

the following communications methods: e-mail or secure electronic transmission containing applicable authorization codes, passwords and/or

authentication keys issued by the Trustee, or another method or system specified by the Trustee by notice to the Holders and the Company

as available for use in connection with its services hereunder.

“Event of Default” shall have

the meaning specified in Section 6.01.

“Ex-Dividend Date” means the

first date on which the Common Stock trades on Nasdaq (or if the Common Stock is not then listed on Nasdaq, the principal securities exchange

or market on which the Common Stock is traded), 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 the Common Stock, under a separate ticker symbol or CUSIP number, will not be considered “regular way”

for purposes of this definition.

“Exchange Act” means the Securities

Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

“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

Offer Acceptance Notice” means the “Form of Fundamental Change Repurchase Offer Acceptance 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) a

“person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than the Company,

its Wholly Owned Subsidiaries and the employee benefit plans of the Company and its Wholly Owned Subsidiaries 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;

(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 share split or consolidation) as a result of which the Common Stock would be converted

into, or exchanged for, shares, other securities, other property or assets; (B) any share exchange, consolidation, amalgamation, arrangement

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, exchange 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 Wholly Owned

Subsidiaries; provided, however, that a transaction described in clause (A) or (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, resulting or surviving corporation or transferee or the parent thereof immediately after such transaction in substantially

the same proportions as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause

(b); or

stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company;

provided, however, that a transaction

or transactions described in clause (a) or clause (b) above shall not constitute a Fundamental Change, if at least 90% of the consideration

received or to be received by the holders of Common Stock of the Company, excluding cash payments for fractional shares, in connection

with such transaction or transactions consists of Common Equity that are listed or quoted on any of the TSX, the TSX Venture Exchange,

the New York Stock Exchange, the NYSE American, The Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market

(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 the Notes become convertible into such consideration, excluding cash

payments for fractional shares (subject to the provisions of Section 14.02(a)). If any transaction in which the Common Stock are replaced

by the securities 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 (c) 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 Offer Acceptance

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 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 Definitive

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.

“Global Note” shall have the

meaning specified in Section 2.05(b).

“Guarantee” means the guarantee

by the Guarantor of the Company’s payment obligations under this Indenture and the Notes pursuant to Article 13.

“Guaranteed Obligations” shall

have the meaning specified in Section 13.01(a).

“Guarantor” 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;

provided, however, that the Guarantor shall be deemed to cease to be a Guarantor from and after the release of the Guarantor’s Guarantee

pursuant to Section 13.06.

“Holder,” as applied to any

Note, or other similar terms (but excluding the term “beneficial holder” or “beneficial owner”), means any Person

in whose name at the time a particular Note is registered on the Note Register.

“Indemnified Taxes” shall have

the meaning specified in Section 2.11(b)(iii).

“Indenture” means this instrument

as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented.

“Initial Notes” shall have the

meaning specified in the first paragraph of the recitals of this Indenture.

“Initial Purchasers” means the

several initial purchasers listed in Schedule I of the Purchase Agreement.

“Interest Act (Canada)” means

Interest Act (Canada), as amended, and the rules and regulations promulgated thereunder.

“Interest Payment Date” means

each January 15 and July 15 of each year, beginning on January 15, 2027.

“Last Reported Sale Price” of

the Common Stock 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 is traded, which is initially

Nasdaq. If the Common Stock 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 as reported in composite transactions for the principal Canadian securities exchange on which

the Common Stock is traded. If the Common Stock is not traded on any U.S. national or regional securities exchange or any Canadian securities

exchange, the “Last Reported Sale Price” shall be the last quoted bid price for the Common Stock 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 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

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” will be determined without regard to after-hours trading or any other

trading outside of regular trading-session hours. Any share price that is reported in Canadian dollars shall be deemed a reference to

the amount, in U.S. dollars, into which such amount of Canadian dollars would be converted based on the most recently published daily

exchange rate of the Bank of Canada on or immediately prior to the date of such share price.

“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).

“Market Disruption Event” means,

for the purposes of determining amounts due upon conversion (a) a failure by Nasdaq (or, if the Common Stock is not then listed on Nasdaq,

on the principal 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 any U.S. national or regional securities exchange, on the TSX or a Canadian securities exchange on which the Common Stock

is then listed or, if the Common Stock is not then listed on any U.S. national or regional securities exchange or any Canadian securities

exchange, on the principal other market on which the Common Stock is then traded) 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 January

15, 2032.

“Measurement Period” shall have

the meaning specified in Section 14.01(b)(i).

“Merger Event” shall have the

meaning specified in Section 14.07(a).

“Nasdaq” means The Nasdaq Global

Market.

“Note Register” shall have the

meaning specified in Section 2.05(a).

“Note Registrar” shall have

the meaning specified in Section 2.05(a).

“Notes” means the Initial Notes

and more particularly means any Note authenticated and delivered under this Indenture. For all purposes of this Indenture, the term “Notes”

shall also include any Additional Notes that may be issued under a supplemental indenture and Notes to be issued or authenticated upon

transfer, replacement or exchange of Notes in accordance with this Indenture.

“Notice of Conversion” shall

have the meaning specified in Section 14.02(b).

“Notice of Optional Redemption”

shall have the meaning specified in Section 16.02(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 October 15,

2031, the thirty (30) consecutive Trading Day period beginning on, and including, the second Trading Day immediately succeeding such Conversion

Date; (ii) if the relevant Conversion Date occurs during a Redemption Period, the thirty (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 October 15, 2031, the thirty (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 June 4, 2026, as supplemented by the related pricing term sheet dated June 4, 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 Corporate Secretary, the Vice President Finance

and the Vice President Legal.

“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 legal

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);

that have been paid pursuant to 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

in accordance with Article 15 for which the Paying Agent holds money sufficient to pay the Fundamental Change Repurchase Price, in accordance

with Section 15.04(b);

(f) Notes

repurchased by the Company pursuant to Section 2.10; and

(g) Notes

redeemed pursuant to Article 16.

“Participant” means, with respect

to the Depositary, a Person who has an account with the Depositary.

“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 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 as of June 4, 2026, among the Company, the Guarantor and Goldman Sachs & Co. LLC and Morgan Stanley

& Co. LLC, as representatives of the Initial Purchasers.

“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) are 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, statute,

contract or otherwise).

“Redemption Date” means the

date on which Notes are redeemed pursuant to an Optional Redemption.

“Redemption Notice Date” means

the date on which a Notice of Optional Redemption is delivered pursuant to Section 16.02.

“Redemption Period” means the

period from, and including, the relevant Redemption Notice Date 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, 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, 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.

“Relevant Taxing Jurisdiction”

shall have the meaning specified in Section 2.11(a).

“Responsible Officer” means,

when used with respect to the Trustee, any officer within the corporate trust department of the Trustee who customarily performs functions

similar to those performed by the persons who at the time shall be such officers, 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).

“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 Nasdaq or, if the Common Stock is not then listed on Nasdaq, on the principal 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 any U.S. national

or regional securities exchange, on the TSX or a Canadian securities exchange on which the Common Stock is then listed or, if the Common

Stock is not then listed on any U.S. national or regional securities exchange or any Canadian securities exchange, on the principal other

market on which the Common Stock is then traded. 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)(v).

“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).

“Significant Subsidiary” means

a Subsidiary of the Company that meets the definition of “significant subsidiary” in Article 1, Rule 1-02 of Regulation S-X.

“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).

“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).

“Successor Guarantor” shall

have the meaning specified in Section 13.04(a).

“Taxes” shall have the meaning

specified in Section 2.11(a).

“Termination of Trading” shall

have occurred if the Common Stock (or other Common Equity underlying the Notes) are not listed or quoted on at least one of the following:

the TSX, the TSX Venture Exchange, the New York Stock Exchange, the NYSE American, The Nasdaq Global Select Market, the Nasdaq Global

Market or the Nasdaq Capital Market (or any of their respective successors).

“Trading Day” means, except

for determining amounts due upon conversion as set forth below, 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 Nasdaq or, if the Common Stock (or such other security) are not then

listed on Nasdaq, on the principal U.S. national or regional securities exchange on which the Common Stock is then listed, or, if the

Common Stock (or such other security) is not then listed on the any U.S. national or regional securities exchange, on the TSX or any Canadian

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 any U.S. national or regional securities exchange or any Canadian 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) are available on such securities exchange or market; provided that if the Common Stock (or

such other security) are 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 Nasdaq or, if the Common Stock is not then listed on

Nasdaq, on the principal 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 any U.S. national or regional securities exchange, on the TSX or a Canadian securities exchange on which the Common

Stock is then listed, or, if the Common Stock is not then listed on any U.S. national or regional securities exchange or any Canadian

securities exchange, on the principal other market on which the Common Stock is then traded, 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, which may include one or more of the Initial Purchasers; 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 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 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).

“Trust Indenture Act” means

the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this Indenture; provided, however,

that in the event the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture Act” shall mean,

to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended.

“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.

“TSX” means the Toronto Stock

Exchange.

“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%.”

Section 1.02 Other

Definitions.

Term

Defined in Section

“Applicable Procedures”

1.1(a) of Appendix A

“Definitive Notes Legend”

1.3(a)(i) of Appendix A

“Global Notes Legend”

1.3(a)(i) of Appendix A

“QIB”

1.1(a) of Appendix A

“Rule 144A Global Note”

1.2 of Appendix A

“Rule 144A Notes”

1.2 of Appendix A

Section 1.03 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

Issue, Description, Execution, Registration And Exchange Of Notes

Section 2.01 Designation

and Amount. The Notes shall be designated as the “1.250% Convertible Senior Notes due 2032.” The aggregate

principal amount of Initial Notes that may be authenticated and delivered under this Indenture is initially limited to $458,000,000, 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. Other provisions relating to the Notes are set forth in Appendix A hereto, which is

hereby incorporated in and expressly made a part of this Indenture.

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.

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 decreased 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, 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 Principal, Interest and Defaulted Amounts. (a) The Notes shall be issuable in registered

form without coupons in denominations of $1,000 principal amount and integral multiples thereof. Each Note shall be dated the date of

its authentication and shall bear cash interest from the date specified on the face of such Note or from the date on which interest has

been paid or duly provided for. Interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months

and, for partial months, on the basis of the number of days actually elapsed in a 30-day month. Solely for the purposes of disclosure

under the Interest Act (Canada), the annual rate of interest to which the rate of interest provided in the Notes is equivalent in respect

of any period is the rate so determined multiplied by the actual number of days in the calendar year in which such period ends and divided

by 360. The Notes shall be denominated in U.S. dollars, and all cash payments due thereon shall be made in U.S. dollars.

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 Definitive Note, shall

be payable at the office or agency of the Company maintained by the Company for such purposes in the contiguous United States, which shall

initially be the Corporate Trust Office, or by wire transfer of immediately available funds to the U.S. Dollar account of the Holder 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 Definitive Notes (A) to Holders holding Definitive

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 Definitive 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.

(b) 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 plus one percent (“Default Interest”), 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 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, which shall be fixed in the

following manner. The Company shall notify the Trustee in writing of the amount of the Defaulted Amounts proposed to be paid on each Note

and the date of the proposed payment (which shall be not less than twenty five (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 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 as in this clause provided. Thereupon the Company shall fix a special record date for the payment of

such Defaulted Amounts which shall be not more than fifteen (15) days and not less than ten (10) days prior to the date of the proposed

payment, and not less than ten (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 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 not less than ten (10) days prior to such special record date. 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 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.

(iii) The

Trustee shall not at any time be under any duty or have any responsibility to any Holder 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 Defaulted Amounts.

(iv) For

the avoidance of doubt, if any Defaulted Amounts, together with any required Default Interest, are paid to Holders in accordance with

the terms of this Indenture prior to (i) the expiration of any applicable grace period with respect to the Default in the relevant payment

set forth in Article 6 or (ii) if later, the delivery of any related notice of acceleration, such payment Default shall be deemed cured

and the Notes shall not be subject to acceleration on account of such payment Default.

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 or facsimile

of its Chief Executive Officer, the President, the Chief Financial Officer, the Corporate Secretary, the Vice President Finance or the

Vice President Legal.

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 (such Company Order to include the terms of the Notes) 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 by the Trustee.

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 or in facsimile

by 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.

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 coNote Registrar, and satisfaction of the requirements for such transfer set forth in this Section

2.05, the Company shall execute, and the Trustee 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 coNote

Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company

and duly executed, by the Holder thereof or its attorney-in-fact duly authorized in writing.

No service charge shall be imposed by the Company,

the Guarantor, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent for any exchange or registration of transfer

of Notes, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax

or other similar governmental charge 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 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 repurchase (and not withdrawn) in accordance with Article 15 or (iii) any Notes selected for 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 Global Notes

Legend as specified in Appendix A. The transfer and exchange of beneficial interests in a Global Note that does not involve the issuance

of a Definitive Note shall be effected through the Depositary (but not the Trustee) in accordance with this Indenture (including the restrictions

on transfer set forth herein) and the procedures of the Depositary therefor. The transfer and exchange of beneficial interests among Global

Notes shall be effected in accordance with Appendix A.

Note that bears or is required under Appendix A to bear a Restricted Securities Legend (together with any Common Stock issued upon conversion

of the Notes that are 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 applicable Restricted Securities Legend),

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.

Notwithstanding any other provisions of this Indenture

(other than the provisions set forth in this Section 2.05(c) and Appendix A), 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 Definitive Notes in accordance with the second immediately succeeding paragraph.

The Depositary shall be a clearing agency registered

under the Exchange Act. The Company initially appoints DTC 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 ninety (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 ninety (90) days or (iii) an Event of Default with respect to the Notes has occurred and is continuing and, subject

to the applicable procedures of the Depositary, a beneficial owner of any Note requests that its beneficial interest therein be issued

as a Definitive Note, 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 Definitive 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), Definitive 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. In connection with any such issuance of a Definitive

Note, there shall be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting

obligations, including without limitation any cost basis reporting obligations under Section 6045 of the Code. The Trustee may rely on

the information provided to it and shall have no responsibility to verify or ensure the accuracy of such information.

Definitive 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, or, in the case of clause (iii) of the immediately

preceding paragraph, the relevant beneficial owner, shall instruct (either directly, if it is a Participant, or indirectly through its

Participant, if it is not a Participant) the Trustee. Upon execution and authentication, the Trustee shall deliver such Definitive Notes

to the Persons in whose names such Definitive 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 Definitive Notes, transferred in exchange for

an interest in another Global Note, converted, canceled, repurchased upon a Fundamental Change, redeemed or transferred to a transferee

who receives Definitive Notes therefor or any Definitive 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 increased or decreased, as the case may be, and an endorsement shall be made on such Global Note, by the Trustee,

to reflect such increase or decrease.

None of the Company, the Guarantor, the Trustee

or any agent of the Company or the Trustee 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

such beneficial ownership those interests. All notices and communications to be given to the Holders and all payments to be made to Holders

in respect of the Notes shall be given or made only to, or upon the order of, the registered Holder(s) (which shall be the Depositary

or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depositary

subject to the applicable procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information

furnished by the Depositary with respect to its members, participants and any beneficial owners.

The Trustee, Paying Agent, Registrar and any transfer

agent shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer or exchange

imposed under this Indenture or under applicable law with respect to any transfer or exchange of any interest in any Note (including any

transfers between or among participants or other beneficial owners of interests in any 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.

(d) Any

Common Stock issued upon conversion of a Note shall bear a legend as specified in Appendix A.

(e) Any

Note or 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 (3) 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). The Company shall cause any Note that

is repurchased or owned by it to be surrendered to the Trustee for cancellation in accordance with Section 2.08.

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 its written request 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 or indemnity as may be required

by them to save each of them harmless from any loss, claim, 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.

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 or other similar governmental charge 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 redemption,

required repurchase 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, claim, 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 Definitive Notes, the Company may execute and the Trustee or an authenticating agent appointed

by the Trustee shall, upon written request of the Company, authenticate and deliver temporary Notes (printed or lithographed). Temporary

Notes shall be issuable in any authorized denomination, and substantially in the form of the Definitive 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 Definitive Notes. Without unreasonable delay, the Company shall execute and deliver

to the Trustee or such authenticating agent Definitive 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 shall, upon the written request of the Company, authenticate and deliver in exchange

for such temporary Notes an equal aggregate principal amount of Definitive 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 Definitive Notes authenticated and delivered hereunder.

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, redemption, registration of transfer or exchange or conversion, 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 upon the Company’s instruction and in accordance with its customary procedures, and will no longer be considered outstanding

upon their repurchase, redemption, registration of transfer or exchange or conversion, as applicable. 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 a certificate 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” numbers.

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, and restrictions on transfer in respect of such additional

Notes) in an unlimited aggregate principal amount (such additional Notes, the “Additional Notes”); 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), offer to repurchase Notes in the open market or otherwise, whether by the Company or its Subsidiaries or

through a private or public tender or exchange offer or through counterparties to private agreements, including by cash-settled swaps

or other derivatives, in each case, without prior notice to the Holders. 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 the Company may repurchase, in the case of

a reissuance or resale, so long as such Notes do not constitute restricted securities upon such reissuance or resale; provided that if

any such reissued or resold Notes are not fungible with the Notes initially offered hereby for U.S. federal income tax or securities law

purposes, such reissued or resold notes will have one or more separate CUSIP numbers.

Section 2.11 Additional

Amounts. (a) All payments (whether upon conversion, repurchase, redemption, maturity or otherwise) made by or on behalf of

the Guarantor under or with respect to the Notes are required to be made free and clear of and without withholding or deduction for or

on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and

other liabilities related thereto) (hereinafter referred to as “Taxes”) imposed or levied by or on behalf of the government

of Canada, any province or territory of Canada or any political subdivision or any authority or agency therein or thereof having power

to tax (each, a “Relevant Taxing Jurisdiction”), unless the Guarantor is required to withhold or deduct Taxes by law

or by the interpretation or administration thereof.

(b) If

the Guarantor is so required to withhold or deduct any amount for or on account of Taxes imposed by a Relevant Taxing Jurisdiction from

any payment made under or with respect to the Notes, the Guarantor shall be required to pay such additional amounts (“Additional

Amounts”) as may be necessary so that the net amount received by a Holder or beneficial owner of Notes (including Additional

Amounts) after such withholding or deduction will not be less than the amount such Holder or beneficial owner of Notes would have received

if such Taxes (including Taxes on any Additional Amounts) had not been withheld or deducted; provided, however, that the foregoing

obligations to pay Additional Amounts do not apply to:

(i) any

Canadian withholding Taxes imposed on a payment to a Holder, former Holder or beneficial owner of Notes by reason of such Holder’s,

former Holder’s or beneficial owner’s failure to comply with any certification, identification, information, documentation

or other reporting requirement if compliance is required by law, regulation, administrative practice or an applicable treaty as a precondition

to exemption from, or a reduction in the rate of deduction or withholding of, such Taxes (provided that in the case of any imposition

or change in any such certification, identification, information, documentation or other reporting requirement which applies to Holders,

former Holders or beneficial owners of Notes who are not residents of Canada, at least sixty (60) days prior to the effective date of

any such imposition or change, the Guarantor shall give written notice, in the manner provided for in this Indenture, to the Trustee and

the applicable Holders then outstanding of such imposition or change, as the case may be, and provide the Trustee and such Holders with

such forms or documentation, if any, as may be required to comply with such certification, identification, information, documentation,

or other reporting requirement);

(ii) any

Taxes that would not have been so imposed but for the existence of any present or former connection between the relevant Holder or beneficial

owner of Notes and the Relevant Taxing Jurisdiction including, for greater certainty and without limitation, being or having been a citizen,

resident or national thereof, or being or having been present or engaged in a trade or business therein or maintaining a permanent establishment

or other physical presence in or otherwise having some connection with the Relevant Taxing Jurisdiction (other than a connection from

the mere acquisition, ownership or holding of the Notes or a beneficial interest therein or the enforcement of rights thereunder or the

receipt of any payment in respect thereof); or

(iii) any

estate, inheritance, gift, sales, excise, transfer, personal property tax or similar tax, assessment or governmental charge, (any Taxes

imposed by a Relevant Taxing Jurisdiction that are not excluded pursuant to any of the above clauses are referred to as “Indemnified

Taxes”).

Guarantor shall make any required withholding or deduction and remit the full amount deducted or withheld to the Relevant Taxing Jurisdiction

in accordance with applicable law. Upon request, the Guarantor shall provide the Trustee on behalf of Holders and beneficial owners of

Notes (and the Trustee shall forthwith provide Holders) with official receipts or other documentation evidencing the payment of the Taxes

with respect to which Additional Amounts are paid.

(d) If

the Guarantor is or will become obligated to pay Additional Amounts under or with respect to any payment made on the Notes, at least thirty

(30) Scheduled Trading Days prior to the date of such payment (unless such obligation to pay Additional Amounts arises after the 30th

Scheduled Trading Day prior to such date, in which case it shall be promptly thereafter), the Guarantor shall deliver to the Trustee and

the Paying Agent (if other than the Trustee) an officer’s certificate stating the fact that Additional Amounts will be payable and

the amount so payable and such other information necessary to enable the Paying Agent to pay Additional Amounts to Holders or beneficial

owners on the relevant payment date.

(e) Whenever

in this Indenture there is mentioned in any context: (i) the payment of principal; (ii) Redemption Price in connection with an Optional

Redemption of Notes; (iii) Fundamental Change Repurchase Price in connection with a repurchase of Notes upon a Fundamental Change; (iv)

interest; or (v) any other amounts payable on or with respect to any of the Notes (including amounts payable on conversion), such reference

shall be deemed to include payment of Additional Amounts provided for in this Section 2.11 to the extent that, in such context, Additional

Amounts are payable in respect thereof.

(f) The

Guarantor shall indemnify and hold harmless a Holder or beneficial owner of the Notes for the amount of any Indemnified Taxes payable

pursuant to Regulation 803 of the Income Tax Regulations (Canada) that are levied or imposed and paid by such Holder or beneficial owner

as a result of payments made under or with respect to the Notes, any liability (including penalties, interest, additions to tax and expenses)

arising therefrom or with respect thereto, and any such Indemnified Taxes levied or imposed and paid by such Holder or beneficial owner

of the Notes with respect to any reimbursement under this paragraph.

(g) The

obligations described in this Section 2.11 will survive any termination or discharge of this Indenture.

Article

Satisfaction And Discharge

Section 3.01 Satisfaction

and Discharge. This Indenture, the Notes and the Guarantee shall upon request of the Company contained in an Officer’s

Certificate cease to be of further effect, and the Trustee, at the written request and expense of the Company, shall execute proper instruments

acknowledging satisfaction and discharge of this Indenture, when (a) (i) all Notes theretofore authenticated and delivered (other than

Notes which have been destroyed, lost or stolen and which have been replaced, paid or converted as provided in Section 2.06) 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 or, solely in the case of conversion, cash and/or shares of Common Stock 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 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, the obligations of the Company and the Guarantor to the

Trustee under Section 7.06 shall survive.

Article

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.

Any applicable withholding taxes may be withheld

from or set off against any amount owed to such Holder, including, but not limited to, payments on the Notes or the Common Stock, any

proceeds received from the sale, exchange or other disposition of the Notes or the Common Stock (including payments or deliveries received

upon conversion, redemption or retirement of the Notes), or other of such Holder’s funds or assets; provided, that such ability

to withhold or set off withholding taxes does not absolve the Guarantor of its obligation to pay Additional Amounts.

Section 4.02 Maintenance

of Office or Agency. The Company will maintain in the Borough of Manhattan, the City of New York, 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.

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 in the Borough of Manhattan, The City of New York, 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 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. 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 offices of the

Trustee, will appoint, in the manner provided in Section 7.09, a Trustee, so that there shall at all times be a Trustee hereunder (and,

if required by Canadian securities laws or by Canadian corporate law, a Canadian 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 of the Notes;

(ii) that

it will give the Trustee prompt 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 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.

(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 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.

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. Upon the occurrence of any event specified in Section

6.01(h) or Section 6.01(i), the Trustee shall automatically become the Paying Agent.

(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 (2) 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.

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, upon written request, provide

to any Holder, beneficial owner or prospective purchaser of such Notes or any 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 Common

Stock pursuant to Rule 144A. The Company shall take such further action as any Holder or beneficial owner of an interest in such Notes

may reasonably request to the extent from time to time required to enable such Holder or beneficial owner to sell such Notes or the Common

Stock in accordance with Rule 144A, as such rule may be amended from time to time.

(b) The

Company shall file with the Trustee, within fifteen (15) days after the same are required to be filed with the Commission (giving effect

to any grace period provided by Rule 12b-25 under the Exchange Act), 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. Any such document 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 are filed via the EDGAR system

(or such respective successor), as applicable, it being understood that the Trustee shall not be responsible for determining whether such

filings have been made.

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 or knowledge 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). The Trustee shall not be obligated

to monitor or confirm, on a continuing basis or otherwise, the compliance of the Company with the covenants or with respect to any reports

or other documents filed with via EDGAR or any website under this Indenture, or to participate in any conference calls.

(d) If,

at any time during the six-month period beginning on, and including, the date that is six (6) months after the last date of original issuance

of the Initial Notes (including any Notes issued pursuant to the Initial Purchasers’ option to purchase additional Notes as set

forth in the Purchase Agreement), 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, as applicable (after giving effect to all applicable grace periods thereunder and

other than reports on Form 8-K), or the Initial 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 (3) 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 0.50% per annum of the principal amount of the

Notes outstanding for each day of the 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 (3) months immediately preceding). For purposes of this Section 4.06(d) (but,

for the avoidance of doubt, not for purposes of Section 4.06(e)), the fact that the Restricted Securities Legend has not been removed

(or deemed removed pursuant to this Indenture) from the Notes and/or the Notes are assigned a restricted CUSIP number, shall not mean

that the Notes are not freely tradable pursuant to Rule 144.

(e) Further,

if, and for so long as, the Restricted Securities Legend on the Notes has not been removed (or deemed removed pursuant to this Indenture),

the Notes are assigned a restricted CUSIP number or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other

than Affiliates of the Company or Holders that were Affiliates of the Company at any time during the three (3) months preceding (without

restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes) as of the 385th day after the last date of

original issuance of the Notes, the Company shall pay Additional Interest on the Notes at a rate equal to 0.50% per annum of the principal

amount of Notes outstanding for each day from, and including, such 385th day until the U.S. Restricted Securities Legend has been removed

from the Notes, the Notes are assigned an unrestricted CUSIP number and the Notes are freely tradable as described above by Holders other

than Affiliates of the Company (or Holders that were Affiliates of the Company at any time during the three (3) months preceding); provided,

however, that that no Additional Interest shall accrue or be owed pursuant to this Section 4.06(e) until the 15th Business Day following

written notification to the Company by the Trustee (at the direction of the Holders) or any Holder or beneficial owner of the Notes (with

a copy to the Trustee) requesting that the Company complies with its obligations described in this Section 4.06(e) (which notice may be

given at any time after the 335th day after the last date of original issuance of the Notes offered hereby), 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 385th day after

the last date of original issuance of the Notes offered hereby or any additional Notes, as the case may be. Subject to the procedures

of the Depositary, the US. Restricted Securities Legend on the Notes will be deemed removed pursuant to the terms of this Indenture upon

notice by the Company to the Trustee, and, at such time, the Notes will be automatically assigned an unrestricted CUSIP.

(f) Additional

Interest that is payable in accordance with Sections 4.06(d) and 4.06(e) will be payable in arrears on each Interest Payment Date following

accrual in the same manner as regular interest on the Notes and will be in addition to any Additional Interest that may accrue at the

Company’s election pursuant to Section 6.03.

(g) In

no event shall Additional Interest that is payable pursuant to Sections 4.06(d) and 4.06(e), together with any Additional Interest that

is payable 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) The

Trustee shall have no obligation to determine whether additional interest pursuant to Sections 4.06(d) and 4.06(e) is payable or if deferred

additional interest is accruing on the Notes, and may assume without inquiry that no additional interest pursuant to Sections 4.06(d)

and 4.06(e) is payable or has been deferred until written notice of such additional interest has been provided to it by the Company.

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 one hundred twenty (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 or Default that occurred during the previous year and, if so,

specifying each such Event of Default or Default and the nature thereof.

In addition, the Company shall deliver to a Responsible

Officer of the Trustee, within thirty (30) days after 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 Officer’s Certificate if such Default has

been cured or deemed cured.

Section 4.09 Further

Instruments and Acts. Upon request of the Trustee, the Company and/or the Guarantor will execute and deliver such further instruments

and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture.

Article

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 fifteen (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 thirty (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 fifteen (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 to the Trustee 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 the Trustee 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

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 thirty (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;

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 a period of three (3) Business Days;

(d) failure

by the Company to issue a Fundamental Change Company Notice in accordance with Section 15.02(c), notice of a Make-Whole Fundamental Change

in accordance with Section 14.03(b), notice of a specified corporate event in accordance with Section 14.01(b)(ii) or 14.01(b)(iii) or

notice of a Termination of Trading in accordance with Section 14.01(b)(iii), in each case when due;

(e) failure

by the Company to comply with its obligations under Article 11 or the Guarantor to comply with its obligations under Section 13.04 and

Section 13.05;

(f) except

for such Events of Default referenced in clauses (a), (b) (c), (d), (e) and (k) of this Section 6.01, failure by the Company or the Guarantor

for sixty (60) days after written notice from the Trustee or the Holders of at least 25% in principal amount of the Notes then outstanding

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, the Guarantor 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 in excess of

$25,000,000 (or its foreign currency equivalent) in the aggregate of the Company, the Guarantor and/or any such Subsidiary, whether such

indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or

(ii) constituting a failure to pay the principal or interest of any such debt when due and payable, after the expiration of any grace

period, at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise;

(h) the

Company, the Guarantor or any Significant Subsidiary shall commence a voluntary case or other proceeding seeking a stay, liquidation,

reorganization, compromise, arrangement or other relief with respect to the Company, the Guarantor or any such Significant Subsidiary

or its debts under any bankruptcy, insolvency, receivership, arrangement 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, the Guarantor 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;

(i) an

involuntary case or other proceeding shall be commenced against the Company, the Guarantor or any Significant Subsidiary seeking a stay,

liquidation, reorganization, compromise, arrangement or other relief with respect to the Company, the Guarantor 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, the Guarantor 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 sixty (60) consecutive

days;

(j) a

final judgment or judgments for the payment of $25,000,000 (or its foreign currency equivalent) or more (excluding any amounts covered

by insurance) in the aggregate rendered against the Company, the Guarantor or any of its Significant Subsidiaries, which judgment is not

discharged, bonded, paid, waived or stayed within sixty (60) days after (i) the date on which the right to appeal thereof has expired

if no such appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished;

(k) a

Termination of Trading shall have occurred and continued for twenty (20) consecutive days; or

(l) except

as expressly permitted by this Indenture, any Guarantee of the Guarantor ceases to be in full force and effect or the Guarantor denies

or disaffirms its obligations under its Guarantee.

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, the Guarantor or any Significant

Subsidiary), 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 (and the Trustee, at the written request of such Holders, shall) declare

100% of the principal of, and accrued and unpaid interest on, all the 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, though payment of any sums owing may be stayed by applicable bankruptcy, insolvency or reorganization laws.

The Trustee shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default, unless a Responsible

Officer of the Trustee shall have received written notice from the Company or a Holder describing such Default or Event of Default and

stating that such notice is a notice of Default or Event of Default. If an Event of Default specified in Section 6.01(h) or Section 6.01(i)

with respect to the Company, the Guarantor or any Significant Subsidiary 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.

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, the Company shall

pay or shall deposit with the Trustee a sum sufficient to pay installments of accrued and unpaid interest upon all Notes and the principal

of any and all Notes, in each case, that shall have become due otherwise than by acceleration (with interest on overdue installments of

accrued and unpaid interest to the extent that payment of such interest is enforceable under applicable law, and on such principal at

the rate borne by the Notes at such time) and amounts due to the Trustee pursuant to Section 7.06, 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,

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 (except as provided in the immediately

succeeding sentence) 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. Notwithstanding anything to the contrary herein, no such waiver or

rescission and annulment shall extend to or shall affect any Default or Event of Default resulting from (i) the nonpayment of the principal

(including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of or accrued and unpaid interest on, any

Notes, (ii) a failure to repurchase any Notes when required, or (iii) a failure to pay or deliver, as the case may be, the consideration

due upon conversion of the Notes.

For the avoidance of doubt, any failure by the

Company to provide any notice under this Indenture other than as set forth in Section 6.01(d) shall be subject to Section 6.01(f) (including

the 60-day cure period contained therein), and any related Default or Event of Default shall be deemed cured upon delivery of such notice

to the applicable recipient prior to (i) the expiration of such 60-day period provided for in Section 6.01(f) or (ii) if later, the delivery

of a notice of acceleration with respect to such Event of Default, in each case, whether or not the events or circumstances that are the

subject of such notice have already occurred at the time such notice is given.

Section 6.03 Additional

Interest. (a) 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 one hundred eighty (180) 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 0.25% per annum of the principal amount of the Notes outstanding

for each day during the first ninety (90) days after the occurrence of such an Event of Default, and 0.50% per annum of the principal

amount of Notes outstanding from the 91st day to the 180th day following the occurrence of such an Event of Default during which such

Event of Default is continuing (in addition to any Additional Interest that may accrue pursuant to Sections 4.06(d) and 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 181st day after an Event of Default relating to the Company’s failure to comply with its obligations as set forth

in Section 4.06(b) (if such Event of Default is not cured or waived prior to such 181st 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.

(b) In

order to elect to pay Additional Interest as the sole remedy during the first one hundred eighty (180) 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 Section 6.03(a), the Company must notify all Holders, the Trustee and the Paying Agent (if other than the Trustee) in writing of

such election prior to the beginning of such 180-day period. Upon the failure to timely give such notice, the Notes shall be immediately

subject to acceleration as provided in Section 6.02. For the avoidance of doubt, if (x) the Company timely elects to pay Additional Interest

pursuant to this Section 6.03 as the sole remedy during the first one hundred eighty (180) days after the occurrence of an 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, (y) the Company pays such Additional Interest in accordance with this Section 6.03 and this Indenture and (z) the

Company files the delinquent reports that were required to be filed and gave rise to the relevant Event of Default (in each case in clause

(z) pursuant to the provisions set forth in Section 4.06(b)) prior to the 181st day after the occurrence of such Event of Default (or

prior to the delivery of any related notice of acceleration on or after such 181st day), such Event of Default shall be deemed cured and

the Notes shall not be subject to acceleration as a result of the initial failure to comply with the Company’s obligations as set

forth in Section 4.06(b).

Additional Interest payable as the 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) in accordance with Section 6.03(a) shall be in addition to, and not in lieu of, any Additional Interest

payable pursuant to Sections 4.06(d) and 4.06(e). In no event shall Additional Interest payable at the Company’s election for failure

to comply with its obligations as set forth in Section 4.06(b) as set forth in Section 6.03(a) and any Additional Interest that may accrue

as a result of the Company’s failure to comply with its obligations as set forth in 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.

(d) The

Company may elect to cure an Event of Default consisting of a Termination of Trading pursuant to Section 6.01(k) by offering to purchase

the outstanding Notes as if the occurrence of such Event of Default were an occurrence of a Fundamental Change. To make this election,

the Company must deliver a notice setting out the terms of the repurchase offer within twenty (20) days of the occurrence of a Termination

of Trading. Such notice will be deemed a notice of the Fundamental Change for the purposes of the offer to purchase described under Article

15. If the Company makes such election to treat the Termination of Trading as a Fundamental Change, the Termination of Trading shall also

be deemed to be a Make-Whole Fundamental Change.

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, 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 or other property adjudged or decreed to be payable in the manner provided by law.

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,

the Companies’ Creditors Arrangement Act (Canada), the Bankruptcy and Insolvency Act (Canada), 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 Holder(s) 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 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 may be entitled to receive in such proceedings, whether

in liquidation or under any plan of reorganization or arrangement or otherwise.

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.

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, and it shall not be necessary to make any Holders 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, 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

under Section 7.06 to the Trustee, in each 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 has been collected by the Trustee) upon such overdue payments at the rate borne by the Notes at such time, such

payments to be made ratably to the Persons entitled thereto;

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 their own name as Trustee hereunder;

Holders shall have offered, and if requested, provided to the Trustee such security and/or indemnity satisfactory to it against any loss,

liability or expense (which shall include the reasonable costs of the Trustee’s legal counsel) to be incurred therein or thereby;

(d) the

Trustee for sixty (60) days after their receipt of such notice, request and offer of such security and/or indemnity, shall have neglected

or refused to institute any such action, suit or proceeding; and

(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 affect, disturb or prejudice the rights of any other Holder or obtain or seek to obtain priority over or preference 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, individually or jointly, 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, 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.

Section 6.09 Direction

of Proceedings and Waiver of Defaults by Majority of Holders. 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 or that they determine is unduly prejudicial to the rights of

any other Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such direction

is unduly prejudicial to the rights of another 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 (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 ninety (90) days after the occurrence and continuance of a Default of which the Trustee

has actual knowledge or has received written notice thereof, deliver to all Holders notice of all Defaults known to a Responsible Officer,

unless such Defaults shall have been cured or waived before the giving of such notice; provided, however, that except in the case

of a default in the payment of principal of, or interest on, any Note that is to be paid by the Trustee, as Paying Agent, the Trustee

shall be deemed not to have actual notice or notice of the occurrence of any Default or Event of Default unless the Trustee has received

written notice from the Company or a Holder describing such Default or Event of Default, and stating that such notice is a notice of Default

or Event of Default; provided, further, 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 it 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 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.

Article

Concerning The Trustee

Section 7.01 Duties

and Responsibilities of Trustee. The Trustee, prior to the occurrence of an Event of Default 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. In the event an Event of Default has occurred and is continuing, of which a Responsible Officer of the Trustee has

actual knowledge or of which a Responsible Officer of the Trustee has received written notice in accordance with Section 6.10, 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,

however, that no other agent shall be held to a prudent person standard in and during an Event of Default; and 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 and/or security reasonably satisfactory to the Trustee against any loss, claim, liability or expense (which includes the reasonable

costs of the Trustee’s legal counsel) 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 gross negligence or willful misconduct, except that:

(a) prior

to the occurrence of an Event of Default of which a Responsible Officer of the Trustee has received written notice or has actual knowledge

in accordance with Section 6.10 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 or willful misconduct on the part of the Trustee, the Trustee may conclusively rely upon any certificates

or opinions furnished to the Trustee and conforming to the requirements of this Indenture as to the truth of the statements and the correctness

of the opinions expressed therein; 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); provided, however, that the Trustee need not act or refrain from acting based on any certificate or opinion that

it determines to be not in conformity with the requirements of this Indenture. If presented with a non-conforming certificate or opinion,

the Trustee may request the delivering party to re-issue the certificate or opinion in the manner required by this Indenture before taking

any action;

(b) the

Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless it

shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts;

Trustee shall not be liable with respect to any action taken or omitted to be taken by them in good faith in accordance with the direction

of the Holders of not less than 25% 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 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 as provided in Section 6.10;

(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 incurred thereon

or for losses, fees, taxes or other charges 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 and protections 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.

None of the provisions contained in this Indenture

shall require the Trustee to expend or risk their own funds or otherwise incur personal financial liability in the performance of any

of its duties or in the exercise of any of their rights or powers. Prior to taking any action under the indenture, the Trustee shall be

entitled to receive indemnification and/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 rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement,

instrument, opinion, report, notice, request, direction, consent, judgment, 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

(unless other evidence in respect thereof be herein specifically prescribed); 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;

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;

(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 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, affiliates,

custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent,

affiliate, custodian, nominee or attorney appointed by them 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;

(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 its directors, members, officers, agents, affiliates, or employees, nor shall they have

any liability in connection with the malfeasance or nonfeasance by such parties. 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;

(j) 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;

(k) in

no event shall the Trustee be liable for any special, indirect, punitive, incidental, 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 given to the Trustee by the Company or by any Holder of the Notes in the manner required under this

Indenture; and

(l) the

Trustee shall not be liable for any action taken, suffered or omitted to be taken by it in good faith and reasonably believed by it to

be authorized or within the discretion or rights or powers conferred upon it by this Indenture.

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 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.

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 their individual or

any other capacity, may become the owner or pledgee of Notes with the same rights they would have if they were not the Trustee, Paying

Agent, Conversion Agent, Bid Solicitation Agent or Note Registrar.

Section 7.05 Monies

and Common Stock to Be Held in Trust. All monies and 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 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 Common Stock received by it hereunder except as may be agreed from time to time by the Company and the Trustee.

Section 7.06 Compensation

and Expenses of Trustee. The Company covenants and agrees to pay to the Trustee from time to time and the Trustee shall receive

such compensation 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 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 the Trustee’s gross negligence or willful misconduct, as determined by a final,

non-appealable order of a court of competent jurisdiction. Any amount owing hereunder and remaining unpaid after thirty (30) days from

the invoice date will bear interest at the then current rate charged by the Trustee against unpaid invoices and shall be payable upon

demand. 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 and all loss, claim, charge, demand, assessment, interest, penalty, action, suit, proceeding, damage, liability, cost or

expense, including, without limiting the foregoing, expert, consultant and reasonable counsel fees, disbursements on a solicitor and client

basis, and the costs and expenses of enforcing the terms of this Indenture, including the indemnifications provided herein (whether brought

by the Company, any Holder or any other third party) incurred without gross negligence, willful misconduct or bad faith on the part of

the Trustee, its affiliates, officers, directors, agents or employees, or such agent or authenticating agent, as the case may be, as determined

by a final order 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, 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 claim 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. 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 affiliates, 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 or willful misconduct on the part of the Trustee as determined in a final, non-appealable order of a court of competent jurisdiction,

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 or willful misconduct on the part of the Trustee as determined in a final, non-appealable

order of a court of competent jurisdiction, shall be full warrant to the Trustee for any action taken or omitted by them 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 pursuant to the Trust

Indenture Act (as if the Trust Indenture Act were applicable hereto) to act as such and has a combined capital and surplus of at least

the minimum amount required by the Trust Indenture Act. 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 such Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately

in the manner and with the effect hereinafter specified in this Article.

Section 7.09 Resignation

or Removal of Trustee. (a) A Trustee may at any time resign by giving thirty (30) days’ 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 forty five (45) days after the giving of such notice of resignation to the Holders, the resigning

Trustee may, upon ten (10) Business Days’ notice to the Company and the Holders, petition any court of competent jurisdiction, at

the sole expense of the Company, for the appointment of a successor trustee, or any Holder who has been a bona fide Holder for at least

six (6) 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, 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) there

shall no longer be a Trustee eligible in accordance with the provisions of Section 7.08 and such Trustee shall fail to resign after written

request therefor by the Company or Holders in the manner required by Section 7.09(c), or

(ii) a

Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of a Trustee or of its property

shall be appointed, or any public officer shall take charge or control of a 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

such 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 (6) 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.

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 (10) 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.

(d) Any

resignation or removal of a 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 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 claim 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 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 (10) 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 corporation or other entity into which a Trustee may be merged or converted or with which it may be consolidated,

or any corporation or other entity resulting from any merger, conversion or consolidation to which a Trustee shall be a party, or any

corporation or other entity succeeding to all or substantially all of the corporate trust business of a Trustee (including the administration

of this Indenture), shall be the successor to a 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 corporation or other entity succeeding to all or substantially

all of the corporate trust business of a Trustee, such corporation or other entity shall be eligible under the provisions of Section 7.08.

In case at the time a successor to a 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 a 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 a 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.

Section 7.12 Trustee’s

Application for Instructions from the Company. Any application by the Trustee for written instructions from the Company (other

than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders of the

Notes under this Indenture) may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the

Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. In the

absence of gross negligence or willful misconduct on the part of the Trustee, the Trustee shall not be liable to the Company for any action

taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such

application (which date shall not be less than three (3) Business Days after the date any officer that the Company has indicated to the

Trustee should receive such application actually receives such application, unless any such officer shall have consented in writing to

any earlier date), unless, prior to taking any such action (or the effective date in the case of any omission), the Trustee shall have

received written instructions in accordance with this Indenture in response to such application specifying the action to be taken or omitted.

Article

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 (15) 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, Section 7.07 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,

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 Definitive Note in accordance with the provisions of this Indenture.

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, Section 7.02 and Section 7.07, 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 the 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

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;

(b) to

remove the Trustee and nominate a successor trustee pursuant to the provisions of Article 7;

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 by the Trustee to Holders of such Notes. Such notice shall also be delivered to the

Company. Such notices shall be delivered not less than twenty (20) nor more than ninety (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 twenty (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.

The Trustee shall, by an instrument in writing,

appoint a temporary chair 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 chair.

A permanent chair 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 chair of the meeting to be not outstanding. The chair 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 chair 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 chair 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.

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.

Article

Supplemental Indentures

Section 10.01 Supplemental

Indentures Without Consent of Holders. Without the consent of Holders, the Company, the Guarantor 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 or the

assumption by a Successor Guarantor of the obligations of the Guarantor under this Indenture pursuant to Section 13.04 and Section 13.05;

add additional guarantees with respect to the Notes;

(d) to

secure the Notes or the guarantee;

(e) to

add to the covenants or Events of Default of the Company or the Guarantor for the benefit of the Holders or surrender any right or power

conferred upon the Company or the Guarantor;

(f) to

make any change that does not adversely affect the rights of any Holder;

(g) irrevocably

elect a Settlement Method or Specified Dollar Amount (or a minimum Specified Dollar Amount), or eliminate the Company’s right to

elect a Settlement Method; provided, however, that no such election or elimination shall affect any Settlement Method theretofore

elected (or deemed to be elected) with respect to any Note pursuant to Section 14.02(a)(iv);

(h) in

connection with any Merger 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; or

(i) to

conform the provisions of this Indenture or the Notes to the “Description of Notes” section of the Offering Memorandum.

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 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;

the principal of or extend the Maturity Date of any Note;

(d) make

any change that adversely affects the conversion rights of any Notes;

(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 or definitions

hereof or otherwise;

(f) make

any Note payable in money, or at a place of payment, other than that stated in the Note, subject to the applicable procedures of the Depositary;

(g) change

the ranking of the Notes or the guarantees;

(h) impair

the right of any Holder to bring suit to enforce any payment of principal and interest on such Holder’s Notes on or after the due

dates therefore;

(i) change

the provisions with respect to Additional Amounts in a manner adverse to Holders of the Notes; or

(j) 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 described in Section 10.01 or this Section 10.02 becomes effective, the Company shall deliver to

the Holders 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 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) upon receipt of an Officer’s Certificate, an Opinion of Counsel 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 to 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; provided

that such Opinion of Counsel shall 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.

Article

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, effect

an arrangement, combine or amalgamate with, merge with or into, or sell, convey, transfer or lease all or substantially all of its properties

and assets to another Person (other than any such sale, conveyance, transfer or lease to one or more of the Company’s direct or

indirect Wholly Owned Subsidiaries) unless (i) the Company is the surviving person or (ii):

(a) the

resulting, surviving or transferee Person (the “Successor Company”), if not the Company, shall be a corporation organized

and existing under the laws of Canada, any province or territory thereof, or 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 transaction, no Default or Event of Default shall have occurred and be continuing under this Indenture; and

the case of the Successor Company (if not the Company) being organized and existing under the laws of Canada or any province or territory

thereof that is required by law to make a deduction or withholding on account of Taxes imposed or levied by or on behalf of a Relevant

Taxing Jurisdiction from any payments in respect of the Notes, the Successor Company undertakes to pay such Additional Amounts as may

be necessary so that the net amount received by a Holder or beneficial owner of Notes (including Additional Amounts) after such deduction

or withholding shall not be less than the amount such Holder or beneficial owner of Notes would have received if such Taxes (including

Taxes on any Additional Amounts) had not been withheld or deducted, subject to the exceptions set forth in Section 2.11(b).

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 properties

and assets of the Company on a consolidated basis, shall be deemed to be the sale, conveyance, transfer or lease of all or substantially

all of the properties and assets of the Company to another Person.

The Company shall deliver to the Trustee an Officer’s

Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, conveyance, transfer or lease and any supplemental

indenture related thereto complies with this Indenture and that all conditions precedent contained in this Indenture relating to such

transaction have been complied with.

Section 11.02 Successor

Corporation to Be Substituted. In case of any such consolidation, amalgamation, merger, arrangement, combination, sale, conveyance,

transfer or lease 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, 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 such consolidation, amalgamation, merger, sale, conveyance or transfer (but not 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 such consolidation, amalgamation,

merger, sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter

to be issued as may be appropriate.

Article

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 corporation, either directly or through the Company or any successor corporation, whether

by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; 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

Section 13.01 Guarantee.

(a) Generally.

By its execution of this Indenture, the Guarantor acknowledges and agrees that it receives substantial benefits from the Company and that

the Guarantor is providing its Guarantee for good and valuable consideration, including such substantial benefits. Subject to this Article

13, the Guarantor hereby fully and unconditionally guarantees, to each Holder of a Note authenticated and delivered by the Trustee and

to the Trustee and its successors and assigns, regardless of the validity or enforceability of this Indenture, the Notes or the obligations

of the Company under the Indenture or the Notes, that:

(i) the

principal of, any interest on, and any cash consideration payable upon any Cash Settlement or Combination Settlement of any Conversion

Obligation (to the extent settled in cash) for, the Notes will be promptly paid in full when due, whether at maturity, by acceleration,

on a Fundamental Change Repurchase Date, upon Optional Redemption or otherwise, and interest on the overdue principal of, any interest

on, or any cash consideration payable upon any Cash Settlement or Combination Settlement of any Conversion Obligation (to the extent settled

in cash) for, the Notes, if lawful, and all other payment obligations of the Company to the Holders or the Trustee under this Indenture

or the Notes, will be promptly paid in full, in each case in accordance with this Indenture and the Notes; and

(ii) in

case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid

in full when due in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration, on a Fundamental

Change Repurchase Date, upon Optional Redemption or otherwise, (collectively, the “Guaranteed Obligations”), in each

case subject to Section 13.02.

Upon the failure of any payment when due of any

amount so guaranteed, for whatever reason, the Guarantor will be obligated to pay the same immediately. The Guarantor agrees that this

is a guarantee of payment and not a guarantee of collection.

(b) Guarantee

Is Unconditional; Waiver of Diligence, Presentment, Etc. The Guarantor agrees that its Guarantee of the Guaranteed Obligations is

unconditional, regardless of the validity or enforceability of this Indenture, the Notes or the obligations of the Company under this

Indenture or the Notes, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions

of this Indenture or the Notes, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance

that might otherwise constitute a legal or equitable discharge or defense of a guarantor. The Guarantor waives diligence, presentment,

demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding

first against the Company, protest, notice and all demands whatsoever, and covenants that this Guarantee will not be discharged except

by complete performance of the obligations contained in this Indenture and the Notes.

of Guarantee Upon Return of Payments. If any Holder or the Trustee is required by any court or otherwise to return, to the Company,

the Guarantor or any custodian, trustee, liquidator or other similar official acting in relation to the Company or the Guarantor, any

consideration paid or delivered by the Company or the Guarantor to such Holder or the Trustee, then the Guarantee, to the extent theretofore

discharged, will be reinstated in full force and effect.

(d) Subrogation.

The Guarantor agrees that any right of subrogation, reimbursement or contribution it may have in relation to the Holders or in respect

of any Guaranteed Obligations will be subordinated to, and will not be enforceable until payment in full of, all Guaranteed Obligations.

The Guarantor further agrees that, as between the Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (i)

the maturity of the Guaranteed Obligations may be accelerated as provided in Article 6, notwithstanding any stay, injunction or other

prohibition preventing such acceleration in respect of the Guaranteed Obligations; and (ii) if any Guaranteed Obligations are accelerated

pursuant to Article 6, then such Guaranteed Obligations will, whether or not due and payable, immediately become due and payable by the

Guarantor.

Section 13.02 Limitation

on Guarantor Liability. The Guarantor, and, by its acceptance of any Note, each Holder, confirms that the Guarantor and the

Holders intend that the Guarantee of the Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law,

the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal, provincial or state law to the extent

applicable to the Guarantee. Each of the Trustee, the Holders and the Guarantor irrevocably agrees that the obligations of the Guarantor

under its Guarantee will be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent

and fixed liabilities of the Guarantor that are relevant under such laws, result in the obligations of the Guarantor under its Guarantee

not constituting a fraudulent transfer or conveyance.

Section 13.03 Execution

and Delivery of Guarantee. The execution by the Guarantor of this Indenture evidences the Guarantee of the Guarantor, and

the delivery of any Note by the Trustee after its authentication constitutes due delivery of the Guarantee on behalf of the Guarantor.

A Guarantee’s validity will not be affected by the failure of any officer of the Guarantor executing the Indenture or any amended

or supplemental indenture on the Guarantor’s behalf to hold, at the time any Note is authenticated, the same or any other office

at the Guarantor, and the Guarantee will be valid and enforceable even if no notation, certificate or other instrument is set upon or

attached to, or otherwise executed and delivered to the Holder of, any Note.

Section 13.04 When

the Guarantor May Consolidate, Etc. Subject to the provisions of Section 13.05, the Guarantor shall not consolidate, effect

an arrangement, combine or amalgamate with, merge with or into, or sell, convey, transfer or lease all or substantially all of its properties

and assets to another Person (other than any such sale, conveyance, transfer or lease to the Company or one or more of the Company’s

direct or indirect Wholly Owned Subsidiaries) unless: (i) the Guarantor is the surviving person (which, for certainty, shall be deemed

to be the case in the event of any amalgamation of the Guarantor under the law of Canada or any province or territory of Canada) or (ii):

(a) the

resulting, surviving or transferee Person (the “Successor Guarantor”), if not the Guarantor, shall be a corporation

organized and existing under the laws of Canada, any province or territory thereof, or the United States of America, any State thereof

or the District of Columbia, and the Successor Guarantor (if not the Guarantor) shall expressly assume, by supplemental indenture, all

of the obligations of the Guarantor under the Notes and this Indenture;

(b) immediately

after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing under this Indenture; and

the case of the Successor Guarantor (if not the Guarantor) being organized and existing under the laws of Canada or any province or territory

thereof, the transaction will not result in such Successor Guarantor being required to make any deduction or withholding on account of

Canadian taxes from any payments in respect of the Notes.

For purposes of this Section 13.04, the sale, conveyance,

transfer or lease of all or substantially all of the properties and assets of one or more Subsidiaries of the Guarantor to another Person,

which properties and assets, if held by the Guarantor instead of such Subsidiaries, would constitute all or substantially all of the properties

and assets of the Guarantor on a consolidated basis, shall be deemed to be the sale, conveyance, transfer or lease of all or substantially

all of the properties and assets of the Guarantor to another Person.

The Company shall deliver to the Trustee an Officer’s

Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, conveyance, transfer or lease and any supplemental

indenture related thereto complies with this Indenture and that all conditions precedent contained in this Indenture relating to such

transaction have been complied with.

Section 13.05 Successor

Guarantor to Be Substituted. In case of any such consolidation, amalgamation, merger, arrangement, combination, sale, conveyance,

transfer or lease and upon the assumption by the Successor Guarantor, 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 cash consideration due upon any Cash Settlement or Combination

Settlement of any 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 Guarantor, such Successor Guarantor (if not the Guarantor) shall succeed to and, except in the case of a lease

of all or substantially all of the Guarantor’s properties and assets, shall be substituted for the Guarantor, with the same effect

as if it had been named herein, and may thereafter exercise every right and power, of the Guarantor under this Indenture. In the event

of any such consolidation, amalgamation, merger, sale, conveyance or transfer (but not in the case of a lease), upon compliance with Section

13.04 and Section 13.05, the Person named as the “Guarantor” in the first paragraph of this Indenture (or any successor

that shall thereafter have become such in the manner prescribed in this Article 13) 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 guarantor of the Notes and from its

obligations under this Indenture and the Notes.

In case of any such consolidation, amalgamation,

merger, sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter

to be issued as may be appropriate.

Section 13.06 Release

of Guarantee. Notwithstanding anything to the contrary, in this Article 13, the Guarantee of the Guarantor shall be automatically

released, and the Guarantor’s obligations under the Guarantee will be automatically released and discharged, and, in each case,

be of no future force and effect, upon the occurrence of any of the following events: (A) the Company’s obligations under this Indenture

are discharged in accordance with the terms of this Indenture; (B) the merger or consolidation of the Guarantor into the Company; or (C)

all remaining obligations to make payments or deliver other Conversion Obligation with respect all Notes are discharged in full after

the same has become due.

Article

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 conditions described in Section 14.01(b), at any time prior to the close

of business on the Business Day immediately preceding October 15, 2031 under the circumstances and during the periods set forth in Section

14.01(b), and (ii) regardless of the conditions described in Section 14.01(b), on or after October 15, 2031 until the close of business

on the second Scheduled Trading Day immediately preceding the Maturity Date, in each case, at an initial conversion rate of 134.9073 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”).

(b) (i)

Prior to the close of business on the Business Day immediately preceding October 15, 2031, a Holder may surrender all or any portion of

its Notes for conversion at any time during the five (5) Business Day period after any five (5) 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 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. 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 instructs the Bid Solicitation Agent to obtain bids 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 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, the Trustee and the Conversion Agent (if

other than the Trustee) in writing. 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 provide a written notice to the Holders of the Notes, the Trustee and the Conversion

Agent (if other than the Trustee).

(ii) If,

prior to the close of business on the Business Day immediately preceding October 15, 2031, the Company elects to:

(A) issue

to all or substantially all holders of the Common Stock any rights, options or warrants (other than in connection with a stockholder rights

plan, so long as such rights have not separated from the Common Stock) entitling them, for a period of not more than forty five (45) calendar

days after the issue date, to subscribe for or purchase shares of 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 ten (10) consecutive Trading Day period ending on, and including, the Trading Day

immediately preceding the date of announcement of such issuance; or

(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 pursuant to a stockholder rights plan, so long as such rights have not separated from the Common Stock), which distribution

has a per share value, as reasonably determined by the Board of Directors, 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 thirty five (35) Scheduled Trading Days prior to

the Ex-Dividend Date for such issuance or distribution. 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 issuance or distribution and (2) the Company’s announcement that such issuance or distribution will not take place,

in each case, even if the Notes are not otherwise convertible at such time. Notwithstanding anything to the contrary in the foregoing,

if the Company elects Physical Settlement (to the extent the Company has not elected another Settlement Method to apply, including pursuant

to Section 14.02(a)(ii)) in the applicable notice in respect of any conversions that occur from, and including, the date of the notice

to, and including the close of business on the Business Day immediately preceding the Ex-Dividend Date for such issuance or distribution

(or, if earlier, the date the Company announce that such issuance or distribution will not take place) (the “distribution trigger

irrevocable physical settlement period”), the Company will be permitted to provide no less than ten (10) Scheduled Trading Days’

notice prior to the Ex-Dividend Date for the applicable issuance or distribution. In that event, the Company shall be required to settle

all conversions with a Conversion Date occurring during the distribution trigger irrevocable physical settlement period by Physical Settlement,

and the Company shall describe the same in the notice.

(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 October 15, 2031, regardless of whether the Company is required to offer to repurchase the Notes

pursuant to Section 15.02, (B) a Termination of Trading occurs, or (C) the Company is a party to a consolidation, merger, amalgamation,

arrangement, binding share exchange, combination or transfer or lease of all or substantially all of its assets that occurs prior to the

close of business on the Business Day immediately preceding October 15, 2031, in each case under this clause (C), pursuant to which the

Common Stock would be converted into cash, securities or other assets, all or any portion of a Holder’s Notes may be surrendered

for conversion at any time from or after the date that is thirty (30) Scheduled Trading Days prior to the anticipated effective date of

the transaction or event (or, if later, the earlier of (x) the Business Day after the Company gives notice of such transaction or event

and (y) the actual effective date of such transaction) until thirty five (35) Trading Days after the actual effective date of such transaction

or event or, if such transaction also constitutes a Fundamental Change, until the related Fundamental Change Repurchase Date. The Company

shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) (i) as promptly as practicable following the date

the Company publicly announces such transaction or event but in no event less than thirty (30) Scheduled Trading Days prior to the anticipated

effective date of such transaction or event; or (ii) if the Company does not have knowledge of such transaction or event at least thirty

(30) Scheduled Trading Days prior to the anticipated effective date of such transaction or event, within one (1) Business Day after the

date upon which the Company receives notice, or otherwise becomes aware, of such transaction or event, but in no event later than the

actual effective date of such transaction or event.

(iv) Prior

to the close of business on the Business Day immediately preceding October 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 twenty (20) Trading Days (whether or not

consecutive) during the period of thirty (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. If such a condition

has been met, the Company will so notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing. Neither

the Trustee nor the Conversion Agent (if other than the Trustee) shall have any duty to determine or verify such determination by the

Company pursuant to this clause (iv) or any similar determination by the Company that the Notes have become convertible in accordance

with any condition set forth in this Section 14.01(b).

(v) If

the Company calls any or all of the Notes for redemption pursuant to Article 16 prior to the close of business on the Business Day immediately

preceding October 15, 2031, then a Holder may convert all or any portion of its Notes at any time prior to the close of business on the

second Scheduled Trading Day prior to the Redemption Date, even if the Notes are not otherwise convertible at such time. After that time,

the right to convert pursuant to this subsection (b)(v) shall expire, unless the Company fails to pay the Redemption Price, in which case

a Holder of Notes may convert such Notes until the Redemption Price has been paid or duly provided for.

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”), 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 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 (A) for which the relevant Conversion Date occurs on or after October 15, 2031, (B) for which the relevant Conversion Date

occurs during a Redemption Period and (C) following the irrevocable election of a Settlement Method, in each case, shall be settled using

the same Settlement Method.

(ii) Except

for any conversions (A) for which the relevant Conversion Date occurs after the Company’s issuance of a Notice of Optional Redemption

with respect to the Notes but prior to the related Redemption Date, (B) for which the relevant Conversion Date occurs on or after October

15, 2031, (C) to the extent the Company elects Physical Settlement to apply pursuant to Section 14.01(b)(ii) and (D) following the Company’s

irrevocable election of a Settlement Method, in each case, 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) Subject

to the Company’s irrevocable election of a Settlement Method, if, in respect of any Conversion Date (or any conversions for which

the relevant Conversion Date occurs during a Redemption Period, or for which the relevant Conversion Date occurs on or after October 15,

2031), 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, through the Trustee, shall deliver such Settlement Notice in

writing to converting Holders no later than the close of business on the Trading Day immediately following the relevant Conversion Date

(or, in the case of any conversions for which the relevant Conversion Date occurs (x) during a Redemption Period, in such Notice of Optional

Redemption, (y) on or after October 15, 2031, no later than October 15, 2031 or (z) for which the Company has irrevocably elected Physical

Settlement to apply pursuant to Section 14.01(b)(ii)). If the Company does not elect a Settlement Method with respect to a Conversion

Date 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 such Conversion Date, 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. If the Company delivers a Settlement

Notice electing Combination Settlement in respect of its Conversion Obligation but does not indicate a Specified Dollar Amount, the Specified

Dollar Amount shall be deemed to be $1,000.

(iv) By

notice to Holders of the Notes, the Trustee and the Conversion Agent (if other than the Trustee), the Company may, prior to the close

of business on the Scheduled Trading Day immediately preceding October 15, 2031, at the Company’s option, irrevocably elect to satisfy

the Company’s 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 any specified amount set forth in such

election notice) for all Conversion Dates occurring subsequent to delivery of such notice. If the Company elects to irrevocably fix the

Settlement Method, the Company shall, after the date of such election, 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.

(v) The

cash, Common Stock or combination of cash and 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 (plus cash in lieu of any fractional share of Common Stock issuable upon conversion) 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 thirty (30) consecutive Trading Days during the related Observation Period; and

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 thirty (30) consecutive Trading Days during the related Observation

Period (plus cash in lieu of any fractional share of Common Stock issuable upon conversion).

(vi) 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) in writing 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.

(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 required,

pay all documentary, stamp or similar issue or transfer taxes or duties, if any, and (ii) in the case of a Definitive Note or any Global

Notes that are converted outside of the Depositary (1) complete, manually sign and deliver an irrevocable notice to the Conversion Agent

as set forth in the Form of Notice of Conversion (or a facsimile, PDF or other electronic transmission thereof) (a notice pursuant to

the applicable procedure of the Depositary or a notice as set forth in the Form of Notice of Conversion, a “Notice of Conversion”)

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 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 required, pay all documentary, stamp or similar issue or transfer taxes or duties, if any.

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 Offer Acceptance Notice to the Company in respect of such Notes and has not validly withdrawn such Fundamental Change

Repurchase Offer Acceptance Notice in accordance with Section 15.03.

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, to the extent permitted by the

Depositary’s applicable procedures, computed on the basis of the aggregate principal amount of the Notes (or specified portions

thereof to the extent permitted thereby) so surrendered.

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 Physical Settlement (provided that, with respect

to any conversion following the Record Date immediately preceding the Maturity Date where Physical Settlement applies, the Company shall

settle any such conversion on the Maturity Date or, if the Maturity Date is not a Business Day, the next succeeding Business Day, and

the Conversion Date will be deemed to the second Business Day immediately before such 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 Common Stock is 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 book-entry

format through the Depositary, in the case of Global Notes, or in certificated form, in the case of Definitive Notes (or in the case any

Global Note is converted outside of the Depositary), in each case, in satisfaction of the Company’s Conversion Obligation.

(d) In

case any Note shall be surrendered for partial conversion, the Company shall execute and 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 or duty due on any

issuance or delivery of any shares of Common Stock upon conversion, unless the tax or duty is due because the Holder requests such shares

to be registered in a name other than the Holder’s name, in which case the Holder shall pay that tax or duty. The Conversion Agent

may refuse to deliver the certificates representing the 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.

(f) Except

as provided in Section 14.04, no adjustment shall be made for dividends on any 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 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 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 immediately following 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. However, 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 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 second 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.

(i) The

Person in whose name the 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 (or is deemed to have elected) 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 (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 of

Common Stock 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 of Common Stock remaining after such computation shall be paid in cash.

Section 14.03 Increased

Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes or a Notice of Optional Redemption.

(a) If (i) (A) 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 a Make-Whole Fundamental Change or (B) the Company issues a Notice of Optional Redemption as provided

under Section 16.02, and a Holder elects to convert its Notes during the related Redemption Period, 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 if the relevant Notice of Conversion is received by the Conversion Agent from,

and including, the Effective Date of the Make-Whole Fundamental Change up to, and including, the Business Day immediately prior to the

related Fundamental Change Repurchase Date (or, in the case of 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”). A conversion of Notes will be deemed

for these purposes to be “in connection with” a Notice of Optional Redemption if the Notice of Conversion of the Notes is

received by the Conversion Agent from, and including, the date of the Notice of Optional Redemption until the close of business on the

second Scheduled Trading Day immediately preceding the Redemption Date.

(b) Upon

surrender of Notes for conversion in connection with a Make-Whole Fundamental Change or during a Redemption Period, 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, based on the Conversion Rate as increased to reflect the Additional Shares pursuant to the table set forth below;

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 of the Effective Date of any Make-Whole Fundamental Change and issue a press release announcing such

Effective Date no later than the Business Day after such Effective Date.

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 a Notice of Optional Redemption shall be determined by reference to the table below, based on the date on which the Make-Whole

Fundamental Change occurs or becomes effective (in each case, the “Effective Date”) or the Redemption Notice Date,

and the price (the “Stock Price”) paid (or deemed to be paid) per share of Common Stock in the Make-Whole Fundamental

Change or on the Redemption Notice Date, as applicable. 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 (5) consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Effective Date or Redemption

Notice Date, as applicable. In the event that a conversion during a Redemption Period would also be deemed to be in connection with a

Make-Whole Fundamental Change, a Holder of Notes to be converted shall be entitled to a single increase to the Conversion Rate with respect

to the first to occur of the applicable Redemption Notice Date or the Effective Date of the applicable MakeWhole Fundamental Change, 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 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 or Redemption Notice Date set forth below:

Stock

Price

Effective

Date /

Redemption Notice Date

$5.93

$6.50

$7.00

$7.4125

$8.00

$9.6362

$12.00

$18.00

$25.00

$30.00

$40.00

$60.00

June 9, 2026

33.7267

33.2115

29.2913

21.2822

14.2600

6.1806

2.7256

1.5690

0.4793

0.0000

January 15, 2027

33.7267

33.2115

29.2913

21.1598

13.9900

5.8883

2.5152

1.4117

0.3975

0.0000

January 15, 2028

33.7267

33.2115

29.2913

20.5747

13.1458

5.1267

2.0128

1.0527

0.2253

0.0000

January 15, 2029

33.7267

33.1899

28.4713

19.2023

11.6475

4.0394

1.3932

0.6497

0.0660

0.0000

January 15, 2030

33.7267

31.2283

26.1600

16.5176

9.1450

2.5750

0.7012

0.2617

0.0048

0.0000

January 15, 2031

33.7267

31.4543

26.6712

21.1825

11.4637

5.1167

0.9033

0.1308

0.0133

0.0000

January 15, 2032

33.7267

18.9389

7.9498

0.0000

The exact Stock Price and Effective Date or Redemption

Notice 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 or Redemption Notice Date, as the case may be, is

between two Effective Dates or Redemption Notice Dates, as applicable, 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 or Redemption Notice Dates, as applicable, based on a 365-day

year;

(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 $5.93 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 168.6340 shares of Common Stock, subject to adjustment in the same manner as the Conversion

Rate pursuant to Section 14.04.

(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, without duplication, 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 consolidation 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, 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 all or substantially all of the outstanding shares

of Common Stock, or if the Company effects a share split or share consolidation, 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 consolidation, as applicable;

CR1

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, share split or share consolidation); and

OS1

the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or

share consolidation.

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 consolidation, 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 issues to all or substantially all holders of the Common Stock any rights, options or warrants (other than in connection with

a stockholder rights plan) entitling them, for a period of not more than forty five (45) calendar days after the announcement date of

such issuance , 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 ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately

preceding the date of announcement of such issuance, 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 issuance;

CR1

the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;

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 the Common Stock issuable pursuant to such rights, options or warrants; and

Y = the number of shares of the 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 ten (10) consecutive Trading Day period ending on, and

including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

Any increase made under this Section 14.04(b) shall be made successively

whenever any such rights, options or warrants are issued and shall become effective immediately after the open of business on the Ex-Dividend

Date for such issuance. To the extent that such rights, options or warrants are not exercised prior to their expiration or the Common

Stock is 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 issuance of such rights, options or warrants been made on the basis

of delivery of only the number of shares of Common Stock actually delivered upon exercise of such rights, options or warrants. If such

rights, options or warrants are not so issued or if no such right, option or warrant is exercised prior to its expiration, the Conversion

Rate shall be decreased to the Conversion Rate that would then be in effect if such Ex-Dividend Date for such issuance 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 the Common Stock at less than such average of the Last Reported Sale Prices of the Common Stock for the ten (10) consecutive

Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, and in determining

the aggregate offering price of such 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 Board of Directors.

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 as to which an adjustment was effected pursuant to Section 14.04(a) or Section 14.04(b), (ii)

distributions of Reference Property in exchange for, or upon conversion of, Common Stock in a Merger Event, (iii) dividends or distributions

paid exclusively in cash as to which the provisions set forth in Section 14.04(d) shall apply, (iv) a distribution solely pursuant to

a tender offer or exchange offer for shares of the Common Stock, as to which the provisions set forth in Section 14.04(e) shall apply;

(v) except as otherwise described below, rights issued pursuant to a stockholder rights plan of the Company; and (vi) 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 Common 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;

CR1

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 ten (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 Board of Directors, taking into account the requirements of the principal U.S. national

or regional securities exchange on which the Common Stock is then listed and TSX) of the Distributed Property with respect to each outstanding

share of the Common Stock on the Ex-Dividend Date for such distribution.

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 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 receive the Distributed

Property, the amount and kind of Distributed Property that such Holder would have received if such Holder owned a number of shares of

Common Stock equal to the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for the distribution.

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 be the

Conversion Rate that would then be in effect if such distribution had not been declared. If the Company issues rights, options or warrants

that are only exercisable upon the occurrence of certain triggering events, then the Company shall not adjust the Conversion Rate pursuant

to the this Section 14.04 until the earliest of these triggering events occurs, and the Company shall readjust the Conversion Rate to

the extent that any of these rights, options or warrants are not exercised before they expire. In the case of any distribution of rights,

options or warrants, to the extent any such rights, options or warrants expire unexercised, the Conversion Rate shall be immediately readjusted

to the Conversion Rate that would then be in effect had the increase made for 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 upon exercise of such rights, options or

warrants.

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 or 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 or reasonably comparable non-U.S. equivalent (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;

CR1

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 ten (10)

consecutive Trading Day period beginning on, 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 replaced with such lesser number of Trading Days as have

elapsed between the Ex-Dividend Date for such Spin-Off and such 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 replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date for such Spin-Off and such

Trading Day in determining the Conversion Rate as of such Trading Day. In addition, if the Ex-Dividend Date for such Spin-Off is after

the 10th Trading Day immediately preceding, and including, the end of any Observation Period in respect of a conversion of Notes, references

to “10” or “10th” in the preceding paragraph and this paragraph shall be deemed to be replaced, solely in respect

of that conversion, 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 last 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.

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 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 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, including any such existing rights, options or warrants distributed prior to the date of this Indenture,

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.

For purposes of Section 14.04(a), Section 14.04(b)

and this Section 14.04(c), if any dividend or distribution to which this Section 14.04(c) is applicable also includes one or both of:

(A) a

dividend or distribution of Common Stock to which Section 14.04(a) is applicable (the “Clause A Distribution”); or

(B) a

dividend or distribution of rights, options or warrants to which Section 14.04(b) is applicable (the “Clause B Distribution”),

then, in either case, (1) such dividend or distribution, other than

the Clause A Distribution and the Clause B Distribution, shall be deemed to be a dividend or distribution to which this Section 14.04(c)

is applicable (the “Clause C Distribution”) and any Conversion Rate adjustment required by this Section 14.04(c) with

respect to such Clause C Distribution shall then be made, and (2) the Clause A Distribution and Clause B Distribution shall be deemed

to immediately follow the Clause C Distribution and any Conversion Rate adjustment required by Section 14.04(a) and Section 14.04(b) with

respect thereto shall then be made, except that, if determined by the Company (I) the “Ex-Dividend Date” of the Clause

A Distribution and the Clause B Distribution shall be deemed to be the Ex-Dividend Date of the Clause C Distribution and (II) any Common

Stock included in the Clause A Distribution or Clause B Distribution shall be deemed not to be “outstanding immediately prior to

the open of business on such Ex-Dividend Date or Effective Date” within the meaning of Section 14.04(a) or “outstanding immediately

prior to the open of business on such Ex-Dividend Date” within the meaning of Section 14.04(b).

(d) If

the Company makes any cash dividend or distribution to all or substantially all holders of the Common Stock (excluding any dividend or

distribution in connection with the liquidation, dissolution or winding up of the Company), 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;

CR1

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.

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, at the same time and

upon the same terms as holders of shares of the Common Stock, 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 immediately prior to the open of business 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, 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 ten (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;

CR1

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 Board of Directors) paid or payable for 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 or exchange of all Common Stock accepted for purchase or exchange in such tender or exchange offer);

OS1

the number of shares of Common Stock outstanding immediately after the date such tender or exchange offer expires (after giving

effect to the purchase or exchange of all Common Stock accepted for purchase or exchange in such tender or exchange offer); and

SP1

the average of the Last Reported Sale Prices of the Common Stock over the ten (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 ten (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 between the expiration date

of such tender or exchange offer and such 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 ten (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 between the expiration date of such tender or exchange offer and such

Trading Day in determining the Conversion Rate as of such Trading Day. In addition, if the Trading Day next succeeding the date such tender

or exchange offer expires is after the 10th Trading Day immediately preceding, and including, the end of the Observation Period in respect

of a conversion of Notes, references to “10” or “10th” in the preceding paragraph and this paragraph shall be

deemed to be replaced, solely in respect of that conversion, with such lesser number of Trading Days as have elapsed from, and including,

the Trading Day next succeeding the date such tender or exchange offer expires to, and including, the last Trading Day of such Observation

Period. If the Company or one of is 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 is, or such Subsidiary is, permanently prevented by applicable law from effecting

any such purchase or all such purchases are rescinded, then the Conversion Rate will be decreased 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 on in respect of the purchases that have been effected.

(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 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 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 Common Stock or any securities convertible

into or exchangeable for shares of Common Stock or the right to purchase shares of 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 standards of Nasdaq and the TSX, the Company from time to time may increase the Conversion Rate by any amount for a period of

at least twenty (20) Business Days if the Board of Directors determines that such increase would be in the Company’s best interest.

In addition, subject to applicable exchange listing standards of Nasdaq and the TSX, the Company may (but is not required to) increase

the Conversion Rate to avoid or diminish income tax to holders of Common Stock or rights to purchase shares of the 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) Except

as stated in this Article 14, the Conversion Rate shall not be adjusted:

(i) upon

the issuance of any 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 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 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 of or assumed by the Company or any of the Company’s Subsidiaries;

(iv) upon

the issuance of any 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) solely

for a change in the par value of the Common Stock;

(vi) upon

the repurchase of any of the Common Stock pursuant to an open-market share repurchase program or other buy-back transaction that is not

a tender or exchange offer, including pursuant to an “ordinary course issuer bid” over the facilities of the TSX; or

(vii) for

accrued and unpaid interest, including Additional Amounts, 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 the aggregate of all

such deferred adjustments equals or exceeds 1% of the Conversion Rate, (ii) regardless of whether the aggregate adjustment is less than

1% of the applicable Conversion Rate, (x) on the Conversion Date for any Notes (in the case of Physical Settlement), or (y) on each Trading

Day of any Observation Period related to any conversion of Notes (in the case of Cash Settlement or Combination Settlement), and (iii)

on the effective date of any Make-Whole Fundamental Change, Termination of Trading and/or 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 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.

(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.

(n) Notwithstanding

anything to the contrary in this Section 14.04, if: (i) a Note is to be converted, (ii) the Record Date or Effective Date for any event

that requires an adjustment to the Conversion Rate pursuant to the provisions described in clauses (a) through (d) of this Section 14.04,

inclusive, has occurred on or before the Conversion Date for such conversion, but an adjustment to the Conversion Rate for such event

has not yet become effective as of such Conversion Date, (iii) the consideration due upon such conversion includes any whole shares of

Common Stock, and (iv) such shares of Common Stock are not entitled to participate in such event (because they were not held on the related

Record Date or otherwise), then, solely for purposes of such conversion, the Company shall, without duplication, give effect to such adjustment

on such Conversion Date, and, for the avoidance of doubt, such shares of Common Stock will not be entitled to participate in such event.

In such case, if the date the Company is otherwise required to deliver the consideration due upon such conversion is before the first

date on which the amount of such adjustment can be determined, then the Company shall delay the settlement of such conversion until the

second Business Day after such first date.

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 Stock Price for purposes of a Make-Whole Fundamental Change or a Notice of Optional Redemption), the Board of Directors

shall, in good faith, make appropriate adjustments in a commercially reasonable manner 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.

Section 14.06 Shares

to Be Fully Paid. The Company shall provide, free from preemptive rights, out of its authorized but unissued shares or shares

held in treasury, sufficient shares of Common Stock 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 changes resulting from a share split or consolidation),

(ii) any

consolidation, merger, amalgamation, arrangement, binding share exchange or combination involving the Company,

(iii) any

sale, lease, exchange or other transfer to a third party of all or substantially all of the consolidated assets of the Company and the

Company’s Subsidiaries 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 or other property or assets (including cash or any combination thereof) (any such event,

a “Merger Event”), then, at and after the effective time of such Merger 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, 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 Merger 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 Merger Event and, prior to or at the effective time of such Merger Event, the Company

or the successor or purchasing Person, as the case may be, shall execute with the Trustee a supplemental indenture permitted under Section

10.01(h) 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 Merger Event (A) the Company 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) any Common Stock 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 shares of Common Stock would have received in such Merger Event

and (III) the Daily VWAP and the Last Reported Sale Price shall be calculated based on the value of a unit of Reference Property.

If the Merger 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) of this paragraph attributable

to one share of Common Stock. If the holders of the Common Stock receive only cash in such Merger Event, then for all conversions for

which the relevant Conversion Date occurs after the effective date of such Merger 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

Merger 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. 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.

The 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. If, in the case of any Merger Event, the Reference Property includes shares, securities

or other property or assets (including any combination thereof) of a Person other than the Company or the successor or purchasing corporation,

as the case may be, in such Merger Event, then such supplemental indenture shall also be executed by such other Person and shall contain

such additional provisions to protect the interests of the Holders as the Board of Directors 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.

(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 Merger 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 twenty (20) days after execution

thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture.

Company shall not become a party to any Merger Event unless its terms are consistent with this Section 14.07. None of the foregoing provisions

shall affect the right of a Holder of Notes to convert its Notes into cash, Common Stock or a combination of cash and Common Stock, as

applicable, as set forth in Section 14.01 and Section 14.02 prior to the effective date of such Merger Event.

(d) The

above provisions of this Section shall similarly apply to successive Merger Events.

(e) Upon

the consummation of any Merger Event, references to “Common Stock” shall be deemed to refer to any Reference Property

that constitutes Common Equity after giving effect to such Merger Event.

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 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.

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 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 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 neither the Trustee nor

any other Conversion Agent shall make any 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 Common Stock or share 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 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, Section 7.02 and Section 7.07 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 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).

Section 14.10 Notice

to Holders Prior to Certain Actions. In case of any:

(a) action

by the Company or one of its Subsidiaries that would require an adjustment in the Conversion Rate pursuant to Section 14.04 or Section

14.11; or

(b) voluntary

or involuntary dissolution, liquidation or winding-up of the Company;

then, in each case (unless notice of such event is otherwise required

pursuant to another provision of this Indenture), the Company shall cause to be filed with the Trustee and the Conversion Agent (if other

than the Trustee) and to be delivered to each Holder, as promptly as possible but in any event at least ten (10) days prior to the applicable

date hereinafter specified, a notice stating (i) the date on which a record is to be taken for the purpose of such action by the Company

or one of its Subsidiaries or, if a record is not to be taken, the date as of which the holders of Common Stock of record are to be determined

for the purposes of such action by the Company or one of its Subsidiaries, or (ii) the date on which such dissolution, liquidation or

winding-up is expected to become effective or occur, and the date as of which it is expected that holders of Common Stock of record shall

be entitled to exchange their Common Stock for securities or other property deliverable upon such dissolution, liquidation or winding-up.

Failure to give such notice, or any defect therein, shall not affect the legality or validity of such action by the Company or one of

its Subsidiaries, dissolution, liquidation or winding-up.

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 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 Distributed Property as

provided in Section 14.04(c), subject to readjustment in the event of the expiration, termination or redemption of such rights.

Article

Requirement to Offer to Repurchase Notes

Section 15.01 [Intentionally

Omitted].

Section 15.02 Requirement

to Offer to Repurchase Notes Upon a Fundamental Change.

(a) If

a Fundamental Change occurs at any time, the Company shall be required to make an offer to repurchase for cash all of the outstanding

Notes on the date (the “Fundamental Change Repurchase Date”) specified by the Company that is not less than twenty

(20) Business Days or more than thirty five (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 such Regular Record 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.

(b) Repurchases

of Notes under this Section 15.02 shall be made upon:

(i) delivery

to the Paying Agent by a Holder of a duly completed notice (the “Fundamental Change Repurchase Offer Acceptance Notice”)

in the form set forth in Attachment 2 to the Form of Note attached hereto as Exhibit A, if the Notes are Definitive Notes, or in compliance

with the Depositary’s procedures for surrendering interests in Global Notes, if the Notes are Global Notes, on or before the close

of business on the Business Day immediately preceding the Fundamental Change Repurchase Date (and in the case of Definitive Notes, Holders

must deliver such notice on or before the second Business Day immediately preceding the Fundamental Change Repurchase Date); and

(ii) delivery

of the Notes, if the Notes are Definitive Notes, to the Paying Agent at any time after delivery of the Fundamental Change Repurchase Offer

Acceptance 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 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 Offer Acceptance

Notice in respect of any Definitive 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.

If the Notes are Global Notes, to accept the Fundamental Change repurchase

offer, Holders must surrender their Notes in accordance with applicable Depositary procedures.

Notwithstanding anything herein to the contrary,

any Holder delivering to the Paying Agent the Fundamental Change Repurchase Offer Acceptance Notice contemplated by this Section 15.02

shall have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Offer Acceptance Notice at any time prior to

the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date (and in the case of Definitive

Notes, Holders must withdraw such notice on or before the second 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 Offer Acceptance Notice or written notice of withdrawal thereof.

or before the 20th day after the occurrence of the effective date of a Fundamental Change, the Company shall provide to all Holders, 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 containing an offer to repurchase

the outstanding Notes on the Fundamental Change Repurchase Date at the Fundamental Change Repurchase Price. In the case of Definitive

Notes, such notice shall be 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 and in a press release 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 accept the repurchase offer pursuant to this Article 15;

(iv) the

Fundamental Change Repurchase Price;

(v) the

Fundamental Change Repurchase Date;

(vi) the

name and address of the 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 Offer Acceptance Notice has been delivered by a Holder may be converted

only if the Holder withdraws the Fundamental Change Repurchase Offer Acceptance Notice in accordance with the terms of this Indenture;

and

(ix) the

procedures that Holders must follow for the Company to repurchase their Notes.

No failure of the Company to give the foregoing

notices and no defect therein shall limit the Company’s obligation to make an offer to repurchase to the Holders or affect the validity

of the proceedings for the repurchase of the Notes pursuant to this Section 15.02.

At the Company’s request, 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

the foregoing, no Notes may be repurchased by the Company on any date 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, as applicable). The

Paying Agent will promptly return to the respective Holders thereof any Definitive 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 Offer Acceptance Notice with respect thereto shall be deemed to have been withdrawn.

Section 15.03 Withdrawal

of Fundamental Change Repurchase Offer Acceptance Notice. (a) A Fundamental Change Repurchase Offer Acceptance Notice may be

withdrawn (in whole or in part) in respect of Definitive Notes by means of a written notice of withdrawal delivered to the Paying Agent

in accordance with this Section 15.03 at any time on or before the second 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) 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 Offer Acceptance 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 and Section

7.05) 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, in the case of Global

Notes, and on or before the second Business Day immediately preceding the Fundamental Change Repurchase Date, in the case of Definitive

Notes) 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 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 the right to receive the Fundamental Change Repurchase Price).

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.

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 provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act that may then be applicable, and

any requirements of Canadian securities laws that may then be applicable;

(b) file

all materials required under applicable U.S. and Canadian securities laws or other applicable laws; and

comply with all U.S. federal and state and Canadian 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.

Notwithstanding anything to the contrary in this

Indenture, 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 such an offer

made by the Company as if the Company made it, 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 us as set

forth in this Indenture.

Article

Optional Redemption

Section 16.01 Optional

Redemption. The Notes shall not be redeemable by the Company prior to July 20, 2029. On or after July 20, 2029, the Company

may redeem (an “Optional Redemption”) for cash all or any portion of the Notes, at its option, at the Redemption Price,

if the Last Reported Sale Price of the Common Stock for at least twenty (20) Trading Days (whether or not consecutive) during any thirty

(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 Optional Redemption in accordance with Section 16.02 has been at least

130% of the Conversion Price then in effect on each such Trading Day.

Section 16.02 Notice

of Optional 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, it shall fix a Redemption Date and it or, at its written request

received by the Trustee not less than five (5) Business Days prior to the date such Notice of Optional 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 notice of such Optional Redemption (a “Notice of Optional Redemption”) not less than forty

(40) nor more than seventy (70) Scheduled Trading Days prior to the Redemption Date to each Holder so to be redeemed as a whole or in

part; provided, that, if the Company shall give such notice, it shall also give the Notice of Optional Redemption to the Trustee

and the Paying Agent (if other than the Trustee); and provided further, that if the Company elects Physical Settlement in such

Notice of Optional Redemption in respect of all conversions with a Conversion Date that occurs on or after the date the Company provides

such Notice of Optional Redemption and before the related Redemption Date in accordance with Section 14.02(a)(iii) or if Physical Settlement

otherwise applies as a result of the Company’s irrevocable election, in each case the Company may provide such notice not less than

fifteen (15) nor more than seventy five (75) calendar days before such Redemption Date. The Redemption Date must be a Business Day and

the Company may not specify a Redemption Date that falls on or after the 31st Scheduled Trading Day immediately preceding the Maturity

Date.

(b) The

Notice of Optional 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 Optional Redemption or any defect in the Notice of

Optional 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.

Notice of Optional 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 the Redemption Date;

(iv) the

place or places where such Notes are to be surrendered for payment of the Redemption Price;

(v) that

Holders 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;

(vi) the

procedures a converting Holder must follow to convert its 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; and

(ix) in

case any Note is to be redeemed in part only, 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 Optional Redemption shall be irrevocable.

(d) If

fewer than all of the outstanding Notes are to be redeemed, the Notes to be redeemed will be selected, in the case of Notes represented

by a Global Note, according to the Depositary’s applicable procedures, or, in the case of Notes represented by a Definitive Note,

the Notes or portions thereof to be redeemed shall be selected (in principal amounts of $1,000 or multiples thereof) by lot or on a

pro rata basis. If any Note selected for partial 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 16.03 [Reserved]

Section 16.04 [Reserved].

Section 16.05 Payment

of Notes Called for Redemption. (a) If any Notice of Optional Redemption has been given in respect of the Notes in accordance

with Section 16.02, the Notes shall become due and payable on the Redemption Date at the place or places stated in the Notice of Optional

Redemption and at the applicable Redemption Price. On presentation and surrender of the Notes at the place or places stated in the Notice

of Optional Redemption, the 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 4.04 and 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.

Section 16.06 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,

as applicable).

Article

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 Corporation. 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 or the Guarantor 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 or the Guarantor with the Trustee) to Keel Infrastructure Corp., Attention:

Legal Department, [***]; copy to: CFO, Jonathan Mir, [***]. 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 to an email

address specified by the Trustee.

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 Definitive 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. 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 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.

The Trustee shall have the right to accept and

act upon instructions, including funds transfer instructions (“Instructions”) given pursuant to this Indenture and

delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee an incumbency certificate listing

officers with the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures

of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever a person is to be added or deleted

from the listing. If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects

to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling. The Company understands

and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively

presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee

have been sent by such Authorized Officer. The Company shall be responsible for ensuring that only Authorized Officers transmit such Instructions

to the Trustee and that the Company and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable

user and authorization codes, passwords and/or authentication keys upon receipt by the Company. The Trustee shall not be liable for any

losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions

notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Company agrees: (i) to assume

all risks arising out of the use of Electronic Means to submit Instructions 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; (ii) that it is fully informed

of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more

secure methods of transmitting Instructions than the method(s) selected by the Company; (iii) that the security procedures (if any) to

be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light

of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized

use of the security procedures.

Section 17.04 Governing

Law; Jurisdiction. THIS INDENTURE, THE GUARANTEE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED

TO THIS INDENTURE AND EACH NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD

TO THE CONFLICTS OF LAWS PROVISIONS THEREOF).

Each of the Company and the Guarantor 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 any United States federal or State of New York court 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 with respect to any such legal action, suit or proceeding for itself in respect of its properties, assets

and revenues.

Each of the Company and the Guarantor 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 any United

States federal or State of New York court 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.

The Guarantor shall appoint the Company as its

agent for service of process in any suit, action or proceeding with respect to its Guarantee, this Indenture and the Notes and for actions

brought under the U.S. federal or state securities laws brought in any U.S. federal or state court located in the Borough of Manhattan

in the City of New York. Service of any process on the Company in any such action (and written notice of such service to the Guarantor)

shall be effective service of process against the Guarantor for any suit, action or proceeding brought in any such court.

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.

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) 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) any exchange by the Company in its sole discretion 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 tradeable by non-Affiliates of the Company under Rule 144, or (2) a request by the Company that the Trustee delivers 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, or entitled to request,

such Opinion of Counsel.

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, 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 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 behalf of the Trustee 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 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.

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 lieu of 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

and shall be deemed to be their original signatures for all purposes. Unless otherwise provided in this Indenture or in any Note, the

words “execute”, “execution”, “signed”, and “signature” and words of similar import used

in or related to any document to be signed in connection with this Indenture, any Note or any of the transactions contemplated hereby

(including amendments, waivers, consents and other modifications) will be deemed to include electronic signatures and the keeping of records

in electronic form, each of which will be, except with respect to authentication of the Notes by the Trustee, of the same legal effect,

validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable, to

the fullest extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce

Act, the New York State Electronic Signatures and Records Act, and any other similar state laws based on the Uniform Electronic Transactions

Act; provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic

signatures in any form or in any format unless expressly agreed to by the Trustee pursuant to reasonable procedures approved by the Trustee.

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 GUARANTOR 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 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, civil or military disturbances, epidemics, pandemics, disease, nuclear or natural catastrophes

or acts of God, and interruptions, or loss or malfunctions of utilities; it being understood that the Trustee shall use reasonable efforts

that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

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 Stock Price for purposes of a Make-Whole Fundamental

Change, the Last Reported Sale Price, the Daily VWAPs, the Daily Conversion Values, the Daily Settlement Amount, accrued interest payable

on the Notes and the Conversion Rate. 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. The Company shall provide a schedule of its calculations to each of the Trustee and

the Conversion Agent (if other than the Trustee), and each of the Trustee, the Paying Agent, the Note Registrar and the Conversion Agent

is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent verification. The Trustee will

forward the Company’s calculations to any Holder upon the written request of that Holder. For the avoidance of doubt, the Trustee,

in any of its roles under this Indenture or any capacity, shall not be responsible or liable for any calculation pursuant to this Indenture

or the Notes.

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, are 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. Company

agrees that it 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.

[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, the parties hereto have caused

this Indenture to be duly executed as of the date first written above.

KEEL

INFRASTRUCTURE CORP., as the Company

By:

/s/

Jonathan Mir

Name:

Jonathan

Mir

Title:

Chief

Financial Officer

BITFARMS

LTD., as the Guarantor

By:

/s/

Rachel Silverstein

Name:

Rachel

Silverstein

Title:

Director

[Signature Page to Indenture]

Computershare Trust Company,

N.A., as Trustee

By:

/s/ Chriss Reichow

Name:

Chriss Reichow

Title:

Vice President

[Signature Page to Indenture]

APPENDIX A

PROVISIONS RELATING TO INITIAL NOTES

AND ADDITIONAL NOTES

Section 1.1. Definitions.

(a) Capitalized

Terms.

Capitalized terms used but not defined in this

Appendix A have the meanings given to them in this Indenture. The following capitalized terms have the following meanings:

“Canadian Resale Restriction Termination

Date” means, with respect to the Initial Notes, October 10, 2026, and with respect to any Additional Notes, the date that is

four (4) months and one (1) day following the issue date of such Additional Notes.

“QIB” means a “qualified

institutional buyer” as defined in Rule 144A.

“Rule 144” means Rule 144 promulgated

under the Securities Act.

“Rule 144A” means Rule 144A

promulgated under the Securities Act.

(b) Other

Definitions.

Term

Defined in Section

“Definitive Notes Legend”

1.3(a)(i)

“Global Notes Legend”

1.3(a)(i)

“Restricted Securities Legends”

1.3(a)(i)

“Rule 144A Global Note”

1.2

“Rule 144A Notes”

1.2

Section 1.2. Form

and Dating; Global Notes. The Initial Notes issued on the date hereof shall be (i) offered and sold by the Company to

the Initial Purchasers and (ii) resold, initially only to QIBs in reliance on Rule 144A (“Rule 144A Notes”). Rule 144A

Notes shall be issued initially in the form of one or more permanent global Notes in definitive, fully registered form (collectively,

the “Rule 144A Global Note”) without interest coupons and bearing the Global Notes Legend and Restricted Securities

Legend, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Custodian, and registered in the

name of the Depositary or a nominee of the Depositary, duly executed by the Company and authenticated by the Trustee as provided in the

Indenture.

Section 1.3. Legends.

(a) Legends

on the Notes.

(i) Except

as permitted by this Section 2.2, each Note shall bear legends in substantially the following form (each defined term in the legend being

defined as such for purposes of the legend only) (the first legend below, the “U.S. Restricted Securities Legend” and

the second legend, the “Canadian Restricted Securities Legend” and collectively, “Restricted Securities Legends”):

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“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S.

SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH

IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES (1) THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THE SECURITY

EVIDENCED HEREBY, EXCEPT (A) TO KEEL INFRASTRUCTURE CORP. (THE “ISSUER”) OR A SUBSIDIARY OF THE ISSUER; (B) UNDER A REGISTRATION

STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT; (C) TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL

BUYER (AS DEFINED IN RULE 144A ADOPTED UNDER THE SECURITIES ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER

QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE

WITH RULE 144A (IF AVAILABLE); OR (D) UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT; AND

(2) THAT IT WILL, PRIOR TO ANY TRANSFER OF THIS SECURITY PURSUANT TO (D), FURNISH TO THE ISSUER AND THE TRUSTEE OR TRANSFER AGENT FOR

THIS SECURITY, AS APPLICABLE, SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS MAY BE REQUIRED TO CONFIRM THAT SUCH TRANSFER

IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

IN CANADA, UNLESS PERMITTED UNDER SECURITIES LEGISLATION,

THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE October 10, 2026.”1

Each Definitive Note shall bear the following additional

legend (“Definitive Notes Legend”):

“IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER

TO THE NOTE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM

THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.”

1 In the case of any Additional Notes, the actual Canadian Resale Restriction Termination Date for such Additional Notes will be inserted

in place of October 10, 2026.

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Each Global Note shall bear the following additional legend

(“Global Notes Legend”):

“UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED

REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT

FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER

NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS

REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON

IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS

IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS

OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO

ON THE REVERSE HEREOF.”

(ii) Upon

a sale or transfer after the expiration of the Canadian Resale Restriction Termination Date of any Initial Note or Additional Note, all

requirements that such Initial Note or Additional Note bear the Canadian Restricted Securities Legend shall cease to apply and the requirements

requiring any such Initial Note or Additional Note be issued in global form shall continue to apply.

(iii) Any

Additional Notes sold in a registered offering under the Securities Act shall not be required to bear the U.S. Restricted Securities Legend;

provided that, any such Additional Notes may be required to include the Canadian Restricted Securities Legend unless such Additional

Notes are qualified for distribution by a prospectus under Canadian securities laws or otherwise not subject to any applicable resale

restrictions under securities laws.

(iv) The

Company may, in its sole discretion, cause the U.S. Restricted Securities Legend on any Global Note to be removed (or deemed removed)

and cause such Global Note to be identified by an unrestricted CUSIP at any time on or after the Canadian Resale Restriction Termination

Date, without delivering an Opinion of Counsel, by:

(A) delivering

to the Trustee a written notice (x) certifying that all Notes represented by any Rule 144A Global Note would be freely tradable under

Rule 144 by a person who is not an Affiliate of the Company (within the meaning of Rule 144) and has not been an Affiliate of the Company

(within the meaning of Rule 144A) during the immediately preceding ninety (90) days, the Company is no longer subject to the limitations

imposed by Rule 144(i), (y) instructing the Trustee to take any actions as may be necessary so that the Restricted Securities Legends

set forth on the Global Notes shall be deemed removed from the Global Notes in accordance with the terms and conditions of the Notes and

the Indenture, without further action on the part of Holders and (z) instructing the Trustee to take any actions as may be necessary so

that the restricted CUSIP number for the Notes shall be removed from the Global Notes and replaced with an unrestricted CUSIP number.

Immediately upon receipt of such notice by the Trustee the Restricted Securities Legends will be deemed removed from such Global Notes

specified in such notice and the restricted CUSIP number will be deemed removed from each of such Global Notes and deemed replaced with

an unrestricted CUSIP number; and

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(B) providing

the Depositary an instruction letter for the Depositary’s mandatory exchange process (or any successor notice, form or action required

pursuant to the Applicable Procedures) to the extent required.

(b) Legends

on Common Stock.

(i) Any

share certificate representing Common Stock issued upon conversion of a Note that bears the U.S. Restricted Securities Legend shall bear

a legend in substantially the following form (unless 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 U.S. SECURITIES

ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING

SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES (1) THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY,

EXCEPT (A) TO KEEL INFRASTRUCTURE CORP. (THE “ISSUER”) OR A SUBSIDIARY OF THE ISSUER; (B) UNDER A REGISTRATION STATEMENT THAT

HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT; (C) TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER

(AS DEFINED IN RULE 144A ADOPTED UNDER THE SECURITIES ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED

INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE

144A (IF AVAILABLE); OR (D) UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT; AND (2) THAT

IT WILL, PRIOR TO ANY TRANSFER OF THIS SECURITY PURSUANT TO (D), FURNISH TO THE ISSUER AND THE TRUSTEE OR TRANSFER AGENT FOR THIS SECURITY,

AS APPLICABLE, SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS MAY BE REQUIRED TO CONFIRM THAT SUCH TRANSFER IS BEING MADE

PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED

ON THE TORONTO STOCK EXCHANGE (“TSX”); HOWEVER, THE SAID SECURITIES CANNOT BE TRADED THROUGH THE FACILITIES OF TSX SINCE THEY

ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH SECURITIES IS NOT “GOOD DELIVERY” IN SETTLEMENT

OF TRANSACTIONS ON TSX,

A-4

provided, that if any of the Common Stock is being sold pursuant

to Rule 144 under the U.S. Securities Act, if available, the legends may be removed by delivering to the Company and the transfer agent

for the Company an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company, to the effect

that the legends are no longer required under applicable requirements of the Securities Act.

Further, any share certificate representing Common Stock

issued upon conversion of a Note that bears the Canadian Restricted Securities Legend shall, if the conversion occurs prior to the date

referenced in the Canadian Restricted Securities Legend, bear a legend in substantially the following form:

IN CANADA, UNLESS PERMITTED UNDER SECURITIES LEGISLATION,

THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE OCTOBER 10, 2026.2

Section 1.4. Transfer

and Exchange of Interests in Global Notes.

(a) Transfer

and Exchange of Global Notes. A transferor of a beneficial interest in a Global Note shall deliver a written order given in

accordance with the Depositary’s procedures containing information regarding the Participant account of the Depositary to be credited

with a beneficial interest in such Global Note or another Global Note and such account shall be credited in accordance with such order

with a beneficial interest in the applicable Global Note and the account of the Person making the transfer shall be debited by an amount

equal to the beneficial interest in the Global Note being transferred.

(i) If

the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial interest in another Global Note, the Note

Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which such interest

is being transferred in an amount equal to the principal amount of the interest to be so transferred, and the Note Registrar shall reflect

on its books and records the date and a corresponding decrease in the principal amount of Global Note from which such interest is being

transferred.

(ii) Notwithstanding

any other provisions of this Appendix A (other than the provisions set forth in Section 2.05 of the Indenture relating to the issuance

of Definitive Notes), a Global Note may not be transferred as a whole except 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.

(iii) In

the event that a Global Note is exchanged for Definitive Notes pursuant to Section 2.05 of the Indenture, such Notes may be exchanged

only in accordance with such procedures as are substantially consistent with the provisions of this Section 2.3 (including the certification

requirements set forth on the reverse of the Initial Notes intended to ensure that such transfers comply with Rule 144A or such other

applicable exemption from registration under the Securities Act, as the case may be) and/or such other procedures as may from time to

time be adopted by the Company.

2 In the case of any Additional Notes, the actual Canadian Resale Restriction Termination Date for such Additional Notes will be inserted

in place of October 10, 2026.

A-5

(b) Transfers

to Global Notes without Restricted Securities Legends.

(i) Sales

by an owner of a beneficial interest in the Rule 144A Global Note bearing Restricted Securities Legends may be sold to a transferee who

takes delivery of such interest through a Global Note that does not bear a Restricted Securities Legend provided that (A) (1) such sale

occurs on and after the date that is the later of (x) the date that is six (6) months after the last date of original issuance of the

Initial Notes or Additional Notes, as applicable, and (y) such later date, if any, as may be required by applicable law, and (2) upon

receipt by the Trustee of a certification that such transfer shall have been effected in reliance on Rule 144 under the Securities Act;

or (B) under a registration statement that has been declared effective under the Securities Act or (C) otherwise upon receipt by the Trustee

of an appropriate direction or consent from the Company.

obligation of the Trustee. The Trustee, Paying Agent, Registrar and any transfer agent shall have no obligation or duty to

monitor, determine or inquire as to compliance with any restrictions on transfer imposed under the Indenture or under applicable law with

respect to any transfer of any interest in any Note (including any transfers between or among Participants, members or beneficial owners

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 the Indenture, and to examine the same to determine substantial compliance

as to form with the express requirements hereof.

(d) Additional

Global Notes. In connection with any transfer of beneficial interests in a Global Note that bears Restricted Securities Legends

for any Global Note that does not bear Restricted Securities Legends in accordance with Section 2.2, if a Global Note that does not bear

a Restricted Securities Legend is not then outstanding (or an insufficient principal amount of such Global Notes are outstanding to permit

such transfer) and the Global Notes have not been previously transferred for Definitive Notes in compliance with Section 2.05 of the Indenture,

the Company shall issue and the Trustee shall authenticate, upon written order of the Company in the form of an Officer’s Certificate,

one or more new Global Notes without the Restricted Securities Legend in the appropriate principal amounts.

(e) Canadian

Resale Restrictions. Initial Notes and Additional Notes may not be transferred in Canada prior to the applicable Canadian Resale

Restriction Termination Date except pursuant to an exemption from the prospectus requirements of Canadian securities laws or otherwise

in compliance with such laws.

A-6

EXHIBIT A

[FORM OF FACE OF NOTE]

[INCLUDE 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.

TRANSFERS OF THIS GLOBAL SECURITY

SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S

NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH

IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]

[INCLUDE FOLLOWING LEGEND

IF A DEFINITIVE NOTE]

[IN CONNECTION WITH ANY TRANSFER,

THE HOLDER WILL DELIVER TO THE NOTE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY

REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS]

[INCLUDE FOLLOWING LEGEND

IF A RESTRICTED SECURITY]

THIS SECURITY HAS NOT BEEN

REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED

OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES (1) THAT IT WILL NOT RESELL OR OTHERWISE

TRANSFER THE SECURITY EVIDENCED HEREBY, EXCEPT (A) TO KEEL INFRASTRUCTURE CORP. (THE “ISSUER”) OR A SUBSIDIARY OF THE

ISSUER; (B) UNDER A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT; (C) TO A PERSON THE SELLER REASONABLY

BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A ADOPTED UNDER THE SECURITIES ACT) THAT IS PURCHASING FOR ITS OWN

ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE

ON RULE 144A, ALL IN COMPLIANCE WITH RULE 144A (IF AVAILABLE); OR (D) UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS

OF THE SECURITIES ACT; AND (2) THAT IT WILL, PRIOR TO ANY TRANSFER OF THIS SECURITY PURSUANT TO (D), FURNISH TO THE ISSUER AND THE TRUSTEE

OR TRANSFER AGENT FOR THIS SECURITY, AS APPLICABLE, SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS MAY BE REQUIRED TO CONFIRM

THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE

SECURITIES ACT.

IN CANADA, UNLESS PERMITTED

UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE OCTOBER

10, 2026.3

3 The Canadian Resale Restriction Termination Date for the Initial Notes or Additional Notes, as applicable, will be inserted.

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Keel Infrastructure Corp.

1.250% Convertible Senior Note due 2032

CUSIP No. [ ]

No. [______]

[Initially]4 $[___________]

Keel Infrastructure Corp., a Delaware corporation

(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.]5

[___________]6, or registered assigns, the

principal sum [as set forth in the “Schedule of Exchanges of Notes” attached hereto]7

[of $[_______]]8, which amount, taken together

with the principal amounts of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed $[_______] in aggregate

at any time, in accordance with the rules and applicable procedures of the Depositary, on January 15, 2032, and interest thereon as set

forth below.

This Note shall bear cash interest at the rate

of 1.250% per year from June 9, 2026, or from the most recent date to which interest had been paid or provided for, but excluding, the

next scheduled Interest Payment Date until January 15, 2032. 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 will 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 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 plus one percent, 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.

4 Include if a global note.

5 Include if a global note.

6 Include if a definitive note.

7 Include if a global note.

8 Include if a definitive note.

A-8

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 agency in the Borough

of Manhattan, The City of New York, 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, Common Stock or a combination of cash and 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, and any claim, controversy or dispute

arising under or related to 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 or by facsimile by the Trustee or a duly

authorized authenticating agent under the Indenture.

[Remainder of page intentionally left blank]

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IN WITNESS WHEREOF, the Company has caused this

Note to be duly executed.

KEEL INFRASTRUCTURE CORP.

By:

Name:

Title:

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Dated:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

COMPUTERSHARE TRUST COMPANY, N.A.,

as Trustee, certifies that this is one of the Notes described

in the within-named Indenture.

By:

Authorized Signatory

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[FORM OF REVERSE OF NOTE]

Keel Infrastructure Corp.

1.250% Convertible Senior Note due 2032

This Note is one of a duly authorized issue of

Notes of the Company, designated as its 1.250% Convertible Senior Notes due 2032 (the “Notes”), limited to the aggregate

principal amount of $[_______] all issued or to be issued under and pursuant to an Indenture dated as of June 9, 2026 (the “Indenture”),

among the Company, Bitfarms Ltd., as guarantor (the “Guarantor”), and Computershare Trust Company, N.A., 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.

The Notes shall be denominated in U.S. dollars, and all cash payments due thereon shall be made in U.S. dollars. 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 a 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 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 the consideration due upon conversion of, this Note at the place, at the respective times, at the

rate and in the lawful money, Common Stock or a combination thereof, as the case may be, herein prescribed.

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

the 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 Notes shall be redeemable at the Company’s

option on or after July 20, 2029 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, the

Company shall be required to offer to repurchase for cash all of a Holder’s Notes 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, Common Stock or a combination of cash and Common Stock, as applicable,

at the Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture.

The Company’s payment obligations under the

Indenture and the Notes are fully and unconditionally guaranteed by the Guarantor as provided in Article 13 of the Indenture.

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.

SCHEDULE A9

SCHEDULE OF EXCHANGES OF NOTES

Keel Infrastructure Corp.

1.250% Convertible Senior Notes due 2032

The initial principal amount of this Global Note is ______________

U.S. DOLLARS ($[________]). The following increases or decreases in this Global Note have been made:

Principal

Amount of

amount of this

Signature of

increase in

decrease in

Global Note

authorized

principal amount

following such

signatory of

Date of

of this Global

decrease or

Trustee or

exchange

Note

increase

Custodian

9 Include if a global note.

ATTACHMENT 1

[FORM OF NOTICE OF CONVERSION]

To:

Computershare Trust Company, N.A.,

1505 Energy Park Drive

St. Paul, MN 55108

Attention: Keel Infrastructure Corp. 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, Common Stock or a combination of cash and 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 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 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 or duties, 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.

In the case of Definitive Notes, the certificate

numbers of the Notes to be converted are as set forth below:

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

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

ATTACHMENT 2

[FORM OF FUNDAMENTAL CHANGE REPURCHASE OFFER ACCEPTANCE

NOTICE]

To:

Computershare Trust Company, N.A.,

1505 Energy Park Drive

St. Paul, MN 55108

Attention: Keel Infrastructure Corp. Administrator

The undersigned registered owner of this Note hereby

acknowledges receipt of a notice from Keel Infrastructure Corp. (the “Company”) as to the occurrence of a Fundamental

Change with respect to the Company and specifying the Fundamental Change Repurchase Date and accepts the Company’s offer to repurchase

therein in respect of, 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 Definitive Notes, the certificate

numbers of the Notes to be repurchased are as set forth below:

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 Notes are to be delivered, other than to and in the name of the registered holder.

Fill in for registration of 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 purchased (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

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 Restricted Security,

the undersigned confirms that such Note is being transferred:

1. ☐ To Keel Infrastructure Corp. or a subsidiary thereof;

2. ☐ Pursuant to a registration statement that has become or been declared effective under the Securities Act of 1933, as amended;

3. ☐ Pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended; or

4. ☐ Pursuant to and in compliance with Rule 144 under the Securities Act of 1933, as amended, or any other available exemption

from the registration requirements of the Securities Act of 1933, as amended.

The undersigned further confirms that such Note is being transferred

outside Canada, or pursuant to an exemption from the prospectus requirements of Canadian securities laws if the Notes remain subject to

any restriction on transfer under Canadian securities laws.

Unless one of the boxes is checked, the Trustee shall refuse to register

any of the Notes evidenced by this certificate in the name of any Person other than the registered Holder thereof; provided, however,

that if items (4) or (5) are checked, the Company or the Trustee may require, prior to registering any such transfer of the Notes, such

legal opinions, certifications and other information as the Company has reasonably requested to confirm that such transfer is being made

in compliance with all transfer restrictions applicable to the Notes.

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.

EX-10.1 — FORM OF CAPPED CALL TRANSACTION

EX-10.1

Filename: ea029411501ex10-1.htm · Sequence: 3

Exhibit 10.1

[Bid version]

[Dealer Name and Address]

June [__], 2026

To: Keel Infrastructure Corp.

120 Broadway

Suite 1075

New York, NY 10004

Re: [Base][Additional] Call Option Transaction

The purpose of this letter

agreement (this “Confirmation”) is to confirm the terms and conditions of the call option transaction entered into

between [Dealer Name] (“Dealer”) and Keel Infrastructure Corp. (“Counterparty”) as of the

Trade Date specified below (the “Transaction”). This letter agreement constitutes a “Confirmation” as referred

to in the ISDA Master Agreement specified below. Each party further agrees that this Confirmation together with the Agreement evidence

a complete binding agreement between Counterparty and Dealer as to the subject matter and terms of the Transaction to which this Confirmation

relates, and shall supersede all prior or contemporaneous written or oral communications with respect thereto.

The definitions and provisions

contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published by the International

Swaps and Derivatives Association, Inc. (“ISDA”) are incorporated into this Confirmation. In the event of any inconsistency

between the Equity Definitions and this Confirmation, this Confirmation shall govern. Certain defined terms used herein are based on terms

that are defined in the Preliminary Offering Memorandum dated June 4, 2026 (the “Offering Memorandum”) relating to

the 1.250% Convertible Senior Notes due 2032 (as originally issued by Counterparty, the “Convertible Notes” and each

USD 1,000 principal amount of Convertible Notes, a “Convertible Note”) issued by Counterparty in an aggregate initial

principal amount of USD 400,000,000 (as increased by [up to]1

an aggregate principal amount of USD 58,000,000 [if and to the extent that]2[pursuant

to the exercise by]3 the Initial Purchasers

(as defined herein) [exercise]4[of]5

their option to purchase additional Convertible Notes pursuant to the Purchase Agreement (as defined herein)) pursuant to an Indenture

[to be]6 dated June [__], 2026 among Counterparty,

Bitfarms Ltd., as Guarantor, and Computershare Trust Company, N.A., 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]7[Indenture

as executed]8. 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(i)]9

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]10

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.

1 Include in the Base Call Option Confirmation.

2 Include in the Base Call Option Confirmation.

3 Include in the Additional Call Option Confirmation.

4 Include in the Base Call Option Confirmation.

5 Include in the Additional Call Option Confirmation.

6 Include if the Indenture is not completed at the time of

the Confirmation.

7 Include in the Base Call Option Confirmation. Include in

the Additional Call Option Confirmation if it is executed before closing of the base deal.

8 Include in the Additional Call Option Confirmation, but only

if the Additional Call Option Confirmation is executed after the closing of the base deal.

9 Include cross-reference to Indenture section(s) permitting

amendments without holder consent to conform the Indenture to the Description of Notes

10 Include cross-reference to Indenture section(s) relating

to Merger Events and Reference Property.

Each party is hereby advised,

and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial transactions

and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this Confirmation relates

on the terms and conditions set forth below.

1. This

Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which this

Confirmation relates. This Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the ISDA 2002

Master Agreement (the “Agreement”) as if Dealer and Counterparty had executed an agreement in such form on the Trade

Date (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), (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’s

ultimate parent] 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 modification that 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 a party’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.

2. The

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

General Terms.

Trade Date:

June [__], 2026

Effective Date:

The second Exchange Business Day immediately prior to the Premium Payment Date, subject to Section 9(u).

Option Style:

“Modified American”, as described under “Procedures for Exercise” below

Option Type:

Call

Buyer:

Counterparty

Seller:

Dealer

The common stock of Counterparty, par value $0.001 per share (Exchange symbol “KEEL”).

Number of Options:

[_______]11. 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.

11 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.

Applicable Percentage:

[__]%

Option Entitlement:

A number equal to the product of the Applicable Percentage and 134.9073.

Strike Price:

USD 7.4125

Cap Price:

USD 11.8600

Premium:

USD [______]

Premium Payment Date:

June 9, 2026

Exchange:

The Nasdaq Global Market

Related Exchange(s):

All Exchanges

Excluded Provisions:

Section [14.04(h)]12 and Section [14.03]13 of the Indenture.

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)]14 of the Indenture (provided that the provisions of Section 9(i)(i) of this Confirmation shall apply to any conversion of Convertible Notes with a Conversion Date occurring prior to the Free Convertibility Date (any such conversion, an “Early Conversion”)).

Free Convertibility Date:

October 15, 2031

Procedures for Exercise.

Expiration Time:

The Valuation Time

Expiration Date:

January 15, 2032, subject to earlier exercise.

Multiple Exercise:

Applicable, as described under “Automatic Exercise” below.

12 Include cross-reference to Indenture section(s) containing

discretionary adjustments to the Conversion Rate by Counterparty.

13 Include cross-reference to Indenture section(s) dealing with

make-whole adjustments to the Conversion Rate.

14 Include cross-reference to Indenture section(s) setting forth

the requirements for conversion of the Convertible Notes.

Automatic Exercise:

Notwithstanding Section 3.4 of the Equity Definitions or anything to the contrary in this Confirmation, unless Counterparty notifies Dealer in writing prior to 5:00 p.m. (New York City time) on the Expiration Date that it does not wish Automatic Exercise to occur, all Options then outstanding as of 5:00 p.m. (New York City time) on the Expiration Date will be deemed to be automatically exercised; provided that if the Relevant Settlement Method for such Options is (x) Net Share Settlement and the Specified Cash Amount (as defined below) is not USD 1,000, (y) Cash Settlement or (z) Combination Settlement, Dealer shall have received a separate notice (the “Notice of Final Settlement Method”) in respect of all such Convertible Notes before 5:00 p.m. (New York City time) on the Free Convertibility Date specifying (1) the Relevant Settlement Method for such Options, and (2) if the settlement method for the related Convertible Notes is not Settlement in Shares or Settlement in Cash (each as defined below), the fixed amount of cash per Convertible Note that Counterparty has elected to deliver to Holders (as such term is defined in the Indenture) of the related Convertible Notes (the “Specified Cash Amount”). Counterparty acknowledges its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of the Exchange Act (as defined below) and the rules and regulations thereunder, in respect of any election of a settlement method with respect to the Convertible Notes.

Valuation Time:

At the close of trading of the regular trading session on the Exchange; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in good faith and 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 principal United States national or regional securities exchange or market on which the Shares are then 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.”

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:

(i) if Counterparty has elected to settle its conversion obligations in respect of

the related Convertible Note (A) entirely in Shares pursuant to Section [14.02(a)(v)(A)]15

of the Indenture (together with cash in lieu of fractional Shares) (such settlement method, “Settlement in

Shares”), (B) in a combination of cash and Shares pursuant to Section [14.02(a)(v)(C)]16

of the Indenture with a Specified Cash Amount less than USD 1,000 (such settlement method, “Low Cash Combination

Settlement”) or (C) in a combination of cash and Shares pursuant to Section [14.02(a)(v)(C)]17

of the Indenture with a Specified Cash Amount equal to USD 1,000, then, in each case, the Relevant Settlement Method for such Option

shall be Net Share Settlement;

15 Include cross-reference to section of the Indenture containing

provisions for full physical settlement of the Convertible Notes.

16 Include cross-reference to section of the Indenture containing

provisions for combination settlement of the Convertible Notes.

17 Include cross-reference to section of the Indenture containing

provisions for combination settlement of the Convertible Notes.

(ii) if Counterparty has elected to settle its conversion obligations in respect

of the related Convertible Note in a combination of cash and Shares pursuant to Section [14.02(a)(v)(C)]18

of the Indenture with a Specified Cash Amount greater than USD 1,000, then the Relevant Settlement Method for such Option shall be

Combination Settlement; and

(iii) if Counterparty has elected to settle its conversion obligations in respect

of the related Convertible Note entirely in cash pursuant to Section [14.02(a)(v)(B)]19

of the Indenture (such settlement method, “Settlement in Cash”), then the Relevant Settlement Method for such

Option shall be Cash Settlement.

Net Share Settlement:

If Net Share Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will deliver to Counterparty, on the relevant Settlement Date for each such Option, a number of Shares (the “Net Share Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for each such Option, of (i) (a) the Daily Option Value for such Valid Day, divided by (b) the Relevant Price on such Valid Day, divided by (ii) the number of Valid Days in the Settlement Averaging Period.

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

18 Include cross-reference to section of the Indenture containing

provisions for combination settlement of the Convertible Notes.

19 Include cross-reference to section of the Indenture containing

provisions for cash settlement of the Convertible Notes.

(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.

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 admitted for trading. If the Shares are not so listed or admitted for trading, “Valid Day” means a Business Day.

Scheduled Valid Day:

A day that is scheduled to be a Valid Day on the principal United States national or regional securities exchange or market on which the Shares are listed or admitted for trading. If the Shares are not so listed or admitted for trading, “Scheduled Valid Day” means a Business Day.

Business Day:

Any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York or commercial banks in New York are authorized or required by law or executive order to close or be closed.

Relevant Price:

On any Valid Day, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page KEEL <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 Valid Day (or if such volume-weighted average price is unavailable, the market value of one Share on such Valid Day, as determined by the Calculation Agent in good faith and in a commercially reasonable manner using, if practicable, a volume-weighted average method). The Relevant Price will be determined without regard to after-hours trading or any other trading outside of the regular trading session.

Settlement Averaging Period:

For any 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, (ii) Dealer may deliver any Shares required to be delivered hereunder in certificated form in lieu of delivery through the Clearance System and (iii) any Shares delivered to Counterparty may be “restricted securities” (as defined in Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”)).

3. Additional

Terms applicable to the Transaction.

Adjustments applicable to the Transaction:

Potential Adjustment Events:

Notwithstanding Section 11.2(e) of the Equity Definitions, a “Potential Adjustment Event” means an occurrence of any event or condition, as set forth in any Dilution Adjustment Provision, that would result in an adjustment under the Indenture to the “Conversion Rate” or the composition of a “unit of Reference Property” or to any “Last Reported Sale Price,” “Daily VWAP,” “Daily Conversion Value” or “Daily Settlement Amount” (each as defined in the Indenture). For the avoidance of doubt, Dealer shall not have any delivery or payment obligation 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 second sentence of the first paragraph of Section 14.04(c)]20 of the Indenture or [the fourth sentence of Section 14.04(d)]21 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 commercially reasonably, taking into account the relevant provisions of the Indenture, shall make a corresponding adjustment to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction.

20 Include cross-reference to provision in the Indenture for

pass-through of distributed property, at the same time as it is received by holders of the Shares, in lieu of a Conversion Rate adjustment.

21 Include cross-reference to provision in the Indenture for

pass-through of cash, at the same time as it is received by holders of the Shares, in lieu of a Conversion Rate adjustment.

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]22 of the Indenture, Section [14.07]23 of the Indenture or any supplemental indenture entered into thereunder or in connection with any proportional adjustment or the determination of the fair value of any securities, property, rights or other assets), then in each such case, the Calculation Agent will determine the adjustment to be made to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction in a commercially reasonable manner, taking into account the relevant provisions of the Indenture; provided that, notwithstanding the foregoing, if any Potential Adjustment Event occurs during the Settlement Averaging Period but no adjustment was made to any Convertible Note under the Indenture because the relevant “Holder” (as such term is defined in the Indenture) was deemed to be a record owner of the underlying Shares on the related Conversion Date, then the Calculation Agent shall make a commercially reasonable adjustment, as determined by it, to the terms hereof in order to account for such Potential Adjustment Event;

(ii)

in connection with any Potential Adjustment Event as a result of an event or condition set forth in Section [14.04(b)]24 of the Indenture or Section [14.04(c)]25 of the Indenture where, in either case, the period for determining “Y” (as such term is used in Section [14.04(b)]26 of the Indenture) or “SP0” (as such term is used in Section [14.04(c)]27 of the Indenture), as the case may be, begins before Counterparty has publicly announced the event or condition giving rise to such Potential Adjustment Event, then the Calculation Agent shall have the right to adjust, in good faith and in a commercially reasonable manner, any variable relevant to the exercise, settlement or payment for the Transaction as appropriate to reflect the commercially reasonable costs (including, but not limited to, hedging mismatches and market losses) and expenses incurred by Dealer in connection with its commercially reasonable hedging activities as a result of such event or condition not having been publicly announced prior to the beginning of such period; and

22 Include cross-reference to Indenture section(s) providing

for adjustments where a Conversion Rate adjustment occurs during a period over which Last Reported Sale Prices, Daily VWAPs, Daily Conversion

Value or Daily Settlement Amounts are calculated.

23 Include cross-reference to Indenture section(s) relating

to Reference Property.

24 Include cross-reference to Indenture section(s) providing

for an adjustment to the Conversion Rate in connection with a below-market rights, options or warrants offering.

25 Include cross-reference to Indenture section(s) providing

for an adjustment to the Conversion Rate in connection with distributions of distributed property.

26 Include cross-reference to Indenture section(s) providing

for an adjustment to the Conversion Rate in connection with a below-market rights, options or warrants offering.

27 Include cross-reference to provision in the Indenture for

pass-through of distributed property, at the same time as it is received by holders of the Shares, in lieu of a Conversion Rate adjustment.

(iii)

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

Dilution Adjustment Provisions:

Sections [14.04(a), (b), (c), (d) and (e)]28 and Section [14.05]29 of the Indenture.

Extraordinary Events applicable to the Transaction:

Merger Events:

Applicable; provided that notwithstanding Section 12.1(b) of the Equity Definitions, a “Merger Event” means the occurrence of any event or condition set forth in the definition of “Merger Event” in Section [14.07(a)]30 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)]31 of the Indenture.

28 Include cross-reference to Indenture sections containing

anti-dilution adjustments to the Conversion Rate.

29 Include cross-reference to Indenture section providing for

adjustments where a Conversion Rate adjustment occurs during a period over which Last Reported Sale Prices, Daily VWAPs, Daily Conversion

Values or Daily Settlement Amounts are calculated.

30 Include cross-reference to Indenture section describing consequences

of Reference Property.

31 Include cross-reference to Indenture section describing consequences

of tender offers.

Consequences of Merger Events/

Tender Offers:

Notwithstanding Section 12.2 and Section 12.3 of the Equity Definitions, upon the occurrence of a Merger Event or a Tender Offer, the Calculation Agent shall make a corresponding adjustment in respect of any adjustment under the Indenture to any one or more of the nature of the Shares (in the case of a Merger Event, including, without limitation, to the extent any depositary receipts constitute “Reference Property” under, and as defined in, the Indenture), Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction, subject to the second paragraph under “Method of Adjustment”; provided, however, that such adjustment shall be made without regard to any adjustment to the “Conversion Rate” (as defined in the Indenture) 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 (or depositary receipts with respect to shares) of an entity or person that is either (1) neither a corporation nor an entity that is treated as a corporation for U.S. federal income tax purposes or treated as a corporation for Canadian tax purposes or (2) not organized under the laws of the United States, any State thereof, the District of Columbia, the federal laws of Canada or any province thereof, or (B) Counterparty to the Transaction following such Merger Event or Tender Offer will not be either a corporation or an entity that is treated as a corporation for U.S. federal income tax purposes or will not be organized under the laws of the United States, any State thereof or the District of Columbia or the laws of Canada, any province or territory thereof and (ii) (A) Dealer determines in a commercially reasonable manner at any time following the occurrence of such Merger Event or Tender Offer that (x) such Merger Event or Tender Offer has had or will have a material adverse effect on Dealer under the Transaction or (y) Dealer will incur or has incurred an increased (as compared with circumstances existing on the Trade Date) amount of tax, duty, expense or fee to (1) acquire, establish, re-establish, substitute, maintain, unwind or dispose of any transaction(s) or asset(s) it deems necessary or appropriate to hedge the economic risk of entering into and performing its obligations with respect to the Transaction in a commercially reasonable manner or (2) realize, recover or remit the proceeds of any such transaction(s) or asset(s) or (B) Dealer determines, in its good faith and reasonable judgment, that it will not be in compliance with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures, applicable to Dealer, then, in either case, Cancellation and Payment (Calculation Agent Determination) may apply at Dealer’s commercially reasonable election; provided further that, for the avoidance of doubt, adjustments shall be made pursuant to the provisions set forth above regardless of whether any Merger Event or Tender Offer gives rise to an Early Conversion.

Consequences of Announcement Events:

Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement Event, (x) references to “Tender Offer” shall be replaced by references to “Announcement Event” and references to “Tender Offer Date” shall be replaced by references to “date of such Announcement Event”, (y) the phrase “exercise, settlement, payment or any other terms of the Transaction (including, without limitation, the spread)” shall be replaced with the phrase “Cap Price (provided that in no event shall the Cap Price be less than the Strike Price)” 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 an economic effect on the Transaction (and, if so, shall, acting in good faith and in a commercially reasonable manner, adjust the Cap Price accordingly) on one or more occasions on or after the date of the Announcement Event up to, and including, the Expiration Date, any Early Termination Date and/or any other date of cancellation (and for the avoidance of doubt shall make such adjustment to take into account the cumulative effect on the Expiration Date, any Early Termination Date and/or any other date of cancellation), it being understood that any adjustment in respect of an Announcement Event shall take into account any earlier adjustment relating to the same Announcement Event. An Announcement Event shall be an “Extraordinary Event” for purposes of the Equity Definitions, to which Article 12 of the Equity Definitions is applicable.

Announcement Event:

(i) The public announcement by Issuer, any subsidiary of Issuer, any agent of Issuer, any Valid Third Party Entity or any agent of a Valid Third Party Entity of (x) any transaction or event that, if completed, would constitute a Merger Event or Tender Offer, (y) any potential acquisition or disposition by Issuer and/or its subsidiaries where the aggregate consideration exceeds 35% of the market capitalization of Issuer as of the date of such announcement (a “Transformative Transaction”) or (z) the intention to enter into a Merger Event or Tender Offer or a Transformative Transaction, (ii) the public announcement by Issuer of an intention to solicit or enter into, or to explore strategic alternatives or other similar undertaking that, if completed, would constitute a Merger Event, Tender Offer or Transformative Transaction or (iii) any subsequent public announcement by any entity referenced in clause (i) above of a change to a transaction or intention that is the subject of an announcement of the type described in clause (i) or (ii) of this sentence (including, without limitation, a new announcement, whether or not by the same party, relating to such a transaction or intention or the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention), as determined by the Calculation Agent in a commercially reasonable manner. For the avoidance of doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not preclude the occurrence of a later Announcement Event with respect to such transaction or intention. For purposes of this definition of “Announcement Event,” (A) “Merger Event” shall mean such term as defined under Section 12.1(b) of the Equity Definitions (but, for the avoidance of doubt, the remainder of the definition of “Merger Event” in Section 12.1(b) of the Equity Definitions following the definition of “Reverse Merger” therein shall be disregarded) and (B) “Tender Offer” shall mean such term as defined under Section 12.1(d) of the Equity Definitions (as amended by Section 9(i)(ii) below).

Valid Third Party Entity:

In respect of any transaction or event, any third party that has a bona fide intent to enter into or consummate such transaction, as determined by the Calculation Agent (it being understood and agreed that in determining whether such third party has such a bona fide intent, the Calculation Agent shall take into consideration the effect of the relevant announcement by such third party on the Shares and/or options relating to the Shares).

Nationalization, Insolvency or Delisting:

Cancellation and Payment (Calculation Agent Determination); provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, the NYSE American, The Nasdaq Global Select Market, The Nasdaq Global Market or the Nasdaq Capital 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 NYSE American, The Nasdaq Global Select Market, The Nasdaq Global Market or the Nasdaq Capital Market (or their respective successors), such exchange or quotation system shall thereafter be deemed to be the Exchange.

Additional Disruption

Events:

Change in Law:

Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public announcement of, the formal or informal interpretation”, (ii) replacing the word “Shares” where it appears in clause (X) thereof with the words “Hedge Position” and (iii) replacing the parenthetical beginning after the word “regulation” in the second line thereof the words “(including, for the avoidance of doubt and without limitation, (x) any tax law, (y) adoption, effectiveness or promulgation of new regulations authorized or mandated by existing statute, or (z) in the case of the laws of Canada or any political subdivision thereof, the public announcement or issuance by a relevant governmental authority of draft legislation, a notice of ways and means motion or a similar document)”. Notwithstanding anything to the contrary in the Equity Definitions, a Change in Law described in clause (Y) of Section 12.9(a)(ii) of the Equity Definitions shall not constitute a Change in Law and instead shall constitute an Increased Cost of Hedging as described in Section 12.9(a)(vi) of the Equity Definitions, and any such determination of a Change in Law shall be consistently applied by the Determining Party across transactions similar to the Transaction and for counterparties similar to Counterparty.

Failure to Deliver:

Applicable.

Hedging Disruption:

Applicable; provided that:

(i)

Section 12.9(a)(v) of the Equity Definitions is hereby amended by inserting the following two phrases at the end of such Section:

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

(ii)

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

Notwithstanding anything to the contrary herein or in the Equity Definitions, in no event will a Hedging Disruption occur solely due to the deterioration of the creditworthiness of the Hedging Party.

Increased Cost of Hedging:

Applicable solely with respect to a “Change in Law” described in clause (Y) of Section 12.9(a)(ii) of the Equity Definitions as set forth in the last sentence opposite the caption “Change in Law” above (which determination shall be consistently applied by the Determining Party across transactions similar to the Transaction and for counterparties similar to Counterparty).

Hedging Party:

For all applicable Additional Disruption Events, Dealer. Following any determination by the Hedging Party hereunder, the Hedging Party shall promptly (but in any event within five (5) Exchange Business Days) provide to Counterparty by e-mail a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such determination (including any assumptions used in making such determination), it being understood that the Hedging Party shall not be obligated to disclose any proprietary or confidential models used by it for such determination or any information that may be proprietary or confidential or subject to an obligation not to disclose such information. All calculations, adjustments and determinations by Dealer acting in its capacity as the Hedging Party shall be made in good faith and in a commercially reasonable manner and assuming that Dealer maintains a commercially reasonable hedge position.

Determining Party:

For all applicable Extraordinary Events, Dealer; provided that when making any determination or calculation as “Determining Party,” Dealer shall be bound by the same obligations relating to required acts of the Calculation Agent as set forth in Section 1.40 of the Equity Definitions and this Confirmation as if the Determining Party were the Calculation Agent. Following any determination or calculation by the Determining Party hereunder, the Determining Party shall promptly (but in any event within five (5) Exchange Business Days) provide to Counterparty by e-mail a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such determination or calculation (including any assumptions used in making such determination or calculation), it being understood that the Determining Party shall not be obligated to disclose any proprietary or confidential models used by it for such determination or calculation or any information that may be proprietary or confidential or subject to an obligation not to disclose such information. All calculations, adjustments and determinations by Dealer acting in its capacity as the Determining Party shall be made in good faith and in a commercially reasonable manner and assuming that Dealer maintains a commercially reasonable hedge position.

Non-Reliance:

Applicable

Agreements and Acknowledgments

Regarding Hedging Activities:

Applicable

Additional Acknowledgments:

Applicable

Hedging Adjustments:

For the avoidance of doubt, whenever the Determining Party or Calculation Agent is called upon or permitted to make an adjustment pursuant to the terms of this Confirmation or the Equity Definitions to take into account the effect of an event (other than, for the avoidance of doubt, any adjustment that is required to be made by reference to the Indenture), the Determining Party or Calculation Agent, as the case may be, shall make such adjustment by reference to the effect of such event on Dealer assuming that Dealer maintains a commercially reasonable hedge position.

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, if the Calculation Agent fails to timely make any calculation, adjustment or

determination required to be made by the Calculation Agent hereunder and such failure continues for five (5) Exchange Business Days

following notice to the Calculation Agent by Counterparty of such failure, Counterparty shall have the right to designate a nationally

recognized third-party dealer in over-the-counter corporate equity derivatives to act, during the period commencing on the date such

Event of Default occurred and ending on the Early Termination Date with respect to such Event of Default, as the Calculation Agent.

Following any determination, adjustment or calculation by the Calculation Agent hereunder, the Calculation Agent shall promptly (but

in any event within five (5) Exchange Business Days) provide to Counterparty by e-mail a report (in a commonly used file format for

the storage and manipulation of financial data) displaying in reasonable detail the basis for such determination, adjustment or calculation

(including any assumptions used in making such determination or calculation), it being understood that the Calculation Agent shall

not be obligated to disclose any proprietary or confidential models used by it for such determination or calculation or any information

that may be proprietary or confidential or subject to an obligation not to disclose such information.

Dealer, whether as Calculation

Agent, Hedging Party, Determining Party or otherwise, shall use commercially reasonable efforts to notify Counterparty of any event

giving rise to any adjustment required or, to the extent it makes any such adjustment, permitted to be made to the terms of the Transaction,

the terms being adjusted and, for each term so adjusted, such term, in each case, as promptly as reasonably practicable after giving

effect to such adjustment.

5. Account Details.

(a) Account for payments to Counterparty:

To be provided by Counterparty.

(b) Account for payments to Dealer:

[_____]

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: [_____][Inapplicable; Dealer is not a Multibranch Party]

7. Notices.

(a) Address for notices or communications to Counterparty:

Keel Infrastructure Corp.

120 Broadway

Suite 1075

New York, NY 10004

Attn: [______]

Email: [______]

(b) Address for notices or communications to Dealer:

[______]

8. Representations and Warranties of Counterparty.

Counterparty hereby represents and warrants

to Dealer on the date hereof and as of the Premium Payment Date that:

(a) Counterparty has all necessary corporate power and authority to execute, deliver and perform its obligations

in respect of the Transaction; such execution, delivery and performance have been duly authorized by all necessary corporate action on

Counterparty’s part; and this Confirmation has been duly and validly executed and delivered by Counterparty and constitutes its

valid and binding obligation, enforceable against Counterparty in accordance with its terms, subject to applicable bankruptcy, insolvency,

fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject,

as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing

(regardless of whether enforcement is sought in a proceeding at law or in equity) and except that rights to indemnification and contribution

hereunder may be limited by federal, provincial or state securities laws or public policy relating thereto.

(b) Neither the execution and delivery of this Confirmation nor the incurrence or performance of obligations

of Counterparty hereunder will conflict with or result in a breach of the certificate of incorporation or by-laws (or any equivalent documents)

of Counterparty, or any applicable law or regulation, or any order, writ, injunction or decree of any court or governmental authority

or agency, or any agreement or instrument filed as an exhibit to Bitfarms Ltd.’s Annual Report on Form 10-K for the year ended December

31, 2025, as updated by any subsequent filings by Counterparty, to which Counterparty or any of its subsidiaries is a party or by which

Counterparty or any of its subsidiaries is bound or to which Counterparty or any of its subsidiaries is subject, or constitute a default

under, or result in the creation of any lien under, any such agreement or instrument.

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 provincial or state securities laws.

(d) Counterparty is not and, after consummation of the transactions contemplated hereby, will not be required

to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.

(e) Counterparty is an “eligible contract participant” (as such term is defined in Section 1a(18)

of the Commodity Exchange Act, as amended, other than a person that is an eligible contract participant under Section 1a(18)(C) of the

Commodity Exchange Act).

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

to Counterparty or the Shares.

(g) 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.

(h) Counterparty (A) is capable of evaluating investment risks independently, both in general and with regard

to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating

the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing; (C)

has consulted with its own legal, regulatory, tax, business, investments, financial and accounting advisors with respect to the Transaction

to the extent that it has deemed necessary; and (D) has total assets of at least USD 50 million.

(i) The assets of Counterparty do not constitute “plan assets” under the Employee Retirement Income

Security Act of 1974, as amended, the Department of Labor Regulations promulgated thereunder or similar law.

(j) On and 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 (as such terms are

defined in Section 154 and Section 244 of the General Corporation Law of the State of Delaware) of Counterparty, (B) the capital of Counterparty

is adequate to conduct the business of Counterparty, and Counterparty’s entry into the Transaction will not impair its capital,

(C) Counterparty has the ability to pay its debts and obligations as such debts mature and does not intend to, or 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 “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 (including the adequate

surplus and capital requirements of Sections 154 and 160 of the General Corporation Law of the State of Delaware).

(k) [Reserved.]

(l) Counterparty is not a “local counterparty” (as such term is defined under applicable Canadian

securities laws, including Ontario Securities Commission Rule 91-507 – Trade Repositories and Derivatives Data Reporting) or within

the meaning of National Instrument 93-101 Derivatives: Business Conduct for the purposes of the transaction contemplated hereby.

(m) The Transaction, including the exercise or deemed exercise of any Option hereunder (whether at maturity,

upon early termination or cancellation or otherwise), shall not constitute an “issuer bid” as such term is defined in National

Instrument 62-104—Take-Over Bids and Issuer Bids if Dealer is not located or resident in a province or territory of Canada and Dealer’s

last address as shown on the books of the Counterparty is not in any province or territory of Canada.

(n) Counterparty is a non-resident of Canada for purposes of the Income Tax Act (Canada) and any applicable

tax treaty or convention.

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 legal matters set forth in Sections 8(a) through (d) of this Confirmation and Section 3(a)(i) of the

Agreement; provided that any such opinion of counsel may contain customary exceptions and qualifications. Delivery of such opinion

to Dealer shall be a condition precedent for the purpose of Section 2(a)(iii) of the Agreement with respect to each obligation of Dealer

under Section 2(a)(i) of the Agreement.

(b) Repurchase Notices. Counterparty shall, on or prior to the date one Scheduled Trading Day

immediately following any date on which Counterparty has effected any repurchase of Shares, promptly give Dealer a written notice of such

repurchase (a “Repurchase Notice”) on such day if following such repurchase, the number of outstanding Shares as determined

on such day is (i) less than [__]32 million

(in the case of the first such notice) or (ii) thereafter more than [__]33

million less than the number of Shares included in the immediately preceding Repurchase Notice; provided that, with respect to

any repurchase of Shares pursuant to a plan under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange

Act”), Counterparty may elect to satisfy such requirement by promptly giving Dealer written notice of the entry into such plan,

the maximum number of Shares that may be repurchased thereunder and the approximate dates or periods during which such repurchases may

occur (with such maximum number of Shares deemed repurchased on the date of such notice for purposes of this Section 9(b)). Counterparty

agrees to indemnify and hold harmless Dealer and its affiliates and their respective officers, directors, employees, affiliates, advisors,

agents and controlling persons (each, an “Indemnified Person”) from and against any and all losses (including losses

relating to Dealer’s hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”,

including without limitation, any forbearance from hedging activities or cessation of hedging activities and any losses in connection

therewith with respect to the Transaction), claims, damages, judgments, liabilities and reasonable 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, within 30 days,

upon written request, each of such Indemnified Persons for any reasonable legal or other expenses incurred in connection with investigating,

preparing for, providing testimony or other evidence in connection with or defending any of the foregoing. If any suit, action, proceeding

(including any governmental or regulatory investigation), claim or demand shall be brought or asserted against the Indemnified Person

as a result of Counterparty’s failure to provide Dealer with a Repurchase Notice in accordance with this paragraph, such Indemnified

Person shall promptly notify Counterparty in writing, and Counterparty, upon request of the Indemnified Person, shall retain counsel reasonably

satisfactory to the Indemnified Person to represent the Indemnified Person and any others Counterparty may designate in such proceeding

and shall pay the reasonable fees and expenses of such counsel related to such proceeding. Counterparty shall not be liable for any settlement

of any proceeding contemplated by this paragraph that is effected without its written consent, but if settled with such consent or if

there be a final judgment for the plaintiff, Counterparty agrees to indemnify any Indemnified Person from and against any loss or liability

by reason of such settlement or judgment. Counterparty shall not, without the prior written consent of the Indemnified Person, effect

any settlement of any pending or threatened proceeding contemplated by this paragraph that is in respect of which any Indemnified Person

is or could have been a party and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement includes

an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such proceeding on terms

reasonably satisfactory to such Indemnified Person. If the indemnification provided for in this paragraph is unavailable to an Indemnified

Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then Counterparty hereunder, in lieu

of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result

of such losses, claims, damages or liabilities. The remedies provided for in this paragraph ‎(b) are not exclusive and shall not limit

any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity. The indemnity and contribution

agreements contained in this paragraph shall remain operative and in full force and effect regardless of the termination of the Transaction.

32 Insert the number of Shares outstanding that would cause

the current position in the Shares underlying the Transaction of the Dealer with the highest Applicable Percentage or highest total purchased

call options (including the number of Shares underlying any additional transaction if the greenshoe is exercised in full and any Shares

under pre-existing call option transactions with Counterparty) to increase by 0.5%.

33 Insert the number of Shares that, if repurchased, would cause

the current position in the Shares underlying the Transaction of the Dealer with the highest Applicable Percentage or highest total purchased

call options (including the number of Shares underlying any additional transaction if the greenshoe is exercised in full and any Shares

under pre-existing call option transactions with Counterparty) to increase by a further 0.5% from the threshold for the first Repurchase

Notice.

is used in Regulation M under the Exchange Act, of any securities of Counterparty, other than a distribution meeting the requirements

of the exception set forth in Rules 101(b)(10) and 102(b)(7) of Regulation M. Counterparty shall not, until the second Scheduled Trading

Day immediately following the Effective Date, engage in any such distribution.

(d) No Manipulation. Counterparty is not entering into the Transaction to create actual or apparent

trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress or otherwise manipulate

the price of the Shares (or any security convertible into or exchangeable for the Shares) or otherwise in violation of the Exchange Act

or applicable Canadian securities laws.

(e) Transfer or Assignment.

(i) Counterparty shall have the right to transfer or assign its rights and obligations hereunder with respect

to all, but not less than all, of the Options hereunder (such Options, the “Transfer Options”); provided that

such transfer or assignment shall be subject to reasonable conditions that Dealer may impose, including but not limited, to the following

conditions:

(A) with respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification

obligations pursuant to Section ‎9(b) or any obligations under Section ‎9(m) or ‎9(r) of this Confirmation;

(B) any Transfer Options shall only be transferred or assigned to a third party that is a United States person

(as defined in the Internal Revenue Code of 1986, as amended (the “Code”));

on terms, including any reasonable undertakings by such third party (including, but not limited to, an undertaking with respect to compliance

with applicable Canadian and United States securities laws in a manner that, in the reasonable judgment of Dealer,

will not expose Dealer to material risks under applicable Canadian and

United States securities laws) and execution of any documentation and delivery of legal opinions with respect to applicable Canadian and

United States securities laws and other matters by such third party and Counterparty, as are requested and reasonably satisfactory to

Dealer;

(D) under the applicable law effective on or as of the date of such transfer and assignment, (1) Dealer will

not, as a result of such transfer and assignment (including, for the avoidance of doubt, after giving effect to any indemnity from the

transferee or assignee to Dealer provided in connection with 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 the amount that Dealer would

have been required to pay to Counterparty in the absence of such transfer and assignment, except to the extent that the greater amount

is due to a Change in Tax Law after the date of such transfer or assignment and (2) Dealer shall be entitled to a payment (including,

for the avoidance of doubt, after giving effect to any indemnity from the transferee or assignee to Dealer provided in connection with

such transfer or assignment), on any payment date, that is not less than the payment Dealer would have received in the absence of such

transfer and/or assignment on account of any deduction or withholding for or on account of any Tax (as defined in the Agreement), except

to the extent such deduction or withholding 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;

(F) Without limiting the generality of clause (B),

Counterparty shall cause the transferee to make such Payee Tax Representations and to provide such tax documentation as may be reasonably

requested by Dealer to permit Dealer to

determine that results described in clauses ‎(D) and ‎(E) will not occur upon or after such transfer and assignment; and

(G) Counterparty shall be responsible for all reasonable costs and expenses, including reasonable counsel

fees, incurred by Dealer in connection with such transfer or assignment.

(ii) Dealer may transfer or assign all or any part of its rights or obligations under the Transaction (A) without

Counterparty’s consent, to any affiliate of Dealer not resident or located in Canada (1) that has a long-term issuer rating that

is equal to or better than Dealer’s credit rating at the time of such transfer or assignment, or (2) 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’s ultimate parent, or (B) with Counterparty’s consent (such consent not to be unreasonably withheld or delayed),

to any other third party not resident or located in Canada with a long-term issuer rating equal to or better than the lesser of (1) the

credit rating of Dealer at the time of the transfer and (2) A- by Standard and Poor’s Financial Services LLC or its successor (“S&P”),

or A3 by Moody’s Investor Service, Inc. or its successor (“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, in the case of any transfer or assignment described in clause (A) or (B) above, under the applicable law effective

on or as of the date of such transfer or assignment, (i) no Event of Default, Potential Event of Default or Termination Event will occur

as a result of such transfer or assignment, (ii) such transfer or assignment would not result in a taxable exchange from Counterparty’s

perspective for U.S. federal income tax purposes, (iii)(1) Counterparty will not, as a result of such transfer or assignment (including,

for the avoidance of doubt, after giving effect to any indemnity to Counterparty provided in connection with 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 the greater amount is due to a Change in Tax Law after the date of such transfer or assignment and (2) Counterparty shall be entitled

to a payment (including, for the avoidance of doubt, after giving effect to any indemnity to Counterparty provided in connection with

such transfer or assignment), on any payment date, that is not less than the payment Counterparty would have received in the absence of

such transfer and/or assignment on account of any deduction or withholding for or on account of any Tax (as defined in the Agreement),

except to the extent such deduction or withholding is due to a Change in Tax Law after the date of such transfer or assignment. If at

any time at which (A) the Section 16 Percentage exceeds 9.0%, (B) the Option Equity Percentage exceeds 14.5%, or (C) the Share Amount

exceeds the Applicable Share Limit (if any applies) (any such condition described in clauses (A), (B) or (C), an “Excess Ownership

Position”), Dealer is unable after using its commercially reasonable efforts to effect a transfer or assignment of Options to

a third party on pricing terms reasonably acceptable to Dealer and within a time period reasonably acceptable to Dealer such that no Excess

Ownership Position exists, then Dealer may designate any Exchange Business Day as an Early Termination Date with respect to a portion

of the Transaction (the “Terminated Portion”), such that following such partial termination no Excess Ownership Position

exists. In the event that Dealer so designates an Early Termination Date with respect to a portion of the Transaction, a payment shall

be made pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having

terms identical to the Transaction and a Number of Options equal to the number of Options underlying the Terminated Portion, (2) Counterparty

were the sole Affected Party with respect to such partial termination and (3) the Terminated Portion were the sole Affected Transaction

(and, for the avoidance of doubt, the provisions of Section ‎9(k) 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 Shares that Dealer and any of its affiliates or

any other person subject to aggregation with Dealer for purposes of the “beneficial ownership” test under Section 13 of the

Exchange Act, or any “group” (within the meaning of Section 13 of the Exchange Act) of which Dealer is or may be deemed to

be a part beneficially owns (within the meaning of Section 13 of the Exchange Act), without duplication, on such day (or, to the extent

that for any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in

a higher number, such higher number) and (B) the denominator of which is the number of Shares outstanding on such day. The “Option

Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the sum of (1) the

product of the Number of Options and the Option Entitlement and (2) the aggregate number of Shares underlying any other call option transaction

sold by Dealer to Counterparty, and (B) the denominator of which is the number of Shares outstanding. The “Share Amount”

as of any day is the number of Shares that Dealer and any person whose ownership position would be aggregated with that of Dealer (Dealer

or any such person, a “Dealer Person”) under any law, rule, regulation, regulatory order or organizational documents

or contracts of Counterparty that are, in each case, applicable to ownership of Shares (“Applicable Restrictions”),

owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership

under any Applicable Restriction, as determined by Dealer in its reasonable discretion. The “Applicable Share Limit”

means a number of Shares equal to (A) the minimum number of Shares that could 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 could 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. Dealer shall cause the transferee or assignee to make the Payee Tax Representations and to provide

such tax documentation as may be reasonably requested by Counterparty to permit Counterparty to determine that the results described in

(ii), (iii)(1) and (iii)(2) of this paragraph will not occur upon or after the transfer and assignment.

(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. Counterparty shall be entitled to a payment, on any payment date, that is not, after giving effect to any amounts paid

under Section 2(d)(i)(4) of the Agreement, less than the payment Counterparty would have received in the absence of such designation on

account of any deduction or withholding for or on account of any Tax (as defined in the Agreement), except to the extent such deduction

or withholding results from a Change in Tax Law occurring after the date of such designation. Dealer shall be discharged of its obligations

to Counterparty to the extent of any such performance.

(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 the 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

(g) 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.

(h) Extraterritoriality Acknowledgement. Dealer and Counterparty acknowledge that Dealer is

not organized under the laws of Canada or any Canadian province or territory and is not resident or located in any such jurisdiction and

that it is the intent of the parties that any purchase of securities by Dealer and/or any of its affiliates in relation to the Transaction

is expected to be conducted in the United States public markets or otherwise outside of Canada.

(i) Additional Termination Events.

(i) 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, in its sole and absolute discretion, within five (5) Scheduled Trading Days of the Conversion

Date for such Early Conversion, provide written notice (an “Early Conversion Notice”) to Dealer specifying the number

of Convertible Notes surrendered for conversion on such Conversion Date (such

Convertible Notes, the “Affected Convertible Notes”), and the giving of such

Early Conversion Notice shall

constitute an Additional Termination Event as provided in this clause (i); provided that any such Early Conversion Notice

shall contain a representation and warranty by Counterparty that it is not delivering such Early Conversion Notice “on the basis

of” (as defined in Rule 10b5-1 under the Exchange Act) any material non-public information with respect to Counterparty or the Shares;

(B) upon receipt of any Early Conversion Notice,

Dealer shall designate an Exchange Business Day as an Early Termination Date (which Exchange Business Day shall be as promptly as reasonably

practicable following the Early Conversion Notice 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 (as defined below) [minus the “Affected Number of Options” (as defined in the Base Call Option Confirmation),

if any, that relate to such Affected Convertible Notes]34 and (y) the Number of Options

as of the Conversion Date for such Early Conversion;

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 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.

(ii) [Reserved.]

34 Include in Additional Call Option Confirmation only.

(iii) Within five (5) Scheduled Trading Days 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 (any

such notice, a “Repayment Notice”); provided that any such Repayment Notice shall contain an acknowledgement

by Counterparty of its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of the Exchange

Act and the rules and regulations thereunder, in respect of the delivery of such Repayment Notice and shall remake the representation

set forth in Section 8(f) hereof as of the date of such Repayment Notice. [Any Repayment Notice delivered to Dealer pursuant to the Base

Call Option Confirmation shall be deemed to be a Repayment Notice pursuant to this Confirmation and the terms of such Repayment Notice

shall apply, mutatis mutandis, to this Confirmation]35.

The receipt by Dealer from Counterparty of any Repayment Notice shall constitute an Additional Termination Event as provided in this Section

‎9(i)(iii). Upon receipt of any such Repayment Notice, Dealer shall designate an Exchange Business Day following receipt of such Repayment

Notice (which Exchange Business Day shall be on or as promptly as reasonably practicable after the related repurchase settlement date

for the relevant repayment event) as an Early Termination Date with respect to the portion of the Transaction corresponding to a number

of Options (the “Repayment Options”) equal to the lesser of (A) [(x)] the aggregate principal amount of such Convertible

Notes specified in such Repayment Notice, divided by USD 1,000, [minus (y) the number of “Repayment Options”

(as defined in the Base Call Option Confirmation), if any, that relate to such Convertible Notes (and for the purposes of determining

whether any Options under this Confirmation or under the Base Call Option Confirmation will be among the Repayment Options hereunder or

under, and as defined in, the Base Call Option Confirmation, the Convertible Notes specified in such Repayment Notice shall be allocated

first to the Base Call Option Confirmation until all Options thereunder are exercised or terminated)]36,

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, (3) no adjustments to the Conversion

Rate have occurred pursuant to an Excluded Provision, (4) the corresponding Convertible Notes remain outstanding, (5) the relevant Repayment

Event and any conversions, adjustments, agreements, payments, deliveries or acquisitions by or on behalf of Counterparty leading thereto

had not occurred and (6) the terminated portion of the Transaction were the sole Affected Transaction. “Repayment Event”

means that (i) any Convertible Notes are repurchased or redeemed (whether in connection with or as a result of a fundamental change, howsoever

defined, or for any other reason) by Counterparty or any of its subsidiaries, (ii) any Convertible Notes are delivered to Counterparty

in exchange for delivery of any property or assets of Counterparty or any of its subsidiaries (howsoever described), (iii) any principal

of any of the Convertible Notes is repaid prior to the final maturity date of the Convertible Notes, or (iv) any Convertible Notes are

exchanged by or for the benefit of the Holders thereof for any other securities of Counterparty or any of its subsidiaries (or any other

property, or any combination thereof) pursuant to any exchange offer or similar transaction. For the avoidance of doubt, any conversion

of Convertible Notes (whether into cash, Shares, “Reference Property” (as defined in the Indenture) or any combination thereof)

pursuant to the terms of the Indenture shall not constitute a Repayment Event.

(j) Amendments to Equity Definitions.

(i) Section 11.2(e)(vii) of the Equity Definitions is hereby amended by deleting the words “a diluting

or concentrative” and replacing them with the words “a material” and adding the phrase “or the Options, as a result

of a corporate event involving the Issuer” at the end of the sentence.

35 Insert for Additional Call Option Confirmation.

36 Insert for Additional Call Option Confirmation.

(ii) Section 12.1(d) of the Equity Definitions is hereby amended by replacing “10%” with “20%”

in the third line thereof and by replacing all references to “voting shares” therein with “Shares”.

(iii) Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) inserting “(1)” immediately

following the word “means” in the first line thereof and (2) inserting immediately prior to the semi-colon at the end of subsection

(B) thereof the following words: “or (2) the occurrence of any of the events specified in Section 5(a)(vii)(1) through (9) of the

ISDA Master Agreement with respect to that Issuer”.

(iv) Section 12.9(b)(i) of the Equity Definitions is hereby amended by (1) replacing “either party may

elect” with “Dealer may elect” and (2) replacing “notice to the other party” with “notice to Counterparty”

in the first sentence of such section.

(k) No 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.

(l) 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 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 5:00 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 and (b) Counterparty remakes the

representation set forth in Section ‎8(f) as of the date of such election.

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 to Dealer of property contained in one Share Termination Delivery Unit, as determined by the Calculation Agent in its discretion by commercially reasonable means and notified by the Calculation Agent to Dealer at the time of notification of the Payment Obligation. For the avoidance of doubt, the parties agree that in determining the Share Termination Delivery Unit Price the Calculation Agent may consider the purchase price paid in connection with the purchase of Share Termination Delivery Property.

Share Termination Delivery Unit:

One Share or, if the Shares have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property, the “Exchange Property”), a unit consisting of the type and amount of such Exchange Property received by a holder of one Share (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 Share Termination Alternative is applicable to the Transaction.

(m) 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.

(n) Registration. Counterparty hereby agrees that if, in the good faith reasonable judgment

of Dealer, based on the advice of counsel, the Shares (“Hedge Shares”) acquired by Dealer for the purpose of effecting

a commercially reasonable hedge of its obligations pursuant to the Transaction cannot be sold in the public market by Dealer without registration

under the Securities Act, Counterparty shall, at its election made in its sole discretion, either (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 enter

into an agreement, in form and substance satisfactory to Dealer, substantially in the form of an underwriting agreement for a registered

secondary offering of similar size (provided, however, that 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, Counterparty will use its best efforts to enter into a private placement

agreement substantially similar to private placement purchase agreements customary for private placements of equity securities of similar

size, in form and substance satisfactory 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 commercially reasonable discount from the public

market price of the Shares incurred on the sale of Hedge Shares in a private placement of similar size), or (iii) purchase the Hedge Shares

from Dealer at the then-current market price on such Exchange Business Days, and in the amounts and at such time(s), requested by Dealer.

(o) Tax Disclosure. Effective from the date of commencement of discussions concerning the Transaction,

Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any

kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses)

that are provided to Counterparty relating to such tax treatment and tax structure.

(p) Right to Extend. Dealer may postpone or add, in whole or in part, any Valid Day or Valid

Days during the Settlement Averaging Period or any other date of valuation, payment or delivery by Dealer, with respect to some or all

of the Options hereunder, if Dealer reasonably determines, in its discretion, based on the advice of counsel in the case of clause (ii)

below, that such action is reasonably necessary or appropriate (i) to preserve Dealer’s commercially reasonable hedging or

hedge unwind activity hereunder in light of existing liquidity conditions or (ii) to enable Dealer to effect purchases of Shares

in connection with its hedging, hedge unwind or settlement activity hereunder in a manner that would, if Dealer were Counterparty or an

affiliated purchaser of Counterparty, be in compliance with applicable legal, regulatory or self-regulatory requirements, or with related

policies and procedures applicable to Dealer (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 that no such Valid Day

or other date of valuation, payment or delivery may be postponed or added more than 50 Valid Days after the original Valid Day or other

date of valuation, payment or delivery, as the case may be.

(q) Status of Claims in Bankruptcy. Dealer acknowledges and agrees that this Confirmation is

not intended to convey to Dealer rights against Counterparty with respect to the Transaction that are senior to the claims of common stockholders

of Counterparty in any United States bankruptcy proceedings of Counterparty; provided that nothing herein shall limit or shall

be deemed to limit Dealer’s right to pursue remedies in the event of a breach by Counterparty of its obligations and agreements

with respect to the Transaction; provided, further that nothing herein shall limit or shall be deemed to limit Dealer’s

rights in respect of any transactions other than the Transaction.

(r) Securities Contract; Swap Agreement. Each of Dealer and Counterparty agrees and acknowledges

that Dealer is a “financial institution,” “swap participant” and “financial participant” within the

meaning of Sections 101(22), 101(53C) and 101(22A) of the Bankruptcy Code. The parties hereto further agree and acknowledge (A) that this

Confirmation is (i) a “securities contract,” as such term is defined in Section 741(7) of the Bankruptcy Code, with respect

to which each payment and delivery hereunder or in connection herewith is a “termination value,” “payment amount”

or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “settlement payment”

within the meaning of Section 546 of the Bankruptcy Code, and (ii) a “swap agreement,” as such term is defined in Section

101(53B) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination

value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy

Code and a “transfer” within the meaning of Section 546 of the Bankruptcy Code, and (B) that Dealer is entitled to the protections

afforded by, among other sections, Sections 362(b)(6), 362(b)(17), 362(b)(27), 362(o), 546(e), 546(g), 546(j), 548(d)(2), 555, 560 and

561 of the Bankruptcy Code.

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

(i) promptly following the public announcement of the results of any election by the holders of Shares with

respect to the consideration due upon consummation of any Merger Event, Counterparty shall give Dealer written notice of the weighted

average of the types and amounts of consideration received by holders of Shares upon consummation of such Merger Event (the date of such

notification, the “Consideration Notification Date”); provided that in no event shall the Consideration Notification

Date be later than the date on which such Merger Event is consummated; and

(ii) (A) Counterparty shall give Dealer commercially reasonable advance (but in any event at least one Exchange

Business Day prior to the relevant Adjustment Notice Deadline) written notice of the section or sections of the Indenture and, if applicable,

the formula therein, pursuant to which any adjustment will be made to the Convertible Notes in connection with any Potential Adjustment

Event (other than a Potential Adjustment in respect of the Dilution Adjustment Provisions set forth in Section [14.04(b)]37

or Section [14.04(d)]38 of the Indenture)

or Merger Event and (B) promptly following any such adjustment, Counterparty shall give Dealer written notice of the details of such adjustment.

The “Adjustment Notice Deadline” means (i) for any Potential Adjustment in respect of the Dilution Adjustment

Provision set forth in Section [14.04(a)]39

of the Indenture, the relevant “Ex-Dividend Date” (as such term is defined in the Indenture) or “Effective Date”

(as such term is defined in the Indenture), as the case may be, (ii) for any Potential Adjustment in respect of the Dilution Adjustment

Provision in the first formula set forth in Section [14.04(c)]40

of the Indenture, the first “Trading Day” (as such term is defined in the Indenture) of the period referred to in the definition

of “SP0” in such formula, (iii) for any Potential Adjustment in respect of the Dilution Adjustment Provision

in the second formula set forth in Section [14.04(c)]41 of

the Indenture, the first “Trading Day” (as such term is defined in the Indenture) of the “Valuation Period” (as

such term is defined in the Indenture), (iv) for any Potential Adjustment in respect of the Dilution Adjustment Provision set forth

in Section [14.04(e)]42 of the Indenture,

the first “Trading Day” (as such term is defined in the Indenture) of the period referred to in the definition of “SP1’”

in the formula in such Section, and (v) for any Merger Event, the effective date of such Merger Event (or, if earlier, the first

day of any valuation or similar period in respect of such Merger Event).

37 Include cross-reference to Indenture section(s) providing

for an adjustment to the Conversion Rate in connection with a below-market rights, options or warrants offering.

38 Include cross-reference to provision in the Indenture for

an adjustment to the Conversion Rate in connection with cash dividends.

39 Include cross-reference to Indenture section(s) providing

for an adjustment to the Conversion Rate in connection with a share distribution, share split and share combination.

40 Include cross-reference to provision in the Indenture for

pass-through of distributed property, at the same time as it is received by holders of the Shares, in lieu of a Conversion Rate adjustment.

41 Include cross-reference to provision in the Indenture for

pass-through of distributed property, at the same time as it is received by holders of the Shares, in lieu of a Conversion Rate adjustment.

42 Include cross-reference to Indenture section describing consequences

of tender offers.

(t) Wall Street Transparency and Accountability Act. In connection with Section 739 of the Wall

Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither the enactment of

WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall limit or otherwise impair

either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement,

as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event under

this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from Change

in Law, Hedging Disruption, Increased Cost of Hedging, an Excess Ownership Position, or Illegality (as defined in the Agreement)).

(u) Agreements and Acknowledgements Regarding Hedging. Counterparty understands, acknowledges

and agrees that: (A) at any time on and prior to the Expiration Date, Dealer and its affiliates may buy or sell Shares or other securities

or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust its hedge position with

respect to the Transaction; (B) Dealer and its affiliates also may be active in the market for Shares other than in connection with hedging

activities in relation to the Transaction; (C) Dealer shall make its own determination as to whether, when or in what manner any hedging

or market activities in securities of 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.

(v) Early Unwind. In the event the sale of the [“Firm Securities”]43[“Option

Securities”]44 (as defined in the

Note Purchase Agreement (the “Purchase Agreement”) dated as of June [__], 2026, among Counterparty, Bitfarms Ltd.,

as Guarantor and [Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC] as representatives 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.

(w) Payment by Counterparty. In the event that, following payment of the Premium, (i) an Early

Termination Date occurs or is designated with respect to the Transaction as a result of a Termination Event or an Event of Default (other

than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result, Counterparty owes to Dealer an

amount calculated under Section 6(e) of the Agreement, or (ii) Counterparty owes to Dealer, pursuant to Section 12.7 or Section 12.9 of

the Equity Definitions, an amount calculated under Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero.

43 Include in Base Call Option Confirmation only.

44 Include in Additional Call Option Confirmation only.

(x) Other Adjustments Pursuant to the Equity Definitions. Notwithstanding anything to the contrary

in this Confirmation, solely for the purpose of adjusting the Cap Price pursuant to this Section 9(x), the terms “Merger Event,”

“Tender Offer” and “Potential Adjustment Event” shall each have the meanings assigned to such term in the Equity

Definitions (in the case of the definition of “Tender Offer,” as amended by Section 9(i)(ii) above, and in the case of the

definition of “Potential Adjustment Event”, as amended by Section 9(i)(i) above), “Extraordinary Dividend” means

any cash dividend on the Shares, and upon the occurrence of a Merger Date, the occurrence of a Tender Offer Date, or declaration by Counterparty

of the terms of any Potential Adjustment Event, respectively, as such terms are defined in the Equity Definitions, the Calculation Agent

shall determine whether such occurrence or declaration, as applicable, has had a material economic effect on the Transaction and, if so,

shall, adjust the Cap Price to preserve the fair value of the Options; provided that (w) solely in the case of a Potential Adjustment

Event pursuant Section 11.2(e)(i), (ii)(A) or (iv), no adjustments will be made to account solely for changes in volatility, expected

dividends, stock loan rate or liquidity relative to the relevant Shares, (x) the parties agree that Exempted Repurchases shall not be

considered Potential Adjustment Events, and (y) in no event shall the Cap Price be less than the Strike Price. “Exempted Repurchase”

means any (1) open market Share repurchase at prevailing market prices (including, without limitation, any discount to average VWAP prices),

(2) any privately negotiated Share repurchases entered into outside of an exchange or (3) Share repurchase through a dealer pursuant to

accelerated share repurchases, forward contracts or similar transactions that is entered into at prevailing market prices (including,

without limitation, any discount to average VWAP prices) and in accordance with customary market terms for transactions of such type to

repurchase the Shares, so long as the aggregate of such Exempted Repurchase transactions described in clauses (1), (2) and (3) above would

not exceed 20% of the number of Shares outstanding as of the Trade Date, as determined by Calculation Agent in a commercially reasonable

manner and as adjusted by the Calculation Agent to account for any subdivision or combination with respect to the Shares.

(y) Tax Matters.

(i) Withholding Tax Imposed on Payments to Non-U.S. Counterparties under the United States Foreign Account

Tax Compliance Provisions of the HIRE Act. “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.

(ii) To the extent that either party is not an adhering party to the ISDA 2015 Section 871(m) Protocol published

by the International Swaps and Derivatives Association, Inc. on November 2, 2015 and available at www.isda.org, as may be amended, supplemented,

replaced or superseded from time to time (the “871(m) Protocol”), Dealer and Counterparty hereby agree that the provisions

and amendments contained in the Attachment to the 871(m) Protocol are incorporated into and apply to the Agreement with respect to this

Transaction as if set forth in full herein. If there is any inconsistency between this provision and a provision in any other agreement

executed between the parties to which this Transaction relates, this provision shall prevail unless such other agreement expressly overrides

the provisions of the 871(m) Protocol. Dealer and Counterparty further agree that, solely for purposes of applying such provisions and

amendments to the Agreement with respect to this Transaction, references to “each Covered Master Agreement” in the 871(m)

Protocol will be deemed to be references to the Agreement with respect to this Transaction, and references to the “Implementation

Date” in the 871(m) Protocol will be deemed to be references to the Trade Date of this Transaction.

(iii) Tax Documentation. For the purposes of Sections 4(a)(i) and 4(a)(ii) of the Agreement, Dealer

shall provide to Counterparty a valid U.S. Internal Revenue Service Form [W-9]45,

or any successor thereto, and Counterparty shall provide to Dealer a valid U.S. Internal Revenue Service Form W-9, or any successor thereto,

(i) on or before the date of execution of this Confirmation, (ii) promptly upon learning that any such tax form previously provided by

it has become obsolete or incorrect and (iii) promptly upon reasonable request of the other party. Additionally, each party shall,

promptly upon request by the other party, provide such other tax forms and documents reasonably requested by the other party.

(iv) Payer Tax Representations. For the purpose of Section 3(e) of the Agreement, each party 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 interest under

Section 9(h) of the Agreement 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.

(v) Payee Tax Representations. For the purpose of Section 3(f) of the Agreement, the parties make the

representations below:

(A) Dealer represents to Counterparty that:

[Insert Dealer Boilerplate]

(B) Counterparty represents to Dealer that it is a corporation for U.S. federal income tax purposes and is

organized under the laws of Delaware and that its U.S. taxpayer identification number is [●]. Counterparty is a “U.S. person”

as that term is used in Treasury Regulations Section 1.1441-4(a)(3)(ii) and an exempt recipient as that term is used in Treasury Regulations

Sections 1.6041-3(p) and 1.6049-4(c)(1)(ii) from information reporting on Form 1099 and backup withholding.

(z) CARES Act. Counterparty represents and warrants that it and any of its subsidiaries has

not applied, and shall not, until after the first date on which no portion of the Transaction remains outstanding following any final

exercise and settlement, cancellation or early termination of the Transaction, apply, for a loan, loan guarantee, direct loan (as that

term is defined in the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”)) or other investment, or

to receive any financial assistance or relief under any program or facility (collectively “Financial Assistance”) 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) (i) requires under applicable law (or any regulation,

guidance, interpretation or other pronouncement of a governmental authority with jurisdiction for such program or facility) as a condition

of such Financial Assistance, that Counterparty comply with any requirement not to, or otherwise 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 Counterparty has not, as of the date specified in the condition, made a capital distribution or will not make a capital distribution,

or (ii) where the terms of the Transaction would cause Counterparty to fail to satisfy any condition for application for or receipt or

retention of the Financial Assistance (collectively “Restricted Financial Assistance”); provided that Counterparty

or any of its subsidiaries 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 or any of its subsidiaries to fail

to satisfy any condition for application for or receipt or retention of such Financial Assistance based on the terms of the program or

facility as of the date of such advice or (b) delivers to Dealer evidence 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 the 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, 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).

45 To be modified for Dealers as appropriate.

(aa) [Insert Agency Boilerplate, If Applicable.]

(bb) 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. Delivery of an executed signature page by

facsimile or electronic transmission (e.g. “pdf” or “tif”), or any electronic signature complying with the U.S.

federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law, e.g., www.docusign.com, shall be effective as

delivery of a manually executed counterpart hereof.

(cc) [Conduct Rules. Each of Dealer and Counterparty 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.

(dd) Risk Disclosure Statement. Counterparty represents and warrants that it has received, read

and understands the OTC Options Risk Disclosure Statement and a copy of the most recent disclosure pamphlet prepared by The Options Clearing

Corporation entitled “Characteristics and Risks of Standardized Options”.]46

(ee) [U.S. Resolution Stay Protocol. The parties acknowledge and 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 the Agreement, and for such purposes the Agreement shall be deemed

a Protocol Covered Agreement, Dealer shall be deemed a Regulated Entity and Counterparty shall be deemed an Adhering Party; (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 the Agreement, and for such purposes the Agreement shall be deemed

a Covered Agreement, Dealer shall be deemed a Covered Entity and Counterparty shall be deemed a Counterparty Entity; 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 the Agreement, and for such purposes

the Agreement 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 the Agreement, 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

the Agreement 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 “the Agreement” include any related credit enhancements

entered into between the parties or provided by one to the other. In addition, the parties agree that the terms of this paragraph shall

be incorporated into any related covered affiliate credit enhancements, with all references to Dealer replaced by references to the covered

affiliate support provider. “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.]47

[Signature Page to Follow]

46 Insert if applicable.

47 Update as necessary.

Please confirm that the foregoing

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

Very truly yours,

[Dealer]

By:

Name:

Title:

[Signature Page to [Base][Additional] Capped

Call Confirmation]

Accepted and confirmed

as of the Trade Date:

Keel Infrastructure Corp.

By:

Name:

Title:

[Signature Page to [Base][Additional] Capped

Call Confirmation]

EX-99.1 — PRESS RELEASE OF KEEL INFRASTRUCTURE CORP. ANNOUNCING THE CLOSING OF ITS CONVERTIBLE NOTES OFFERING, DATED JUNE 9, 2026

EX-99.1

Filename: ea029411501ex99-1.htm · Sequence: 4

Exhibit

99.1

Keel

Infrastructure Announces Closing of $458 Million of Convertible Senior Notes

● A

portion of proceeds was used to fund the cost of capped calls intended to offset any dilution

upon conversion of the convertible notes up to a Keel share price of $11.86

● Existing

liquidity expected to be sufficient to develop Panther Creek, Sharon, and Moses Lake through

leasing; opportunistic capital raise expected to improve flexibility to make value-add investments

across current developments

NEW

YORK, June 9, 2026 – Keel Infrastructure Corp. (NASDAQ/TSX: KEEL), a North American digital and energy infrastructure company

(“Keel” or the “Company”), today announced that it has closed its offering of $458 million aggregate principal

amount of 1.250% convertible senior notes due 2032 (the “Convertible Notes”), which includes the exercise in full of the $58

million option granted to the initial purchasers of the Convertible Notes.

Summary

of the Offering

● Approximately

$445.4 million in net proceeds to Keel, after deducting the initial purchasers’ discounts

and commissions but before deducting the estimated offering expenses and the cost of the

capped call transactions.

● Interest

coupon of 1.250% per annum, payable semi-annually in arrears on January 15 and July 15 of

each year, beginning on January 15, 2027.

● Initial

conversion price of approximately $7.41 per share of common stock, which represents an approximately

25% premium to the last reported sale price of $5.93 per share of common stock on the Nasdaq

on June 4, 2026).

● Initial

cap price of the capped call transaction of $11.86 per share of common stock , which represents

a premium of 100% to the last reported sale price of $5.93 per share of common stock on the

Nasdaq on June 4, 2026.

Use

of Proceeds

The

Company’s existing liquidity is expected to be sufficient to develop Panther Creek, Sharon, and Moses Lake through leasing. The

proceeds from this offering are expected to improve the Company’s flexibility to make value-add investments across the Company’s

current developments.

Keel

intends to use the net proceeds as follows:

● A

portion of the net proceeds from this offering was used to fund the cost of entering into

the capped call transactions described above.

● The

remaining net proceeds will be used for general corporate purposes, which may include funding

deposits for long-lead equipment and/or collateralizing letters of credit related to expanding

and/or accelerating data center development projects.

Additional

Information

The

payment obligations under the notes are fully and unconditionally guaranteed, on a senior, unsecured basis, by Bitfarms Ltd. (the “guarantor”).

Keel may settle conversions of the Convertible Notes in cash, common stock or a combination of cash and common stock, at its election.

Keel will have the right to redeem the Convertible Notes in certain circumstances and will be required to offer to repurchase the Convertible

Notes upon the occurrence of certain events. Prior to October 15, 2031, the Convertible Notes will be convertible only upon satisfaction

of certain conditions and during certain periods, and thereafter, the Convertible Notes will be convertible at the option of holders

at any time until the close of business on the scheduled trading day immediately preceding the maturity date. The Convertible Notes will

mature on January 15, 2032, unless earlier repurchased, redeemed or converted in accordance with their terms.

The

Convertible Notes and the common stock issuable upon the conversion thereof have not been and will not be registered under the U.S. Securities

Act of 1933, as amended (the “Securities Act”), or registered under any state securities laws, or qualified by a prospectus

in any province or territory of Canada. The Convertible Notes and the common stock may not be offered, sold or delivered, directly or

indirectly, in the United States absent registration under the Securities Act or an applicable exemption from registration under the

Securities Act. The Convertible Notes were offered only to “qualified institutional buyers” (as defined in Rule 144A under

the Securities Act). Offers and sales in Canada were made only pursuant to exemptions from the prospectus requirements of applicable

Canadian provincial and territorial securities laws.

The

Company is relying on the exemption under Section 602.1 of the Toronto Stock Exchange’s Company Manual (the “TSX manual”)

available to Eligible Interlisted Issuers (as defined in the TSX manual) in respect of the offering.

This

press release is neither an offer to sell, nor is it a solicitation of an offer to buy the Convertible Notes or any other securities

and shall not constitute an offer to sell or solicitation of an offer to buy, or a sale of, the Convertible Notes or any other securities

in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities

laws of any such jurisdiction.

About

Keel Infrastructure Corp.

Keel

Infrastructure is a North American digital infrastructure and energy company that develops and owns data centers and energy infrastructure

for high-performance computing workloads, including AI. With a pipeline of 2.2 gigawatts and established grid interconnections already

in place, Keel delivers scalable infrastructure solutions in high-demand power markets across Pennsylvania and Washington in the United

States, and Québec in Canada. Keel is headquartered in New York City and trades under the ticker symbol "KEEL" on Nasdaq

and TSX.

April 1, 2026, Keel became the ultimate parent company of Bitfarms Ltd. and its subsidiaries (“Bitfarms”) pursuant to a statutory

plan of arrangement (the “Arrangement”) as part of Bitfarms' previously announced intention to redomicile from Canada to

the United States and rebrand to Keel Infrastructure. Pursuant to the Arrangement, Keel indirectly acquired all issued and outstanding

common shares in the capital of Bitfarms, and in exchange, holders of the common shares of Bitfarms received one share of common stock

of Keel per common share of Bitfarms.

Forward-Looking

Statements

This

news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking

information”) that are based on expectations, estimates, and projections as at the date of this news release and are covered by

safe harbors under Canadian and U.S. securities laws. The statements and information in this release regarding the offering of Convertible

Notes, the capped call transactions, and the use of proceeds of the offering of Convertible Notes, among others, are forward-looking

information.

Any

statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions,

future events or performance (often but not always using phrases such as “expects” or “does not expect”, “is

expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”,

“forecasts”, “estimates”, “positioning”, “prospects”, “believes”, “on

track” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may”

or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements

of historical fact and may be forward-looking information.

This

forward-looking information is based on assumptions and estimates of management of Keel at the time they were made, and involves known

and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Keel to be materially

different from any future results, performance, or achievements expressed or implied by such forward-looking information. Such factors,

risks, and uncertainties include, among others: our limited operating history and history of operating losses, which make it difficult

to evaluate our business and prospects; our evolving business model and strategy, including our strategic transformation from Bitcoin

mining to high-performance computing (“HPC”) infrastructure, which may not be successful; our dependence on reliable and

economical sources of power, including regulated electricity rates in Québec (Canada), Pennsylvania and Washington state (United

States); our reliance on a limited number of third-party suppliers and manufacturers, including those in foreign jurisdictions, exposing

us to supply chain disruptions, trade restrictions, and tariff risks; delays, cost overruns, and other risks associated with the continued

development of our existing and planned facilities; intense competition from other Bitcoin mining companies and established HPC data

center operators, some of which may have greater resources and experience; the potential inadequacy of our insurance coverage to protect

against all losses; our increased focus on developing HPC and AI data centers may not become profitable and may divert resources from

our Bitcoin mining operations; the capital-intensive nature of constructing HPC data centers and our potential inability to secure financing

for such efforts; significant competition for suitable data center sites and regulatory constraints that could adversely impact our development

pipeline; our dependence on significant customers for our HPC data centers, and the risk of customer default or failure to make timely

payments; the rapidly evolving regulatory landscape surrounding HPC, AI, and Bitcoin mining, which may negatively impact our expansion

efforts; the high volatility of Bitcoin prices, which has significantly affected and will continue to affect the profitability of our

operations; periodic Bitcoin halving events that reduce mining rewards and could render our mining operations unprofitable; increases

in cryptocurrency network difficulty and global computing power that could reduce our mining revenues; our reliance on a single third-party

mining pool operator, subjecting us to concentration risk; fraud or failure of Bitcoin exchanges, custodians, and other trading venues

that could adversely impact Bitcoin prices and our business; our requirement to obtain and comply with numerous government permits and

approvals across multiple jurisdictions; extensive environmental, energy, and climate-related regulation that could result in significant

additional costs or liabilities; political uncertainty in the U.S. and internationally, including potential regulatory and policy changes

affecting the cryptocurrency and data center industries; cybersecurity threats and hacking attacks that could compromise our systems

and data; the need for additional capital in the future, with no assurance that financing will be available on acceptable terms; risks

that our hedging activities may not be effective and could result in significant losses; counterparty risk with respect to the capped

call transactions entered into in connection with the convertible notes; potential dilution to shareholders from future issuances of

capital stock, conversion of convertible notes, or exercise of options and warrants; and risks related to the U.S. Redomiciliation Transaction,

including the possibility that anticipated benefits may not be realized. For further information concerning these and other risks and

uncertainties, refer to Keel’s filings with the U.S. Securities and Exchange Commission (“SEC”) at www.sec.gov and

under its profile at www.sedarplus.ca, including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31,

2025, and subsequent filings with the SEC. There may be other factors that cause results not to be as anticipated, estimated, or intended,

including factors that are currently unknown to or deemed immaterial by Keel. There can be no assurance that such statements will prove

to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers

should not place undue reliance on any forward-looking information. Keel does not undertake any obligation to revise or update any forward-looking

information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock

exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither Nasdaq,

the Toronto Stock Exchange, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy

of this release.

Investor

Relations Contact:

Laine

Yonker

ir@keelinfra.com

Media

Contact:

Tara

Goldstein

media@keelinfra.com

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