# EDGAR Filing Document

**Accession Number:** 0000805928
**File Stem:** 0000805928-26-000013
**Filing Date:** 2026-1
**Character Count:** 289178
**Document Hash:** c59b9521779bfb8b3f011fc624228cb0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000805928-26-000013.hdr.sgml**: 20260121

**ACCESSION NUMBER**: 0000805928-26-000013

**CONFORMED SUBMISSION TYPE**: S-3ASR

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20260121

**DATE AS OF CHANGE**: 20260121

**EFFECTIVENESS DATE**: 20260121

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Axogen, Inc.
- **CENTRAL INDEX KEY:** 0000805928
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 411301878
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-3ASR
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292852
- **FILM NUMBER:** 26547741

**BUSINESS ADDRESS:**
- **STREET 1:** 13631 PROGRESS BLVD.
- **STREET 2:** SUITE 400
- **CITY:** ALACHUA
- **STATE:** FL
- **ZIP:** 32615
- **BUSINESS PHONE:** (386) 462-6817

**MAIL ADDRESS:**
- **STREET 1:** 13631 PROGRESS BLVD.
- **STREET 2:** SUITE 400
- **CITY:** ALACHUA
- **STATE:** FL
- **ZIP:** 32615

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AxoGen, Inc.
- **DATE OF NAME CHANGE:** 20111004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LECTEC CORP /MN/
- **DATE OF NAME CHANGE:** 19920703

**As filed with the Securities and Exchange Commission on January 21, 2026**

**Registration No. 333- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM S-3** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

**AXOGEN, INC.** 

**(Exact name of registrant as specified in its charter)** 

---

| | |
|:---|:---|
| Minnesota | 41-1301878 |
| **(State or other jurisdiction of**<br>**incorporation or organization)**<br>| **(I.R.S. Employer**<br>**Identification Number)**<br>|

---

13631 Progress Boulevard, Suite 400

Alachua, Florida 32615

Tel: (386) 462-6800

**(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)** 

Marc A. Began

Axogen, Inc.

Executive Vice President and General Counsel

13631 Progress Boulevard, Suite 400

Alachua, Florida 32615

Tel: (386) 462-6800

**(Name, address, including zip code, and telephone number, including area code, of agent for service)** 

*Copies to:* 

Jaclyn Liu, Esq.

Alfredo B. D. Silva, Esq.

Andrew K. Freiwald, Esq.

Morrison & Foerster LLP

425 Market Street

San Francisco, CA 94105

(415) 268-7000

From time to time after the effective date of this Registration Statement

**(Approximate date of commencement of proposed sale to the public)** 

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following

box: ☐

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities

Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box: ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box

and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities

Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon

filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☒

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities

or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,

or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging

growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
|  |  | 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 7(a)(2)(B) of Securities Act. ☐

**PROSPECTUS**

![axogenlogoa.jpg](axogenlogoa.jpg)

**Common Stock** 

**Preferred Stock** 

**Debt Securities** 

**Warrants** 

We may, from time to time, offer and sell any combination of the securities identified above in one or more offerings, in one or

more classes or series, separately or together, and in amounts, at prices and on terms that we will determine at the time of the offering.

This prospectus provides you with a general description of the securities. We may also offer common stock or preferred stock on

conversion of debt securities, common stock on conversion of preferred stock, or common stock, preferred stock, or debt securities on

exercise of warrants.

Each time we offer and sell securities pursuant to this prospectus, we will provide a supplement to this prospectus that contains

specific information about the offering and the amounts, prices and terms of the securities. We may also authorize one or more free

writing prospectuses to be provided to you in connection with these offerings. The prospectus supplement and any related free writing

prospectus may also add, update or change information contained in this prospectus with respect to that offering. You should carefully

read this prospectus, any accompanying prospectus supplement and any related free writing prospectus, together with the documents

we incorporate by reference, before you invest in any of the securities being offered.

The common stock, preferred stock, debt securities and warrants may be offered in amounts, at prices and on terms determined at

the time of the offering, on a delayed or continuous basis directly by us, through agents, underwriters or dealers as designated from

time to time, through a combination of these methods or any other method as provided in the applicable prospectus supplement. See

the section of this prospectus entitled "Plan of Distribution" for more information. If any agents, underwriters, or dealers are involved

in the sale of any of the securities, their names and any applicable purchase price, fee, commission or discount arrangement between or

among them will be set forth, or will be calculable from the information set forth, in the applicable prospectus supplement. The

prospectus supplement will also disclose the total amount of money that we will receive from selling the securities being offered, after

the expenses of the offering. No securities may be sold without delivery of this prospectus and the applicable prospectus supplement

describing the method and terms of the offering of such securities.

**INVESTING IN THESE SECURITIES INVOLVES CERTAIN RISKS. SEE THE "<u>[RISK FACTORS](#i7e59a7638aba45e493a67792fe004129_409)</u>" SECTION** 

**BEGINNING ON PAGE <u>[5](#i7e59a7638aba45e493a67792fe004129_409)</u> OF THIS PROSPECTUS AND ANY SIMILAR SECTION CONTAINED IN THE APPLICABLE** 

**PROSPECTUS SUPPLEMENT, IN OUR MOST RECENT ANNUAL REPORT ON FORM 10-K, IN OUR SUBSEQUENT** 

**QUARTERLY REPORTS ON FORM 10-Q AND IN THE DOCUMENTS INCORPORATED BY REFERENCED HEREIN** 

**AND THEREIN.** 

Our common stock is listed on the Nasdaq Capital Market under the symbol "AXGN." On January 20, 2026, the reported last sale

price of our common stock on the Nasdaq Capital Market was $31.87 per share. We have not yet determined whether the other

securities that may be offered by this prospectus will be listed on any exchange, inter-dealer quotation system or over-the-counter

market. If we decide to seek the listing of any such securities upon issuance, the prospectus supplement relating to those securities will

disclose the exchange, quotation system or market on which the securities will be listed.

**NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION** 

**HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS** 

**TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

**The date of this prospectus is January 21, 2026**

i

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| <u>[About this Prospectus](#i7e59a7638aba45e493a67792fe004129_485)</u>....................................................................................................................................... | <u>[1](#i7e59a7638aba45e493a67792fe004129_485)</u> |
| <u>[Cautionary Note Regarding Forward-Looking Statements](#i7e59a7638aba45e493a67792fe004129_447)</u>.............................................................................. | <u>[2](#i7e59a7638aba45e493a67792fe004129_447)</u> |
| <u>[The Company](#i7e59a7638aba45e493a67792fe004129_428)</u>.................................................................................................................................................... | <u>[3](#i7e59a7638aba45e493a67792fe004129_428)</u> |
| <u>[Risk Factors](#i7e59a7638aba45e493a67792fe004129_409)</u>...................................................................................................................................................... | <u>[5](#i7e59a7638aba45e493a67792fe004129_409)</u> |
| <u>[Use of Proceeds](#i7e59a7638aba45e493a67792fe004129_390)</u>................................................................................................................................................. | <u>[6](#i7e59a7638aba45e493a67792fe004129_390)</u> |
| <u>[Description of Capital Stock](#i7e59a7638aba45e493a67792fe004129_371)</u>............................................................................................................................. | <u>[7](#i7e59a7638aba45e493a67792fe004129_371)</u> |
| <u>[Description of Debt Securities](#i7e59a7638aba45e493a67792fe004129_352)</u>.......................................................................................................................... | <u>[10](#i7e59a7638aba45e493a67792fe004129_352)</u> |
| <u>[Description of Warrants](#i7e59a7638aba45e493a67792fe004129_333)</u>.................................................................................................................................... | <u>[18](#i7e59a7638aba45e493a67792fe004129_333)</u> |
| <u>[Global Securities](#i7e59a7638aba45e493a67792fe004129_314)</u>............................................................................................................................................... | <u>[20](#i7e59a7638aba45e493a67792fe004129_314)</u> |
| <u>[Plan of Distribution](#i7e59a7638aba45e493a67792fe004129_295)</u>........................................................................................................................................... | <u>[23](#i7e59a7638aba45e493a67792fe004129_295)</u> |
| <u>[Legal Matters](#i7e59a7638aba45e493a67792fe004129_276)</u>.................................................................................................................................................... | <u>[26](#i7e59a7638aba45e493a67792fe004129_276)</u> |
| <u>[Experts](#i7e59a7638aba45e493a67792fe004129_556)</u>.............................................................................................................................................................. | <u>[26](#i7e59a7638aba45e493a67792fe004129_556)</u> |
| <u>[Where You Can Find Additional Information](#i7e59a7638aba45e493a67792fe004129_257)</u>.................................................................................................. | <u>[27](#i7e59a7638aba45e493a67792fe004129_257)</u> |
| <u>[Incorporation by Reference](#i7e59a7638aba45e493a67792fe004129_238)</u>............................................................................................................................... | <u>[28](#i7e59a7638aba45e493a67792fe004129_238)</u> |

---

**ABOUT THIS PROSPECTUS** 

This prospectus is part of an automatic registration statement on Form S-3 that we filed with the Securities and

Exchange Commission (the "SEC"), using a shelf registration process as a "well-known seasoned issuer" as defined

in Rule 405 under the Securities Act of 1933, as amended (the "Securities Act"). Under this shelf registration

process, from time to time, we may offer and sell any combination of the securities described in this prospectus in

one or more offerings. There is no limit on the aggregate amount of the securities that we may offer pursuant to this

registration statement. This prospectus provides you with a general description of the securities we may offer.

Each time that we offer and sell any type or series of securities under this prospectus, we will provide a

prospectus supplement that will contain specific information about the securities being offered and sold and the

specific terms of that offering. We may also authorize one or more free writing prospectuses to be provided to you

that may contain material information relating to these offerings. The prospectus supplement or free writing

prospectuses may also add, update or change information contained in this prospectus. If there is any inconsistency

between the information in this prospectus and the applicable prospectus supplement or free writing prospectus, you

should rely on the prospectus supplement or free writing prospectus, as applicable. Before purchasing any securities,

you should carefully read this prospectus, the applicable prospectus supplement and any related free writing

prospectuses, together with the additional information described under the heading "Where You Can Find More

Information."

You should rely only on the information that we have provided or incorporated by reference in this prospectus,

any applicable prospectus supplement and any related free writing prospectus that we may authorize to be provided

to you. We have not authorized anyone to provide you with different information. No dealer, salesperson or other

person is authorized to give any information or to represent anything not contained in this prospectus, any applicable

prospectus supplement or any related free writing prospectus that we may authorize to be provided to you. You must

not rely on any unauthorized information or representation. We take no responsibility for, and can provide no

assurance as to the reliability of, any other information that others may give you.

This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in

jurisdictions where it is lawful to do so. This prospectus, any applicable supplement to this prospectus or any related

free writing prospectus do not constitute an offer to sell or the solicitation of an offer to buy any securities other than

the registered securities to which they relate, nor do this prospectus, any applicable supplement to this prospectus or

any related free writing prospectus constitute an offer to sell or the solicitation of an offer to buy securities in any

jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.

You should assume that the information in this prospectus, any applicable prospectus supplement or any related

free writing prospectus is accurate only as of the date on the front of the document and that any information we have

incorporated by reference is accurate only as of the date of the document incorporated by reference, regardless of the

time of delivery of this prospectus, any applicable prospectus supplement or any related free writing prospectus, or

any sale of a security. Since the respective dates of the prospectus contained in this registration statement and any

accompanying prospectus supplement or related free writing prospectus, our business, financial condition, results of

operations and prospects may have changed.

**We may only sell securities pursuant to this prospectus if this prospectus is accompanied by a prospectus** 

**supplement.** 

Unless the context otherwise requires, references in this prospectus to "we," "us," "our," or the "Company"

refer to Axogen, Inc. and its wholly owned subsidiaries, Axogen Corporation, Axogen Processing Corporation,

Axogen Europe GmbH and Axogen Germany GmbH.

"Axogen," the Axogen logo and other trademarks, trade names or service marks of Axogen, Inc. appearing in

this prospectus are the property of Axogen, Inc. All other trademarks, trade names and service marks appearing in

this prospectus are the property of their respective owners. Solely for convenience, the trademarks and trade names

in this prospectus may be referred to without the® and™ symbols, but such references should not be construed as

any indicator that their respective owners will not assert their rights thereto.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

This prospectus, including the documents incorporated by reference into this prospectus, contains forward-

looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities

Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). In some cases,

you can identify forward-looking statements by terminology such as "may," "should," "expect," "intend," "plan,"

"anticipate," "believe," "estimate," "predict," "will," "could," "project," "target," "potential," "continue" or the

negative of such terms and similar expressions that do not relate solely to historical matters. We have based these

forward-looking statements on our current expectations and projections about future events.

Forward-looking statements are based on management's belief and assumptions and on information currently

available to management. Although we believe that the expectations reflected in forward-looking statements are

reasonable, such statements involve known and unknown risks, uncertainties and other factors that may cause our

actual results, performance or achievements to be materially different from any future results, performance or

achievements expressed or implied by forward-looking statements. These statements are only predictions based on

our current expectations and projections about future events and speak only as of the date of this prospectus. We

believe the expectations reflected in the forward-looking statements are reasonable, but we cannot guarantee future

results, level of activity, performance or achievements.

Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these

forward-looking statements. We are under no duty to update any of these forward-looking statements after the date

of this prospectus to conform our prior statements to actual results or revised expectations. There are important

factors that could cause our actual results, level of activity, performance or achievements to differ materially from

the results, level of activity, performance or achievements expressed or implied by the forward-looking statements,

including those factors discussed under the caption entitled "Risk Factors" in our Annual Report on Form 10-K for

the fiscal year ended December 31, 2024 and documents we have filed with the SEC thereafter. We maintain a

website at www.axogeninc.com that makes available, through a link to the SEC's EDGAR system website, our SEC

filings. Information contained on our website is not incorporated by reference into this prospectus, and you should

not consider information contained on our website as part of this prospectus.

You should not rely upon forward-looking statements as predictions of future events. The events and

circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that

the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results,

performance, or achievements. We undertake no obligation to update any of these forward-looking statements for

any reason after the date of this prospectus or to conform these statements to actual results or revised expectations,

except as required by law.

You should carefully read this prospectus, any accompanying prospectus supplement and any related free

writing prospectus, together with the information incorporated herein or therein by reference, and with the

understanding that our actual future results may materially differ from what we expect. We qualify all of our

forward-looking statements by these cautionary statements.

**THE COMPANY**

Axogen is the leading company focused specifically on the science, development, and commercialization of

technologies for peripheral nerve regeneration and repair. We are passionate about providing the opportunity to

restore nerve function and quality of life for patients with peripheral nerve injuries. We provide innovative,

clinically proven, and economically effective repair solutions for surgeons and healthcare providers. Peripheral

nerves provide the pathways for both motor and sensory signals throughout the body. Every day, people suffer

traumatic injuries or undergo surgical procedures that impact the function of their peripheral nerves. Physical

damage to a peripheral nerve or the inability to properly reconnect peripheral nerves can result in the loss of muscle

or organ function, the loss of sensory feeling, or the initiation of pain.

Our platform for peripheral nerve repair features a comprehensive portfolio of products, including:

• Avance® (acellular nerve allograft-arwx), an acellular nerve scaffold for the treatment of adult and

pediatric patients aged one month or older with sensory, mixed and motor peripheral nerve discontinuities;

("Avance")

• Avance® Nerve Graft, a biologically active off-the-shelf processed human nerve allograft for bridging

severed peripheral nerves without the comorbidities associated with a second surgical site ("Avance Nerve

Graft" and together with Avance, the "Avance Products");

• Axoguard Nerve Connector®, a porcine (pig) submucosa extracellular matrix ("ECM") coaptation aid for

tensionless repair of severed peripheral nerves ("Axoguard Nerve Connector");

• Axoguard Nerve Protector®, a porcine submucosa ECM product used to wrap and protect damaged

peripheral nerves and reinforce the nerve reconstruction while minimizing soft tissue attachments

("Axoguard Nerve Protector");

• Axoguard HA+ Nerve Protector™, a porcine submucosa ECM base layer coated with a proprietary

hyaluronate-alginate gel, a next-generation technology designed to enhance nerve gliding and provide

short- and long-term protection for peripheral nerve injuries ("Axogen HA+ Nerve Protector");

• Axoguard Nerve Cap®, a porcine submucosa ECM product used to protect a peripheral nerve end and

separate the nerve from the surrounding environment to reduce the development of symptomatic or painful

neuroma ("Axoguard Nerve Cap"); and

• Avive+ Soft Tissue Matrix™, a multi-layer amniotic membrane allograft used to protect and separate

tissues in the surgical bed during the critical phase of tissue healing ("Avive+ Soft Tissue Matrix").

On June 24, 2024, we announced the launch of Avive+ Soft Tissue Matrix. Avive+ Soft Tissue Matrix is

processed and distributed in accordance with U.S. Food and Drug Administration ("FDA") requirements for Human

Cellular and Tissue-based Products ("HCT/P") under the Code of Federal Regulations ("CFR") Title 21 ("21 CFR")

Part 1271 regulations and U.S. PHS regulations as a Section 361 human tissue product. Products regulated solely

under Section 361 of the Public Health Service Act ("PHS Act") are a product category under close scrutiny by the

FDA for compliance with the regulatory requirements and are potentially subject to regulatory change in the future.

On December 3, 2025, the FDA approved Axogen's Biologics License Application for Avance ("BLA"). In

alignment with prior agreements with the FDA, Axogen will transition Avance Products from a human tissue

product under Section 361 of the PHS Act ("361 HCT/P") to a licensed biologic product under Section 351 of the

PHS Act. Products that began manufacturing prior to the BLA approval will continue to be distributed as a 361

HCT/P under 21 CFR Part 1271 requirements. Per the agreed upon transition plan with the FDA, this product may

remain in the supply chain until its labeled expiration date. Production of Avance under BLA standards began

following BLA approval.

Our portfolio of products is currently available in the United States, Canada, Germany, the United Kingdom,

Spain and several other countries.

Revenue from the distribution of Avance Nerve Graft, Axoguard Nerve Connector, Axoguard Nerve Protector,

Axoguard HA+ Nerve Protector, Axoguard Nerve Cap and Avive+ Soft Tissue Matrix in the U.S. is the main

contributor to our total reported sales and have been the key component of our growth to date.

Nerves can be damaged in several ways. When a nerve is cut due to a traumatic injury or inadvertently during a

surgical procedure, functionality of the nerve may be compromised, causing the nerve to no longer carry the signals

to and from the brain to the muscles and skin, thereby reducing or eliminating functionality. The loss of function can

impact a person's ability to work and perform daily tasks, to properly be aware and respond to their environment

(e.g., heat, cold or other dangers), and could negatively impact their ability to experience and enjoy life.

Nerve damage or transection of the type described above generally requires a surgical repair. Traditionally, the

standard has been to either suture the nerve ends together directly without tension or to bridge the gap between the

nerve ends with a less important nerve surgically removed from elsewhere in the patient's own body, referred to as a

nerve autograft. More recently, synthetic or collagen conduits have been used for the repair of short gaps. Nerves

that are not repaired or heal abnormally may result in a permanent loss of motor and/or sensory function.

Additionally, abnormal healing can form a neuroma that may send altered signals to the brain resulting in the

sensation of pain. This abnormal section of the nerve can, under certain circumstances, be surgically removed and

the nerve can be managed by capping, burying, or surgically repairing the nerve.

In addition, compression on a nerve, blunt force trauma or other physical irritations to a nerve can cause nerve

damage that may alter the signal conduction of the nerve, resulting in pain, and may, in some instances, require

surgical intervention to address the resulting nerve compression. Finally, when a patient undergoes a mastectomy

due to breast cancer or prophylactically due to a genetic predisposition for breast cancer, the nerves are cut to allow

the removal of the breast tissue. This can result in a loss of sensation, the potential risk of a symptomatic neuroma,

and could negatively impact the patient's quality of life. When a patient chooses a breast reconstruction after a

mastectomy, sensation and quality of life can, in certain cases, be returned through surgical nerve repair.

To improve the options available for the surgical repair and regeneration of peripheral nerves, we have

developed and licensed regenerative medicine technologies. Our innovative approach to regenerative medicine has

resulted in first-in-class products that we believe are redefining the peripheral nerve repair market. Our products are

used by surgeons during surgical interventions to repair a wide variety of physical nerve damage throughout the

body, which can range from a simple laceration of a finger to a complex brachial plexus injury (an injury to the

network of nerves that control the movement and sensation of the shoulder, arm, and hand) as well as nerve injuries

caused by dental, orthopedic, and other surgical procedures.

Axogen, Inc. was incorporated under the laws of the State of Minnesota in 1977. Our principal offices are

located at 13631 Progress Boulevard, Suite 400, Alachua, Florida 32615. Our telephone number is (386) 462-6800.

We have three wholly owned subsidiaries, Axogen Corporation, a Delaware corporation, Axogen Processing

Corporation, a Delaware corporation, and Axogen Europe GmbH, a limited liability corporation with its corporate

seat in Vienna, Austria. Our web address is www.axogeninc.com. Information contained in, or accessible through,

our website does not constitute a part of this prospectus or any accompanying prospectus supplement. We have

included our website in this prospectus solely as an inactive textual reference.

Our reports that have been filed with the SEC are available on our website free of charge, including our annual

reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, Forms 3, 4 and 5 filed on

behalf of directors and executive officers and any amendments to such reports filed pursuant to Section 13(a) or

15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Copies of this prospectus and the

applicable prospectus supplement may also be obtained without charge electronically or by paper by contacting

Investor Relations, c/o Axogen, Inc., 13631 Progress Boulevard, Suite 400, Alachua, Florida 32615 or by calling

(386) 462-6800.

**RISK FACTORS** 

An investment in any securities offered pursuant to this prospectus and the applicable prospectus supplement

involves a high degree of risk. You should carefully consider the risk factors and all of the other information

included in, or incorporated by reference into, this prospectus, including those included in our most recent Annual

Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K we file

after the date of this prospectus, and all other information contained or incorporated by reference into this

prospectus, as updated by our subsequent filings under the Exchange Act, and the risk factors and other information

contained in the applicable prospectus supplement and any applicable free writing prospectus before making a

decision about investing in our securities. If any of these risks were to occur, our business, financial condition or

results of operations could be adversely affected. In that case, the trading price of our securities could decline and

you could lose all or part of your investment. Although we have tried to discuss key factors, please be aware that the

risks and uncertainties we have described are not the only ones we face. Additional risks and uncertainties not

presently known to us or that we currently deem immaterial may also affect our operations. New risks may emerge

at any time and we cannot predict such risks or estimate the extent to which they may affect our business or our

financial performance. Please also refer to the section entitled "Cautionary Note Regarding Forward-Looking

Statements" in this prospectus. When we offer and sell any securities pursuant to a prospectus supplement, we may

include additional risk factors relevant to such securities in the prospectus supplement or any related free writing

prospectus.

**USE OF PROCEEDS** 

We will retain broad discretion over the use of the net proceeds from the sale of the securities offered hereby.

Except as described in any applicable prospectus supplement or in any free writing prospectuses we have authorized

for use in connection with a specific offering, we currently intend to use the net proceeds from the sale of securities

under this prospectus for general corporate purposes, including working capital and capital expenditures. We will set

forth in the applicable prospectus supplement our intended use for the net proceeds received from the sale of any

securities.

**DESCRIPTION OF CAPITAL STOCK**

The following description of our capital stock is not complete and may not contain all the information you

should consider before investing in our capital stock. The following summary describes our capital stock and the

material provisions of our amended and restated articles of incorporation (the "Articles") and our amended and

restated bylaws (the "Bylaws") and of the Minnesota Business Corporation Act (the "MBCA"). Because it is only a

summary, it does not contain all of the information that may be important to you. For a complete description, you

should refer to the Articles and the Bylaws, copies of which are incorporated by reference as exhibits to the

registration statement of which this prospectus is a part.

**General** 

Under our Articles, we are authorized to issue up to 100,000,000 shares, $0.01 par value per share, which may

be divisible into the classes and series, have the designations, voting rights, and other rights and preferences and be

subject to the restrictions that our board of directors may from time to time establish, fix and determine consistent

with the Articles and as permitted by applicable law. Except as otherwise provided in the certificate of designation

of any series of preferred stock we may issue, the number of authorized shares of common stock or preferred stock

may from time to time be increased or decreased (but not below the number of shares of such class outstanding) by

the affirmative vote of the holders of a majority in voting power of the outstanding shares of our capital stock.

As of September 30, 2025, we had 46,117,283 shares of common stock issued and outstanding, and no shares of

preferred stock issued and outstanding. Unless stated otherwise, the following discussion summarizes the term and

provisions of our Articles and our Bylaws.

**Common Stock** 

The holders of shares of our common stock (i) have equal, ratable rights to dividends from funds legally

available therefor, when, as and if declared by the board of directors of the Company, (ii) are entitled to share

ratably in all assets available for distribution to holders of shares of common stock upon liquidation, dissolution or

winding up of our affairs, (iii) do not have preemptive, subscription or conversion rights and there are no redemption

or sinking fund provisions applicable thereto, and (iv) are entitled to one vote per share on all matters that

shareholders may vote on at all meetings of shareholders. Except as otherwise required by statute, the Articles or the

Bylaws, all matters are decided by a majority vote of the number of shares entitled to vote at the time of the vote.

**Preferred Stock** 

Under our Articles, we are authorized to issue up to 100,000,000 shares, $0.01 par value per share, which may

be divisible into the classes and series, have the designations, voting rights, and other rights and preferences and be

subject to the restrictions that our board of directors may from time to time establish, fix and determine consistent

with the Articles and as permitted by applicable law. Our board of directors may also increase or decrease the

number of shares of any series of preferred stock, but not below the number of shares of that series then outstanding

and not above the number of shares of that series authorized, without any further vote or action by our shareholders.

Our board of directors may authorize the issuance of preferred stock with voting or conversion rights that could

adversely affect the voting power or other rights of the holders of our common stock. The issuance of preferred

stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could,

among other things, have the effect of delaying, deferring or preventing a change in control of our Company and

might adversely affect the market price of our common stock and the voting and other rights of the holders of our

common stock. We have no current plan to issue any shares of preferred stock.

**Stock Options and Restricted Stock Units** 

As of September 30, 2025, we had outstanding (i) stock options to purchase an aggregate of 2,682,410 shares of

our common stock, with a weighted-average exercise price of $10.91 per share, under our 2019 Amended and

Restated Long-Term Incentive Plan, (ii) 2,395,261 shares of our common stock issuable upon settlement of

outstanding restricted stock units and (iii) 3,052,331 of our common stock issuable upon settlement of outstanding

performance-based restricted stock units assuming maximum performance is achieved.

**Other Convertible Securities** 

As of the date hereof, other than the outstanding stock options, restricted stock units and performance-based

restricted stock units, we do not have any outstanding convertible securities.

**Anti-Takeover Provisions under Minnesota Law** 

We are governed by the provisions of Sections 302A.671, 302A.673 and 302A.675 of the MBCA. These

provisions may discourage a negotiated acquisition or unsolicited takeover of us and deprive our shareholders of an

opportunity to sell their common stock at a premium over the market price.

In general, Section 302A.671 of the MBCA provides that a corporation's shares acquired in a control share

acquisition have no voting rights unless voting rights are approved in a prescribed manner. A "control share

acquisition" is a direct or indirect acquisition of beneficial ownership of shares that would, when added to all other

shares beneficially owned by the acquiring person, entitle the acquiring person to have voting power of 20% or more

in the election of directors.

In general, Section 302A.673 of the MBCA prohibits a public Minnesota corporation from engaging in a

business combination with an interested shareholder for a period of four years after the date of the transaction in

which the person became an interested shareholder, unless the business combination is approved in a prescribed

manner. The term "business combination" includes mergers, asset sales and other transactions resulting in a

financial benefit to the interested shareholder. An "interested shareholder" is a person who is the beneficial owner,

directly or indirectly, of 10% or more of a corporation's voting stock or who is an affiliate or associate of the

corporation, and who, at any time within four years before the date in question, was the beneficial owner, directly or

indirectly, of 10% or more of the corporation's voting stock. Section 302A.673 does not apply if a committee of our

board of directors consisting of all of its disinterested directors (excluding current and former officers) approves the

proposed transaction or the interested shareholder's acquisition of shares before the interested shareholder becomes

an interested shareholder.

If a tender offer is made for our common stock, Section 302A.675 of the MBCA precludes the offeror from

acquiring additional shares of stock (including in acquisitions pursuant to mergers, consolidations or statutory share

exchanges) within two years following the completion of the tender offer, unless shareholders selling their shares in

the later acquisition are given the opportunity to sell their shares on terms that are substantially the same as those

contained in the earlier tender offer. Section 302A.675 does not apply if a committee of our board of directors

consisting of all of its disinterested directors (excluding its current and former officers) approves the proposed

acquisition before any shares are acquired pursuant to the earlier tender offer.

**Anti-takeover Effects of Provisions of Articles and Bylaws** 

Our Articles and our Bylaws include a number of provisions that could deter hostile takeovers or delay or

prevent changes in control of our management team or changes in our board of directors or our governance or

policy, including the following:

• *Board Vacancies*. Our Bylaws and Articles authorize generally only our board of directors to fill vacant

number of directors constituting our board of directors may be set only by resolution adopted by a majority

vote of our entire board of directors, and the number of directors must range between seven and 11

directors. These provisions prevent a shareholder from increasing the size of our board of directors and

gaining control of our board of directors by filling the resulting vacancies with its own nominees.

• *Advance Notice Requirements for Shareholder Proposals and Director Nominations*. Our Bylaws provide

advance notice procedures for shareholders seeking to bring business before our annual meeting of

shareholders or to nominate candidates for election as directors at (i) our annual meeting of shareholders or

(ii) any special meeting of the shareholders called for the purpose of electing directors. Our Bylaws also

specify certain requirements regarding the form and content of a shareholder's notice. These provisions

may preclude our shareholders from bringing matters before our annual meeting of shareholders or from

making nominations for directors at our annual meeting of shareholders or at a special meeting of

shareholders called for the purpose of electing directors. We expect that these provisions might also

discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own

slate of directors or otherwise attempting to obtain control of our Company.

• *Shareholder Action; Special Meetings of Shareholders*. Any action which might be taken at a meeting of

the shareholders may be taken without a meeting only if done in writing and signed by all of the

shareholders entitled to vote on that action. Furthermore, special meetings of the shareholders may be held

at any time and for any purpose and may only be called by the President, Treasurer, any two (2) or more

directors or by one (1) or more shareholders holding ten percent (10%) or more of the shares entitled to

vote on the matters to be presented at the meeting. These provisions might delay the ability of our

shareholders to force consideration of a proposal or for shareholders to take any action, including the

removal of directors.

• *No Cumulative Voting*. The MBCA provides that shareholders are entitled to the right to cumulate votes in

the election of directors unless a corporation's articles of incorporation provides otherwise. Our Articles

and Bylaws do not provide for cumulative voting.

• *Issuance of Undesignated Preferred Stock*. Our board of directors have the authority, without further action

by the shareholders, to issue up to the amount of shares authorized under the Articles, of undesignated

preferred stock with rights and preferences, including voting rights, designated from time to time by our

board of directors. The existence of authorized but unissued shares of preferred stock enables our board of

directors to render more difficult or to discourage an attempt to obtain control of us by means of a merger,

tender offer, proxy contest, or otherwise.

**Transfer Agent and Registrar** 

The transfer agent and registrar for our common stock is Broadridge Corporate Issuer Solutions, Inc.

**Exchange Listing** 

Our common stock is listed on the Nasdaq Capital Market under the symbol "AXGN."

**Limitations of Liability and Indemnification Matters** 

For a discussion of liability and indemnification, see the section titled "Indemnification of Directors and

Officers."

**DESCRIPTION OF DEBT SECURITIES**

The following description, together with the additional information we include in any applicable prospectus

supplement, summarizes certain general terms and provisions of our debt securities and related guarantees, if any.

When we offer to sell a particular series of debt securities, we will describe the specific terms of the series in a

supplement to this prospectus. We will also indicate in the prospectus supplement the extent to which the general

terms and provisions described in this prospectus apply to a particular series of debt securities. To the extent the

information contained in the prospectus supplement differs from this summary description, you should rely on the

information in the prospectus supplement.

We may issue debt securities either separately, or together with, or upon the conversion or exercise of or in

exchange for, other securities described in this prospectus. Debt securities may be senior, senior subordinated or

subordinated obligations and, unless otherwise specified in a supplement to this prospectus, the debt securities will

be direct, unsecured obligations and may be issued in one or more series.

The debt securities will be issued under an indenture between us and a trustee named in the applicable

prospectus supplement. We have summarized select portions of the indenture below. The summary is not complete.

The form of the indenture has been filed as an exhibit to the registration statement of which this prospectus is a part

and you should read the indenture carefully for provisions that may be important to you. Capitalized terms used in

the summary and not defined in this prospectus have the meanings specified in the indenture.

**General** 

The terms of each series of debt securities will be established by or pursuant to a resolution of our board of

directors and set forth or determined in the manner provided in such resolutions, in an officer's certificate or by a

supplemental indenture. The particular terms of each series of debt securities will be described in a prospectus

supplement relating to such series, including any pricing supplement or term sheet.

Unless otherwise specified in a supplement to this prospectus, the debt securities will be direct, unsecured

obligations of the Company. We can issue an unlimited amount of debt securities under the indenture that may be in

one or more series with the same or various maturities, at par, at a premium, or at a discount. We will set forth in a

prospectus supplement, including any pricing supplement or term sheet, relating to any series of debt securities

being offered, the aggregate principal amount and the following terms of the debt securities, to the extent applicable:

• the title and ranking of the debt securities (including the terms of any subordination provisions),

• the price or prices (expressed as a percentage of the principal amount) at which we will sell the debt

securities,

• any limit on the aggregate principal amount of the debt securities,

• the date or dates on which the principal on the debt securities is payable,

• the rate or rates (which may be fixed or variable) per annum or the method used to determine the rate or

rates (including any commodity, commodity index, stock exchange index or financial index) at which the

debt securities will bear interest, the date or dates from which interest will accrue, the date or dates on

which interest will commence and be payable and any regular record date for the interest payable on any

interest payment date,

• the place or places where principal of, and any premium and interest on, the debt securities will be payable,

the method of such payment, where debt securities may be surrendered for registration of transfer or

exchange and where notices and demands to us relating to the debt securities may be delivered,

• the period or periods within which, the price or prices at which and the terms and conditions upon which

we may redeem the debt securities,

• any obligation we have to redeem or purchase the debt securities pursuant to any sinking fund or analogous

provisions or at the option of a holder of debt securities and the period or periods within which, the price or

prices at which and the terms and conditions upon which the debt securities shall be redeemed or

purchased, in whole or in part, pursuant to such obligation,

• the dates on which and the price or prices at which we will repurchase debt securities at the option of the

holders of debt securities and other detailed terms and provisions of these repurchase obligations,

• the denominations in which the debt securities will be issued, if other than denominations of $1,000 and

any integral multiple thereof,

• whether the debt securities will be issued in bearer or registered form and, if the latter, whether they will be

issued in the form of certificated debt securities or global debt securities,

• the portion of principal amount of the debt securities payable upon declaration of acceleration of the

maturity date, if other than the principal amount,

• the currency of denomination of the debt securities, which may be U.S. dollars or any foreign currency, and

if such currency of denomination is a composite currency, the agency or organization, if any, responsible

for overseeing such composite currency,

• the designation of the currency, currencies or currency units in which payment of principal of, and any

premium and interest on, the debt securities will be made,

• if payments of principal of, or any premium or interest on, the debt securities will be made in one or more

currencies or currency units other than that or those in which the debt securities are denominated, the

manner in which the exchange rate with respect to these payments will be determined,

• the manner in which the amounts of payment of principal of, and any premium and interest on, the debt

securities will be determined, if these amounts may be determined by reference to an index based on a

currency or currencies other than that in which the debt securities are denominated or designated to be

payable or by reference to a commodity, commodity index, stock exchange index or financial index,

• any provisions relating to any security provided for the debt securities or for any guarantees,

• any addition to, deletion of or change in the Events of Default described in this prospectus or in the

indenture with respect to the debt securities and any change in the acceleration provisions described in this

prospectus or in the indenture with respect to the debt securities,

• any addition to, deletion of or change in the covenants described in this prospectus or in the indenture with

respect to the debt securities,

• any other terms of the debt securities, which may supplement, modify or delete any provision of the

indenture as it applies to that series, including any terms that may be required under applicable law or

regulations or advisable in connection with the marketing of the securities,

• a discussion of any material United States federal income tax considerations applicable to an investment in

the debt securities,

• any depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with

respect to the debt securities,

• any provisions relating to conversion or exchange of any debt securities, including, if applicable, the

conversion or exchange price and period, provisions as to whether conversion or exchange will be

mandatory, at the option of the holders thereof or at our option, the events requiring an adjustment of the

conversion or exchange price and provisions affecting conversion or exchange if such debt securities are

redeemed,

• whether the debt securities will be senior debt securities or subordinated debt securities and, if applicable, a

description of the subordination terms thereof,

• whether the debt securities are entitled to the benefits of the guarantee of any guarantor, and whether any

such guarantee is made on a senior or subordinated basis and, if applicable, a description of the

subordination terms of any such guarantee,

• whether any underwriter(s) will act as market maker(s) for the debt securities, and

• the extent to which a secondary market for the debt securities is expected to develop.

We may issue debt securities that provide for an amount less than their stated principal amount to be due and

payable upon declaration of acceleration of their maturity pursuant to the terms of the indenture. We will provide

you with information on other special considerations applicable to any of these debt securities in the applicable

prospectus supplement.

If we denominate the purchase price of any of the debt securities in a foreign currency or currencies or a foreign

currency unit or units, or if the principal of, and any premium and interest on, any series of debt securities is payable

in a foreign currency or currencies or a foreign currency unit or units, we will provide you with information on the

restrictions, elections, general United States federal income tax considerations, specific terms and other information

with respect to that issue of debt securities and such foreign currency or currencies or foreign currency unit or units

in the applicable prospectus supplement.

**Transfer and Exchange** 

Each debt security will be represented by either one or more global securities registered in the name of The

Depository Trust Company, New York, New York, as depositary (the "Depositary" or "DTC"), or a nominee of the

Depositary (we will refer to any debt security represented by a global debt security as a "book-entry debt security"),

or a certificate issued in definitive registered form (we will refer to any debt security represented by a certificated

security as a "certificated debt security") as set forth in the applicable prospectus supplement. Except as otherwise

set forth in this prospectus or the applicable prospectus supplement, book-entry debt securities will not be issuable in

certificated form.

*Certificated Debt Securities*. You may transfer or exchange certificated debt securities at any office we maintain

for this purpose in accordance with the terms of the indenture. No service charge will be made for any transfer or

exchange of certificated debt securities, but we may require payment of a sum sufficient to cover any tax or other

governmental charge payable in connection with a transfer or exchange.

You may effect the transfer of certificated debt securities and the right to receive the principal of, and any

premium and interest on, certificated debt securities only by surrendering the certificate representing those

certificated debt securities and either reissuance by us or the trustee of the certificate to the new holder or the

issuance by us or the trustee of a new certificate to the new holder.

*Global Debt Securities and Book-Entry System*. Each global debt security representing book-entry debt

securities will be deposited with, or on behalf of, the Depositary, and registered in the name of the Depositary or a

nominee of the Depositary. Please see "Global Securities."

**No Protection in the Event of a Change of Control** 

Unless we state otherwise in the applicable prospectus supplement, the debt securities will not contain any

provisions that may afford holders of the debt securities protection in the event we undergo a change in control or in

the event of a highly leveraged transaction (whether or not such transaction results in a change in control) that could

adversely affect holders of debt securities, unless the transaction was structured to include a consolidation, merger or

sale of assets governed by the covenant set forth below under "—Consolidation, Merger and Sale of Assets."

**Covenants** 

We will set forth in the applicable prospectus supplement any restrictive covenants applicable to any issue of

debt securities.

**Consolidation, Merger and Sale of Assets** 

We may not consolidate with or merge with or into, or sell, convey, transfer or lease all or substantially all of

our properties and assets to, any person, which we refer to as a successor person, unless:

• we are the surviving entity or the successor person (if other than us) is a corporation or limited liability

company organized and validly existing under the laws of the United States of America, any state thereof or

the District of Columbia and expressly assumes our obligations on the debt securities and under the

indenture,

• immediately after giving effect to the transaction, no default or Event of Default shall have occurred and be

continuing, and

• certain other conditions set forth in the indenture are met.

**Events of Default** 

"Event of Default" means, with respect to any series of debt securities, any of the following:

• default in the payment of any interest upon any debt security of that series when it becomes due and

payable, and continuance of that default for a period of 30 days,

• default in the payment of principal of any debt security of that series at its maturity, upon acceleration,

redemption or otherwise,

• default in the performance or breach of any other covenant or warranty by us in the indenture (other than a

covenant or warranty that has been included in the indenture solely for the benefit of a series of debt

securities other than that series), which default continues uncured for a period of 90 days after we receive

written notice from the trustee or we and the trustee receive written notice from the holders of not less than

33% in aggregate principal amount of the outstanding debt securities of that series as provided in the

indenture,

• certain voluntary or involuntary events of bankruptcy, insolvency or reorganization of our company, and

• any other Event of Default provided with respect to debt securities of that series that is described in the

applicable prospectus supplement.

No Event of Default with respect to a particular series of debt securities (except as to certain events of

bankruptcy, insolvency or reorganization) necessarily constitutes an Event of Default with respect to any other series

of debt securities. The occurrence of certain Events of Default or an acceleration under the indenture may constitute

an event of default under certain of our or our subsidiaries' indebtedness outstanding from time to time.

If an Event of Default with respect to outstanding debt securities of any series occurs and is continuing (other

than an Event of Default resulting from certain events of bankruptcy, insolvency or reorganization), then the trustee

or the holders of not less than 33% in aggregate principal amount of the outstanding debt securities of that series

may, by a notice in writing to us (and to the trustee if given by the holders), declare to be due and payable

immediately the principal (or, if the debt securities of that series are discount securities, that portion of the principal

amount as may be specified in the terms of that series) of, and any accrued and unpaid interest on, all debt securities

of that series. In the case of an Event of Default resulting from certain events of bankruptcy, insolvency or

reorganization, the principal (or such specified amount) of, and any accrued and unpaid interest on, all outstanding

debt securities will become and be immediately due and payable without any declaration or other act on the part of

the trustee or any holder of outstanding debt securities. At any time after a declaration of acceleration with respect to

debt securities of any series has been made, but before a judgment or decree for payment of the money due has been

obtained by the trustee, the holders of a majority in principal amount of the outstanding debt securities of that series

may rescind and annul the acceleration if all Events of Default, other than the non-payment of accelerated principal

and interest, if any, with respect to debt securities of that series, have been cured or waived as provided in the

indenture. We refer you to the applicable prospectus supplement relating to any series of debt securities that are

discount securities for the particular provisions relating to acceleration of a portion of the principal amount of such

discount securities upon the occurrence of an Event of Default.

The indenture provides that the trustee will be under no obligation to exercise any of its rights or powers under

the indenture unless the trustee receives indemnity satisfactory to it against any cost, liability or expense that might

be incurred by it in exercising such right or power. Subject to certain rights of the trustee, the holders of a majority

in principal amount of the outstanding debt securities of any series will have the right to direct the time, method and

place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power

conferred on the trustee with respect to the debt securities of that series.

No holder of any debt security of any series will have any right to institute any proceeding, judicial or

otherwise, with respect to the indenture or for the appointment of a receiver or trustee, or for any remedy under the

indenture, unless:

• that holder has previously given to the trustee written notice of a continuing Event of Default with respect

to debt securities of that series, and

• the holders of at least 33% in aggregate principal amount of the outstanding debt securities of that series

have made written request, and offered reasonable indemnity or security, to the trustee to institute the

proceeding as trustee, and the trustee has not received from the holders of at least a majority in principal

amount of the outstanding debt securities of that series a direction inconsistent with that request and has

failed to institute the proceeding within 60 days.

Notwithstanding any other provision in the indenture, the holder of any debt security will have an absolute and

unconditional right to receive payment of the principal of, and any premium and interest on, that debt security on or

after the due dates expressed in that debt security and to institute suit for the enforcement of payment.

The indenture requires us, within 120 days after the end of our fiscal year, to furnish to the trustee a statement as

to compliance with the indenture. If a default or Event of Default occurs and is continuing with respect to the debt

securities of any series and if it is known to a responsible officer of the trustee, the trustee shall mail to each holder

of the debt securities of that series notice of a default or Event of Default within 90 days after knowledge of its

occurrence. The indenture provides that the trustee may withhold notice to the holders of debt securities of any

series of any Default or Event of Default (except in payment of principal or interest on any debt securities of that

series) with respect to debt securities of that series if the trustee determines in good faith that withholding notice is in

the interest of the holders of those debt securities.

**Modification and Waiver** 

We and the trustee may modify and amend the indenture or the debt securities of any series without the consent

of any holder of any debt security:

• to cure any ambiguity, omission, defect or inconsistency,

• to comply with the covenant in the indenture described above under the heading "—Consolidation, Merger

and Sale of Assets,"

• to add any additional Events of Default,

• to add covenants for the benefit of the holders of debt securities of any series or to surrender any of our

rights or powers under the indenture,

• to add one or more guarantees for the benefit of the holders of debt securities of any series or release one or

more guarantees in accordance with the indenture,

• to add collateral security with respect to debt securities of any series,

• to add or appoint a successor or separate trustee or other agent,

• to provide for the issuance of any series of debt securities or additional debt securities of such series and

establish the form and terms thereof as permitted by the indenture,

• to comply with any requirements in connection with the qualification of the indenture under the Trust

Indenture Act of 1939, as amended (the "Trust Indenture Act"),

• to comply with the rules of any applicable securities depositary,

• to provide for uncertificated securities in addition to or in place of certificated securities, provided,

however, that the uncertificated securities are issued in registered form for purposes of Section 163(f) of the

Code,

• to conform the provisions of the indenture to the "Description of Notes," "Description of Debt Securities"

and any similar sections of any offering memorandum or prospectus prepared in connection with the

issuance of the applicable series of debt securities,

• to make changes applicable only to other series of debt securities, or

• to make any change that does not adversely affect the rights of any holder of debt securities of such series.

We may also modify and amend the indenture with the consent of the holders of at least a majority in principal

amount of the outstanding debt securities of each series affected by the modifications or amendments. We may not

make any modification or amendment without the consent of the holders of each affected debt security then

outstanding if that amendment will:

• change the stated Maturity of the principal of, or installment of interest on, any debt security,

• reduce the principal amount of, or the rate of interest on, any debt security,

• reduce any premium payable on the redemption or required repurchase of any debt security or change the

date on which any debt security may or must be redeemed, repaid or required to be repurchased,

• change the coin or currency in which the principal of, premium, if any, or interest on any debt security is

payable,

• impair the right of any holder to institute suit for the enforcement of any payment on or after the stated

maturity of any debt security,

• reduce the percentage in principal amount of the outstanding debt securities, the consent of whose holders

is required in order to take certain actions,

• reduce the requirements for quorum or voting by holders in the indenture or the debt securities,

• modify any of the provisions of the indenture regarding the waiver of past defaults and the waiver of certain

covenants by holders except to increase any percentage vote required or to provide that certain other

provisions of the indenture cannot be modified or waived without the consent of the holder of each debt

security affected thereby, or

• modify any of the above provisions of this paragraph.

The holders of a majority in principal amount of the outstanding debt securities of any series may on behalf of

the holders of all of the debt securities of such series waive any past default under the indenture with respect to that

series and its consequences, except a default in the payment of the principal of, or any premium or interest on, any

debt security of that series; provided, however, that the holders of a majority in principal amount of the outstanding

debt securities of any series may rescind an acceleration and its consequences, including any related payment default

that resulted from the acceleration.

**Defeasance of Debt Securities and Certain Covenants in Certain Circumstances** 

The indenture provides that we may at any time terminate (i) all of our obligations under a series of debt

securities and the indenture as it relates to such series of debt securities ("legal defeasance option") or (ii) our

obligations under certain covenants set forth in the indenture (other than the covenant to make payments on the debt

securities), and we may omit to comply with such covenants without creating an Event of Default ("covenant

defeasance option"). If the Company exercises its legal defeasance option with respect to a series of debt securities,

payment of the debt securities of such series may not be accelerated because of an Event of Default. If the Company

exercises its covenant defeasance option with respect to a series of debt securities, payment of the debt securities of

such series may not be accelerated because of an Event of Default resulting from failure to comply with the

applicable covenants and from certain events of bankruptcy, insolvency or reorganization.

The Company may exercise its legal defeasance option or its covenant defeasance option with respect to a series

of debt securities only if, among other things:

• the Company irrevocably deposits or causes to be deposited in trust with the trustee money or U.S.

Government Obligations (as defined in the indenture) in such amounts as shall be sufficient to pay principal

and interest when due on all outstanding debt securities of such series to maturity or redemption, as the case

may be,

• the Company delivers to the trustee a certificate from a nationally recognized firm of independent

accountants or valuation consultants expressing their opinion that the payments of principal and interest

when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited

money without investment shall be sufficient to pay principal and interest when due on all outstanding debt

securities of such series to maturity or redemption, and

• the Company shall have delivered to the trustee an opinion of counsel to the effect that the holders of debt

securities of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a

result of such deposit and defeasance and will be subject to U.S. federal income tax on the same amounts,

in the same manner and at the same times as would have been the case if such deposit and defeasance had

not occurred, which opinion, in the case of the legal defeasance option, must be based on a ruling of the

Internal Revenue Service, or a change in the applicable federal income tax law.

**Regarding the Trustee** 

The indenture provides that, except during the continuance of an Event of Default, the trustee will perform only

such duties as are specifically set forth in the indenture. During the existence of an Event of Default, the trustee will

exercise such rights and powers vested in it under the 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.

The indenture and provisions of the Trust Indenture Act that are incorporated by reference therein contain

limitations on the rights of the trustee, should it become one of our creditors, to obtain payment of claims in certain

cases or to realize on certain property received by it in respect of any such claim as security or otherwise. The trustee

is permitted to engage in other transactions with us or any of our affiliates; provided, however, that if it acquires any

conflicting interest (as defined in the Trust Indenture Act), it must eliminate such conflict or resign.

**No Personal Liability of Directors, Officers, Employees or Shareholders** 

None of our past, present or future directors, officers, employees or shareholders (other than the Company), as

such, will have any liability for any of our obligations under the debt securities or the indenture or for any claim

based on, or in respect or by reason of, such obligations or their creation. By accepting a debt security, each holder

waives and releases all such liability. This waiver and release is part of the consideration for the issue of the debt

securities. However, this waiver and release may not be effective to waive liabilities under United States federal

securities laws, and it is the view of the SEC that such a waiver is against public policy.

**Governing Law** 

The indenture and the debt securities will be governed by and construed in accordance with the laws of the State

of New York.

**DESCRIPTION OF WARRANTS** 

We may offer by means of this prospectus warrants for the purchase of any of the securities offered by this

prospectus. We may issue warrants separately or together with any other securities offered by means of this

prospectus, and the warrants may be attached to or separate from any offered securities. Each series of warrants will

be issued under a separate warrant agreement to be entered into between us and a warrant agent specified therein or

in the applicable prospectus supplement. The following summary of material provisions of the warrants and warrant

agreements are subject to, and qualified in their entirety by reference to, all the provisions of the warrant agreement

and warrant certificate applicable to a particular series of warrants. The terms of any warrants offered under a

prospectus supplement may differ from the terms described below. We urge you to read the applicable prospectus

supplement and any related free writing prospectus, as well as the complete warrant agreements and warrant

certificates that contain the terms of the warrants. The warrant agent will act solely as our agent in connection with

the warrants of such series and will not assume any obligation or relationship of agency or trust for or with any

holders or beneficial owners of warrants.

The particular terms of any issue of warrants will be described in the prospectus supplement relating to the

issue. Those terms may include:

• the title of such warrants;

• the aggregate number of such warrants;

• the price or prices at which such warrants will be issued;

• the currency or currencies in which the price of such warrants will be payable;

• the securities or other rights, including rights to receive payment in cash or securities based on the value,

rate or price of one or more specified commodities, currencies, securities or indices, or any combination of

the foregoing, purchasable upon exercise of such warrants;

• the price at which and the currency or currencies in which the securities or other rights purchasable upon

exercise of such warrants may be purchased;

• the date on which the right to exercise such warrants shall commence and the date on which such right shall

expire;

• if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time;

• provision for changes to or adjustments in the exercise price of such warrants, if any;

• if applicable, the designation and terms of the securities with which such warrants are issued and the

number of such warrants issued with each such security;

• if applicable, the date on and after which such warrants and the related securities will be separately

transferable;

• the terms of any rights to redeem or call the warrants;

• information with respect to book-entry procedures, if any;

• if applicable, a discussion of any material United States Federal income tax considerations; and

• any other terms of such warrants, including terms, procedures and limitations relating to the exchange and

exercise of such warrants.

Holders of equity warrants will not be entitled:

• to vote, consent or receive dividends;

• receive notice as shareholders with respect to any meeting of shareholders for the election of our directors

or any other matter; or

• exercise any rights as shareholders of Axogen.

Each warrant will entitle its holder to purchase the principal amount of debt securities or the number of shares

of preferred stock or common stock at the exercise price set forth in, or calculable as set forth in, the applicable

prospectus supplement. Unless we otherwise specify in the applicable prospectus supplement, holders of the

warrants may exercise the warrants at any time up to the specified time on the expiration date that we set forth in the

applicable prospectus supplement. After the close of business on the expiration date, unexercised warrants will

become void.

Holders may exercise warrants as described in the prospectus supplement relating to the warrants being offered.

Upon receipt of payment and the warrant certificate properly completed and duly executed at the corporate trust

office of the warrant agent or any other office indicated in the prospectus supplement, we will, as soon as

practicable, forward the debt securities, shares of preferred stock or shares of common stock purchasable upon the

exercise of the warrant. If less than all of the warrants represented by the warrant certificate are exercised, we will

issue a new warrant certificate for the remaining warrants.

A holder of warrant certificates may exchange them for new warrant certificates of different denominations,

present them for registration of transfer and exercise them at the corporate trust office of the warrant agent or any

other office indicated in the applicable prospectus supplement. Until any warrants to purchase debt securities are

exercised, the holder of the warrants will not have any rights of holders of the debt securities that can be purchased

upon exercise, including any rights to receive payments of principal of, premium or interest on the underlying debt

securities or to enforce covenants in the applicable indenture. Until any warrants to purchase common stock or

preferred stock are exercised, the holders of the warrants will not have any rights of holders of the underlying

common stock or preferred stock, including any rights to receive dividends or payments upon any liquidation,

dissolution or winding up on the common stock or preferred stock, if any.

**GLOBAL SECURITIES** 

**Book-Entry, Delivery and Form** 

Unless we indicate differently in any applicable prospectus supplement or free writing prospectus, the securities

initially will be issued in book-entry form and represented by one or more global notes or global securities, or,

collectively, global securities. The global securities will be deposited with, or on behalf of, DTC, and registered in

the name of Cede & Co., the nominee of DTC. Unless and until it is exchanged for individual certificates evidencing

securities under the limited circumstances described below, a global security may not be transferred except as a

whole by the depositary to its nominee or by the nominee to the depositary, or by the depositary or its nominee to a

successor depositary or to a nominee of the successor depositary.

• a limited-purpose trust company organized under the New York Banking Law,

• a "banking organization" within the meaning of the New York Banking Law,

• a member of the Federal Reserve System,

• a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and

• a "clearing agency" registered pursuant to the provisions of Section 17A of the Exchange Act.

DTC holds securities that its participants deposit with DTC. DTC also facilitates the settlement among its

participants of securities transactions, such as transfers and pledges, in deposited securities through electronic

computerized book-entry changes in participants' accounts, thereby eliminating the need for physical movement of

securities certificates. "Direct participants" in DTC include securities brokers and dealers, including underwriters,

banks, trust companies, clearing corporations and other organizations. DTC is a wholly owned subsidiary of The

Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC, National Securities

Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC

is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others, which we

sometimes refer to as indirect participants, that clear through or maintain a custodial relationship with a direct

participant, either directly or indirectly. The rules applicable to DTC and its participants are on file with the SEC.

Purchases of securities under the DTC system must be made by or through direct participants, which will

receive a credit for the securities on DTC's records. The ownership interest of the actual purchaser of a security,

which we sometimes refer to as a beneficial owner, is in turn recorded on the direct and indirect participants'

records. Beneficial owners of securities will not receive written confirmation from DTC of their purchases.

However, beneficial owners are expected to receive written confirmations providing details of their transactions, as

well as periodic statements of their holdings, from the direct or indirect participants through which they purchased

securities. Transfers of ownership interests in global securities are to be accomplished by entries made on the books

of participants acting on behalf of beneficial owners. Beneficial owners will not receive certificates representing

their ownership interests in the global securities, except under the limited circumstances described below.

To facilitate subsequent transfers, all global securities deposited by direct participants with DTC will be

registered in the name of DTC's partnership nominee, Cede & Co., or such other name as may be requested by an

authorized representative of DTC. The deposit of securities with DTC and their registration in the name of Cede &

Co. or such other nominee will not change the beneficial ownership of the securities. DTC has no knowledge of the

actual beneficial owners of the securities. DTC's records reflect only the identity of the direct participants to whose

accounts the securities are credited, which may or may not be the beneficial owners. The participants are responsible

for keeping account of their holdings on behalf of their customers.

So long as the securities are in book-entry form, you will receive payments and may transfer securities only

through the facilities of the depositary and its direct and indirect participants. We will maintain an office or agency

in the location specified in the prospectus supplement for the applicable securities, where notices and demands in

respect of the securities and, if applicable, the indenture may be delivered to us and where certificated securities may

be surrendered for payment, registration of transfer or exchange.

Conveyance of notices and other communications by DTC to direct participants, by direct participants to

indirect participants and by direct participants and indirect participants to beneficial owners will be governed by

arrangements among them, subject to any legal requirements in effect from time to time.

Redemption notices will be sent to DTC. If less than all of the securities of a particular series are being

redeemed, DTC's practice is to determine by lot the amount of the interest of each direct participant in the securities

of such series to be redeemed.

Neither DTC nor Cede & Co. (or such other DTC nominee) will consent or vote with respect to the securities.

Under its usual procedures, DTC will mail an omnibus proxy to us as soon as possible after the record date. The

omnibus proxy assigns the consenting or voting rights of Cede & Co. to those direct participants to whose accounts

the securities of such series are credited on the record date, identified in a listing attached to the omnibus proxy.

So long as securities are in book-entry form, we will make payments on those securities to the depositary or its

nominee, as the registered owner of such securities, by wire transfer of immediately available funds. If securities are

issued in definitive certificated form under the limited circumstances described below, we will have the option of

making payments by check mailed to the addresses of the persons entitled to payment or by wire transfer to bank

accounts in the United States designated in writing to the applicable trustee or other designated party at least 15 days

before the applicable payment date by the persons entitled to payment, or such shorter time as may be satisfactory to

the applicable trustee or other designated party.

Redemption proceeds, distributions and dividend payments on the securities will be made to Cede & Co., or

such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit direct

participants' accounts upon DTC's receipt of funds and corresponding detail information from us on the payment

date in accordance with their respective holdings shown on DTC records. Payments by participants to beneficial

owners will be governed by standing instructions and customary practices, as is the case with securities held for the

account of customers in bearer form or registered in "street name." Those payments will be the responsibility of

participants and not of DTC or us, subject to any statutory or regulatory requirements in effect from time to time.

Payment of redemption proceeds, distributions and dividend payments to Cede & Co., or such other nominee as may

be requested by an authorized representative of DTC, is our responsibility, disbursement of payments to direct

participants is the responsibility of DTC, and disbursement of payments to the beneficial owners is the responsibility

of direct and indirect participants.

Except under the limited circumstances described below, purchasers of securities will not be entitled to have

securities registered in their names and will not receive physical delivery of securities. Accordingly, each beneficial

owner must rely on the procedures of DTC and its participants to exercise any rights under the securities and, if

applicable, the indenture.

The laws of some jurisdictions may require that some purchasers of securities take physical delivery of

securities in definitive form. Those laws may impair the ability to transfer or pledge beneficial interests in securities.

DTC may discontinue providing its services as securities depositary with respect to the securities at any time by

giving reasonable notice to us. Under such circumstances, in the event that a successor depositary is not obtained,

securities certificates are required to be printed and delivered.

As noted above, beneficial owners of a particular series of securities generally will not receive certificates

representing their ownership interests in those securities. However, if:

• DTC notifies us that it is unwilling or unable to continue as a depositary for the global security or securities

representing such series of securities or if DTC ceases to be a clearing agency registered under the

Exchange Act at a time when it is required to be registered and a successor depositary is not appointed

within 90 days of the notification to us or of our becoming aware of DTC's ceasing to be so registered, as

the case may be,

• we determine, in our sole discretion, not to have such securities represented by one or more global

securities, or

• an event of default has occurred and is continuing with respect to such series of securities,

we will prepare and deliver certificates for such securities in exchange for beneficial interests in the global

securities. Any beneficial interest in a global security that is exchangeable under the circumstances described in the

preceding sentence will be exchangeable for securities in definitive certificated form registered in the names that the

depositary directs. It is expected that these directions will be based upon directions received by the depositary from

its participants with respect to ownership of beneficial interests in the global securities.

We have obtained the information in this section and elsewhere in this prospectus concerning DTC and DTC's

book-entry system from sources that are believed to be reliable, but we take no responsibility for the accuracy of this

information. This information has been provided solely as a matter of convenience. The rules and procedures of

DTC are solely within the control of DTC and could change at any time. Neither we nor the trustee nor any agent of

ours or of the trustee has any control over DTC and none of us takes any responsibility for its activities. You are

urged to contact DTC or its participants directly to discuss those matters. In addition, although we expect that DTC

will perform the foregoing procedures, it is not under any obligation to perform or continue to perform such

procedures and such procedures may be discontinued at any time. Neither we nor any agent of ours will have any

responsibility for the performance or nonperformance by DTC or its participants of these or any other rules or

procedures governing its operations.

**PLAN OF DISTRIBUTION** 

**General** 

We may sell the securities offered through this prospectus in any one or more of the following ways:

• through underwriters or dealers;

• through agents;

• directly to purchasers;

• in "at the market offerings" to or through a market maker or into an existing trading market, or a securities

exchange or otherwise;

• in transactions not involving market makers or established trading markets, including direct sales or

privately negotiated transactions; or

• through a combination of any of these methods of sale.

We may sell the equity securities covered by this registration statement in an "at the market offering" as defined

in Rule 415(a)(4) under the Securities Act. Such offering may be made into an existing trading market for such

securities in transactions at other than a fixed price on or through the facilities of the Nasdaq Capital Market or any

other securities exchange or quotation or trading service on which such securities may be listed, quoted or traded at

the time of sale. Such at the market offerings, if any, may be conducted by underwriters acting as principal or agent.

In addition, we may enter into option or other types of transactions that require us or them to deliver securities

to a broker-dealer, who will then resell or transfer the securities under this prospectus. We may enter into hedging

transactions with respect to our securities. For example, we may:

• enter into transactions with a broker-dealer or affiliate thereof in connection with which such broker-dealer

or affiliate will engage in short sales of the securities pursuant to this prospectus, in which case such

broker-dealer or affiliate may use securities received from us to close out its short positions;

• sell securities short and redeliver such securities to close out our short positions;

• enter into option or other types of transactions that require us to deliver securities to a broker-dealer or an

affiliate thereof, who will then resell or transfer the securities under this prospectus; or

• loan or pledge the securities to a broker-dealer or an affiliate thereof, who may sell the loaned securities or,

in an event of default in the case of a pledge, sell the pledged securities pursuant to this prospectus.

The securities described in this prospectus may be distributed at a fixed price or prices, which may be changed,

market prices prevailing at the time of sale, prices related to the prevailing market prices, or negotiated prices. Any

of the prices may represent a discount from the prevailing market prices.

At the time that any particular offering of securities is made, to the extent required by the Securities Act, a

prospectus supplement will be distributed setting forth the terms of the offering, including the aggregate amount of

securities being offered; the purchase price or initial public offering price of the securities; the names of any

underwriters, dealers or agents; the net proceeds to us from the sale of the securities; any delayed delivery

arrangements; any underwriting discounts, commissions and other items constituting compensation from us; any

discounts, commissions or concessions allowed or re-allowed or paid to dealers, and any commissions paid to

agents.

**Market Making and Stabilization** 

There is no established trading market for any security other than our common stock, which is listed on the

Nasdaq Capital Market under the symbol "AXGN." The securities described in this prospectus may or may not be

listed on a national securities exchange or traded in the over-the-counter market, as set forth in the applicable

prospectus supplement.

If the securities are traded after their initial issuance, they may trade at a discount from their initial offering

price, depending upon prevailing interest rates, the market for similar securities and other factors. While it is

possible that an underwriter could inform us that it intends to make a market in the securities, such underwriter

would not be obligated to do so, and any such market making could be discontinued at any time without notice.

Therefore, we cannot assure you as to whether an active trading market will develop for the securities.

If a prospectus supplement so indicates, underwriters, brokers or dealers, in compliance with applicable law,

may engage in transactions that stabilize, maintain or otherwise affect the market price of the securities, which may

be higher than the price that might otherwise prevail in the open market.

**Underwriters and Agents** 

If underwriters are used in the sale, the underwriters will acquire the securities for their own account for resale

to the public, either on a firm commitment basis or a best efforts basis. The underwriters may resell the securities

from time-to-time in one or more transactions, including negotiated transactions, at a fixed public offering price or at

varying prices determined at the time of sale. Underwriters may offer securities to the public either through

underwriting syndicates represented by one or more managing underwriters or directly by one or more firms acting

as underwriters. Unless we inform you otherwise in the prospectus supplement, the obligations of the underwriters to

purchase the securities will be subject to certain conditions. The underwriters may change from time-to-time any

initial public offering price and any discounts or concessions allowed or re-allowed or paid to dealers.

We may also sell the securities through agents designated from time-to-time. In the prospectus supplement, we

will name any agent involved in the offer or sale of the offered securities, and we will describe any commissions

payable to the agent. Unless we inform you otherwise in the prospectus supplement, any agent will agree to use its

reasonable best efforts to solicit purchases for the period of its appointment.

**Dealers** 

If dealers are used in the sale of securities, we will sell the securities to them as principals. The dealers may then

resell those securities to the public at varying prices determined by the dealers at the time of resale. We will include

in the prospectus supplement the names of the dealers and the terms of the transaction.

**Direct Sales** 

Securities may also be sold directly by us. In this case, no underwriters or agents would be involved.

**Institutional Purchasers** 

We may sell the securities directly to institutional investors or others who may be deemed to be underwriters

within the meaning of the Securities Act with respect to any sale of those securities. We will describe the terms of

any such sales in the prospectus supplement.

**Subscription Offerings** 

We may also make direct sales through subscription rights distributed to our existing shareholders on a pro rata

basis, which may or may not be transferable. In any distribution of subscription rights to our shareholders, if all of

the underlying securities are not subscribed for, we may then sell the unsubscribed securities directly to third parties

or may engage the services of one or more underwriters, dealers or agents, including standby underwriters, to sell

the unsubscribed securities to third parties.

**Underwriting Compensation** 

We will bear costs relating to all of the securities being registered under this registration statement of which this

prospectus forms a part.

Any broker-dealers or other persons acting on our behalf that participate with us in the distribution of the

securities may be deemed to be underwriters and any commissions received or profit realized by them on the resale

of the securities may be deemed to be underwriting discounts and commissions under the Securities Act. As of the

date of this prospectus, we are not a party to any agreement, arrangement or understanding between any broker or

dealer and us with respect to the offer or sale of the securities pursuant to this prospectus.

Pursuant to a requirement by the Financial Industry Regulatory Authority ("FINRA"), the maximum

commission or discount to be received by any FINRA member or independent broker/dealer may not be greater than

eight percent (8%) of the gross proceeds received by us for the sale of any securities being registered pursuant to

SEC Rule 415 under the Securities Act. If more than 5% of the net proceeds of any offering of securities made under

this prospectus will be received by a FINRA member participating in the offering or its affiliates or associated

persons of such FINRA member, the offering will be conducted in accordance with FINRA Conduct Rule 5110(h).

**Indemnification; Other Relationships** 

We may have agreements with agents, underwriters, dealers and remarketing firms to indemnify them against

certain civil liabilities, including liabilities under the Securities Act. Agents, underwriters, dealers and remarketing

firms, and their affiliates, may engage in transactions with, or perform services for, us in the ordinary course of

business. This includes commercial banking and investment banking transactions.

**LEGAL MATTERS** 

The validity of the securities offered in this prospectus is being passed upon for us by Blue Chip Law, PLLC,

Tampa, Florida. Additional legal matters may be passed upon for us or any underwriters, dealers or agents, by

counsel that we will name in the applicable prospectus supplement.

**EXPERTS** 

The financial statements of Axogen, Inc., incorporated by reference in this Prospectus, and the effectiveness of

Axogen, Inc.'s internal control over financial reporting have been audited by Deloitte & Touche LLP, an

independent registered public accounting firm, as stated in their reports. Such financial statements are incorporated

by reference in reliance upon the reports of such firm, given their authority as experts in accounting and auditing.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION** 

We are subject to the informational requirements of the Exchange Act and, in accordance therewith, we file

annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains a

website that contains reports, proxy and information statements and other information about issuers, such as us, who

file electronically with the SEC, including Axogen. The address of that website is *http://www.sec.gov*.

Our website address is www.axogeninc.com. General information about us, including our annual reports on

Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any amendments and

exhibits to those reports, are available free of charge through our website at https://ir.axogeninc.com/ as soon as

reasonably practicable after we file them with, or furnish them to, the SEC. Information contained on, or that can be

accessed through, our website is not incorporated by reference into this prospectus, and you should not consider

information contained on our website as part of this prospectus.

We have filed with the SEC an automatic "shelf" registration statement on Form S-3, including exhibits,

schedules and amendments filed with the registration statement, of which this prospectus is a part, as a "well-known

seasoned issuer" as defined in Rule 405 under the Securities Act with respect to the securities that may be offered by

this prospectus. This prospectus is a part of that registration statement, but does not contain all of the information in

the registration statement. We have omitted parts of the registration statement in accordance with the rules and

regulations of the SEC. For further information with respect to our company and the securities that may be offered

by this prospectus, reference is made to the registration statement, including the exhibits and schedules to the

registration statement. Statements contained in this prospectus as to the contents of any contract or other document

referred to in this prospectus are not necessarily complete and, where that contract or other document has been filed

as an exhibit to the registration statement, each statement in this prospectus is qualified in all respects by the exhibit

to which the reference relates. You should refer to the actual documents for a more complete description of the

relevant matters. You may access a copy of the registration statement through the SEC's website as provided above.

**INCORPORATION BY REFERENCE** 

The SEC's rules allow us to "incorporate by reference" information into this prospectus, which means that we

can disclose important information to you by referring you to another document filed separately with the SEC. The

information incorporated by reference is deemed to be part of this prospectus, and subsequent information that we

file with the SEC will automatically update and supersede that information. Any statement contained in this

prospectus or a previously filed document incorporated by reference will be deemed to be modified or superseded

for purposes of this prospectus to the extent that a statement contained in this prospectus or a subsequently filed

document incorporated by reference modifies or replaces that statement.

This prospectus and any accompanying prospectus supplement incorporate by reference the documents set forth

below that have previously been filed with the SEC:

• our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on <u>[February](https://www.sec.gov/ix?doc=/Archives/edgar/data/805928/000080592825000017/axgn-20241231.htm)</u>

<u>[26, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/805928/000080592825000017/axgn-20241231.htm)</u>;

• our Quarterly Reports on Form 10-Q for the quarter ended March 31, 2025, filed with the SEC on <u>[May 8,](https://www.sec.gov/ix?doc=/Archives/edgar/data/805928/000080592825000064/axgn-20250331.htm)</u>

<u>[2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/805928/000080592825000064/axgn-20250331.htm)</u>, the quarter ended June 30, 2025, filed with the SEC on <u>[August 5, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/805928/000080592825000107/axgn-20250630.htm)</u>, and the quarter ended

September 30, 2025, filed with the SEC on <u>[October 29, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/805928/000080592825000130/axgn-20250930.htm)</u>;

• our Current Reports on Form 8-K filed with the SEC on <u>[April 7, 2025](https://www.sec.gov/Archives/edgar/data/805928/000080592825000053/axgn8-kfy254725v2.htm)</u>, <u>[May 8, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/805928/000080592825000062/axgn-20250508.htm)</u> (other than the

information furnished pursuant to Item 2.02 and Exhibit 99.1), <u>[June 20, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/805928/000080592825000095/axgn-20250618.htm)</u>, <u>[December 4, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/805928/000080592825000140/axgn-20251203.htm)</u> (other

than information furnished pursuant to Item 7.01 and Exhibit 99.1), and <u>[December 5, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/805928/000080592825000146/axgn-20251203.htm)</u>; and

• the description of our common stock contained in our registration statement on Form 8-A filed with the

SEC on <u>[August 6, 2013](https://www.sec.gov/Archives/edgar/data/805928/000119312513321130/d579574d8a12b.htm)</u>, including any amendment or report filed for the purpose of updating such

description.

All reports and other documents we subsequently file pursuant to Section 13(a), 13(c), 14 or 15(d) of the

Exchange Act prior to the termination of this offering, including all such documents we may file with the SEC after

the date of the initial registration statement and prior to the effectiveness of the registration statement, will also be

incorporated by reference into this prospectus and deemed to be part of this prospectus from the date of the filing of

such reports and documents. Notwithstanding the foregoing, information furnished under Items 2.02 and 7.01 of any

Current Report on Form 8-K, including the related exhibits under Item 9.01, is not incorporated by reference in this

prospectus.

We will provide, upon written or oral request, at no cost, to each person, including any beneficial owner, to

whom a prospectus is delivered, a copy of any or all of the information that has been incorporated by reference in

the prospectus but not delivered with the prospectus. You may request a copy of these filings by writing us at

Investor Relations, c/o Axogen, Inc., 13631 Progress Boulevard, Suite 400, Alachua, Florida 32615. Our telephone

number is (386) 462-6800.

Exhibits to the filings will not be sent, unless those exhibits have been specifically incorporated by reference in

this prospectus or any accompanying prospectus supplement.

**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 14. Other Expenses of Issuance and Distribution.** 

The following table sets forth fees and expenses, other than underwriting discounts and commissions, payable

by the registrant in connection with the offering of the securities being registered. All the amounts shown are

estimates, except for the SEC registration fee and the FINRA filing fee.

---

| | |
|:---|:---|
| SEC registration fee......................................................................................................................... | $<sup>(1)</sup> |
| FINRA filing fee.............................................................................................................................. | \* |
| Accounting fees and expenses......................................................................................................... | \* |
| Printing expenses............................................................................................................................. | \* |
| Legal fees and expenses................................................................................................................... | \* |
| Trustee fees and expenses................................................................................................................ | \* |
| Transfer agent fees........................................................................................................................... | \* |
| Rating agency fees........................................................................................................................... | \* |
| Miscellaneous................................................................................................................................... | \* |
| Total................................................................................................................................................. | $\* |

---

___________________

(1)Pursuant to Rules 456(b) and 457(r) under the Securities Act of 1933, as amended, the SEC registration fee will be paid at the time of any

particular offering of securities under the registration statement, and is therefore not currently determinable.

\*Estimated fees and expenses are not presently known and will vary depending upon the amount of securities issued in the offering. The

foregoing sets forth the general categories of fees and expenses (other than underwriting discounts and commissions) that we anticipate we

will incur in connection with the offering of securities under this registration statement. An estimate of the aggregate fees and expenses in

connection with the issuance and distribution of the securities being offered will be included in the applicable prospectus supplement.

**Item 15. Indemnification of Directors and Officers.** 

Section 302A.521, subd. 2 of the MBCA requires us to indemnify a person made or threatened to be made a

party to a proceeding by reason of the former or present official capacity of the person with respect to us, against

judgments, penalties, fines, settlements, and reasonable expenses, including attorneys' fees and disbursements,

incurred by the person in connection with the proceeding if certain statutory standards are met, unless we amend our

articles of incorporation or bylaws to prohibit or condition such indemnification rights. Under Section 302A.521,

subd. 2, indemnification will be available only where an officer, director or employee can establish that he or she: (i)

has not been indemnified by another organization with respect to the same acts or omissions; (ii) acted in good faith;

(iii) received no improper personal benefits; (iv) in the case of a criminal proceeding, had no reasonable cause to

believe the conduct was unlawful; and (v) reasonably believed the conduct was in our best interests or, in certain

circumstances, reasonably believed that the conduct was not opposed to our best interests. In addition, Section

302A.521, subd. 3 of the MBCA requires payment by us, upon written request, of reasonable expenses in advance of

final disposition of the proceeding in certain circumstances unless we amend our articles of incorporation or bylaws

to prohibit or condition such expense advancement rights. Under Section 302A.521, subd. 4, we may amend our

articles of incorporation or bylaws to prohibit or condition such indemnification or expense advancement rights.

Under Section 302A.521, subd. 6, a decision as to required indemnification shall be made (i) by a disinterested

majority of our board of directors present at a meeting at which a disinterested quorum is present, (ii) by a

designated committee of the board of directors consisting of two or more disinterested directors, (iii) by special legal

counsel selected by the board or a committee by vote pursuant to clause (i) or (ii) above, (iv) by an affirmative vote

of the our shareholders, in which the shares held by parties to the proceeding are not counted in determining the

presence of a quorum and are not considered to be present and entitled to vote, or (v) by a court in Minnesota. For

purposes of clauses (i) and (ii) above, a director is disinterested if he or she is not a party to the proceeding for which

indemnification or expense advancement is at issue. Section 302A.521 of the MBCA contains detailed terms

regarding such right of indemnification and reference is made thereto for a complete statement of such

indemnification rights.

Article 7 of the Articles provides that, to the fullest extent permitted by the MBCA as the same exists or may

hereafter be amended, a director of the Company shall not be personally liable to us or our shareholders for

monetary damages for breach of fiduciary duty as a director; provided, however, that Article 7 shall not eliminate or

limit the liability of a director to the extent provided by applicable law (i) for any breach of the director's duty of

loyalty to the corporation or its shareholders, (ii) for acts or omissions not in good faith or that involve intentional

misconduct or a knowing violation of law, (iii) under Section 302A.559 of the MBCA or 80A.76 of Minnesota

Statutes, (iv) for any transaction from which the director derived an improper personal benefit, or (v) for any act or

omission occurring prior to the effective date of Article 7 or any predecessor of the provision. Neither the

amendment, modification or repeal of Article 7 nor the adoption of any provision in the Articles of Incorporation

inconsistent with Article 7 shall adversely affect any right or protection of a director or officer of the Company with

respect to any act or omission that occurred prior to the time of such amendment, modification, repeal or adoption.

The Bylaws provide that the directors and officers of the Company shall have the right to indemnification provided

by Section 302A.521 of the MBCA, as now enacted or hereafter amended.

We maintain, on behalf of our directors and officers, insurance protection against certain liabilities arising out of

the discharge of their duties, as well as insurance covering us for indemnification payments made to our directors

and officers for certain liabilities. We pay the premiums for such insurance.

Any underwriting agreements that we may enter into will likely provide for our indemnification, our controlling

persons, our directors and certain of our officers by the underwriters against certain liabilities, including liabilities

under the Securities Act.

**Item 16. Exhibits and Financial Statement Schedules.** 

(a)The following exhibits are filed as part of this Registration Statement:

---

| | |
|:---|:---|
| **Exhibit** <br>**No.**<br>| **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1\* | Form of Underwriting Agreement. |
| 3.1 | <u>[Amended and Restated Articles of Incorporation of Axogen, Inc. (incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/805928/000155837019010165/ex-3d1.htm)</u><br><u>[3.1 to the Company's Quarterly Report on Form 10-Q filed on November 6, 2019).](https://www.sec.gov/Archives/edgar/data/805928/000155837019010165/ex-3d1.htm)</u><br>|
| 3.2 | <u>[Amended and Restated Bylaws of Axogen, Inc. dated as of August 15, 2023 (incorporated by reference](https://www.sec.gov/Archives/edgar/data/805928/000080592824000028/exhibit32amendedandresta.htm)</u><br><u>[to Exhibit 3.2 to the Company's Annual Report on Form 10-K filed on March 5, 2024)](https://www.sec.gov/Archives/edgar/data/805928/000080592824000028/exhibit32amendedandresta.htm)</u><br>|
| 4.1 | <u>[Description of Securities of Axogen, Inc. (incorporated by reference to Exhibit 4.1 to the Company's](https://www.sec.gov/Archives/edgar/data/805928/000155837020001238/ex-4d1.htm)</u><br><u>[Annual Report on Form 10-K for the year ended December 31, 2019, filed on February 24, 2020).](https://www.sec.gov/Archives/edgar/data/805928/000155837020001238/ex-4d1.htm)</u><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;4.2\* | Form of Common Stock Certificate. |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3\* | Form of Preferred Stock Certificate. |
| &nbsp;&nbsp;&nbsp;&nbsp;4.4† | <u>[Form of Indenture.](exhibit44-sx3asr.htm)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;4.5\* | Form of Note. |
| &nbsp;&nbsp;&nbsp;&nbsp;4.6\* | Form of Warrant. |
| &nbsp;&nbsp;&nbsp;&nbsp;4.7\* | Form of Warrant Agreement. |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1† | <u>[Legal Opinion of Blue Chip Law, PLLC.](exhibit51-sx3asr.htm)</u> |
| 23.1† | <u>[Consent of Blue Chip Law, PLLC. (contained in Exhibit 5.1)](exhibit51-sx3asr.htm)</u> |
| 23.2† | <u>[Consent of Deloitte & Touche LLP, the Company's Independent Registered Public Accounting Firm.](exhibit232-sx3asr.htm)</u> |
| 24.1† | <u>[Power of Attorney (included on the signature page of this registration statement).](#i7e59a7638aba45e493a67792fe004129_124)</u> |

---

---

| | |
|:---|:---|
| **Exhibit** <br>**No.**<br>| **Description** |
| 25.1\*\* | Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of the trustee <br>under the debt indenture.<br>|
| 107† | <u>[Filing Fee Table.](axogeninc012126exfilingfees.htm)</u> |

---

___________________

\*To be filed, if necessary, subsequent to the effective date of this registration statement by an amendment to this registration statement or

incorporated by reference pursuant to a Current Report on Form 8-K in connection with the offering of securities.

\*\*To be filed pursuant to Section 305(b)(2) of the Trust Indenture Act of 1939, as amended.

†Filed herewith.

**Item 17. Undertakings.** 

(a)The undersigned registrant hereby undertakes:

(1)To file, during any period in which offers or sales are being made, a post-effective amendment to this

registration statement:

(i)To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended

(the "Securities Act of 1933");

(ii)To reflect in the prospectus any facts or events arising after the effective date of the registration

statement (or the most recent post-effective amendment thereof) which, individually or in the

aggregate, represent a fundamental change in the information set forth in the registration

statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered

(if the total dollar value of securities offered would not exceed that which was registered) and any

deviation from the low or high end of the estimated maximum offering range may be reflected in

the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule

424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent

change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee"

table in the effective registration statement ; and

(iii)To include any material information with respect to the plan of distribution not previously

disclosed in the registration statement or any material change to such information in the

registration statement.

*provided, however*, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) above do not apply if the information

required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or

furnished to the Securities and Exchange Commission by the registrant pursuant to Section 13 or Section 15(d) of

the Securities Exchange Act of 1934, as amended (the "Securities Exchange Act of 1934") that are incorporated by

reference in this registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is

part of the registration statement.

(2)That, for the purpose of determining any liability under the Securities Act of 1933, each such post-

effective amendment shall be deemed to be a new registration statement relating to the securities

offered therein, and the offering of such securities at that time shall be deemed to be the initial bona

fide offering thereof.

(3)To remove from registration by means of a post-effective amendment any of the securities being

registered which remain unsold at the termination of the offering.

(4)That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

(i)Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the

registration statement as of the date the filed prospectus was deemed part of and included in the

registration statement; and

(ii)Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a

registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule

415(a)(1)(i), (vii), or(x) for the purpose of providing the information required by section 10(a) of

the Securities Act of 1933 shall be deemed to be part of and included in the registration statement

as of the earlier of the date such form of prospectus is first used after effectiveness or the date of

the first contract of sale of securities in the offering described in the prospectus. As provided in

Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter,

such date shall be deemed to be a new effective date of the registration statement relating to the

securities in the registration statement to which that prospectus relates, and the offering of such

securities at that time shall be deemed to be the initial bona fide offering thereof. Provided,

however, that no statement made in a registration statement or prospectus that is part of the

registration statement or made in a document incorporated or deemed incorporated by reference

into the registration statement or prospectus that is part of the registration statement will, as to a

purchaser with a time of contract of sale prior to such effective date, supersede or modify any

statement that was made in the registration statement or prospectus that was part of the registration

statement or made in any such document immediately prior to such effective date.

(5)That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any

purchaser in the initial distribution of the securities:

The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant

pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the

purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications,

the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to

such purchaser:

(i)Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering

required to be filed pursuant to Rule 424;

(ii)Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned

registrant or used or referred to by the undersigned registrant;

(iii)The portion of any other free writing prospectus relating to the offering containing material

information about the undersigned registrant or its securities provided by or on behalf of the

undersigned registrant; and

(iv)Any other communication that is an offer in the offering made by the undersigned registrant to the

purchaser.

(6)That, for purposes of determining any liability under the Securities Act of 1933:

(i)the information omitted from the form of prospectus filed as part of the registration statement in

reliance upon Rule 430A and contained in the form of prospectus filed by the registrant pursuant

to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of the

registration statement as of the time it was declared effective; and

(ii)each post-effective amendment that contains a form of prospectus shall be deemed to be a new

registration statement relating to the securities offered therein, and the offering of such securities

at that time shall be deemed to be the initial bona fide offering thereof.

(b)The undersigned registrant hereby undertakes that, for purposes of determining any liability under the

Securities Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a) or Section

15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit

plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated

by reference in the registration statement shall be deemed to be a new registration statement relating to the

securities offered therein, and the offering of such securities at that time shall be deemed to be the initial

bona fide offering thereof.

(c)Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to

directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or

otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission

such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the

event that a claim for indemnification against such liabilities (other than the payment by the registrant of

expenses incurred or paid by a director, officer or controlling person of the registrant in the successful

defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in

connection with the securities being registered, the registrant will, unless in the opinion of its counsel the

matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question

whether such indemnification by it is against public policy as expressed in the Act and will be governed by

the final adjudication of such issue.

(d)The undersigned Registrant hereby undertakes to file an application for the purpose of determining the

eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture Act in accordance

with the rules and regulations prescribed by the Commission under Section 305(b)(2) of the Trust Indenture

Act.

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has

reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this

registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of

Alachua, State of Florida, on January 21, 2026.

---

| | |
|:---|:---|
| **AXOGEN, INC.** | **AXOGEN, INC.** |
| By: | /s/ Marc A. Began |
|  | Marc A. Began |
|  | Executive Vice President, General Counsel and Chief Compliance Officer |

---

**POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that each of the undersigned hereby constitutes and appoints

Michael J. Dale, Lindsey Hartley and Marc A. Began, as the undersigned's true and lawful attorney-in-fact and

agent, each with full power of substitution and re-substitution, for the undersigned and on the undersigned's behalf

in any and all capacities (including the undersigned's capacity as a director of Axogen, Inc.) to sign, execute and file

this registration statement and any registration statement that is to become effective upon filing pursuant to Rule 462

under the Securities Act of 1933, as amended, relating to any offering of securities in connection with this

registration statement and any or all amendments (including, without limitation, post-effective amendments) to any

such registration statements, and to file the same, with all exhibits thereto and any and all documents required to be

filed with respect therewith, with the Securities and Exchange Commission or any regulatory authority, granting

unto such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every

act and thing requisite and necessary to be done in connection therewith and about the premises in order to

effectuate the same as fully to all intents and purposes as he might or could do if personally present, hereby ratifying

and confirming all that such attorneys-in-fact and agents, or any of them, or his or her substitute or substitutes, have

done, may lawfully do or may cause to be done.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been

signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Capacity** | **Date** |
| /s/ Michael J. Dale | President, Chief Executive Officer and Board <br>Director<br>(*Principal Executive Officer*) | January 21, 2026 |
| Michael J. Dale | President, Chief Executive Officer and Board <br>Director<br>(*Principal Executive Officer*) | January 21, 2026 |
| /s/ Lindsey Hartley | Chief Financial Officer<br>(*Principal Financial and Accounting Officer*) | January 21, 2026 |
| Lindsey Hartley | Chief Financial Officer<br>(*Principal Financial and Accounting Officer*) | January 21, 2026 |
| /s/ Paul G. Thomas | Chairman of the Board | January 21, 2026 |
| Paul G. Thomas | Chairman of the Board | January 21, 2026 |
| /s/ William Burke | Director | January 21, 2026 |
| William Burke | Director | January 21, 2026 |
| /s/ John H. Johnson | Director | January 21, 2026 |
| John H. Johnson | Director | January 21, 2026 |
| /s/ Alan M. Levine | Director | January 21, 2026 |
| Alan M. Levine | Director | January 21, 2026 |
| /s/ Amy Wendell | Director | January 21, 2026 |
| Amy Wendell | Director | January 21, 2026 |

---

---

| | | |
|:---|:---|:---|
| **Name** | **Capacity** | **Date** |
| /s/ Joseph A. Tyndall | Director | January 21, 2026 |
| Joseph A. Tyndall | Director | January 21, 2026 |
| /s/ Kathy Weiler | Director | January 21, 2026 |
| Kathy Weiler | Director | January 21, 2026 |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-3**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Axogen, Inc.**  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Common Stock, $0.01 par value | 457(r) |  | 0.0001381 |  |
| Fees to be Paid | 2 | Equity | Preferred Stock, $0.01 par value | 457(r) |  | 0.0001381 |  |
| Fees to be Paid | 3 | Debt | Debt Securities | 457(r) |  | 0.0001381 |  |
| Fees to be Paid | 4 | Other | Warrants | 457(r) |  | 0.0001381 |  |
| Fees Previously Paid |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $0.00  |  | $0.00  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $0.00  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> An unspecified number or amount of shares of common stock, par value $0.01 per share ("common stock"), shares of preferred stock ("preferred stock"), debt securities, and warrants is being registered as may from time to time be issued at indeterminate prices. This registration statement also includes such indeterminable amount of (i) securities of each identified class as may be issued from time to time upon exercise of warrants or conversion or exchange of convertible or exchangeable securities being registered hereunder and (ii) additional securities as may be issued to prevent dilution from stock splits, stock dividends or similar transactions pursuant to Rule 416 under the Securities Act of 1933, as amended. This registration statement also covers common stock, preferred stock, debt securities and warrants, that may be offered or sold under delayed delivery contracts pursuant to which the counterparty may be required to purchase such securities, as well as such contracts themselves. Such contracts would be issued with the specific securities to which they relate. The registrant is relying on Rule 456(b) and Rule 457(r) under the Securities Act of 1933, as amended, to defer payment of all registration fees. In connection with the securities offered hereby, the registrant will pay "pay-as-you-go registration fees" in accordance with Rule 456(b). The registrant will calculate the registration fee applicable to an offer of securities pursuant to this registration statement based on the fee payment rate in effect on the date of such fee payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> See Note 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>3</sup> See Note 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>4</sup> See Note 1.

---

| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Form Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **File Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---

## Exhibit 4.4

**Exhibit 4.4**

**AXOGEN, INC.,**

as Issuer

and

**[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ],**

as Trustee

**INDENTURE**

Dated as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ], 20[ ]

**DEBT SECURITIES**

------

**CROSS-REFERENCE TABLE**

Certain Sections of this Indenture relating to Sections 310 through 318, inclusive, of the Trust Indenture Act of 1939, as amended:

---

| | |
|:---|:---|
| Trust Indenture Act<br>Section | Indenture<br>Section |
| 310(a)(1) | 7.09; 7.10 |
| (a)(2) | 7.10 |
| (a)(3) | Not Applicable |
| (a)(4) | Not Applicable |
| (a)(5) | 7.10 |
| (b) | 7.08; 7.10 |
| 311(a) | 7.11 |
| (b) | 7.11 |
| 312(a) | 2.05 |
| (b) | 10.02 |
| (c) | 10.02 |
| 313(a) | 7.06 |
| (b)(1) | Not Applicable |
| (b)(2) | 7.06 |
| (c) | 7.06 |
| (d) | 7.06 |
| 314(a) | 4.05 |
| (b) | Not Applicable |
| (c)(1) | 10.03 |
| (c)(2) | 10.03 |
| (c)(3) | Not Applicable |
| (d) | Not Applicable |
| (e) | 10.04 |
| (f) | Not Applicable |
| 315(a) | 7.01 |
| (b) | 7.05 |
| (c) | 7.01 |
| (d) | 7.01 |
| (e) | 6.11 |
| 316(a)(last sentence) | 10.05 |
| (a)(1)(A) | 6.05 |
| (a)(1)(B) | 6.04 |
| (a)(2) | Not Applicable |
| (b) | 6.07 |
| (c) | 9.03 |
| 317(a)(1) | 6.08 |
| (a)(2) | 6.09 |
| (b) | 2.04 |
| 318(a) | 10.16 |

---

Note: This Cross-Reference Table shall not, for any purpose, be deemed to be part of this Indenture.

------

**<u>**TABLE OF CONTENTS**</u>**

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| | |
|:---|:---|
| | **PAGE** |
| ARTICLE 1<br>DEFINITIONS AND INCORPORATION BY REFERENCE |  |
| Section 1.01. *Definitions* | 1 |
| Section 1.02. *Other Definitions* | 4 |
| Section 1.03. *Incorporation by Reference of Trust Indenture Act* | 4 |
| Section 1.03. *Rules of Construction* | 5 |
| ARTICLE 2<br>THE NOTES |  |
| Section 2.01. *Form, Dating, Title and Terms* | 5 |
| Section 2.02. *Execution and Authentication* | 9 |
| Section 2.03. *Registrar and Paying Agent* | 10 |
| Section 2.04. *Paying Agent to Hold Money in Trust* | 10 |
| Section 2.05. *Noteholder Lists* | 10 |
| Section 2.06. *Transfer and Exchange* | 10 |
| Section 2.07. *Business Days* | 12 |
| Section 2.08. *Replacement Notes* | 12 |
| Section 2.09. *Outstanding Notes* | 12 |
| Section 2.10. *Temporary Notes* | 12 |
| Section 2.11. *Cancellation* | 12 |
| Section 2.12. *Defaulted Interest* | 13 |
| Section 2.13. *CUSIP Numbers, etc* | 13 |
| Section 2.14. *Issuance of Additional Notes* | 13 |
| Section 2.15. *One Class of Notes* | 13 |
| ARTICLE 3<br>REDEMPTION |  |
| Section 3.01. *Applicability of this Article* | 14 |
| Section 3.02. *Notices to Trustee; Selection of Notes to Be Redeemed* | 14 |
| Section 3.03. *Notice of Redemption* | 14 |
| Section 3.04. *Effect of Notice of Redemption* | 15 |
| Section 3.05. *Deposit of Redemption Price* | 15 |
| Section 3.06. *Notes Redeemed in Part* | 15 |
| ARTICLE 4<br>COVENANTS |  |
| Section 4.01. *Payment of Notes* | 15 |
| Section 4.02. *Compliance Certificate* | 16 |

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| | |
|:---|:---|
| Section 4.03. *Maintenance of Office or Agency* | 16 |
| Section 4.04. *Existence* | 16 |
| ARTICLE 5<br>CONSOLIDATION, MERGER AND SALE OF ASSETS |  |
| Section 5.01. *When the Company May Merge or Transfer Assets* | 16 |
| Section 5.02. *Successor Person Substituted* | 16 |
| ARTICLE 6<br>DEFAULTS AND REMEDIES |  |
| Section 6.01. *Events of Default* | 17 |
| Section 6.02. *Acceleration* | 18 |
| Section 6.03. *Other Remedies* | 18 |
| Section 6.04. *Waiver of Past Defaults* | 18 |
| Section 6.05. *Control by Majority* | 18 |
| Section 6.06. *Limitation on Suits* | 19 |
| Section 6.07. *Rights of Holders to Receive Payment* | 19 |
| Section 6.08. *Collection Suit by Trustee* | 19 |
| Section 6.09. *Trustee May File Proofs of Claim* | 19 |
| Section 6.10. *Priorities* | 19 |
| Section 6.11. *Undertaking for Costs* | 20 |
| Section 6.12. *Waiver of Stay or Extension Laws* | 20 |
| ARTICLE 7<br>TRUSTEE |  |
| Section 7.01. *Duties of Trustee* | 20 |
| Section 7.02. *Rights of Trustee* | 20 |
| Section 7.03. *Individual Rights of Trustee* | 22 |
| Section 7.04. *Trustee's Disclaimer* | 22 |
| Section 7.05. *Notice of Defaults* | 22 |
| Section 7.06. *Reports by Trustee to Holders* | 22 |
| Section 7.07. *Compensation and Indemnity* | 22 |
| Section 7.08. *Replacement of Trustee* | 23 |
| Section 7.09. *Successor Trustee by Merger* | 24 |
| Section 7.10. *Eligibility; Disqualification* | 24 |
| Section 7.11. *Preferential Collection of Claims Against the Company* | 24 |
| ARTICLE 8<br>DISCHARGE OF INDENTURE; DEFEASANCE |  |
| Section 8.01. *Discharge of Liability on Notes; Defeasance* | 24 |
| Section 8.02. *Conditions to Defeasance* | 25 |

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| | |
|:---|:---|
| Section 8.03. *Application of Trust Money* | 26 |
| Section 8.04. *Repayment to the Company* | 26 |
| Section 8.05. *Indemnity for Government Obligations* | 26 |
| Section 8.06. *Reinstatement* | 26 |
| ARTICLE 9<br>AMENDMENTS |  |
| Section 9.01. *Without Consent of Holders* | 27 |
| Section 9.02. *With Consent of Holders* | 27 |
| Section 9.03. *Effect of Consents and Waivers* | 28 |
| Section 9.04. *Notation on or Exchange of Notes* | 28 |
| Section 9.05. *Trustee to Sign Amendments* | 28 |
| Section 9.06. *Compliance with Trust Indenture Act* | 29 |
| ARTICLE 10<br>MISCELLANEOUS |  |
| Section 10.01. *Notices* | 29 |
| Section 10.02. *Communication by Holders with Other Holders* | 29 |
| Section 10.03. *Certificate and Opinion as to Conditions Precedent* | 30 |
| Section 10.04. *Statements Required in Certificate or Opinion* | 30 |
| Section 10.05. *When Notes Disregarded* | 30 |
| Section 10.06. *Rules by Trustee, Paying Agent and Registrar* | 30 |
| Section 10.07. *Governing Law* | 30 |
| Section 10.08. *No Recourse Against Others* | 30 |
| Section 10.09. *Successors* | 30 |
| Section 10.10. *Multiple Originals* | 31 |
| Section 10.11. *Variable Provisions* | 31 |
| Section 10.12. *Table of Contents; Headings* | 31 |
| Section 10.13. *Waiver of Jury Trial* | 31 |
| Section 10.14. *Force Majeure* | 31 |
| Section 10.15. *U.S.A. Patriot Act* | 31 |
| Section 10.16. *Trust Indenture Act Controls* | 31 |
| Section 10.17. *Electronic Signatures* | 31 |

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INDENTURE, dated as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ], 20[&nbsp;&nbsp;&nbsp;&nbsp; ], between Axogen, Inc., a Minnesota corporation (the "**Company**"), and [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ], a [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ], as Trustee (the "**Trustee**").

**RECITALS OF THE COMPANY**

WHEREAS, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of the Company's debt securities in one or more series (the "**Notes**") of substantially the tenor hereinafter provided, and to provide the terms and conditions upon which the Notes are to be authenticated, issued and delivered; and

WHEREAS, all things necessary to make the Notes, when executed by the Company and authenticated and delivered hereunder and duly issued by the Company, the valid obligations of the Company, and to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

**NOW, THEREFORE, THIS INDENTURE WITNESSETH:**

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Notes or of a series thereof, as follows:

ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01. *Definitions*.

"**Additional Notes**" means Notes of a series issued from time to time after the initial Issue Date for such series under the terms of this Indenture (other than pursuant to Sections 2.06, 2.08, 2.10, 3.06 and 9.04 of this Indenture, in the case of Notes of any series that are not already Additional Notes of such series).

"**Board of Directors**" or "**Board**" means, with respect to any Person, the Board of Directors of such Person, any management committee of such Person or any committee thereof duly authorized to act on behalf of such Board of Directors or such management committee.

"**Board Resolution**" means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors, and to be in full force and effect on the date of such certification, and delivered to the Trustee.

"**Business Day**" means any day other than a Saturday, a Sunday or a day on which banking institutions or trust companies in New York City are authorized or required by law, regulation or executive order to close.

"**Capital Stock**" means, with respect to any Person, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any preferred stock, partnership interests and limited liability company membership interests, but excluding any debt securities convertible into such equity.

"**Code**" means the U.S. Internal Revenue Code of 1986, as amended.

"**Company**" means the Person named as the "Company" in the preamble to this Indenture until a successor corporation shall have succeeded to such Person pursuant to the applicable provisions of this Indenture, and thereafter, the "Company" shall mean such successor corporation.

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"**Corporate Trust Office**" means the office of the Trustee at which, at any particular time, this Indenture shall be principally administered; which office at the date of the execution of this Indenture is located at [ ], or at any other time at such other address as the Trustee may designate from time to time by written notice to the Holders.

"**Default**" means any event that is, or after notice or passage of time or both would be, an Event of Default.

"**DTC**" means The Depository Trust Company, its nominees and their respective successors and assigns.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the SEC thereunder.

"**GAAP**" means generally accepted accounting principles in the United States of America as in effect from time to time.

"**guarantee**" means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person (1) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreements to keep well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise) or (2) entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); *provided*, *however*, that the term "guarantee" will not include endorsements for collection or deposit in the ordinary course of business. The term "guarantee", when used as a verb, has a correlative meaning.

"**Holder**" or "**Noteholder**" means the Person in whose name a Note is registered on the security register books of the Registrar.

"**incur**" means issue, assume, guarantee or otherwise become liable for.

"**Indebtedness**" means, with respect to any Person, obligations of such Person for borrowed money (including, without limitation, Indebtedness for borrowed money evidenced by notes, bonds, debentures or similar instruments).

"**Indenture**" means this Indenture, as further amended or supplemented from time to time.

"**Interest Payment Date**" means as to each series of Notes the Stated Maturity of an installment of interest on such Notes.

"**Issue Date**" means, with respect to a series of Notes, the date on which Notes of such series are issued.

"**Officer**" means the Chief Executive Officer, President, the Controller, the Chief Operating Officer, any Vice President, the Treasurer, the Assistant Treasurer, the Chief Financial Officer, the Chief Accounting Officer, the General Counsel, the Secretary or the Assistant Secretary, as applicable.

"**Officer's Certificate**" means a certificate signed by an Officer of the Company.

"**Opinion of Counsel**" means a written opinion from legal counsel to the Company. The counsel may be an employee of the Company. Opinions of Counsel required to be delivered under this Indenture may have qualifications customary for opinions of the type required and counsel delivering such Opinions of Counsel may rely on certificates of the Company or governmental or other officials customary for opinions of the type required, including certificates certifying as to matters of fact.

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"**Person**" means any individual, corporation, partnership (general, limited or limited liability), limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or political subdivision thereof.

"**principal**" means the principal of the Notes of each series plus the premium, if any, payable on the Notes of each series that is due or overdue or is to become due at the relevant time; *provided*, *however*, that for purposes of calculating any such premium, the term "principal" shall not include the premium with respect to which such calculation is being made.

"**Redemption Date**" shall mean the date specified for redemption of the Notes of any series in accordance with the terms of the Notes of such series and Section 3.01.

"**SEC**" means the Securities and Exchange Commission or any successor agency.

"**Securities Act**" means the Securities Act of 1933, as amended, and the rules and regulations promulgated by the SEC thereunder.

"**Securities Custodian**" means the custodian with respect to a Global Note (as appointed by DTC) or any successor person thereto and shall initially be the Trustee.

"**Stated Maturity**" means, with respect to any Note, the date specified in such security as the fixed date on which the payment of principal of such Note is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof until the exercise of such option by such holder).

"**Subsidiary**" means, with respect to any Person (the "**parent**") at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent's consolidated financial statements if such financial statements were prepared in accordance with GAAP as of that date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of that date, owned, controlled or held by the parent or one or more Subsidiaries of the parent or by the parent and one or more Subsidiaries of the parent.

"**Trust Indenture Act**" means the U.S. Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb), as in effect on the date of this Indenture; *provided*, *however*, that in the event the Trust Indenture Act of 1939 is amended after such date, "Trust Indenture Act" means, to the extent required by any such amendments, the U.S. Trust Indenture Act of 1939, as so amended.

"**Trustee**" means the party named as such in the preamble to this Indenture until a successor replaces it in accordance with the applicable provisions of this Indenture and, thereafter, means such successor.

"**Trust Officer**" shall mean, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture.

"**Uniform Commercial Code**" means the New York Uniform Commercial Code as in effect from time to time.

"**U.S. Government Obligations**" means direct obligations (or certificates representing an ownership interest in such obligations) of the United States of America (including any agency or instrumentality thereof) for the

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payment of which the full faith and credit of the United States of America is pledged and that are not callable or redeemble at the Company's option.

"**Voting Stock**" of any specified "person" (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date means the Capital Stock of such person that is at the time entitled to vote generally in the election of the Board of Directors of such person.

Section 1.02. *Other Definitions*.

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| | |
|:---|:---|
| **Term** | **Defined in**<br>**Section** |
| "Affiliate" | 10.05 |
| "Agent Members" | 2.01(d) |
| "Authenticating Agent" | 2.02 |
| "Authentication Order" | 2.02 |
| "Bankruptcy Law" | 6.01 |
| "covenant defeasance option" | 8.01(b) |
| "Custodian" | 6.01 |
| "Definitive Notes" | 2.01(e) |
| "Event of Default" | 6.01 |
| "Global Notes" | 2.01(a) |
| "legal defeasance option" | 8.01(b) |
| "Notes" | Recitals |
| "Notice of Default" | 6.01 |
| "Paying Agent" | 2.03 |
| "Registrar" | 2.03 |
| "Successor" | 5.01 |

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Section 1.03. *Incorporation by Reference of Trust Indenture Act*. This Indenture is subject to the mandatory provisions of the Trust Indenture Act which are incorporated by reference in and made a part of this Indenture. The following terms in the Trust Indenture Act have the following meanings:

"<u>Commission</u>" means the SEC.

"<u>indenture securities</u>" means the Notes.

"<u>indenture security holder</u>" means a Holder or Noteholder.

"<u>indenture to be qualified</u>" means this Indenture.

"<u>indenture trustee</u>" or "<u>institutional trustee</u>" means the Trustee.

"<u>obligor</u>" on the indenture securities means the Company and any other obligor on the indenture securities, including any guarantor.

All other terms used in this Indenture that are defined by the Trust Indenture Act, defined by reference to another statute or defined by SEC rule have the meanings assigned to them by such definitions.

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Section 1.04. *Rules of Construction*. For purposes of this Indenture, except as otherwise expressly provided herein or unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all terms used in this Indenture that are not defined herein and that are used as defined by the Trust Indenture Act, defined by reference to another statute or defined by SEC rule have the meanings assigned to them by such definitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a term has the meaning assigned to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "including" means including without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) words in the singular include the plural and words in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all references to Notes of any series shall refer also to any Additional Notes of such series issued in the form of Notes of such series pursuant to Section 2.14;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all references to the date the Notes of any series were originally issued shall refer to the Issue Date or the date any Additional Notes of any series were originally issued, as the case may be; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all references herein to particular Sections or Articles shall refer to this Indenture unless otherwise so indicated.

ARTICLE 2

THE NOTES

Section 2.01. *Form, Dating, Title and Terms*. (a) The Notes of each series shall be in such other form or forms as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate provisions as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable laws or the rules of any securities exchange or DTC or as may, consistently herewith, be determined by the Officers executing such Notes, as evidenced by their execution thereof. If the form of Notes of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Authentication Order contemplated by Section 2.02 with respect to the authentication and delivery of such Notes.

The Trustee's certificate of authentication shall be substantially in the form set forth in this Article.

The Definitive Notes shall be printed, lithographed or engraved on a steel engraved border or on steel engraved borders or produced by any combination of these methods, if required by any securities exchange on which the Notes may be listed, or may be produced in any other manner permitted by the rules of any securities exchange on which the Notes may be listed, all as determined by the Officers executing such Notes, as evidenced by their execution of such Notes.

The Notes of each series shall be issued on the Issue Date therefor in the form of a permanent global Note (each, a "**Global Note**" and, collectively, the "**Global Notes**"), deposited with the Trustee, as custodian for DTC, duly executed by the Company, authenticated by the Trustee as hereinafter provided and dated the date of their authentication. Each Global Note may be represented by more than one certificate, if so required by DTC's rules regarding the maximum principal amount to be represented by a single certificate. The aggregate principal amount of the Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC or its nominee, as hereinafter provided.

The principal of and interest on the Notes shall be payable at the office or agency of the Company maintained for such purpose in Austin, Texas, or at such other office or agency of the Company as may be maintained for such purpose pursuant to Section 2.03; *provided*, *however*, that at the option of the Company, each installment of interest

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may be paid by (i) check mailed to addresses of the Persons entitled thereto as such addresses shall appear on the Note Register or (ii) upon request of any Holder of at least $1,000,000 principal amount of Notes, wire transfer to an account located in the United States maintained by the payee. Payments in respect of Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by DTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Denominations. The Notes shall be issuable only in fully registered form, without coupons, and only in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Legend for Global Notes. The Global Notes shall bear the following legend on the face thereof:

"UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Book-Entry Provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Section 2.01(d) shall apply only to Global Notes deposited with the Trustee, as custodian for DTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Global Note initially shall (x) be registered in the name of DTC or the nominee of DTC, (y) be delivered to the Trustee as custodian for DTC and (z) bear the legend set forth in Section 2.01(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Members of, or participants in, DTC ("**Agent Members**") shall have no rights under this Indenture with respect to any Global Note held on their behalf by DTC or by the Trustee as the custodian of DTC or under such Global Note, and DTC shall be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by DTC or impair, as between DTC and its Agent Members, the operation of customary practices of DTC governing the exercise of the rights of a holder of a beneficial interest in any Global Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In connection with any transfer of a portion of the beneficial interest in a Global Note pursuant to subsection (e) of this Section 2.01 to beneficial owners who are required to hold Definitive Notes, the Securities Custodian shall reflect on its books and records the date and a decrease in the principal amount of such Global Note in an amount equal to the principal amount of the beneficial interest in the Global Note to be transferred, and the Company shall execute, and the Trustee shall authenticate and deliver, one or more Definitive Notes of the relevant series of like tenor and amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) In connection with the transfer of an entire Global Note to beneficial owners pursuant to subsection (e) of this Section 2.01, such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner identified by DTC in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Definitive Notes of the relevant series of authorized denominations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The registered holder of a Global Note may grant proxies and otherwise authorize any person, including Agent Members and persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under this Indenture or the Notes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Definitive Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as provided below, owners of beneficial interests in a Global Note shall not be entitled to have Notes represented by the Global Note registered in their name or to receive certificated Notes ("**Definitive Notes**"). If required to do so pursuant to any applicable law or regulation, beneficial owners may obtain Definitive Notes in exchange for their beneficial interests in a Global Note upon written request in accordance with DTC's and the Registrar's procedures. In addition, Definitive Notes shall be transferred to all beneficial owners in exchange for their beneficial interests in a Global Note if (a) DTC notifies the Company that it is unwilling or unable to continue as depository for such Global Note or DTC ceases to be a clearing agency registered under the Exchange Act, at a time when DTC is required to be so registered in order to act as depository, and in each case a successor depository is not appointed by the Company within 90 days of such notice, (b) the Company executes and delivers to the Trustee and Registrar an Officer's Certificate stating that such Global Note shall be so exchangeable or (c) an Event of Default has occurred and is continuing with respect to the Notes of a series and the Registrar has received a request from DTC to exchange the Global Note for such series for Definitive Notes of such series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any Definitive Note delivered in exchange for an interest in a Global Note pursuant to Section 2.01(d)(iv) or 2.01(d)(v) shall bear the legend regarding transfer restrictions applicable to the Definitive Note set forth in Section 2.01(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Certificate of Authentication. The Trustee's certificates of authentication shall be in substantially the following form:

TRUSTEE'S CERTIFICATE OF

AUTHENTICATION

This is one of the Notes referred

to in the within-mentioned Indenture.

[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],

as Trustee

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| |
|:---|
| By |
| Authorized Signatory |
| Dated: , |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Title and Terms. The aggregate principal amount of Notes which may be authenticated and delivered under this Indenture is unlimited.

The Notes may be issued in one or more series. There shall be established in or pursuant to a Board Resolution, and set forth in an Officer's Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Notes of a series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title of the Notes of such series, which shall distinguish the Notes of the series from all other Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the limit, if any, upon the aggregate principal amount of the Notes of such series that may be authenticated and delivered under this Indenture (except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, other Notes of the same series pursuant to Sections 2.06, 2.08, 2.10 or 3.06 except for any Notes that, pursuant to Section 2.02, are deemed never to have been authenticated and delivered hereunder); *provided*, *however*, except as otherwise specified as contemplated by this Section 2.01 with respect to the Notes of any series, that the authorized aggregate principal amount of such series may be increased above such amount by a Board Resolution to such effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Stated Maturity or Maturities on which the principal of the Notes of such series is payable or the method of determination thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the rate or rates, if any, at which the Notes of such series shall bear interest or the method of determining such rate or rates, the Interest Payment Dates on which such interest shall be payable, the right, if any, of the Company to defer or extend an Interest Payment Date, the regular record date (if other than as defined in this Indenture) for the interest payable on any Interest Payment Date and the dates from which interest shall accrue and the method of determining these dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the place or places where the principal of (and premium, if any) and interest on the Notes of such series shall be payable, the place or places where the Notes of such series may be presented for registration of transfer or exchange, and the place or places where notices and demands to or upon the Company in respect of the Notes of such series may be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the period or periods within or the date or dates on which, if any, the price or prices at which and the terms and conditions upon which the Notes of such series may be redeemed or prepaid, in whole or in part, at the option of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the obligation or the right, if any, of the Company to redeem, repay or purchase the Notes of such series, including pursuant to any sinking fund, purchase fund, amortization or analogous provisions, or at the option of a Holder thereof and the period or periods within which, the price or prices at which, the currency or currencies (including currency unit or units) in which and the other terms and conditions upon which Notes of the series shall be redeemed, repaid or purchased, in whole or in part, pursuant to such obligation or right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the denominations in which any Notes of such series shall be issuable, if other than denominations set forth in Section 2.01(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the additions, modifications or deletions, if any, in the Events of Default or covenants of the Company set forth herein or to Section 9.01 or Section 9.02, in each case with respect to the Notes of such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) if other than the principal amount thereof, the portion of the principal amount of Notes of such series that shall be payable upon declaration of acceleration of the Stated Maturity thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the additions or changes, if any, to this Indenture with respect to the Notes of such series as shall be necessary to permit or facilitate the issuance of the Notes of such series in bearer form, registrable or not registrable as to principal, and with or without interest coupons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any index or indices used to determine the amount of payments of principal of and premium, if any, on the Notes of such series or the manner in which such amounts will be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the issuance of a temporary Note (which may include a Global Note) representing all of the Notes of such series and the terms upon which such temporary Global Note may be exchanged for Definitive Notes of such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) whether the Notes of the series shall be issued in whole or in part in the form of one or more Global Notes and, in such case, the identity of the depositary for such Global Notes if not DTC and the legends to be placed on such Global Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the appointment of any Paying Agent or Agents for the Notes of such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the obligations of the Company in addition to those set forth in Article 8 (if any) that shall not be extinguished upon the discharge or defeasance of Notes of a series pursuant to Article 8 and any different rights or obligations attendant a discharge or defeasance of Notes of a series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) the terms and conditions of any right or obligation on the part of the Company, or any option on the part of the Holders, to convert or exchange Notes of such series into cash or any other securities or property of the Company or any other Person, and the additions or changes, if any, to this Indenture with respect to the Notes of such series to permit or facilitate such conversion or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) whether the Notes of the series will be guaranteed by any Person or Persons and, if so, the identity of such Person or Persons, the terms and conditions upon which such Notes shall be guaranteed and, if applicable, the terms and conditions upon which such guarantees may be subordinated to other indebtedness of the respective guarantors;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) whether the Notes of the series will be secured by any collateral and, if so, the terms and conditions upon which such Notes shall be secured and, if applicable, upon which such liens may be subordinated to other liens securing other Indebtedness of the Company or any guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) if other than the currency of the United States of America, the currency, currencies or currency units in which the principal of or premium, if any, or interest on any Securities of the series shall be payable and the manner of determining the equivalent thereof in the currency of the United States of America for any purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) any other terms of the Notes of such series (which terms shall not be inconsistent with the provisions of this Indenture, except to the extent otherwise permitted by Section 9.01).

All Notes of any one series shall be substantially identical except as to denomination and except as may otherwise be provided herein or in or pursuant to such Board Resolution and set forth in such Officer's Certificate or in any such indenture supplemental hereto.

If any of the terms of Notes of any series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Authentication Order contemplated by Section 2.02 with respect to the authentication and delivery of such Notes.

Section 2.02. *Execution and Authentication*. An Officer of the Company shall sign the Notes for the Company. The signature of such Officer on the Notes may be manual, facsimile or electronic..

If an Officer whose manual or facsimile signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless.

A Note shall not be valid until an authorized signatory of the Trustee authenticates the Note by manual, facsimile or electronic signature. The manual, facsimile or electronic signature of the Trustee on a Note shall be conclusive evidence that such Note has been duly and validly authenticated and issued under this Indenture.

At any time and from time to time after the execution and delivery of this Indenture, the Trustee shall authenticate and make available for delivery: (1) Notes of a series for original issue on the Issue Date therefor in an aggregate principal amount specified in the applicable Authentication Order and (2) any Additional Notes of such series for original issue from time to time after the initial Issue Date for such series in such principal amounts as set forth in Section 2.14, in each case upon a written order of the Company signed by two Officers of the Company (an "**Authentication Order**"). Such Authentication Order shall specify the principal amount of the Notes to be authenticated and the date on which the issue of Notes is to be authenticated. Notwithstanding anything to the contrary contained herein, the Company may from time to time, without notice to or consent of the Holders, issue such additional principal amounts of Additional Notes as may be issued and authenticated pursuant to clause (2) of this paragraph, and Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, other Notes of the same series pursuant to Section 2.06, Section 2.08, Section 2.09 , Section 3.06 or Section 9.04.

The Trustee may appoint an agent (the "**Authenticating Agent**") reasonably acceptable to the Company to authenticate the Notes. Unless limited by the terms of such appointment, any such Authenticating Agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such Authenticating Agent.

In case the Company, pursuant to Article 5, shall be consolidated or merged with or into any other Person or shall convey, transfer, lease or otherwise dispose of its properties and assets substantially as an entirety to any Person, and the successor Person resulting from such consolidation, or surviving such merger, or into which the Company shall have been merged, or the Person that shall have received a conveyance, transfer, lease or other disposition as aforesaid, shall have executed an indenture supplemental hereto (if not otherwise a party to the Indenture) with the Trustee pursuant to Article 5, any of the Notes authenticated or delivered prior to such consolidation, merger, conveyance, transfer, lease or other disposition may, from time to time, at the request of the successor Person, be exchanged for other Notes executed in the name of the successor Person with such changes in

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phraseology and form as may be appropriate, but otherwise in substance of like tenor as the Notes surrendered for such exchange and of like principal amount; and the Trustee, upon Authentication Order of the successor Person, shall authenticate and deliver Notes as specified in such order for the purpose of such exchange. If Notes shall at any time be authenticated and delivered in any new name of a successor Person (if other than the Company) pursuant to this Section 2.02 in exchange or substitution for or upon registration of transfer of any Notes, such successor Person (if other than the Company), at the option of the Holders but without expense to them, shall provide for the exchange of all Notes at the time outstanding for Notes authenticated and delivered in such new name.

In connection with the transfer, authentication or cancellation of any Notes by the Trustee, in addition to the other requirements of this Article 2 and Section 10.03, the Trustee may require that the Company deliver to Trustee an Opinion of Counsel as provided in Section 7.02(b).

Section 2.03. *Registrar and Paying Agent*. The Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (the "**Registrar**") and an office or agency where Notes may be presented for payment (the "**Paying Agent**"). The Registrar shall keep a register of the Notes and of their transfer and exchange. The Company may have one or more additional paying agents. The term "Paying Agent" includes any such additional paying agent. The Company may change the Registrar or appoint one or more co-Registrars without notice.

In the event the Company shall retain any Person not a party to this Indenture as an agent hereunder, the Company shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture, which shall incorporate the terms of the Trust Indenture Act. The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the Trustee in writing of the name and address of each such agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Company shall be responsible for the fees and compensation of all agents appointed or approved by it. Either the Company or any of its domestically incorporated wholly-owned Subsidiaries may act as Paying Agent.

The Company initially appoints the Trustee as Registrar and Paying Agent for the Notes.

Section 2.04. *Paying Agent to Hold Money in Trust*. By no later than 11:00 a.m. (New York City time) on the date on which any principal or interest on any Note is due and payable, the Company shall deposit with the Paying Agent a sum sufficient to pay such principal or interest when due. The Company shall require each Paying Agent (other than the Trustee) to agree in writing that such Paying Agent shall hold in trust for the benefit of Noteholders or the Trustee all money held by such Paying Agent for the payment of principal of or interest on the Notes and shall notify the Trustee in writing of any Default by the Company in making any such payment. If either of the Company or any of its Subsidiaries acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Company at any time may require a Paying Agent (other than the Trustee) to pay all money held by it to the Trustee and to account for any funds disbursed by such Paying Agent. Upon complying with this Section 2.04, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money delivered to the Trustee. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying Agent for the Notes.

Section 2.05. *Noteholder Lists*. The Registrar shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Noteholders of each series. If the Trustee is not the Registrar, the Company shall cause the Registrar to furnish to the Trustee, in writing at least five Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Noteholders.

Section 2.06. *Transfer and Exchange*. Notwithstanding any other provision of this Indenture or the Notes (other than Section 2.01(e) hereof), transfers and exchanges of Notes of any series and beneficial interests in a Global Note of the kinds specified in this Section 2.06 shall be made only in accordance with this Section 2.06.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-Global Note to Non-Global Note. A Note that is not a Global Note may be transferred, in whole or in part, to a person who takes delivery in the form of another Note of such series that is not a Global Note in accordance with Section 2.03.

The Registrar shall retain copies of all letters, notices and other written communications received pursuant to Section 2.01 or this Section 2.06. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable written notice to the Registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Exchange between Global Note and Non-Global Note. A beneficial interest in a Global Note may be exchanged for a Note of such series that is not a Global Note as provided in Section 2.01(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Obligations with Respect to Transfers and Exchanges of Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To permit registrations of transfers and exchanges, the Company shall, subject to the other terms and conditions of this Article 2, execute and the Trustee shall authenticate Definitive Notes and Global Notes at the Registrar's or co-registrar's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No service charge shall be made to a Holder for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charges payable upon exchange or transfer pursuant to Section 3.06 or Section 9.04).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Registrar or co-registrar shall not be required to register the transfer of or exchange of any Note for a period beginning (A) 15 days before the mailing of a notice of an offer to repurchase or redeem Notes of any series and ending at the close of business on the day of such mailing or (B) 15 days before an Interest Payment Date and ending on such Interest Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Prior to the due presentation for registration of transfer of any Note, the Company, the Trustee, the Paying Agent, the Registrar or any co-registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Company, the Trustee, the Paying Agent, the Registrar or any co-registrar shall be affected by notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) All Notes of any series issued upon any transfer or exchange pursuant to the terms of this Indenture shall be the valid and legally binding obligation of the Company, shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes of such series surrendered upon such transfer or exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Any Definitive Note delivered in exchange for an interest in a Global Note pursuant to Section 2.01(d) shall bear the legend set forth in Section 2.01(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Obligation of the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in, DTC or other Person in respect of any aspect of the records, or for maintaining, supervising or reviewing any records, relating to beneficial ownership interests of a Global Note, with respect to the accuracy of the records of DTC or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than DTC) of any notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only to or upon the order of the registered Holders (which shall be DTC or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through DTC subject to the applicable rules and procedures of DTC. The Trustee and the Company may conclusively rely and shall be fully protected in relying upon information furnished by DTC with respect to its members, participants and any beneficial owners.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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 of any series (including any transfers between or among Agent Members 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by DTC to a nominee of DTC, by a nominee of DTC to DTC or to another nominee of DTC or by DTC or any such nominee to a successor depositary or to a nominee of such successor depositary.

Neither the Trustee nor any agent thereof shall have any responsibility for any actions taken or not taken by DTC or any successor depositary.

Section 2.07. *Business Days*. If a payment date is on a date that is not a Business Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue on such payment for the intervening period. If a regular record date is on a day that is not a Business Day, the record date shall not be affected.

Section 2.08. *Replacement Notes*. If a mutilated Note is surrendered to the Registrar or if the Holder of a Note shall provide the Company and the Trustee with evidence to their satisfaction that the Note has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Note of the same series if the requirements of Section 8-405 of the Uniform Commercial Code are met and the Holder satisfies any other reasonable requirements of the Trustee. In addition, such Holder shall furnish an indemnity or surety bond sufficient in the judgment of the Company and the Trustee to protect the Company, the Trustee, the Paying Agent and the Registrar from any loss that any of them may suffer if a Note is replaced. The Company and the Trustee may charge the Holder for their expenses in replacing a Note, including reasonable fees and expenses of counsel. Every replacement Note is an additional obligation of the Company.

Section 2.09. *Outstanding Notes*. Notes of any series outstanding at any time are all Notes authenticated by the Trustee except for those cancelled, those delivered for cancellation and those described in this Section 2.09 as not outstanding. A Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note.

If a Note is replaced pursuant to Section 2.08, it ceases to be outstanding unless the Trustee and the Company receive proof satisfactory to them that the replaced Note is held by a bona fide purchaser.

If the Paying Agent segregates and holds in trust, in accordance with this Indenture, on a Redemption Date or maturity date money sufficient to pay all principal and interest payable on that date with respect to the Notes of any series (or portions thereof) to be redeemed or maturing, as the case may be, then on and after that date such Notes (or portions thereof) cease to be outstanding and interest on them ceases to accrue.

Section 2.10. *Temporary Notes*. Until Definitive Notes are ready for delivery, the Company may prepare and the Trustee shall authenticate and deliver temporary Notes. Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Company considers appropriate for temporary Notes. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate and deliver Definitive Notes. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at any office or agency maintained by the Company for that purpose and such exchange shall be without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Company shall execute, and the Trustee shall authenticate and deliver in exchange therefor, one or more Definitive Notes representing an equal principal amount of Notes. Until so exchanged, the Holder of temporary Notes shall in all respects be entitled to the same benefits under this Indenture as a Holder of Definitive Notes.

Section 2.11. *Cancellation*. The Company at any time may deliver Notes to the Trustee for cancellation and such delivery shall be accompanied by an Officer's Certificate in which the Company directs the Trustee to cancel

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such Notes. The Registrar and the Paying Agent shall forward to the Trustee for cancellation any Notes surrendered to them for registration of transfer or exchange or payment. The Trustee and no one else shall cancel (subject to the record retention requirements of the Exchange Act) all Notes surrendered for registration of transfer or exchange, payment or cancellation and, upon the written request of the Company, deliver a certificate of such cancellation to the Company. The Company may not issue new Notes to replace Notes it has redeemed, paid or delivered to the Trustee for cancellation, but this shall not prohibit the Company from issuing any Additional Notes. All cancelled Notes held by the Trustee may be disposed of by the Trustee in accordance with its then customary practices and procedures. The Trustee shall provide to the Company a list of all Notes that have been cancelled from time to time as requested in writing by the Company.

Section 2.12. *Defaulted Interest*. If the Company defaults in a payment of interest on the Notes of any series, the Company shall pay defaulted interest plus interest on such defaulted interest to the extent lawful at the rate specified therefor in the Notes of such series in any lawful manner. The Company may pay the defaulted interest to the Persons who are Noteholders on a subsequent special record date. The Company shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee, which specified record date shall not be less than 10 days prior to the payment date for such defaulted interest and shall promptly mail or cause to be mailed to each Noteholder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. The Company shall notify the Trustee pursuant to an Officer's Certificate of the amount of defaulted interest proposed to be paid on each Note of the affected series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when so deposited to be held in trust for the benefit of the Person entitled to such defaulted interest as provided in this Section 2.12.

Section 2.13. *CUSIP Numbers, etc*. The Company in issuing the Notes may use "CUSIP" or "ISIN" numbers and/or other similar numbers (if then generally in use), and, if so, the Trustee shall use "CUSIP" and/or "ISIN" numbers in notices of redemption or exchange as a convenience to Holders; *provided*, *however*, 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 as contained in any notice of a redemption or exchange and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or exchange shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any change in the CUSIP numbers and/or other similar numbers.

Section 2.14. *Issuance of Additional Notes*. The Company shall be entitled to issue, from time to time, Additional Notes of any series under this Indenture, which shall have identical terms as the Notes of such series issued on the initial Issue Date for such series (in each case, other than with respect to the date of issuance, issue price and amount of interest payable on the first payment date applicable thereto), as the case may be; *provided* that if the Additional Notes are not fungible with the Notes of such series for U.S. federal income tax purposes, the Additional Notes will have a separate CUSIP number.

With respect to any Additional Notes, the Company shall set forth in a Board Resolution and an Officer's Certificate, copies of which shall be delivered to the Trustee, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the issue price, the Issue Date and the "CUSIP" and "ISIN" number of any such Additional Notes and the amount of interest payable on the first payment date applicable thereto.

Section 2.15. *One Class of Notes*. The Notes of any series and any Additional Notes of such series of Notes shall vote and consent together on all matters as one class; and none of the Notes of any series or any Additional Notes of such series shall have the right to vote or consent as a separate class on any matter.

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ARTICLE 3

REDEMPTION

Section 3.01. *Applicability of this Article*. Redemption of Notes of a series, as permitted or required by any form of Note of such series issued pursuant to this Indenture or the documentation providing therefor, shall be made in accordance with such form of Note or documentation and this Article 3; *provided*, *however*, that if any provision of any such form of Note or documentation shall conflict with any provision of this Article, the provision of such form of Note or documentation shall govern.

Section 3.02. *Notices to Trustee; Selection of Notes to Be Redeemed*. If the Company elects to redeem Notes of any series pursuant to the terms thereof, it shall notify the Trustee in writing of the Redemption Date and the principal amount of Notes to be redeemed.

The Company shall give each notice to the Trustee provided for in this Section 3.02 at least 10 days before the Redemption Date unless the Trustee consents to a shorter period. Such notice shall be accompanied by an Officer's Certificate from the Company to the effect that such redemption shall comply with the conditions herein.

If fewer than all the Notes of a series then outstanding are to be redeemed, the Trustee shall select the Notes of such series to be redeemed pro rata or by lot or by such method as the Trustee may deem fair and appropriate and in the case of Notes held in book entry form, in accordance with DTC's applicable procedures.

The Trustee shall make the selection from outstanding Notes not previously called for redemption. Notes and portions thereof that the Trustee selects shall be in amounts of $2,000 or integral multiples of $1,000 in excess thereof. Provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. The Trustee shall promptly notify the Company of the Notes or portions of Notes to be redeemed.

Section 3.03. *Notice of Redemption*. At least 10 days but not more than 60 days before a date for redemption of Notes, the Company shall mail (or, at the Company's option in the case of Notes held in book-entry form, send by electronic transmission) a notice of redemption by first-class mail to each Holder of Notes to be redeemed at its registered address.

The notice shall identify the Notes to be redeemed and shall state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate amount of Notes to be redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the redemption price (or the method of calculating such price) and the amount of accrued interest to be paid, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the name and address of the Paying Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price plus accrued and unpaid interest, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if fewer than all the outstanding Notes of the affected series are to be redeemed, the certificate number (if certificated) and principal amounts of the particular Notes to be redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) that, unless the Company defaults in making such redemption payment, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the CUSIP number, or any similar number, if any, printed on the Notes being redeemed; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that no representation is made as to the correctness or accuracy of the CUSIP number, or any similar number, if any, listed in such notice or printed on the Notes.

At the Company's written request (which may be rescinded or revoked at any time prior to the time at which the Trustee shall have given such notice to the Holders), the Trustee shall give the notice of redemption in the name of the Company and at the Company's expense (which notice shall be sent by electronic transmission in the case of Notes held in book-entry form). In such event, the Company shall provide the Trustee with the information required by this Section 3.03 at least five Business Days prior to the date chosen for giving such notice to the Holders (unless the Trustee shall agree to a shorter period). The notice, if mailed in the manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Notes.

Section 3.04. *Effect of Notice of Redemption*. Once notice of redemption is mailed in accordance with Section 3.03, Notes called for redemption shall become due and payable on the Redemption Date and at the redemption price as stated in the notice. Upon surrender to the Paying Agent on the Redemption Date, such Notes shall be paid at the redemption price stated in the notice, plus accrued and unpaid interest to, but not including, the Redemption Date; *provided* that the Company shall have deposited the redemption price with the Paying Agent or the Trustee on or before 11:00 a.m. (New York City time) on the Redemption Date; *provided*, *further*, that if the Redemption Date is after a regular record date and on or prior to the Interest Payment Date, the accrued and unpaid interest shall be payable to the Noteholder of the redeemed Notes registered on the relevant record date. Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder.

Section 3.05. *Deposit of Redemption Price*. By no later than 11:00 a.m. (New York City time) on the Redemption Date, the Company shall deposit with the Paying Agent (or, if the Company or any of its Subsidiaries is the Paying Agent, shall segregate and hold in trust) an amount of money sufficient to pay the redemption price of and accrued and unpaid interest on all Notes to be redeemed on that date other than Notes or portions of Notes called for redemption that are owned by the Company or a Subsidiary and have been delivered by the Company or such Subsidiary to the Trustee for cancellation. All money, if any, earned on funds held by the Paying Agent shall be remitted to the Company. In addition, the Paying Agent shall promptly return to the Company any money deposited with the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and accrued interest, if any, on, all Notes to be redeemed.

Unless the Company defaults in the payment of such redemption price, interest on the Notes or portions of Notes to be redeemed shall cease to accrue on and after the applicable Redemption Date, whether or not such Notes are presented for payment.

Section 3.06. *Notes Redeemed in Part*. Upon surrender of a Note that is redeemed in part, the Company shall execute and the Trustee shall authenticate for the Holder thereof (at the Company's expense) a new Note of the same series, equal in principal amount to the unredeemed portion of the Note surrendered; *provided* that each new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

ARTICLE 4

COVENANTS

Section 4.01. *Payment of Notes*. The Company covenants and agrees that it shall promptly pay the principal of and interest on the Notes on the dates and in the manner provided in the Notes and in this Indenture. Principal and interest shall be considered paid on the date due if, on or before 11:00 a.m. (New York City time) on such date, the Trustee or the Paying Agent (or, if the Company or any of its Subsidiaries is the Paying Agent, the segregated account or separate trust fund maintained by the Company or such Subsidiary pursuant to Section 2.04) holds in accordance with this Indenture money sufficient to pay all principal and interest then due.

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The Company shall pay interest on overdue principal at the rate specified therefor in the Notes of each series, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful as provided in Section 2.12.

Notwithstanding anything to the contrary contained in this Indenture, the Company or the Paying Agent may, to the extent it is required to do so by law, deduct or withhold income or other similar taxes imposed by the United States of America or other domestic or foreign taxing authorities from principal or interest payments hereunder.

Section 4.02. *Compliance Certificate*. The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, an Officer's Certificate signed by its principal executive officer, principal financial officer or principal accounting officer which shall comply with Section 314 of the Trust Indenture Act, stating whether or not to the knowledge of the signer thereof any Default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) occurred during the previous fiscal year, specifying all such Defaults and the nature and status thereof of which they may have knowledge.

Section 4.03. *Maintenance of Office or Agency*. The Company shall maintain the office or agency required under Section 2.03. The Company shall give prior 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 address of the Trustee set forth in Section 10.01.

Section 4.04. *Existence*. Except as otherwise permitted by Article 5, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its existence as a corporation or other Person.

Section 4.05. *SEC Reports*. The Company shall furnish to the Trustee within 15 days after the filing by the Company with the SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with the other provisions of TIA § 314(a). The Company will be deemed to have furnished such reports referred to in this Section to the Trustee if the Company has filed such reports with the SEC via the EDGAR filing system (or any successor thereto) and such reports are publicly available.

ARTICLE 5

CONSOLIDATION, MERGER AND SALE OF ASSETS

Section 5.01. *When the Company May Merge or Transfer Assets*. The Company shall not consolidate with or sell, lease or convey all or substantially all of its properties or assets to, or merge with or into, in one transaction or a series of related transactions, any other Person, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall be the continuing Person or, alternatively, the successor Person formed by or resulting from such consolidation or merger, or the Person that receives the transfer of such properties or assets (the "Successor") shall be a corporation or limited liability company organized under the laws of the United States of America, any State thereof or the District of Columbia and the Successor (if not the Company) shall expressly assume, by supplemental indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, all the obligations of the Company under the Notes and this Indenture by executing a supplemental indenture to this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company shall have delivered to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance or transfer and such supplemental indenture (if any) comply

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with clauses (a) and (b) above and that such supplemental indenture constitutes the legal, valid and binding obligation of the Successor subject to customary exceptions.

Section 5.02. *Successor Person Substituted*. The Successor will succeed to, and be substituted for, and may exercise every right and power of, the Company under the Indenture. The Company shall be relieved of all obligations and covenants under the Notes of each series and the Indenture; *provided* that in the case of a lease of all or substantially all of the Company's property or assets, the Company will not be released from the obligation to pay the principal of and premium, if any, and interest on the Notes.

ARTICLE 6

DEFAULTS AND REMEDIES

Section 6.01. *Events of Default*. An "**Event of Default**" occurs with respect to a series of Notes if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Default in any payment of interest on any Note of such series when the same becomes due and payable occurs, and such Default continues for a period of 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Default in the payment of the principal of or premium, if any, on any Note of such series when the same becomes due and payable at its Stated Maturity occurs, upon optional redemption or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company fails to comply with any of its agreements in the relevant series of Notes or this Indenture (other than those referred to in (a) or (b) above) and such failure continues for 90 days after the notice specified below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company pursuant to or within the meaning of any Bankruptcy Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commences a voluntary case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consents to the entry of an order for relief against it in an involuntary case in which it is the debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consents to the appointment of a Custodian of it or for any substantial part of its property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) makes a general assignment for the benefit of its creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) takes any comparable action under any foreign laws relating to insolvency; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is for relief against the Company in an involuntary case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) appoints a Custodian of the Company or for any substantial part of the property of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) orders the winding up or liquidation of the Company;

(or any similar relief is granted under any foreign laws) and the order, decree or relief remains unstayed and in effect for 60 consecutive days.

An Event of Default under one series of Notes does not necessarily constitute an Event of Default under any other series of Notes. The foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is 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.

The term "**Bankruptcy Law**" means Title 11, United States Code, or any similar Federal or state law for the relief of debtors. The term "**Custodian**" means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law.

A Default with respect to Notes of a series under clause (c), of this Section 6.01 is not an Event of Default until the Trustee (by written notice to the Company) or the Holders of at least 33% in aggregate principal amount of

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the outstanding Notes of such series (by written notice to the Company and the Trustee) gives notice of the Default and the Company does not cure such Default within the time specified in said clause (c) after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a "**Notice of Default**".

The Company shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice in the form of an Officer's Certificate of any event that with the giving of notice or the lapse of time would become an Event of Default under clause (c) of this Section 6.01, its status and what action the Company is taking or proposes to take with respect thereto.

Section 6.02. *Acceleration*. If an Event of Default with respect to Notes of a series (other than an Event of Default specified in Sections 6.01(d) or 6.01(e) with respect to the Company) occurs and is continuing, the Trustee by written notice to the Company, or the Holders of at least 33% in aggregate principal amount of the outstanding Notes by written notice to the Company and the Trustee, may, and the Trustee at the request of such Holders, shall, declare the principal of and accrued but unpaid interest on all the Notes of such series to be due and payable. Upon such a declaration, such principal and accrued and unpaid interest shall be due and payable immediately. If an Event of Default specified in Section 6.01(d) or 6.01(e) with respect to the Company occurs and is continuing, the principal of and accrued and unpaid interest on all Notes shall *ipso facto* become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. The Holders of a majority in aggregate principal amount of the outstanding Notes of a series by written notice to the Trustee may rescind an acceleration and its consequences if all existing Events of Default with respect to Notes of such series have been cured or waived except nonpayment of principal or interest that has become due solely because of such acceleration. No such rescission shall affect any subsequent Default or impair any right consequent thereto.

Section 6.03. *Other Remedies*. If an Event of Default with respect to a series of Notes occurs and is continuing, the Trustee, in conformity with its duties under this Indenture, will exercise all rights or powers under this Indenture at the request or direction of any Holders, *provided*, that the Holders provide the Trustee with an indemnity or security reasonably satisfactory to the Trustee against any loss, liability or expense.

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. A delay or omission by the Trustee or any Noteholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are, to the extent permitted by law, cumulative.

Section 6.04. *Waiver of Past Defaults*. The Holders of a majority in aggregate principal amount of the Notes of a series then outstanding by written notice to the Trustee may, on behalf of the Holders of the Notes of such series, waive any past or existing Default and its consequences except (a) a Default in the payment of the principal of or interest on a Note or (b) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Noteholder affected. When a Default is waived, it is deemed cured, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any consequent right.

Section 6.05. *Control by Majority*. Upon provision of security or indemnity satisfactory to the Trustee, the Holders of a majority in aggregate principal amount of the Notes of each series then outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee with respect to the Notes of such series or of exercising any trust or power conferred on the Trustee. However, the Trustee, which may conclusively rely on opinions of counsel, may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of other Noteholders or would involve the Trustee in personal liability; *provided*, *however*, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction.

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Section 6.06. *Limitation on Suits*. Except to enforce the right to receive payment of principal, premium, if any, or interest when due, a Holder of Notes may not pursue any remedy with respect to this Indenture or the Notes unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Event of Default shall have occurred and be continuing with respect to the relevant series of Notes and the Holder gives to the Trustee prior written notice stating that an Event of Default is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Holders of at least 33% in aggregate principal amount of the relevant series of Notes then outstanding (including any Additional Notes of the relevant series) make a written request to the Trustee to pursue the remedy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Holder or Holders offer to the Trustee security or indemnity satisfactory to it against any loss, liabilities or expenses in compliance with such request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of security or indemnity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Holders of a majority in aggregate principal amount of the relevant series of Notes then outstanding do not give the Trustee a direction inconsistent with the request during such 60-day period.

A Noteholder may not use this Indenture to prejudice the rights of another Noteholder or to obtain a preference or priority over another Noteholder of the relevant series (it being understood that the Trustee shall not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Noteholders).

Section 6.07. *Rights of Holders to Receive Payment*. Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of and interest on the relevant series of the Notes held by such Holder, on or after the respective due dates expressed in such Notes, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder.

Section 6.08. *Collection Suit by Trustee*. If an Event of Default specified in Section 6.01(a) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount then due and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided for in Section 7.07.

Section 6.09. *Trustee May File Proofs of Claim*. The Trustee may file such proofs of claim and other papers or documents as may be 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 the Noteholders allowed in any judicial proceedings relative to the Company, its creditors or any other obligor upon the Notes, or any of their creditors or the property of the Company or such other obligor or their creditors and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee 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 the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07.

Section 6.10. *Priorities*. Any money or other property collected by the Trustee pursuant to Article 6 hereof, or any money or other property otherwise distributable in respect of the Company's obligations under this Indenture, shall be applied in the following order:

FIRST: to the Trustee (including any predecessor Trustee) for amounts due under this Indenture;

SECOND: to Noteholders for amounts due and unpaid on the Notes for principal and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the relevant series of the Notes for principal and interest, respectively; and

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THIRD: to the Company.

The Trustee may, upon prior written notice to the Company, fix a record date and payment date for any payment to Noteholders pursuant to this Section 6.10. At least 15 days before such record date, the Company shall mail to each Noteholder and the Trustee a notice that states the record date, the payment date and amount to be paid.

Section 6.11. *Undertaking for Costs*. 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, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys' fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in aggregate principal amount of the outstanding Notes of a series.

Section 6.12. *Waiver of Stay or Extension Laws*. The Company (to the extent it may lawfully do so) shall not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted.

ARTICLE 7

TRUSTEE

Section 7.01. *Duties of Trustee*. (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except during the continuance of an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officer's Certificates and Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such Officer's Certificates and Opinions of Counsel which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer's Certificates and Opinions of Counsel to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this subsection does not limit the effect of subsections (b) or (f) of this Section 7.01;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Every provision of this Indenture that in any way relates to the Trustee is subject to subsections (a), (b), (c) and (f) of this Section 7.01.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trustee shall not be liable for interest on any money or other property received by it or for holding moneys or other property uninvested, in either case, except as otherwise agreed between the Company and the Trustee. Money and other property held in trust by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other money or property except to the extent required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any liability, financial or otherwise, in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) 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 7.01 and to the provisions of the Trust Indenture Act, where applicable.

Section 7.02. *Rights of Trustee*. (a) The Trustee may conclusively rely on, and shall be protected in acting or refraining from acting in reliance on, any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Before the Trustee acts or refrains from acting, it may require an Officer's Certificate or an Opinion of Counsel, or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer's Certificate or Opinion of Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee may execute any of the trusts or powers or perform any duties hereunder either directly or through attorneys and agents, respectively, and shall not be responsible for the misconduct or negligence of any attorney or agent appointed with due care by it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall not be liable for any action it takes, suffers to exist or omits to take in good faith which it believes to be authorized or within its rights or powers conferred upon it by this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trustee may consult with counsel of its selection, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in reliance thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Notes unless either (i) a Trust Officer shall have actual knowledge of such Default or Event of Default or (ii) written notice of such Default or Event of Default shall have been given to a Trust Officer of the Trustee at the Corporate Trust Office by the Company or any other obligor on the Notes or by any Holder of the Notes. Any such notice shall reference this Indenture and the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The rights, privileges, protections, immunities and benefits given to the Trustee pursuant to this Indenture, including its rights to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities as Registrar and Paying Agent, as the case may be, hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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, note, other evidence of Indebtedness or other paper or document, but the Trustee, in its discretion, may make such further reasonable inquiry or reasonable 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, upon reasonable notice and at reasonable

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times, to examine the books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of Officers authorized at such time to take specified actions pursuant to this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

Section 7.03. *Individual Rights of Trustee*. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co-paying agent may do the same with like rights. However, the Trustee must comply with Sections 1.01 and 7.10.

Section 7.04. *Trustee's Disclaimer*. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company's use of the proceeds from the Notes, and it shall not be responsible for any statement of the Company in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee's certificate of authentication.

Section 7.05. *Notice of Defaults*. If a Default or an Event of Default occurs with respect to the Notes and is continuing and if it is actually known to a Trust Officer of the Trustee, the Trustee shall mail to each Noteholder notice of the Default within 90 days after it is known to a Trust Officer or written notice of it is received by a Trust Officer of the Trustee. Except in the case of a Default in payment of principal of or interest on any Note, the Trustee may withhold the notice if and so long as it in good faith determines that withholding the notice is not opposed to the interests of Noteholders.

Section 7.06. *Reports by Trustee to Holders*. As promptly as practicable after each May 15 beginning with the May 15 following the date of this Indenture, and in any event prior to July 15 in each year, the Trustee shall mail to each Noteholder a brief report dated as of such May 15 that complies with Section 313(a) of the Trust Indenture Act. The Trustee also shall comply with Section 313(b) of the Trust Indenture Act. The Trustee shall promptly deliver to the Company a copy of any report it delivers to Holders pursuant to this Section 7.06.

A copy of each report at the time of its mailing to Noteholders shall be filed by the Trustee with the SEC and each stock exchange (if any) on which the Notes are listed. The Company agrees to notify promptly the Trustee in writing whenever the Notes become listed on any stock exchange and of any delisting thereof.

Section 7.07. *Compensation and Indemnity*. The Company covenants and agrees to pay to the Trustee (and any predecessor Trustee) from time to time such compensation for its services as the Company and the Trustee shall from time to time mutually agree in writing. The Trustee's compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses (including attorneys' fees and expenses), disbursements and advances incurred or made by it in accordance with the provisions of this Indenture, including costs of collection, in addition to such compensation for its services, except any such expense, disbursement or advance as shall be determined to have been caused by its own negligence, willful misconduct or bad faith. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee's agents and counsel. The Trustee shall provide the Company reasonable notice of any expenditure not in the ordinary course of business. The Company shall indemnify each of the Trustee, its officers, directors, employees and any predecessor Trustees against any and all loss, damage, claim (whether asserted by the Company, a Holder or any other Person) liability or expense

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(including reasonable attorneys' fees and expenses) (other than taxes applicable to the Trustee's compensation hereunder) incurred by it in connection with the acceptance or administration of this trust and the performance of its duties hereunder. The Trustee shall notify the Company promptly of any claim of which a Trust Officer has received written notice and for which it may seek indemnity. Failure by the Trustee so to notify the Company shall not relieve the Company of its obligations hereunder, except to the extent that the Company has been prejudiced by such failure. The Company shall defend the claim and the Trustee shall cooperate, to the extent reasonable, in the defense of any such claim, and, if (in the opinion of counsel to the Trustee) the facts and/or issues surrounding the claim are reasonably likely to create a conflict with the Company, the Company shall pay the reasonable fees and expenses of separate counsel to the Trustee. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee's own willful misconduct, negligence or bad faith. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld or delayed.

To secure the Company's payment obligations in this Section 7.07, the Trustee (including any predecessor trustee) shall have a Lien prior to the Notes on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Notes.

The Company's payment obligations pursuant to this Section 7.07 shall survive the satisfaction, discharge and termination of this Indenture, the resignation or removal of the Trustee and any discharge of this Indenture including any discharge under any bankruptcy law. In addition to and without prejudice to the rights provided to the Trustee under any of the provisions of this Indenture, when the Trustee incurs expenses or renders services after the occurrence of a Default specified in Section 6.01(d) or 6.01(e), the expenses and the compensation for the services are intended to constitute expenses of administration under the Bankruptcy Law.

Section 7.08. *Replacement of Trustee*. The Trustee may resign at any time upon 30 days' written notice to the Company. The Holders of a majority in principal amount of the Notes then outstanding, may remove the Trustee upon 30 days' written notice to the Trustee and may appoint a successor Trustee, which successor Trustee shall be reasonably acceptable to the Company. The Company shall remove the Trustee if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee fails to comply with Section 1.01;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trustee is adjudged bankrupt or insolvent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a receiver or other public officer takes charge of the Trustee or its property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Trustee otherwise becomes incapable of acting.

If the Trustee resigns, is removed by the Company or by the Holders of a majority in principal amount of the Notes and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee.

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Company shall pay all amounts due and owing to the Trustee under Section 7.07 of the Indenture. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Noteholders affected by such resignation or removal. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.07.

If a successor Trustee does not take office with respect to the Notes within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee or the Holders of 10% in principal amount of the Notes may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee.

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If the Trustee fails to comply with Section 1.01, any Noteholder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company's obligations under Section 7.07 shall continue for the benefit of the retiring Trustee.

Section 7.09. *Successor Trustee by Merger*. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee; *provided* that such corporation shall be otherwise qualified and eligible under this Article 7 and Section 310(a) of the Trust Indenture Act, without the execution or filing of any paper or any further act on the part of the parties hereto.

Section 7.10. *Eligibility; Disqualification*. The Trustee shall at all times satisfy the requirements of Section 310(a) of the Trust Indenture Act. The Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with Section 310(b) of the Trust Indenture Act; *provided*, *however*, that there shall be excluded from the operation of Section 310(b)(1) of the Trust Indenture Act and any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Company are outstanding if the requirements for such exclusion set forth in Section 310(b)(1) of the Trust Indenture Act are met.

Nothing herein shall prevent the Trustee from filing with the Commission the application referred to in the second to last paragraph of Section 310(b) of the Trust Indenture Act.

Section 7.11. *Preferential Collection of Claims Against the Company*. The Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship listed in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent indicated.

ARTICLE 8

DISCHARGE OF INDENTURE; DEFEASANCE

Section 8.01. *Discharge of Liability on Notes; Defeasance*. (a) With respect to a series of Notes, when (i) the Company delivers to the Trustee all outstanding Notes of such series that have not already been delivered to the Trustee for cancellation or (ii) (A) all outstanding Notes of such series have become due and payable, whether at maturity, as a result of repayment at the option of the Holders or as a result of the mailing of a notice of redemption pursuant to Article 3 hereof or (B) the Notes of such series shall become due and payable at their Stated Maturity within one year, or the Notes of such series are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and, in each case of this clause (ii), the Company irrevocably deposits or causes to be deposited with the Trustee funds sufficient to pay at maturity or upon redemption all outstanding Notes of such series, including interest thereon to maturity or such Redemption Date, and if in the case of either clause (i) or (ii) the Company pays all other sums payable hereunder by the Company then this Indenture shall, subject to Section 8.01(c), cease to be of further effect. The Trustee shall acknowledge satisfaction and discharge of this Indenture on demand of the Company, accompanied by an Officer's Certificate from the Company and an Opinion of Counsel from the

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Company that all conditions precedent provided herein for satisfaction and discharge of this Indenture have been complied with at the cost and expense of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 8.01(c) and Section 8.02, the Company at any time may terminate (i) all of its obligations under the Notes of a series and this Indenture as it relates to such Notes ("**legal defeasance option**") or (ii) its obligations under Sections 4.02, 4.03 and 4.04 and the operation of Section 6.01(c) as it relates to a series of Notes ("**covenant defeasance option**"). The Company may exercise its legal defeasance option as it relates to a series of Notes notwithstanding its prior exercise of its covenant defeasance option as it relates to such Notes.

If the Company exercises its legal defeasance option with respect to the Notes of a series, payment of the Notes of such series may not be accelerated because of an Event of Default. If the Company exercises its covenant defeasance option, payment of the Notes of such series may not be accelerated because of an Event of Default specified in Sections 6.01(c), 6.01(d) or 6.01(e).

Upon satisfaction of the conditions set forth herein and upon request of the Company the Trustee shall acknowledge in writing the discharge of those obligations that the Company terminates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding clauses (a) and (b) above, the Company's obligations in Sections 2.03, 2.04, 2.05, 2.08, 4.01, 7.07, 7.08, 8.04, 8.05 and 8.06 shall survive until the Notes of each series have been paid in full. Thereafter, the Company's and the Trustee's obligations in Sections 7.07, 8.04 and 8.05 shall survive such satisfaction and discharge.

Section 8.02. *Conditions to Defeasance.* The Company may exercise its legal defeasance option or its covenant defeasance option with respect to a series of the Notes only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company irrevocably deposits or causes to be deposited in trust with the Trustee money or U.S. Government Obligations that through the scheduled payment of principal and interest in respect thereof in accordance with their terms shall provide cash at such times and in such amounts as shall be sufficient to pay principal and interest when due on all outstanding Notes of such series (except Notes replaced pursuant to Section 2.08) to maturity or redemption, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company delivers to the Trustee a certificate from a nationally recognized firm of independent accountants or valuation consultants expressing their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment shall provide cash at such times and in such amounts as shall be sufficient to pay principal and interest when due on all outstanding Notes of such series to maturity or redemption, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to the Notes shall have occurred and be continuing on the date of such deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company shall have delivered to the Trustee an Officer's Certificate stating that the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the case of the legal defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of this Indenture there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of Notes of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the case of the covenant defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of Notes of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and will be subject to U.S. federal income tax

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on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Company delivers to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the Notes as contemplated by this Article 8 have been complied with.

Before or after a deposit, the Company may make arrangements satisfactory to the Trustee for the redemption of any of the Notes at a future date in accordance with Article 3.

Section 8.03. *Application of Trust Money*. The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from U.S. Government Obligations either directly or through the Paying Agent as the Trustee may determine and in accordance with this Indenture to the payment of principal of and interest on the series of the Notes that was defeased.

Section 8.04. *Repayment to the Company*. The Trustee and the Paying Agent shall promptly turn over to the Company upon request any excess money or securities held by them at any time.

Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal or interest that remains unclaimed for two years after the date of payment of such principal and interest, and, thereafter, Noteholders entitled to the money must look to the Company for payment as general creditors.

Any unclaimed funds held by the Trustee pursuant to this Section 8.04 shall be held uninvested and without any liability for interest.

Section 8.05. *Indemnity for Government Obligations*. The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations other than any such tax, fee or other charge which by law is for the account of the Holders of the defeased Notes; *provided* that the Trustee shall be entitled to charge any such tax, fee or other charge to such Holder's account.

Section 8.06. *Reinstatement*. If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with this Article 8 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company's obligations under this Indenture as it relates to the defeased Notes and such Notes shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with this Article 8; *provided*, *however*, that (a) if the Company has made any payment of interest on or principal of any series of the Notes following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of the particular Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent and (b) unless otherwise required by any legal proceeding or any order or judgment of any court or governmental authority, the Trustee or Paying Agent shall return all such money and U.S. Government Obligations to the Company promptly after receiving a written request therefor at any time, if such reinstatement of the Company's obligations has occurred and continues to be in effect.

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ARTICLE 9

AMENDMENTS

Section 9.01. *Without Consent of Holders*. The Company and the Trustee may amend this Indenture or the Notes of a series without notice to or consent of any Noteholder of such series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to cure any ambiguity, omission, defect or inconsistency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to evidence the succession of another Person to the Company and the assumption by any such successor of the obligations of the Company in accordance with the provisions of Article 5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to add any additional Events of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to add to the covenants of the Company for the benefit of the Holders of all the Notes of such series or to surrender any right or power herein conferred upon the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to add one or more guarantees for the benefit of Holders of the Notes or to release one or more guarantees in accordance with this Indenture or any Supplemental Indenture hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to add collateral security with respect to the Notes of such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to add or appoint a successor or separate Trustee or other agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to provide for the issuance of any Notes or Additional Notes of such series and to establish the form or terms of Notes or any series as permitted by Section 2.01;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to comply with any requirements in connection with qualifying this Indenture under the Trust Indenture Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to comply with the rules of any applicable securities depository;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to provide for uncertificated Notes in addition to or in place of certificated Notes; provided, however, that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to conform the provisions of this Indenture to the "Description of Notes," "Description of Debt Securities" and any similar sections of any offering memorandum or prospectus prepared in connection with the issuance of the Notes (with the basis for any such annulment pursuant to this clause (l) to be set forth in an Officer's Certificate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to make changes to this Indenture applicable only to other series of Notes issuable hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) to change any other provision if the change does not adversely affect the interests of any Noteholder of such series.

After an amendment under this Section 9.01 becomes effective, the Company shall mail to Noteholders a notice briefly describing such amendment. The failure to give such notice to all Noteholders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.01.

Section 9.02. *With Consent of Holders*. The Company and the Trustee may amend this Indenture or the Notes of a series without notice to any Noteholder but with the written consent of the Holders of at least a majority in principal amount of the Notes then outstanding of such series (including consents obtained in connection with a tender offer or exchange for Notes). However, without the consent of each Noteholder affected, an amendment may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) change the Stated Maturity of the principal of, or installment of interest on, any Note;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reduce the principal amount of, or the rate of interest on, any Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) reduce any premium payable on the redemption or required repurchase of any Note or change the date on which any Note may or must be redeemed, repaid or required to be repurchased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) change the coin or currency in which the principal of, premium, if any, or interest on any Note is payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) impair the right of any Holder to institute suit for the enforcement of any payment on or after the Stated Maturity of any Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) reduce the percentage in principal amount of the outstanding Notes, the consent of whose Holders is required in order to take certain actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) reduce the requirements for quorum or voting by Holders in this Indenture or the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) modify any of the provisions of this Indenture regarding the waiver of past defaults and the waiver of certain covenants by Holders except to increase any percentage vote required or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the holder of each Note affected thereby; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) modify any of the above provisions of this Section 9.02.

It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof.

After an amendment under this Section 9.02 becomes effective, the Company shall mail to Noteholders a notice briefly describing such amendment. The failure to give such notice to all Noteholders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.02.

Section 9.03. *Effect of Consents and Waivers*. A consent to an amendment, supplement or a waiver by a Holder of a Note shall bind the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder's Note, even if notation of the consent or waiver is not made on the Note. After an amendment or waiver becomes effective with respect to the Notes, it shall bind every Noteholder.

The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Noteholders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Noteholders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to take any such action, whether or not such Persons continue to be Holders after such record date.

Section 9.04. *Notation on or Exchange of Notes*. If an amendment changes the terms of a Note, the Trustee may require the Holder of the Note to deliver it to the Trustee. The Company shall provide in writing to the Trustee an appropriate notation to be placed on the Note regarding the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determine, the Company in exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment.

Section 9.05. *Trustee to Sign Amendments*. The Trustee shall sign any amendment authorized pursuant to this Article 9 if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment the Trustee shall receive indemnity reasonably satisfactory to it and to receive, and (subject to Section 7.01) shall be fully protected in conclusively relying upon, in addition to the documents required by Section 10.03, an Officer's Certificate of the Company and an Opinion of Counsel stating that such amendment complies with the provisions of this Article 9 and that such supplemental indenture constitutes the legal valid and binding obligation of the Company in accordance with its terms subject to customary exceptions.

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Upon the execution of any supplemental indenture under this Article 9, this Indenture shall be modified in accordance therewith, and such supplemental Indenture shall form a part of this Indenture for all purposes; and every Noteholder theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

SECTION 9.06. *Compliance with Trust Indenture Act*. Every amendment to this Indenture or the Notes of any series shall comply with the Trust Indenture Act as then in effect.

ARTICLE 10

MISCELLANEOUS

Section 10.01. *Notices*. Any notice or communication shall be in writing (including facsimile and electronic communications in PDF format) and delivered in person or mailed by first-class mail addressed as follows:

if to the Company:

Axogen, Inc.

13631 Progress Boulevard, Suite 400

Alachua, Florida 32615

Attention: Chief Financial Officer

Facsimile:

Email:

with a copy to:

Morrison & Foerster LLP

425 Market Street

San Francisco, California 94105

Attention: Jaclyn Liu, Esq.

Facsimile:

Email: <u>jliu@mofo.com</u>

if to the Trustee:

[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]

Any notices between the Company and the Trustee may be by facsimile or electronically in PDF format or certified first class mail, receipt confirmed and the original to follow by guaranteed overnight courier. The Company or the Trustee by written notice to the others may designate additional or different addresses for subsequent notices or communications. The Trustee agrees to accept and act upon facsimile transmission of written instructions and/or directions pursuant to this Indenture given by the Company; *provided*, *however*, that: (1) the Company, subsequent to such facsimile transmission of written instructions and/or directions, shall provide the originally executed instructions and/or directions to the Trustee in a timely manner and (2) such originally executed instructions and/or directions shall be signed by an authorized Officer of the Company.

Any notice or communication mailed to a Noteholder (unless otherwise herein expressly provided) shall be mailed to the Noteholder at the Noteholder's address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed.

Failure to mail a notice or communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to other Noteholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it.

Section 10.02. *Communication by Holders with Other Holders*. Noteholders may communicate pursuant to Section 312(b) of the Trust Indenture Act with other Noteholders with respect to their rights under this Indenture or

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the Notes. The Company, the Trustee, the Registrar and anyone else shall have the protection of Section 312(c) of the Trust Indenture Act.

Section 10.03. *Certificate and Opinion as to Conditions Precedent*. Upon any request or application by the Company to the Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Officer's Certificate of the Company in form reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Opinion of Counsel of the Company in form reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

Section 10.04. *Statements Required in Certificate or Opinion*. The certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a statement that the individual making such certificate or opinion has read such covenant or condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a statement that, in the opinion of such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with.

Section 10.05. *When Notes Disregarded*. In determining whether the Holders of the required principal amount of Notes of a series have concurred in any direction, waiver or consent, Notes of such series owned by the Company or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company (an "**Affiliate**") shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in conclusively relying on any such direction, waiver or consent, only Notes of such series which a Trust Officer of the Trustee actually knows are so owned shall be so disregarded. Also, subject to the foregoing, only Notes of such series outstanding at the time shall be considered in any such determination.

Section 10.06. *Rules by Trustee, Paying Agent and Registrar*. The Trustee may make reasonable rules for action by or a meeting of Noteholders. The Registrar and the Paying Agent may make reasonable rules for their functions.

Section 10.07. *Governing Law*. This Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York.

Section 10.08. *No Recourse Against Others*. A director, Officer, employee or stockholder (other than the Company), as such, of the Company shall not have any liability for any obligations of the Company under the Notes of any series or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Noteholder shall waive and release all such liability. The waiver and release shall be part of the consideration for the issue of the Notes.

Section 10.09. *Successors*. All agreements of the Company in this Indenture and the Notes shall bind its successors and assigns. All agreements of the Trustee in this Indenture shall bind its successors.

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Section 10.10. *Multiple Originals*. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. The exchange of copies of this Indenture and of signature pages by facsimile or PDF 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 and signature pages for all purposes.

Section 10.11. *Variable Provisions*. The Company initially appoints the Trustee as Paying Agent and Registrar and custodian with respect to any Global Notes.

Section 10.12. *Table of Contents; Headings*. The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof.

Section 10.13. *Waiver of Jury Trial*. EACH OF THE COMPANY 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 TRANSACTION CONTEMPLATED HEREBY.

Section 10.14. *Force Majeure*. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

Section 10.15. *U.S.A. Patriot Act*. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. 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 U.S.A. Patriot Act.

Section 10.16. *Trust Indenture Act Controls*. If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision included or that is required to be included in this Indenture by the Trust Indenture Act, the duty or provision required by the Trust Indenture Act shall control.

Section 10.17. *<u>Electronic Signatures</u>*<u>.</u> The words "execution", "signed", "signature", "delivery" and words of like import in or relating to this Indenture and/or any document, notice, instrument or certificate to be signed and/or delivered in connection with this Indenture and the transactions contemplated hereby shall be deemed to include Electronic Signatures (as defined below), electronic deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be. "Electronic Signatures" means any electronic symbol or process attached to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record.

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IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed as of the date first written above.

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| | |
|:---|:---|
| AXOGEN, INC. | AXOGEN, INC. |
| By: |  |
|  | Name: |
|  | Title: |

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| | |
|:---|:---|
| [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], as Trustee | [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

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## Exhibit 5.1

**Exhibit 5.1**

**Legal Opinion of Blue Chip Law, PLLC.**

![bluechiplawlogo.jpg](bluechiplawlogo.jpg)

January 21, 2026

Axogen, Inc.

13631 Progress Boulevard, Suite 400

Alachua, Florida 32615

**RE: Axogen, Inc. - Registration Statement on Form S-3ASR**

To Whom It May Concern:

We have acted as special counsel to Axogen, Inc., a Minnesota corporation (the "**Company**"), in connection with the preparation and filing of its automatic shelf registration statement on Form S-3ASR (the "**Registration Statement**"), filed with the Securities and Exchange Commission (the "**Commission**") under the Securities Act of 1933, as amended (the "**Securities Act**"), which became automatically effective upon filing pursuant to Rule 462(e) under the Securities Act, relating to the proposed issuance and sale by the Company of the following securities: (i) shares of common stock, par value $0.01 per share (the "**Common Stock**"); (ii) shares of preferred stock, par value $0.01 per share (the "**Preferred Stock**"); (iii) debt securities (the "**Debt Securities**"); and (iv) warrants to purchase Common Stock, Preferred Stock or Debt Securities (the "**Warrants**" and, together with the Common Stock, the Preferred Stock and the Debt Securities, the "**Securities**"), all of which may be offered and sold from time to time on a delayed or continuous basis in accordance with Rule 415 promulgated under the Securities Act, as set forth in the prospectus which forms a part of the Registration Statement, and as to be set forth in one or more supplements to the prospectus.

As special counsel for the Company, we have examined the Registration Statement and originals or copies, certified or otherwise identified to our satisfaction, of such agreements, instruments, documents, certificates and records as we have deemed relevant and necessary for the basis of our opinions hereinafter expressed. In such examination, we have assumed: (i) the authenticity of original documents and the genuineness of all signatures; (ii) the conformity to the originals of all documents submitted to us as copies; (iii) the truth, accuracy and completeness of the information, representations and warranties contained in the agreements, instruments, documents, certificates and records that we have reviewed; and (iv) the legal capacity of all natural persons. As to all matters of fact, we have relied on the representations and statements of fact made in the documents so reviewed, and we have not independently established or verified the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.

For purposes of this opinion letter, we have assumed that: (i) the issuance, sale, amount and terms of any Securities to be offered from time to time under the Registration Statement will have been duly authorized and established by proper action ("**Board Action**") of the Board of Directors of the Company or a duly authorized committee of such Board of Directors in accordance with the Company's Certificate of Incorporation (as amended, the "**Charter**") and bylaws and applicable provisions of Minnesota corporate law, in a manner that does not violate any law, government or court-imposed order or restriction or agreement or instrument then binding on the Company or otherwise impair the valid or binding nature of the obligations represented by the applicable Securities; (ii) at the time of offer, issuance and sale of any Securities, the Registration Statement, and any amendments thereto (including post-effective amendments), will have been declared effective under the Securities Act, and no stop order suspending its effectiveness will have been issued and remain in effect; (iii) a prospectus supplement will have been filed with the Commission describing the Securities offered thereby; (iv) all Securities will be issued and sold in compliance with applicable U.S. federal and state securities laws and in the manner stated in the Registration Statement and the

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applicable prospectus supplement; (v) prior to the issuance of any Securities, a definitive purchase, underwriting or similar agreement with respect to any Securities offered will have been duly authorized and validly executed and delivered by the Company and the other parties thereto; (vi) any Debt Securities will be issued under the form of indenture, to be between the Company and a bank, trust company, or other financial institution identified therein as trustee (the "**Trustee**") filed as Exhibit 4.4 to the Registration Statement, as such indenture may be supplemented from time to time (the "**Indenture**"); (vii) any Warrants will be issued under one or more warrant agreements, each to be between the Company and a bank, trust company, or other financial institution identified therein as warrant agent in such forms that will be filed as exhibits to the Registration Statement, as such agreements may be amended or supplemented from time to time (the "**Warrant Agreements**"); (viii) if being sold by the issuer thereof, the Securities will be delivered against payment of valid consideration therefor and in accordance with the terms of the applicable Board Action authorizing such sale and any applicable underwriting agreement or purchase agreement and as contemplated by the Registration Statement and/or the applicable prospectus supplement; (ix) the Company will remain a Minnesota corporation; (x) upon the issuance of any shares of Common Stock, including Common Stock which may be issued upon conversion or exercise of any other Securities convertible into or exercisable for Common Stock ("**Common Securities**"), the total number of shares of Common Stock issued and outstanding will not exceed the total number of shares of Common Stock that the Company is then authorized to issue under the Charter; (xi) upon the issuance of any Preferred Stock, including Preferred Stock which may be issued upon conversion or exercise of any other Securities convertible into or exercisable for Preferred Stock, the total number of shares of Preferred Stock issued and outstanding, and the total number of issued and outstanding shares of the applicable class or series of Preferred Stock designated pursuant to the Charter, will not exceed the total number of shares of Preferred Stock or the number of shares of such class or series of Preferred Stock that the Company is then authorized to issue under the Charter; (xii) with respect to any Preferred Stock, a Certificate of Designation relating to the Preferred Stock to be issued by the Company will be adopted by the Board of Directors and the Certificate of Designation will be filed with and accepted for record by the Minnesota Secretary of State prior to their issuance; (xiii) the terms of the Securities will conform in all material respects to the respective descriptions thereof in the prospectus which is part of the Registration Statement; (xiv) certificates, if required, representing the Securities will be duly executed and delivered and, to the extent required by any applicable agreement, duly authenticated and countersigned; and (xv) any Securities convertible into or exercisable, exchangeable or redeemable for any other Securities will be duly converted, exercised, exchanged or redeemed in accordance with their terms.

To the extent that the obligations of the Company with respect to the Securities may be dependent upon such matters, we assume for purposes of this opinion that the Trustee under the Indenture and the other party under the Warrant Agreement for any Warrants, namely the warrant agent, is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization; that the Trustee will be duly qualified to engage in the activities contemplated by such Indenture and such other party will be duly qualified to engage in the activities contemplated by such Warrant Agreement; that such Indenture and Warrant Agreement, as applicable, will have been duly authorized, executed and delivered by the other party and will constitute the legal, valid and binding obligation of the other party enforceable against the other party in accordance with its terms; that such other party will be in compliance with respect to performance of its obligations under the Indenture or Warrant Agreement, as applicable, with all applicable laws and regulations; that such other party will have the requisite organizational and legal power and authority to perform its obligations under the Indenture or Warrant Agreement, as applicable; and that a Statement of Eligibility of the Trustee on Form T-1 has been properly filed with the Commission.

Based upon, subject to and limited by the foregoing, we are of the opinion that:

1.&nbsp;&nbsp;&nbsp;&nbsp;After the Board of Directors of the Company has taken appropriate Board Action, the Common Stock will be duly authorized and, when and if issued and delivered in accordance with the Registration Statement and the applicable Board Action and consideration therefor has been received by the Company, the Common Stock will be validly issued, fully paid and nonassessable.

2.&nbsp;&nbsp;&nbsp;&nbsp;After the Board of Directors of the Company has taken appropriate Board Action, the Preferred Stock will be duly authorized and, when and if issued and delivered in accordance with the Registration Statement and the applicable Board Action and consideration therefor has been received by the Company, the Preferred Stock will be validly issued, fully paid and nonassessable.

**301 W. PLATT STREET – SUITE A-339**

**TAMPA, FL 33606**

**PHONE: 813.588.5100 – FAX: 813.607.4120**

**WEBSITE: WWW.BLUECHIP.LAW**

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3.&nbsp;&nbsp;&nbsp;&nbsp;After the Board of Directors of the Company has taken appropriate Board Action and upon the due execution and delivery of an Indenture on behalf of the Company and the Trustee, the Debt Securities will be duly authorized and, upon (a) due authentication by the Trustee, (b) the issuance and delivery of the Debt Securities in accordance with the Registration Statement and the applicable Board Action, and (c) receipt of the consideration therefor by the Company, the Debt Securities will be validly issued and will constitute valid and binding obligations of the Company, enforceable in accordance with their terms.

4.&nbsp;&nbsp;&nbsp;&nbsp;After the Board of Directors of the Company has taken appropriate Board Action and upon the due execution and delivery of the Warrants and the Warrant Agreements, the Warrants will be duly authorized and, when and if issued and delivered in accordance with the Registration Statement and the applicable Board Action and consideration therefor has been received by the Company, the Warrants will be validly issued and will constitute valid and binding obligations of the Company, enforceable in accordance with their terms.

Our opinion that any document is legal, valid and binding is qualified as to:

(a)limitations imposed by bankruptcy, insolvency, reorganization, arrangement, fraudulent conveyance, moratorium or other laws relating to or affecting the rights of creditors generally;

(b)rights to indemnification and contribution, which may be limited by applicable law or equitable principles; and

(c)general principles of equity, including without limitation concepts of materiality, reasonableness, good faith and fair dealing, and the possible unavailability of specific performance or injunctive relief and limitation of rights of acceleration, regardless of whether such enforceability is considered in a proceeding in equity or at law.

This opinion letter is based as to matters of law solely on the Minnesota Business Corporation Act, as amended. We express no opinion herein as to any other laws, statutes, ordinances, rules or regulations. As used herein, the term "Minnesota Business Corporation Act, as amended" includes the statutory provisions contained therein, all applicable provisions of the Minnesota Constitution and reported judicial decisions interpreting these laws.

This opinion letter has been prepared for your use in connection with the Registration Statement. We assume no obligation to advise you of any changes in the foregoing subsequent to the effective date of the Registration Statement.

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement with the Commission and to reference to us under the caption "Legal Matters" in the prospectus forming a part of the Registration Statement. In giving such consent, we do not hereby admit that we are acting within the category of persons whose consent is required under Section 7 of the Securities Act or the rules or regulations of the Commission thereunder.

Very truly yours,

/s/ Adam Hersh

Adam Hersh Esq.

President, Blue Chip Law®

**301 W. PLATT STREET – SUITE A-339**

**TAMPA, FL 33606**

**PHONE: 813.588.5100 – FAX: 813.607.4120**

**WEBSITE: WWW.BLUECHIP.LAW**

## Exhibit 23.2

**Exhibit 23.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form S-3 of our report dated February 26, 2025 relating to the financial statements of Axogen, Inc. and the effectiveness of Axogen, Inc.'s internal control over financial reporting, appearing in the Annual Report on Form 10-K of Axogen, Inc. for the year ended December 31, 2024. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ Deloitte & Touche LLP

Tampa, FL

January 21, 2026

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