Form 8-K

8-K — WhiteFiber, Inc.

Accession: 0001213900-26-092599

Filed: 2026-08-21

Period: 2026-08-18

CIK: 0002042022

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 — ea0302925-8k_white.htm (Primary)

EX-4.1 — INDENTURE, DATED AUGUST 21, 2026, BETWEEN WHITEFIBER, INC. AND U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, AS TRUSTEE (ea030292501ex4-1.htm)

EX-99.1 — PRESS RELEASE ISSUED BY WHITEFIBER, INC. DATED AUGUST 18, 2026 (ea030292501ex99-1.htm)

EX-99.2 — PRESS RELEASE ISSUED BY WHITEFIBER, INC. DATED AUGUST 19, 2026 (ea030292501ex99-2.htm)

EX-99.3 — PRESS RELEASE ISSUED BY WHITEFIBER, INC. DATED AUGUST 21, 2026 (ea030292501ex99-3.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — CURRENT REPORT

8-K (Primary)

Filename: ea0302925-8k_white.htm · Sequence: 1

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0002042022

2026-08-18

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities

Exchange Act of 1934

Date of Report (Date of earliest event reported):

August 18, 2026

WHITEFIBER, INC.

(Exact name of Registrant as specified in its charter)

Cayman Islands

001-42780

61-2222606

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

31 Hudson Yards, Floor 11, Suite 30

New York, NY 10001

(646) 801-0779

(Address, Including Zip Code, and Telephone Number,

Including Area Code, of Registrant’s Principal Executive Offices)

Not Applicable

(Former name or former address, if changed since

last report)

Check the appropriate box below if the Form 8-K filing is intended

to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol

Name of each exchange

on which registered

Ordinary Shares, par value $0.01 per share

WYFI

The 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 ☒

If an emerging growth company, indicate by check mark if the registrant

has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant

to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

Indenture and Notes

On August 21, 2026, WhiteFiber, Inc. (the “Company”)

completed its previously announced upsized private offering (the “Offering”) of $310.0 million aggregate principal

amount of its 5.00% Convertible Senior Notes due 2032 (the “Notes”), including the exercise in full of the initial

purchasers’ option to purchase an additional $40.0 million aggregate principal amount of Notes. The Notes are general senior unsecured

obligations of the Company. The Notes were issued pursuant to an Indenture, dated August 21, 2026 (the “Indenture”),

between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).

The Notes will mature on September 1, 2032 (the

“Maturity Date”), unless earlier converted, redeemed or repurchased. The Notes will bear interest at a rate of 5.00%

per year, payable semiannually in arrears on March 1 and September 1 of each year, beginning on March 1, 2027. Holders may convert their

Notes at their option prior to the close of business on the second scheduled trading day immediately preceding the Maturity Date. Upon

conversion, the Company will satisfy its conversion obligation by paying or delivering, as the case may be, cash, its ordinary shares,

par value $0.01 per share (the “Ordinary Shares”), or a combination of cash and Ordinary Shares, at the Company’s

election, in the manner and subject to the terms and conditions set forth in the Indenture.

The conversion rate for the Notes will initially

be 29.5530 Ordinary Shares per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $33.84

per Ordinary Share. The initial conversion price of the Notes represents a premium of approximately 25% above the last reported sales

price of the Ordinary Shares on the Nasdaq Capital Market on August 18, 2026. The conversion rate is subject to adjustment under certain

circumstances in accordance with the terms of the Indenture but will not be adjusted for any accrued and unpaid interest. In addition,

following certain corporate events that occur prior to the Maturity Date or if the Company delivers a notice of redemption, the Company

will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Notes in connection with such a corporate

event or convert its Notes called (or deemed called) for redemption in connection with such notice of redemption, as the case may be.

The Company may redeem (an “optional

redemption”) for cash all or any portion of the Notes (subject to the partial redemption limitation described in the following

sentence), at its option, on or after September 6, 2030 and prior to the 41st scheduled trading day immediately preceding the Maturity

Date, if the last reported sale price of its Ordinary Shares has been at least 130% of the conversion price for the Notes then in effect

for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day

of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of optional

redemption, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest

to, but excluding, the redemption date. However, the Company may not redeem less than all of the outstanding Notes at its option unless

at least $75.0 million aggregate principal amount of Notes are outstanding and not called for optional redemption as of the time it sends

the related notice of optional redemption (and after giving effect to the delivery of such notice of optional redemption). The Company

may also redeem for cash all but not part of the Notes in the event of certain tax law changes as described in the Indenture. No sinking

fund is provided for the Notes.

On September 6, 2030 and if the Company undergoes

a fundamental change, subject to certain conditions and a limited exception described in the Indenture, holders of the Notes may require

the Company to repurchase for cash all or any portion of their Notes at a specified repurchase date repurchase price or fundamental change

repurchase price, as applicable, equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest

to, but excluding, the relevant repurchase date.

The Indenture includes customary terms and covenants

and sets forth certain events of default after which the Notes may be declared immediately due and payable and sets forth certain types

of bankruptcy or insolvency events of default involving the Company or any of its Significant Subsidiaries (as defined in the Indenture)

after which the Notes become automatically due and payable. The following events are considered “events of default”

under the Indenture:

●

default in any payment of interest or additional amounts, if any, on any Note when due and payable and the default continues for a period of 30 days;

●

default in the payment of principal of any Note when due and payable at its stated maturity, upon redemption, upon any required repurchase, upon declaration of acceleration or otherwise;

●

failure by the Company to comply with its obligation to convert the Notes in accordance with the Indenture upon exercise of a holder’s conversion right and such failure continues for a period of five business days;

●

failure by the Company to issue a Fundamental Change Company Notice, a notice of a Make-Whole Fundamental Change (as such terms are defined in the Indenture), or a notice of a specified distribution, in each case, when due, and such failure continues for five business days;

●

failure by the Company to comply with its obligations in respect of any consolidation, merger or sale of assets;

●

failure by the Company for 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 to comply with any of the Company’s other agreements contained in the Notes or Indenture;

●

default by the Company or any of its Significant Subsidiaries with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed with a principal amount in excess of $20.0 million (or the foreign currency equivalent thereof) in the aggregate for the Company and/or any such Significant Subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable prior to its stated maturity date or (ii) constituting a failure to pay the principal of any such indebtedness when due and payable (after the expiration of all applicable grace periods) at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, and in each case, such failure to pay or default shall not have been cured or waived, such indebtedness is not paid or discharged, or such acceleration is not otherwise cured, annulled or rescinded, within 30 days after written notice of such failure to the Company by the Trustee or to the Company and the Trustee by holders of at least 25% in aggregate principal amount of Notes then outstanding in accordance with the Indenture; and

●

certain events of bankruptcy, insolvency or reorganization with respect to the Company or any of its Significant Subsidiaries.

If certain bankruptcy and insolvency-related events

of default occur with respect to the Company or any of its Significant Subsidiaries, the principal of, and accrued and unpaid interest,

if any, on, all of the then outstanding Notes shall automatically become due and payable. If an event of default other than certain bankruptcy

and insolvency-related events of default with respect to the Company or any of its Significant Subsidiaries occurs and is continuing,

the Trustee by notice to the Company, or the holders of at least 25% in principal amount of the outstanding Notes by notice to the Company

and the Trustee may, and the Trustee at the request of such holders accompanied by security and/or indemnity satisfactory to the Trustee

and otherwise subject to the limitations set forth in the Indenture shall, declare 100% of the principal of, and accrued and unpaid interest,

if any, on, all of the then outstanding Notes to be due and payable. Notwithstanding the foregoing, the Indenture provides that, to the

extent the Company elects, the sole remedy for an event of default relating to certain failures by the Company to comply with certain

reporting covenants in the Indenture will, after the occurrence of such an event of default, consist exclusively of the right of holders

to receive additional interest on the Notes.

The Indenture provides that the Company shall

not consolidate with or merge with or into, or sell, convey, transfer or lease all or substantially all of the consolidated properties

and assets of the Company and its subsidiaries, taken as a whole, to, another person (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 resulting, surviving or transferee

person (if not the Company) is a “Qualified Successor Entity” (as defined in the Indenture) organized and existing

under the laws of the United States of America, any State thereof, the District of Columbia or the Cayman Islands, and such successor

entity (if not the Company) expressly assumes by supplemental indenture all of the Company’s obligations under the Notes and the

Indenture; and (ii) immediately after giving effect to such transaction, no default or event of default has occurred and is continuing

under the Indenture.

The net proceeds from the Offering were approximately

$298.5 million, after deducting the initial purchasers’ discounts and estimated Offering expenses payable by the Company. The Company

used approximately $118.5 million of the net proceeds from the Offering to pay the cash consideration (including accrued and unpaid interest)

for the concurrent Note Exchange Transactions described under “Concurrent Privately Negotiated Note Exchange Transactions”

in Item 8.01 below. The remaining net proceeds from the Offering are expected to be used primarily for data center expansion, including

to partially fund the lease or purchase of additional property or properties on which to build additional WhiteFiber data centers, to

construct those facilities, to enter into additional energy service agreements for each additional site, to purchase related equipment

(including GPU servers to support WhiteFiber’s cloud business), and for potential acquisitions, partnerships and joint ventures

related thereto, and for working capital and general corporate purposes.

The description of the Indenture and the Notes

is qualified in its entirety by reference to the text of the Indenture, and the related form of Note, which are attached hereto as Exhibit

4.1 and Exhibit 4.2, respectively, and are incorporated herein by reference.

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 under Item 1.01 of this

Current Report on Form 8-K (this “Form 8-K”) is incorporated herein by reference.

Item 3.02 Unregistered Sales of Equity Securities.

The information set forth under Item 1.01 of this

Form 8-K is incorporated herein by reference.

The Company offered and sold the Notes to the

initial purchasers in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended

(the “Securities Act”), and the Notes were initially resold by the initial purchasers to persons whom the initial purchasers

reasonably believed to be qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A under the Securities

Act. The Company relied on these exemptions from registration based in part on representations made by the initial purchasers in a purchase

agreement, dated August 18, 2026, by and among the Company and the representatives of the initial purchasers named therein. The Notes

and the Ordinary Shares issuable upon conversion of the Notes, if any, have not been registered under the Securities Act and may not be

offered or sold in the United States absent registration or an applicable exemption from registration requirements.

To the extent that any Ordinary Shares are issued

upon conversion of the Notes, they will be issued in transactions anticipated to be exempt from registration under the Securities Act

by virtue of Section 3(a)(9) thereof, because no commission or other remuneration is expected to be paid in connection with conversion

of the Notes, and any resulting issuance of Ordinary Shares. Initially, a maximum of 11,451,803 Ordinary Shares may be issued upon conversion

of the Notes based on the initial maximum conversion rate of 36.9413 Ordinary Shares per $1,000 principal amount of the Notes, which is

subject to customary anti-dilution adjustment provisions.

The information set forth under the heading “Concurrent

Privately Negotiated Note Exchange Transactions” in Item 8.01 below is incorporated by reference into this Item 3.02. The Ordinary

Shares issued to holders of Existing Notes (as defined below) in the Note Exchange Transactions were issued in reliance on the exemption

from registration provided by Section 4(a)(2) of the Securities Act. The Company relied on these exemptions from registration based in

part on representations made by the holders of the Existing Notes in the exchange agreements entered into on August 18, 2026 by and among

the Company and such holders in connection with the Note Exchange Transactions.

Item 8.01 Other Events.

Concurrent Privately Negotiated Note Exchange

Transactions

Concurrently with the pricing of the Offering,

the Company entered into privately negotiated transactions (each, a “Note Exchange Transaction”, and together, the

“Note Exchange Transactions”) with certain holders of its 4.500% Convertible Senior Notes due 2031 (the “Existing

Notes”) to exchange $198.15 million in aggregate principal amount of the Existing Notes for an aggregate cash amount of approximately

$118.5 million (including accrued and unpaid interest) and approximately 6.3 million Ordinary Shares.

The Company anticipates that the Note Exchange

Transactions will settle on or about August 21, 2026. Upon settlement of such repurchases, the aggregate principal amount of Existing

Notes outstanding is expected to be reduced to approximately $31.85 million.

This Current Report on Form 8-K does not constitute

an offer to sell any securities or a solicitation of an offer to buy any securities, nor shall there be any sale of any securities in

any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under

the securities laws of any such state or jurisdiction.

Note Offering and Note Exchange Transactions

Press Releases

On August 18, 2026, the Company issued a press

release announcing the Offering and the Note Exchange Transactions. A copy of the press release is attached hereto as Exhibit 99.1 and

incorporated herein by reference.

On August 19, 2026, the Company issued a press

release announcing the pricing of the Notes and the Note Exchange Transactions. A copy of the press release is attached hereto as Exhibit

99.2 and is incorporated herein by reference.

On August 21, 2026, the Company issued a press

release announcing the closing of the Offering and the Note Exchange Transactions. A copy of the press release is attached hereto as Exhibit

99.3 and is incorporated herein by reference.

Forward-Looking Statements

This Form 8-K contains “forward-looking”

statements, as that term is defined under the federal securities laws, that are based on management’s beliefs and assumptions and

on information currently available to management. Forward-looking statements include statements concerning the Offering and the Company’s

expectations regarding the use of the net proceeds of the Offering and the Note Exchange Transactions. In some cases, forward-looking

statements can be identified by the use of terms such as “anticipates,” “believes,” “continues,” “could,”

“estimates,” “expects,” “intends,” “may,” “plans,” “potential,”

“predicts,” “pro forma,” “seeks,” “should,” “will” or similar expressions.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual events to differ from

the Company’s plans. These risks include, but are not limited to, market risks, trends and conditions, and those risks included

in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December

31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 26, 2026, its Quarterly Report on Form

10-Q for the fiscal quarter ended March 31, 2026, filed with the SEC on May 14, 2026, its Quarterly Report on Form 10-Q for the fiscal

quarter ended June 30, 2026, filed with the SEC on August 12, 2026, and other filings that the Company makes from time to time with the

SEC, which are available on the SEC’s website at www.sec.gov. In addition, forward-looking statements contained in this Form 8-K

are based on assumptions that the Company believes to be reasonable as of the date of this Form 8-K. The Company assumes no obligation

to update these forward-looking statements as a result of new information, future events, changes in expectations or otherwise except

to the extent required by applicable law.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description

4.1*

Indenture, dated August 21, 2026, between WhiteFiber, Inc. and U.S. Bank Trust Company, National Association, as Trustee.

4.2*

Form of Global Note representing WhiteFiber, Inc.’s 5.00% Convertible Senior Notes due 2032 (included within Exhibit 4.1).

99.1*

Press Release issued by WhiteFiber, Inc. dated August 18, 2026.

99.2*

Press Release issued by WhiteFiber, Inc. dated August 19, 2026.

99.3*

Press Release issued by WhiteFiber, Inc. dated August 21, 2026.

104

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

Filed herewith (unless otherwise noted as being furnished herewith).

SIGNATURE

Pursuant to the requirements of the Securities

Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly

authorized.

WHITEFIBER, INC.

Dated: August 21, 2026

By:

/s/ Sam Tabar

Name:

Sam Tabar

Title:

Chief Executive Officer

EX-4.1 — INDENTURE, DATED AUGUST 21, 2026, BETWEEN WHITEFIBER, INC. AND U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, AS TRUSTEE

EX-4.1

Filename: ea030292501ex4-1.htm · Sequence: 2

Exhibit 4.1

Execution Version

WHITEFIBER, INC.

AND

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

as Trustee

INDENTURE

Dated as of August 21, 2026

5.00% Convertible Senior Notes due 2032

Table of Contents

Page

Article

1 Definitions

Section

1.01

Definitions

Section

1.02

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 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

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

Section

4.10

Additional

Amounts.

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

Table of Contents

(continued)

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

Responsibility for Recitals, Etc.

Section

7.04

Trustee,

Paying Agents, Conversion Agents or Note Registrar May Own Notes

Section

7.05

Monies

and Ordinary Shares 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

Delay of Rights by Meeting

Table of Contents

(continued)

Article

10 Supplemental Indentures

Section

10.01

Amendments

or Supplemental Indentures Without Consent of Holders

Section

10.02

Amendments

or 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 and Sale of Assets

Section

11.01

When

Company May Merge, Etc.

Section

11.02

Successor

Entity to Be Substituted

Article

12 Immunity of Incorporators, Shareholders, Officers

and Directors

Section

12.01

Indenture

and Notes Solely Corporate Obligations

Article

13 [Intentionally Omitted]

Article

14 Conversion of Notes

Section

14.01

Conversion

Privilege

Section

14.02

Conversion

Procedure; Settlement Upon Conversion

Section

14.03

Adjustment

to Conversion Rate Upon Conversion Upon a Make-Whole Fundamental Change

Section

14.04

Adjustment

to Conversion Rate upon Conversion in Connection with a Redemption

Section

14.05

Adjustment

of Conversion Rate

Section

14.06

Adjustments

of Prices

Section

14.07

To Be Fully Paid

Section

14.08

Effect

of Recapitalizations, Reclassifications and Changes of the Ordinary Shares

Section

14.09

Certain

Covenants

Section

14.10

Responsibility

of Trustee

Section

14.11

[Intentionally

Omitted]

Section

14.12

Shareholder

Rights Plans

Section

14.13

Exchange

in Lieu of Conversion

iii

Table of Contents

(continued)

Article

15 Repurchase of Notes at Option of Holders

Section

15.01

Repurchase

at Option of Holders on September 6, 2030

Section

15.02

Repurchase

at Option of Holders Upon a Fundamental Change

Section

15.03

Withdrawal

of Fundamental Change Repurchase Notice or Specified Repurchase Date Repurchase 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 and Tax Redemption

Section

16.01

Optional

Redemption

Section

16.02

Reserved

Section

16.03

Tax

Redemption

Section

16.04

Payment

of Notes Called for Redemption

102

Section

16.05

Restrictions

on Redemption

102

Article

17 Miscellaneous Provisions

102

Section

17.01

Governing

Law; Jurisdiction

102

Section

17.02

Waiver

of Jury Trial

103

Section

17.03

Addresses

for Notices, Etc.

103

Section

17.04

Provisions

Binding on Company’s Successors; Official Acts by Successor Entity

104

Section

17.05

Evidence

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

104

Section

17.06

Legal

Holidays

105

Section

17.07

Security Interest Created

105

Section

17.08

Benefits

of Indenture

105

Section

17.09

Table

of Contents, Headings, Etc

105

Section

17.10

Authenticating

Agent

105

Section

17.11

Multiple

Originals

106

Section

17.12

Severability

107

Section

17.13

Calculations

107

Section

17.14

[Intentionally

Omitted].

107

Section

17.15

Delivery

of Notices

107

Section

17.16

USA

PATRIOT Act

107

EXHIBIT

Exhibit A Form of Note A-1

INDENTURE dated as of August 21, 2026, between

WHITEFIBER, INC., an exempted company incorporated under the laws of the Cayman Islands, as issuer (the “Company,”

as more fully set forth in Section 1.01) and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as trustee

(the “Trustee,” as more fully set forth in Section 1.01).

W I T N E S S E T H:

WHEREAS, for its lawful corporate purposes, the

Company has duly authorized the issuance of its 5.00% Convertible Senior Notes due 2032 (the “Notes” and each $1,000

principal amount thereof, unless the context otherwise requires, a “Note”), initially in an aggregate principal amount

not to exceed $310,000,000, and in order to provide the terms and conditions upon which the Notes are to be authenticated, issued and

delivered, the Company has duly authorized the execution and delivery of this Indenture;

WHEREAS, the Form of Note, the certificate of

authentication to be borne by each Note, the Form of Notice of Conversion, the Form of Fundamental Change Repurchase Notice, the Form

of Specified Repurchase Date Repurchase Notice and the Form of Assignment and Transfer to be borne by the Notes are to be substantially

in the forms hereinafter provided; and

WHEREAS, all acts and things necessary to make

the Notes, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized authenticating agent, as

in this Indenture provided, the valid, binding and legal obligations of the Company, and this Indenture a valid agreement according to

its terms, have been done and performed, and the execution of this Indenture and the issuance hereunder of the Notes have in all respects

been duly authorized.

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

That in order to declare the terms and conditions

upon which the Notes are, and are to be, authenticated, issued and delivered, and in consideration of the premises and of the purchase

and acceptance of the Notes by the Holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate

benefit of the respective Holders from time to time of the Notes (except as otherwise provided below), as follows:

Article

Definitions

Section 1.01 Definitions. For all

purposes of this Indenture, except as herein otherwise expressly provided or unless the context otherwise requires:

(a) the terms defined in this ‎Article 1 shall have the respective

meanings assigned to them in this ‎Article 1 and include the plural as well as the singular;

(b) the words “herein,” “hereof” and “hereunder”

and other words of similar import (i) when used with regard to any specified Article, Section or sub-division, refer to such Article,

Section or sub-division of this Indenture and (ii) otherwise, refer to this Indenture as a whole and not to any particular Article, Section

or other subdivision; and

and/or the Notes to dollars are to U.S. dollars.

“1% exception” shall have the

meaning specified in Section 14.05(f).

“Additional Amounts” shall have

the meaning specified in Section 4.10(a).

“Additional Ordinary Shares”

shall have the meaning specified in ‎Section 14.03(a).

“Additional Interest” means

all amounts, if any, payable pursuant to ‎Section 4.04(d), 4.06(e) and Section 6.03, as applicable.

“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.

“Applicable Procedures” means,

with respect to a Depositary, as to any matter at any time, the policies and procedures of such Depositary, if any, that are applicable

to such matter at such time.

“Board of Directors” means

the Board of Directors (or the functional equivalent thereof) of the Company or any duly authorized committee of such Board.

“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

(or duly authorized committee thereof) and to be in full force and effect on the date of such certification.

“Business Combination Event”

shall have the meaning specified in Section 11.01.

“Business Day” means, with

respect to any Note, each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in the State

of New York, the Cayman Islands or, in the case of a payment under this Indenture, place of payment are authorized or obligated by law

or executive order to close or be closed.

“Called Notes” means Notes called

for Optional Redemption or Tax Redemption pursuant to Article 16 or Notes subject to a Deemed Redemption.

“Capital Shares” means, for

any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests

in (however designated) shares issued by that entity, but shall not include any debt securities convertible into or exchangeable for

any securities otherwise constituting Capital Shares pursuant to this definition.

“Cash Settlement” shall have

the meaning specified in ‎Section 14.02(a).

“Change in Tax Law” shall have

the meaning specified in Section 16.03(a).

“Clause A Distribution” shall

have the meaning specified in ‎Section 14.05(c).

“Clause B Distribution” shall

have the meaning specified in ‎Section 14.05(c).

“Clause C Distribution” shall

have the meaning specified in ‎Section 14.05(c).

“close of business” means 5:00

p.m. (New York City time).

“Code” means the U.S. Internal

Revenue Code of 1986, as amended.

“Combination Settlement” shall

have the meaning specified in ‎Section 14.02(a).

“Commission” means the U.S.

Securities and Exchange Commission.

“Common Equity” of any Person

means Capital Shares 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.

“Company” shall have the meaning specified in the

first paragraph of this Indenture, and subject to the provisions of ‎Article 11 hereof, shall include its successors and assigns.

“Company Order” means a written

order of the Company, signed by one of its Officers, and delivered to the Trustee.

“Conversion Agent” shall have

the meaning specified in Section 4.02.

“Conversion Consideration” shall

have the meaning specified in Section 14.13(a).

“Conversion Date” shall have

the meaning specified in ‎Section 14.02(c).

“Conversion Obligation” shall

have the meaning specified in ‎Section 14.01(a).

“Conversion Price” means as

of any time, $1,000, divided by the Conversion Rate as of such time.

“Conversion Rate” shall have the meaning specified

in ‎Section 14.01(a).

“Corporate Trust Office” means

the designated office of the Trustee at which at any time this Indenture shall be administered, which office at the date hereof is located

at U.S. Bank Trust Company, National Association, West Side Flats St Paul, 60 Livingston Ave., Saint Paul, MN 55107, Attention: WhiteFiber

Group 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).

“Daily Conversion Value” means,

for each of the forty (40) consecutive Trading Days during the Observation Period, 2.5% of the product of (a) the Conversion Rate in

effect immediately after the close of business 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 40.

“Daily Settlement Amount,”

for each of the forty (40) consecutive Trading Days during the Observation Period, shall consist of:

(a) cash equal to the lesser of

(i) the Daily Measurement Value and (ii) the Daily Conversion Value; and

(b) if the Daily Conversion Value

exceeds the Daily Measurement Value, a number of Ordinary Shares equal to (i) the difference between such Daily Conversion Value and

the Daily Measurement Value, divided by (ii) the Daily VWAP for such Trading Day.

“Daily VWAP” means, for each

of the forty (40) consecutive Trading Days during the relevant Observation Period, the per share volume-weighted average price as displayed

under the heading “Bloomberg VWAP” on Bloomberg page “WYFI <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 Ordinary Share

on such Trading Day determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm

retained for this purpose by the Company). The “Daily VWAP” shall be determined without regard to after-hours trading

or any other trading outside of the regular trading session trading hours.

“De-Legending Deadline Date”

means, with respect to the Notes or any additional Notes issued pursuant to Section 2.10, the 380th day after the last date of original

issuance of such Notes or additional Notes, as applicable; provided that if such 380th day is after a Regular Record Date and on or before

the immediately succeeding Interest Payment Date, then the “De-Legending Deadline Date” shall instead be the second Business

Day immediately after such Interest Payment Date.

“Deemed Redemption” shall have the meaning specified

in Section 14.01(b).

“Default” means any event that

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

“Default Settlement Method”

means, initially, Physical Settlement.

“Default Interest” shall have

the meaning specified in Section 2.03(c).

“Defaulted Amounts” means any

amounts on any Note (including, without limitation, the Redemption Price, the Fundamental Change Repurchase Price, or the Specified Repurchase

Date Repurchase Price, principal and interest) that are payable but are not punctually paid or duly provided for.

“Depositary” means, solely for

purposes of this Indenture and with respect to each Global Note, the Person specified in Section 2.05(c) as the Depositary with respect

to such Notes, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and

thereafter, “Depositary” shall mean or include such successor.

“Designated Financial Institution”

shall have the meaning specified in Section 14.13(a).

“Distributed Property” shall

have the meaning specified in ‎Section 14.05(c).

“DTC” means The Depository Trust

Company.

“Effective Date” shall have

the meaning specified in Section 14.03(c), except that, as used in ‎Section 14.05 and ‎Section 14.06, “Effective Date”

means the first date on which Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, reflecting the

relevant share split or share combination, as applicable (and for the avoidance of doubt, any alternative trading convention on the applicable

exchange or market in respect of Ordinary Shares under a separate ticker symbol or CUSIP number will not be considered “regular

way” for this purpose).

“Event of Default” shall have

the meaning specified in ‎Section 6.01.

“Ex-Dividend Date” means the

first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to

receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of Ordinary Shares 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 Ordinary Shares under a separate ticker symbol

or CUSIP number will not be considered “regular way” for this purpose.

“Exchange Act” means the United

States Securities and Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission thereunder.

“Exchange Election” shall have

the meaning specified in Section 14.13(a).

“Exempted Fundamental Change”

shall have the meaning specified in Section 15.02(d).

“Expiration Date” shall have

the meaning specified in ‎Section 14.05(e).

“Form of Assignment and Transfer”

means the “Form of Assignment and Transfer” attached as Attachment 4 to the Form of Note attached hereto as Exhibit A.

“Form of Fundamental Change Repurchase

Notice” means the “Form of Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form of Note attached

hereto as Exhibit A.

“Form of Note” means the “Form

of Note” attached hereto as Exhibit A.

“Form of Notice of Conversion”

means the “Form of Notice of Conversion” attached as Attachment 1 to the Form of Note attached hereto as Exhibit A.

“Form of Specified Repurchase Date Repurchase

Notice” means the “Form of Specified Repurchase Date Repurchase Notice” attached as Attachment 3 to the Form of

Note attached hereto as Exhibit A.

“freely tradable” means, with

respect to any security of the Company, that such security would be eligible to be offered, sold or otherwise transferred pursuant to

Rule 144 or otherwise if held by a Person that is not an Affiliate of the Company, and that has not been an Affiliate of the Company

during the immediately preceding three months, without any requirements as to volume, manner of sale, availability of current public

information or notice under the Securities Act (except that any such requirement as to the availability of current public information

will be disregarded if the same is satisfied at that time).

A “Fundamental Change” shall

be deemed to have occurred at the time after the Notes are originally issued if any of the following occurs:

(a) except as described in clause

(b) below, (i) a “person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than Bit

Digital, Inc. (and any successor entity) (“BTBT”), the Company and its Wholly Owned Subsidiaries, the employee benefit

plans of the Company and its Wholly Owned Subsidiaries, becomes and files a Schedule TO or any schedule, form or report under the Exchange

Act disclosing that such “person” or “group” has become, the direct or indirect “beneficial owner,”

as defined in Rule 13d-3 under the Exchange Act, of the Company’s Ordinary Shares representing more than 50% of the voting power

of the Company’s Ordinary Shares, or (ii) BTBT becomes the direct or indirect “beneficial owner,” as defined in Rule

13d-3 under the Exchange Act, of the Company’s Ordinary Shares representing more than 80% of the voting power of the Company’s

Ordinary Shares (the “BTBT Ownership Threshold”); provided that in determining whether the BTBT Ownership Threshold

has been exceeded, (i) Ordinary Shares that may be or are delivered to us pursuant to any zero-strike call option transaction that the

Company enters (or entered) into (or amends or amended) concurrently with any offering by the Company of securities that are convertible

into Ordinary Shares (and/or cash based on the market price of the Ordinary Shares) will be deemed to be outstanding and (ii) any Ordinary

Shares of which BTBT becomes the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act,

as the result of an issuance of securities to BTBT by the Company will be disregarded for purposes of such determination for so long

as such Ordinary Shares are directly or indirectly beneficially owned by BTBT; provided further that, no “person”

or “group” shall be deemed to be the beneficial owner of any securities tendered pursuant to a tender or exchange offer made

by or on behalf of such “person” or “group” until such tendered securities are accepted for purchase or exchange

under such offer or if such beneficial ownership arises solely as a result of a revocable proxy delivered in response to a public proxy

or consent solicitation made pursuant to the applicable rules and regulations under the Exchange Act and is not also then reportable

on Schedule 13D or Schedule 13G (or any successor schedule) under the Exchange Act regardless of whether such a filing has actually been

made;

(b) the consummation of (i) any

recapitalization, reclassification or change of the Ordinary Shares (other than a change to par value, or from par value to no par value,

or changes resulting from a subdivision or combination) as a result of which the Ordinary Shares would be converted into, or exchanged

for, stock, other securities, other property or assets; (ii) any share exchange, consolidation or merger of the Company, or any similar

transaction, pursuant to which the Ordinary Shares will be converted into cash, securities or other property or assets; or (iii) any

sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of

the Company and its Subsidiaries, taken as a whole, to any Person other than one or more of the Company’s direct or indirect Wholly

Owned Subsidiaries; provided, however, that a transaction described in clauses (i) or (ii) in which the holders of all classes

of the Company’s ordinary share capital immediately prior to such transaction own, directly or indirectly, more than 50% of all

classes of Common Equity of the continuing or surviving corporation or transferee or the parent thereof immediately after such transaction

in substantially the same proportions (vis-a-vis to each other) as such ownership immediately prior to such transaction shall not be

a Fundamental Change pursuant to this clause (b);

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

(d) the Ordinary Shares (or other

Common Equity in respect of Reference Property) cease to be listed or quoted on any of The New York Stock Exchange, the Nasdaq Global

Select Market, the Nasdaq Global Market or the Nasdaq Capital Market (or any of their respective successors) and none of the Ordinary

Shares (or other Common Equity in respect of Reference Property) is listed or quoted on one of The New York Stock Exchange, the Nasdaq

Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market (or any of their respective successors) within one trading

day of such cessation;

provided, however, that a transaction or transactions

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

by the holders of the Ordinary Shares, excluding cash payments for fractional shares and cash payments made in respect of dissenters’

appraisal rights, in connection with such transaction or transactions consists of common equity interests that are listed or quoted on

any of The New York Stock Exchange, The Nasdaq Global Select Market or 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 such consideration, excluding cash payments for fractional shares and cash payments

made in respect of dissenters’ appraisal rights becomes Reference Property for the Notes.

“Fundamental Change Company Notice”

shall have the meaning specified in ‎Section 15.02(c).

“Fundamental Change Repurchase Date”

shall have the meaning specified in ‎Section 15.02(a).

“Fundamental Change Repurchase Notice”

shall have the meaning specified in ‎Section 15.02(b)(i).

“Fundamental Change Repurchase Price”

shall have the meaning specified in Section 15.02(a).

The terms “given”, “mailed”,

“notify” or “sent” with respect to any notice to be given to a Holder pursuant to this Indenture,

shall mean notice (x) given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee,

including by electronic mail in accordance with accepted practices or Applicable Procedures at the Depositary (in the case of a Global

Note) or (y) mailed to such Holder by first class mail, postage prepaid, at its address as it appears on the Note Register (in the case

of a Physical Note), in each case, in accordance with Section 17.03. Notice so “given” shall be deemed to include any notice

to be “mailed” or “delivered,” as applicable, under this Indenture.

“Global Note” shall have the meaning specified in

‎Section 2.05(b).

“Holder,” as applied to any

Note, or other similar terms (but excluding the term “beneficial holder”), means any Person in whose name at the time a particular

Note is registered on the Note Register.

“Indenture” means this instrument

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

“Interest Payment Date” means

each March 1 and September 1 of each year, beginning on March 1, 2027.

“last date of original issuance”

means (a) with respect to any Notes issued pursuant to the Offering Memorandum, and any Notes issued in exchange therefor or in substitution

thereof, the date the Company first issues such Notes; and (b) with respect to any additional Notes issued pursuant to Section 2.10, and

any Notes issued in exchange therefor or in substitution thereof, either (i) the later of (x) the date such Notes are originally issued

and (y) the last date any Notes are originally issued as part of the same offering pursuant to the exercise of an option granted to the

initial purchaser(s) of such Notes to purchase additional Notes; or (ii) such other date as is specified in an Officer’s Certificate

delivered to the Trustee before the original issuance of such Notes.

“Last Reported Sale Price”

of the Ordinary Shares (or other security for which a closing sale price must be determined) on any date means the closing sale price

per Ordinary 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 Ordinary Shares (or such other security) are traded. If the Ordinary Shares (or

such other security) are not listed for trading on a U.S. national or regional securities exchange on the relevant date, the “Last

Reported Sale Price” shall be the last quoted bid price for the Ordinary Shares (or such other security) in the over-the-counter

market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the Ordinary Shares (or such other security)

are 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 Ordinary Shares (or such other security) on the relevant date from each of at least three nationally recognized independent investment

banking firms selected by the Company for this purpose. The “Last Reported Sale Price” shall be determined without

regard to after-hours trading or any other trading outside of regular trading session hours.

“Make-Whole Fundamental Change”

means any transaction or event that constitutes a Fundamental Change (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 the primary U.S. national or regional securities exchange

or market on which the Ordinary Shares are listed or admitted for trading to open for trading during its regular trading session or (b)

the occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Ordinary 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 Ordinary Shares or in any options contracts or

futures contracts relating to the Ordinary Shares.

“Maturity Date” means September

1, 2032.

“Note” or “Notes”

shall have the meaning specified in the recitals of this Indenture.

“Note Custodian” means the

Trustee, as custodian for DTC, with respect to the Global Notes, or any successor entity thereto.

“Note Register” shall have the

meaning specified in Section 2.05(a).

“Note Registrar” shall have

the meaning specified in Section 2.05(a).

“Notice of Conversion” shall

have the meaning specified in Section 14.02(c).

“Observation Period” with respect

to any Note surrendered for conversion means: (i) subject to clause (ii), if the relevant Conversion Date occurs prior to June 1,

2032, the forty (40) consecutive Trading Day period beginning on, and including, the second Trading Day immediately succeeding such

Conversion Date; (ii) with respect to any Called Notes, if the relevant Conversion Date occurs during the related Redemption Period,

the forty (40) consecutive Trading Days beginning on, and including, the 41st Scheduled Trading Day immediately preceding such Redemption

Date; and (iii) subject to clause (ii), if the relevant Conversion Date occurs on or after June 1, 2032, the forty (40) consecutive Trading

Days beginning on, and including, the 41st Scheduled Trading Day immediately preceding the Maturity Date.

“Offering Memorandum” means

the preliminary offering memorandum dated August 18, 2026, as supplemented by the related pricing term sheet dated August 18, 2026, relating

to the offering and sale of the Notes issued on the date of this Indenture.

“Officer” means, with respect

to the Company, a chief executive officer, a president, a chief financial officer, a chief operating officer, any executive vice president,

any senior vice president, any vice president, the treasurer or any assistant treasurer, the controller or any assistant controller or

the secretary or any assistant secretary.

“Officer’s Certificate,”

when used with respect to the Company, means a certificate that is delivered to the Trustee and that is signed by any Officer of the Company.

Each such certificate shall include the statements provided for in Section 17.05 if and to the extent required by the provisions of such

Section. The Officer giving an Officer’s Certificate pursuant to Section 4.08 shall be the principal executive, financial or accounting

officer of the Company.

“open of business” means 9:00

a.m. (New York City time).

“Opinion of Counsel” means an

opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company, or other counsel who is reasonably acceptable

to the Trustee, which opinion may contain customary exceptions and qualifications as to the matters set forth therein, that is delivered

to the Trustee. Each such opinion shall include the statements provided for in Section 17.05 if and to the extent required by the provisions

of such Section 17.05.

“Optional Redemption” shall

have the meaning specified in Section 16.01(a).

“Optional Redemption Date” shall

have the meaning specified in Section 16.01(b).

“Optional Redemption Notice”

shall have the meaning specified in Section 16.01(b).

“Ordinary Shares” means the

ordinary shares of the Company, par value $0.01 per share.

“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);

pursuant to ‎the second paragraph of Section 2.06 or Notes in lieu of which, or in substitution for which, other Notes shall

have been authenticated and delivered pursuant to the terms of Section 2.06‎‎ unless proof satisfactory to the Trustee

is presented that any such Notes are held by protected purchasers in due course;

(d) Notes

converted pursuant to ‎Article 14 and required to be cancelled pursuant to ‎Section 2.08;

(e) Notes

repurchased by the Company pursuant to (i) Section 15.01 and Section 15.02 and (ii) Section 2.10 and delivered to the Trustee for cancellation

in accordance with Section 2.10; and

(f) Notes

redeemed pursuant to Article 16.

“Partial Redemption Limitation”

shall have the meaning specified in Section 16.01(a).

“Paying Agent” means the Company

or the Person appointed by the Company in accordance with Section 4.02. The Trustee has been initially appointed as the Paying Agent.

“Person” means any individual,

corporation, partnership, joint venture, joint-stock company, limited liability company, association, trust, unincorporated organization,

any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

“Physical Notes” means permanent

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

“Physical Settlement” shall have the meaning specified

in ‎Section 14.02(a).

“Predecessor Note” of any particular

Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purposes

of this definition, any Note authenticated and delivered under ‎Section 2.06 in lieu of or in exchange for a mutilated, lost, destroyed

or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note that it replaces.

“Purchase Agreement” means

the purchase agreement, dated August 18, 2026, by and among the Company, Barclays Capital Inc., Goldman Sachs & Co., Morgan Stanley

& Co. LLC and B. Riley Securities, Inc., as representatives of the several initial purchasers named in Schedule I thereto (the “Initial

Purchasers”), relating to the offering and sale of the Notes.

“Qualified Successor Entity”

means, with respect to a Business Combination Event, a corporation; provided, however, that (i) if such Business Combination Event

is an Exempted Fundamental Change, then a limited liability company, limited partnership or other similar entity also will constitute

a Qualified Successor Entity with respect to such Business Combination Event; and (ii) a limited liability company or limited partnership

that is the resulting, surviving or transferee person of such Business Combination Event also will constitute a Qualified Successor Entity

with respect to such Business Combination Event, provided that, in the case of this clause (ii), (1) if such limited liability company

or limited partnership is not treated as a corporation or an entity disregarded as separate from a corporation, in each case for U.S.

federal income tax purposes, (x) the Company has received an opinion of a nationally recognized tax counsel to the effect that such Business

Combination Event will not be treated as an exchange under Section 1001 of the Code for Holders or beneficial owners of the Notes and

(y) such limited liability company or limited partnership is a direct or indirect, Wholly Owned Subsidiary of a corporation duly organized

and existing under the laws of the United States of America, any State thereof, the District of Columbia or the Cayman Islands and (2)

such Business Combination Event constitutes a Share Exchange Event whose Reference Property consists solely of any combination of U.S.

dollars and shares of common stock or other corporate Common Equity interests of a corporation described in clause (1)(y).

“Record Date” means, with respect

to any dividend, distribution or other transaction or event in which the holders of the Ordinary Shares (or other applicable security)

have the right to receive any cash, securities or other property or in which the Ordinary Shares (or such other security) are exchanged

for or converted into any combination of cash, securities or other property, the date fixed for determination of security holders entitled

to receive such cash, securities or other property (whether such date is fixed by the Board of Directors, statute, contract or otherwise).

“Redemption” means an Optional

Redemption or a Tax Redemption, as applicable.

“Redemption Date” means an

Optional Redemption Date or a Tax Redemption Date, as applicable.

“Redemption Notice” means an

Optional Redemption Notice or a Tax Redemption Notice, as applicable.

“Redemption Period” means,

with respect to an Optional Redemption or a Tax Redemption, the period from, and including, the date on which the Company delivers the

applicable Redemption Notice until the close of business on the second business day immediately preceding the applicable Redemption Date,

unless the Company fails to pay the Redemption Price (in which case a Holder of a Note called for Redemption may convert such Note until

the second Business Day immediately preceding the date on which the Redemption Price has been paid or duly provided for) during which

a Holder may convert all or any portion of such Holder’s Called Notes.

“Redemption Price” means, for

any Notes to be redeemed pursuant to Article 16, 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 on, or at the Company’s

election, before such Interest Payment Date 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).

“Redemption Reference Date”

means the date on which a Redemption Notice is given pursuant to an Optional Redemption or Tax Redemption.

“Redemption Reference Price”

means the average of the Last Reported Sale Price of the Ordinary Shares over the five (5) consecutive Trading Day period ending on,

and including, the Trading Day immediately preceding the Redemption Reference Date.

“Reference Property” shall have the meaning specified

in ‎Section 14.08(a).

“Regular Record Date” and “regular

record date” with respect to any Interest Payment Date, means the February 15 and August 15 (whether or not such day is a Business

Day) immediately preceding the applicable March 1 and September 1 Interest Payment Date, respectively.

“Relevant Jurisdiction” shall

have the meaning specified in Section 4.10(a).

“Relevant Taxing Jurisdiction”

shall have the meaning specified in Section 4.10(a).

“Reporting Event of Default”

shall have the meaning specified in ‎Section 6.03.

“Reporting Obligations” shall

have the meaning specified in ‎Section 6.03.

“Resale Restriction Termination Date”

shall have the meaning specified in Section 2.05(c).

“Responsible Officer” means

an officer within the corporate trust department of the Trustee responsible for the administration of this Indenture.

“Restricted Securities” shall

have the meaning specified in Section 2.05(c).

“Restrictive Notes Legend”

shall have the meaning specified in Section 2.05(c).

“Rule 144” means Rule 144 as

promulgated under the Securities Act.

“Rule 144A” means Rule 144A

as promulgated under the Securities Act.

“Scheduled Trading Day” means

a day that is scheduled to be a Trading Day on the principal U.S. national or regional securities exchange or market on which the Ordinary

Shares are listed or admitted for trading. If the Ordinary Shares are 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 by the Commission thereunder.

“Settlement Amount” has the meaning specified in

‎Section 14.02(a)(iv).

“Settlement Method” means,

with respect to any conversion of Notes, Physical Settlement, Cash Settlement or Combination Settlement, as elected (or deemed to have

been elected) by the Company.

“Settlement Notice” has the

meaning specified in ‎Section 14.02(a)(iii).

“Share Exchange Event” shall

have the meaning specified in ‎Section 14.08(a).

“Share Price” shall have the

meaning specified in ‎Section 14.03(c).

“Significant Subsidiary” means

a Subsidiary of the Company that is a “significant subsidiary” as defined in Article 1, Rule 1-02(w)(1) of Regulation S-X

under the Exchange Act (or any successor rule), provided, that, if and to the extent paragraph (w)(1)(iii)(A)(2) does not apply

to the determination of whether the income test in paragraph (w)(1)(iii) is met, in the case of a Subsidiary that meets the criteria

of clause (iii) of the definition thereof but not clause (i) or (ii) thereof, in each case as such rule is in effect on the date of the

Offering Memorandum, such Subsidiary shall not be deemed to be a Significant Subsidiary unless the Subsidiary’s income or loss

from continuing operations before income taxes, exclusive of amounts attributable to any non-controlling interests, for the last completed

fiscal year prior to the date of such determination exceeds $15,000,000. For the avoidance of doubt, to the extent any such Subsidiary

would not be deemed to be a “Significant Subsidiary” under the relevant definition set forth in Article 1, Rule 1-02(w)(1)

of Regulation S-X (or any successor rule) as in effect on the relevant date of determination, such Subsidiary shall not be deemed to

be a “Significant Subsidiary” under this Indenture irrespective of whether such Subsidiary would otherwise be deemed

to be a “Significant Subsidiary” after giving effect to the proviso in the immediately preceding sentence.

“Specified Dollar Amount” means

the maximum cash amount per $1,000 principal amount of Notes to be received upon conversion as specified (or deemed specified) in the

Settlement Notice related to any converted Notes.

“Specified Repurchase” shall

have the meaning specified in Section 15.01(a).

“Specified Repurchase Date”

shall have the meaning specified in Section 15.01(a).

“Specified Repurchase Date Company Notice”

shall have the meaning specified in Section 15.01(c).

“Specified Repurchase Date Repurchase

Notice” shall have the meaning specified in Section 15.01(b).

“Specified Repurchase Date Repurchase

Price” shall have the meaning specified in Section 15.01(a).

“Spin-Off” shall have the meaning

specified in ‎Section 14.05(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 Entity” shall have

the meaning specified in ‎Section 11.01(a).

“Tax Redemption” shall have

the meaning specified in Section 16.03(a).

“Tax Redemption Date” shall

have the meaning specified in Section 16.03(e).

“Tax Redemption Notice” shall

have the meaning specified in Section 16.03(e).

“Trading Day” means, except

for determining amounts due upon conversion, a day on which (i) trading in the Ordinary Shares (or other security for which a closing

sale price must be determined) generally occurs on the Nasdaq Capital Market or, if the Ordinary Shares (or such other security) are

not then listed on the Nasdaq Capital Market, on the principal other U.S. national or regional securities exchange on which the Ordinary

Shares (or such other security) are then listed or, if the Ordinary Shares (or such other security) are not then listed on a U.S. national

or regional securities exchange, on the principal other market on which the Ordinary Shares (or such other security) are then traded,

and (ii) a Last Reported Sale Price for the Ordinary Shares (or closing sale price for such other security) is available on such securities

exchange or market; provided that if the Ordinary Shares (or such other security) are not so listed or traded, “Trading

Day” means a Business Day; and provided, further, that for the purposes of determining amounts are due upon conversion

only, “Trading Day” means a day on which (i) there is no Market Disruption Event and (ii) trading in the Ordinary

Shares generally occurs on the Nasdaq Capital Market or, if the Ordinary Shares are not then listed on the Nasdaq Capital Market, on

the principal other U.S. national or regional securities exchange on which the Ordinary Shares are then listed or, if the Ordinary Shares

are not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Ordinary Shares are

then listed or admitted for trading, except that if the Ordinary Shares are not so listed or admitted for trading, “Trading

Day” means a Business Day.

“transfer” shall have the meaning

specified in Section 2.05(c).

“Trigger Event” shall have the

meaning specified in ‎Section 14.05(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.

“unit of Reference Property”

shall have the meaning specified in ‎Section 14.08(a).

“Valuation Period” shall have

the meaning specified in ‎Section 14.05(c).

“Wholly Owned Subsidiary” means,

with respect to any Person, any Subsidiary of such Person, except that, solely for purposes of this definition, the reference to “more

than 50%” in the definition of “Subsidiary” shall be deemed replaced by a reference to “100%,” the calculation

of which shall exclude nominal amounts of the voting power of Capital Shares or other interests in the relevant Subsidiary not held by

such person to the extent required to satisfy local minority interest requirements outside of the United States.

Section

1.02 References to Interest. Unless the context otherwise requires, any reference to interest on,

or in respect of, any Note in this Indenture shall be deemed to include Additional Interest if, in such context, Additional Interest is,

was or would be payable pursuant to ‎any of Section 4.06(d), 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 “5.00% Convertible Senior Notes due

2032.” The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially

limited to $310,000,000, 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.

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 Note 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, 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 reduced to reflect redemptions, repurchases, cancellations, conversions, transfers or exchanges

permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes

represented thereby shall be made by the Trustee or the Note Custodian, at the direction of the Trustee, in such manner and upon instructions

given by the Holder of such Notes in accordance with this Indenture. Payment of principal (including the Redemption Price, the Fundamental

Change Repurchase Price and the Specified Repurchase Date Repurchase Price, if applicable) of, and accrued and unpaid interest on, a

Global Note shall be made to the Holder of such Note on the date of payment, unless a record date or other means of determining Holders

eligible to receive payment is provided for herein.

Section 2.03 Date and Denomination of

Notes; Payments of Interest and Defaulted Amounts.

(a) The Notes shall be issuable

in registered form without coupons in minimum denominations of $1,000 principal amount and integral multiples thereof. Each Note shall

be dated the date of its authentication and shall bear interest from the date specified on the face of such Note. Accrued interest on

the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of

the number of days actually elapsed in a 30-day month.

(b) The Person in whose name any

Note (or its Predecessor Note) is registered on the Note Register at the close of business on any Regular Record Date with respect to

any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date. The principal amount of any

Note (x) in the case of any Physical Note, shall be payable at the Corporate Trust Office of the Trustee 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 (to the extent funded by the Company), interest (i) on any Physical Notes (A) to

Holders holding Physical Notes having an aggregate principal amount of $5,000,000 or less, by check mailed (at the Company’s expense)

to the Holders of these Notes at their addresses as they appear in the Note Register and (B) to Holders holding Physical Notes having

an aggregate principal amount of more than $5,000,000, either by check mailed (at the Company’s expense) to each such Holder or,

upon application by such a Holder to the Trustee 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 Trustee 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.

forthwith cease to be payable to the Holder on the relevant payment date but shall accrue interest per annum at the rate borne by the

Notes, subject to the enforceability thereof under applicable law, from, and including, such relevant payment date (such interest, “Default

Interest”), and such Defaulted Amounts together with such Default Interest thereon shall be paid by the Company, at its election

in each case, as provided in clause (i) or clause (ii) below:

(i) The Company may elect to make

payment of any Defaulted Amounts and Default Interest 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 and Default Interest, which

shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of the Defaulted Amounts and Default

Interest proposed to be paid on each Note and the date of the proposed payment (which shall be not less than 25 days after the receipt

by the Trustee of such notice, unless the Trustee shall consent to an earlier date), and at the same time the Company shall deposit with

the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Amounts and Default Interest 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 and Default Interest as in this clause

provided. Thereupon the Company shall fix a special record date for the payment of such Defaulted Amounts and Default Interest which

shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment, and not less than 10 days after the

receipt by the Trustee of the notice of the proposed payment (unless the Trustee shall consent to an earlier date). The Company shall

promptly notify the Trustee 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 Default Interest and the special record date therefor to be delivered to each Holder

not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Amounts and Default Interest

and the special record date therefor having been so delivered, such Defaulted Amounts and Default Interest 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 and Default Interest 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.

The Trustee shall have no responsibility whatsoever

for the calculation of the Defaulted Amounts and Default Interest.

For the avoidance of doubt, the Company may make

payment of any Defaulted Amounts and Default Interest relating to any amounts due upon conversion of the Notes (other than interest)

in a manner other than as provided in Section 2.03(c)(i); provided that such manner would be permitted under the terms of this Indenture

if such amounts due upon conversion were not Defaulted Amounts and Default Interest.

For the avoidance of doubt, if any Defaulted Amounts,

together with any Default Interest thereon, 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 as set forth in Section 6.01 or (ii) if later, the

delivery of any notice of acceleration, in accordance with Section 6.02, with respect to the Event of Default relating to such Default

in the relevant payment, such Default or Event of Default shall be deemed cured and the Notes shall not be subject to acceleration pursuant

to Section 6.02 on account of such Default or Event of 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, facsimile or other electronic

signature of its Chief Executive Officer, President, Chief Financial Officer, Chief Accounting Officer, Treasurer, General Counsel, Secretary,

any of its Executive, Senior Vice Presidents or Directors.

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.

Only such Notes as shall bear thereon a certificate

of authentication substantially in the form set forth on the Form of Note attached as Exhibit A hereto, executed manually by an authorized

signatory of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 17.10), shall be entitled to the benefits of

this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee (or such an authenticating agent) upon any

Note executed by the Company shall be conclusive evidence that the Note so authenticated has been duly authenticated and delivered hereunder

and that the Holder is entitled to the benefits of this Indenture.

In case any Officer of the Company who shall have

signed any of the Notes shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered by the

Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or disposed of as though the person

who signed such Notes had not ceased to be such Officer of the Company; and any Note may be signed on behalf of the Company by such persons

as, at the actual date of the execution of such Note, shall be the Officers of the Company, although at the date of the execution of

this Indenture any such person was not such an Officer.

Section 2.05 Exchange and Registration

of Transfer of Notes; Restrictions on Transfer; Depositary.

(a) The Company shall cause to

be kept at the Corporate Trust Office a register (the register maintained in such office or in any other office or agency of the Company

designated pursuant to Section 4.02, the “Note Register”) in which, subject to such reasonable regulations as it may prescribe,

the Company shall provide for the registration of Notes and of transfers of Notes. Such register shall be in written form or in any form

capable of being converted into written form within a reasonable period of time. The Trustee is hereby initially appointed the “Note

Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. The Company may appoint one or more

co-Note Registrars in accordance with Section 4.02.

Upon surrender for registration of transfer

of any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such transfer set forth in this

Section 2.05, the Company shall execute, and the Trustee, upon receipt of a Company Order, shall authenticate and deliver, in the name of the designated

transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount and bearing

such restrictive legends as may be required by this Indenture.

Notes may be exchanged for other

Notes of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at any

such office or agency maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for exchange, the Company shall

execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive,

bearing registration numbers not contemporaneously outstanding.

All Notes presented or surrendered for

registration of transfer or for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the Note Registrar

or any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory

to the 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 transfer agent or the Note Registrar 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 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 or

the Note Registrar shall be required to exchange or register a transfer of (1) any Notes selected for Redemption in accordance with ‎Article

16, except the unredeemed portion of any Note being redeemed in part, (2) any Notes surrendered for conversion or, if a portion of any

Note is surrendered for conversion, such portion thereof surrendered for conversion or (3) any Notes, or a portion of any Note, surrendered

for repurchase (and not withdrawn) in accordance with Article 15 upon a Fundamental Change or the Specified Repurchase.

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 sixth-to-last paragraph of

Section 2.05(c), all Notes shall be represented by one or more Notes in global form (each, a “Global Note”)

registered in the name of the Depositary or the nominee of the Depositary. Each Global Note shall bear the legend required on a

Global Note set forth in Exhibit A hereto. The transfer and exchange of beneficial interests in a Global Note that does not

involve the issuance of a Physical Note shall be effected through the Depositary (but not the Trustee or the Note Custodian) in

accordance with this Indenture (including the restrictions on transfer set forth herein) and the Applicable Procedures of the

Depositary therefor.

bear the Restrictive Notes Legend (together with any Ordinary Shares issued upon conversion of the Notes that is required to bear the

legend set forth in Section 2.05(d), collectively, the “Restricted Securities”) shall be subject to the restrictions

on transfer set forth in this Section 2.05(c) (including the Restrictive Notes Legend set forth below), unless such restrictions on transfer

shall be eliminated or otherwise waived by written consent of the Company, and the Holder of each such Restricted Security, by such Holder’s

acceptance thereof, agrees to be bound by all such restrictions on transfer. As used in this Section 2.05(c) and Section 2.05(d), the

term “transfer” encompasses any sale, pledge, transfer or other disposition whatsoever of any Restricted Security.

Until the date (the “Resale

Restriction Termination Date”) that is the later of (1) the date that is one year after the last date of original issuance

of the Notes, or such shorter period of time as permitted by Rule 144 or any successor provision thereto, and (2) such later date, if

any, as may be required by applicable law, any certificate evidencing such Note (and all securities issued in exchange therefor or substitution

thereof, other than Ordinary Shares, if any, issued upon conversion thereof, which shall bear the legend set forth in Section 2.05(d), if applicable)

shall bear a legend in substantially the following form (the “Restrictive Notes Legend”) (unless such Notes have been

transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues

to be effective at the time of such transfer, or sold pursuant to the exemption from registration provided by Rule 144 or any similar

provision then in force under the Securities Act, or unless otherwise agreed by the Company in writing, with notice thereof to the Trustee):

THE OFFER AND SALE OF THIS SECURITY

AND THE ORDINARY SHARES, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,

AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION, AND MAY NOT BE OFFERED, SOLD, PLEDGED

OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN,

THE ACQUIRER:

(1) REPRESENTS THAT IT AND ANY ACCOUNT

FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND

THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND

(2) AGREES FOR THE BENEFIT OF WHITEFIBER,

INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST

HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS

PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED

BY APPLICABLE LAW, EXCEPT:

(A) TO THE COMPANY OR ANY SUBSIDIARY

THEREOF, OR

(B) PURSUANT TO A REGISTRATION

STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

TO BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR

(D) PURSUANT TO AN EXEMPTION FROM

REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE

SECURITIES ACT.

PRIOR TO THE REGISTRATION OF ANY TRANSFER

IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS,

CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE

WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM

THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

No transfer of any Note prior to the

Resale Restriction Termination Date will be registered by the Note Registrar unless the applicable box on the Form of Assignment and

Transfer has been checked.

Any Note (or security issued in

exchange or substitution therefor) (i) as to which such restrictions on transfer shall have expired in accordance with their terms,

(ii) that has been transferred pursuant to a registration statement that has become effective or been declared effective under the

Securities Act and that continues to be effective at the time of such transfer or (iii) that has been sold pursuant to the exemption

from registration provided by Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of such

Note for exchange to the Note Registrar in accordance with the provisions of this Section 2.05, be exchanged for a new Note or

Notes, of like tenor and aggregate principal amount, which shall not bear the Restrictive Notes Legend required by this Section

2.05(c) and shall not be assigned a restricted CUSIP number. The Company shall be entitled to instruct the Custodian in writing to

so surrender any Global Note as to which any of the conditions set forth in clause (i) through (ii) of the immediately preceding

sentence have been satisfied, and, upon such instruction, the Custodian shall so surrender such Global Note for exchange; and any

new Global Note so exchanged therefor shall not bear the Restrictive Notes Legend specified in this Section 2.05(c) and shall not be

assigned a restricted CUSIP number. In addition, the Company may effect the removal of the Restrictive Notes Legend upon the

Company’s delivery to the Trustee of written notice to such effect, whereupon the Restrictive Notes Legend set forth above and

affixed on any Note shall be deemed, in accordance with the terms of the certificate representing such Note, to be removed therefrom

without further action by the Company, the Trustee, the Holder(s) thereof or any other Person; at such time, such Note shall be

deemed to be assigned an unrestricted CUSIP number as provided in the certificate representing such Note, it being understood,

including for purposes of Section 4.06(e), that the Depositary of any Global Note may require a mandatory exchange or other process

to cause such Global Note to be identified by an unrestricted CUSIP number in the facilities of such Depositary. The Company shall

promptly notify the Trustee in writing upon the occurrence of the Resale Restriction Termination Date and promptly after a

registration statement, if any, with respect to the Notes or any Ordinary Shares issued upon conversion of the Notes has become or

been declared effective under the Securities Act.

Notwithstanding any other provisions

of this Indenture (other than the provisions set forth in this Section 2.05(c)), a Global Note may not be transferred as a whole or in part except (i)

by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary

or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary and (ii) for exchange of

a Global Note or a portion thereof for one or more Physical Notes in accordance with the second immediately succeeding paragraph.

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 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor depositary

is not appointed within 90 days or (iii) an Event of Default with respect to the Notes has occurred and is continuing and, subject to

the Depositary’s Applicable Procedures, a beneficial owner of any Global Note requests that its beneficial interest therein be

issued as a Physical 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 Physical Note to

such beneficial owner in a principal amount equal to the principal amount of such Note corresponding to such beneficial owner’s

beneficial interest and (y) in the case of clause ‎(i) or ‎(ii), Physical Notes to each beneficial owner of the related Global

Notes (or a portion thereof) in an aggregate principal amount equal to the aggregate principal amount of such Global Notes in exchange

for such Global Notes, and upon delivery of the Global Notes to the Trustee such Global Notes shall be canceled.

Physical Notes issued in exchange

for all or a part of the Global Note pursuant to this Section 2.05(c) shall be registered in such names and in such authorized

denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, or, in the case of

clause (iii) of the immediately preceding paragraph, the relevant beneficial owner, shall instruct the Trustee. Upon execution

and authentication, the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes are so

registered.

At such time as all interests in a Global

Note have been converted, canceled, repurchased upon a Fundamental Change or the Specified Repurchase, 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 Note Custodian. At any time prior to such cancellation, if any interest in a Global Note is exchanged

for Physical Notes, converted, canceled, repurchased upon a Fundamental Change or the Specified Repurchase, redeemed or transferred to

a transferee who receives Physical Notes therefor or any Physical Note is exchanged or transferred for part of such Global Note, the

principal amount of such Global Note shall, in accordance with the standing procedures and instructions existing between the Depositary

and the Note Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such Global Note,

by the Trustee or the Note Custodian, at the direction of the Trustee, to reflect such reduction or increase.

None of the Company, the Trustee (including

in its capacity as Paying Agent) 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 beneficial ownership interests of a Global Note or maintaining, supervising or reviewing any

records relating to such beneficial ownership interests.

The Trustee shall have no obligation

or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable

law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants or beneficial

owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are

expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine

substantial compliance as to form with the express requirements hereof.

Neither the Company nor the Trustee,

Paying Agent or Conversion Agent shall have any responsibility or liability for any actions taken or not taken by the Depositary.

(d) Until the Resale Restriction

Termination Date, any share certificate representing Ordinary Shares issued upon conversion of a Note shall bear a legend in substantially

the following form (unless such share has been transferred pursuant to a registration statement that has become or been declared effective

under the Securities Act and that continues to be effective at the time of such transfer, or pursuant to the exemption from registration

provided by Rule 144 or any similar provision then in force under the Securities Act, or such Ordinary Shares have been issued upon conversion

of a Note that has been transferred pursuant to a registration statement that has become or been declared effective under the Securities

Act and that continues to be effective at the time of such transfer, or pursuant to the exemption from registration provided by Rule

144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company with written notice thereof

to the Trustee and any transfer agent for the Ordinary Shares):

THIS SECURITY HAS NOT BEEN REGISTERED

UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION, AND

MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF

OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

(1) REPRESENTS THAT IT AND ANY ACCOUNT

FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND

THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND

(2) AGREES FOR THE BENEFIT OF WHITEFIBER,

INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST

HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE OF THE SERIES OF NOTES UPON THE CONVERSION

OF WHICH THIS SECURITY WAS ISSUED OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION

THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:

(A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF,

(B) PURSUANT TO A REGISTRATION STATEMENT

WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR

(D) PURSUANT TO AN EXEMPTION FROM REGISTRATION

PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

PRIOR TO THE REGISTRATION OF ANY TRANSFER

IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE COMPANY’S TRANSFER AGENT FOR THE ORDINARY SHARES RESERVE THE RIGHT

TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE

THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION

IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

Any such Ordinary Shares (i) as to which

such restrictions on transfer shall have expired in accordance with their terms, (ii) that have been transferred pursuant to a registration

statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such

transfer or (iii) that have been sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then

in force under the Securities Act, may, upon surrender of the certificates representing such shares of Ordinary Shares for exchange in

accordance with the procedures of the transfer agent for the Ordinary Shares, be exchanged for a new certificate or certificates for

a like aggregate number of Ordinary Shares, which shall not bear the restrictive legend required by this Section 2.05(d).

The Trustee shall have no obligation

or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable

law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants or beneficial

owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are

expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine

substantial compliance as to form with the express requirements hereof.

Any Note or restricted Ordinary Shares

issued upon the conversion or exchange of a Note that is repurchased or owned by the Company or any Affiliate of the Company (or any

Person who was an Affiliate of the Company at any time during the three months immediately preceding) may not be resold by the Company

or such Affiliate (or such Person, as the case may be) unless registered under the Securities Act or resold pursuant to an exemption

from the registration requirements of the Securities Act in a transaction that results in such Note or Ordinary Shares, as the case may

be, no longer being a “restricted security” (as defined under Rule 144).

Section 2.06 Mutilated, Destroyed, Lost

or Stolen Notes. In case any Note shall become mutilated or be destroyed, lost or stolen, the Company in its discretion may execute,

and upon 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, 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 required in connection

therewith as a result of the name of the Holder of the new substitute Note being different from the name of the Holder of the old

Note that became mutilated or was destroyed, lost or stolen. In case any Note that has matured or is about to mature or has been

surrendered for required repurchase upon a Fundamental Change or the Specified 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, liability, cost or expense caused by or connected with such

substitution, and, in every case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if

applicable, any Paying Agent or Conversion Agent evidence of their satisfaction of the destruction, loss or theft of such Note and

of the ownership thereof.

Every substitute Note issued

pursuant to the provisions of this Section 2.06 by virtue of the fact that any Note is destroyed, lost or stolen shall constitute an

additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time, and

shall be entitled to all the benefits of (but shall be subject to all the limitations set forth in) this Indenture equally and

proportionately with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and

owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement, payment, redemption,

conversion or repurchase of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies

notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement, payment,

redemption, conversion or repurchase of negotiable instruments or other securities without their surrender.

Section 2.07 Temporary Notes. Pending

the preparation of Physical Notes, the Company may execute and the Trustee or an authenticating agent appointed by the Trustee shall,

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

in any authorized denomination, and substantially in the form of the Physical Notes but with such omissions, insertions and variations

as may be appropriate for temporary Notes, all as may be determined by the Company. Every such temporary Note shall be executed by the

Company and authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same manner,

and with the same effect, as the Physical Notes. Without unreasonable delay, the Company shall execute and deliver to the Trustee or

such authenticating agent Physical Notes (other than any Global Note) and thereupon any or all temporary Notes (other than any Global

Note) may be surrendered in exchange therefor, at each office or agency maintained by the Company pursuant to Section 4.02 and the Trustee

or such authenticating agent shall authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount

of Physical Notes. Such exchange shall be made by the Company at its own expense and without any charge therefor. Until so exchanged,

the temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as

Physical Notes authenticated and delivered hereunder.

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 or the Specified Repurchase, Redemption, registration of transfer or exchange or conversion (other than any Notes exchanged pursuant

to Section 14.13), if surrendered to the Company or any of the Company’s agents or Subsidiaries, to be surrendered to the Trustee for cancellation,

and they will no longer be considered “outstanding” under this Indenture upon their payment at maturity, repurchase upon

a Fundamental Change or the Specified Repurchase, Redemption, registration of transfer or exchange or conversion, as the case may be.

All Notes delivered to the Trustee shall, upon receipt of a written request in a Company Order, be canceled promptly by it in accordance

with its customary procedures. 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 cancel Notes in accordance with its customary procedures and, after such cancellation, shall deliver

evidence of such cancellation 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 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 under this Indenture with the same terms as the Notes initially issued hereunder (except

for any differences in the issue price, the issue date and interest accrued, if any, and, if applicable, restrictions on transfer in

respect of such additional Notes) in an unlimited aggregate principal amount; provided that if any such additional Notes are not

fungible with the Notes initially issued hereunder for U.S. federal income tax or securities law purposes, such additional Notes shall

have one or more separate CUSIP numbers. Prior to the issuance of any such additional Notes, the Company shall deliver to the Trustee

a Company Order, an Officer’s Certificate and an Opinion of Counsel, such Officer’s Certificate and Opinion of Counsel to

cover such matters, in addition to those required by Section 17.05, as the Trustee shall reasonably request. In addition, the Company may, to the

extent permitted by law, and directly or indirectly (regardless of whether such Notes are surrendered to the Company), repurchase Notes

in the open market or otherwise, whether by the Company or its Subsidiaries or through a privately negotiated transaction or public tender

or exchange offer or through counterparties to private agreements, including by cash-settled swaps or other derivatives, in each case,

without the consent of or notice to the Holders of the Notes. The Company may, at its option and to the extent permitted by applicable

law (and subject to the provisions of Section 2.08), reissue, resell or surrender to the Trustee for cancellation any Notes that it may

repurchase, in the case of a reissuance or resale, so long as such Notes do not constitute “restricted securities” (as defined

under Rule 144) upon such reissuance or resale; provided that if any such reissued or resold Notes are not fungible with the Notes

initially issued hereunder for U.S. federal income tax or securities law purposes, such reissued or resold Notes shall have one or more

separate CUSIP numbers. Any Notes that the Company may repurchase shall be considered outstanding for all purposes under this Indenture

(other than, at any time when such Notes are held by the Company, by any Subsidiary thereof or by any Affiliate of the Company or any

Subsidiary thereof, as set forth in Section 8.04) unless and until such time as the Company surrenders them to the Trustee for cancellation and,

upon receipt of a Company Order, the Trustee shall cancel all Notes so surrendered.

Article

Satisfaction and Discharge

Section

3.01 Satisfaction and Discharge. (a) This Indenture and the Notes shall cease to be of further effect when (i) all

Notes theretofore authenticated and delivered (other than (x) Notes which have been destroyed, lost or stolen and which have been

replaced, paid or converted as provided in Section 2.06 hereof and (y) Notes for whose payment money has heretofore been deposited

in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as

provided in Section 4.04(d)) have been delivered to the Trustee for cancellation or (ii) the Company has deposited with the Trustee or delivered to

Holders, as applicable, after the Notes have become due and payable, whether on the Maturity Date, any Redemption Date, the

Specified Repurchase Date, any Fundamental Change Repurchase Date, upon conversion or otherwise, cash or, solely to satisfy the

Company’s Conversion Obligation, cash, Ordinary Shares or a combination thereof, as applicable, sufficient to pay all of the

outstanding Notes and all other sums due and payable under this Indenture and the Notes by the Company and (b) the Trustee, upon

request of the Company contained in an Officer’s Certificate and at the expense of the Company, shall execute such instruments

reasonably requested by the Company acknowledging such satisfaction and discharge of this Indenture and the Notes, when the Company

has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent

herein provided for relating to the satisfaction and discharge of this Indenture and the Notes have been complied with.

Notwithstanding the satisfaction and discharge of this Indenture and the Notes, the obligations of the Company to the Trustee (in

each of its capacities) 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 pay or cause to be paid the principal (including the Redemption Price, the

Fundamental Change Repurchase Price and the Specified Repurchase Date Repurchase Price, if applicable) of, and accrued and unpaid interest

on, each of the Notes at the places, at the respective times and in the manner provided herein and in the Notes.

Section 4.02 Maintenance of Office or

Agency. The Company will maintain within the contiguous United States of America, an office or agency where the Notes may be surrendered

for registration of transfer or exchange or for presentation for payment or repurchase (“Paying Agent”) or for conversion

(“Conversion Agent”) and where notices and demands to or upon the Company in respect of the Notes and this Indenture

may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office

or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee

with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office or

the office or agency of the Trustee within the contiguous United States of America.

The Company may also from time to time designate

as co-Note Registrars one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes

and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the

Company of its obligation to maintain an office or agency within the contiguous United States of America, for such purposes. The Company

will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other

office or agency. The terms “Paying Agent” and “Conversion Agent” include any such additional or other offices

or agencies, as applicable.

The Company hereby initially designates the Trustee

as the Paying Agent, Note Registrar, Custodian and Conversion Agent and the Corporate Trust Office as the office or agency within the

contiguous United States of America, where Notes may be surrendered for registration of transfer or exchange or for presentation for

payment or repurchase or for conversion and where notices and demands to or upon the Company in respect of the Notes and this Indenture

may be served; provided that the Corporate Trust Office shall not be a place for service of legal process for the Company.

Section 4.03 Appointments to Fill Vacancies

in Trustee’s Office. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in

the manner provided in Section 7.09, a Trustee, so that there shall at all times be a Trustee hereunder.

Section 4.04 Provisions as to Paying

Agent. (a) If the Company shall appoint a Paying Agent other than the Trustee, the Company will cause such Paying Agent to execute

and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section

4.04:

(i) that it will hold all sums held

by it as such agent for the payment of the principal (including the Redemption Price, the Fundamental Change Repurchase Price and the

Specified Repurchase Date Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes in trust for the benefit

of the Holders;

(ii) that it will give the Trustee

prompt written notice of any failure by the Company to make any payment of the principal (including the Redemption Price, the Fundamental

Change Repurchase Price and the Specified Repurchase Date 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, the Fundamental Change Repurchase Price and the Specified Repurchase Date 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, the Fundamental Change Repurchase Price and the Specified Repurchase Date Repurchase Price, if applicable)

or accrued and unpaid interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing

of any failure to take such action; provided that if such deposit is made on the due date, such deposit must be received by the Paying

Agent by 11:00 a.m., New York City time, on such date.

(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, the Fundamental Change Repurchase

Price and the Specified Repurchase Date Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes, set aside,

segregate and hold in trust for the benefit of the Holders of the Notes a sum sufficient to pay such principal (including the Redemption

Price, the Fundamental Change Repurchase Price and the Specified Repurchase Date 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, the Fundamental Change Repurchase Price and the Specified

Repurchase Date Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes when the same shall become due and

payable.

4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction and discharge of

this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held in trust by the

Company or any Paying Agent hereunder as required by this Section 4.04, such sums or amounts to be held by the Trustee upon the trusts herein

contained and upon such payment or delivery by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent

shall be released from all further liability but only with respect to such sums or amounts.

(d) Subject to applicable escheatment

laws, any money and Ordinary Shares 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, the Fundamental Change Repurchase Price and the Specified Repurchase Date Repurchase

Price, if applicable) of, accrued and unpaid interest on and the consideration due upon conversion of any Note and remaining unclaimed

for two years after such principal (including the Redemption Price, the Fundamental Change Repurchase Price and the Specified Repurchase

Date 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 Ordinary Shares, and all liability of the

Company as trustee thereof, shall thereupon cease.

(e) Upon any Event of Default

pursuant to Section 6.01(h) or Section 6.01(i), the Trustee shall automatically become the Paying Agent if the Trustee is not the Paying

Agent at such time.

Section 4.05 Existence. Subject to

Article 11, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.

Section 4.06 Rule 144A Information Requirement

and Annual Reports.

(a) At any time the Company is

not subject to Section 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Notes or any Ordinary Shares issuable

upon conversion thereof shall, at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3) under

the Securities Act, promptly provide to the Trustee and, upon written request, provide to any Holder, beneficial owner or prospective

purchaser of such Notes or any Ordinary Shares 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 Ordinary Shares pursuant to Rule 144A.

(b) The Company shall file

with the Trustee a copy of any documents or reports that the Company is required to file with the Commission pursuant to Section 13

or 15(d) of the Exchange Act (excluding any such information, documents or reports, or portions thereof, subject to confidential

treatment and any correspondence with the Commission) 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 or any successor rule), which grace

period, for the avoidance of doubt, shall be deemed applicable whether or not the Company checks the box in the relevant Rule 12b-25

filing indicating that it expects to file such report within the applicable Rule 12b-25 grace period. Any such document or report

that the Company files with the Commission via the Commission’s EDGAR system (or any successor system) shall be deemed to be

filed with the Trustee for purposes of this Section 4.06 at the time such document or report is filed via the EDGAR system (or such

successor system). For the avoidance of doubt, any failure by the Company to comply with its obligations as set forth in this

Section 4.06(b) shall not constitute an Event of Default pursuant to Section 6.01(f) unless (i) the Company has received written

notice from the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding of such failure

and (ii) the Company has not cured such failure during the 60 consecutive days after the Company’s receipt of such notice.

and documents described in subsection (b) above to the Trustee is for informational purposes only, and the Trustee’s receipt of

such shall not constitute actual or constructive notice of any information contained therein or determinable from information

contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled

to conclusively rely on an Officer’s Certificate). The Trustee shall have no liability or responsibility for the filing,

timeliness or content of any such reports. If the Notes become convertible into Reference Property consisting in whole or in part of

Capital Shares of any parent company of the Company pursuant to the terms of this Indenture and such parent company provides a full

and unconditional guarantee of the Notes, the Commission reports of such parent company shall be deemed to satisfy the foregoing

reporting requirements of this Section 4.06.

(d) If, at any time during the

six-month period beginning on, and including, the date that is six months after the last date of original issuance of the Notes, the

Company fails to timely file any report or other materials that it is required to file with the Commission pursuant to Section 13 or

15(d) of the Exchange Act, as applicable (other than current reports on Form 8-K and after giving effect to all applicable grace periods

under the Exchange Act, including any grace period provided by Rule 12b-25 (or any successor rule), which grace period for the avoidance

of doubt, shall be deemed applicable whether or not the Company checks the box in the relevant Rule 12b-25 filing indicating it expects

to file such report within the applicable Rule 12b-25 grace period), or the Notes are not otherwise freely tradable, the Company shall

pay Additional Interest on the Notes. Such Additional Interest shall accrue on the Notes at the rate of: (i) 0.25% per annum of the principal

amount of the Notes outstanding for each of the first 90 days and (ii) 0.50% per annum of the principal amount of the Notes outstanding

for each day from, and including, the 91st day during such period for which the Company’s failure to file has occurred and is continuing

or the Notes are not otherwise freely tradable. As used in this Section 4.06(d), documents or reports that the Company is required to

“file” with the Commission pursuant to Section 13 or 15(d) of the Exchange Act does not include documents or reports that

the Company furnishes to the Commission pursuant to Section 13 or 15(d) of the Exchange Act. For purposes of this Section 4.06(d), the

phrase “restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes” shall not include, for

the avoidance of doubt, the assignment of a restricted CUSIP number or the existence of the Restrictive Notes Legend on Notes in compliance

with Section 2.05(c), in either case, during the six-month period described in this Section 4.06(d).

(e) If, and for so long as, the

Restrictive Notes Legend on the Notes specified in Section 2.05(c) has not been removed, the Notes are assigned a restricted CUSIP number

or the Notes are not otherwise freely tradable as of the De-Legending Deadline Date, 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 until the Restrictive Notes Legend on the Notes

has been removed in accordance with Section 2.05(c), the Notes are assigned an unrestricted CUSIP number and the Notes are freely tradable;

provided, however, 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 any Holder or beneficial owner of the Notes requesting that the Company comply with its obligations

described in this Section 4.06(e) (which notice may be given at any time after the 330th day after the last date of original issuance

of the Notes), it being understood and agreed that in no event shall Additional Interest accrue or be owed pursuant to this Section 4.06(e)

for any period prior to the 380th day after the last date of original issuance of the Notes.

(f) [Reserved]

(g) Subject to Section 4.06 (j),

Additional Interest will be payable in arrears on each Interest Payment Date following accrual in the same manner as regular interest

on the Notes.

(h) Subject to the immediately succeeding sentence, the Additional Interest

that is payable in accordance with Section 4.06(d) or Section 4.06(e) shall be in addition to any Additional Interest that may accrue

at the Company’s election as the sole remedy relating to the failure to comply with the Company’s Reporting Obligations pursuant

to Section 6.03. However, in no event shall Additional Interest payable for the Company’s failure to comply with its obligations

to file any report or other materials that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the

Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder and other than current reports on Form 8-K),

as set forth in Section 4.06(d), together with any Additional Interest in respect of an Event of Default that may accrue at the Company’s

election as a result of the Company’s failure to comply with its Reporting Obligations pursuant to Section 6.03, accrue at a rate

in excess of 0.50% per annum pursuant to this Indenture, regardless of the number of events or circumstances giving rise to the requirement

to pay such Additional Interest.

(i) If Additional Interest is

payable by the Company pursuant to Section 4.06(d) or 4.06(e), the Company shall deliver to the Trustee an Officer’s

Certificate to that effect stating (i) the amount of such Additional Interest that is payable and (ii) the date on which such

Additional Interest is payable. Unless and until a Responsible Officer of the Trustee receives at the Corporate Trust Office such

Officer’s Certificate, the Trustee may conclusively assume without inquiry that no such Additional Interest is payable. If the

Company has paid Additional Interest directly to the Persons entitled to it, the Company shall deliver to the Trustee an

Officer’s Certificate setting forth the particulars of such payment.

(j) If Additional Interest begins

to accrue on any Global Note on or after the close of business on a Regular Record Date and prior to the open of business on the corresponding

Interest Payment Date, the Additional Interest that accrues during such period will be due on the Interest Payment Date next succeeding

such corresponding Interest Payment Date, and no interest shall accrue in respect of such delay.

Section 4.07 Stay, Extension and Usury

Laws. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any

manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would prohibit or forgive

the Company from paying all or any portion of the principal of or interest on the Notes as contemplated herein, wherever enacted, now

or at any time hereafter in force, or that may affect the covenants or the performance of this Indenture; and the Company (to the extent

it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to

any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution

of every such power as though no such law had been enacted.

Section 4.08 Compliance Certificate;

Statements as to Defaults. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company

(beginning with the fiscal year ended on December 31, 2026) an Officer’s Certificate stating whether the signers thereof have knowledge

of any Event of Default that occurred during the previous year that is then continuing and, if so, specifying each such failure and the

nature thereof. In addition, the Company shall deliver to the Trustee within 30 days after obtaining knowledge of the occurrence of any

Default or Event of Default if such Default or Event of Default is then continuing, an Officer’s Certificate setting forth the

details of such Default or Event of Default, its status and the action that the Company is taking or proposing to take in respect thereof;

provided that the Company is not required to deliver such notice if such Default or Event of Default has been cured.

Section 4.09 Further Instruments and

Acts. Upon request of the Trustee, the Company shall 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.

Section 4.10 Additional Amounts.

(a) All payments and deliveries made by, or on

behalf of, the Company or any successor to the Company under or with respect to the Notes, including payments of principal (including,

if applicable, the Redemption Price, the Fundamental Change Repurchase Price and the Specified Repurchase Date Repurchase Price), payments

of interest and payments of cash and/or deliveries of Ordinary Shares (together with payments of cash for any fractional Ordinary Shares)

upon conversion of the Notes, will be made without withholding or deduction for, or on account of, any present or future taxes, duties,

assessments or governmental charges of whatever nature imposed or levied by or within any jurisdiction in which the Company or any successor

to the Company is, for tax purposes, organized or resident or doing business (each, as applicable, a “Relevant Taxing Jurisdiction”)

or from or through which payment is made or deemed made (together with each Relevant Taxing Jurisdiction, a “Relevant Jurisdiction,”

and in each case, any political subdivision or taxing authority thereof or therein), unless such withholding or deduction is required

by law or by regulation or governmental policy having the force of law. In the event that any such withholding or deduction is so required,

other than with respect to any such withholding or deduction in respect of payments of cash and/or deliveries of Ordinary Shares (together

with payments of cash for any fractional Ordinary Shares) upon conversion of Notes, the Company shall pay to each Holder such additional

amounts (“Additional Amounts”) as may be necessary to ensure that the net amount received by the Holders after such

withholding or deduction (and after deducting any taxes on the Additional Amounts) will equal the amounts that would have been received

by such Holders had no such withholding or deduction been required; provided that no Additional Amounts will be payable:

(i) for or on account of:

(1)

any tax, duty, assessment or other governmental charge that would not have

been imposed but for:

(A)

the existence of any present or former connection between the Holder or

beneficial owner of such Note and the Relevant Jurisdiction, other than merely holding such Note or the receipt of payments thereunder,

including such Holder or beneficial owner being or having been a national, domiciliary or resident of such Relevant Jurisdiction

or treated as a resident thereof or being or having been physically present or engaged in a trade or business therein or having or

having had a permanent establishment therein;

(B)

in cases where presentation of such Notes is required to receive such payment

or delivery, the presentation of such Note more than 30 days after the later of the date on which the payment of the principal of

(including the Redemption Price, the Specified Repurchase Date Repurchase Price and the Fundamental Change Repurchase Price, if applicable)

and interest on such Note became due and payable or deliverable pursuant to the terms thereof or was made or duly provided for;

(C)

the failure of the Holder or beneficial owner to comply with a timely request

from the Company or any successor of the Company, addressed to the Holder, to provide certification, information, documents or other

evidence concerning such Holder’s or beneficial owner’s nationality, residence, identity or connection with the Relevant

Jurisdiction, or to make any declaration or satisfy any other reporting requirement relating to such matters, if and to the extent

that due and timely compliance with such request is required by statute, regulation or administrative practice of the Relevant Jurisdiction

in order to reduce or eliminate any withholding or deduction as to which Additional Amounts would have otherwise been payable; or

(D)

the presentation of such Note (in cases in which presentation is required)

for payment in the Relevant Jurisdiction, unless such Note could not have been presented for payment elsewhere;

(2)

any tax, duty, assessment or other governmental charge that is imposed

in connection with any payments or deliveries that are made upon conversion of the notes, whether made in cash, cash and ordinary

shares or other consideration, and including, for the avoidance of doubt, any payments of cash for any fractional shares or other

consideration;

(3)

any estate, inheritance, gift, sale, transfer, excise, personal property

or similar tax, assessment or other governmental charge;

(4)

any tax, duty, assessment or other governmental charge that is payable

otherwise than by withholding or deduction from payments or deliveries under or with respect to the Notes;

(5)

any tax, assessment, withholding or deduction required by sections 1471

through 1474 of the Code (“FATCA”), any current or future Treasury regulations or rulings promulgated thereunder,

any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA, any intergovernmental agreement between

the United States and any other jurisdiction to implement FATCA or any law enacted by such other jurisdiction to give effect to such

agreement, or any agreement with the U.S. Internal Revenue Service under FATCA; or

(6)

any combination of taxes, duties, assessments

or other governmental charges referred to in the preceding clauses (1), (2), (3), (4) or (5); or

(ii) with respect to any payment

of the principal of (including the Redemption Price, the Specified Repurchase Date Repurchase Price and the Fundamental Change Repurchase

Price, if applicable) and interest on such Note, if the Holder is a fiduciary, partnership or person other than the sole beneficial owner

of that payment to the extent that such payment would be required to be included in the income under the laws of the Relevant Jurisdiction,

for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a partner or member of that partnership or a beneficial

owner, in each case, that would not have been entitled to such Additional Amounts had that beneficiary, settlor, partner, member or beneficial

owner been the Holder thereof.

As a result of these provisions, there are circumstances in which

taxes could be withheld or deducted, but Additional Amounts would not be payable with respect to Notes held for some or all beneficial

owners of Notes.

(b) The Trustee and the Paying

Agent shall also be entitled to make any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or

otherwise imposed pursuant to FATCA and any regulations or agreements thereunder or official interpretations thereof.

Sections 4.10(a) and (b), the Company or any successor to the Company will also pay and indemnify each Holder and beneficial owner of

Notes for any present or future stamp, issue, registration, value added, transfer, court or documentary taxes, or any other excise, property

or similar taxes (including penalties, interest and any other reasonable expenses related thereto) which are levied by any Relevant Taxing

Jurisdiction (and in the case of enforcement, any jurisdiction) on or in connection with the execution, delivery, registration or enforcement

of any of the Notes, this Indenture or any other document or instrument referred to in the Indenture.

(d) Any reference in this Indenture or the Notes in any context to the

payment of principal of (including the Redemption Price, the Specified Repurchase Date Repurchase Price and the Fundamental Change Repurchase

Price, if applicable) and interest on any Note or any other amount payable with respect to such Note (other than the payment of cash and/or

the delivery of Ordinary Shares (together with the payment of cash for any fractional Ordinary Share) upon conversion of any Note), such

reference shall be deemed to include payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or

would be payable in respect to that amount pursuant to this Section 4.10.

(e) If the Company or its successor

is required to make any deduction or withholding from any payments or deliveries with respect to the Notes, it will deliver to the Trustee

official tax receipts evidencing the remittance to the relevant tax authorities of the amounts so withheld or deducted or, if such receipts

are not obtainable, other evidence of payments reasonably satisfactory to the Trustee. Upon request, copies of those receipts or other

evidence of payments, as the case may be, will be made available by the Paying Agent to the Holders or beneficial owners of the Notes.

(f) The Trustee shall have no

obligation to determine whether any Additional Amounts are payable under this Indenture or the amount thereof.

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 15 days after

each Regular Record Date in each year beginning with the February 15, 2027 Regular Record Date, and at such other times as the Trustee

may request in writing, within 30 days after receipt by the Company of any such request (or such lesser time as the Trustee may reasonably

request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form as the Trustee may reasonably

require of the names and addresses of the Holders as of a date not more than 15 days (or such other date as the Trustee may reasonably

request in order to so provide any such notices) prior to the time such information is furnished, except that no such list need be furnished

so long as the Trustee is acting as Note Registrar.

Section 5.02 Preservation and Disclosure

of Lists. The Trustee shall preserve, in as current a form as is reasonably practicable,

all information as to the names and addresses of the Holders contained in the most recent list furnished to it as provided in Section

5.01 or maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee may destroy any list furnished to it as

provided in Section 5.01 upon receipt of a new list so furnished.

Article

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 or Additional Amounts, if any, 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 Redemption, upon any required repurchase, upon declaration of acceleration

or otherwise;

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 five (5) Business Days;

(d) failure by the Company to issue a Fundamental Change Company Notice

in accordance with Section 15.02, a notice of a Make-Whole Fundamental Change in accordance with Section 14.03(a) or a notice of a specified

distribution in accordance with Section 14.09(d), in each case, when due, and such failure continues for five (5) Business Days;

(e) failure by the Company to comply with its obligations under ‎Article

11;

(f) failure by the Company for

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 or

any Significant Subsidiary 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 (which, for the avoidance of doubt, shall not include any obligations

due under any foreign exchange, currency option, currency swap or other similar transaction) with a principal amount in excess of $20,000,000

(or the foreign currency equivalent thereof) in the aggregate by the Company and/or any such Significant Subsidiary, whether such indebtedness

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

maturity date or (ii) constituting a failure to pay the principal of any such indebtedness when due and payable (after the expiration

of all applicable grace periods) at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise and

in each case, such failure to pay or default shall not have been cured or waived, such indebtedness is not paid or discharged, or such

acceleration is not otherwise cured, annulled or rescinded, within thirty (30) days after written notice to the Company by the Trustee

or to the Company and the Trustee by Holders of at least 25% in aggregate principal amount of Notes then outstanding in accordance with

this Indenture;

(h) the Company or any Significant

Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to the

Company or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect

or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company or any such Significant

Subsidiary or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession

by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit

of creditors, or shall fail generally to pay its debts as they become due; or

(i) an involuntary case or other

proceeding shall be commenced against the Company or any Significant Subsidiary seeking liquidation, reorganization or other relief with

respect to the Company or such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter

in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company or such Significant

Subsidiary or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed

for a period of 90 consecutive days.

The Trustee shall not be deemed to have knowledge

of an Event of Default unless and until a Responsible Officer receives written notification of such Event of Default describing the circumstances

of such, and identifying the circumstances constituting such Event of Default and stating that such notification is a notice of default.

Section 6.02 Acceleration; Rescission

and Annulment. If one or more Events of Default shall have occurred and be continuing

(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or

pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), then,

and in each and every such case (other than an Event of Default specified in Section 6.01(h) or Section 6.01(i) with respect to the Company),

unless the principal of all of the Notes shall have already become due and payable, either the Trustee or the Holders of at least 25%

in aggregate principal amount of the Notes then outstanding determined in accordance with Section 8.04, by notice in writing to the Company

(and to the Trustee if given by Holders), may (and the Trustee, at the written request of such Holders accompanied by security and/or

indemnity satisfactory to the Trustee and otherwise subject to the limitations set forth in this Indenture, shall) declare 100% of the

principal of, and accrued and unpaid interest on, all the outstanding Notes to be due and payable immediately, and upon any such declaration

the same shall become and shall automatically be immediately due and payable without any action on part of the Trustee. If an Event of

Default specified in Section 6.01(h) or Section 6.01(i) with respect to the Company occurs and is continuing, 100% of the principal of,

and accrued and unpaid interest, if any, on, all Notes shall become and shall automatically be immediately due and payable. If an Event

of Default occurs and is continuing, the Trustee may pursue, in its own name or as trustee of an express trust, any available remedy by

proceeding at law or in equity to collect the payment of principal of and interest on the Notes or to enforce the performance of any provision

of the notes or this Indenture. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce

any of them in the proceeding. If any portion of the amount payable on the Notes upon acceleration is considered by a court to be unearned

interest (through the allocation of the value of the instrument to the embedded warrant or otherwise), the court could disallow recovery

of any such portion without any action on part of the Trustee.

The immediately preceding paragraph, however, is subject to the conditions

that if, at any time after the principal of the Notes shall have been so declared due and payable, and before any judgment or decree for

the payment of the monies due shall have been obtained or entered as hereinafter provided, and if (1) rescission would not conflict

with any judgment or decree of a court of competent jurisdiction and (2) 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 the Holders of a majority in aggregate

principal amount of the Notes then outstanding, by written notice to the Company and to the Trustee, may waive all Defaults or Events

of Default with respect to the Notes and rescind and annul such declaration and its consequences and such Default shall cease to exist,

and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver

or rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any right consequent

thereon.

For the avoidance of doubt, and without limiting

the manner in which any Default or Event of Default can be cured: (i) a failure by the Company to send a notice in accordance with this

Indenture and any related Default (or Event of Default) shall be deemed cured and shall cease to continue upon delivery of such notice

to the applicable recipient; (ii) if the Company fails to make any payment of principal of or interest on the Notes (or delivery of any

other consideration in respect thereof) when due, such Default (or Event of Default) shall be deemed cured and shall cease to continue

upon the making of such payment or delivery, as applicable, together with any accrued interest thereon, if applicable; and (iii) a Reporting

Event of Default shall be deemed cured and shall cease to continue at such time as the Company files the applicable report or reports

that gave rise to such Reporting Event of Default (it being understood that any report that the Company files with the Commission through

the EDGAR system (or any successor thereto) will be deemed to be filed with the Trustee at the time such report is so filed via the EDGAR

system (or such successor)); provided that, for the avoidance of doubt, (x) the cure of any Event of Default shall not invalidate

any acceleration of the Notes on account of such Event of Default that was properly effected prior to such time as such Event of Default

was cured and (y) the cure of any Reporting Event of Default shall not affect the Company’s obligation to pay any Additional Interest

that accrues prior to the time of such cure. In addition, (i) if a Default that is not an Event of Default is cured or waived before

such Default would have constituted an Event of Default, then no Event of Default will result from such Default and (ii) if an Event

of Default is cured or waived before any related notice of acceleration is delivered, such Event of Default shall be deemed cured and

the Notes shall not be subject to acceleration on account of such Event of Default. For the avoidance of doubt, nothing in the immediately

preceding two sentences shall constitute a waiver of or in any way limit the Trustee’s or any Holder’s right to institute

suit for any damages incurred as a result of an Event of Default under this Indenture even if such Event of Default is subsequently cured.

Section 6.03

Additional Interest. Notwithstanding anything in this Indenture or in the Notes to the contrary,

to the extent the Company elects, the sole remedy for an Event of Default under this Indenture relating to the failure by the Company

to comply with its reporting obligations under ‎Section 4.06(b) (such default, a “Reporting Event of Default” and

the obligations described in the first sentence of Section 4.06(b), the “Reporting Obligations”) shall, after the occurrence

of such an Event of Default, consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to (x) 0.25%

per annum of the principal amount of the Notes outstanding for each day during the period beginning on, and including, the date on which

such an Event of Default first occurs and ending on the earlier of (i) the date on which such Event of Default is cured or validly waived

or (ii) the 180th day immediately following, and including, the date on which such Event of Default first occurred and (y)

if such Event of Default has not been cured or validly waived prior to the 181st day immediately following, and including,

the date on which such Event of Default first occurred, 0.50% per annum of the principal amount of the Notes outstanding for each day

during the period beginning on, and including, the 181st day immediately following, and including the date on which such Event

of Default first occurred and ending on the earlier of (i) the date on which such Event of Default is cured or validly waived or (ii)

the 365th day immediately following, and including, the date on which such Event of Default first occurred.

If the Company so elects, such Additional Interest shall be payable

in the same manner and on the same dates as the stated interest payable on the Notes. On the 366th day after such Event of Default (if

the Event of Default relating to the Company’s failure to comply with the Reporting Obligations is not cured or waived prior to

such 366th day), the Notes shall be subject to acceleration under ‎Section 6.02. The provisions of this ‎Section 6.03 shall not

affect the rights of Holders of Notes in the event of the occurrence of any other Event of Default. In the event the Company does not

elect to pay the Additional Interest following an Event of Default relating to the Reporting Obligations 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 under ‎Section 6.02 as a result of the Event of Default pursuant to Section 6.01(f) is then continuing.

In order to elect to pay the Additional Interest as the sole remedy

during the first 365 days after the occurrence of an Event of Default relating to the failure by the Company to comply with the Reporting

Obligations in accordance with this ‎Section 6.03, the Company must notify in writing all Holders of the Notes, the Trustee and the

Paying Agent (if other than the Trustee) of such election prior to the beginning of such 365-day period. Upon the Company’s failure

to timely give such notice, the Notes shall be immediately subject to acceleration under ‎Section 6.02. The Trustee shall not at any

time be under any duty or responsibility to any Holder of Notes to determine the Additional Interest, or with respect to the nature, extent,

or calculation of the amount of Additional Interest owed, or with respect to the method employed in such calculation of the Additional

Interest.

In no event shall Additional Interest payable at the Company’s

election for failure to comply with its Reporting Obligations pursuant to this Section 6.03, together with any Additional Interest that

may accrue as a result of the Company’s failure to timely file any document or report that the Company is required to file with

the Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods

thereunder and other than current reports on Form 8-K), as set forth in Section 4.06(d) or 4.06(e), 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.

Section

6.04 Payments of Notes on Default; Suit Therefor. If an Event of Default described in ‎Section 6.01(a) or ‎Section

6.01(b) shall have occurred and be continuing, the Company shall, upon demand of the Trustee or the requisite Holders, pay to the Trustee,

for the benefit of the Holders of the Notes, the whole amount then due and payable on the Notes for principal (including the Redemption

Price, the Fundamental Change Repurchase Price and the Specified Repurchase Date Repurchase Price, if applicable), and interest, if any,

with interest on any overdue principal, and interest, if any, at the rate borne by the Notes at such time, and, in addition thereto, such

further amount as shall be sufficient to cover any amounts due to the Trustee under Section 7.06. If the Company shall fail to pay such

amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding

for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against

the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law

out of the property of the Company or any other obligor upon the Notes, wherever situated.

In the event there shall be pending proceedings for the bankruptcy

or for the reorganization of the Company or any other obligor on the Notes under Title 11 of the United States Code, or any other applicable

law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have

been appointed for or taken possession of the Company or such other obligor, the property of the Company or such other obligor, or in

the event of any other judicial proceedings relative to the Company or such other obligor upon the Notes, or to the creditors or property

of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable as

therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions

of this ‎Section 6.04, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim

or claims for the whole amount of principal and accrued and unpaid interest, if any, in respect of the Notes, and, in case of any judicial

proceedings, to file such proofs of claim and other papers or documents and to take such other actions as it may deem necessary or advisable

in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances

of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceedings relative to the Company or any other obligor

on the Notes, its or their creditors, or its or their property, and to collect and receive any monies or other property payable or deliverable

on any such claims, and to distribute the same after the deduction of any amounts due to the Trustee under Section 7.06; and any receiver,

assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Holders

to make such payments to the Trustee, as administrative expenses, and, in the event that the Trustee shall consent to the making of such

payments directly to the Holders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and disbursements,

including agents and counsel fees, and including any other amounts due to the Trustee under Section 7.06, incurred by it up to the date

of such distribution. To the extent that such payment of reasonable compensation, expenses, advances and disbursements out of the estate

in any such proceedings shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any

and all distributions, dividends, monies, securities and other property that the Holders of the Notes may be entitled to receive in such

proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise.

Nothing herein contained shall be deemed to authorize

the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment

or composition affecting such Holder or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim

of any Holder in any such proceeding.

All rights of action and of asserting claims under

this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes, or the production

thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought

in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable

compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders

of the Notes.

In any proceedings brought by the Trustee (and

in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee

shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes parties to any

such proceedings.

In case the Trustee shall have proceeded to enforce any right under

this Indenture and such proceedings shall have been discontinued or abandoned because of any waiver pursuant to ‎Section 6.09 or any

rescission and annulment pursuant to ‎Section 6.02 or for any other reason or shall have been determined adversely to the Trustee,

then and in every such case the Company, the Holders and the Trustee shall, subject to any determination in such proceeding, be restored

respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the Holders and the

Trustee shall continue as though no such proceeding had been instituted.

Section 6.05

Application of Monies Collected by Trustee. Any monies or property collected by the Trustee pursuant to this ‎Article

6 with respect to the Notes shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of

such monies or property, upon presentation of the several Notes, and stamping thereon the payment, if only partially paid, and upon surrender

thereof, if fully paid:

First, to the payment of all amounts due

the Trustee (in any capacity hereunder);

Second, in case the principal of the outstanding

Notes shall not have become due and be unpaid, to the payment of interest on, and any cash due upon conversion of, the Notes in default

in the order of the date due of the payments of such interest and cash due upon conversion, as the case may be, with interest (to the

extent that such interest is payable on such Notes and has been collected by the Trustee) upon such overdue payments at the rate borne

by the Notes 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, the Fundamental Change Repurchase Price and the Specified Repurchase Date 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, the Fundamental Change Repurchase Price and the

Specified Repurchase Date Repurchase Price 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, the Fundamental Change Repurchase

Price and the Specified Repurchase Date 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, the Fundamental Change Repurchase

Price and the Specified Repurchase Date 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 to institute

any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver,

trustee, liquidator, custodian or other similar official, or for any other remedy hereunder, unless:

(a) such Holder previously shall

have given to the Trustee written notice of an Event of Default and of the continuance thereof, as herein provided;

(b) Holders of at least 25% in

aggregate principal amount of the Notes then outstanding shall have made written request upon the Trustee to institute such action, suit

or proceeding in its own name as Trustee hereunder;

and if requested, provided, to the Trustee such security and/or indemnity satisfactory to it against any loss, liability or expense to

be incurred therein or thereby;

(d) the Trustee for 60 days after

its 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 (it being understood that the Trustee shall not have an affirmative duty to ascertain whether or not any such direction is

unduly prejudicial to any other Holder), or to obtain or seek to obtain priority over or preference to any other such 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, the Specified Repurchase Date Repurchase Price on the Specified Repurchase Date 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, and such right to receive such payment or delivery, as the case may be, on or after

such respective dates shall not be impaired or affected without the consent of such Holder.

Section 6.07 Proceedings by Trustee.

In case of an Event of Default, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture

by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in equity or by action

at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this

Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in

the Trustee by this Indenture or by law.

Section 6.08

Remedies Cumulative and Continuing. Except as provided in the last paragraph of ‎Section 2.06, all

powers and remedies given by this ‎Article 6 to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative

and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the Holders of the Notes, by judicial

proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no

delay or omission of the Trustee or of any Holder of any of the Notes to exercise any right or power accruing upon any Default or Event

of Default shall impair any such right or power, or shall be construed to be a waiver of any such Default or Event of Default or any acquiescence

therein; and, subject to the provisions of ‎Section 6.07, 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; provided,

however that the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that the Trustee determines

is unduly prejudicial to the rights of any other Holder (it being understood that the Trustee shall not have an affirmative duty to ascertain

whether or not any such direction is unduly prejudicial to any other Holder) or that may involve the Trustee in personal liability, or

if it is not provided with security and/or indemnity to its satisfaction may take any other action it deems proper that is not inconsistent

with any such direction received from Holders. In addition, the Trustee will not be required to expend its own funds under any circumstances.

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 (including,

for the avoidance of doubt, any acceleration as a result of such Default or Event of Default) except any continuing Default or Event of

Default relating to (1) a default in the payment of accrued and unpaid interest, if any, on, or the principal (including any Redemption

Price, any Fundamental Change Repurchase Price and any Specified Repurchase Date Repurchase Price) of, the Notes when due that has not

been cured pursuant to the provisions of ‎Section 6.02, (2) a failure by the Company to pay or deliver, as the case may be, the consideration

due upon conversion of the Notes or (3) 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 90 days after the occurrence and continuance of a Default of which a Responsible Officer receives written notice

or obtains actual knowledge, 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 that, except in the case of a Default in the payment of the

principal of (including the Redemption Price, the Fundamental Change Repurchase Price and the Specified Repurchase Date 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 the Trustee in good faith determines that the withholding

of such notice is in the interests of the Holders (it being understood that the Trustee shall not have an affirmative duty to make such

determination). The Trustee shall not be deemed to have knowledge of an Event of Default unless and until a Responsible Officer receives

written notification of such Event of Default describing the circumstances of such, and identifying the circumstances constituting such

Event of Default and stating that such notification is a “notice of default.”

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, the Fundamental Change Repurchase Price and the Specified

Repurchase Date Repurchase Price, if applicable) on or after the due date expressed or provided for in such Note or this Indenture 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, the Trustee shall exercise such of the rights and powers vested in it by this Indenture,

and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct

of such person’s own affairs; provided that if an Event of Default occurs and is continuing, the Trustee will be under no

obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such

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

or expense that might be incurred by it in compliance with such request or direction.

No provision of this Indenture shall be construed

to relieve the Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act or its own willful

misconduct, except that:

(a) prior to the occurrence of

an Event of Default 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 bad faith

and willful misconduct on the part of the Trustee, the Trustee may, as to the truth of the statements and the correctness of the opinions

expressed therein, conclusively rely upon any certificates or opinions furnished to the Trustee and conforming to the requirements of

this Indenture; but, in the case of any such certificates or opinions that by any provisions hereof are specifically required to be furnished

to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of

this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein);

(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;

omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a majority of the aggregate principal

amount of the Notes at the time outstanding determined as provided in Section 8.04 relating to the time, method and place of conducting

any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture;

(d) whether or not therein provided,

every provision of this Indenture relating to the conduct or affecting the liability of, or affording protection to, the Trustee shall

be subject to the provisions of this Section;

(e) the Trustee shall not be liable

in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters relating to payment) or notice

effected by the Company or any Paying Agent or any records maintained by any co-Note Registrar with respect to the Notes;

(f) if any party fails to deliver

a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent to the Trustee, the Trustee may

conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless a Responsible Officer of

the Trustee had actual knowledge of such event;

(g) the Trustee shall not be required

to give any bond or surety in respect of the execution of the trusts and powers under this Indenture;

(h) in the absence of written

investment direction from the Company, all cash received by the Trustee shall be placed in a non-interest bearing trust account, and

in no event shall the Trustee be liable for the selection of investments or for investment losses, fees, taxes or other charges incurred

thereon or for losses incurred as a result of the liquidation of any such investment prior to its maturity date or the failure of the

party directing such investments prior to its maturity date or the failure of the party directing such investment to provide timely written

investment direction, and the Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the absence of such

written investment direction from the Company; and

(i) in the event that the Trustee is also acting as Custodian, Note Registrar,

Paying Agent, Conversion Agent 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 or transfer agent.

(j) None of the provisions contained

in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance

of any of its duties or in the exercise of any of its rights or powers. Prior to taking any action under this Indenture, the Trustee

shall be entitled to indemnification or security satisfactory to it against any loss, liability, or expense caused by taking or not taking

such action.

Section 7.02 Reliance on Documents, Opinions,

Etc. Except as otherwise provided in Section 7.01:

(a) the Trustee may conclusively

rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion,

report, notice, request, consent, order, bond, note, coupon or other paper or document believed by it in good faith to be genuine and

to have been signed or presented by the proper party or parties;

(b) any request, direction, order

or demand of the Company mentioned herein shall be sufficiently evidenced by an Officer’s Certificate (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;

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, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney

at the expense of the Company and shall incur no liability of any kind by reason of such inquiry or investigation;

(f) the Trustee may execute any

of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, custodians, nominees or attorneys

and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, custodian, nominee or attorney appointed

by it with due care hereunder;

(g) the permissive rights of the

Trustee enumerated herein shall not be construed as duties;

(h) the Trustee may request that

the Company deliver an Officer’s Certificate setting forth the names of the individuals and/or titles of officers authorized at

such times to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any Person authorized

to sign an Officer’s Certificate, including any Person specified as so authorized in any such certificate previously delivered

and not superseded; and

(i) neither the Trustee nor any

of its directors, officers, employees, agents, or affiliates shall be responsible for nor have any duty to monitor the performance or

any action of the Company, or any of their respective directors, members, officers, agents, affiliates, or employees, nor shall it have

any liability in connection with the malfeasance or nonfeasance by such party. The Trustee shall not be responsible for any inaccuracy

in the information obtained from the Company or for any inaccuracy or omission in the records which may result from such information

or any failure by the Trustee to perform its duties or set forth herein as a result of any inaccuracy or incompleteness.

In no event shall the Trustee be liable for any

special, indirect, punitive, or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even

if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. The Trustee shall not

be charged with knowledge of any Default or Event of Default with respect to the Notes, unless either (1) a Responsible Officer shall

have actual knowledge of such Default or Event of Default or (2) written notice of such Default or Event of Default shall have been received

by a Responsible Officer of the Trustee from the Company or from any Holder of the Notes.

Section 7.03 No Responsibility for Recitals,

Etc. The recitals contained herein and in the Notes (except in the Trustee’s certificate of authentication) shall be taken

as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations

as to the validity or sufficiency of this Indenture, the Offering Memorandum or of the Notes. The Trustee shall not be accountable for

the use or application by the Company of any Notes or the proceeds of any Notes authenticated and delivered by the Trustee in conformity

with the provisions of this Indenture.

Section 7.04 Trustee, Paying Agents,

Conversion Agents or Note Registrar May Own Notes. The Trustee, any Paying Agent, any Conversion Agent (if other than the Company

or any Affiliate thereof) or Note Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with the

same rights it would have if it were not the Trustee, Paying Agent, Conversion Agent or Note Registrar.

Section 7.05 Monies and Ordinary Shares

to Be Held in Trust. All monies and Ordinary Shares 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 Ordinary Shares 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

Ordinary Shares 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 previously and mutually agreed to in writing

between the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements

and advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this Indenture in any capacity thereunder

(including the reasonable compensation and the expenses and disbursements of its agents and counsel and of all Persons not regularly in

its employ) except any such expense, disbursement or advance as shall have been caused by its gross negligence or willful misconduct.

The Company also covenants to indemnify the Trustee or any predecessor Trustee in any capacity under this Indenture and any other document

or transaction entered into in connection herewith and its agents and any authenticating agent for, and to hold them harmless against,

any loss, claim, damage, liability or expense incurred without gross negligence or willful misconduct on the part of the Trustee, its

officers, directors, agents or employees, or such agent or authenticating agent, as the case may be, and arising out of or in connection

with the acceptance or administration of this Indenture or in any other capacity hereunder and the enforcement of this Indenture (including

this Section 7.06), including the costs and expenses of defending themselves against any claim of liability in the premises. The obligations

of the Company under this Section 7.06 to compensate or indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements

and advances shall be secured by a senior 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, and, for the avoidance of doubt, such lien shall not be extended in a manner that would conflict with the Company’s obligations

to its other creditors. The Trustee’s right to receive payment of any amounts due under this Section 7.06 shall not be subordinate

to any other liability or indebtedness of the Company. The obligation of the Company under this Section 7.06 shall survive the satisfaction

and discharge of this Indenture and the earlier resignation or removal of the Trustee. The Company need not pay for any settlement made

without its consent, which consent shall not be unreasonably withheld. The indemnification provided in this Section 7.06 shall extend

to the officers, directors, agents and employees of the Trustee.

Without prejudice to any other rights available to the Trustee under

applicable law, when the Trustee and its agents and any authenticating agent incur expenses or render services after an Event of Default

specified in Section 6.01(h) or Section 6.01(i) occurs, the expenses and the compensation for the services are intended to constitute

expenses of administration under any bankruptcy, insolvency or similar laws.

Section 7.07 Officer’s Certificate

as Evidence. Except as otherwise provided in Section 7.01, whenever in the administration

of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking

or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the

absence of gross negligence and willful misconduct, on the part of the Trustee, be deemed to be conclusively proved and established by

an Officer’s Certificate delivered to the Trustee, and such Officer’s Certificate, in the absence of gross negligence, and

willful misconduct, on the part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted by it under the provisions

of this Indenture upon the faith thereof.

Section 7.08 Eligibility of Trustee.

There shall at all times be a Trustee hereunder which shall be a Person

that is eligible 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 $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the

requirements of any supervising or examining authority, then for the purposes of this Section 7.08, the combined capital and surplus of

such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If

at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.08, it shall resign promptly in

the manner and with the effect hereinafter specified in this Article 7.

Section 7.09 Resignation or Removal of

Trustee.

(a) The Trustee may at any time resign by giving written notice of such

resignation to the Company and by delivering notice thereof to the Holders. Upon receiving such notice of resignation, the Company shall

promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which

instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been

so appointed and have accepted appointment within 45 days after the giving of such notice of resignation to the Holders, the resigning

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

expense of the Company, for the appointment of a successor trustee, or any Holder who has been a bona fide Holder of a Note or Notes for

at least six months (or since the date of this Indenture) may, subject to the provisions of Section 6.11, on behalf of himself or herself

and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after

such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

(b) In case at any time any of

the following shall occur:

(i) the Trustee shall cease to be eligible in accordance with the provisions

of Section 7.08 and shall fail to resign after written request therefor by the Company or by any such Holder, or

(ii) the Trustee shall become incapable

of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public

officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or

liquidation,

then, in either case, the Company may by a Board Resolution remove

the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy

of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions

of Section 6.11, any Holder who has been a bona fide Holder of a Note or Notes for at least six months (or since the date of this Indenture)

may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the removal of

the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and

prescribe, remove the Trustee and appoint a successor trustee.

at the time outstanding, as determined in accordance with Section 8.04, may at any time remove the Trustee and nominate a successor trustee

that shall be deemed appointed as successor trustee unless within ten days after notice to the Company of such nomination the Company

objects thereto, in which case the Trustee so removed or any Holder, upon the terms and conditions and otherwise as in Section 7.09(a)

provided, may petition any court of competent jurisdiction for an appointment of a successor trustee.

(d) Any resignation or removal of the Trustee and appointment of a successor

trustee pursuant to any of the provisions of this Section 7.09 shall become effective upon acceptance of appointment by the successor

trustee as provided in Section 7.10.

Section 7.10 Acceptance by Successor

Trustee. Any successor trustee appointed as provided in Section 7.09 shall execute,

acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon

the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed

or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect

as if originally named as Trustee herein; but, nevertheless, on the written request of the Company or of the successor trustee, the trustee

ceasing to act shall, upon payment of any amounts then due 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 days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be delivered

at the expense of the Company.

Section 7.11 Succession by Merger,

Etc. Any organization or other entity into which the Trustee may be merged

or converted or with which it may be consolidated, or any organization or other entity resulting from any merger, conversion or consolidation

to which the Trustee shall be a party, or any organization or other entity succeeding to all or substantially all of the corporate trust

business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee hereunder without the

execution or filing of any paper or any further act on the part of any of the parties hereto; provided that in the case of any

organization or other entity succeeding to all or substantially all of the corporate trust business of the Trustee such organization or

other entity shall be eligible under the provisions of Section 7.08.

In case at the time such successor to the Trustee

shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor

to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by such predecessor

trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor

to the Trustee or an authenticating agent appointed by such successor trustee may authenticate such Notes either in the name of any predecessor

trustee hereunder or in the name of the successor trustee; and in all such cases such certificates shall have the full force which it

is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have; provided, however,

that the right to adopt the certificate of authentication of any predecessor trustee or to authenticate Notes in the name of any predecessor

trustee shall apply only to its successor or successors by merger, conversion or consolidation.

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. 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 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

days prior to the date of commencement of solicitation of such action.

Section 8.02 Proof of Execution by Holders.

Subject to the provisions of Section 7.01, Section 7.02 and Section 9.05, proof of the execution of any instrument or writing by a Holder

or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the

Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Notes shall be proved by the Note Register or by a

certificate of the Note Registrar. The record of any Holders’ meeting shall be proved in the manner provided in Section 9.06.

Section 8.03 Who Are Deemed Absolute

Owners. The Company, the Trustee, any authenticating agent, any Paying Agent,

any Conversion Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be,

and may treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership

or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on

account of the principal (including any Redemption Price, any Fundamental Change Repurchase Price and the Specified Repurchase Date Repurchase

Price) of and (subject to Section 2.03) accrued and unpaid interest on such Note, for conversion of such Note and for all other purposes

under this Indenture; and neither the Company nor the Trustee nor any Paying Agent nor any Conversion Agent nor any Note Registrar shall

be affected nor incur any liability by any notice to the contrary. The sole registered holder of a Global Note shall be the Depositary

or its nominee. All such payments or deliveries so made to any Holder for the time being, or upon its order, shall be valid, and, to the

extent of the sums or Ordinary Shares so paid or delivered, effectual to satisfy and discharge the liability for monies payable or shares

deliverable upon any such Note. Notwithstanding anything to the contrary in this Indenture or the Notes following an Event of Default,

any holder of a beneficial interest in a Global Note may directly enforce against the Company, without the consent, solicitation, proxy,

authorization or any other action of the Depositary or any other Person, such holder’s right to exchange such beneficial interest

for a Note in certificated form in accordance with the provisions of this Indenture.

Section 8.04 Company-Owned Notes Disregarded.

In determining whether the Holders of the requisite aggregate principal

amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company,

by any Subsidiary thereof or by any Affiliate of the Company or any Subsidiary thereof shall be disregarded and deemed not to be outstanding

for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be protected in relying

on any such direction, consent, waiver or other action only Notes that a Responsible Officer actually knows are so owned shall be so disregarded.

Notes so owned that have been pledged in good faith may be regarded as outstanding for the purposes of this Section 8.04 if the pledgee

shall establish to the satisfaction of the Trustee the pledgee’s right to so act with respect to such Notes and that the pledgee

is not the Company, a Subsidiary thereof or an Affiliate of the Company or a Subsidiary thereof. In the case of a dispute as to such right,

any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the

Company shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all Notes, if any, known by the Company

to be owned or held by or for the account of any of the above described Persons; and, subject to Section 7.01, the Trustee shall be entitled

to accept such Officer’s Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed

therein are outstanding for the purpose of any such determination.

Section 8.05 Revocation of Consents;

Future Holders Bound. At any time prior to (but not after) the evidencing to the Trustee,

as provided in Section 8.01, of the taking of any action by the Holders of the percentage of the aggregate principal amount of the Notes

specified in this Indenture in connection with such action, any Holder of a Note that is shown by the evidence to be included in the Notes

the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon

proof of holding as provided in Section 8.02, revoke such action so far as concerns such Note. Except as aforesaid, any such action taken

by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Note and of

any Notes issued in exchange or substitution therefor or upon registration of transfer thereof, irrespective of whether any notation in

regard thereto is made upon such Note or any Note issued in exchange or substitution therefor or upon registration of transfer thereof.

Article

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;

hereto pursuant to the provisions of ‎Section 10.02; or

(d) to take any other action authorized

to be taken by or on behalf of the Holders of any specified aggregate principal amount of the Notes under any other provision of this

Indenture or under applicable law.

Section 9.02

Call of Meetings by Trustee. The Trustee may at any time call a meeting of Holders to take any action

specified in ‎Section 9.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the

Holders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting and

the establishment of any record date pursuant to Section 8.01, shall be delivered to Holders of such Notes. Such notice shall also be

delivered to the Company. Such notices shall be delivered not less than 20 nor more than 90 days prior to the date fixed for the meeting.

Any meeting of Holders shall be valid without

notice if the Holders of all Notes then outstanding are present in person or by proxy or if notice is waived before or after the meeting

by the Holders of all Notes then outstanding, and if the Company and the Trustee are either present by duly authorized representatives

or have, before or after the meeting, waived notice.

Section 9.03

Call of Meetings by Company or Holders. In case at any time the Company, pursuant to a Board Resolution, or

the Holders of at least 10% of the aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call

a meeting of Holders, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee

shall not have delivered the notice of such meeting within 20 days after receipt of such request, then the Company or such Holders may

determine the time and the place for such meeting and may call such meeting to take any action authorized in ‎Section 9.01, by delivering

notice thereof as provided in ‎Section 9.02.

Section 9.04 Qualifications for Voting.

To be entitled to vote at any meeting of Holders a Person shall (a) be a Holder of one or more Notes on the record date pertaining to

such meeting or (b) be a Person appointed by an instrument in writing as proxy by a Holder of one or more Notes on the record date pertaining

to such meeting. The only Persons who shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled

to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the Company

and its counsel.

Section 9.05 Regulations. Notwithstanding

any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of

Holders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the appointment and duties of

inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other

matters concerning the conduct of the meeting as it shall think fit.

The Trustee shall, by an instrument in writing, appoint a temporary

chairman of the meeting, unless the meeting shall have been called by the Company or by Holders as provided in ‎Section 9.03, in which

case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent

chairman and a permanent secretary of the meeting shall be elected by vote of the Holders of a majority in aggregate principal amount

of the outstanding Notes represented at the meeting and entitled to vote at the meeting.

Subject to the provisions of Section 8.04, at any meeting of Holders

each Holder or proxyholder shall be entitled to one vote for each $1,000 principal amount of Notes held or represented by him or her;

provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding

and ruled by the chairman of the meeting to be not outstanding. The chairman of the meeting shall have no right to vote other than by

virtue of Notes held by it or instruments in writing as aforesaid duly designating it as the proxy to vote on behalf of other Holders.

Any meeting of Holders duly called pursuant to the provisions of ‎Section 9.02 or ‎Section 9.03 may be adjourned from time to

time by the Holders of a majority of the aggregate principal amount of Notes represented at the meeting, whether or not constituting a

quorum, and the meeting may be held as so adjourned without further notice.

Section

9.06 Voting. The vote upon any resolution submitted to any meeting of Holders shall

be by written ballot on which shall be subscribed the signatures of the Holders or of their representatives by proxy and the outstanding

aggregate principal amount of the Notes held or represented by them. The permanent chairman of the meeting shall appoint two inspectors

of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of

the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of

each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports

of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting

forth a copy of the notice of the meeting and showing that said notice was delivered as provided in ‎Section 9.02. The record shall

show the aggregate principal amount of the Notes voting in favor of or against any resolution. The record shall be signed and verified

by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and

the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.

Any record so signed and verified shall be conclusive

evidence of the matters therein stated.

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 Amendments or Supplemental

Indentures Without Consent of Holders. The Company and the Trustee, at the Company’s expense, may amend or supplement this

Indenture or the Notes without notice to or the consent of any Holder to:

(a) cure any ambiguity, omission,

defect or inconsistency;

(b) provide for the assumption by a Successor Entity of the obligations

of the Company under this Indenture pursuant to ‎Article 11;

to the Notes;

(d) secure the Notes;

(e) add to the covenants or Events

of Default of the Company for the benefit of the Holders or surrender any right or power conferred upon the Company;

(f) upon the occurrence of any Share Exchange Event, (i) provide that the

Notes are convertible into Reference Property, subject to the provisions of ‎Section 14.02, and (ii) effect the related changes to

the terms of the Notes described under ‎Section 14.08, in each case, in accordance with the applicable provisions of this Indenture;

(g) adjust the Conversion Rate

as provided herein;

(h) provide for the appointment

of and acceptance of appoint by a successor Trustee, Note Registrar, Paying Agent or Conversion Agent to facilitate the administration

of the trusts under this Indenture by more than one trustee;

(i) irrevocably elect a Settlement Method and/or a Specified Dollar Amount

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

option upon an irrevocable election of a Settlement Method as provided under Section 14.02(a)), provided, that no such election

or elimination will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to Article

14;

(j) comply with the rules of any

applicable securities depositary, including DTC;

(k) make any change that does

not adversely affect the rights of any Holder in any material respect;

(l) conform the provisions of

this Indenture to the “Description of Notes” section of the Offering Memorandum;

(m) appoint a successor Trustee

with respect to the Notes; or

(n) to comply with any requirement

of the Commission in connection with the qualification of this Indenture under the Trust Indenture Act.

Holders do not need to approve the particular

form of any proposed amendment. It will be sufficient if such Holders approve the substance of the proposed amendment. After an amendment

under this Indenture becomes effective, the Company shall send to the Holders (with a copy to the Trustee) a notice briefly describing

such amendment. 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 amendment.

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, 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 Amendments or 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 may from time to time and

at any time enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any

manner or eliminating any of the provisions of this Indenture, the Notes or any supplemental indenture or of modifying in any manner

the rights of the Holders; provided, however, that, without the consent of each Holder of an outstanding Note affected, no such

supplemental indenture shall:

(a) reduce the principal amount of Notes

whose Holders must consent to an amendment;

(b) reduce the rate of or extend the

stated time for payment of interest on any Note;

the Maturity Date of any Note;

(d) make any change that adversely affects

the conversion rights of any Notes, except as required by this Indenture;

(e) reduce the Redemption Price, the

Specified Repurchase Date Repurchase Price on the Specified Repurchase Date or the Fundamental Change Repurchase Price of any Note or

amend or modify in any manner adverse to the Holders the Company’s obligation to make such payments, whether through an amendment

or waiver of provisions in the covenants, definitions or otherwise;

(f) make any Note payable in money other

than U.S. dollars;

(g) change the ranking of the Notes;

(h) impair the right of any Holder to

receive payment of principal and interest on such Holder’s Notes on or after the due dates therefor or to institute suit for the

enforcement of any payment on or with respect to such Holder’s Notes;

(i) change the Company’s obligation

to pay Additional Amounts on any Note; or

(j) make any change in this ‎Article 10 or in the waiver provisions

in ‎Section 6.02 or ‎Section 6.09, in each case, that requires each Holder’s consent.

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 of the proposed supplemental

indenture. After any such supplemental indenture becomes effective, the Company shall deliver to the Holders (with a copy to the Trustee)

a notice briefly describing such supplemental indenture. However, the failure to give such notice to all the Holders, or any defect in

the notice, will not impair or affect the validity of the supplemental indenture.

Section 10.03 Effect

of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to the provisions

of this ‎Article 10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights,

limitation of rights, obligations, duties 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 a Company Order 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, is permitted or authorized by this Indenture and is the legal,

valid and binding obligation of the Company enforceable against it in accordance with its terms, subject to customary exceptions and qualifications.

Article

Consolidation, Merger and Sale of Assets

Section 11.01 When

Company May Merge, Etc. Subject to the provisions of ‎Section 11.02, the Company shall

not consolidate with or merge with or into, or sell, convey, transfer or lease all or substantially all of the consolidated properties

and assets of the Company and its Subsidiaries, taken as a whole, to, another Person (a “Business Combination Event”)

(other than any such sale, conveyance, transfer or lease to one or more of the Company’s direct or indirect Wholly Owned Subsidiaries),

unless:

(a) the resulting, surviving or transferee

Person if not the Company is a Qualified Successor Entity (such Qualified Successor Entity, the “Successor Entity”),

duly organized and existing under the laws of the United States of America, any State thereof, the District of Columbia or the Cayman

Islands and such Qualified Successor Entity (if not the Company) expressly assumes by supplemental indenture all of the obligations of

the Company under the Notes and this Indenture (including, for the avoidance of doubt, the obligation to pay any Additional Amounts);

and

(b) immediately after giving effect

to such Business Combination Event, no Default or Event of Default shall have occurred and be continuing under this Indenture.

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.

Section 11.02 Successor Entity to Be Substituted.

In case of any such Business Combination Event and upon the assumption

by the Successor Entity, 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 Entity (if not the Company) shall succeed to

and, except in the case of a lease of all or substantially all of the consolidated properties and assets of the Company and its Subsidiaries,

taken as a whole, shall be substituted for the Company, with the same effect as if it had been named herein as the party of the first

part. Such Successor Entity 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 Entity 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 an Officer of the Company to the Trustee for authentication, and any Notes that such Successor Entity 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 Business Combination Event (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 Business Combination Event,

such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate.

Article

Immunity of Incorporators, Shareholders, 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, shareholder, employee, agent, Officer or director or Subsidiary, as such, past, present or future, of the Company or

of any successor entity, either directly or through the Company or any successor entity, 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

[Intentionally Omitted]

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 prior to the close of business on the second Scheduled Trading

Day immediately preceding the Maturity Date, in each case, at an initial conversion rate of 29.5530 Ordinary Shares (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) If (i) the Company elects to redeem fewer than all of the outstanding

Notes for Optional Redemption pursuant to Article 16, and the Holder of any Note, or any owner of a beneficial interest in any Global

Note, is reasonably not able to determine, prior to the close of business on the 44th Scheduled Trading Day immediately preceding the

relevant Redemption Date (or, if the Company elects Physical Settlement for conversions that occur during the related Redemption Period,

on the fourth Business Day immediately preceding the relevant Optional Redemption Date), whether such Note or beneficial interest, as

applicable, is to be redeemed pursuant to such Redemption, and (ii) such Holder or owner, as applicable, converts such Note or beneficial

interest, as applicable, at any time during the related Redemption Period, such conversion will be deemed to be of a Note called for Optional

Redemption, and such Note or beneficial interest will be deemed called for Optional Redemption solely for the purposes of such conversion

(“Deemed Redemption”). If a Holder elects to convert Called Notes during the related Redemption Period, the Company

will, under certain circumstances, increase the Conversion Rate for such Called Notes pursuant to ‎Section 14.03. Accordingly, if

the Company elects to redeem fewer than all of the outstanding Notes pursuant to ‎Article 16, Holders of the Notes that are not Called

Notes shall not be entitled to an increase in the Conversion Rate on account of the Optional Redemption Notice for conversions of such

Notes during the related Redemption Period.

Section 14.02 Conversion Procedure; Settlement

Upon Conversion.

(a) Subject to this ‎Section 14.02, ‎Section 14.03(b) and ‎Section

14.08(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”),

Ordinary Shares, together with cash, if applicable, in lieu of delivering any fractional Ordinary Shares in accordance with subsection ‎(j)

of this ‎Section 14.02 (“Physical Settlement”) or a combination of cash and Ordinary Shares, together with cash,

if applicable, in lieu of delivering any fractional Ordinary Shares in accordance with subsection ‎(j) of this ‎Section 14.02

(“Combination Settlement”), at its election, as set forth in this ‎Section 14.02.

(i) All conversions of Called Notes for which the relevant Conversion Date

occurs during the related Redemption Period, and all conversions for which the relevant Conversion Date occurs on or after June 1, 2032,

shall be settled using the same Settlement Method.

(ii) Except for any conversions of Called Notes for which the relevant Conversion

Date occurs during the related Redemption Period, and any conversions for which the relevant Conversion Date occurs on or after June 1,

2032, and except to the extent the Company has irrevocably elected Physical Settlement pursuant to Section 14.09(d) in a notice as described

in such Section or has previously made an irrevocable election with respect to all subsequent conversions of Notes pursuant to Section

14.02(a)(iii), the Company shall use the same Settlement Method for all conversions with the same Conversion Date, but the Company shall

not have any obligation to use the same Settlement Method with respect to conversions with different Conversion Dates.

(iii) If, in respect of any Conversion Date (or any conversions of Called

Notes for which the relevant Conversion Date occurs during the related Redemption Period, or any conversions for which the relevant Conversion

Date occurs on or after June 1, 2032 or for which the Company has irrevocably elected Physical Settlement pursuant to Section 14.09(d)

in a notice as described in such Section), the Company elects to deliver a notice (the “Settlement Notice”) of the

relevant Settlement Method in respect of such Conversion Date (or either such period, as the case may be), the Company, shall deliver

such Settlement Notice to converting Holders, the Trustee and the Conversion Agent (if other than the Trustee) in accordance with ‎Section

17.15, no later than the close of business on the Trading Day immediately following the relevant Conversion Date (or, in the case of (x)

any conversion of Called Notes for which the relevant Conversion Date occurs during the related Redemption Period, in the relevant Redemption

Notice, (y) any conversions of Notes for which the relevant Conversion Date occurs on or after June 1, 2032, no later than June 1, 2032,

or (z) any conversions for which the Company has irrevocably elected Physical Settlement pursuant to Section 14.09(d), in a notice as

described in such Section). If the Company does not timely elect a Settlement Method prior to the deadline set forth in the immediately

preceding sentence, the Company shall no longer have the right to elect a Settlement Method with respect to any such Conversion Date or

during such period and the Company shall be deemed to have elected the Default Settlement Method in respect of its Conversion Obligation.

Such Settlement Notice shall specify the relevant Settlement Method and in the case of an election of Combination Settlement, the relevant

Settlement Notice shall indicate the Specified Dollar Amount per $1,000 principal amount of Notes. If the Company delivers a Settlement

Notice electing Combination Settlement in respect of its Conversion Obligation, or the Company is deemed to have elected Combination Settlement,

but does not indicate a Specified Dollar Amount per $1,000 principal amount of Notes to be converted in such Settlement Notice, the Specified

Dollar Amount per $1,000 principal amount of Notes shall be deemed to be $1,000. For the avoidance of doubt, the Company’s failure

to timely elect a Settlement Method or specify as applicable a Specified Dollar Amount will not constitute a Default or Event of Default

under this Indenture.

By notice to Holders, the Trustee and the Conversion Agent (if other

than the Trustee), the Company may, from time to time, change the Default Settlement Method prior to June 1, 2032. In addition, by notice

to Holders, the Trustee and the Conversion Agent (if other than the Trustee), the Company may, prior to June 1, 2032, at its option, irrevocably

elect to fix the Settlement Method to any Settlement Method that the Company is then permitted to elect, including Combination Settlement

with a Specified Dollar Amount per $1,000 principal amount of Notes of $1,000 or with an ability to continue to set the Specified Dollar

Amount per $1,000 principal amount of Notes at or above a specific amount set forth in such notice. If the Company changes the Default

Settlement Method or irrevocably elects to fix the Settlement Method, in either case, to Combination Settlement with an ability to continue

to set the Specified Dollar Amount per $1,000 principal amount of Notes at or above a specific amount, the Company will, after the date

of such change or election, as the case may be, inform Holders converting their Notes, the Trustee and the Conversion Agent (if other

than the Trustee) of such Specified Dollar Amount no later than the relevant deadline for election of a Settlement Method as described

in the immediately preceding paragraph, or, if the Company does not timely notify Holders, such Specified Dollar Amount will be the specific

amount set forth in the Settlement Notice or, if no specific amount was set forth in the Settlement Notice, such Specified Dollar Amount

will be $1,000 per $1,000 principal amount of Notes. A change in the Default Settlement Method or an irrevocable election will apply to

all conversions of Notes on Conversion Dates occurring subsequent to delivery of such Settlement Notice; provided, however,

that no such change or election will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note.

For the avoidance of doubt, such an irrevocable election, if made, will be effective without the need to amend this Indenture or the Notes,

including pursuant to the provisions described in Section 10.01(i). However, the Company may nonetheless choose to execute such an amendment

at its option.

If the Company changes the Default Settlement

Method or irrevocably fixes the Settlement Method pursuant to the provisions described in the preceding paragraph, then, concurrently

with providing a Settlement Notice to Holders of Notes, the Trustee and the Conversion Agent (if other than the Trustee) of such change

or election, the Company will post notice of the Default Settlement Method on its website or otherwise disclose such information in a

Current Report on Form 6-K or 8-K that is filed with the Commission.

(iv) The cash, Ordinary Shares or combination

of cash and Ordinary Shares payable or deliverable by the Company 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 Ordinary Shares equal to the Conversion Rate in effect immediately

after the close of business on the Conversion Date;

(B)

if the Company elects (or is deemed to have elected) 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 forty (40)

consecutive Trading Days during the related Observation Period; and

(C)

if the Company elects (or is deemed to have elected) 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 forty (40) consecutive Trading Days during the related Observation Period.

(b) 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 Ordinary Shares, the Company shall notify the Trustee and the

Conversion Agent (if other than the Trustee) of the Daily Settlement Amounts or the Daily Conversion Values, as the case may be, and

the amount of cash payable in lieu of delivering fractional Ordinary Shares. The Trustee and the Conversion Agent (if other than the

Trustee) shall have no responsibility or liability for any such determination.

be entitled to convert a Note as set forth above, a 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 transfer or similar taxes, if any, as set forth

in ‎Section 14.02(e) and (ii) in the case of a Physical Note, the Holder thereof shall (1) complete, manually sign and deliver an

irrevocable notice (or a facsimile, PDF or other electronic transmission thereof) to the Conversion Agent 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 Ordinary Shares 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 transfer or similar taxes, if any, pursuant to Section 14.02(e). 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 Holder may surrender Notes

for conversion if such Holder has also delivered a Fundamental Change Repurchase Notice or a Specified Repurchase Date Repurchase Notice

to the Company in respect of such Notes and has not validly withdrawn such Fundamental Change Repurchase Notice or Specified Repurchase

Date Repurchase 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 computed on the basis of

the aggregate principal amount of the Notes so surrendered.

A Note shall be deemed to have been converted immediately prior to the close of business on the date (the “Conversion

Date”) that the Holder has complied with the requirements set forth in Section 14.02‎(c). Except as set forth in ‎Section

14.03(b) and ‎Section 14.08(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,

or on the second Business Day immediately following the last Trading Day of the relevant Observation Period, in the case of any other

Settlement Method; provided, that with respect to any Conversion Date occurring during a Redemption Period, the Company

will settle any such conversion for which Physical Settlement is applicable on the relevant Redemption Date; provided, further,

that notwithstanding the foregoing, with respect to any Conversion Date occurring after the regular Record Date immediately preceding

the Maturity Date, the Company will settle any such conversion for which Physical Settlement is applicable on the Maturity Date. If any

Ordinary Shares are due to a converting Holder, the Company shall issue or cause to be issued, and deliver (if applicable) to the Conversion

Agent or to such Holder, or such Holder’s nominee or nominees, the full number of Ordinary Shares to which such Holder shall be

entitled, in book-entry format through the Depositary, in satisfaction of the Company’s Conversion Obligation.

(d) In case any Note shall be surrendered

for partial conversion, the Company shall deliver a Company Order, and 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, issue, transfer or similar

tax due on the delivery of Ordinary Shares 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 issue, transfer or similar tax due on the delivery of Ordinary Shares upon conversion, unless

the tax is due because the Holder requests such Ordinary Shares to be issued in a name other than such Holder’s name, in which

case such Holder shall pay that tax. The Conversion Agent may refuse to deliver the certificates representing Ordinary Shares being issued

in a name other than such 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 14.05, no adjustment shall be made for

dividends on any Ordinary Shares issued upon the conversion of any Note as provided in this Article 14.

(g) Upon the conversion of an interest

in a Global Note, the Trustee, or the Note Custodian (if other than the Trustee) at the direction of the Trustee, shall make a notation

on such Global Note as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing

of any conversion of Notes effected through any Conversion Agent other than the Trustee.

(h) Upon conversion, a Holder shall

not receive any separate cash payment for accrued and unpaid interest, if any, except as set forth below. The Company’s payment

and delivery, as the case may be, of the Settlement Amount with respect to any converted Note 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 Ordinary Shares,

accrued and unpaid interest shall 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, but 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 shall 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 shall be accompanied by funds in U.S. dollars equal to the amount of interest payable on the Notes so converted

(regardless of whether the converting Holder was the Holder of record on the corresponding Regular Record Date); provided that

no such payment shall be required (1) for conversions following the close of business on the Regular Record Date immediately preceding

the Maturity Date; (2) if the Company has specified a Redemption Date that is after a Regular Record Date and on or prior to the second

Business Day immediately succeeding the corresponding Interest Payment Date (or, if such Interest Payment Date is not a Business Day,

the third Business Day immediately succeeding such Interest Payment Date); (3) if the Company has specified a Fundamental Change Repurchase

Date or the Specified Repurchase Date that is after a Regular Record Date and on or prior to the second Business Day immediately succeeding

the corresponding Interest Payment Date (or, if such Interest Payment Date is not a Business Day, the third Business Day immediately

succeeding such Interest Payment Date); or (4) to the extent of any overdue interest, if any overdue interest 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, the Specified Repurchase Date, any Fundamental Change Repurchase Date, or Redemption Date, in each case, as described

above, shall receive the full interest payment due on the Maturity Date or other applicable Interest Payment Date in cash, regardless

of whether their Notes have been converted following such Regular Record Date.

(i) The Person in whose name any Ordinary

Shares shall be issuable upon conversion shall become the holder of record of such shares as of the close of business on the relevant

Conversion Date (if the Company elects to satisfy the related Conversion Obligation by Physical Settlement) or the last Trading Day of

the relevant Observation Period (if the Company elects to satisfy the related Conversion Obligation by Combination Settlement). Upon

a conversion of Notes, such Person shall no longer be a Holder of such Notes surrendered for conversion; provided that (a) the

converting Holder shall have the right to receive the Settlement Amount due upon conversion and (b) in the case of a conversion between

a Regular Record Date and the corresponding Interest Payment Date, the Holder of record as of the close of business on such Regular Record

Date shall have the right to receive the full amount of interest payable on such Interest Payment Date, in accordance with clause (h)

above.

(j) The Company shall not issue any

fractional Ordinary Shares upon conversion of the Notes and shall instead pay cash in lieu of delivering any fractional Ordinary Shares

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 (or is deemed to have elected) Combination Settlement, the full number of shares that shall

be issued upon conversion thereof shall be computed on the basis of the aggregate Daily Settlement Amounts for the relevant Observation

Period and any fractional shares remaining after such computation shall be paid in cash.

Section 14.03 Adjustment to Conversion Rate

Upon Conversion Upon a Make-Whole Fundamental Change.

(a) If a Make-Whole Fundamental Change occurs prior to the Maturity Date

and a Holder elects to convert its Notes (or any portion thereof) in connection with such Make-Whole Fundamental Change, the Company shall,

under the circumstances described below, increase the Conversion Rate for the Notes so surrendered for conversion by a number of additional

Ordinary Shares (the “Additional Ordinary 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 Conversion Date occurs during the period

from, and including, the Effective Date of the Make-Whole Fundamental Change up to, and including, the second 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 or that constitutes an Exempted Fundamental Change, the

35th Business Day immediately following the Effective Date of such Make-Whole Fundamental Change) (such period, the “Make-Whole

Fundamental Change Period”). The Company will provide written notification to Holders, the Trustee and the Conversion Agent

(if other than the Trustee) of the Effective Date of any Make-Whole Fundamental Change and publish a notice on its website or through

such other public medium as the Company may use at that time announcing such Effective Date no later than five (5) Business Days after

such Effective Date.

(b) Upon surrender of Notes for conversion in connection with a Make-Whole

Fundamental Change, the Company shall, at its option, satisfy the related Conversion Obligation by Physical Settlement, Cash Settlement

or Combination Settlement in accordance with ‎Section 14.02; provided, however, that if the consideration received by

holders of Ordinary Shares in exchange for such Ordinary Shares in any Make-Whole Fundamental Change described in clause ‎(b) of the

definition of 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 Share 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 Ordinary Shares), multiplied by such Share 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.

Rate shall be increased shall be determined by reference to the table in ‎Section 14.03(e), based on the date on which the Make-Whole

Fundamental Change occurs or becomes effective (the “Effective Date”) and the price paid (or deemed to be paid) per

Ordinary Share in the Make-Whole Fundamental Change (the “Share Price”). If the holders of Ordinary Shares receive

in exchange for their Ordinary Shares only cash in a Make-Whole Fundamental Change described in clause ‎(b) of the definition of Fundamental

Change, the Share Price shall be the cash amount paid per share. Otherwise, the Share Price shall be the average of the Last Reported

Sale Prices of the Ordinary Shares over the five (5) consecutive Trading Day period ending on, and including, the Trading Day immediately

preceding the relevant Effective Date. The Company shall make appropriate adjustments to the Share Price, in its good faith determination,

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 of the event occurs during such five consecutive Trading Day period. In

the event that a conversion in connection with a Redemption Notice would also be deemed to be in connection with a Make-Whole Fundamental

Change, a Holder of the Notes to be converted shall be entitled solely to a single increase to the Conversion Rate with respect to the

first to occur of the applicable Redemption Reference Date or the Effective Date of the applicable Make-Whole Fundamental Change.

(d) The Share Prices set forth in the column headings of the table in ‎Section 14.03(e)

shall be adjusted as of any date on which the Conversion Rate is otherwise adjusted. The adjusted Share Prices shall equal the Share Prices

immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the Conversion Rate immediately prior

to the adjustment giving rise to the Share Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The number

of Additional Ordinary Shares in ‎Section 14.03(e) shall be adjusted in the same manner and at the same time as the Conversion Rate

as set forth in ‎Section 14.05.

(e) The following table sets forth the number of Additional Ordinary Shares

by which the Conversion Rate shall be increased per $1,000 principal amount of the Notes pursuant to this ‎Section 14.03 for each

Share Price and Effective Date set forth below:

Ordinary Share Price

$27.07

$30.00

$33.84

$37.00

$43.99

$50.00

$100.00

$150.00

$200.00

$250.00

Effective Date

August 21, 2026

7.3883

6.9368

5.0911

4.0178

0.9104

0.2527

0.0461

0.0000

September 1, 2027

7.3883

6.6141

4.7719

3.7212

0.7986

0.2103

0.0323

0.0000

September 1, 2028

7.3883

7.3507

6.1541

4.3341

3.3248

0.6686

0.1653

0.0178

0.0000

September 1, 2029

7.3883

6.6344

5.4486

3.7080

2.7814

0.5167

0.1183

0.0049

0.0000

September 1, 2030

7.3883

5.5447

4.4449

2.8735

2.0762

0.3477

0.0729

0.0011

0.0000

September 1, 2031

7.3883

6.1633

4.1590

3.0697

1.7007

1.1212

0.1732

0.0318

0.0000

September 1, 2032

7.3883

3.7803

0.0000

The exact Share Price and Effective Date may not

be set forth in the table above, in which case:

(i) if the Share Price is between two

Share Prices in the table above or the Effective Date is between two Effective Dates in the table above, the number of Additional Ordinary

Shares by which the Conversion Rate shall be increased shall be determined by a straight-line interpolation between the number of Additional

Ordinary Shares set forth for the higher and lower Share Prices and the earlier and later Effective Dates, as applicable, based on a

365-day year;

(ii) if the Share Price is greater than $250.00 per share (subject to adjustment

in the same manner as the Share Prices set forth in the column headings of the table above pursuant to subsection ‎(d) above), no

Additional Ordinary Shares shall be added to the Conversion Rate; and

(iii) if the Share Price is less than $27.07 per share (subject to adjustment

in the same manner as the Share Prices set forth in the column headings of the table above pursuant to subsection ‎(d) above), no

Additional Ordinary 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 36.9413 Ordinary Shares, subject to adjustment in the same manner

as the Conversion Rate pursuant to ‎Section 14.05.

Neither the Trustee nor any of the agents shall have any duty to monitor

the accuracy of any of the calculations made by the Company which will be conclusive and binding on the Holders, absent manifest error.

(f) Nothing in this Section 14.03 shall

prevent an adjustment to the Conversion Rate pursuant to ‎Section 14.05 in respect of a Make-Whole Fundamental Change.

Section 14.04 Adjustment to Conversion Rate

upon Conversion in Connection with a Redemption. If a Holder elects to convert its Called Notes in connection with a

Redemption, the Company will, under certain circumstances, increase the Conversion Rate for the Notes so surrendered for conversion by

a number of Additional Ordinary Shares as described below.

A conversion of Called Notes shall be deemed to

be in connection with a Redemption if such conversion occurs during the related Redemption Period. In the event that a conversion of Called

Notes in connection with a Redemption would also be deemed to be in connection with a Make-Whole Fundamental Change or any other Redemption,

a Holder of the Notes to be converted will be entitled to a single increase to the Conversion Rate with respect to the first to occur

of the applicable Redemption Notice and the Effective Date of the applicable Make-Whole Fundamental Change, and the later event will be

deemed not to have occurred for purposes of Section 14.03 or this Section 14.04, as applicable.

For the avoidance of doubt, if the Company issues

a Redemption Notice in connection with an Optional Redemption, the Company will increase the Conversion Rate during the related Redemption

Period only with respect to conversions of Called Notes. Accordingly, if the Company elects to redeem fewer than all of the outstanding

Notes in connection with an Optional Redemption, Holders will not be entitled to an increased Conversion Rate for conversions of such

Notes on account of the Redemption Notice during the related Redemption Period.

The number of Additional Ordinary Shares by which

the Conversion Rate will be increased in the event of conversion of Notes called for Redemption in connection with a Redemption will be

determined by reference to the table in Section 14.03(e), based on the Redemption Reference Date and the Redemption Reference Price, but

determined for purposes of this Section 14.04 as if (x) the Holder had elected to convert its Notes called for Redemption in connection

with a Make-Whole Fundamental Change, (y) the applicable Redemption Reference Date were the “Effective Date” and (z) the applicable

Redemption Reference Price were the Share Price (and subject, for the avoidance of doubt, to the two paragraphs immediately following

such table).

Neither the Trustee nor any of the agents shall have any duty to monitor

the accuracy of any of the calculations made by the Company which will be conclusive and binding on the Holders, absent manifest error.

Section 14.05 Adjustment

of Conversion Rate. The Conversion Rate shall be adjusted from time to time by the Company

if any of the following events occurs, except that the Company shall not make any adjustments to the Conversion Rate if Holders participate

(other than in the case of (x) a share split or share combination or (y) a tender or exchange offer), at the same time and upon the same

terms as holders of the Ordinary Shares and solely as a result of holding the Notes, in any of the transactions described in this ‎Section

14.05, without having to convert their Notes as if they held a number of Ordinary Shares equal to the Conversion Rate, multiplied by

the principal amount (expressed in thousands) of Notes held by such Holder. Neither the Trustee nor the Conversion Agent shall have any

responsibility to monitor the accuracy of any calculation of any adjustment to the Conversion Rate and the same shall be conclusive and

binding on the Holders, absent manifest error. Notice of such adjustment to the Conversion Rate will be given by the Company promptly

in writing to the Holders, the Trustee and the Conversion Agent (if other than the Trustee) and shall be conclusive and binding on the

Holders, absent manifest error.

(a) If the Company exclusively issues

Ordinary Shares as a dividend or distribution on Ordinary Shares, or if the Company effects a share split or share combination, the Conversion

Rate shall be adjusted based on the following formula:

where,

CR0

= the Conversion Rate in effect immediately prior to the open of business

on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the open of business

on the Effective Date of such share split or share combination, as applicable;

CR1

= the Conversion Rate in effect immediately after the open of business

on such Ex-Dividend Date or Effective Date, as applicable;

OS0

= the number of Ordinary Shares issued and outstanding immediately

prior to the open of business on such Ex-Dividend Date or Effective Date, as applicable (before giving

effect to any such dividend, distribution, split or combination); and

OS1

= the number of Ordinary Shares issued and outstanding immediately

after giving effect to such dividend, distribution, share split or share combination.

Any adjustment made under this ‎Section 14.05(a) shall become effective

immediately after the open of business on the Ex-Dividend Date for such dividend or distribution, or immediately after the open of business

on the Effective Date for such share split or share combination, as applicable. If any dividend or distribution of the type described

in this ‎Section 14.05(a) is declared but not so paid or made, the Conversion Rate shall be immediately readjusted, effective as of

the date the Board of Directors determines not to pay such dividend or distribution, to the Conversion Rate that would then be in effect

if such dividend or distribution had not been declared.

(b) If the Company distributes to all

or substantially all holders of Ordinary Shares any rights, options or warrants (other than in connection with a shareholder rights plan)

entitling them, for a period of not more than forty-five (45) calendar days after the announcement date of such distribution, to subscribe

for or purchase Ordinary Shares at a price per share that is less than the average of the Last Reported Sale Prices of the Ordinary Shares,

for the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement

of such distribution, the Conversion Rate shall be increased based on the following formula:

where,

CR0

the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for

such distribution;

CR1

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

OS0

the number of Ordinary Shares issued and outstanding immediately prior to the open of business on such

Ex-Dividend Date;

the total number of Ordinary Shares deliverable pursuant to such rights, options or warrants; and

the number of Ordinary Shares 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 Ordinary Shares over the ten (10) consecutive

Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the distribution of

such rights, options or warrants.

Any increase made under this ‎Section 14.05(b) shall be made successively

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

Ex-Dividend Date for such distribution. To the extent that Ordinary Shares are not delivered after the expiration of such rights, options

or warrants, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect had the increase with respect

to the distribution of such rights, options or warrants been made on the basis of delivery of only the number of Ordinary Shares actually

delivered. To the extent such rights, options or warrants are not so distributed, the Conversion Rate shall be decreased to the Conversion

Rate that would then be in effect had the adjustment been made on the basis of only the distribution, if any, actually made.

For the purpose of this Section 14.05(b) and for the purpose of ‎Section

14.09(d) , in determining whether any rights, options or warrants entitle the holders to subscribe for or purchase Ordinary Shares at

a price per Ordinary Share that is less than such average of the Last Reported Sale Prices of the Ordinary Shares for the ten (10) consecutive

Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such distribution, and

in determining the aggregate offering price of such Ordinary Shares, there shall be taken into account any consideration received by the

Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration,

if other than cash, to be determined by the Company in good faith.

other assets or property of the Company or rights, options or warrants to acquire its Capital Shares or other securities, to all or substantially

all holders of Ordinary Shares, excluding (i) dividends, distributions or issuances (including share splits) as to which an adjustment

was effected (or would have been effected but for the 1% exception) pursuant to ‎Section 14.05(a) or ‎Section 14.05(b), (ii) except

as otherwise provided below, rights issued pursuant to any shareholder rights plan of the Company then in effect, (iii) distributions

of Reference Property issued in exchange for, or upon conversion of, Ordinary Shares pursuant to ‎Section 14.08, (iv) dividends or

distributions paid exclusively in cash as to which an adjustment was effected pursuant to ‎Section 14.05(d) shall apply, and (v) Spin-Offs

as to which the provisions set forth below in this ‎Section 14.05(c) shall apply (any of such Capital Shares, evidences of indebtedness,

other assets or property or rights, options or warrants to acquire Capital Shares 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 Ordinary Shares over the 10 consecutive Trading Day period ending on, and

including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and

FMV

the fair market value (as determined by the Company in good faith) of the Distributed Property distributed

with respect to each outstanding Ordinary Share on the Ex-Dividend Date for such distribution.

Any increase made under the portion of this ‎Section 14.05(c) above

shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution. To the extent such distribution

is not so paid or made, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect had the adjustment

been made on the basis of only the distribution, if any, actually made or paid. Notwithstanding the foregoing, if “FMV” (as

defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each Holder

of a Note shall receive, in respect of each $1,000 principal amount thereof, at the same time and upon the same terms as holders of the

Ordinary Shares receive the Distributed Property without having to convert its Notes, the amount and kind of Distributed Property such

Holder would have received if such Holder owned a number of Ordinary Shares equal to the Conversion Rate in effect on the Ex-Dividend

Date for the distribution.

With respect to an adjustment pursuant to this ‎Section 14.05(c)

where there has been a payment of a dividend or other distribution on the Ordinary Shares or Capital Shares of any class or series, or

similar equity interest, of or relating to a Subsidiary or other business unit of the Company, that are, or, when issued, will be, listed

or admitted for trading on a U.S. national securities exchange (a “Spin-Off”), the Conversion Rate shall be increased

based on the following formula:

where,

CR0

the Conversion Rate in effect immediately prior to the end of the Valuation Period;

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 Shares

or similar equity interest distributed to holders of the Ordinary Shares applicable to one Ordinary Share (determined by reference to

the definition of Last Reported Sale Price as set forth in ‎Section 1.01 as if references therein to Ordinary Shares were to such

Capital Shares or similar equity interest) over the first ten (10) consecutive Trading Day period after, and including, the Ex-Dividend

Date of the Spin-Off (the “Valuation Period”); and

MP0

the average of the Last Reported Sale Prices of the Ordinary Shares over the Valuation Period.

The increase to the Conversion Rate under the

preceding paragraph shall occur at the close of business on the last Trading Day of the Valuation Period; provided that (x) in

respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date occurs during the Valuation

Period, the reference to “10” in the preceding paragraph shall be deemed to be replaced with such lesser number of Trading

Days as have elapsed from, and including, the Ex-Dividend Date of such Spin-Off to, and including, such Conversion Date in determining

the Conversion Rate and (y) in respect of any conversion of the 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 references

to “10” in the preceding paragraph shall be deemed replaced with such lesser number of Trading Days as have elapsed from,

and including, the Ex-Dividend Date for such Spin-Off to, and including, such Trading Day in determining the Conversion Rate as of such

Trading Day. If the dividend or other distribution constituting a Spin-Off is declared but not so paid or made, the Conversion Rate shall

be decreased, effective as of the date the Board of Directors determines not to make or pay such dividend or other distribution, to the

Conversion Rate that would be in effect if such dividend or distribution had not been declared or announced.

For purposes of this Section 14.05(c) (and subject in all respects

to Section 14.12), rights, options or warrants distributed by the Company to all holders of Ordinary Shares entitling them to subscribe

for or purchase the Company’s Capital Shares, including Ordinary Shares (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 Ordinary Shares; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of Ordinary

Shares, shall be deemed not to have been distributed for purposes of this Section 14.05(c) (and no adjustment to the Conversion Rate under

this Section 14.05(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 14.05(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 14.05(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 Ordinary Shares with respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants),

made to all holders of Ordinary Shares 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 14.05(a), Section 14.05(b) and this Section

14.05(c), if any dividend or distribution to which this Section 14.05(c) is applicable also includes one or both of:

(A) a dividend or distribution of Ordinary Shares to which Section 14.05(a)

is applicable (the “Clause A Distribution”); or

(B) a dividend or distribution of rights, options or warrants to which

Section 14.05(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 14.05(c)

is applicable (the “Clause C Distribution”) and any Conversion Rate adjustment required by this Section 14.05(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 14.05(a) and Section 14.05(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 Ordinary Shares 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 14.05(a) or “outstanding immediately prior to the

open of business on such Ex-Dividend Date” within the meaning of Section 14.05(b).

(d) If the Company makes any cash dividend

or distribution to all or substantially all holders of the shares of the Ordinary Shares, 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 such Ex-Dividend Date for such dividend or distribution;

SP0

the Last Reported Sale Price of the Ordinary Shares on the Trading Day immediately preceding the Ex-Dividend Date for such dividend

or distribution; and

the amount in cash per Ordinary Share the Company distributes to all or substantially all holders of

the Ordinary Shares.

Any increase made pursuant to this ‎Section 14.05(d) shall become

effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution. To the extent 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 had the adjustment been made on the

basis of only the dividend or distribution, if any, actually made or paid. 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 Ordinary Shares

without having to convert its Notes, the amount of cash that such Holder would have received if such Holder owned a number of Ordinary

Shares equal to the Conversion Rate on the Ex-Dividend Date for such cash dividend or distribution.

(e) If the Company or any of its Subsidiaries

make a payment in respect of a tender or exchange offer for Ordinary Shares that is subject to the then-applicable tender offer rules

under the Exchange Act (other than any odd-lot tender offer), to the extent that the cash and value of any other consideration included

in the payment per Ordinary Share exceeds the average of the Last Reported Sale Prices of the Ordinary Shares 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

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 (the “Expiration Date”);

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 Expiration Date;

the aggregate value of all cash and any other consideration (as reasonably determined by the Company in good faith) paid or payable

for Ordinary Shares purchased in such tender or exchange offer;

OS0

the number of Ordinary Shares issued and outstanding immediately prior to the Expiration Date (prior to giving effect to the

purchase of all Ordinary Shares accepted for purchase or exchange in such tender or exchange offer);

OS1

the number of Ordinary Shares issued and outstanding immediately after the Expiration Date (after giving effect to the purchase

of all Ordinary Shares accepted for purchase or exchange in such tender or exchange offer); and

SP1

the average of the Last Reported Sale Prices of the Ordinary Shares over the ten (10) consecutive Trading Day period commencing

on, and including, the Trading Day next succeeding the Expiration Date.

The increase to the Conversion Rate under this ‎Section 14.05(e)

shall occur at the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the

Expiration Date; provided that (x) in respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant

Conversion Date occurs during the 10 Trading Days immediately following, and including, the Trading Day next succeeding the Expiration

Date, references to “10” or “10th” in the preceding paragraph shall be deemed replaced with such lesser number

of Trading Days as have elapsed from, and including, the Trading Day next succeeding such Expiration Date to, and including, 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 10 Trading Days

immediately following, and including, the Trading Day next succeeding any Expiration Date, references to “10” or “10th”

in the preceding paragraph shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and including, the Trading

Day next succeeding such Expiration Date of such tender or exchange offer to, and including, such Trading Day in determining the Conversion

Rate as of such Trading Day.

To the extent such tender or exchange

offer is announced but not consummated (including as a result of the Company being precluded from consummating such tender or exchange

offer under applicable law) or any purchases or exchanges of Ordinary Shares in such tender or exchange offer are rescinded, the applicable

Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only

the purchases or exchanges of the Ordinary Shares, if any, actually made, and not rescinded, in such tender or exchange offer.

(f) Notwithstanding this ‎Section 14.05 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 Ordinary Shares

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 14.05, 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 Ordinary Shares on an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such

adjustment.

Notwithstanding the foregoing, the Company will not be required to

adjust the Conversion Rate unless such adjustment would require an increase or decrease of at least one percent (1%); provided,

however, that any such minor adjustments that are not required to be made will be carried forward and taken into account in any

subsequent adjustment, and provided, further, that any such adjustment of less than one percent (1%) that has not been made

shall be made upon the occurrence of (i) the Effective Date for any Fundamental Change or Make-Whole Fundamental Change and (ii) in

the case of any Note to which Physical Settlement applies, the relevant Conversion Date, and, in the case of any Note to which Cash Settlement

or Combination Settlement applies, each Trading Day of the applicable Observation Period. In addition, the Company shall not account for

such deferrals when determining what number of Ordinary Shares a Holder would have held on a given day had it converted its Notes (collectively,

the “1% exception”).

(g) Except as stated herein, the Company

shall not adjust the Conversion Rate for the issuance of Ordinary Shares or any securities convertible into or exchangeable for Ordinary

Shares or the right to purchase Ordinary Shares or such convertible or exchangeable securities.

(h) In addition to those adjustments required by clauses ‎(a), ‎(b),

‎(c), ‎(d) and ‎(e) of this ‎Section 14.05, and to the extent permitted by applicable law and subject to the applicable

rules of the Nasdaq Capital Market and any other securities exchange on which any securities of the Company are then listed, the Company

may increase the Conversion Rate by any amount for a period of at least twenty (20) Business Days if the Company determines that such

increase would be in the Company’s best interest, and the Company may (but is not required to) increase the Conversion Rate to avoid

or diminish any income tax to holders of Ordinary Shares or rights to purchase Ordinary Shares in connection with a dividend or distribution

of Ordinary Shares (or rights to acquire Ordinary Shares) or similar event.

(i) Notwithstanding anything to the contrary in this ‎Article 14, the

Conversion Rate shall not be adjusted:

(i) upon the issuance of Ordinary Shares at a price below the Conversion

Price or otherwise, other than any such issuance described in ‎Section 14.05(a), ‎Section 14.05(b), ‎Section 14.05(c) or Section

14.05(e);

(ii) upon the issuance of any Ordinary

Shares 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 Ordinary Shares under any plan;

(iii) upon the issuance of any Ordinary

Shares or options or rights to purchase those shares pursuant to any present or future employee, director or consultant benefit plan

or program (including pursuant to any evergreen plan) of or assumed by the Company or any of the Company’s Subsidiaries;

(iv) upon the repurchase of any Ordinary Shares pursuant to an open-market

share repurchase program or other buyback transaction that is not a tender offer or exchange offer of the nature described in ‎Section

14.05(e);

(v) for a third-party tender offer by any party other than a tender offer

by one or more of the Company’s Subsidiaries as described in ‎Section 14.05(e);

(vi) upon the issuance of any Ordinary Shares pursuant 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 (other than any rights under a shareholder rights plan);

(vii) solely for a change in the par value

(or lack of par value) of the Ordinary Shares; or

(viii) for accrued and unpaid interest,

if any.

(j) All calculations and other determinations under this ‎Article 14

shall be made by the Company and all calculations of the Conversion Rate shall be made to the nearest one-ten thousandth (1/10,000th)

of a share.

(k) 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 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 and for the avoidance of doubt, neither the Trustee nor the Conversion Agent shall have any liability or responsibility

for the Conversion Rate, the calculation thereof or application thereof.

(l) For purposes of this ‎Section 14.05, the number of Ordinary Shares

at any time outstanding shall not include Ordinary Shares held in the treasury of the Company so long as the Company does not pay any

dividend or make any distribution on the Ordinary Shares held in the treasury of the Company, but shall include Ordinary Shares issuable

in respect of scrip certificates issued in lieu of fractions of Ordinary Shares.

Section 14.06 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, the Share Price for purposes of a Make-Whole Fundamental Change or the Redemption Reference Price

for purposes of a Redemption over a span of multiple days, the Company shall make appropriate adjustments in good faith and in a commercially

reasonable manner to each to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment

to the Conversion Rate where the Ex-Dividend Date, Effective Date or Expiration Date, as the case may be, of the event occurs, at any

time during the period when such Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts

or Share Prices are to be calculated.

Section 14.07 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 Ordinary Shares 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 Ordinary 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 14.08 Effect of Recapitalizations,

Reclassifications and Changes of the Ordinary Shares.

(a) In the case of:

(i) any recapitalization, reclassification

or change of the Ordinary Shares (other than a change in par value, or from par value to no par value, or changes resulting from a subdivision

or combination),

(ii) any consolidation, merger, combination

or similar transaction involving the Company,

(iii) any sale, lease or other transfer

to a third party of the consolidated assets of the Company and the Company’s Subsidiaries substantially as an entirety or

(iv) any statutory share exchange,

in each case, as a result of which the Ordinary Shares would be converted

into, or exchanged for, stock, other securities, other property or assets (including cash or any combination thereof) (any such event,

a “Share Exchange Event”), then, the Company, or the successor or acquiring company, as the case may be, will execute

with the Trustee a supplemental indenture providing that, at and after the effective time of such Share Exchange Event, the right to convert

each $1,000 principal amount of Notes shall be changed into a right to convert such principal amount of Notes into the kind and amount

of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number

of Ordinary Shares equal to the Conversion Rate immediately prior to such Share Exchange Event would have owned or been entitled to receive

(the “Reference Property,” with each “unit of Reference Property” meaning the kind and amount of

Reference Property that a holder of one Ordinary Share would have been entitled to receive) upon such Share Exchange Event; provided,

however, that at and after the effective time of the Share Exchange Event (A) the Company, or the successor or acquiring company,

as the case may be, shall continue to have the right to determine the form of consideration to be paid or delivered, as the case may be,

upon conversion of Notes in accordance with ‎Section 14.02 and (B) (I) any amount payable in cash upon conversion of the Notes in

accordance with ‎Section 14.02 shall continue to be payable in cash, (II) any Ordinary Shares that the Company would have been required

to deliver upon conversion of the Notes in accordance with ‎Section 14.02 shall instead be deliverable in the amount and type of Reference

Property that a holder of that number of Ordinary Shares would have received in such Share Exchange Event and (III) the Daily VWAP shall

be calculated based on the value of a unit of Reference Property that a holder of one Ordinary Share would have received in such Share

Exchange Event.

If the Share Exchange Event causes the Ordinary

Shares 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 shareholder election), then 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 Ordinary Shares. The Company shall notify

Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing of such weighted average as soon as practicable

after such determination is made. If the Holders of the Ordinary Shares receive only cash in such Share Exchange Event, then for all

conversions for which the relevant Conversion Date occurs after the effective date of such Share Exchange Event (A) the consideration

due upon conversion of each $1,000 principal amount of Notes shall be solely cash in an amount equal to the Conversion Rate in effect

on the Conversion Date (as may be increased by any Additional Ordinary Shares pursuant to Section 14.03), multiplied by the price

paid per Ordinary Share in such Share Exchange Event and (B) the Company shall satisfy the Conversion Obligation by paying such cash

amount to converting Holders on the second Business Day immediately following the relevant Conversion Date.

If the Reference Property in respect of any such Share Exchange Event

includes, in whole or in part, shares of Common Equity or depositary receipts (or other interests) in respect thereof, the supplemental

indenture providing that the Notes will be convertible into Reference Property will also provide for anti-dilution and other adjustments

that shall be as nearly equivalent as practicable to the adjustments provided for in this ‎Article 14 (it being understood that no

such adjustments shall be required with respect to any portion of the Reference Property that does not consist of shares of Common Equity

(however evidenced) or depositary receipts (or other interests) in respect thereof). If the Reference Property in respect of any Share

Exchange Event includes shares of stock, securities or other property or assets (other than cash and/or cash equivalents) of a company

other than the Company or the successor or acquiring company, as the case may be, in such Share Exchange Event, then such other company,

if an Affiliate of the Company or the successor or acquiring company, shall also execute such supplemental indenture, and such supplemental

indenture shall contain such additional provisions to protect the interests of the Holders, including the right of Holders to require

the Company to repurchase their Notes upon a Fundamental Change pursuant to Section 15.02 and on the Specified Repurchase Date pursuant

to ‎Section 15.01, as the Company in good faith reasonably considers necessary by reason of the foregoing.

(b) Promptly following execution by the Company of a supplemental indenture

pursuant to subsection ‎(a) of this ‎Section 14.08, the Company shall file with the Trustee an Officer’s Certificate briefly

stating the reasons therefor, the kind or amount of cash, securities or property or asset that will comprise a unit of Reference Property

after any such Share Exchange Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied

with, and shall promptly deliver 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 days after execution thereof. Failure to deliver such notice shall not affect the legality

or validity of such supplemental indenture.

its terms are consistent with this ‎Section 14.08. None of the foregoing provisions shall affect the right of a Holder to convert

its Notes into cash, Ordinary Shares or a combination of cash and Ordinary Shares, as applicable, as set forth in ‎Section 14.01 and

‎Section 14.02 prior to the effective date of such Share Exchange Event.

(d) The above provisions of this ‎Section 14.08 shall similarly apply

to successive Share Exchange Events.

Section 14.09 Certain Covenants.

(a) The Company covenants that all Ordinary

Shares 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

Ordinary Shares 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 Ordinary Shares 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.

if at any time the Ordinary Shares shall be listed on any national securities exchange or automated quotation system the Company will

list and keep listed, so long as the Ordinary Shares shall be so listed on such exchange or automated quotation system, any Ordinary

Shares issuable upon conversion of the Notes.

(d) If, prior to the close of business

on the Business Day immediately preceding June 1, 2032, the Company elects to:

(i) distribute to all or substantially

all holders of the Ordinary Shares any rights, options or warrants (other than in connection with a shareholder rights plan prior to

separation of such rights from the Ordinary Shares) entitling them, for a period of not more than forty-five (45) calendar days after

the announcement date of such distribution, to subscribe for or purchase Ordinary Shares at a price per share that is less than the average

of the Last Reported Sale Prices of the Ordinary Shares for the ten (10) consecutive Trading Day period ending on, and including, the

Trading Day immediately preceding the date of announcement of such distribution; or

(ii) distribute to all or substantially

all holders of Ordinary Shares, the Company’s assets, securities or rights to purchase securities of the Company (other than in

connection with a shareholder rights plan prior to separation of such rights from the Ordinary Shares), which distribution has a per

share value, as reasonably determined by the Company in good faith, exceeding 10% of the Last Reported Sale Price of the Ordinary Shares

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 forty-eight (48) Scheduled Trading

Days prior to the Ex-Dividend Date for such distribution (or, if later in the case of any such separation of rights issued pursuant to

a shareholder rights plan, as soon as reasonably practicable after the Company becomes aware that such separation or triggering event

has occurred or will occur); provided, that if the Company elects Physical Settlement for conversions that occur at any

time from, and including, the date of notice until the earlier of (1) the close of business on the second Business Day immediately preceding

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

place , the Company may provide not less than ten (10) Business Days’ nor more than thirty (30) Business Days’ notice

before such Ex-Dividend Date.

Section 14.10 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 Ordinary Shares, or of any securities, property or cash that may at any time be issued or delivered upon the conversion

of any Note; and the Trustee and any other Conversion Agent make no representations with respect thereto. Neither the Trustee nor any

Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any Ordinary Shares or stock certificates

or other securities or property or cash upon the surrender of any Note for the purpose of conversion or to comply with any of the duties,

responsibilities or covenants of the Company contained in this Article 14. Neither the Trustee nor any other Conversion Agent shall have

any duty or responsibility whatsoever to determine compliance with the conversion procedures, or to make or confirm any calculations with

respect to the settlement provisions, of Section 14.02. 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 14.08 relating either to the kind or amount of shares of stock or securities or property (including

cash) receivable by Holders upon the conversion of their Notes after any event referred to in such ‎Section 14.08 or to any adjustment

to be made with respect thereto, but, subject to the provisions of Section 7.01, may accept (without any independent investigation) as

conclusive evidence of the correctness of any such provisions, and shall be protected in relying upon, the Officer’s Certificate

(which the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect

thereto.

Section 14.11 [Intentionally Omitted].

Section 14.12 Shareholder

Rights Plans. If the Company has a shareholder rights plan in effect upon conversion

of the Notes, each Ordinary Shares, if any, issued upon such conversion shall be entitled to receive the appropriate number of rights,

if any, and the certificates representing the Ordinary Shares issued upon such conversion shall bear such legends, if any, in each case

as may be provided by the terms of any such shareholder 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 Ordinary Shares in accordance with the provisions of the applicable shareholder

rights plan, the Conversion Rate shall be adjusted at the time of separation as if the Company distributed to all holders of the Distributed

Property as provided in ‎Section 14.05(c), subject to readjustment in the event of the expiration, termination or redemption of such

rights.

Section 14.13 Exchange in Lieu of Conversion.

(a) When a Holder surrenders its Notes for conversion, the Company may,

at its election (an “Exchange Election”), direct the Conversion Agent to deliver, on or prior to the Trading Day immediately

following the Conversion Date, such Notes to one or more financial institutions designated by the Company (each, a “Designated

Financial Institution”) for exchange in lieu of conversion. In order to accept any Notes surrendered for conversion, the Designated

Financial Institution(s) must agree to timely pay and/or deliver, as the case may be, in exchange for such Notes, cash, Ordinary Shares

or a combination of cash and Ordinary Shares, at the Company’s election, that would otherwise be due upon conversion as described

under ‎Section 14.02, or such other amount agreed to by the Holder and the Designated Financial Institution(s) (the “Conversion

Consideration”). If the Company makes an Exchange Election, it shall, by the close of business on the Business Day following

the relevant Conversion Date, notify in writing the Trustee, the Conversion Agent (if other than the Trustee) and the Holder surrendering

its Notes for conversion that the Company has made such Exchange Election and notify the Designated Financial Institution(s) of the relevant

deadline for payment or delivery, as the case may be, of the Conversion Consideration and the type of Conversion Consideration to be paid

and/or delivered, as the case may be.

(b) Any Notes delivered to the Designated

Financial Institution(s) shall remain outstanding, subject to the Applicable Procedures. If the Designated Financial Institution(s) agree(s)

to accept any Notes for exchange but does not timely pay and/or deliver, as the case may be, the related Conversion Consideration, or

if such Designated Financial Institution(s) does not accept the Notes for exchange, the Company shall pay and/or deliver, as the case

may be, the relevant Conversion Consideration, as, and at the time, required pursuant to this Indenture as if the Company had not made

an Exchange Election.

of any Designated Financial Institution(s) to which the Notes may be submitted for exchange in lieu of conversion does not require such

Designated Financial Institution(s) to accept any Notes.

Article

Repurchase of Notes at Option of Holders

Section 15.01 Repurchase at Option of Holders

on September 6, 2030.

(a) On September 6, 2030 (the “Specified

Repurchase Date”), each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for

cash all of such Holder’s Notes (the “Specified Repurchase”), or any portion of the principal amount thereof

that is equal to $1,000 or an integral multiple of $1,000, at a repurchase price equal to 100% of the principal amount thereof, plus

accrued and unpaid interest thereon, if any, to but excluding, the Specified Repurchase Date (the “Specified Repurchase Date

Repurchase Price”).

(b) Repurchases of Notes under this Section 15.01 shall be made, at the

option of the Holder thereof, upon:

(i) delivery to the Paying Agent by a

Holder of a duly completed notice (the “Specified Repurchase Date Repurchase Notice”) in the form set forth in Attachment

3 to the Form of Note attached hereto as Exhibit A, if the Notes are Physical Notes, or in compliance with the Depositary’s

Applicable Procedures for surrendering interests in Global Notes, if the Notes are Global Notes, in each case on or before the close

of business on the second Business Day immediately preceding the Specified Repurchase Date; and

(ii) delivery of the Notes, if the Notes

are Physical Notes, to the Paying Agent at any time after delivery of the Specified Repurchase Date Repurchase Notice (together with

all necessary endorsements for transfer) at the Corporate Trust Office of the Paying Agent, or book-entry transfer of the Notes, if the

Notes are Global Notes, in compliance with the Applicable Procedures of the Depositary, in each case such delivery being a condition

to receipt by the Holder of the Specified Repurchase Date Repurchase Price therefor.

The Specified Repurchase Date Repurchase

Notice in respect of any Notes to be repurchased that are Physical Notes 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;

provided, however, that if the Notes are Global

Notes, Holders must surrender their Notes in accordance with the Applicable Procedures.

Notwithstanding anything herein to the contrary, any Holder delivering

to the Paying Agent the Specified Repurchase Date Repurchase Notice contemplated by this Section 15.01 shall have the right to withdraw,

in whole or in part, such Specified Repurchase Date Repurchase Notice at any time prior to the close of business on the second Business

Day immediately preceding the Specified Repurchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance

with Section 15.03.

The Paying Agent (if other than the

Company) shall promptly notify the Company of the receipt by it of any Specified Repurchase Date Repurchase Notice or written notice

of withdrawal thereof.

No Specified Repurchase Date Repurchase Notice with respect to any

Notes may be surrendered by a Holder thereof if such Holder has also surrendered a Specified Repurchase Date Repurchase Notice and has

not validly withdrawn such Specified Repurchase Date Repurchase Notice in accordance with Section 15.03.

prior to the Specified Repurchase Date, 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) notice of the Specified Repurchase Date and of the repurchase right at the

option of the Holders arising as a result thereof (the “Specified Repurchase Date Company Notice”). In the case of

Physical 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. Each Specified Repurchase Date Company Notice shall specify:

(i) the last date on which a Holder may exercise the repurchase right pursuant

to this ‎Section 15.01;

(ii) the Specified Repurchase Date Repurchase

Price;

(iii) the Specified Repurchase Date;

(iv) the name and address of the Trustee,

the Conversion Agent and the Paying Agent;

(v) the procedures that Holders must follow

to require the Company to repurchase their Notes.

Simultaneously with providing such notice, the

Company will publish a notice containing this information on its website or through such other public medium as the Company may use at

that time.

No failure of the Company to give the foregoing notice and no defect

therein shall limit the Holders’ repurchase rights or affect the validity of the proceedings for the repurchase of the Notes pursuant

to this Section 15.01.

At the Company’s request given at least

five (5) Business Days before such notice is to be sent (or such shorter period as shall be acceptable to the Trustee), the Trustee shall

give such notice in the Company’s name and at the Company’s expense; provided, however, that, in all cases,

the text of such Specified Repurchase Date Company Notice shall be prepared by the Company.

Notwithstanding the foregoing, no Notes may be

repurchased by the Company on the Specified Repurchase Date 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 Specified Repurchase Date Repurchase Price with respect to such Notes). The Paying Agent will promptly return to the respective

Holders thereof any Physical Notes held by it during the acceleration of the Notes (except in the case of an acceleration resulting from

a Default by the Company in the payment of the Specified Repurchase Date 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 Specified Repurchase Date Company Notice with respect thereto shall be

deemed to have been withdrawn.

Section 15.02 Repurchase at Option of Holders

Upon a Fundamental Change.

(a) If a Fundamental Change (other than an Exempted Fundamental Change)

occurs at any time, each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for cash all

of such Holder’s Notes, or any portion of the principal amount thereof that is equal to $1,000 or an integral multiple of $1,000,

on the Business Day notified in writing (the “Fundamental Change Repurchase Date”) 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, if any, to, but

excluding, the Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”), unless the Fundamental

Change Repurchase Date falls after a Regular Record Date but on or prior to the Interest Payment Date to which such Regular Record Date

relates, in which case the Company shall instead pay the full amount of accrued and unpaid interest to Holders of record as of the close

of business on such Regular Record Date on, or at the Company’s election, before such Interest Payment Date, and the Fundamental

Change Repurchase Price shall be equal to 100% of the principal amount of Notes to be repurchased pursuant to this ‎Section 15.02.

The Fundamental Change Repurchase Date will be subject to postponement to comply with applicable law.

(b) Repurchases of Notes under this Section 15.02 shall be made, at the

option of the Holder thereof, upon:

(i) delivery to the Paying Agent by a

Holder of a duly completed notice (the “Fundamental Change Repurchase Notice”) in the form set forth in Attachment

2 to the Form of Note attached hereto as Exhibit A, if the Notes are Physical Notes, or in compliance with the Depositary’s

Applicable Procedures for surrendering interests in Global Notes, if the Notes are Global Notes, in each case on or before the close

of business on the second Business Day immediately preceding the Fundamental Change Repurchase Date; and

(ii) delivery of the Notes, if the Notes

are Physical Notes, to the Paying Agent at any time after delivery of the Fundamental Change Repurchase Notice (together with all necessary

endorsements for transfer) at the Corporate Trust Office of the Paying Agent, or book-entry transfer of the Notes, if the Notes are Global

Notes, in compliance with the Applicable Procedures of the Depositary, in each case such delivery being a condition to receipt by the

Holder of the Fundamental Change Repurchase Price therefor.

The Fundamental Change Repurchase Notice in respect

of any Notes to be repurchased that are Physical Notes 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;

provided, however, that if the Notes are Global Notes,

Holders must surrender their Notes in accordance with the Applicable Procedures.

Notwithstanding anything herein to the contrary, any Holder delivering

to the Paying Agent the Fundamental Change Repurchase Notice contemplated by this Section 15.02 shall have the right to withdraw, in whole

or in part, such Fundamental Change Repurchase Notice at any time prior to the close of business on the 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 (if other than the Company) shall

promptly notify the Company of the receipt by it of any Fundamental Change Repurchase Notice or written notice of withdrawal thereof.

No Fundamental Change Repurchase Notice with respect to any Notes may

be surrendered by a Holder thereof if such Holder has also surrendered a Fundamental Change Repurchase Notice and has not validly withdrawn

such Fundamental Change Repurchase Notice in accordance with Section 15.03.

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 written notice (the “Fundamental Change

Company Notice”) of the occurrence of the effective date of the Fundamental Change and of the resulting repurchase right at

the option of the Holders arising as a result thereof. In the case of Physical Notes, such notice shall be by first class mail or, in

the case of Global Notes, such notice shall be delivered in accordance with the Applicable Procedures. Each Fundamental Change Company

Notice shall specify:

(i) the events causing the Fundamental

Change;

(ii) the effective date of the Fundamental

Change;

(iii) the last date on which a Holder may exercise the repurchase right pursuant

to this ‎Section 15.02;

(iv) the Fundamental Change Repurchase

Price;

(v) the Fundamental Change Repurchase

Date;

(vi) the name and address of the Trustee,

the Paying Agent and the Conversion Agent;

(vii) if applicable, the Conversion Rate

and any adjustments to the Conversion Rate as a result of the Fundamental Change (or related Make-Whole Fundamental Change);

(viii) that the Notes with respect to

which a Fundamental Change Repurchase Notice has been delivered by a Holder may be converted only if the Holder withdraws the Fundamental

Change Repurchase Notice in accordance with the terms of this Indenture; and

(ix) the procedures that Holders must

follow to require the Company to repurchase their Notes.

Simultaneously with providing such notice, the

Company will publish a notice containing this information on its website or through such other public medium as the Company may use at

that time.

No failure of the Company to give the foregoing notices and no defect

therein shall limit the Holders’ repurchase rights or affect the validity of the proceedings for the repurchase of the Notes pursuant

to this Section 15.02. Notwithstanding the foregoing, the Company will not be required to repurchase, or to make an offer to repurchase,

the Notes upon the occurrence of a Fundamental Change if a third party makes such an offer in the same manner, at the same time, for the

same or greater price and otherwise is in compliance with the requirements for an offer made by the Company as set forth above, 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

for the same or greater price and otherwise is in compliance with the requirements for an offer made by the Company as set forth above.

At the Company’s request given at least

five (5) Business Days before such notice is to be sent (or such shorter period as shall be acceptable to the Trustee), the Trustee shall

give such notice in the Company’s name and at the Company’s expense; provided, however, that, in all cases,

the text of such Fundamental Change Company Notice shall be prepared by the Company.

(d) Notwithstanding anything to the contrary in this Section 15.02, the

Company will not be required to send a Fundamental Change Company Notice, or offer to repurchase or repurchase any Notes in connection

with a Fundamental Change occurring pursuant to clause (b)(i) or (ii) of the definition of Fundamental Change, if:

(i) such Fundamental Change constitutes

a Share Exchange Event for which the resulting Reference Property consists entirely of cash in U.S. dollars;

(ii) immediately after such Fundamental

Change, the Notes become convertible into consideration that consists solely of U.S. dollars in an amount per $1,000 principal amount

of Notes that equals or exceeds the Fundamental Change Repurchase Price per $1,000 principal amount of Notes (calculated assuming that

the same includes the maximum amount of accrued but unpaid interest payable as part of the Fundamental Change Repurchase Price for such

Fundamental Change); and

(iii) the Company timely sends the notice relating to the Make-Whole Fundamental

Change associated with such Fundamental Change required pursuant to Section 14.03(a).

Any Fundamental Change with respect to which, in accordance with the

provisions described in this Section 15.02(d), the Company does not offer to repurchase any Notes is referred to herein as an “Exempted

Fundamental Change.”

(e) Notwithstanding the foregoing, no

Notes may be repurchased by the Company on any date at the option of the Holders upon a Fundamental Change if the principal amount of

the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date (except in the case of an acceleration

resulting from a Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes). The Paying

Agent will promptly return to the respective Holders thereof any Physical Notes held by it during the acceleration of the Notes (except

in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase Price with

respect to such Notes), or any instructions for book-entry transfer of the Notes in compliance with the Applicable Procedures of the

Depositary shall be deemed to have been cancelled, and, upon such return or cancellation, as the case may be, the Fundamental Change

Repurchase Notice with respect thereto shall be deemed to have been withdrawn.

Section 15.03 Withdrawal of Fundamental Change

Repurchase Notice or Specified Repurchase Date Repurchase Notice. A Fundamental Change Repurchase Notice or Specified Repurchase Date

Repurchase Notice may be withdrawn (in whole or in part) in respect of Physical Notes by means of a written notice of withdrawal delivered

to the Corporate Trust Office of the Paying Agent in accordance with this Section 15.03 at any time prior to the close of business on

the second Business Day immediately preceding the Fundamental Change Repurchase Date or the Specified Repurchase Date, as applicable,

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 numbers of the Notes

in respect of which such notice of withdrawal is being submitted; and

(iii) the principal amount, if any, of

such Note that remains subject to the original Fundamental Change Repurchase Notice or Specified Repurchase Date Repurchase Notice, which

portion must be in principal amounts of $1,000 or an integral multiple of $1,000;

provided, however, that if the Notes are Global Notes,

Holders must withdraw the relevant Fundamental Change Repurchase Notice or Specified Repurchase Date Repurchase Notice, as applicable,

in accordance with the Applicable Procedures.

Section 15.04 Deposit of Fundamental Change

Repurchase Price. i) The Company will deposit with the Trustee (or other Paying Agent

appointed by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section

4.04) on or prior to 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date or Specified Repurchase Date Repurchase

Price, as applicable, an amount of money sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental Change

Repurchase Price or Specified Repurchase Date Repurchase Price, as applicable. 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 or the Specified Repurchase Date, as

applicable) will be made on the later of (i) the Fundamental Change Repurchase Date (provided the Holder has satisfied the conditions

in Section 15.02) or the Specified Repurchase Date (provided the Holder has satisfied the conditions in Section 15.01), as applicable,

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 15.01 or Section 15.02, as applicable, or 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 or Specified Repurchase Date Repurchase Price.

(a) If by 11:00 a.m. New York City time,

on the Fundamental Change Repurchase Date or Specified Repurchase Date, as applicable, the Trustee (or other Paying Agent appointed by

the Company) holds money sufficient to make payment on all the Notes or portions thereof that are to be repurchased on such Fundamental

Change Repurchase Date or Specified Repurchase Date, as applicable, then, with respect to the Notes that have been properly surrendered

for repurchase to the Paying Agent and not 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 the Notes have been delivered to the Trustee),

and (iii) all other rights of the Holders of such Notes will terminate (other than the right to receive the Fundamental Change Repurchase

Price or the Specified Repurchase Date Repurchase Price, as applicable, and, if the Fundamental Change Repurchase Date or the Specified

Repurchase Date, as applicable, falls after a Regular Record Date but on or prior to the Business Day immediately following the corresponding

Interest Payment Date to which such Regular Record Date relates, accrued and unpaid interest payable to the Holders as of such Regular

Record Date).

(b) Upon surrender of a Note that is

to be repurchased in part pursuant to Section 15.01 or Section 15.02, as applicable, 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 pursuant to a Specified Repurchase pursuant to Section 15.01

or a Fundamental Change pursuant to Section 15.02, the Company will, if required:

(a) comply with the tender offer rules

under the Exchange Act that may then be applicable;

(b) file a Schedule TO or any other

required schedule under the Exchange Act; and

respects with all federal and state securities laws in connection with any offer by the Company to repurchase the Notes;

in each case, so as to permit the rights and obligations under this

‎Article 15 to be exercised in the time and in the manner specified in this ‎Article 15.

Notwithstanding anything to the contrary, to the

extent that provisions of any federal or state securities laws or other applicable laws or regulations adopted after the date on which

the Notes are first issued conflict with the provisions of this Indenture relating to the Company’s obligations to repurchase the

Notes upon a Fundamental Change or the Specified Repurchase, the Company shall comply with the applicable securities laws and regulations

and will not be deemed to have breached its obligations under such provisions of this Indenture by virtue of such conflict.

Article

Optional Redemption and Tax Redemption

Section 16.01 Optional Redemption.

(a) No sinking fund is provided for

the Notes. Except in the case of a Tax Redemption, the Notes shall not be redeemable by the Company prior to September 6, 2030. On

or after September 6, 2030 and prior to the 41st scheduled Trading Day immediately preceding the Maturity Date, the Company may

redeem for cash all or any portion of the Notes (subject to the Partial Redemption Limitation), at the Redemption Price, if the Last

Reported Sale Price of the Ordinary Shares has been at least 130% of the Conversion Price then in effect 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 Optional

Redemption Notice in accordance with this Section 16.01 (an “Optional Redemption”); provided, however

that the Company may not redeem less than all of the outstanding Notes for Optional Redemption unless at least $75,000,000 aggregate

principal amount of Notes are outstanding and not called for Redemption as of the time the Company sends the related Optional

Redemption Notice and after giving effect to the delivery of such Optional Redemption Notice (such limitation, a “Partial

Redemption Limitation”).

(b) 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

date for Optional Redemption (each, an “Optional 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 Optional Redemption Notice 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 (an “Optional Redemption Notice”) not less than forty-five (45)

nor more than sixty (60) Scheduled Trading Days prior to the Optional Redemption Date to each Holder of Notes so to be redeemed (provided,

that if the Company elects Physical Settlement for conversions of Called Notes during the related Redemption Period, the Company

may not provide less than ten (10) Business Days’ nor more than thirty (30) Business Days’ notice before the applicable

Optional Redemption Date); provided, however, that, if the Company shall give such notice, it shall also give written notice

of the Optional Redemption Date to the Trustee, the Conversion Agent (if other than the Trustee) and the Paying Agent (if other than

the Trustee). The Optional Redemption Date must be a Business Day, and the Company may not specify an Optional Redemption Date that falls

on or after the 41st Scheduled Trading Day immediately preceding the Maturity Date.

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 Optional Redemption Notice by mail or any defect in the Optional Redemption Notice to

the Holder of any Note designated for Optional Redemption as a whole or in part shall not affect the validity of the proceedings for

the Optional Redemption of any other Note.

(d) Each Optional Redemption Notice

shall specify:

(i) the Optional Redemption Date;

(ii) the Redemption Price;

(iii) that on the Optional 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 Optional Redemption Date;

(iv) the name and address of the Paying

Agent and Conversion Agent;

(v) the place or places where such Notes

are to be surrendered for payment of the Redemption Price;

(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 Ordinary Shares added to the Conversion Rate in accordance with Section 14.04‎;

(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 Optional Redemption Date, upon surrender

of such Note, a new Note in principal amount equal to the unredeemed portion thereof shall be issued.

An Optional Redemption Notice shall be irrevocable.

Simultaneously with providing the Optional Redemption

Notice, the Company shall publish a notice containing the information included in the Optional Redemption Notice on the Company’s

website or through such other public medium as the Company may use. The Trustee shall have no obligation to make any determination in

connection with the foregoing.

If fewer than all of the outstanding Notes are

to be redeemed and the Notes to be redeemed are Global Notes, the Notes to be redeemed shall be selected by the Depositary in accordance

with the Applicable Procedures. If fewer than all of the outstanding Notes are to be redeemed and the Notes to be redeemed are not Global

Notes, the Trustee will select the Notes to be redeemed (in principal amounts of $1,000 or multiples there) by lot, on a pro rata basis

(subject to rounding to the nearest $1,000 principal amount) or by other method the Trustee considers to be fair and appropriate.

No Notes may be redeemed by Optional Redemption

if the principal amount of the Notes has been accelerated, 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).

Section 16.02 Reserved.

Section 16.03 Tax Redemption.

(a) If the Company has, or on the next

Interest Payment Date would, become obligated to pay to any Holder Additional Amounts as a result of:

(i) any change or amendment on or after

the date of the Offering Memorandum (or, in the case of a jurisdiction that becomes a Relevant Taxing Jurisdiction after the date of

the Offering Memorandum, on or after such later date) in the laws or any rules or regulations of a Relevant Taxing Jurisdiction; or

(ii) any change on or after the date of

the Offering Memorandum (or, in the case of a jurisdiction that becomes a Relevant Taxing Jurisdiction after the date of the Offering

Memorandum, on or after such later date) in an interpretation, administration or application of such laws, rules or regulations by any

legislative body, court, governmental agency, taxing authority or regulatory or administrative authority of such Relevant Taxing Jurisdiction

(including the enactment of any legislation and the announcement or publication of any judicial decision or regulatory or administrative

interpretation or determination);

(each, a “Change in Tax Law”), the Company may,

at its option, redeem all but not part of the Notes (except in respect of certain Holders that elect otherwise as described below) on

a Tax Redemption Date before the 41st Scheduled Trading Day immediately preceding the Maturity Date; provided that

the Company may only redeem the Notes if: (i) the Company cannot avoid such obligations by taking commercially reasonable measures available

to the Company (provided that changing the jurisdiction of incorporation of the Company shall be deemed not to be a commercially

reasonable measure); and (ii) the Company delivers to the Trustee an opinion of outside legal counsel of recognized standing in the Relevant

Taxing Jurisdiction and an Officer’s Certificate attesting to such Change in Tax Law and obligation to pay Additional Amounts (such

redemption, a “Tax Redemption”).

(b) The Redemption Price for a Tax Redemption

shall be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption

Date, including any Additional Amounts with respect to such Redemption Price; provided, however, that if the Redemption Date occurs

after a Regular Record Date and on or prior to the corresponding Interest Payment Date, then (i) the Company shall pay on or, at the

Company’s election, before the Interest Payment Date the full amount of accrued and unpaid interest, if any, due on such Interest

Payment Date to the record Holder of the Notes on the Regular Record Date corresponding to such Interest Payment Date, and (ii) the Redemption

Price payable to the Holder who presents a Note for the Tax Redemption shall be equal to 100% of the principal amount of such Note, including,

for the avoidance of doubt, any Additional Amounts with respect to such Redemption Price, but without the accrued and unpaid interest

on such Note to, but excluding, the Redemption Date. The Redemption Date must be a Business Day.

Notice, each Holder shall have the right to elect to not have its Notes redeemed, in which case the Company shall not be obligated to

pay any Additional Amounts on any payment with respect to such Notes solely as a result of such Change in Tax Law that resulted in the

obligation to pay such Additional Amounts (whether upon required repurchase in connection with a Fundamental Change, required repurchase

on the Specified Repurchase Date, Redemption, maturity or otherwise) after the Tax Redemption Date (or, if the Company fails to pay the

Redemption Price on the Tax Redemption Date, the date on which the Redemption Price has been paid or duly provided for), and all future

payments with respect to such Notes shall be subject to the deduction or withholding of such Relevant Taxing Jurisdiction and taxes required

by law to be deducted or withheld as a result of such Change in Tax Law.

(d) Subject to the Applicable

Procedures of the Depositary in the case of Global Notes, a Holder electing to not have its Notes so redeemed must deliver to the

Company, with a copy to the Paying Agent a written notice of election so as to be received by the Company and the Paying Agent or

otherwise by complying with the requirements for conversion described under Section 14.02 prior to the close of business on the

second Business Day immediately preceding the Tax Redemption Date. A Holder may withdraw any such notice of election (other than

such a deemed notice of election in connection with a conversion) by delivering to the Company and the Paying Agent a written notice

of withdrawal prior to the close of business on the business day immediately preceding the Tax Redemption Date (or, if the Company

fails to pay the Redemption Price and any Additional Amounts with respect to such Redemption Price on the Tax Redemption Date, such

later date on which the Company pays the Redemption Price and any Additional Amounts with respect to such Redemption Price). If no

election is made, the Holder will have its Notes redeemed without any further action.

(e) In case the Company exercises its

Tax Redemption right to redeem all of the Notes pursuant to Section 16.03(a), it shall fix a date for Tax Redemption (each, a “Tax 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

Tax Redemption Notice 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 Tax Redemption (a “Tax Redemption

Notice”) not less than 45 nor more than 60 Scheduled Trading Day prior to the Tax Redemption Date to each Holder of Notes so

to be redeemed as a whole or in part (provided, that if the Company elects Physical Settlement for conversions of Notes called

for Tax Redemption that occur during the related Redemption Period, the Company may not provide less than ten (10) Business Days’

nor more than thirty (30) Business Days’ notice before the applicable Tax Redemption Date); provided, however,

that, if the Company shall give such notice, it shall also give written notice of the Tax Redemption Date to the Trustee, the Conversion

Agent (if other than the Trustee) and the Paying Agent (if other than the Trustee). The Tax Redemption Date must be a Business Day, and

the Company may not specify a Tax Redemption Date that falls on or after the 41st Scheduled Trading Day immediately preceding the Maturity

Date.

100

(f) The Tax Redemption Notice, 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 Tax Redemption Notice by mail or any defect in the Tax Redemption Notice to the Holder of any Note

designated for Tax Redemption as a whole or in part shall not affect the validity of the proceedings for the Tax Redemption of any other

Note.

(g) Each Tax Redemption Notice shall

specify:

(i) the Tax Redemption Date;

(ii) the Redemption Price and any Additional

Amounts with respect to such Redemption Price;

(iii) that on the Tax Redemption Date,

the Redemption Price and any Additional Amounts with respect to such 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 Tax Redemption Date;

(iv) the place or places where such Notes

are to be surrendered for payment of the Redemption Price;

(v) the procedures a converting Holder

must follow to convert its Notes and the Settlement Method that will apply to all conversions with a Conversion Date that occurs during

the related Redemption Period and Specified Dollar Amount, if applicable;

(vi) the Conversion Rate and, if applicable,

the number of Additional Ordinary Shares added to the Conversion Rate in accordance with ‎Section 14.04;

(vii) the CUSIP, ISIN or other similar

numbers, if any, assigned to such Notes; and

(viii) that such Holder may elect that

its Notes not be subject to such Tax Redemption, subject to the Applicable Procedures of the Depositary, in accordance with Section 16.03(d), by written

notice to the Company and the Trustee no later than the 5th Business Day prior to the Tax Redemption Date.

A Tax Redemption Notice shall be irrevocable.

101

Simultaneously with providing the Tax Redemption

Notice, the Company shall publish a notice containing the information included in the Tax Redemption Notice on the Company’s website

or through such other public medium as the Company may use.

No Notes may be redeemed by Tax Redemption if

the principal amount of the Notes has been accelerated, 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).

Section 16.04 Payment of Notes Called for Redemption.

(a) If any Redemption Notice has been

given in respect of the Notes in accordance with Section 16.01 or Section 16.03, the Notes shall become due and payable on the Redemption Date at the place or places

stated in the Redemption Notice and at the applicable Redemption Price (and any Additional Amounts with respect to such Redemption Price,

in the case of a Tax Redemption). On presentation and surrender of the Notes at the place or places stated in the Redemption Notice,

the Notes shall be paid and redeemed by the Company at the applicable Redemption Price.

(b) Prior to the open of business on

the Redemption Date, the Company shall deposit with the Paying Agent or, if the Company or a Subsidiary of the Company is acting as the

Paying Agent, shall segregate and hold in trust as provided in Section 7.05 an amount of cash (in immediately available funds if deposited

on the Redemption Date), sufficient to pay the Redemption Price (and any Additional Amounts with respect to such Redemption Price, in

the case of a Tax Redemption) 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 (and any Additional

Amounts with respect to such Redemption Price, in the case of a Tax Redemption).

Section 16.05 Restrictions on Redemption.

The Company may not redeem any Notes on any date if the principal amount of the Notes has been accelerated in accordance with the terms

of this Indenture, and such acceleration has not been rescinded, on or prior to the Redemption Date (except in the case of an acceleration

resulting from a Default by the Company in the payment of the Redemption Price with respect to such Notes).

Article

Miscellaneous Provisions

Section 17.01 Governing Law; Jurisdiction.

THIS INDENTURE 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.

The Company irrevocably consents and agrees, for

the benefit of the Holders from time to time of the Notes and the Trustee, that any legal action, suit or proceeding against it with

respect to obligations, liabilities or any other matter arising out of or in connection with this Indenture or the Notes may be brought

in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan, New York City, New York

and, until amounts due and to become due in respect of the Notes have been paid, hereby irrevocably consents and submits to the non-exclusive

jurisdiction of each such court in personam, generally and unconditionally with respect to any action, suit or proceeding for

itself in respect of its properties, assets and revenues.

102

The Company irrevocably and unconditionally waives,

to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any of the aforesaid

actions, suits or proceedings arising out of or in connection with this Indenture brought in the courts of the State of New York or the

courts of the United States located in the Borough of Manhattan, New York City, New York and hereby further irrevocably and unconditionally

waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been

brought in an inconvenient forum.

Service of any process, summons, notice or document

by registered mail addressed to the Company’s agent, Cogency Global Inc., at the address 122 E. 42nd Street, 18th Floor,

New York, New York 10168, shall be effective service of process against the Company for any suit, action or proceeding brought in any

such court.

Section 17.02 Waiver of Jury Trial. EACH

OF THE COMPANY, THE HOLDERS, BY THEIR ACCEPTANCE OF THE NOTES, 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 17.03 Addresses for Notices, Etc.

Any notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the

Holders on the Company shall be deemed to have been sufficiently given or made, for all purposes if given or served by overnight courier

or by being deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address is

filed by the Company with the Trustee) to WhiteFiber, Inc., 31 Hudson Yards, Floor 11, New York, NY, 10001, Attention: Sam Tabar, Chief

Executive Officer. 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 Physical Notes shall be mailed to it by first class mail, postage prepaid, at its address as it appears on the

Note Register and shall be sufficiently given to it if so mailed within the time prescribed. 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 Redemption Notice, Specified Repurchase Date Company

Notice or Fundamental Change Company Notice) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently

given if given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including

by electronic mail in accordance with the Depositary’s Applicable Procedures.

103

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.

Section 17.04 Provisions Binding on Company’s

Successors; Official Acts by Successor Entity. 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. 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 17.05 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 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, Section 7.02(h) and Section 8.04) shall include

(a) a statement that the person signing such certificate is familiar with the requested action and this Indenture; (b) a brief statement

as to the nature and scope of the examination or investigation upon which the statement contained in such certificate is based; (c) a

statement that, in the judgment of such person, he or she has made such examination or investigation as is necessary to enable him or

her to express an informed judgment as to whether or not such action is permitted by this Indenture; and (d) a statement as to whether

or not, in the judgment of such person, such action is permitted by this Indenture and that all conditions precedent to such action have

been complied with; provided that no Opinion of Counsel shall be required to be delivered in connection with (1) the original issuance

of Notes on the date hereof under this Indenture, or (2) a request by the Company that the Trustee deliver a notice to Holders under

this Indenture where the Trustee receives an Officer’s Certificate with respect to such notice. With respect to matters of fact,

an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials.

104

Notwithstanding anything to the contrary in this

Section 17.05, if any provision in this Indenture specifically provides that the Trustee shall or may receive an Opinion of Counsel in connection

with any action to be taken by the Trustee or the Company hereunder, the Trustee shall be entitled to such Opinion of Counsel.

Section 17.06 Legal Holidays. In any case

where any Interest Payment Date, any Redemption Date, any Fundamental Change Repurchase Date, the Specified Repurchase 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 (or,

with respect to the second and third paragraphs of ‎Section 2.05(d), beneficial owners

of the Notes), the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors

hereunder, any benefit or any legal or equitable right, remedy or claim under this Indenture.

Section 17.09 Table of Contents, Headings,

Etc. The table of contents and the titles and headings of the Articles and Sections of this Indenture have been inserted for convenience

of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

Section 17.10 Authenticating Agent. The Trustee may appoint an authenticating agent that shall be authorized

to act on its behalf and subject to its direction in the authentication and delivery of Notes in connection with the original issuance

thereof and transfers and exchanges of Notes hereunder, including under Section 2.04, Section 2.05, Section 2.06, Section 2.07, Section

10.04 and Section 15.04 as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this

Indenture and those Sections to authenticate and deliver Notes. For all purposes of this Indenture, the authentication and delivery of

Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a certificate

of authentication executed on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or

in the Notes for the Trustee’s certificate of authentication. Such authenticating agent shall at all times be a Person eligible

to serve as trustee hereunder pursuant to Section 7.08.

Any corporation or other entity into which any

authenticating agent may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from

any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding

to all or substantially all of the corporate trust business of any authenticating agent, shall be the successor of the authenticating

agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section 17.10, without the execution or filing of

any paper or any further act on the part of the parties hereto or the authenticating agent or such successor corporation or other entity.

105

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 17.10, 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 addition to the Trustee’s certificate of authentication, an alternative certificate

of authentication in the following form:

__________________________,

as Authenticating Agent, certifies that this is one of the

Notes described in the within-named Indenture.

By: ____________________

Authorized Officer

Section 17.11 Multiple Originals. 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 such other electronic means

shall be deemed to be their original signatures for all purposes. All notices, approvals, consents, requests and any communications hereunder

must be in writing (provided that any communication sent to the Trustee hereunder must be in the form of a document that is signed manually

or by way of a digital signature provided by DocuSign (or such other digital signature provider as specified in writing to Trustee by

the authorized representative), in English). The Company agrees to assume all risks arising out of the use of using digital signatures

and electronic methods to submit communications to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions,

and the risk of interception and misuse by third parties.

106

Section 17.12 Severability. In case any

one or more of the provisions contained in this Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable

in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Notes,

but this Indenture and such Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained

herein or therein.

Section 17.13 Calculations. Except as otherwise

provided herein, the Company shall be responsible for making all calculations called for under this Indenture and the Notes and the Trustee,

acting in any capacity under this Indenture, shall have no liability or responsibility for any such calculations or information underlying

such calculations. These calculations include, but are not limited to, determinations of the Share Price, Last Reported Sale Prices of

the Ordinary Shares, the Daily VWAPs, the Daily Conversion Values, the Daily Settlement Amounts, accrued interest payable on the Notes,

any Additional Interest payable on the Notes and the Conversion Rate of the Notes. The Company shall make all these calculations in good

faith and, absent manifest error, the Company’s calculations shall be final and binding on Holders of Notes. The Company shall

provide a schedule of its calculations to each of the Trustee, the Paying Agent (if other than the Trustee) and the Conversion Agent

(if other than the Trustee), and each of the Trustee, the Paying Agent and Conversion Agent has no duty to verify such calculations and

is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent verification. The Trustee

shall forward the Company’s calculations to any registered Holder of Notes upon the request of that Holder at the sole cost and

expense of the Company.

Section 17.14 [Intentionally Omitted].

Section 17.15 Delivery of Notices. Any notice

or communication delivered or to be delivered to a Holder of Physical Notes shall be mailed to it by first class mail, postage prepaid,

at its address as it appears on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed. 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.

Failure to send 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 sent

in the manner provided above, it is duly given, whether or not the addressee receives it.

Section 17.16 USA PATRIOT Act. The parties

hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions and in order

to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each

person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that

they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the USA

PATRIOT Act.

[Remainder of page intentionally left blank]

107

IN WITNESS WHEREOF, the parties hereto have caused

this Indenture to be duly executed as of the date first written above.

WHITEFIBER, INC.

By:

/s/ Sam Tabar

Name:

Sam Tabar

Title:

Chief Executive Officer

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

as Trustee

By:

/s/ Quinton M. DePompolo

Name:

Quinton M. DePompolo

Title:

Vice President

108

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.]

[INCLUDE THE FOLLOWING LEGEND IF A RESTRICTED

SECURITY]

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF

1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION, AND MAY NOT BE OFFERED, SOLD, PLEDGED

OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN,

THE ACQUIRER:

(1) REPRESENTS THAT IT AND ANY ACCOUNT

FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND

THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND

(2) AGREES FOR THE BENEFIT OF WHITEFIBER,

INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST

HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE OF THE SERIES OF NOTES UPON THE CONVERSION

OF WHICH THIS SECURITY WAS ISSUED OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION

THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:

(A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR

(B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME

EFFECTIVE UNDER THE SECURITIES ACT, OR

BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR

(D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED

BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE

WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE COMPANY’S TRANSFER AGENT FOR THE ORDINARY SHARES RESERVE THE RIGHT TO REQUIRE THE

DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED

TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE

AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

A-1

WHITEFIBER, INC.

5.00% Convertible Senior Notes due 2032

No. [_____]

[Initially]1 $[_________]

CUSIP No. [________]2

WhiteFiber, Inc., an exempted company incorporated

under the laws of the Cayman Islands (the “Company,” which term includes any successor corporation or other entity

under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE & CO.]3 [_______]4,

or registered assigns, the principal sum [as set forth in the “Schedule of Exchanges of Notes” attached hereto]5

[of $[_______]]6, which amount, taken together with the principal amounts of all other outstanding Notes, shall not, unless

permitted by the Indenture, exceed $310,000,000, in aggregate at any time, in accordance with the rules and the Applicable Procedures

of the Depositary, on September 1, 2032, and interest thereon as set forth below.

This Note shall bear interest at the rate of 5.00%

per year from August 21, 2026 or from the most recent date to which interest had been paid or duly provided for to, but excluding, the

next scheduled Interest Payment Date until September 1, 2032. Interest is payable semi-annually in arrears on each March 1 and September

1, commencing on March 1, 2027, to Holders of record at the close of business on the preceding February 15 or August 15 (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, was or would be payable pursuant to any of such ‎Section

4.06(d), Section 4.06(e) and Section 6.03‎, and any express mention of the payment of Additional Interest in any provision therein

shall not be construed as excluding Additional Interest in those provisions thereof where such express mention is not made.

Any Defaulted

Amounts shall accrue interest per annum at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from,

and including, the relevant payment date to, but excluding, the date on which such Defaulted Amounts shall have been paid by the Company

in accordance with ‎Section 2.03(c) of the within-mentioned Indenture.

1 Include if a global note.

2 This Note will be deemed to be identified by CUSIP

No. [________] from and after such time when (i) the Company delivers, pursuant to Section

2.05(c) of the within-mentioned Indenture, written notice to the Trustee of the occurrence

of the Resale Restriction Termination Date and the removal of the restrictive legend affixed

to this Note and (ii) this Note is identified by such CUSIP number in accordance with the

applicable procedures of the Depositary.

3 Include if a global note.

4 Include if a physical note.

5 Include if a global note.

6 Include if a physical note.

A-2

The Company shall pay, or cause the Paying Agent

to 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 the Corporate Trust Office, 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, Ordinary Shares or a combination of cash and Ordinary Shares, 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 by the Trustee or a duly authorized authenticating

agent under the Indenture.

[Remainder of page intentionally left blank]

A-3

IN WITNESS WHEREOF, the Company has caused this

Note to be duly executed.

WHITEFIBER, INC.

By:

Name:

Title:

Dated:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

as Trustee, certifies that this is one of the Notes described

in the within-named Indenture.

By:

Authorized Signatory

A-4

[FORM OF REVERSE OF NOTE]

WHITEFIBER, INC.

5.00% Convertible Senior Notes due 2032

This Note is one of a duly authorized issue of

Notes of the Company, designated as its 5.00% Convertible Senior Notes due 2032 (the “Notes”), limited to the aggregate

principal amount of $310,000,000, all issued or to be issued under and pursuant to an Indenture dated as of August 21, 2026 (the “Indenture”),

by and between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), to which

Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations,

duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited

aggregate principal amount, subject to certain conditions specified in the Indenture. Capitalized terms used in this Note and not defined

in this Note shall have the respective meanings set forth in the Indenture.

In case certain Events of Default shall have occurred

and be continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee or Holders of at least 25% in

aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and payable, in the manner, with the

effect and subject to the conditions and certain exceptions set forth in the Indenture.

Subject to the terms and conditions of the Indenture,

the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental Change Repurchase

Date (if applicable), the Specified Repurchase Date Repurchase Price on the Specified Repurchase Date (if applicable), the Redemption

Price on any Redemption Date (if applicable) and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders

a Note to a Paying Agent to collect such payments in respect of the Note. The Company shall pay cash amounts in money of the United States

that at the time of payment is legal tender for payment of public and private debts.

Subject to the terms and conditions of the Indenture,

Additional Amounts will be paid in connection with any payments made and deliveries caused to be made by the Company or any successor

to the Company under or with respect to the Indenture and the Notes, including, but not limited to, payments of principal (including,

if applicable the Redemption Price, the Fundamental Change Repurchase Price and the Specified Repurchase Date Repurchase Price), payments

of interest and the payment of cash and/or deliveries of Ordinary Shares (together with payments for any fractional Ordinary Shares)

upon conversion of the Notes to ensure that the net amount received by the Holder after any applicable withholding or deduction (and

after deducting any taxes on the Additional Amounts) will equal the amount that would have been received by such Holder had no such withholding

or deduction been required.

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.

A-5

Each Holder shall have the right to receive payment

or delivery, as the case may be, of (x) the principal (including the Redemption Price, the Fundamental Change Repurchase Price and

the Specified Repurchase Date Repurchase Price, if applicable) of, (y) accrued and unpaid interest, if any, on, and (z) the consideration

due upon conversion of, this Note at the place, at the respective times, at the rate and in the lawful money and/or Ordinary Shares,

as the case may be, herein prescribed.

The Notes are issuable in registered form without

coupons in minimum denominations of $1,000 principal amount and integral multiples thereof. At the office or agency of the Company designated

by the Company for such purpose under the Indenture, and in the manner and subject to the limitations provided in the Indenture, Notes

may be exchanged for a like aggregate principal amount of Notes of other authorized denominations, without payment of any service charge

but, if required by the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar tax that may be imposed

in connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange of Notes being different from

the name of the Holder of the old Notes surrendered for such exchange.

The Company may not redeem the Notes prior to

the Maturity Date, except in the event of a Redemption as described in Article 16 of the Indenture. No sinking fund is provided for

the Notes.

On the Specified Repurchase Date and upon the

occurrence of a Fundamental Change, the Holder has the right, at such Holder’s option, to require the Company to repurchase for

cash all of such Holder’s Notes or any portion thereof (in principal amounts of $1,000 or integral multiples thereof) on the Specified

Repurchase Date or the Fundamental Change Repurchase Date, as applicable, at a price equal to the Fundamental Change Repurchase Price

or the Specified Repurchase Date Repurchase Price, as applicable.

Subject to the provisions of the Indenture, the

Holder hereof has the right, at its option, 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, Ordinary Shares

or a combination of cash and Ordinary Shares, as applicable, at the Conversion Rate specified in the Indenture, as adjusted from time

to time as provided in the Indenture.

A-6

ABBREVIATIONS

The following abbreviations, when used in the

inscription of the face of this Note, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM = as tenants in common

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act

CUST = Note Custodian

TEN ENT = as tenants by the entireties

JT TEN = joint tenants with right of survivorship and not as tenants

in common

Additional abbreviations may also be used though

not in the above list.

A-7

SCHEDULE A7

SCHEDULE OF EXCHANGES OF NOTES

WHITEFIBER, INC.

5.00% Convertible Senior Notes due 2032

The initial principal amount of this Global Note

is [_______] DOLLARS ($[_______]). The following increases or decreases in this Global Note have been made:

Date of

exchange

Amount of

decrease in principal amount of this Global Note

Amount of

increase in principal amount of this Global Note

Principal

amount of this Global Note following such decrease or increase

Signature

of authorized signatory of Trustee or Note Custodian

7 Include if a global note.

A-8

ATTACHMENT 1

[FORM OF NOTICE OF CONVERSION]

To:

WhiteFiber, Inc.

31 Hudson Yards, Floor 11

New York, NY 10001

Telephone: 212-463-5121

U.S. Bank Trust Company, National Association, as Conversion

Agent

West Side Flats St Paul

60 Livingston Ave.

Saint Paul, MN 55107

Attention: WhiteFiber Group Administrator

The undersigned registered owner of this Note hereby

exercises the option to convert this Note, or the portion hereof (that is $1,000 in principal amount or an integral multiple thereof)

below designated, into cash, Ordinary Shares or a combination of cash and Ordinary Shares, as applicable, in accordance with the terms

of the Indenture referred to in this Note, and directs that any cash payable and any Ordinary Shares issuable and deliverable upon such

conversion, together with any cash for any fractional Ordinary Shares, 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 Ordinary Shares or any

portion of this Note not converted are to be issued in the name of a Person other than the undersigned, the undersigned will pay all documentary,

stamp or similar issue or transfer taxes, if any in accordance with ‎Section 14.02(d) and Section 14.02(e) of the Indenture. Any amount

required to be paid to the undersigned on account of interest accompanies this Note. Capitalized terms used herein but not defined shall

have the meanings ascribed to such terms in the Indenture.

Dated:

Signature(s)

Signature Guarantee

Signature(s) must be guaranteed

by an eligible Guarantor Institution

(banks, stock brokers, savings and

loan associations and credit unions)

with membership in an approved

signature guarantee medallion program

pursuant to Securities and Exchange

Commission Rule 17Ad-15 if Ordinary Shares 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 NOTICE]

To:

WhiteFiber, Inc.

31 Hudson Yards, Floor 11

New York, NY 10001

Telephone: 212-463-5121

U.S. Bank Trust Company, National Association,

as Paying Agent

West Side Flats St Paul

60 Livingston Ave.

Saint Paul, MN 55107

Attention: WhiteFiber Group Administrator

The undersigned registered owner of this Note

hereby acknowledges receipt of a notice from WhiteFiber, Inc. (the “Company”) as to the occurrence of a Fundamental

Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs the Company to pay

to the registered holder hereof in accordance with ‎Section 15.02 of the Indenture referred to in this Note (1) the entire principal

amount of this Note, or the portion thereof (that is $1,000 principal amount or an integral multiple thereof) below designated, and (2)

if such Fundamental Change Repurchase Date does not fall during the period after a Regular Record Date and on or prior to the corresponding

Interest Payment Date, accrued and unpaid interest, if any, thereon to, but excluding, such Fundamental Change Repurchase Date. Capitalized

terms used herein but not defined shall have the meanings ascribed to such terms in the Indenture.

In the case of Physical Notes, the certificate

numbers of the Notes to be repurchased are as set forth below:

Dated:

Signature(s)

Social Security or Other Taxpayer

Identification Number

Principal amount to be repurchased (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.

ATTACHMENT 3

[FORM OF SPECIFIED REPURCHASE DATE REPURCHASE

NOTICE]

To: WhiteFiber, Inc.

31 Hudson Yards, Floor 11

New York, NY 10001

Telephone: 212-463-5121

U.S. Bank Trust Company, National Association,

as Paying Agent

West Side Flats St Paul

60 Livingston Ave.

Saint Paul, MN 55107

Attention: WhiteFiber Group Administrator

The undersigned registered owner of this Note

hereby acknowledges receipt of a notice from WhiteFiber, Inc. (the “Company”) as to the occurrence of Specified Repurchase

Date and specifying the Specified Repurchase Date and requests and instructs the Company to pay to the registered holder hereof in accordance

with ‎Section 15.01 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 Specified 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 Specified Repurchase Date. Capitalized terms used herein but not defined shall have the meanings

ascribed to such terms in the Indenture.

In the case of Physical Notes, the certificate

numbers of the Notes to be repurchased are as set forth below:

Dated:

Signature(s)

Social Security or Other Taxpayer

Identification Number

Principal amount to be repurchased (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.

ATTACHMENT 4

[FORM OF ASSIGNMENT AND TRANSFER]

For value received ____________________________ hereby sell(s), assign(s)

and transfer(s) unto _________________ (Please insert social security or Taxpayer Identification Number of assignee) the within Note,

and hereby irrevocably constitutes and appoints _____________________ attorney to transfer the said Note on the books of the Company,

with full power of substitution in the premises.

In connection with any transfer of the within Note occurring prior

to the Resale Restriction Termination Date, as defined in the Indenture governing such Note, the undersigned confirms that such Note

is being transferred:

☐ To WhiteFiber, Inc. or a subsidiary thereof;

☐ Pursuant to a registration statement that

has become or been declared effective under the Securities Act of 1933, as amended; or

☐ Pursuant to and in compliance with Rule 144A

under the Securities Act of 1933, as amended; or

☐ 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.

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-99.1 — PRESS RELEASE ISSUED BY WHITEFIBER, INC. DATED AUGUST 18, 2026

EX-99.1

Filename: ea030292501ex99-1.htm · Sequence: 3

Exhibit 99.1

WhiteFiber Announces Proposed Private Placement

of $250.0 Million of Convertible Senior Notes

NEW YORK, August 18, 2026 –

WhiteFiber, Inc. (Nasdaq: WYFI) (“WhiteFiber” or the “Company”),

a provider of artificial intelligence (“AI”) infrastructure and high-performance computing (“HPC”)

solutions, today announced that it intends to offer, subject to market conditions and other factors, $250.0 million principal amount of

Convertible Senior Notes due 2032 (the “notes”) in a private placement (the “offering”) to persons

reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities

Act”). The Company also intends to grant the initial purchasers of the notes an option to purchase, for settlement within a

13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $37.5 million principal amount

of the notes.

The notes will be general, senior unsecured obligations

of the Company and will accrue interest payable semiannually in arrears. Upon conversion, the Company will pay or deliver, as the case

may be, cash, ordinary shares, par value $0.01 per share, of the Company (the “ordinary shares”) or a combination of

cash and ordinary shares, at its election. The interest rate, initial conversion rate, repurchase or redemption rights and certain other

terms of the notes will be determined at the time of pricing of the offering.

Use of Proceeds

The Company intends to use (i) a portion of the

net proceeds from the offering to pay the cash consideration for the concurrent note exchange transactions, as described below, and (ii)

the remainder of the net proceeds from the offering primarily for data center expansion, including to partially fund the lease or purchase

of additional property or properties on which to build additional WhiteFiber data centers, to construct those facilities, to enter into

additional energy service agreements for each additional site, to purchase related equipment (including GPU servers to support WhiteFiber’s

cloud business), and for potential acquisitions, partnerships and joint ventures related thereto, and for working capital and general

corporate purposes. If the initial purchasers exercise their option to purchase additional notes, the Company expects to use the net proceeds

from the sale of the additional notes primarily for data center expansion, including to partially fund the lease or purchase of additional

property or properties on which to build additional WhiteFiber data centers, to construct those facilities, to enter into additional energy

service agreements for each additional site, to purchase related equipment (including GPU servers to support WhiteFiber’s cloud

business), and for potential acquisitions, partnerships and joint ventures related thereto, as well as working capital and other general

corporate purposes as described above. The Company will require additional project financing (e.g., construction loans) in order to fully

accomplish the specified initiatives identified in these uses of proceeds. The Company also may elect to raise additional capital opportunistically.

Concurrent Privately Negotiated Note Exchange

Transactions

Concurrently with the pricing

of the offering, the Company expects to enter into one or more privately negotiated transactions with one or more holders of its 4.500%

Convertible Senior Notes due 2031 (the “existing notes”) to exchange for cash and ordinary shares (each, a “note

exchange transaction”) a portion of the existing notes. The terms of each note exchange transaction will depend on a variety

of factors. No assurance can be given as to how much, if any, of the existing notes will be exchanged or the terms on which they will

be exchanged. This press release is not an offer to exchange the existing notes. The closing of the offering of the notes is contingent

upon the satisfaction of the conditions to closing of substantially all of the note exchange transactions, and the note exchange transactions

are contingent upon the closing of the offering of the notes.

In connection with any note exchange transaction,

the Company expects that holders of its existing notes who agree to exchange their existing notes will unwind all or part of their hedge

positions and sell the ordinary shares that they expect to receive upon closing of the note exchange transactions. The amount of the Company’s

ordinary shares to be sold by such holders may be substantial in relation to the historic average daily trading volume of the Company’s

ordinary shares. This activity by such holders could decrease the market price of the Company’s ordinary shares, including concurrently

with or shortly after the pricing of the notes. The Company cannot predict the magnitude of such market activity or the overall effect

it will have on the price of the notes in the offering or the Company’s ordinary shares.

In connection with any exchange of the existing

notes, the Company expects the existing zero-strike call option transactions that the Company entered into when the existing notes were

issued to remain outstanding in accordance with their terms.

The notes will be offered only to persons reasonably

believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and the sale of the notes and

the issuance of ordinary shares of the Company issuable upon conversion of the notes or in connection with any note exchange transaction,

if any, have not been and will not be registered under the Securities Act, any state securities laws or the securities laws of any other

jurisdiction, and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption

from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.

This press release is neither an offer to sell

nor a solicitation of an offer to buy any of these securities nor shall there be any sale of these securities in any state or jurisdiction

in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities

laws of any such state or jurisdiction.

About WhiteFiber, Inc.

WhiteFiber is a provider of AI infrastructure

solutions. WhiteFiber owns HPC data centers and provides cloud services to customers. Our vertically integrated model combines specialized

colocation, hosting, and cloud services engineered to maximize performance, efficiency, and margin for generative AI workloads.

Forward-Looking Statements

Statements in this press release about future

expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking

statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look

forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,”

“may,” “plan,” “potential,” “predict,” “project,” “should,” “target,”

“will,” “would” and similar expressions are intended to identify forward-looking statements, although not all

forward-looking statements contain these identifying words. Such forward-looking statements include, among others, statements relating

to WhiteFiber’s expectations regarding the proposed terms and the completion, timing and size of the proposed offering and the note

exchange transactions, the expected use of proceeds from the sale of the notes and potential impact of the foregoing or related transactions

on the market price of the ordinary shares or the trading price of the notes.

Actual results may differ materially from those

indicated by such forward-looking statements as a result of various important factors, including risks and uncertainties associated with

market conditions, whether WhiteFiber will offer the notes, enter into any note exchange transactions or be able to consummate the proposed

offering or any note exchange transactions at the anticipated size or on the anticipated terms, or at all, and the satisfaction of closing

conditions related to the proposed transactions, as well as discussions of potential risks, uncertainties and other factors discussed

in the section entitled “Risk Factors” in WhiteFiber’s Annual Report on Form 10-K, as well as those discussed in WhiteFiber’s

subsequent filings with the U.S. Securities and Exchange Commission. By their nature, forward-looking statements are not statements

of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances

that are difficult to predict or quantify. Although the Company believes that the expectations reflected in these forward-looking statements

are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investing in our

securities involves a high degree of risk. You are cautioned not to place undue reliance on these forward-looking statements as there

are important factors that could cause actual results to differ materially from those in forward-looking statements, many of which are

beyond WhiteFiber’s control. Any forward-looking statements contained in this press release speak only as of the date hereof. WhiteFiber

specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise.

Readers should not rely upon the information on this page as current or accurate after its publication date.

Contacts for WhiteFiber

Investor Contact: IR@whitefiber.com

EX-99.2 — PRESS RELEASE ISSUED BY WHITEFIBER, INC. DATED AUGUST 19, 2026

EX-99.2

Filename: ea030292501ex99-2.htm · Sequence: 4

Exhibit 99.2

WhiteFiber Announces Pricing of Upsized $270.0

Million Convertible Senior Notes Offering

NEW YORK, August 19, 2026 — WhiteFiber,

Inc. (Nasdaq: WYFI) (“WhiteFiber” or the “Company”), a provider of artificial intelligence (“AI”)

infrastructure and high-performance computing (“HPC”) solutions, today announced the pricing of $270.0 million principal

amount of 5.00% Convertible Senior Notes due 2032 (the “notes”) in a private placement (the “offering”)

to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended

(the “Securities Act”). The offering was upsized from the previously announced offering size of $250.0 million. The

Company has also granted the initial purchasers of the notes an option to purchase, for settlement within a 13-day period beginning on,

and including, the date on which the notes are first issued, up to an additional $40.0 million principal amount of the notes. The sale

of the notes is expected to close on August 21, 2026, subject to customary closing conditions.

Additional Details of the Convertible Notes

The notes will be general, senior unsecured obligations

of the Company and will bear interest at a rate of 5.00% per year, payable semiannually in arrears on March 1 and September 1 of each

year, beginning on March 1, 2027. The notes will mature on September 1, 2032, unless earlier converted, redeemed or repurchased. Upon

conversion, the Company will pay or deliver, as the case may be, cash, ordinary shares, par value $0.01 per share, of the Company (the

“ordinary shares”) or a combination of cash and ordinary shares, at its election. The initial conversion rate of the

notes will be 29.5530 ordinary shares per $1,000 principal amount of such notes (equivalent to an initial conversion price of approximately

$33.84 per ordinary share). The initial conversion price of the notes represents a premium of approximately 25.0% over the last reported

sale price of the ordinary shares on the Nasdaq Capital Market on August 18, 2026.

The Company may redeem for cash all or any portion

of the notes (subject to certain limitations), at its option, on or after September 6, 2030 and prior to the 41st scheduled trading day

immediately preceding the maturity date, if the last reported sale price of the ordinary shares has been at least 130% of the conversion

price for the notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period

(including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the

Company provides notice of optional redemption, at a redemption price equal to 100% of the principal amount of the notes to be redeemed,

plus accrued and unpaid interest to, but excluding, the redemption date.

If the Company redeems less than all of the outstanding

notes, at least $75.0 million aggregate principal amount of notes must be outstanding and not called for optional redemption

as of the time the Company sends the related notice of redemption, and after giving effect to the delivery of such notice of redemption.

The Company may also redeem for cash all but not

part of the notes in the event of certain tax law changes at a redemption price equal to 100% of the principal amount of the notes to

be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date and any additional amounts which would otherwise

be payable to such redemption date with respect to such redemption price, as described in the indenture that will govern the notes.

On September 6, 2030, and if the Company undergoes

a “fundamental change” (as defined in the indenture that will govern the notes), subject to certain conditions and a limited

exception, holders may require the Company to repurchase for cash all or any portion of their notes at a repurchase price or fundamental

change repurchase price, as applicable, equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid

interest to, but excluding, the relevant repurchase date.

In addition, following certain corporate events that

occur prior to the maturity date of the notes or following the Company’s delivery of a notice of redemption, the Company will, in

certain circumstances, increase the conversion rate of the notes for a holder who elects to convert its notes in connection with such

a corporate event or convert their notes called (or deemed called) for redemption in connection with such notice of redemption, as the

case may be.

Use of Proceeds

The Company estimates that the net proceeds from

the offering will be approximately $259.8 million (or approximately $298.5 million if the initial purchasers exercise their option to

purchase additional notes in full), after deducting the initial purchasers’ discounts and estimated offering expenses payable by

the Company. The Company intends to use (i) approximately $118.5 million of the net proceeds from the offering to pay the cash consideration

for the concurrent note exchange transactions, as described below, and (ii) the remainder of the net proceeds from the offering primarily

for data center expansion, including to partially fund the lease or purchase of additional property or properties on which to build additional

WhiteFiber data centers, to construct those facilities, to enter into additional energy service agreements for each additional site, to

purchase related equipment (including GPU servers to support WhiteFiber’s cloud business), and for potential acquisitions, partnerships

and joint ventures related thereto, and for working capital and general corporate purposes. If the initial purchasers exercise their option

to purchase additional notes, the Company expects to use the net proceeds from the sale of the additional notes primarily for data center

expansion, including to partially fund the lease or purchase of additional property or properties on which to build additional WhiteFiber

data centers, to construct those facilities, to enter into additional energy service agreements for each additional site, to purchase

related equipment (including GPU servers to support WhiteFiber’s cloud business), and for potential acquisitions, partnerships and

joint ventures related thereto, as well as working capital and other general corporate purposes as described above. The Company will require

additional project financing (e.g., construction loans) in order to fully accomplish the specified initiatives identified in these uses

of proceeds. The Company also may elect to raise additional capital opportunistically.

Concurrent Privately Negotiated Note Exchange

Transactions

Concurrently with the pricing of the offering, the

Company entered into privately negotiated transactions with certain holders of its 4.500% Convertible Senior Notes due 2031 (the “existing

notes”) to exchange $198.15 million in aggregate principal amount of the existing notes on terms negotiated with each holder

(each, a “note exchange transaction”), for an aggregate cash amount of approximately $118.5 million (including accrued

and unpaid interest) and approximately 6.3 million ordinary shares. This press release is not an offer to exchange the existing notes.

The closing of the offering of the notes is contingent upon the satisfaction of the conditions to closing of substantially all of the

note exchange transactions, and the note exchange transactions are contingent upon closing of the offering of the notes.

In connection with any note exchange transaction,

the Company expects that holders of its existing notes who have agreed to exchange their existing notes will unwind all or part of their

hedge positions and sell the ordinary shares that they expect to receive upon closing of the note exchange transactions. The amount of

the Company’s ordinary shares to be sold by such holders may be substantial in relation to the historic average daily trading volume

of the Company’s ordinary shares. This activity by such holders could decrease the market price of the Company’s ordinary

shares, including concurrently with or shortly after the pricing of the notes. The Company cannot predict the magnitude of such market

activity or the overall effect it will have on the price of the notes in the offering or the Company’s ordinary shares.

In connection with any exchange of the existing notes,

the Company expects the existing zero-strike call option transactions that the Company entered into when the existing notes were issued

to remain outstanding in accordance with their terms.

The notes were offered only to persons reasonably

believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and the sale of the notes and

the issuance of ordinary shares of the Company issuable upon conversion of the notes or in connection with the note exchange transactions

have not been and will not be registered under the Securities Act, any state securities laws or the securities laws of any other jurisdiction,

and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in

a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.

This press release is neither an offer to sell

nor a solicitation of an offer to buy any of these securities nor shall there be any sale of these securities in any state or jurisdiction

in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities

laws of any such state or jurisdiction.

About WhiteFiber, Inc.

WhiteFiber is a provider of AI infrastructure solutions.

WhiteFiber owns HPC data centers and provides cloud services to customers. Our vertically integrated model combines specialized colocation,

hosting, and cloud services engineered to maximize performance, efficiency, and margin for generative AI workloads.

Forward-Looking Statements

Statements in this press release about future expectations,

plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking

statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look

forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,”

“may,” “plan,” “potential,” “predict,” “project,” “should,” “target,”

“will,” “would” and similar expressions are intended to identify forward-looking statements, although not all

forward-looking statements contain these identifying words. Such forward-looking statements include, among others, statements relating

to WhiteFiber’s expectations regarding the completion of the offering and the note exchange transactions, the expected use of proceeds

from the sale of the notes and potential impact of the foregoing or related transactions on the market price of the ordinary shares or

the trading price of the notes.

Actual results may differ materially from those indicated

by such forward-looking statements as a result of various important factors, including risks and uncertainties associated with market

conditions, and the satisfaction of closing conditions related to the offering and note exchange transactions, as well as discussions

of potential risks, uncertainties and other factors discussed in the section entitled “Risk Factors” in WhiteFiber’s

Annual Report on Form 10-K, as well as those discussed in WhiteFiber’s subsequent filings with the U.S. Securities and Exchange

Commission. By their nature, forward-looking statements are not statements of historical fact or guarantees of future performance and

are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Although the Company

believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties,

and these expectations may prove to be incorrect. Investing in our securities involves a high degree of risk. You are cautioned not to

place undue reliance on these forward-looking statements as there are important factors that could cause actual results to differ materially

from those in forward-looking statements, many of which are beyond WhiteFiber’s control. Any forward-looking statements contained

in this press release speak only as of the date hereof. WhiteFiber specifically disclaims any obligation to update any forward-looking

statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current

or accurate after its publication date.

Contacts for WhiteFiber

Investor Contact: IR@whitefiber.com

EX-99.3 — PRESS RELEASE ISSUED BY WHITEFIBER, INC. DATED AUGUST 21, 2026

EX-99.3

Filename: ea030292501ex99-3.htm · Sequence: 5

Exhibit 99.3

WhiteFiber Announces Closing of Upsized $310.0

Million Convertible Senior Notes Offering

NEW YORK, August 21, 2026 —

WhiteFiber, Inc. (Nasdaq: WYFI) (“WhiteFiber” or the “Company”), a provider of artificial intelligence

(“AI”) infrastructure and high-performance computing (“HPC”) solutions, today announced the closing

of its previously announced upsized private placement (the “offering”) of $310.0 million principal amount of 5.00%

Convertible Senior Notes due 2032 (the “notes”), including the exercise in full of the initial purchasers’ option to

purchase up to an additional $40.0 million principal amount of notes.

The notes were issued with an initial conversion

price of approximately $33.84 per share, representing a premium of approximately 25% over the last reported sale price of the

Company’s ordinary shares on the Nasdaq Capital Market on August 18, 2026.

The Company received net proceeds from the offering

of the notes of approximately $298.5 million, after deducting the initial purchasers’ discounts and its estimated offering

expenses. The Company used approximately $118.5 million of the net proceeds from the offering to pay the cash consideration for the concurrent

note exchange transactions, as described below. The remaining net proceeds from the offering are expected to be used primarily for data

center expansion, including to partially fund the lease or purchase of additional property or properties on which to build additional

WhiteFiber data centers, to construct those facilities, to enter into additional energy service agreements for each additional site, to

purchase related equipment (including GPU servers to support WhiteFiber’s cloud business), and for potential acquisitions, partnerships

and joint ventures related thereto, and for working capital and general corporate purposes.

Concurrently with the pricing of the offering,

the Company entered into privately negotiated transactions with certain holders of its 4.500% Convertible Senior Notes due 2031 (the “existing

notes”). Pursuant to those transactions, the Company exchanged $198.15 million in aggregate principal amount of the existing

notes for an aggregate cash amount of approximately $118.5 million (including accrued and unpaid interest) and approximately 6.3 million

ordinary shares, resulting in the aggregate principal amount of the existing notes outstanding being reduced to approximately $31.85 million.

Sam Tabar, Chief Executive Officer of WhiteFiber,

commented:

“Completing this transaction now materially

enhances our liquidity and provides greater capital certainty as we complete the first phase of NC-1 and prepare for the next phase of

WhiteFiber’s colocation growth,” said Sam Tabar, Chief Executive Officer of WhiteFiber. “Together with the anticipated

closing of our proposed project-level financing for NC-1, which remains subject to the completion of definitive documentation and satisfaction

of customary approvals and closing conditions, we expect to be positioned to initiate site preparation and place long-lead equipment orders

on the timetable required to support our target of bringing more than 100 MW of additional capacity online across our development pipeline

in 2027. Advancing site readiness and procurement now is intended to reduce schedule risk and position WhiteFiber to execute long-term

leases with high-quality customers for that capacity during the fourth quarter of 2026. This represents the next step in our strategy

of converting our development pipeline into contracted, financeable capacity and reinvesting capital to scale the platform.”

The notes were offered only to persons reasonably

believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and the sale of the notes and

the ordinary shares of the Company issuable upon conversion of the notes or in connection with the note exchange transactions, have not

been and will not be registered under the Securities Act of 1933, as amended, any state securities laws or the securities laws of any

other jurisdiction, and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption

from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.

This press release is neither an offer to sell

nor a solicitation of an offer to buy any of these securities nor shall there be any sale of these securities in any state or jurisdiction

in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities

laws of any such state or jurisdiction.

About WhiteFiber, Inc.

WhiteFiber is a provider of AI infrastructure

solutions. WhiteFiber owns HPC data centers and provides cloud services to customers. Our vertically integrated model combines specialized

colocation, hosting, and cloud services engineered to maximize performance, efficiency, and margin for generative AI workloads.

Forward-Looking Statements

Statements in this press release about future

expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking

statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look

forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,”

“may,” “plan,” “potential,” “predict,” “project,” “should,” “target,”

“will,” “would” and similar expressions are intended to identify forward-looking statements, although not all

forward-looking statements contain these identifying words. Such forward-looking statements include, among others, statements relating

to WhiteFiber’s expectations regarding the expected use of proceeds from the notes offering.

Actual results may differ materially from those

indicated by such forward-looking statements as a result of various important factors, including risks and uncertainties associated with

market conditions, as well as discussions of potential risks, uncertainties and other factors discussed in the section entitled “Risk

Factors” in WhiteFiber’s Annual Report on Form 10-K, as well as those discussed in WhiteFiber’s subsequent filings with

the U.S. Securities and Exchange Commission. By their nature, forward-looking statements are not statements of historical fact or

guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to

predict or quantify. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable,

they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investing in our securities involves

a high degree of risk. You are cautioned not to place undue reliance on these forward-looking statements as there are important factors

that could cause actual results to differ materially from those in forward-looking statements, many of which are beyond WhiteFiber’s

control. Any forward-looking statements contained in this press release speak only as of the date hereof. WhiteFiber specifically disclaims

any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not

rely upon the information on this page as current or accurate after its publication date.

Contacts for WhiteFiber

Investor Contact: IR@whitefiber.com

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