Explanation:

- Option 1: He said that he would do it then or never.

This is the correct conversion to indirect speech. "Will" changes to "would," and "now" changes to "then."

Correct Answer

- Option 2: He said that he will now or never do it.

This option is incorrect because it doesn’t follow the correct structure for indirect speech transformation. "Will" isn’t changed to "would."

- Option 3: He said that he will do it now or never.

This option incorrectly maintains "will" instead of changing to "would" for indirect speech.

- Option 4: He said that he would now or never do it.

This option is incorrect because it changes "do it now or never" to "now or never do it," altering the original meaning.