Document:

Document

Exhibit 10.1

SUBORDINATED NOTE PURCHASE AGREEMENT
This SUBORDINATED NOTE PURCHASE AGREEMENT (this “Agreement”) is dated as of September 28, 2021, and is made by and among MVB Financial Corp., a West Virginia corporation (the “Company”), and the several purchasers of the Subordinated Notes (as defined herein) identified on the signature pages hereto (each a “Purchaser” and collectively, the “Purchasers”).
RECITALS
WHEREAS, the Company has requested that the Purchasers purchase from the Company up to $30 million in aggregate principal amount of Subordinated Notes, which aggregate amount is intended to qualify as Tier 2 Capital (as defined herein);
WHEREAS, the Company has engaged Raymond James & Associates as lead placement agent, and Piper Sandler & Co. as co-placement agent (collectively, the “Placement Agents”), for the offering of the Subordinated Notes;
WHEREAS, each of the Purchasers is an institutional accredited investor as such term is defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D (“Regulation D”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”), or a QIB (as defined herein);
WHEREAS, the offer and sale of the Subordinated Notes by the Company is being made in reliance upon the exemptions from registration available under Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D; and
WHEREAS, each Purchaser is willing to purchase from the Company a Subordinated Note in the principal amount set forth on such Purchaser’s respective signature page hereto (the “Subordinated Note Amount”) in accordance with the terms, subject to the conditions and in reliance on, the recitals, representations, warranties, covenants and agreements set forth herein and in the Subordinated Notes.
NOW, THEREFORE, in consideration of the mutual covenants, conditions and agreements herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows:
AGREEMENT
1.DEFINITIONS.
1.1Defined Terms. The following capitalized terms used in this Agreement and in the Subordinated Notes have the meanings defined or referenced below. Certain other capitalized terms used only in specific sections of this Agreement may be defined in such sections.
“Affiliate(s)” means, with respect to any Person, such Person’s immediate family members, partners, members or parent and subsidiary corporations, and any other Person directly 

or indirectly controlling, controlled by, or under common control with said Person and their respective Affiliates. 
“Agreement” has the meaning set forth in the preamble hereto.
“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Subordinated Note represented by a global certificate, the rules and procedures of DTC that apply to such transfer or exchange.
“Articles of Incorporation” has the meaning set forth in Section 3.2.1.2(a).
“Bank” means MVB Bank, Inc., a West Virginia state bank and wholly owned subsidiary of the Company.
“Business Day” means any day other than a Saturday, Sunday or any other day on which banking institutions in the State of West Virginia are permitted or required by any applicable law or executive order to close.
“Bylaws” has the meaning set forth in Section 3.2.1.2(0.
“Class A Common Stock” has the meaning set forth in Section 4.1.2.
“Closing” has the meaning set forth in Section 2.2.
“Closing Date” means September 28, 2021.
“Common Stock” has the meaning set forth in Section 4.1.2.
“Company” has the meaning set forth in the preamble hereto and shall include any successors to the Company.
“Company Covered Person” has the meaning set forth in Section 4.2.4.
“Company’s Reports” means (i) the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC, including the audited financial statements contained therein; (ii) the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021, as filed with the SEC, including the unaudited financial statements contained therein; and (iii) the Company’s public reports for the year ended December 31, 2020, and the periods ended March 31, 2021 and June 30, 2021, as filed with the FRB as required by regulations of the FRB.
“Disbursement” has the meaning set forth in Section 3.1.
“Disqualification Event” has the meaning set forth in Section 4.2.4.
“DTC” means The Depository Trust Company.
    - 2 -

“Equity Interest” means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person which is not a corporation, and any and all warrants, options or other rights to purchase any of the foregoing.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“FDIC” means the Federal Deposit Insurance Corporation.
“FRB” means the Board of Governors of the Federal Reserve System.
“GAAP” means generally accepted accounting principles in effect from time to time in the United States of America.
“Global Note” has the meaning set forth in Section 3.1.
“Governmental Agency(ies)” means, individually or collectively, any federal, state, county or local governmental department, commission, board, regulatory authority or agency (including each applicable Regulatory Agency) with jurisdiction over the Company or a Subsidiary of the Company.
“Governmental Licenses” has the meaning set forth in Section 4.3.
“Hazardous Materials” means flammable explosives, asbestos, urea formaldehyde insulation, polychlorinated biphenyls, radioactive materials, hazardous wastes, toxic or contaminated substances or similar materials, including any substances which are “hazardous substances,” “hazardous wastes,” “hazardous materials” or “toxic substances” under the Hazardous Materials Laws and/or other applicable environmental laws, ordinances or regulations.
“Hazardous Materials Laws” mean any laws, regulations, permits, licenses or requirements pertaining to the protection, preservation, conservation or regulation of the environment which relates to real property, including: the Clean Air Act, as amended, 42 U.S.C. Section 7401 et seq.; the Federal Water Pollution Control Act, as amended, 33 U.S.C. Section 1251 et seq.; the Resource Conservation and Recovery Act of 1976, as amended, 42 U.S.C. Section 6901 et seq.; the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (including the Superfund Amendments and Reauthorization Act of 1986), 42 U.S.C. Section 9601 et seq.; the Toxic Substances Control Act, as amended, 15 U.S.C. Section 2601 et seq.; the Occupational Safety and Health Act, as amended, 29 U.S.C. Section 651, the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. Section 11001 et seq.; the Mine Safety and Health Act of 1977, as amended, 30 U.S.C. Section 801 et seq.; the Safe Drinking Water Act, 42 U.S.C. Section 300f et seq.; and all comparable state and local laws, laws of other jurisdictions or orders and regulations.
“Indebtedness” means: (i) all items arising from the borrowing of money that, according to GAAP as in effect from time to time, would be included in determining total liabilities as 
    - 3 -

shown on the consolidated balance sheet of the Company; and (ii) all obligations secured by any lien in property owned by the Company or any Subsidiary whether or not such obligations shall have been assumed; provided, however, Indebtedness shall not include deposits or other indebtedness created, incurred or maintained in the ordinary course of the Company’s or the Bank’s business (including, without limitation, federal funds purchased, advances from any Federal Home Loan Bank, secured deposits of municipalities, letters of credit issued by the Company or the Bank and repurchase arrangements) and consistent with customary banking practices and applicable laws and regulations.
“Leases” means all leases, licenses or other documents providing for the use or occupancy of any portion of any Property, including all amendments, extensions, renewals, supplements, modifications, sublets and assignments thereof and all separate letters or separate agreements relating thereto.
“Material Adverse Effect” means, with respect to any Person, any change or effect that (i) is or would be material and adverse to the financial condition, results of operations or business of such Person, or (ii) would materially impair the ability of such Person to perform its respective obligations under any of the Transaction Documents, or otherwise materially impede the consummation of the transactions contemplated hereby; provided, however, that “Material Adverse Effect” shall not be deemed to include the impact of (1) changes in banking and similar laws, rules or regulations of general applicability or interpretations thereof by Governmental Agencies, (2) changes in GAAP or regulatory accounting requirements applicable to financial institutions and their holding companies generally, (3) changes after the date of this Agreement in general economic or capital market conditions affecting financial institutions or their market prices generally and not specifically related to the Company, the Bank or the Purchasers, (4) direct effects of compliance with this Agreement on the operating performance of the Company, the Bank or the Purchasers, including expenses incurred by the Company, the Bank or the Purchasers in consummating the transactions contemplated by this Agreement, (5) the effects of any action or omission taken by the Company with the prior written consent of the Purchasers, and vice versa, or as otherwise contemplated by this Agreement and the Subordinated Notes, and (6) changes in global, national, or regional political conditions, including the outbreak or escalation of war or acts of terrorism, except in the case of (1), (2), (3) or (6) to the extent such fact, event, change, condition, occurrence, development, circumstance or effect, has a disproportionate impact on the business, assets, financial condition or results of operations of the Company and its Subsidiaries taken as a whole compared to other comparable companies within the banking industry, in which case the disproportionate effect will be taken into account;.
“Maturity Date” means October 1, 2031.
“Person” means an individual, a corporation (whether or not for profit), a partnership, a limited liability company, a joint venture, an association, a trust, an unincorporated organization, a government or any department or agency thereof (including a Governmental Agency) or any other entity or organization.
“Placement Agents” has the meaning set forth in the Recitals.
    - 4 -

“Preferred Stock” has the meaning set forth in Section 4.1.2.
“Property” means any real property owned or leased by the Company or any Subsidiary of the Company.
“Purchaser” or “Purchasers” has the meaning set forth in the preamble hereto.
“QIB” means a “qualified institutional buyer” as defined in Rule 144A of the Securities Act.
“Regulation D” has the meaning set forth in the Recitals.
“Regulatory Agency” means any federal or state agency charged with the supervision or regulation of depository institutions or holding companies of depository institutions, or engaged in the insurance of depository institution deposits, or any court, administrative agency or commission or other authority, body or agency having supervisory or regulatory authority with respect to the Company, the Bank or any of their Subsidiaries.
“SEC” means the United States Securities and Exchange Commission.
“Secondary Market Transaction” has the meaning set forth in Section 5.5.
“Securities Act” has the meaning set forth in the Recitals.
“Significant Subsidiary” has the meaning given in Rule 1-02 of Regulation S-X under the Exchange Act.
“Subordinated Note” means the Subordinated Note (or collectively, the “Subordinated Notes”) in the form attached as an Exhibit A to this Agreement, as amended, restated, supplemented or modified from time to time, and each Subordinated Note delivered in substitution or exchange for such Subordinated Note.
“Subordinated Note Amount” has the meaning set forth in the Recitals.
“Subsidiary” means, with respect to any Person, any corporation or entity in which a majority of the outstanding Equity Interest is directly or indirectly owned by such Person.
“Tier 2 Capital” has the meaning given to the term “Tier 2 capital” in 12 C.F.R. Part 217 and 12 C.F.R. Part 250, as amended, modified and supplemented and in effect from time to time or any replacement thereof.
“Transaction Documents” has the meaning set forth in Section 3.2.1.1.
1.2Interpretations. The foregoing definitions are equally applicable to both the singular and plural forms of the terms defined. The words “hereof’, “herein” and “hereunder” and words of like import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The word “including” when used in this 
    - 5 -

Agreement without the phrase “without limitation,” shall mean “including, without limitation.” All references to time of day herein are references to Eastern Time unless otherwise specifically provided. All references to this Agreement and the Subordinated Notes shall be deemed to be to such documents as amended, modified or restated from time to time. With respect to any reference in this Agreement to any defined term, (i) if such defined term refers to a Person, then it shall also mean all heirs, legal representatives and permitted successors and assigns of such Person, and (ii) if such defined term refers to a document, instrument or agreement, then it shall also include any amendment, replacement, extension or other modification thereof.
1.3Exhibits Incorporated. All Exhibits attached hereto are hereby incorporated into this Agreement.
2.SUBORDINATED DEBT.
2.1Certain Terms. Subject to the terms and conditions herein contained, the Company proposes to issue and sell to the Purchasers, severally and not jointly, Subordinated Notes, in an aggregate principal amount equal to the aggregate of the Subordinated Note Amounts. The Purchasers, severally and not jointly, each agree to purchase the Subordinated Notes from the Company on the Closing Date in accordance with the terms of, and subject to the conditions and provisions set forth in, this Agreement and the Subordinated Notes. The Subordinated Note Amounts shall be disbursed in accordance with Section 3.1.
2.2The Closing. The closing of the sale and purchase of the Subordinated Notes (the “Closing”) shall occur at the offices of the Company at 10:00 a.m. (local time) on the Closing Date, or at such other place or time or on such other date as the parties hereto may agree.
2.3No Right of Offset. Each Purchaser hereby expressly waives any right of offset it may have against the Company or any of its Subsidiaries.
2.4Use of Proceeds. The Company shall use the net proceeds from the sale of Subordinated Notes for the repurchase of Common Stock and for other general corporate purposes.
3.DISBURSEMENT.
3.1Disbursement. On the Closing Date, assuming all of the terms and conditions set forth in Section 3.2  have been satisfied by the Company and the Company has executed and delivered to each of the Purchasers this Agreement and any other related documents in form and substance reasonably satisfactory to the Purchasers, each Purchaser shall disburse to the Company in immediately available funds the Subordinated Note Amount set forth on each Purchaser’s respective signature page hereto in exchange for an electronic securities entitlement through the facilities of DTC in accordance with the Applicable Procedures with a principal amount equal to such Subordinated Note Amount (the “Disbursement”). The Company will deliver to DTC a global certificate representing the Subordinated Notes (the “Global Note”) registered in the name of Cede & Co., as nominee for DTC.
    - 6 -

3.2Conditions Precedent to Disbursement.
3.2.1Conditions to the Purchasers’ Obligation. The obligation of each Purchaser to consummate the purchase of the Subordinated Notes to be purchased by such Purchaser at Closing and to effect the Disbursement is subject to delivery by or at the direction of the Company to such Purchaser (or, with respect to the opinions of counsel, to such Purchaser and the Placement Agents) of each of the following (or written waiver by such Purchaser prior to the Closing of such delivery):
3.2.1.1Transaction Documents. This Agreement and such Purchaser’s Subordinated Note (collectively, the “Transaction Documents”), each duly authorized and executed by the Company.
3.2.1.2Authority Documents:
(a)A copy, certified by the Secretary or Assistant Secretary of the Company, of the Articles of Incorporation of the Company, as amended to date (the “Articles of Incorporation”);
(b)A Certificate of Existence of the Company issued by the Secretary of State of the State of West Virginia; and a Certificate of Existence of the Bank issued by the Secretary of State of the State of West Virginia, in each case dated as of a recent date;
(c)A copy, certified by the Secretary or Assistant Secretary of the Company, of the Second Amended and Restated Bylaws of the Company, as amended to date (the “Bylaws”);
(d)A copy, certified by the Secretary or Assistant Secretary of the Company, of the resolutions of the board of directors of the Company, and any committee thereof, authorizing the issuance of the Subordinated Notes and the execution, delivery and performance of the Transaction Documents;
(e)An incumbency certificate of the Secretary or Assistant Secretary of the Company certifying the names of the officer or officers of the Company authorized to sign the Transaction Documents and the other documents provided for in this Agreement; and
(f)The opinion of Squire Patton Boggs (US) LLP, counsel to the Company, and Camille M. Wiley, the Company’s Vice President and Corporate Counsel, each dated as of the Closing Date, substantially in the form set forth at Exhibits B-1 and B-2 attached hereto, each addressed to the Purchasers and the Placement Agents.
    - 7 -

3.2.1.3Other Documents. Such other certificates, affidavits, schedules, resolutions, notes and/or other documents which are provided for hereunder or as a Purchaser may reasonably request.
3.2.1.4Aggregate Investments. Prior to, or contemporaneously with the Closing, each Purchaser shall have actually subscribed for the Subordinated Note Amount set forth on such Purchaser’s signature page to this Agreement.
3.2.2Conditions to the Company’s Obligation. With respect to a given Purchaser, the obligation of the Company to consummate the sale of the Subordinated Notes and to effect the Closing is subject to delivery by or at the direction of such Purchaser to the Company of this Agreement, duly authorized and executed by such Purchaser.
4.REPRESENTATIONS AND WARRANTIES OF THE COMPANY.
The Company hereby represents and warrants to each Purchaser that as follows:
4.1Organization and Authority.
4.1.1Organization Matters of the Company and Its Subsidiaries.
4.1.1.1The Company is a duly incorporated corporation, is validly existing and in good standing under the laws of the State of West Virginia and has all requisite corporate power and authority to conduct its business and activities as presently conducted, to own its properties, and to perform its obligations under the Transaction Documents. The Company is duly qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to so qualify or to be in good standing would not result in a Material Adverse Effect. The Company is duly registered as a bank holding company under the Bank Holding Company Act of 1956, as amended.
4.1.1.2The Bank is the only Significant Subsidiary of the Company. The Bank, has been duly chartered and is validly existing as a West Virginia state bank and each other Subsidiary has been duly organized and is validly existing under the jurisdiction of its organization, in each case in good standing under the laws of the jurisdiction of its organization, has corporate, trust or limited liability company power, as applicable, and authority to own, lease and operate its properties and to conduct its business and is duly qualified as a foreign corporation to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to so qualify or to be in good standing would not result in a Material Adverse Effect. All of the issued and outstanding shares of capital stock or other Equity Interests in each Significant Subsidiary of the Company have been duly authorized and validly issued, are fully paid and non-assessable (to the extent such concepts apply to entities other than corporations) and are owned by the Company, directly or through Subsidiaries of the Company, free and clear of any security interest, mortgage, pledge, lien, encumbrance or claim 
    - 8 -

except as disclosed in the Company’s Reports; none of the outstanding shares of capital stock of, or other Equity Interests in, any Significant Subsidiary of the Company were issued in violation of the preemptive or similar rights of any security holder of such Significant Subsidiary of the Company or any other entity.
4.1.1.3The deposit accounts of the Bank are insured by the FDIC up to applicable limits. The Bank has not received any written notice or other information indicating that the Bank is not an “insured depository institution” as defined in 12 U.S.C. Section 1813, nor has any event occurred which could reasonably be expected to materially and adversely affect the status of the Bank as an FDIC-insured institution.
4.1.2Capital Stock and Related Matters. The Articles of Incorporation of the Company authorize the Company to issue (i) 20,000,000 shares of common stock, par value $1.00 per share (“Common Stock”), (ii) 20,000,000 shares of Class A Common Stock, par value $1.00 per share and (iii) 20,000 shares of preferred stock, par value $1,000 per share (“Preferred Stock”). As of August 31, 11,944,186 shares (excluding 848,016 shares held in treasury) of the Company’s Common Stock, no shares of Class A Common Stock and no shares of the Company’s Preferred Stock, were issued and outstanding. All of the outstanding capital stock of the Company has been duly authorized and validly issued and is fully paid and non-assessable. Other than pursuant to the Company’s equity incentive plans duly adopted by the Company’s board of directors, there are, as of the date hereof, no outstanding options, rights, warrants or other agreements or instruments obligating the Company to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of the capital stock of the Company or obligating the Company to grant, extend or enter into any such agreement or commitment to any Person other than the Company.
4.2No Impediment to Transactions.
4.2.1Transaction is Legal and Authorized. The issuance of the Subordinated Notes, the borrowing of the aggregate of the Subordinated Note Amounts, the execution of the Transaction Documents and compliance by the Company with all of the provisions of the Transaction Documents are within the corporate and other powers of the Company.
4.2.2Agreement. This Agreement has been duly authorized, executed and delivered by the Company, and, assuming due authorization, execution and delivery by the other parties hereto, constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable principles
4.2.3Subordinated Notes. The Subordinated Notes have been duly authorized by the Company and when executed by the Company and completed, authenticated, issued and delivered to and paid for by the Purchasers in accordance with the terms of this Agreement, will have been duly issued and will constitute legal, valid and binding obligations of the Company, enforceable in accordance with their terms, except as enforcement thereof may be limited by 
    - 9 -

bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable principles.
4.2.4Exemption from Registration;  No Disqualification Event. Neither the Company, nor any of its Subsidiaries or Affiliates, nor any Person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Subordinated Notes. Assuming the accuracy of the representations and warranties of each Purchaser set forth in this Agreement, the Subordinated Notes will be issued in a transaction exempt from the registration requirements of the Securities Act. No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification Event”) is applicable to the Company or, to the Company’s knowledge, any Person described in Rule 506(d)(1) (each, a “Company Covered Person”). To the Company’s knowledge after exercising reasonable care, no Company Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e).
4.2.5No Defaults or Restrictions. Neither the execution and delivery of the Transaction Documents by the Company nor compliance by the Company with their respective terms and conditions will (whether with or without the giving of notice or lapse of time or both) (i) violate, conflict with or result in a breach of, or constitute a default under: (1) the Articles of Incorporation or Bylaws; (2) any of the terms, obligations, covenants, conditions or provisions of any corporate restriction or of any contract, agreement, indenture, mortgage, deed of trust, pledge, bank loan or credit agreement, or any other agreement or instrument to which the Company or the Bank, as applicable, is now a party or by which it or any of its properties is now bound; (3) any judgment, order, writ, injunction, decree or demand of any court, arbitrator, grand jury, or Governmental Agency applicable to the Company or the Bank; or (4) any statute, rule or regulation applicable to the Company or the Bank, except, (A) in the case of items (2), (3) and (4), for such violations, conflicts, breaches, and defaults that would not, singularly or in the aggregate, result in a Material Adverse Effect on the Company, or (B) in the case of item (2), have otherwise been consented to or waived; or (ii) result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any property or asset of the Company. Neither the Company nor the Bank is in default in the performance, observance or fulfillment of any of the terms, obligations, covenants, conditions or provisions contained in any indenture or other agreement creating, evidencing or securing Indebtedness or pursuant to which any such Indebtedness is issued, or any other agreement or instrument to which the Company or the Bank, as applicable, is a party or by which the Company or the Bank, as applicable, or any of its properties is now bound, except, in each case, only such defaults that would not, singularly or in the aggregate, result in a Material Adverse Effect on the Company.
4.2.6Governmental Consent. No governmental orders, permissions, consents, approvals or authorizations are required to be obtained by the Company that have not been obtained, and no registrations or declarations are required to be filed by the Company that have not been filed in connection with, or, in contemplation of, the execution and delivery of, and performance under, the Transaction Documents, except as may be required pursuant to the 
    - 10 -

Securities Act, the Exchange Act, Regulation D, any applicable state securities laws or “blue sky” laws of the various states and any applicable federal or state banking laws and regulations.
4.3Possession of Licenses and Permits. The Company and each Significant Subsidiary possess such permits, licenses, approvals, consents and other authorizations (collectively, “Governmental Licenses”) issued by the appropriate Governmental Agencies necessary to conduct the business now operated by them except where the failure to possess such Governmental Licenses would not, singularly or in the aggregate, have a Material Adverse Effect on the Company. The Company and each Significant Subsidiary is in compliance with the terms and conditions of all such Governmental Licenses, except where the failure to so comply would not, individually or in the aggregate, have a Material Adverse Effect on the Company. All of the Governmental Licenses are valid and in full force and effect, except where the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would not have a Material Adverse Effect on the Company. Neither the Company nor any Significant Subsidiary has received any written notice of proceedings relating to the revocation or modification of any such Governmental Licenses except where such proceedings would not have a Material Adverse Effect on the Company or such Significant Subsidiary.
4.4Financial Condition.
4.4.1Company Financial Statements. The financial statements of the Company included in the Company’s Reports (including the related notes, where applicable), which have been made available to the Purchasers (i) have been prepared from, and are in accordance with, the books and records of the Company; (ii) fairly present in all material respects the results of operations, cash flows, changes in stockholders’ equity and financial position of the Company and its consolidated Subsidiaries, for the respective fiscal periods or as of the respective dates therein set forth (subject in the case of unaudited statements to recurring year-end audit adjustments normal in nature and amount), as applicable; (iii) complied as to form, as of their respective dates of filing in all material respects with applicable accounting and banking requirements as applicable, with respect thereto; and (iv) have been prepared in accordance with GAAP consistently applied during the periods involved, except, in each case, (x) as indicated in such statements or in the notes thereto, (y) for any statement therein or omission therefrom that was corrected, amended, or supplemented or otherwise disclosed or updated in a subsequent Company’s Report, and (z) to the extent that any unaudited interim financial statements do not contain the footnotes required by GAAP, and were or are subject to normal and recurring year-end adjustments, which were not or are not expected to be material in amount, either individually or in the aggregate. The books and records of the Company have been, and are being, maintained in all material respects in accordance with GAAP and any other applicable legal and accounting requirements. The Company does not have any material liability of any nature whatsoever (whether absolute, accrued, contingent or otherwise and whether due or to become due), except for those liabilities that are reflected or reserved against on the consolidated balance sheet of the Company contained in the Company’s Reports for the Company’s most recently completed quarterly or annual fiscal period, as applicable, and for liabilities incurred in the ordinary course of business consistent with past practice or in 
    - 11 -

connection with the Transaction Documents and the transactions contemplated hereby and thereby.
4.4.2Absence of Default. Since the end of the Company’s last fiscal year ended December 31, 2020, no event has occurred which either of itself or with the lapse of time or the giving of notice or both, would give any creditor of the Company the right to accelerate the maturity of any material Indebtedness of the Company. The Company is not in default under any Lease, agreement or instrument, or any law, rule, regulation, order, writ, injunction, decree, determination or award, non-compliance of which would reasonably be expected to result in a Material Adverse Effect on the Company.
4.4.3Solvency. After giving effect to the consummation of the transactions contemplated by this Agreement, the Company has capital sufficient to carry on its business and transactions and is solvent and able to pay its debts as they mature. No transfer of property is being made and no Indebtedness is being incurred in connection with the transactions contemplated by this Agreement with the intent to hinder, delay or defraud either present or future creditors of the Company or any Subsidiary of the Company.
4.4.4Ownership of Property. The Company and each of its Subsidiaries has good and marketable title as to all real property owned by it and good title to all assets and properties owned by the Company and such Subsidiary in the conduct of its businesses, whether such assets and properties are real or personal, tangible or intangible, including assets and property reflected in the most recent balance sheet contained in the Company’s Reports or acquired subsequent thereto (except to the extent that such assets and properties have been disposed of in the ordinary course of business, since the date of such balance sheet), subject to no encumbrances, liens, mortgages, security interests or pledges, except (i) those items which secure liabilities for public or statutory obligations or any discount with, borrowing from or other obligations to the Federal Home Loan Bank, inter-bank credit facilities, reverse repurchase agreements or any transaction by the Bank acting in a fiduciary capacity, (ii) statutory liens for amounts not yet delinquent or which are being contested in good faith, (iii) such as do not, individually or in the aggregate, materially and adversely affect the value of such property and do not materially and adversely interfere with the use made and proposed to be made of such property by the Company or any of its Subsidiaries, or (iv) as disclosed in the Company’s Reports. The Company and each of its Subsidiaries, as lessee, has the right under valid and existing Leases of real and personal properties that are material to the Company or such Subsidiary, as applicable, in the conduct of its business to occupy or use all such properties as presently occupied and used by it.
4.5No Material Adverse Effect. Since the end of the Company’s last fiscal year ended December 31, 2020, there has been no Material Adverse Effect on the Company.
4.6Legal Matters.
4.6.1Compliance with Law. The Company and each of its Subsidiaries (i) has complied with and (ii) to the Company’s knowledge, is not under investigation with respect to, and, to the Company’s knowledge, has not been threatened to be charged with or given any 
    - 12 -

written notice of any material violation of any applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign government, or any instrumentality or agency thereof, having jurisdiction over the conduct of its business or the ownership of its properties, except where any such failure to comply or violation would not reasonably be expected to have a Material Adverse Effect on the Company and its Subsidiaries, taken as a whole. The Company and each of its Subsidiaries is in compliance with, and at all times since December 31, 2017, has been in compliance with, (x) all statutes, rules, regulations, orders and restrictions of any domestic or foreign government, or any Governmental Agency applicable to it, and (y) its own privacy policies and written commitments to customers, consumers and employees, concerning data protection, the privacy and security of personal data, and the nonpublic personal information of its customers, consumers and employees, in each case except where any such failure to comply would not result, either individually or in the aggregate, in a Material Adverse Effect. At no time during the two years prior to the date hereof has the Company or any of its Subsidiaries received any written notice asserting any violations of any of the foregoing.
4.6.2Regulatory Enforcement Actions. The Company, the Bank and its other Subsidiaries are in compliance in all material respects with all laws administered by and regulations of any Governmental Agency applicable to it or to them, except where the failure to comply would not have a Material Adverse Effect. None of the Company, the Bank, the Company’s or the Bank’s Subsidiaries nor any of their officers or directors is now operating under any material restrictions, written agreements, memoranda, commitment letter, supervisory letter or similar regulatory correspondence, or other commitments (other than restrictions of general application) imposed by any Governmental Agency, nor are, to the Company’s knowledge, (a) any such restrictions threatened, (b) any agreements, memoranda or commitments being sought by any Governmental Agency, or (c) any legal or regulatory violations previously identified by, or penalties or other remedial action previously imposed by, any Governmental Agency remains unresolved.
4.6.3Pending Litigation. There are no actions, suits, proceedings or written agreements pending, or, to the Company’s knowledge, threatened or proposed, against the Company or any of its Subsidiaries at law or in equity before or by any Governmental Agency, that would reasonably be expected to have a Material Adverse Effect on the Company and any of its Subsidiaries, taken as a whole, or materially and adversely affect the issuance or payment of the Subordinated Notes; the aggregate of all pending legal or governmental proceedings to which the Company or any Subsidiary is a party or of which any of their respective properties or assets is the subject, including ordinary routine litigation incidental to the business, would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect on the Company and any of its Subsidiaries taken as a whole.
4.6.4Environmental. No Property is or, to the Company’s knowledge, has been a site for the use, generation, manufacture, storage, treatment, release, threatened release, discharge, disposal, transportation or presence of any Hazardous Materials and neither the Company nor any of its Subsidiaries has engaged in such activities. There are no claims or actions pending or, to the Company’s knowledge threatened, against the Company or any of its 
    - 13 -

Subsidiaries by any Governmental Agency or by any other Person relating to any Hazardous Materials or pursuant to any Hazardous Materials Law.
4.6.5Brokerage Commissions. Except for commissions paid to the Placement Agents, neither the Company nor any Affiliate of the Company is obligated to pay any brokerage commission or finder’s fee to any Person in connection with the transactions contemplated by this Agreement.
4.6.6Investment Company Act. Neither the Company nor any of its Subsidiaries is an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended.
4.7No Misstatement. None of the representations, warranties, covenants and agreements made by the Company in this Agreement or in any certificate delivered to the Purchasers, when viewed together as a whole, by or on behalf of the Company pursuant to this Agreement contains any untrue statement of a material fact, or omits to state a material fact necessary to make the statements contained therein not misleading in light of the circumstances when made or furnished to the Purchasers, as of the date of this Agreement.
4.8Internal Accounting  Controls and Disclosure Controls.
4.8.1The Company and its Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (A) transactions are executed in accordance with the management’s general or specific authorizations, (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (C) access to assets is permitted only in accordance with the management’s general or specific authorization, and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company’s internal control over financial reporting is effective, and the Company is not aware of any material weaknesses in its internal control. Since the date of the Company’s latest audited financial statements filed with the SEC, there has been no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
4.8.2The Company has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and 15d-15(e) under the 1934 Act). Such disclosure controls and procedures (A) are designed to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to the Company’s Chief Executive Officer and its Chief Financial Officer by others within those entities, and (B) are effective to perform the functions for which they were established. The Company’s auditors and the Audit Committee of the board of directors of the Company have not been advised that there is (1) any fraud, whether or not material, that involves management or other employees who have a role in the Company’s internal controls, or (2) any material weaknesses in internal controls. Since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls, including any corrective actions with regard to material weaknesses. The 
    - 14 -

principal executive officer (or the equivalents) and principal financial officer (or the equivalent) of the Company have made all certifications required by the Sarbanes-Oxley Act, and the statements made in each such certification are accurate; the Company, its subsidiaries and to the Company’s knowledge, its directors and officers, are each in compliance in all material respects with the applicable provisions of the Sarbanes-Oxley Act.
4.9Tax Matters. The Company, the Bank and each Subsidiary of the Company have (i) filed all material foreign, U.S. federal, state and local tax returns, information returns and similar reports that are required to be filed by them prior to the date hereof, or requests for extensions to file such returns have been timely filed, and all such tax returns were true, correct and complete in all material respects, and (ii) paid all material taxes required to be paid by them, other than taxes (x) currently payable without penalty or interest, or (y) being contested in good faith by appropriate proceedings.
4.10Exempt Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in this Agreement, no registration under the Securities Act is required for the offer and sale of the Subordinated Notes by the Company to the Purchasers.
4.11Representations and Warranties Generally. The representations and warranties of the Company set forth in this Agreement or in any other agreement delivered to the Purchasers by the Company pursuant to the requirements of this Agreement are true and correct as of the date hereof and as otherwise specifically provided herein or therein. Any certificate signed by a duly authorized representative of the Company and delivered to a Purchaser or to counsel for a Purchaser shall be deemed to be a representation and warranty by the Company to such Purchaser as to the matters set forth therein.
5.GENERAL COVENANTS,  CONDITIONS AND AGREEMENTS.
The Company hereby further covenants and agrees with each Purchaser as follows:
5.1Compliance with Transaction Documents. The Company shall comply with, observe and timely perform each and every one of the covenants, agreements and obligations of the Company under the Transaction Documents.
5.2Affiliate Transactions. The Company shall not itself, nor shall it cause, permit or allow any of its Subsidiaries to, enter into any material transaction, including, the purchase, sale or exchange of property or the rendering of any service, with any Affiliate of the Company except in the ordinary course of business and pursuant to reasonable requirements of the Company’s or such Affiliate’s business and upon terms consistent with applicable laws and regulations and reasonably found by the appropriate board(s) of directors to be fair and reasonable and no less favorable to the Company or such Affiliate than would be obtained in a comparable arm’s length transaction with a Person not an Affiliate.
5.3Compliance with Laws.
    - 15 -

5.3.1Generally. The Company shall comply and cause the Bank and each of its other Subsidiaries to comply in all material respects with all applicable statutes, rules, regulations, orders and restrictions in respect of the conduct of its business and the ownership of its properties, except, in each case, where such noncompliance would not reasonably be expected to have a Material Adverse Effect on the Company.
5.3.2Regulated Activities. The Company shall not itself, nor shall it cause, permit or allow the Bank or any other of its Subsidiaries to (i) engage in any business or activity not permitted by all applicable laws and regulations, except where such business or activity would not reasonably be expected to have a Material Adverse Effect on the Company, the Bank and/or such of its Subsidiaries or (ii) make any loan or advance secured by the capital stock of another bank or depository institution, or acquire the capital stock, assets or obligations of or any interest in another bank or depository institution, in each case other than in accordance with applicable laws and regulations and safe and sound banking practices.
5.3.3Taxes. The Company shall and shall cause the Bank and any other of its Subsidiaries to promptly pay and discharge all material taxes, assessments and other governmental charges imposed upon the Company, the Bank or any other of its Subsidiaries or upon the income, profits, or property of the Company or any Subsidiary and all claims for labor, material or supplies which, if unpaid, might by law become a lien or charge upon the property of the Company, the Bank or any other of its Subsidiaries. Notwithstanding the foregoing, none of the Company, the Bank or any other of the Company’s Subsidiaries shall be required to pay any such tax, assessment, charge or claim, so long as the validity thereof is being contested in good faith by appropriate proceedings, and appropriate reserves therefor are being maintained on the books of the Company, the Bank and such other Subsidiary.
5.3.4Corporate Existence. The Company shall do or cause to be done all things reasonably necessary to maintain, preserve and renew its corporate existence and that of the Bank and its and the Bank’s rights and franchises; provided, however, that the Company may consummate a merger that is permitted under the terms of the Subordinated Notes.
5.3.5Tier 2 Capital. If all or any portion of the Subordinated Notes ceases to be deemed Tier 2 Capital, other than due to the limitation imposed on the capital treatment of subordinated debt during the five (5) years immediately preceding the Maturity Date of the Subordinated Notes, the Company will as promptly as reasonably practicable notify the Holder (as defined in the Subordinated Note) of the Subordinated Notes, and thereafter, the Company and the Holder (as defined in the Subordinated Note) of the Subordinated Notes will work together in good faith to execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital; provided, however, that nothing contained in this Agreement shall limit the Company’s right to redeem the Subordinated Notes upon the occurrence of a Tier 2 Capital Event, as described in the Subordinated Notes.
5.4Absence of Control. It is the intent of the parties to this Agreement that in no event shall the Purchasers, by reason of any of the Transaction Documents, be deemed to control, directly or indirectly, the Company, and the Purchasers shall not exercise, or be deemed to 
    - 16 -

exercise, directly or indirectly, a controlling influence over the management or policies of the Company.
5.5Secondary Market Transactions. To the extent and so long as not in violation of Section 6.4 hereof, each Purchaser shall have the right at any time and from time to time to securitize its Subordinated Notes or any portion thereof in a single asset securitization or a pooled loan securitization of rated single or multi-class securities secured by or evidencing ownership interests in the Subordinated Notes (each such securitization is referred to herein as a “Secondary Market Transaction”). In connection with any such Secondary Market Transaction, the Company shall reasonably cooperate with the Purchasers and otherwise reasonably assist the Purchasers in satisfying the market standards to which the Purchasers customarily adhere or which may be reasonably required in the marketplace or by applicable rating agencies in connection with any such Secondary Market Transaction, but in no event shall the Company be required to incur any costs or expenses in excess of $7,500 in connection therewith. Subject to any written confidentiality obligation, including the terms of any non-disclosure agreements between the Purchasers and the Company, all information regarding the Company may be furnished, without liability except in the case of gross negligence or willful misconduct, to any Purchaser and to any Person reasonably deemed necessary by the Purchaser in connection with participation in such Secondary Market Transaction. The Purchaser shall cause any Person to whom the Purchaser wishes to deliver confidential Company information related to the Secondary Market Transaction to execute and deliver to the Company a non-disclosure agreement reasonably acceptable to the Company unless such Person is a party to a commercially reasonable non-disclosure agreement to which the Company is a third party beneficiary. All documents, financial statements, appraisals and other data relevant to the Company or the Subordinated Notes may be retained by any such Person, subject to the terms of any applicable nondisclosure agreement.
5.6Bloomberg. The Company shall use commercially reasonable efforts to cause the Subordinated Notes to be quoted on Bloomberg.
5.7Rule 144A Information. While any Subordinated Notes remain “restricted securities” within the meaning of the Securities Act, the Company will make available, upon the request of any Purchaser or subsequent holder of any Subordinated Notes the information specified in Rule 144A(d)(4) under the Securities Act, unless the Company is then subject to Section 13 or 15(d) of the Exchange Act.
5.8Redemption. For purposes of clarity and pursuant to (and as further described in) the terms of the Subordinated Notes, any redemption made pursuant to the terms of the Subordinated Notes shall be made on a pro rata basis, and, for purposes of a partial redemption processed through DTC and treated by DTC, in accordance with its rules and procedures, on a “Pro Rata Pass-Through Distribution of Principal” basis, among all of the Subordinated Notes outstanding at the time thereof.
5.9NRSRO Rating. The Company will use commercially reasonable efforts to maintain a rating by a nationally recognized statistical rating organization (“NRSRO”) while any Subordinated Notes remain outstanding.
    - 17 -

5.10Insurance. At its sole cost and expense, the Company shall maintain, and shall cause each Subsidiary to maintain, bonds and insurance to such extent, covering such risks as is required by law or as is usual and customary for owners of similar businesses and properties in the same general area in which the Company or any of its Subsidiaries operates. All such bonds and policies of insurance shall be in a form, in an amount and with insurers recognized as adequate by prudent business persons.
6.REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PURCHASERS.
Each Purchaser hereby represents and warrants to the Company, and covenants with the Company, severally and not jointly, solely with respect to such Purchaser and no other Purchaser as follows:
6.1Legal Power and Authority. The Purchaser has all necessary power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. The Purchaser is an entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization.
6.2Authorization and Execution. The execution, delivery and performance of this Agreement have been duly authorized by all necessary action on the part of such Purchaser, and, assuming due authorization, execution and delivery by the other parties thereto, this Agreement is a legal, valid and binding obligation of such Purchaser, enforceable against such Purchaser in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable principles.
6.3No Conflicts. Neither the execution or delivery of or performance under the Transaction Documents nor the consummation of any of the transactions contemplated thereby will conflict with, violate, or constitute a breach of or a default under (whether with or without the giving of notice or lapse of time or both) (i) the Purchaser’s organizational documents, (ii) any agreement to which the Purchaser is party, (iii) any law applicable to the Purchaser or (iv) any order, writ, judgment, injunction, decree, determination or award binding upon or affecting the Purchaser.
6.4Purchase for Investment. The Purchaser is purchasing the Subordinated Notes for its own account and not with a view to distribution and with no present intention of reselling, distributing or otherwise disposing of the same. The Purchaser has no present or contemplated agreement, undertaking, arrangement, obligation, indebtedness or commitment providing for, or which is likely to compel, a disposition of the Subordinated Notes in any manner.
6.5Institutional Accredited Investor. The Purchaser is and will be on the Closing Date either (i) an institutional “accredited investor” as such term is defined in Rule 501(a) of Regulation D and as contemplated by subsections (1), (2), (3) and (7) of Rule 501(a) of Regulation D, and has no less than $5,000,000 in total assets, or (ii) a QIB.
    - 18 -

6.6Financial and Business Sophistication. The Purchaser has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the prospective investment in the Subordinated Notes. The Purchaser has relied solely upon its own knowledge of, and/or the advice of its own legal, financial or other advisors with regard to, the legal, financial, tax and other considerations involved in deciding to invest in the Subordinated Notes.
6.7Ability to Bear Economic Risk of Investment. The Purchaser recognizes that an investment in the Subordinated Notes involves substantial risk. The Purchaser has the ability to bear the economic risk of the prospective investment in the Subordinated Notes, including the ability to hold the Subordinated Notes indefinitely, and further including the ability to bear a complete loss of all of the Purchaser’s investment in the Company.
6.8Information. The Purchaser acknowledges that: (i) the Purchaser is not being provided with the disclosures that would be required if the offer and sale of the Subordinated Notes were registered under the Securities Act, nor is the Purchaser being provided with any offering circular or prospectus prepared in connection with the offer and sale of the Subordinated Notes; (ii) the Purchaser has conducted its own examination of the Company and the terms of the Subordinated Notes to the extent the Purchaser deems necessary to make its decision to invest in the Subordinated Notes; (iii) the Purchaser has availed itself of publicly available financial and other information concerning the Company to the extent the Purchaser deems necessary to its decision to purchase the Subordinated Notes, including, but not limited to, information appearing under the heading “Item 1A: Risk Factors” in each of the Company Reports; and (iv) the Purchaser has not received nor relied on any form of general solicitation or general advertising (within the meaning of Regulation D) from the Company in connection with the offer or sale of the Subordinated Notes. The Purchaser has reviewed the information set forth in the Company’s Reports and the exhibits hereto and the information contained in the data room established by the Company in connection with the transactions contemplated by this Agreement.
6.9Access to Information. The Purchaser acknowledges that the Purchaser and its advisors have been furnished with all materials relating to the business, finances and operations of the Company that have been requested by the Purchaser or its advisors and have been given the opportunity to ask questions of, and to receive answers from, persons acting on behalf of the Company concerning the terms and conditions of the transactions contemplated by this Agreement in order to make an informed and voluntary decision to enter into this Agreement.
6.10Investment Decision. The Purchaser has made its own investment decision based upon its own judgment, due diligence and advice from such advisors as it has deemed necessary and not upon any view expressed by any other Person, including the Placement Agents. Neither any inquiries nor any other due diligence investigations conducted by it or its advisors or representatives, if any, shall modify, amend or affect its right to rely on the Company’s representations and warranties contained herein. The Purchaser is not relying upon, and has not relied upon, any advice, statement, representation or warranty made by any Person by or on behalf of the Company, including the Placement Agents, except for the express statements, representations and warranties of the Company made or contained in this Agreement. 
    - 19 -

Furthermore, the Purchaser acknowledges that (i) the Placement Agents have not performed any due diligence review on behalf of it and (ii) nothing in this Agreement or any other materials presented by or on behalf of the Company to the Purchaser in connection with the purchase of the Subordinated Notes constitutes legal, tax, accounting, or investment advice.
6.11Private Placement; No Registration; Restricted Legends. The Purchaser understands and acknowledges that the Subordinated Notes are being sold by the Company without registration under the Securities Act in reliance on the exemption from federal and state registration set forth in, respectively, Rule 506(b) of Regulation D promulgated under Section 4(a)(2) of the Securities Act and Section 18 of the Securities Act, or any state securities laws, and, accordingly, may be resold, pledged or otherwise transferred only if exemptions from the Securities Act and applicable state securities laws are available to it. The Purchaser is not subscribing for Subordinated Notes as a result of or subsequent to any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, or presented at any seminar or meeting. The Purchaser further acknowledges and agrees that all certificates or other instruments representing the Subordinated Notes will bear the restrictive legend set forth in the form of Subordinated Note. The Purchaser further acknowledges its primary responsibilities under the Securities Act and, accordingly, will not sell or otherwise transfer the Subordinated Notes or any interest therein without complying with the requirements of the Securities Act and the rules and regulations promulgated thereunder and the requirements set forth in this Agreement.
6.12Placement Agents. The Purchaser will purchase the Subordinated Note(s) directly from the Company and not from the Placement Agents and understands that neither the Placement Agents nor any other broker or dealer have any obligation to make a market in the Subordinated Notes.
6.13Tier 2 Capital. If the Company provides notice as contemplated in Section 5.3.5 that all or any portion of the Subordinated Notes ceases to be deemed to be Tier 2 Capital, thereafter the Company and the Purchasers will work together in good faith to execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the obligations evidenced by the Subordinated Notes so that the Subordinated Notes qualify as Tier 2 Capital; provided, however, that nothing contained in this Agreement shall limit the Company’s right to redeem the Subordinated Notes upon the occurrence of a Tier 2 Capital Event as described in the Subordinated Notes.
6.14Foreign Investors. If the Purchaser is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended), the Purchaser hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Subordinated Notes or any use of this Agreement, including (i) the legal requirements within its jurisdiction for the purchase of the Subordinated Notes (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Subordinated Notes. The Purchaser’s subscription and payment for and continued 
    - 20 -

beneficial ownership of the Subordinated Notes will not violate any applicable securities or other laws of the Purchaser’s jurisdiction.
6.15Accuracy of Representations. The Purchaser understands that the Placement Agents and the Company will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements in connection with the transactions contemplated by this Agreement.
6.16Representations and Warranties Generally. The representations and warranties of the Purchaser set forth in this Agreement are true and correct as of the date hereof and will be true and correct as of the Closing Date and as otherwise specifically provided herein. Any certificate signed by a duly authorized representative of the Purchaser and delivered to the Company or to counsel for the Company shall be deemed to be a representation and warranty by the Purchaser to the Company as to the matters set forth therein.
7.MISCELLANEOUS.
7.1Prohibition on Assignment by the Company. Except as described in Sections 5 and 14 of the Global Note, the Company may not assign, transfer or delegate any of its rights or obligations under this Agreement or the Subordinated Notes without the prior written consent of the Purchasers.
7.2Time of the Essence. Time is of the essence for this Agreement.
7.3Waiver or Amendment. No waiver or amendment of any term, provision, condition, covenant or agreement herein shall be effective unless in writing and signed by all of the parties hereto. No failure to exercise or delay in exercising, by a Purchaser or any Holder of the Subordinated Notes (as defined therein), any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise of any other right or remedy provided by law. The rights and remedies provided in this Agreement are cumulative and not exclusive of any right or remedy provided by law or equity.
7.4Severability. Any provision of this Agreement which is unenforceable or invalid or contrary to law, or the inclusion of which would adversely affect the validity, legality or enforcement of this Agreement, shall be of no effect and, in such case, all the remaining terms and provisions of this Agreement shall subsist and be fully effective according to the tenor of this Agreement the same as though any such invalid portion had never been included herein. Notwithstanding any of the foregoing to the contrary, if any provisions of this Agreement or the application thereof are held invalid or unenforceable only as to particular Persons or situations, the remainder of this Agreement, and the application of such provision to Persons or situations other than those to which it shall have been held invalid or unenforceable, shall not be affected thereby, but shall continue valid and enforceable to the fullest extent permitted by law.
7.5Notices. Any notice which any party hereto may be required or may desire to give hereunder shall be deemed to have been given if in writing and if delivered personally, or if 
    - 21 -

mailed, postage prepaid, by United States registered or certified mail, return receipt requested, or if delivered by a responsible overnight commercial courier promising next Business Day delivery, addressed:
						
	if to the Company:	MVB Financial Corp.
3000 Swiss Pine Way
Suite 100
Morgantown, WV 26501
Attention: Don Robinson, CFO
Email: drobinson@mvbbanking.com

	with a copy to:	Squire Patton Boggs (US) LLP
221 E. Fourth St., Suite 2900
Cincinnati, Ohio 45202
Attention: James J. Barresi
Email: James.Barresi@squirepb.com

	if to the Purchasers:	To the address indicated on such Purchaser’s signature page.

or to such other address or addresses as the party to be given notice may have furnished in writing to the party seeking or desiring to give notice, as a place for the giving of notice; provided that no change in address shall be effective until five (5) Business Days after being given to the other party in the manner provided for above. Any notice given in accordance with the foregoing shall be deemed given when delivered personally or, if mailed, three (3) Business Days after it shall have been deposited in the United States mail as aforesaid or, if sent by overnight courier, the Business Day following the date of delivery to such courier (provided next Business Day delivery was requested).
7.6Successors and Assigns. This Agreement shall inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns; except that, unless a Purchaser consents in writing, no assignment made by the Company in violation of this Agreement shall be effective or confer any rights on any purported assignee of the Company. The term “successors and assigns” will not include a purchaser of any of the Subordinated Notes from any Purchaser merely because of such purchase.
7.7No Joint Venture. Nothing contained herein or in any document executed pursuant hereto and no action or inaction whatsoever on the part of a Purchaser, shall be deemed to make a Purchaser a partner or joint venturer with the Company.
7.8Documentation. All documents and other matters required by any of the provisions of this Agreement to be submitted or furnished to a Purchaser shall be in form and substance satisfactory to such Purchaser.
    - 22 -

7.9Entire Agreement. This Agreement, the Subordinated Notes, the nondisclosure agreement between the Purchaser and the Company relating to the transactions contemplated by this Agreement, along with the exhibits thereto, constitute the entire agreement between the parties hereto with respect to the subject matter hereof. No party, in entering into this Agreement, has relied upon any representation, warranty, covenant, condition or other term that is not set forth in this Agreement, or the Subordinated Notes.
7.10Choice of Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving effect to its laws or principles of conflict of laws. Nothing herein shall be deemed to limit any rights, powers or privileges which a Purchaser may have pursuant to any law of the United States of America or any rule, regulation or order of any department or agency thereof and nothing herein shall be deemed to make unlawful any transaction or conduct by a Purchaser which is lawful pursuant to, or which is permitted by, any of the foregoing.
7.11No Third Party Beneficiary. This Agreement is made for the sole benefit of the Company and the Purchasers, and no other Person shall be deemed to have any privity of contract hereunder nor any right to rely hereon to any extent or for any purpose whatsoever, nor shall any other Person have any right of action of any kind hereon or be deemed to be a third party beneficiary hereunder; provided, that the Placement Agents may rely on the representations and warranties contained herein to the same extent as if they were a party to this Agreement.
7.12Legal Tender of United States. All payments hereunder shall be made in coin or currency which at the time of payment is legal tender in the United States of America for public and private debts.
7.13Captions;  Counterparts. Captions contained in this Agreement in no way define, limit or extend the scope or intent of their respective provisions. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law, e.g., www.docusign.com) or other transmission method including portable document format (.pdf) and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
7.14Knowledge;  Discretion. All references herein to a Purchaser’s or the Company’s knowledge shall be deemed to mean the knowledge of such party based on the actual knowledge of such party’s Chief Executive Officer and Chief Financial Officer or such other persons holding equivalent offices. Unless specified to the contrary herein, all references herein to an exercise of discretion or judgment by a Purchaser, to the making of a determination or designation by a Purchaser, to the application of a Purchaser’s discretion or opinion, to the granting or withholding of a Purchaser’s consent or approval, to the consideration of whether a matter or thing is satisfactory or acceptable to a Purchaser, or otherwise involving the decision 
    - 23 -

making of a Purchaser, shall be deemed to mean that such Purchaser shall decide using the reasonable discretion or judgment of a prudent lender.
7.15Waiver of Right to Jury Trial. TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THAT THEY MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH ANY OF THE TRANSACTION DOCUMENTS, OR ANY OTHER STATEMENTS OR ACTIONS OF THE COMPANY OR THE PURCHASERS. THE PARTIES HERETO ACKNOWLEDGE THAT THEY HAVE BEEN REPRESENTED IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL SELECTED OF THEIR OWN FREE WILL. THE PARTIES HERETO FURTHER ACKNOWLEDGE THAT (I) THEY HAVE READ AND UNDERSTAND THE MEANING AND RAMIFICATIONS OF THIS WAIVER, (II) THIS WAIVER HAS BEEN REVIEWED BY THE PARTIES HERETO AND THEIR COUNSEL AND IS A MATERIAL INDUCEMENT FOR ENTRY INTO THIS AGREEMENT AND (III) THIS WAIVER SHALL BE EFFECTIVE AS TO EACH OF SUCH TRANSACTION DOCUMENTS AS IF FULLY INCORPORATED THEREIN.
7.16Expenses. Except as otherwise provided in this Agreement, each of the parties hereto will bear and pay all costs and expenses, including attorneys’ fees, incurred by it or on its behalf in connection with the transactions contemplated by this Agreement.
7.17Survival. Each of the representations and warranties set forth in this Agreement shall survive the Closing for a period of one year after the date hereof. Except as otherwise provided herein, all covenants and agreements contained herein shall survive until, by their respective terms, they are no longer operative, other than those which by their terms are to be performed in whole or in part prior to or on the Closing Date, which shall terminate as of the Closing Date.
[Signature Pages Follow]
    - 24 -

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized representative as of the date first above written.
COMPANY:

MVB FINANCIAL CORP.

By:                            
Name:     Donald T. Robinson
Title:     Executive Vice President and Chief
    Financial Officer

[Company Signature Page to Subordinated Note Purchase Agreement]

IN WITNESS WHEREOF, the Purchaser has caused this Agreement to be executed by its duly authorized representative as of the date first above written.
PURCHASER:

By:                            
Name:
Title:

Address of Purchaser:

Principal Amount of Purchased Subordinated Note:

$                            

CUSIP:                        

[Purchaser Signature Page to Subordinated Note Purchase Agreement]

Exhibit 4.1

EXHIBIT A
Form of Subordinated Note
MVB FINANCIAL CORP.
3.25% FIXED TO FLOATING RATE SUBORDINATED NOTE DUE OCTOBER 1, 2031
THE INDEBTEDNESS EVIDENCED BY THIS SUBORDINATED NOTE IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OR FUND.
THE INDEBTEDNESS EVIDENCED BY THIS SUBORDINATED NOTE IS SUBORDINATED AND JUNIOR IN RIGHT OF PAYMENT TO SENIOR INDEBTEDNESS (AS DEFINED IN SECTION 3 (SUBORDINATION) OF THIS SUBORDINATED NOTE) OF MVB FINANCIAL CORP., A WEST VIRGINIA CORPORATION. (THE “COMPANY”) INCLUDING OBLIGATIONS OF THE COMPANY TO ITS GENERAL AND SECURED CREDITORS AND IS UNSECURED. IT IS INELIGIBLE AS COLLATERAL FOR ANY EXTENSION OF CREDIT BY THE COMPANY OR ANY OF ITS SUBSIDIARIES.
THIS SUBORDINATED NOTE IS A GLOBAL SUBORDINATED NOTE WITHIN THE MEANING OF SECTION 5 OF THIS SUBORDINATED NOTE AND IS REGISTERED IN THE NAME OF CEDE & CO AS NOMINEE OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS SUBORDINATED NOTE IS EXCHANGEABLE FOR SUBORDINATED NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN SECTION 5 OF THIS SUBORDINATED NOTE, AND NO TRANSFER OF THIS SUBORDINATED NOTE (OTHER THAN A TRANSFER OF THIS SUBORDINATED NOTE AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES SPECIFIED IN THIS SUBORDINATED NOTE.
UNLESS THIS SUBORDINATED NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SUBORDINATED NOTE 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 HEREON 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 SUBORDINATED NOTE WILL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS SUBORDINATED NOTE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE 
    - 27 -

WITH THE RESTRICTIONS SET FORTH IN SECTION 5 OF THIS SUBORDINATED NOTE.
IN THE EVENT OF LIQUIDATION, ALL HOLDERS OF SENIOR INDEBTEDNESS OF THE COMPANY SHALL BE ENTITLED TO BE PAID IN FULL WITH SUCH INTEREST AS MAY BE PROVIDED BY LAW BEFORE ANY PAYMENT SHALL BE MADE ON ACCOUNT OF PRINCIPAL OF OR INTEREST ON THIS SUBORDINATED NOTE. AFTER PAYMENT IN FULL OF ALL SUMS OWING TO SUCH HOLDERS OF SENIOR INDEBTEDNESS, THE HOLDER OF THIS SUBORDINATED NOTE, TOGETHER WITH THE HOLDERS OF ANY OBLIGATIONS OF THE COMPANY RANKING ON A PARITY WITH THE SUBORDINATED NOTES, SHALL BE ENTITLED TO BE PAID FROM THE REMAINING ASSETS OF THE COMPANY THE UNPAID PRINCIPAL AMOUNT OF THIS SUBORDINATED NOTE PLUS ACCRUED AND UNPAID INTEREST THEREON BEFORE ANY PAYMENT OR OTHER DISTRIBUTION, WHETHER IN CASH, PROPERTY OR OTHERWISE, SHALL BE MADE (I) WITH RESPECT TO ANY OBLIGATION THAT BY ITS TERMS EXPRESSLY IS JUNIOR IN THE RIGHT OF PAYMENT TO THE SUBORDINATED NOTES, (II) WITH RESPECT TO THE EXISTING JUNIOR SUBORDINATED DEBENTURES OF THE COMPANY (INCLUDING THOSE UNDERLYING THE OUTSTANDING TRUST PREFERRED SECURITIES) AS OF THE DATE OF THE ISSUANCE OF THIS SUBORDINATED NOTE TO WHICH THIS SUBORDINATED NOTE SHALL BE SENIOR, (III) WITH RESPECT TO ANY INDEBTEDNESS BETWEEN THE COMPANY AND ANY OF ITS SUBSIDIARIES OR AFFILIATES OR (IV) ON ACCOUNT OF ANY SHARES OF CAPITAL STOCK OF THE COMPANY.
THIS SUBORDINATED NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF. ANY ATTEMPTED TRANSFER OF THIS SUBORDINATED NOTE IN A DENOMINATION OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS SUBORDINATED NOTE FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF PAYMENTS ON THIS SUBORDINATED NOTE, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS SUBORDINATED NOTE.
THIS SUBORDINATED NOTE MAY BE SOLD ONLY IN COMPLIANCE WITH APPLICABLE FEDERAL AND STATE SECURITIES LAWS. THIS SUBORDINATED NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, OR ANY OTHER APPLICABLE SECURITIES LAWS. NEITHER THIS SUBORDINATED NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
    - 28 -

CERTAIN ERISA CONSIDERATIONS:
THE HOLDER OF THIS SUBORDINATED NOTE, OR ANY INTEREST HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH, A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SUBORDINATED NOTE, OR ANY INTEREST HEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE AND HOLDING. ANY PURCHASER OR HOLDER OF THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER: (I) IT IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER PLAN, OR ANY OTHER PERSON OR ENTITY USING THE “PLAN ASSETS” OF ANY SUCH PLAN OR OTHER PLAN TO FINANCE SUCH PURCHASE OR (II) SUCH PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH FULL EXEMPTIVE RELIEF IS NOT AVAILABLE UNDER APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.
ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING THE ACQUISITION OF THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN.

    - 29 -

No. [●]    [QIB CUSIP: 553810AC6]
    [Accredited Investor CUSIP: 553810AD4]

MVB FINANCIAL CORP.

3.25% FIXED TO FLOATING RATE SUBORDINATED NOTE DUE OCTOBER 1, 2031
1.Subordinated Notes. This Subordinated note is one of an issue of notes of MVB Financial Corp., a West Virginia corporation (the “Company”), designated as the “3.25% Fixed to Floating Rate Subordinated Notes due October 1, 2031” (the “Subordinated Notes”) issued pursuant to that Subordinated Note Purchase Agreement, dated as of the date upon which this Subordinated Note was originally issued (the “Issue Date”), between the Company and the several purchasers of the Subordinated Notes identified in the signature pages thereto (the “Purchase Agreement”).
2.Payment. The Company, for value received, promises to pay to Cede & Co., or its registered assigns, as nominee of The Depository Trust Company, or its registered assigns, the principal sum of [●] (U.S.) ($[●]), plus accrued but unpaid interest on October 1, 2031 (the “Maturity Date”) and to pay interest thereon (i) from and including the original issue date of the Subordinated Notes to but excluding October 1, 2026 or the earlier redemption date contemplated by Section 4 (Redemption) of this Subordinated Note (the “Fixed Rate Period”) at the rate of 3.25% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months and payable semi-annually in arrears on April 1 and October 1 of each year (each payment date, a “Fixed Interest Payment Date”) beginning April 1, 2022 and (ii) from and including October 1, 2026 to but excluding the Maturity Date or earlier redemption date contemplated by Section 4 (Redemption) of this Subordinated Note (the “Floating Rate Period”), at the rate per annum, reset quarterly, equal to the Floating Interest Rate (as defined below) determined on the Floating Interest Determination Date (as defined below) of the applicable interest period plus 254 basis points, computed on the basis of a 360-day year and the actual number of days elapsed and payable quarterly in arrears (each quarterly period a “Floating Interest Period”) on January 1, April 1, July 1 and October 1 of each year (each payment date, a “Floating Interest Payment Date”). Dollar amounts resulting from this calculation shall be rounded to the nearest cent, with one-half cent being rounded up. The term “Floating Interest Determination Date” means the date upon which the Floating Interest Rate is determined by the Calculation Agent pursuant to the Three-Month Term SOFR Conventions (as defined below). Notwithstanding anything to the contrary, (i) in the event the Three-Month Term SOFR (as defined below) is less than zero, the Three-Month Term SOFR shall be deemed to be zero, and (ii) if a Benchmark Transition Event (as defined below) and its related Benchmark Replacement Date (as defined below) have occurred and the Benchmark Replacement (as defined below) is less than zero, then the Benchmark Replacement shall be deemed to be zero.
(a)An “Interest Payment Date” is either a Fixed Interest Payment Date or a Floating Interest Payment Date, as applicable.
(b)The “Floating Interest Rate” means:
    - 30 -

(i)initially Three-Month Term SOFR (as defined below).
(ii)Notwithstanding the foregoing clause (i) of this Section 2(b):
(1)If the Calculation Agent, determines prior to the relevant Floating Interest Determination Date that a Benchmark Transition Event and its related Benchmark Replacement Date (each of such terms as defined below) have occurred with respect to Three-Month Term SOFR, then the Company shall promptly provide notice of such determination to the Noteholders and Section 2(c) (Effect of Benchmark Transition Event) will thereafter apply to all determinations, calculations and quotations made or obtained for the purposes of calculating the Floating Interest Rate payable on the Subordinated Notes during a relevant Floating Interest Period.
(2)However, if the Calculation Agent, determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR, but for any reason the Benchmark Replacement has not been determined as of the relevant Floating Interest Determination Date, the Floating Interest Rate for the applicable Floating Interest Period will be equal to the Floating Interest Rate on the last Floating Interest Determination Date for the Subordinated Notes, as determined by the Calculation Agent (as defined below).
(iii)If the then-current Benchmark is Three-Month Term SOFR and any of the foregoing provisions concerning the calculation of the interest rate and the payment of interest during the Floating Rate Period are inconsistent with any of the Three-Month Term SOFR Conventions determined by the Company, then the relevant Three-Month Term SOFR Conventions will apply.
(c)Effect of Benchmark Transition Event
(i)If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time (as defined below) in respect of any determination of the Benchmark (as defined below) on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Subordinated Notes during the relevant Floating Interest Period in respect of such determination on such date and all determinations on all subsequent dates.
(ii)In connection with the implementation of a Benchmark Replacement, the Company will have the right to make Benchmark Replacement Conforming Changes from time to time, and such changes shall become effective without consent from the relevant Noteholders (as defined below) or any other party.
(iii)Any determination, decision or election that may be made by the Company or by the Calculation Agent pursuant to the benchmark transition provisions set forth herein, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date, and any decision to take or refrain from taking any action or any selection:
    - 31 -

(1)will be conclusive and binding absent manifest error;
(2)if made by the Company, will be made in the Company’s sole discretion;
(3)if made by the Calculation Agent, will be made after consultation with the Company, and the Calculation Agent will not make any such determination, decision or election to which the Company reasonably objects; and
(4)notwithstanding anything to the contrary in this Subordinated Note or the Purchase Agreement, shall become effective without consent from the relevant Noteholders (as defined below) or any other party.
(iv)For the avoidance of doubt, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, interest payable on this Subordinated Note for the Floating Rate Period will be an annual rate equal to the sum of the applicable Benchmark Replacement and the spread specified on the face hereof.
(v)As used in this Subordinated Note, the following terms have the meanings set forth below:
(1)“Benchmark” means, initially, Three-Month Term SOFR; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement.
(2)“Benchmark Replacement” means the Interpolated Benchmark with respect to the then-current Benchmark; provided that if (a) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date or (b) the then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined), then “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Calculation Agent, as of the Benchmark Replacement Date:
a.The sum of (i) Compounded SOFR and (ii) the Benchmark Replacement Adjustment;
b.the sum of: (i) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement Adjustment;
c.the sum of: (i) the ISDA Fallback Rate and (ii) the Benchmark Replacement Adjustment;
    - 32 -

d.the sum of: (i) the alternate rate of interest that has been selected by the Company as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated floating rate notes at such time and (ii) the Benchmark Replacement Adjustment.
(3)“Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the Calculation Agent, as of the Benchmark Replacement Date:
a.the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;
b.if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment;
c.the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated floating rate notes at such time.
(4)“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Floating Interest Period” timing and frequency of determining rates with respect to each Floating Interest Period and making payments of interest, rounding of amounts or tenors and other administrative matters) that the Company decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Company decides that adoption of any portion of such market practice is not administratively feasible or if the Company determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company determines is reasonably necessary).
(5)“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:
a.in the case of clause (a) of the definition of “Benchmark Transition Event” the relevant Reference Time in respect of any determination;
b.in the case of clause (b) or (c) of the definition of “Benchmark Transition Event” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or
    - 33 -

c.in the case of clause (d) of the definition of “Benchmark Transition Event” the date of such public statement or publication of information referenced therein.
For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for purposes of such determination.
(6)“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:
a.if the Benchmark is Three-Month Term SOFR, (i) the Relevant Governmental Body has not selected or recommended a forward-looking term rate for a tenor of three months based on SOFR, (ii) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or (iii) the Company determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible;
b.a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;
c.a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or
d.a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.
(7)“Calculation Agent” means such bank or other entity (which may be the Company or an affiliate of the Company) as may be appointed by the Company to act as Calculation Agent for the Subordinated Notes during the Floating Rate Period.
    - 34 -

(8)“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate being established by the Company or its designee in accordance with:
a.the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that:
b.if, and to the extent that, the Company or its designee determines that Compounded SOFR cannot be determined in accordance with clause (a) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Company or its designee giving due consideration to any industry-accepted market practice for U.S. dollar denominated floating rate notes at such time.
For the avoidance of doubt, the calculation of Compounded SOFR will exclude the Benchmark Replacement Adjustment.
(9)“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding Business Day adjustment) as the applicable tenor for the then-current Benchmark.
(10)“FRBNY” means the Federal Reserve Bank of New York.
(11)“FRBNY’s Website” means the website of the FRBNY at http://www.newyorkfed.org, or any successor source.
(12)“Interpolated Benchmark” with respect to the Benchmark means the rate determined for the Corresponding Tenor by interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor and (2) the Benchmark for the shortest period (for which the Benchmark is available) that is longer than the Corresponding Tenor.
(13)“ISDA” means the International Swaps and Derivatives Association, Inc. or any successor thereto.
(14)“ISDA Definitions” means the 2006 ISDA Definitions published by the ISDA or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.
(15)“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.
(16)“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of 
    - 35 -

an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.
(17)“Reference Time” with respect to any determination of a Benchmark means (1) if the Benchmark is Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (2) if the Benchmark is not Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Benchmark Replacement Conforming Changes.
(18)“Relevant Governmental Body” means the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve and/or the FRBNY or any successor thereto.
(19)“SOFR” means the daily Secured Overnight Financing Rate provided by the FRBNY, as the administrator of the benchmark (or a successor administrator), on the FRBNY’s Website.
(20)“Term SOFR” means the forward-looking term rate for the Corresponding Tenor based on SOFR that has been selected or recommended by the Relevant Governmental Body.
(21)“Term SOFR Administrator” means any entity designated by the Relevant Governmental Body as the administrator of Term SOFR (or a successor administrator).
(22)“Three-Month Term SOFR” means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR Administrator at the Reference Time for any Floating Interest Period, as determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions.
(23)“Three-Month Term SOFR Conventions” means any determination, decision or election with respect to any technical, administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “Floating Interest Period”, timing and frequency of determining Three-Month Term SOFR with respect to each Floating Interest Period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Company decides may be appropriate to reflect the use of Three-Month Term SOFR as the Benchmark in a manner substantially consistent with market practice (or, if the Company decides that adoption of any portion of such market practice is not administratively feasible or if the Company determines that no market practice for the use of Three-Month Term SOFR exists, in such other manner as the Company determines is reasonably necessary).
(24)“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.
    - 36 -

(d)In the event that any Fixed Interest Payment Date during the Fixed Rate Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed to the next day that is a Business Day and no additional interest shall accrue as a result of that postponement. In the event that any Floating Interest Payment Date during the Floating Rate Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed to the next day that is a Business Day and interest shall accrue to but excluding the date interest is paid. However, if the postponement would cause the day to fall in the next calendar month during the Floating Interest Period, the Floating Interest Payment Date shall instead be brought forward to the immediately preceding Business Day. The term “Business Day” means any day that is not a Saturday or Sunday and that, in the State of New York, the Commonwealth of Virginia or the State of West Virginia, is not a day on which banking institutions are generally authorized or obligated by law or executive order to close or remain closed.
3.Subordination.  The indebtedness of the Company evidenced by this Subordinated Note, including the principal and interest on this Subordinated Note, shall be subordinate and junior in right of payment to the prior payment in full of all existing claims of creditors of the Company whether now outstanding or subsequently created, assumed, guaranteed or incurred (collectively, “Senior Indebtedness”), which shall consist of principal of (and premium, if any) and interest, if any, on: (i) all indebtedness and obligations of, or guaranteed or assumed by, the Company for money borrowed, whether or not evidenced by bonds, debentures, securities, notes or other similar instruments, and including, but not limited to all obligations to the Company’s general creditors and secured creditors; (ii) any deferred obligations of the Company for the payment of the purchase price of property or assets acquired other than in the ordinary course of business; (iii) all obligations, contingent or otherwise, of the Company in respect of any letters of credit, bankers’ acceptances, security purchase facilities and similar direct credit substitutes; (iv) any capital lease obligations of the Company; (v) all obligations of the Company in respect of interest rate swap, cap or other agreements, interest rate future or option contracts, currency swap agreements, currency future or option contracts, commodity contracts and other similar arrangements or derivative products; (vi) any obligation of the Company to its general creditors, as defined for purposes of the capital adequacy regulations of the Federal Reserve applicable to the Company, as the same may be amended or modified from time to time; (vii) all obligations that are similar to those in clauses (i) through (v) of other persons for the payment of which the Company is responsible or liable as obligor, guarantor or otherwise arising from an off-balance sheet guarantee; (viii) all obligations of the types referred to in clauses (i) through (vi) of other persons secured by a lien on any property or asset of the Company; and (ix) in the case of (i) through (viii) above, all amendments, renewals, extensions, modifications and refundings of such indebtedness and obligations; except “Senior Indebtedness” does not include (A) the Subordinated Notes, (B) any obligation that by its terms expressly is junior to, or ranks equally in right of payment with, the Subordinated Notes, or (C) the existing junior subordinated debentures of the Company (including those underlying the outstanding trust preferred securities) as of the date of the issuance of this Subordinated Note to which this Subordinated Note shall be senior, or (D) any indebtedness between the Company and any of its subsidiaries or Affiliates. This Subordinated Note is not secured by any assets of the Company or any of its subsidiaries or Affiliates. The term “Affiliate(s)” means, with respect to 
    - 37 -

any Person, such Person’s immediate family members, partners, members or parent and subsidiary corporations, and any other Person directly or indirectly controlling, controlled by, or under common control with said Person and their respective Affiliates. The term “Person” as used in this Subordinated Note means an individual, a corporation (whether or not for profit), a partnership, a limited liability company, a joint venture, an association, a trust, an unincorporated organization, a government or any department or agency thereof or any other entity or organization. The term “control” (including the terms “controlling,” “controlled by,” and “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise.
(b)In the event of liquidation of the Company, holders of Senior Indebtedness of the Company shall be entitled to be paid in full with such interest as may be provided by law before any payment shall be made on account of principal of or interest on this Subordinated Note.  Additionally, in the event of any insolvency, dissolution, assignment for the benefit of creditors or any liquidation or winding up of or relating to the Company, whether voluntary or involuntary, holders of Senior Indebtedness shall be entitled to be paid in full before any payment shall be made on account of the principal of or interest on the Subordinated Notes, including this Subordinated Note. In the event of any such proceeding, after payment in full of all sums owing with respect to the Senior Indebtedness, the registered holders of the Subordinated Notes from time to time (each a “Noteholder” and, collectively, the “Noteholders”) together with the holders of any obligations of the Company ranking on parity with the Subordinated Notes, shall be entitled to be paid from the remaining assets of the Company the unpaid principal thereof, and the unpaid interest thereon before any payment or other distribution, whether in cash, property or otherwise, shall be made (i) with respect to any obligation that by its terms expressly is junior to in the right of payment to the Subordinated Notes, (ii) with respect to the existing junior subordinated debentures of the Company (including those underlying the outstanding trust preferred securities) as of the date of the issuance of this Subordinated Note to which this Subordinated Note shall be senior, (iii) with respect to any indebtedness between the Company and any of its subsidiaries or Affiliates or (iv) on account of any capital stock.
(c)If there shall have occurred and be continuing (i) a default in any payment with respect to any Senior Indebtedness or (ii) an event of default with respect to any Senior Indebtedness as a result of which the maturity thereof is accelerated, unless and until such payment default or event of default shall have been cured or waived or shall have ceased to exist, no payments shall be made by the Company with respect to the Subordinated Notes. The provisions of this paragraph shall not apply to any payment with respect to which the immediately preceding paragraph of this Section 3 (Subordination) would be applicable.
(d)Nothing herein shall act to prohibit, limit or impede the Company from issuing additional debt of the Company having the same rank as the Subordinated Notes or which may be junior or senior in rank to the Subordinated Notes. Each Noteholder, by its acceptance hereof, further acknowledges and agrees that the foregoing subordination provisions are, and are intended to be, an inducement and a consideration for each holder of any Senior Indebtedness, 
    - 38 -

whether such Senior Indebtedness was created or acquired before or after the issuance of the Subordinated Notes, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness, and such holder of Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in acquiring and continuing to hold or in continuing to hold such Senior Indebtedness.
4.Redemption.
(a)Redemption Prior to Fifth Anniversary. This Subordinated Note shall not be redeemable by the Company in whole or in part prior to October 1, 2026 except in the event of a: (i) Tier 2 Capital Event (as defined below); (ii) Tax Event (as defined below); or (iii) Investment Company Event (as defined below). Upon the occurrence of a Tier 2 Capital Event, a Tax Event or an Investment Company Event, the Company may redeem this Subordinated Note, subject to Section 4(f) (Regulatory Approvals) hereof, in whole or in part at any time, upon giving not less than 10 days’ notice to the holder of this Subordinated Note at an amount equal to 100% of the outstanding principal amount being redeemed plus accrued but unpaid interest, to but excluding the redemption date. “Tier 2 Capital Event” means the Company’s good faith determination that, as a result of (1) any amendment to, or change in, the laws, rules or regulations of the United States (including, for the avoidance of doubt, any agency or instrumentality of the United States, including the Federal Reserve and other federal bank regulatory agencies) or any political subdivision of or in the United States that is enacted or becomes effective after the issue date of this Subordinated Note, (2) any proposed change in those laws, rules or regulations that is announced or becomes effective after the issue date of this Subordinated Note, or (3) any official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws, rules, regulations, policies or guidelines with respect thereto that is announced after the issue date of this Subordinated Note, there is more than an insubstantial risk that the Company will not be entitled to treat the Subordinated Notes then Outstanding as Tier 2 capital (or its equivalent) for purposes of capital adequacy guidelines of the Federal Reserve Board, as then in effect and applicable to the Company (“Tier 2 Capital”), for so long as any Subordinated Notes are Outstanding. “Tax Event” means the receipt by the Company of an opinion of independent tax counsel experienced in such matters to the effect that as a result of (1) an amendment to or change (including any announced prospective amendment or change) in any law or treaty, or any regulation thereunder, of the United States or any of its political subdivisions or taxing authorities; (2) a judicial decision, administrative action, official administrative pronouncement, ruling, regulatory procedure, regulation, notice or announcement, including any notice or announcement of intent to adopt or promulgate any ruling, regulatory procedure or regulation (any of the foregoing, an “Administrative or Judicial Action”). or (3) an amendment to or change in any official position with respect to, or any interpretation of, an Administrative or Judicial Action or a law or regulation of the United States that differs from the previously generally accepted position or interpretation, in each case, which change or amendment or challenge becomes effective or which pronouncement, decision or challenge is announced on or after the issue date of this Subordinated Note, there is more than an insubstantial risk that interest payable by the Company on the Subordinated Notes is not, or within 90 days of such opinion, will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes. 
    - 39 -

“Investment Company Event” means receipt by the Company of an opinion of independent counsel experienced in such matters to the effect that there is more than an insubstantial risk that the Company is or, within 90 days of the date of such legal opinion will be, considered an “investment company” that is required to be registered under the Investment Company Act of 1940, as amended.
(b)Redemption on or after Fifth Anniversary. On or after October 1, 2026, subject to the provisions of Section 4(f) (Regulatory Approvals) hereof, this Subordinated Note shall be redeemable at the option of and by the Company, in whole or in part from time to time upon any Interest Payment Date, at an amount equal to 100% of the outstanding principal amount being redeemed plus accrued but unpaid interest, to but excluding the redemption date, but in all cases in a principal amount with integral multiples of $1,000. In addition, the Company may redeem all or a portion of the Subordinated Notes, at any time upon the occurrence of a Tier 2 Capital Event, Tax Event or an Investment Company Event. The redemption referenced in this Section 4(b) (Redemption on or after Fifth Anniversary) shall be subject to the receipt of any required regulatory approval. In the case of any redemption of this Subordinated Note pursuant to this paragraph, the Company will give the holder hereof notice of redemption, which notice shall indicate the aggregate principal amount of Subordinated Notes to be redeemed, not less than thirty (30) nor more than sixty (60) calendar days prior to the redemption date.
(c)Partial Redemption. If less than the then-outstanding principal amount of this Subordinated Note is redeemed, (i) a new Subordinated Note shall be issued representing the unredeemed portion without charge to the holder thereof and (ii) such redemption shall be effected on a pro rata basis as to the Noteholders. For purposes of clarity, upon a partial redemption, a like percentage of the principal amount of every Subordinated Note held by every Noteholder shall be redeemed.
(d)No Redemption at Option of Noteholder. This Subordinated Note is not subject to redemption at the option of the holder of this Subordinated Note.
(e)Effectiveness of Redemption. If notice of redemption has been duly given and notwithstanding that this Subordinated Note has been called for redemption but has not yet been surrendered for cancellation, on and after the date fixed for redemption interest shall cease to accrue on the portion of this Subordinated Note called for redemption, this Subordinated Note shall no longer be deemed outstanding with respect to the portion called for redemption and all rights with respect to the portion of this Subordinated Note called for redemption shall forthwith on such date fixed for redemption cease and terminate unless the Company shall default in the payment of the redemption price, except only the right of the holder hereof to receive the amount payable on such redemption, without interest. For purposes of clarity, any redemption made pursuant to the terms of this Subordinated Note shall be made on a pro rata basis, and, for purposes of a redemption processed through DTC, on a “Pro Rata Pass-Through Distribution of Principal” basis, among all of the Subordinated Notes outstanding at the time thereof.
(f)Regulatory Approvals. Any such redemption shall be subject to receipt of any and all required federal and state regulatory approvals or non-objections, including, but not limited to, the consent of the Federal Reserve.
    - 40 -

(g)Purchase and Resale of the Subordinated Notes. Subject to any required federal and state regulatory approvals and the provisions of this Subordinated Note, the Company shall have the right to purchase any of the Subordinated Notes at any time in the open market, private transactions or otherwise. If the Company purchases any Subordinated Notes, it may, in its discretion, hold, resell or cancel any of the purchased Subordinated Notes.
5.Global Subordinated Notes.
(a)Provided that applicable depository eligibility requirements are met, the Subordinated Notes owned by Noteholders that are Qualified Institutional Buyers and/or institutional “accredited investors” shall be issued in the form of one or more Global Subordinated Notes (each a “Global Subordinated Note”) registered in the name of The Depository Trust Company or another organization registered as a clearing agency under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and designated as Depositary by the Company or any successor thereto (the “Depositary”) or a nominee thereof and delivered to such Depositary or a nominee thereof.
(b)Notwithstanding any other provision herein, no Global Subordinated Note may be exchanged in whole or in part for Subordinated Notes registered, and no transfer of a Global Subordinated Note in whole or in part may be registered, in the name of any person other than the Depositary for such Global Subordinated Note or a nominee thereof unless (i) such Depositary advises the Company in writing that such Depositary is no longer willing or able to properly discharge its responsibilities as Depositary with respect to such Global Subordinated Note, and no qualified successor is appointed by the Company within ninety (90) days of receipt by the Company of such notice, (ii) such Depositary ceases to be a clearing agency registered under the Exchange Act and no successor is appointed by the Company within ninety (90) days after obtaining knowledge of such event, (iii) the Company elects to terminate the book-entry system through the Depositary or (iv) an Event of Default (as defined in Section 6 (Events of Default; Acceleration)) shall have occurred and be continuing. Upon the occurrence of any event specified in clause (i), (ii), (iii) or (iv) of this Section 5(b), the Company or its agent shall notify the Depositary and instruct the Depositary to notify all owners of beneficial interests in such Global Subordinated Note of the occurrence of such event and of the availability of Subordinated Notes to such owners of beneficial interests requesting the same.
(c)If any Global Subordinated Note is to be exchanged for other Subordinated Notes or canceled in part, or if another Subordinated Note is to be exchanged in whole or in part for a beneficial interest in any Global Subordinated Note, then either (i) such Global Subordinated Note shall be so surrendered for exchange or cancellation as provided in this Section 5 or (ii) the principal amount thereof shall be reduced or increased by an amount equal to the portion thereof to be so exchanged or canceled, or equal to the principal amount of such other Subordinated Note to be so exchanged for a beneficial interest therein, as the case may be, by means of an appropriate adjustment made on the records of the Company or, if applicable, the Company’s registrar and transfer agent (“Registrar”), whereupon the Company or, if applicable, the Registrar, in accordance with the applicable rules and procedures of the Depositary (“Applicable Depositary Procedures”) shall instruct the Depositary or its authorized 
    - 41 -

representative to make a corresponding adjustment to its records. Upon any such surrender or adjustment of a Global Subordinated Note by the Depositary, accompanied by registration instructions, the Company shall execute and deliver any Subordinated Notes issuable in exchange for such Global Subordinated Note (or any portion thereof) in accordance with the instructions of the Depositary.
(d)Every Subordinated Note executed and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Subordinated Note or any portion thereof shall be executed and delivered in the form of, and shall be, a Global Subordinated Note, unless such Subordinated Note is registered in the name of a person other than the Depositary for such Global Subordinated Note or a nominee thereof.
(e)The Depositary or its nominee, as the registered owner of a Global Subordinated Note, shall be the holder of such Global Subordinated Note for all purposes under this Subordinated Note, and owners of beneficial interests in a Global Subordinated Note shall hold such interests pursuant to Applicable Depositary Procedures. Accordingly, any such owner’s beneficial interest in a Global Subordinated Note shall be shown only on, and the transfer of such interest shall be effected only through, records maintained by the Depositary or its nominee or its Depositary participants. If applicable, the Registrar shall be entitled to deal with the Depositary for all purposes relating to a Global Subordinated Note (including the payment of principal and interest thereon and the giving of instructions or directions by owners of beneficial interests therein and the giving of notices) as the sole holder of the Subordinated Note and shall have no obligations to the owners of beneficial interests therein. The Registrar shall have no liability in respect of any transfers undertaken by the Depositary.
(f)The rights of owners of beneficial interests in a Global Subordinated Note shall be exercised only through the Depositary and shall be limited to those established by law and agreements between such owners and the Depositary and/or its participants.
(g)No holder of any beneficial interest in any Global Subordinated Note held on its behalf by a Depositary shall have any rights with respect to such Global Subordinated Note, and such Depositary may be treated by the Company and any agent of the Company as the owner of such Global Subordinated Note for all purposes whatsoever. Neither the Company nor any agent of the Company will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Subordinated Note or maintaining, supervising or reviewing any records relating to such beneficial ownership interests. Notwithstanding the foregoing, nothing herein shall prevent the Company or any agent of the Company from giving effect to any written certification, proxy or other authorization furnished by a Depositary or impair, as between a Depositary and such holders of beneficial interests, the operation of customary practices governing the exercise of the rights of the Depositary (or its nominee) as holder of any Subordinated Note.
(h)The Company, within thirty (30) calendar days after the receipt of written notice from the Noteholder or any other holder of the Subordinated Notes of the occurrence of an Event of Default with respect to this Subordinated Note, shall mail to all the Noteholders, at their addresses shown on the Security Register (as defined in Section 14 (Registration of Transfer, 
    - 42 -

Security Register) below), such written notice of Event of Default, unless such Event of Default shall have been cured or waived before the giving of such notice as certified by Company in writing.
6.Events of Default; Acceleration.
Each of the following events shall constitute an “Event of Default”:
(a)the entry of a decree or order for relief in respect of the Company by a court having jurisdiction in the premises in an involuntary case or proceeding under any applicable bankruptcy, insolvency, or reorganization law, now or hereafter in effect of the United States or any political subdivision thereof, and such decree or order will have continued unstayed and in effect for a period of ninety (90) consecutive calendar days;
(b)the commencement by the Company of a voluntary case under any applicable bankruptcy, insolvency or reorganization law, now or hereafter in effect of the United States or any political subdivision thereof, or the consent by the Company to the entry of a decree or order for relief in an involuntary case or proceeding under any such law;
(c)the Company (i) becomes insolvent or is unable to pay its debts as they mature, (ii) makes an assignment for the benefit of creditors, (iii) admits in writing its inability to pay its debts as they mature or (iv) ceases to be a bank holding company or financial holding company under the Bank Holding Company Act of 1956, as amended;
(d)the failure of the Company to pay any installment of interest on any of the Subordinated Notes as and when the same will become due and payable, and the continuation of such failure for a period of fifteen (15) calendar days;
(e)the failure of the Company to pay all or any part of the principal of any of the Subordinated Notes as and when the same will become due and payable;
(f)the liquidation of the Company (for the avoidance of doubt, “liquidation” does not include any merger, consolidation, sale of equity or assets or reorganization (exclusive of a reorganization in bankruptcy) of the Company or any of its subsidiaries);
(g)the failure of the Company to perform any other covenant or agreement on the part of the Company contained in this Subordinated Note, and the continuation of such failure for a period of thirty (30) days after the date on which notice specifying such failure, stating that such notice is a “Notice of Default” hereunder and demanding that the Company remedy the same, will have been given, in the manner set forth in Section 22 (Notices), to the Company by a Noteholder; or
(h)the default by the Company under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company having an aggregate principal amount outstanding of at least $25,000,000, whether such indebtedness now exists or is created or incurred in the future, which default (i) constitutes a failure to pay any portion of the principal 
    - 43 -

of such indebtedness when due and payable after the expiration of any applicable grace period or (ii) results in such indebtedness becoming due or being declared due and payable prior to the date on which it otherwise would have become due and payable without, in the case of clause (i), such indebtedness having been discharged or, in the case of clause (ii), without such indebtedness having been discharged or such acceleration having been rescinded or annulled.
Unless the principal amount of this Subordinated Note already shall have become due and payable, if an Event of Default set forth in Section 6(a) or Section 6(b) above shall have occurred and be continuing, the Noteholder, by notice in writing to the Company, may declare the principal amount of this Subordinated Note to be due and payable immediately and, upon any such declaration, the same shall become and shall be immediately due and payable, and the Company waives demand, presentment for payment, notice of nonpayment, notice of protest, and all other notices. Notwithstanding the foregoing, because the Company will treat the Subordinated Notes as Tier 2 Capital, upon the occurrence of an Event of Default other than an Event of Default described in Section 6(a) or Section 6(b) no Noteholder may accelerate the Maturity Date of the Subordinated Notes and make the principal of, and any accrued and unpaid interest on, the Subordinated Notes, immediately due and payable. The Company, within forty-five (45) calendar days after the receipt of written notice from any Noteholder of the occurrence of an Event of Default with respect to this Subordinated Note, shall mail to all Noteholders, at their addresses shown on the Security Register (as defined in Section 14 (Registration of Transfer, Security Register) below), such written notice of Event of Default, unless such Event of Default shall have been cured or waived before the giving of such notice as certified by the Company in writing.
7.Failure to Make Payments. In the event of an Event of Default under Section 6(c) Section 6(d) or Section 6(e) above, the Company will, upon demand of the Noteholder, pay to the Noteholder the amount then due and payable on this Subordinated Note for principal and interest (without acceleration of the Subordinated Note in any manner), with interest on the overdue principal and interest at the per annum rate borne by this Subordinated Note, to the extent permitted by applicable law. If the Company fails to pay such amount upon such demand, the Noteholder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid and such amount as shall be sufficient to cover the reasonable costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of such Noteholder, its agents and counsel, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of the Company.
Upon the occurrence of a failure by the Company to make any required payment of principal or interest on this Subordinated Note or an Event of Default, until such failure or Event of Default is cured by the Company or waived by the Noteholders in accordance with Section 18 (Waiver and Consent) hereof, except as may be required by any federal or state bank regulatory agency, the Company shall not: (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock; (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or 
    - 44 -

redeem any indebtedness of the Company that ranks equal with or junior to the Subordinated Notes; or (c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than: (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of the Company’s common stock; (ii) any declaration of a non-cash dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of the Company’s capital stock or the exchange or conversion of one class or series of the Company’s capital stock for another class or series of the Company’s capital stock; (iv) the purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or (v) purchases of any class of the Company’s common stock related to the issuance of common stock or rights under any benefit plans for the Company’s directors, officers or employees or any of the Company’s dividend reinvestment plans (including, without limitation, any repurchases or acquisitions in connection with the forfeiture of any stock award, cashless or net exercise of any option, or acceptance of common stock in lieu of an award recipient’s tax obligations under any equity award) (the foregoing clauses (i) through (v) are collectively referred to as the “Permitted Dividends”).
8.Affirmative Covenants of the Company.
(a)Notice of Certain Events. To the extent permitted by applicable statute, rule or regulation, the Company shall provide written notice to the Noteholder of the occurrence of any of the following events as soon as practicable, but in no event later than fifteen (15) Business Days following the Company becoming aware of the occurrence of such event:
(i)The Company or any of its banking subsidiaries become less than “well-capitalized” as defined under the then applicable regulatory capital standards; or
(ii)The Company, or any of the Company’s subsidiaries, or any officer of the Company (in such capacity), becomes subject to any formal, written regulatory enforcement action (as defined by the applicable state or federal bank regulatory authority);
(b)Payment of Principal and Interest. The Company covenants and agrees for the benefit of the Noteholder that it will duly and punctually pay the principal of, and interest on, this Subordinated Note, in accordance with the terms hereof.
(c)Maintenance of Office. The Company will maintain an office or agency in the City of Fairmont, West Virginia where Subordinated Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Subordinated Notes may be served.
The Company may also from time to time designate one or more other offices or agencies where the Subordinated Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission will in any manner relieve the Company of its obligation to maintain an office or agency in the 
    - 45 -

State of West Virginia. The Company will give prompt written notice to the Noteholders of any such designation or rescission and of any change in the location of any such other office or agency.
(d)Corporate Existence. The Company will do or cause to be done all things necessary to preserve and keep in full force and effect: (i) the corporate existence of the Company; (ii) the existence (corporate or other) of the Bank; and (iii) the rights (constituent governing documents and statutory), licenses and franchises of the Company and the Bank; provided, however, that the Company will not be required to preserve its or the Bank’s existence (corporate or other) of any of its subsidiaries or any such right, license or franchise of the Company or the Bank if the Board of Directors of the Company determines that the preservation thereof is no longer desirable in the conduct of the business of the Company and its subsidiaries taken as a whole and that the loss thereof will not be disadvantageous in any material respect to the Noteholders.
(e)Maintenance of Properties. The Company will, and will cause each of its subsidiaries to, cause all its properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order, ordinary wear and tear excepted, and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 8(e) will prevent the Company or any subsidiary from discontinuing the operation and maintenance of any of their respective properties if such discontinuance is, in the reasonable judgment of the Board of Directors of the Company or of any subsidiary, as the case may be, desirable in the conduct of its business.
(f)Waiver of Certain Covenants. The Company may omit in any particular instance to comply with any term, provision or condition set forth in Section 8(c) (Maintenance of Office), Section 8(d) (Corporate Existence), or Section 8(e) (Maintenance of Properties) above, with respect to this Subordinated Note if before the time for such compliance the Noteholders of at least a majority in aggregate principal amount of the outstanding Subordinated Notes, by act of such Noteholders, either will waive such compliance in such instance or generally will have waived compliance with such term, provision or condition, but no such waiver will extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver will become effective, the obligations of the Company in respect of any such term, provision or condition will remain in full force and effect.
(g)Tier 2 Capital. Whether or not the Company is subject to consolidated capital requirements under applicable regulations of the Federal Reserve, if all or any portion of the Subordinated Notes ceases to qualify for inclusion as Tier 2 Capital, other than due to the limitation imposed on the capital treatment of subordinated debt during the five (5) years immediately preceding the Maturity Date of the Subordinated Notes, the Company will promptly notify the Noteholders and thereafter, if requested by the Company, the Company and the Noteholders will work together in good faith to execute and deliver all agreements as reasonably 
    - 46 -

necessary in order to restructure the applicable portions of the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital; provided, however, that nothing contained in this Section 8(i) (Tier 2 Capital) shall limit the Company’s right to redeem the Subordinated Notes upon the occurrence of a Tier 2 Capital Event pursuant to Section 4(a) (Redemption Prior to Fifth Anniversary) or Section 4(b) (Redemption on or after Fifth Anniversary).
(h)Compliance with Laws. The Company shall comply with the requirements of all laws, regulations, orders and decrees applicable to it or its properties, except for such noncompliance that would not reasonably be expected to have a Material Adverse Effect (as such term is defined in the Purchase Agreement) on the Company and its subsidiaries taken as a whole.
(i)Taxes and Assessments. The Company shall punctually pay and discharge all material taxes, assessments, and other governmental charges or levies imposed upon it or upon its income or upon any of its properties; provided, that no such taxes, assessments or other governmental charges need be paid if they are being contested in good faith by the Company.
(j)Financial Statements; Access to Records.
(i)In the event the Company is no longer subject to the reporting requirements of Section 13 or Section 15(d), as applicable, of the Exchange Act: (A) not later than forty-five (45) days following the end of each quarterly period for which the Company has not submitted a Consolidated Financial Statements for Holding Companies Reporting Form FR Y-9C to the Federal Reserve, upon request, the Company shall provide the Noteholder with a copy of the Company’s unaudited consolidated balance sheet and statement of income (loss) for and as of the end of such immediately preceding fiscal quarter, prepared in accordance with past practice. Quarterly financial statements, if required herein, shall be unaudited and need not comply with GAAP; and (B) not later than one hundred twenty (120) days from the end of each fiscal year, upon request the Company shall provide the Noteholder with copies of the Company’s audited financial statements consisting of the consolidated balance sheet of the Company as of the fiscal year end and the related statements of income (loss) and retained earnings, stockholders’ equity and cash flows for the fiscal year then ended. Such financial statements shall be prepared in accordance with GAAP applied on a consistent basis throughout the period involved.
(ii)In addition to the foregoing Sections 8(k)(i) and ii), if a Noteholder holds at least twenty five percent (25%) in aggregate principal amount (excluding any Subordinated Notes held by Company or any of its Affiliates) of the Subordinated Notes at the time outstanding, the Company agrees to furnish to such Noteholder, upon request, with such financial and business information of the Company and the Bank as such Noteholder may reasonably request as may be reasonably necessary or advisable to allow such Noteholder to confirm compliance by the Company with this Note.
(k)Company Statement as to Compliance. The Company will deliver to the Noteholders, within one hundred twenty (120) days after the end of each fiscal year, an Officer’s Certificate covering the preceding fiscal year, stating whether or not, to the best of his or her 
    - 47 -

knowledge, the Company is in default in the performance and observance of any of the terms, provisions and conditions of this Subordinated Note (without regard to notice requirements or periods of grace) and if the Company will be in default, specifying all such defaults and the nature and status thereof of which he or she may have knowledge.
9.Negative Covenants of the Company.
(a)Limitation on Dividends. The Company shall not declare or pay any dividend or make any distribution on capital stock or other equity securities of any kind of the Company if the Company is not “well capitalized” for regulatory purposes immediately prior to the declaration of and after giving effect to the payment of such dividend or distribution, except for Permitted Dividends.
(b)Merger or Sale of Assets. The Company shall not merge into another entity, effect a Change in Bank Control (as defined below) or convey, transfer or lease substantially all of its properties and assets to any person, unless:
(i)the continuing entity into which the Company is merged or the person which acquires by conveyance or transfer or which leases substantially all of the properties and assets of the Company shall be a corporation, association or other legal entity organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and expressly assumes the due and punctual payment of the principal of and any premium and interest on the Subordinated Notes according to their terms, and the due and punctual performance of all covenants and conditions hereof on the part of the Company to be performed or observed; and
(ii)immediately after giving effect to such transaction, no Event of Default (as defined above), and no event which, after notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing.
“Change in Bank Control” means the sale, transfer, lease or conveyance by the Company, or an issuance of equity securities by the Bank other than to the Company, in either case resulting in ownership by the Company of less than 50% of the Bank.
10.Denominations. The Subordinated Notes are issuable only in registered form without interest coupons in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof.
11.Charges and Transfer Taxes. No service charge will be made for any registration of transfer or exchange of this Subordinated Note, or any redemption or repayment of this Subordinated Note, or any conversion or exchange of this Subordinated Note for other types of securities or property, but the Company may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges that may be imposed in connection with the transfer or exchange of this Subordinated Note from the Noteholder requesting such transfer or exchange.
    - 48 -

12.Payment Procedures. Payment of the principal and interest payable on the Maturity Date will be made by check, by wire transfer or by Automated Clearing House (ACH) transfer in immediately available funds to a bank account in the United States designated by the registered Noteholder if such Noteholder shall have previously provided wire or ACH instructions to the Company, upon presentation and surrender of this Subordinated Note at the Payment Office (as defined in Section 22 (Notices) below) or at such other place or places as the Company shall designate by notice to the registered Noteholders as the Payment Office, provided that this Subordinated Note is presented to the Company in time for the Company to make such payments in such funds in accordance with its normal procedures. Payments of interest (other than interest payable on the Maturity Date) shall be made on each Interest Payment Date by wire transfer in immediately available funds or check mailed to the registered Noteholder, as such person’s address appears on the Security Register (as defined below). Interest payable on any Interest Payment Date shall be payable to the Noteholder in whose name this Subordinated Note is registered at the close of business on the fifteenth (15th) calendar day prior to the applicable Interest Payment Date, without regard to whether such date is a Business Day, except that interest not paid on the Interest Payment Date, if any, will be paid to the holder in whose name this Subordinated Note is registered at the close of business on a special record date fixed by the Company (a “Special Record Date”) notice of which shall be given to the Noteholder not less than ten (10) calendar days prior to such Special Record Date. To the extent permitted by applicable law, interest shall accrue, at the rate at which interest accrues on the principal of this Subordinated Note, on any amount of principal or interest on this Subordinated Note not paid when due. All payments on this Subordinated Note shall be applied first against costs and expenses of the Noteholder, if any, for which the Company is liable under this Subordinated Note; then against interest due hereunder; and then against principal due hereunder. The Noteholder acknowledges and agrees that the payment of all or any portion of the outstanding principal amount of this Subordinated Note and all interest hereon shall be pan passu in right of payment and in all other respects to the other Subordinated Notes. In the event that the Noteholder receives payments in excess of its pro rata share of the Company’s payments to the holders of all of the Subordinated Notes, then the Noteholder shall hold in trust all such excess payments for the benefit of the other Noteholders and shall pay such amounts held in trust to such other holders upon demand by such holders.
13.Form of Payment. Payments of principal of and interest on this Subordinated Note shall be made in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts.
14.Registration of Transfer, Security Register. Except as otherwise provided herein or in the Purchase Agreement between Noteholder and the Company, and subject to limitations on transfer under applicable state and federal securities laws, this Subordinated Note is transferable in whole or in part, and may be exchanged for a like aggregate principal amount of Subordinated Notes of other authorized denominations, by the Noteholder in person, or by its attorney duly authorized in writing, at the Payment Office or the offices of the Registrar. The Company or its agent (the “Registrar”) shall maintain a register providing for the registration of the Subordinated Notes and any exchange or transfer thereof (the “Security Register”). Upon surrender or presentation of this Subordinated Note for exchange or registration of transfer, the 
    - 49 -

Company or the Registrar shall execute and deliver in exchange therefor a Subordinated Note or Subordinated Notes of like aggregate principal amount, each in a minimum denomination of $100,000 or any amount in excess thereof which is an integral multiple of $1,000 (and, in the absence of an opinion of counsel satisfactory to the Company to the contrary, bearing the restrictive legend(s) set forth hereinabove) and that is or are registered in such name or names requested by the Noteholder. Any Subordinated Note presented or surrendered for registration of transfer or for exchange shall be duly endorsed and accompanied by a written instrument of transfer in such form as is attached hereto and incorporated herein, duly executed by the Noteholder or its attorney duly authorized in writing, with such tax identification number (including, without limitation, an appropriate and properly executed Internal Revenue Service Form W-9 or appropriate type of Form W-8) or other information for each person in whose name a Subordinated Note is to be issued, and accompanied by evidence of compliance with any restrictive legend(s) appearing on such Subordinated Note or Subordinated Notes as the Company may reasonably request to comply with applicable law. No exchange or registration of transfer of this Subordinated Note shall be made on or after (i) the fifteenth (15th) day immediately preceding the Maturity Date or (ii) the due delivery of notice of redemption.
15.Successors and Assigns. This Subordinated Note shall be binding upon the Company and inure to the benefit of the Noteholder and its respective successors and permitted assigns. The Noteholder may assign all, or any part of, or any interest in, the Noteholder’s rights and benefits hereunder only to the extent and in the manner permitted by the terms of this Note and under applicable securities laws and regulations. To the extent of any such assignment, such assignee shall have the same rights and benefits against the Company and shall agree to be bound by and to comply with the terms and conditions of the Purchase Agreement as it would have had if it were the Noteholder hereunder.
16.Priority. The Subordinated Notes rank pan passu among themselves and pan passu, in the event of any insolvency proceeding, dissolution, assignment for the benefit of creditors, reorganization, restructuring of debt, marshaling of assets and liabilities or similar proceeding or any liquidation or winding up of the Company, with all other present or future unsecured subordinated debt obligations of the Company, except any unsecured subordinated debt that, pursuant to its express terms, is senior or subordinate in right of payment to the Subordinated Notes.
17.Ownership. Prior to due presentment of this Subordinated Note for registration of transfer, the Company may treat the holder in whose name this Subordinated Note is registered in the Security Register as the absolute owner of this Subordinated Note for receiving payments of principal and interest on this Subordinated Note and for all other purposes whatsoever, whether or not this Subordinated Note be overdue, and the Company shall not be affected by any notice to the contrary.
18.Waiver and Consent.
(a)This Subordinated Note may be amended or waived pursuant to, and in accordance with, the provisions set forth herein and as set forth in Section 7.3 of the Purchase Agreement. Any such consent or waiver given by the Noteholder shall be conclusive and binding 
    - 50 -

upon such Noteholder and upon all subsequent holders of this Subordinated Note and of any Subordinated Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Subordinated Note. No delay or omission of the Noteholder to exercise any right or remedy accruing upon any Event of Default shall impair such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Any insured depository institution that shall be a Noteholder or that otherwise shall have any beneficial ownership interest in this Subordinated Note shall, by its acceptance of such Subordinated Note (or beneficial interest therein), be deemed to have waived any right of offset with respect to the indebtedness evidenced thereby.
(b)No waiver or amendment of any term, provision, condition, covenant or agreement in the Subordinated Notes shall be effective except with the consent of the Noteholders holding not less than fifty percent (50%) in aggregate principal amount (excluding any Subordinated Notes held by the Company or any of its Affiliates) of the Subordinated Notes at the time outstanding; provided, however, that without the consent of each Noteholder of an affected Subordinated Note, no such amendment or waiver may: (i) reduce the principal amount of the Subordinated Note; (ii) reduce the rate of or change the time for payment of interest on any Subordinated Note; (iii) extend the maturity of any Subordinated Note; (iv) change the currency in which payment of the obligations of the Company under the Subordinated Notes are to be made; (v) lower the percentage of aggregate principal amount of outstanding Subordinated Notes required to approve any amendment of the Subordinated Notes; (vi) make any changes to Section 4(c) (Partial Redemption), Section 6 (Events of Default; Acceleration), Section 7 (Failure to Make Payments), Section 16 (Priority), or Section 18 (Waiver and Consent) of the Subordinated Notes that adversely affects the rights of any Noteholder; or (vii) disproportionately and adversely affect the rights of any of the holders of the then outstanding Subordinated Notes. Notwithstanding the foregoing, the Company may amend or supplement the Subordinated Notes without the consent of the Noteholders to cure any ambiguity, defect or inconsistency or to provide for uncertificated Subordinated Notes in addition to or in place of certificated Subordinated Notes, or to make any change that does not adversely affect the rights of any Noteholder of any of the Subordinated Notes. No failure to exercise or delay in exercising, by any Noteholder of the Subordinated Notes, of any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise of any other right or remedy provided by law. The rights and remedies provided in this Subordinated Note are cumulative and not exclusive of any right or remedy provided by law or equity. No notice or demand on the Company in any case shall, in itself, entitle the Company to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the Noteholders to any other or further action in any circumstances without notice or demand. No consent or waiver, express or implied, by the Noteholders to or of any breach or default by the Company in the performance of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance of the same or any other obligations of the Company hereunder. Failure on the part of the Noteholders to complain of any acts or failure to act or to declare an Event of Default, irrespective of how long such failure continues, shall not constitute a waiver by the Noteholders of their rights hereunder or impair any rights, powers or remedies on account of any breach or default by the Company.
    - 51 -

19.Absolute and Unconditional Obligation of the Company.
(a)No provisions of this Subordinated Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal and interest on this Subordinated Note at the times, places and rate, and in the coin or currency, herein prescribed.
(b)No delay or omission of the Noteholder to exercise any right or remedy accruing upon any Event of Default shall impair such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.
(c)Any insured depository institution which shall be a Noteholder or which otherwise shall have any beneficial ownership interest in this Subordinated Note shall, by its acceptance of such Note (or beneficial interest therein), be deemed to have waived any right of offset with respect to the indebtedness evidenced thereby.
20.No Sinking Fund; Convertibility. This Subordinated Note is not entitled to the benefit of any sinking fund. This Subordinated Note is not convertible into or exchangeable for any of the equity securities, other securities or assets of the Company or any subsidiary of the Company.
21.No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement contained in this Subordinated Note, or for any claim based thereon or otherwise in respect thereof, will be had against any past, present or future shareholder, employee, officer, or director, as such, of the Company or of any predecessor or successor, either directly or through the Company or any predecessor or successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of this Subordinated Note by the Noteholder and as part of the consideration for the issuance of this Subordinated Note.
22.Notices. All notices to the Company under this Subordinated Note shall be in writing and addressed to the Company at MVB Financial Corp., 3000 Swiss Pine Way, Suite 100, Morgantown, West Virginia 26501, Attention: Chief Financial Officer, or to such other address as the Company may notify to the Noteholder (the “Payment Office”). All notices to the Noteholders shall be in writing and sent by first-class mail to each Noteholder at his or its address as set forth in the Security Register.
23.Further Issues. The Company may, without the consent of the Noteholders, create and issue additional notes having the same terms and conditions of the Subordinated Notes (except for the Issue Date and issue price) so that such further notes shall be consolidated and form a single series with the Subordinated Notes.
24.Governing Law; Interpretation. THIS SUBORDINATED NOTE WILL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, 
    - 52 -

THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THEREOF. THIS SUBORDINATED NOTE IS INTENDED TO MEET THE CRITERIA FOR QUALIFICATION OF THE OUTSTANDING PRINCIPAL AS TIER 2 CAPITAL UNDER THE REGULATORY GUIDELINES OF THE FEDERAL RESERVE, AND THE TERMS HEREOF SHALL BE INTERPRETED IN A MANNER TO SATISFY SUCH INTENT.
[Signature Page Follows]
    - 53 -

IN WITNESS WHEREOF, the undersigned has caused this Subordinated Note to be duly executed and attested.
MVB FINANCIAL CORP.

By:                            
Name:     Donald T. Robinson
Title:     Executive Vice President and Chief
    Financial Officer

ATTEST:

                    
Name:     Lisa J. McCormick
Title:     Corporate Secretary

[Signature Page to Subordinated Note]

ASSIGNMENT FORM
[Capitalized terms used herein but not defined have the meanings assigned in the Subordinated Note]
To assign this Subordinated Note, fill in the form below: (I) or (we) assign and transfer this Subordinated Note to:
                                                    
(Print or type assignee’s name, address and zip code)

                                                    
(Insert assignee’s social security or tax I.D. No.)

and irrevocably appoint __________________________ agent to transfer this Subordinated Note on the books of the Company. The agent may substitute another to act for him.

Date:                    Your signature:                         
(Sign exactly as your name appears on the face of this Subordinated Note)

FOR EXECUTION BY AN ENTITY:

                                

By:                                
Name:                                
Title:                                

Tax Identification No:                        
Signature Guarantee:                                            
(Signatures must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)).

The undersigned certifies that he/she/it [is / is not] (circle one) an Affiliate of the Company and that, to its knowledge, the proposed transferee [is / is not] (circle one) an Affiliate of the Company.
In connection with any transfer or exchange of this Subordinated Note occurring prior to the date that is one year after the later of the date of original issuance of this Subordinated Note and the last date, if any, on which this Subordinated Note was owned by the Company or any Affiliate of the Company, the undersigned confirms that this Subordinated Note is being:

CHECK ONE BOX BELOW:

☐    (1)  acquired for the undersigned’s own account, without transfer;
☐    (2)  transferred to the Company;
☐    (3)  transferred in accordance and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”);
☐    (4)  transferred under an effective registration statement under the Securities Act;
☐    (5)  transferred in accordance with and in compliance with Regulation S under the Securities Act;
☐    (6)  transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act);
☐    (7)  transferred to an “accredited investor” (as defined in Rule 501(a)(4) under the (Securities Act), not referred to in item (6) that has been provided with the information designated under Section 4(d) of the Securities Act; or
☐    (8)  transferred in accordance with another available exemption from the registration requirements of the Securities Act.
Unless one of the boxes is checked, the Company will refuse to register this Subordinated Note in the name of any person other than the registered holder thereof; provided, however, that if box (5), (6), (7) or (8) is checked, the Company may require, prior to registering any such transfer of this Subordinated Note, in its sole discretion, such legal opinions, certifications and other information as the Company may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act such as the exemption provided by Rule 144 under such Act.
FOR EXECUTION BY AN ENTITY:

                                

By:                                
Name:                                
Title:                                

Tax Identification No:                        

    - 2 -

    - 3 -

Signature Guarantee:                                            
(Signatures must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15).

TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED.
The undersigned represents and warrants that it is purchasing this Subordinated Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A.
Date:                    Signature:                            
                    Print Name:                            

FOR EXECUTION BY AN ENTITY:

                                

By:                                
Name:                                
Title:                                

Tax Identification No:                        

    - 4 -

EXHIBIT B-1
Form of Opinion of Squire Patton Boggs (US) LLP
1.    The Company is a registered financial holding company under the Bank Holding Company Act of 1956, as amended.
2.    The Agreement constitutes a legal valid and binding obligation of the Company, enforceable against Company in accordance with its terms, except that the enforcement thereof may be subject to (i) bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganization, moratorium or other similar laws relating to or affecting the rights or remedies of creditors generally, (ii) the application of general principles of equity (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether enforcement is considered in proceedings at law or in equity) and the discretion of the court before which any proceeding therefor may be brought, and (iii) applicable law and public policy with respect to rights to indemnity and contribution.
3.    When duly executed, authenticated, issued and delivered to and paid for by the Purchasers in accordance with the terms of this Agreement, the Subordinated Notes will constitute valid and legally binding obligations of the Company, and enforceable against the Company in accordance with their terms, except that the enforcement thereof may be subject to (i) bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganization, moratorium or other similar laws relating to or affecting the rights or remedies of creditors generally, (ii) the application of general principles of equity (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether enforcement is considered in proceedings at law or in equity) and the discretion of the court before which any proceeding therefor may be brought, and (iii) applicable law and public policy with respect to rights to indemnity and contribution.
4.    Assuming (i) the accuracy of the representations and warranties of the Company set forth in the Agreements, (ii) the due performance by the Company and the Purchasers of the covenants and agreements set forth in the Agreement, and (iii) the accuracy of the representations and warranties of the Purchasers set forth in the Agreement, the offer and sale of the Subordinated Notes by the Company, in the manner contemplated by the Agreement, do not require registration under the Securities Act of 1933, as amended, but we express no opinion as to any subsequent resale or other transfer of the Subordinated Notes.

* * * *

EXHIBIT B-2
Form of Opinion of Camille M. Wiley,
Vice President and Corporate Counsel of the Company
1.    The Company is a corporation validly existing under the laws of the State of West Virginia. The opinion in the immediately preceding sentence is based solely upon review of copies of certificates issued by the Secretary of State of the State of West Virginia for the Company and is limited to the meaning ascribed to such certificates by the State of West Virginia and to the status of the Company on the date of the certificate relating to it. Further the Company has all requisite corporate power to carry out its business as currently conducted.
2.    The Company has all requisite corporate power and authority to execute, deliver and perform its obligations under the Transaction Documents to which it is a party and to consummate the transactions contemplated by the Transaction Documents.
3.    The Agreement and the Subordinated Notes have been duly authorized, executed and delivered by the Company.
4.    The execution and delivery by the Company of, and the performance by the Company on the date hereof of its agreements and obligations under, the Transaction Documents do not (i) violate any applicable provisions of the West Virginia Business Corporation Act, or (ii) violate the Articles of Incorporation or Bylaws, each as currently in effect.Exhibit 4.4

 

ALLIED MOTION TECHNOLOGIES INC.

 

Debt Securities

 

Indenture

 

Dated as of [            ]

 

[                                         ],

 

as Trustee

     

     

    

 

CROSS-REFERENCE TABLE

 

This Cross-Reference Table is not a part of
the Indenture

 

	TIA Section	 	Indenture Section
	310(a)(1)	 	7.10
	(a)(2)	 	7.10
	(a)(3)	 	N.A.
	(a)(4)	 	N.A.
	(b)	 	7.08; 7.10; 12.02
	 	 	 
	311(a) 	 	7.11
	(b)	 	7.11
	(c)	 	N.A.
	 	 	 
	312(a) 	 	2.05
	(b)	 	12.03
	(c)	 	12.03
	 	 	 
	313(a) 	 	7.06
	(b)(1)	 	N.A.
	(b)(2)	 	7.06
	(c)	 	12.02
	(d)	 	7.06
	 	 	 
	314(a)	 	4.03; 12.02
	(b)	 	N.A.
	(c)(1)	 	12.04
	(c)(2)	 	12.04
	(c)(3)	 	N.A.
	(d)	 	N.A.
	(e)	 	12.05
	 	 	 
	315(a)	 	7.01(b)
	(b)	 	7.05; 12.02
	(c)	 	7.01(a)
	(d)	 	7.01(c)
	(e)	 	6.11
	 	 	 
	316(a)(last sentence)	 	12.06
	(a)(1)(A)	 	6.05
	(a)(1)(B)	 	6.04
	(a)(2)	 	N.A.
	(b)	 	6.07
	 	 	 
	317(a)(1)	 	6.08
	(a)(2)	 	6.09

 

    

     

    

 

	TIA Section	 	Indenture Section
	(b)d	 	2.04
	 	 	 
	318(a) 	 	12.01

 

N.A. means Not Applicable.

 

    

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE	1
	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	6
	Section 1.03	Incorporation by Reference of Trust Indenture Act	6
	Section 1.04	Rules of Construction	7
	 	 	 
	ARTICLE 2 THE SECURITIES	7
	Section 2.01	Form and Dating	7
	Section 2.02	Execution and Authorization	11
	Section 2.03	Registrar and Paying Agent	11
	Section 2.04	Paying Agent to Hold Money in Trust	11
	Section 2.05	Securityholder Lists	11
	Section 2.06	Transfer and Exchange	12
	Section 2.07	Replacement Securities	12
	Section 2.08	Outstanding Securities	12
	Section 2.09	Temporary Securities	13
	Section 2.10	Cancellation	13
	Section 2.11	Defaulted Interest	13
	Section 2.12	Treasury Securities	13
	Section 2.13	CUSIP/ISIN Numbers	14
	Section 2.14	Deposit of Moneys	14
	Section 2.15	Book-Entry Provisions for Global Security	14
	Section 2.16	No Duty to Monitor	16
	 	 	 
	ARTICLE 3 REDEMPTION	16
	Section 3.01	Notices to Trustee	16
	Section 3.02	Selection of Securities to be Redeemed	17
	Section 3.03	Notice of Redemption	17
	Section 3.04	Effect of Notice of Redemption	18
	Section 3.05	Deposit of Redemption Price	18
	Section 3.06	Securities Redeemed in Part	18
	 	 	 
	ARTICLE 4 COVENANTS	19
	Section 4.01	Payment of Securities	19
	Section 4.02	Maintenance of Office or Agency	19
	Section 4.03	Compliance Certificate	19
	Section 4.04	Waiver of Stay, Extension or Usury Laws	19
	 	 	 
	ARTICLE 5 SUCCESSOR CORPORATION	20
	Section 5.01	When Company May Merge, etc.	20

 

    

     

    

 

	ARTICLE 6 DEFAULTS AND REMEDIES	20
	Section 6.01	Events of Default	20
	Section 6.02	Acceleration	22
	Section 6.03	Other Remedies	23
	Section 6.04	Waiver of Existing Defaults	23
	Section 6.05	Control by Majority	23
	Section 6.06	Limitation on Suits	23
	Section 6.07	Rights of Holders to Receive Payment	24
	Section 6.08	Collection Suit by Trustee	24
	Section 6.09	Trustee May File Proofs of Claim	24
	Section 6.10	Priorities	25
	Section 6.11	Undertaking for Costs	25
	 	 	 
	ARTICLE 7 TRUSTEE	26
	Section 7.01	Duties of Trustee	26
	Section 7.02	Rights of Trustee	27
	Section 7.03	Individual Rights of Trustee	29
	Section 7.04	Trustee’s Disclaimer	29
	Section 7.05	Notice of Defaults	29
	Section 7.06	Reports by Trustee to Holders	29
	Section 7.07	Compensation and Indemnity	30
	Section 7.08	Replacement of Trustee	30
	Section 7.09	Successor Trustee by Merger, etc.	31
	Section 7.10	Eligibility; Disqualification	31
	Section 7.11	Preferential Collection of Claims Against Company	31
	 	 	 
	ARTICLE 8 DISCHARGE OF INDENTURE	32
	Section 8.01	Defeasance upon Deposit of Moneys or Government Obligations	32
	Section 8.02	Survival of the Company’s Obligations	34
	Section 8.03	Application of Trust Money	35
	Section 8.04	Repayment to the Company	35
	Section 8.05	Reinstatement	35
	 	 	 
	ARTICLE 9 RESERVED	35
	 	 	 
	ARTICLE 10 AMENDMENTS, SUPPLEMENTS AND WAIVERS	36
	Section 10.01	Without Consent of Holders	36
	Section 10.02	With Consent of Holders	37
	Section 10.03	Compliance with Trust Indenture Act	38
	Section 10.04	Revocation and Effect of Consents	38
	Section 10.05	Notation on or Exchange of Securities	39
	Section 10.06	Trustee to Sign Amendments, etc.	39
	 	 	 
	ARTICLE 11 SECURITIES IN FOREIGN CURRENCIES	39
	Section 11.01	Applicability of Article	39

 

    

     

    

 

	ARTICLE 12 MISCELLANEOUS	39
	Section 12.01	Trust Indenture Act Controls	39
	Section 12.02	Notices	40
	Section 12.03	Communications by Holders with Other Holders	41
	Section 12.04	Certificate and Opinion as to Conditions Precedent	41
	Section 12.05	Statements Required in Certificate or Opinion	41
	Section 12.06	Rules by Trustee and Agents	42
	Section 12.07	Legal Holidays	42
	Section 12.08	Governing Law	42
	Section 12.09	No Adverse Interpretation of Other Agreements	42
	Section 12.10	No Recourse Against Others	42
	Section 12.11	Successors and Assigns	42
	Section 12.12	Duplicate Originals	43
	Section 12.13	Severability	43
	Section 12.14	Waiver of Jury Trial	43

 

    

     

    

 

 

INDENTURE
dated as of [·], (the “Base Indenture”), by and among ALLIED MOTION
TECHNOLOGIES INC., a Colorado corporation (the “Company”) and [·], as trustee
(the “Trustee”).

 

Each party agrees as follows for the benefit of the
other party and for the equal and ratable benefit of the Holders of the Company’s debt securities issued under this Base Indenture:

 

ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01Definitions.

 

“Affiliate” means, when used with reference
to a specified person, any Person directly or indirectly controlling or controlled by or under direct or indirect common control with
the Person specified.

 

“Agent” means any Registrar, Paying Agent
or co-Registrar or agent for service of notices and demands.

 

“Authorizing Resolution” means a resolution
adopted by the Board of Directors or by an Officer or committee of Officers pursuant to Board delegation authorizing a Series of
Securities.

 

“Bankruptcy Law” means Title 11 of the
United States Code, as amended, or any similar federal or state law for the relief of debtors.

 

“Board of Directors” means the Board
of Directors of the Company or any duly authorized committee thereof.

 

“Capital Stock” means, with respect to
any Person, any and all shares, interests, participations or other equivalents (however designated) of or in such Person’s capital
stock or other equity interests.

 

“Capitalized Lease Obligations” of any
Person means, at the time any determination thereof is to be made, the obligations of such Person to pay rent or other amounts under a
lease that is required to be capitalized for financial reporting purposes in accordance with GAAP, and the amount of such obligations
will be the capitalized amount thereof determined in accordance with GAAP.

 

“Company” means the party named as such
in this Indenture until a successor replaces it pursuant to the Indenture and thereafter means the successor.

 

“control” means, when used with respect
to any Person, the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative
to the foregoing.

 

    1 

     

    

 

“Currency Agreement” of any Person means
any foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to protect such Person or any
of its Subsidiaries against fluctuations in currency values.

 

“Default” means any event, act or condition
that is, or after notice or the passage of time or both would be, an Event of Default.

 

“Definitive Security” means a certificated
Security registered in the name of the Securityholder thereof.

 

“Depositary” means, with respect to Securities
of any Series which the Company shall determine will be issued in whole or in part as a Global Security, DTC, another clearing agency,
or any successor registered as a clearing agency under the Exchange Act, and any other applicable U.S. or foreign statute or regulation,
which, in each case, shall be designated by the Company pursuant to Section 2.01.

 

“Dollars” and “$” mean United
States Dollars.

 

“DTC” means The Depository Trust Company.

 

“Exchange Act” means the Securities Exchange
Act of 1934, as amended.

 

“Foreign Currency” means any currency,
currency unit or composite currency, including, without limitation, the euro, issued by the government of one or more countries other
than the United States of America or by any recognized confederation or association of such governments.

 

“GAAP” means generally accepted accounting
principles set forth in the accounting standards codification of the Financial Accounting Standards Board or in such other statements
by such or any other entity as may be approved by a significant segment of the accounting profession of the United States, as in effect
on the date of this Base Indenture.

 

“Global Security” means, with respect
to any Series of Securities, a Security executed by the Company and delivered by the Trustee to the Depositary or pursuant to the
Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the name of the Depositary or its nominee.

 

“Government Obligations” means securities
which are (i) direct obligations of the United States or the other government or governments in the confederation which issued the
Foreign Currency in which the principal of or any interest on the Security of the applicable Series shall be payable, in each case
for the payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting
as an agency or instrumentality of the United States or such other government or governments, in each case the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States or such other government or governments, which, in either case are
not callable or redeemable at the option of the issuer or issuers thereof, and shall also include a depositary receipt issued by a bank
or trust company as custodian with respect to any such Government Obligations or a specific payment of interest on or principal of any
such Government Obligation held by such custodian for the account of the holder of a depositary
receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the
holder of such depositary receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment
of interest on or principal of the Government Obligation evidenced by such depositary receipt.

 

    2 

     

    

 

“Holder” or “Securityholder”
means the Person in whose name a Security is registered on the Registrar’s books.

 

“Indebtedness” means, with respect to
any specified Person, any indebtedness of such Person, whether or not contingent:

 

		(1)	in respect of borrowed money;

 

		(2)	evidenced by bonds, notes, debentures or similar instruments;

 

		(3)	in respect of letters of credit (or reimbursement agreements in respect thereof) or banker’s acceptances;

 

		(4)	representing Capitalized Lease Obligations;

 

		(5)	in respect of the balance deferred and unpaid of the purchase price of any property, except (i) any such balance that constitutes
an accrued expense or trade payable, or (ii) any obligation to pay a contingent purchase price as long as such obligation remains
contingent; or

 

		(6)	in respect of any Interest Protection Agreement or Currency Agreement,

 

if and to the extent any of the preceding items (other than letters
of credit and any Interest Protection Agreement or Currency Agreement) would appear as a liability upon a balance sheet of the specified
Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured
by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent
not otherwise included, the guarantee by such Person of any indebtedness of any other Person.

 

Except as otherwise expressly provided in this Indenture,
the amount of any Indebtedness outstanding as of any date shall be:

 

		(a)	with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the obligation;

 

		(b)	with respect to any Interest Protection Agreement or Currency Agreement, the net amount payable thereunder if such agreement were
terminated at that time due to default by such Person;

 

    3 

     

    

 

		(c)	the accreted value thereof, in the case of any Indebtedness issued at a discount to par; or

 

		(d)	except as provided above, the principal amount or liquidation preference thereof, in the case of any other Indebtedness.

 

“Indenture” means this Base Indenture
as amended or supplemented from time to time, including pursuant to any Authorizing Resolution or supplemental indenture pertaining to
any Series, and including, for all purposes of this instrument and any such Authorizing Resolution or supplemental indenture, the provisions
of the TIA that are deemed to be a part of and govern this Base Indenture and any such Authorizing Resolution or supplemental indenture,
respectively.

 

“Interest Protection Agreement” of any
Person means any interest rate swap agreement, interest rate collar agreement, option or futures contract or other similar agreement or
arrangement designed to protect such Person or any of its Subsidiaries against fluctuations in interest rates with respect to Indebtedness.

 

“Issue Date” means, with respect to any
Series of Securities, the date on which the Securities of such Series are originally issued under this Indenture.

 

“Lien” means, with respect to any Property,
any mortgage, deed of trust, lien, pledge, charge, hypothecation, security interest or encumbrance of any kind in respect of such Property.
For purposes of this definition, a Person shall be deemed to own, subject to a Lien, any Property which it has acquired or holds subject
to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating
to such Property.

 

“Non-Recourse Indebtedness” with respect
to any Person means Indebtedness of such Person for which (i) the sole legal recourse for collection of principal and interest on
such Indebtedness is against the specific Property identified in the instruments evidencing or securing such Indebtedness (and any accessions
thereto and proceeds thereof) and such Property was acquired with the proceeds of such Indebtedness or such Indebtedness was incurred
within 180 days after the acquisition of such Property and (ii) no other assets of such Person may be realized upon in collection
of principal or interest on such Indebtedness. Indebtedness which is otherwise Non-Recourse Indebtedness will not lose its character as
Non-Recourse Indebtedness because there is recourse to the borrower, any guarantor or any other Person for (i) environmental or tax
warranties and indemnities and such other representations, warranties, covenants and indemnities as are customarily required in such transactions,
or (ii) indemnities for and liabilities arising from fraud, misrepresentation, misapplication or non-payment of rents, profits, insurance
and condemnation proceeds and other sums actually received by the borrower from secured assets to be paid to the lender, waste and mechanics’
liens.

 

“NYUCC” means the New York Uniform Commercial
Code, as in effect from time to time.

 

    4 

     

    

 

“Officer” means the Chairman of the Board,
the President, any Vice President, the Treasurer, the Controller or the Secretary of the Company.

 

“Officers’ Certificate” means a
certificate signed by two Officers or by an Officer and an Assistant Treasurer or an Assistant Secretary of the Company.

 

“Opinion of Counsel” means a written
opinion, in form and substance reasonably satisfactory to the Trustee, from legal counsel. The counsel may be an employee of or counsel
to the Company. Each such opinion shall include the statements provided for in Section 12.05 if and to the extent required by the
provisions of such Section.

 

“Person” means any individual, corporation,
partnership, limited liability company, joint venture, incorporated or unincorporated association, joint stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof.

 

“principal” of a debt security means
the principal of the security plus, when appropriate, the premium, if any, on the security.

 

“Property” of any Person means all types
of real, personal, tangible, intangible or mixed property owned by such Person, whether or not included in the most recent consolidated
balance sheet of such Person and its Subsidiaries under GAAP.

 

“Restricted Subsidiary” means any Subsidiary
of the Company which is not an Unrestricted Subsidiary.

 

“SEC” means the Securities and Exchange
Commission or any successor agency performing the duties now assigned to it under the TIA.

 

“Securities” means any Securities that
are issued under this Base Indenture.

 

“Securities Act” means the Securities
Act of 1933, as amended.

 

“Series” means a series of Securities
established under this Base Indenture.

 

“Significant Subsidiary” means any Subsidiary
of the Company which would constitute a “significant subsidiary” as defined in Rule 1.02 of Regulation S-X under the
Securities Act and the Exchange Act.

 

“Subsidiary” of any Person means any
corporation or other entity of which a majority of the Capital Stock having ordinary voting power to elect a majority of the board of
directors of such entity or other persons performing similar functions is at the time directly or indirectly owned or controlled by such
Person.

 

“TIA” means the Trust Indenture Act of
1939, as in effect from time to time, except as otherwise provided herein.

 

“Trustee” means the party named as such
in this Base Indenture until a successor replaces it pursuant to this Base Indenture and thereafter means the successor serving hereunder;

 

    5 

     

    

 

provided, however, that if at any time there is more than one such
Person, “Trustee” as used with respect to the Securities of any Series shall mean only the Trustee with respect to Securities
of that Series.

 

“Trust Officer” means, when used with
respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice
president, assistant secretary, senior associate, associate, 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.

 

“United States” means the United States
of America.

 

“Unrestricted Subsidiary” means, with
respect to any Series, any Subsidiary of the Company (1) so designated by a resolution adopted by the Board of Directors of the Company
as provided below and (2) any Subsidiary of an Unrestricted Subsidiary, subject, in each case, to such conditions as may be stated
in the supplemental indenture or specified in the Authorizing Resolution with respect to such Series.

 

Section 1.02      Other
Definitions.

 

	Term	 	Defined in Section
	Agent Members	 	2.15
	Base Indenture	 	Preamble
	Business Day	 	12.07
	Covenant Defeasance	 	8.01
	Custodian	 	6.01
	Event of Default	 	6.01
	Legal Defeasance	 	8.01
	Legal Holiday	 	12.07
	Paying Agent	 	2.03
	Payment Default	 	6.01
	Registrar	 	2.03
	Security Register	 	2.03
	Successor	 	5.0

 

Section 1.03       Incorporation
by Reference of Trust Indenture Act.

 

Whenever this Indenture refers to a provision of
the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture
have the following meanings:

 

“Commission” means the SEC.

 

“indenture securities” means the Securities
of a particular Series.

 

    6 

     

    

 

“indenture security holder” means a Securityholder.

 

“indenture to be qualified” means this
Indenture.

 

“indenture trustee” or “institutional
trustee” means the Trustee.

 

“obligor” on the indenture securities
means the Company or any other obligor on the Securities of a Series.

 

All other TIA terms used in this Indenture that are
defined by the TIA, defined by TIA reference to another statute or defined by SEC rule have the meanings so assigned to them.

 

Section 1.04      Rules of
Construction.

 

Unless the context otherwise requires:

 

		(1)	a term has the meaning assigned to it herein;

 

		(2)	an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP and all accounting determinations
shall be made in accordance with GAAP;

 

		(3)	“or” is not exclusive and “including” means “including without limitation”;

 

		(4)	words in the singular include the plural, and in the plural include the singular;

 

		(5)	“herein,” “hereof” and “hereunder,” and other words of similar import, refer to this Indenture
as a whole (including any Authorizing Resolution or supplemental indenture relating to the relevant Series) and not to any particular
Article, Section or other subdivision;

 

		(6)	all exhibits are incorporated by reference herein and expressly made a part of this Indenture; and

 

		(7)	any transaction or event shall be considered “permitted by” or made “in accordance with” or “in compliance
with” this Indenture or any particular provision thereof if such transaction or event is not expressly prohibited by this Indenture
or such provision, as the case may be.

 

ARTICLE 2

THE SECURITIES

 

Section 2.01      Form and
Dating.

 

The aggregate principal amount of Securities that
may be issued under this Base Indenture is unlimited. The Securities may be issued from time to time in one or more Series.

 

    7 

     

    

 

Each Series shall be created by an Authorizing Resolution or a
supplemental indenture that establishes the terms of the Series, which may include the following:

 

		(1)	the title of the Series;

 

		(2)	the aggregate principal amount (or any limit on the aggregate principal amount) of the Series and, if any Securities of a Series are
to be issued at a discount from their face amount, the method of computing the accretion of such discount;

 

		(3)	the interest rate or method of calculation of the interest rate;

 

		(4)	the date from which interest will accrue;

 

		(5)	the record dates for interest payable on Securities of the Series;

 

		(6)	the dates when, places where and manner in which principal and interest are payable;

 

		(7)	the Registrar and Paying Agent;

 

		(8)	the terms of any mandatory (including any sinking fund requirements) or optional redemption by the Company;

 

		(9)	the terms of any redemption at the option of Holders;

 

		(10)	the permissible denominations in which Securities of such Series are issuable, if different from $2,000 and multiples of $1,000
in excess thereof;

 

		(11)	whether Securities of such Series will be issued in registered or bearer form and the terms of any such forms of Securities;

 

		(12)	whether the Securities of the Series shall be issued in whole or in part in the form of a Global Security or Securities, the
terms and conditions, if different from those contained in this Base Indenture, upon which such Global Security or Securities may be exchanged
in whole or in part for Definitive Securities; the Depositary for such Global Security or Securities; the form of any legend or legends,
if any, to be borne by any such Global Security or Securities in addition to or in lieu of the legends referred to in Section 2.15;

 

		(13)	the currency or currencies (including any composite currency) in which principal or interest or both may be paid;

 

		(14)	if payments of principal or interest may be made in a currency other than that in which Securities of such Series are denominated, the manner for determining such payments, including the time and manner of determining the exchange rate between the currency in which such Securities are denominated and the currency in which such Securities or any of them may be paid, and any deletions from or modifications of or additions to the terms of this Indenture to provide for or to facilitate the issuance of Securities denominated or payable, at the election of the Company or a Holder thereof or otherwise, in a Foreign Currency;

 

    8 

     

    

 

		(15)	provisions for electronic issuance of Securities or issuance of Securities of such Series in uncertificated form;

 

		(16)	any Events of Default, covenants and/or defined terms in addition to or in lieu of those set forth in this Base Indenture;

 

		(17)	whether and upon what terms Securities of such Series may be defeased or discharged if different from the provisions set forth
in this Base Indenture;

 

		(18)	the form of the Securities of such Series, which, unless the Authorizing Resolution or supplemental indenture otherwise provides,
shall be in the form of Exhibit A;

 

		(19)	any terms that may be required by or advisable under applicable law;

 

		(20)	the percentage of the principal amount of the Securities of such Series which is payable if the maturity of the Securities of
such Series is accelerated in the case of Securities issued at a discount from their face amount;

 

		(21)	whether Securities of such Series will or will not have the benefit of guarantees and the Company’s Subsidiaries that will
be the initial guarantors of such Series and, if applicable, the terms and conditions upon which such guarantees may be subordinated
to other indebtedness of the respective guarantors;

 

		(22)	whether the Securities of such Series are senior or subordinated debt securities, and if subordinated debt securities, the terms
of such subordination;

 

		(23)	whether the Securities of the Series will be convertible into or exchangeable for other Securities, common shares or other securities
of any kind of the Company or another obligor, and, if so, the terms and conditions upon which such Securities will be so convertible
or exchangeable, including the initial conversion or exchange price or rate or the method of calculation, how and when the conversion
price or exchange ratio may be adjusted, whether conversion or exchange is mandatory, at the option of the holder or at the Company’s
option, the conversion or exchange period, and any other provision in relation thereto; and

 

    9 

     

    

 

		(24)	any other terms in addition to or different from those contained in this Base Indenture applicable to such Series.

 

All Securities of one Series need not be issued
at the same time and, unless otherwise provided, a Series may be reopened for issuances of additional Securities of such Series pursuant
to an Authorizing Resolution, an Officers’ Certificate or in any indenture supplemental hereto.

 

The creation and issuance of a Series and the
authentication and delivery thereof are not subject to any conditions precedent.

 

Section 2.02Execution
and Authorization.

 

One Officer shall sign the Securities for the Company
by manual or facsimile signature.

 

If an Officer whose signature is on a Security no
longer holds that office at the time the Trustee authenticates the Security, the Security shall nevertheless be valid.

 

A Security shall not be valid until the Trustee manually
signs the certificate of authentication on the Security. The signature shall be conclusive evidence that the Security has been authenticated
under this Base Indenture.

 

At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication.
Each Security shall be dated the date of its authentication. The Trustee shall authenticate Securities for original issue upon receipt
of, and shall be fully protected in relying upon:

 

(a)       An
order to the Trustee signed by an officer of the Company directing the Trustee to authenticate the Securities;

 

(b)       a
copy of the resolution or resolutions of the Board of Directors in or pursuant to which the terms and form of the Securities were established,
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 as of the date of such certificate, and if the terms and form of such Securities are established by an Officers’
Certificate pursuant to general authorization of the Board of Directors, such Officers’ Certificate;

 

(c)       an
Officers’ Certificate of the Company delivered in accordance with Section 12.04; and

 

(d)       an
Opinion of Counsel delivered in accordance with Section 12.04, and that states that such Securities, when authenticated and
delivered by Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel,
will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to
bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting the enforcement of
creditors’ rights and to general equity principles.

 

    10 

     

    

 

 

The Trustee shall have the right to decline to authenticate
and deliver any Securities under this Section if the Trustee, being advised by counsel, determines that such action may not lawfully
be taken or if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to existing Holders.

 

Section 2.03     Registrar
and Paying Agent.

 

The Company shall maintain an office or agency where
Securities may be presented for registration of transfer or where Securities of a Series that are convertible or exchangeable may
be surrendered for conversion or exchange (“Registrar”), an office or agency where Securities may be presented for payment
(“Paying Agent”) and an office or agency where notices and demands to or upon the Company in respect of the Securities and
this Indenture may be served. The Registrar shall keep a register of the Securities and of their transfer and exchange (the “Security
Register”). The Company may have one or more co-Registrars and one or more additional paying agents. The term “Paying Agent”
includes any additional paying agent.

 

The Company shall enter into an appropriate agency
agreement with any Agent not a party to this Base Indenture. The agreement shall implement the provisions of this Indenture that relate
to such Agent. The Company shall promptly notify the Trustee in writing of the name and address of any such Agent and the Trustee shall
have the right to inspect the Securities Register at all reasonable times to obtain copies thereof, and the Trustee shall have the right
to rely upon such register as to the names and addresses of the Holders and the principal amounts and certificate numbers thereof. If
the Company fails to maintain a Registrar or Paying Agent or fails to give the foregoing notice, the Trustee shall act as such.

 

The Company initially appoints the Trustee as Registrar
and Paying Agent.

 

Section 2.04      Paying
Agent to Hold Money in Trust.

 

Each Paying Agent shall hold in trust for the benefit
of Securityholders and the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Securities, and
shall notify the Trustee of any default by the Company in making any such payment. If the Company or a Subsidiary acts as Paying Agent,
it shall segregate the money and hold it as a separate trust fund. The Company at any time may require a Paying Agent to pay all money
held by it to the Trustee. Upon doing so the Paying Agent shall have no further liability for the money.

 

Section 2.05     Securityholder
Lists.

 

The Trustee shall preserve in as current a form as
is reasonably practicable the most recent list available to it of the names and addresses of Securityholders. If the Trustee is not the
Registrar, the Company shall furnish to the Trustee at least five (5) Business Days before each semiannual 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 Securityholders.

 

    11 

     

    

 

Section 2.06     Transfer
and Exchange.

 

Where a Security is presented to the Registrar or
a co-Registrar with a request to register a transfer, the Registrar shall register the transfer as requested if the requirements of Section 8-401(a) of
the NYUCC are met and the other provisions of this Section 2.06 are satisfied. Where Securities are presented to the Registrar or
a co-Registrar with a request to exchange them for an equal principal amount of Securities of other denominations, the Registrar shall
make the exchange as requested if the same requirements are met. To permit transfers and exchanges, the Trustee shall authenticate Securities
at the Registrar’s request. The Registrar need not transfer or exchange any Security selected for redemption or repurchase, except
the unredeemed or repurchased part thereof if the Security is redeemed or repurchased in part, or transfer or exchange any Securities
for a period of 15 days before a selection of Securities to be redeemed or repurchased. Any exchange or transfer shall be without charge,
except that the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto except in the case of exchanges pursuant to 2.09, 3.06, or 10.05 not involving any transfer.

 

Any Holder of a Global Security shall, by acceptance
of such Global Security, agree that transfers of beneficial interests in such Global Security may be effected only through a book entry
system maintained by the Holder of such Global Security (or its agent), and that ownership of a beneficial interest in the Security shall
be required to be reflected in a book entry.

 

Section 2.07     Replacement
Securities.

 

If the Holder of a Security claims that the Security
has been lost, destroyed, mutilated or wrongfully taken, the Company shall issue and execute a replacement security and, upon written
request of any Officer of the Company, the Trustee shall authenticate such replacement Security, provided, in the case of a lost, destroyed
or wrongfully taken Security, that the requirements of Section 8-405 of the NYUCC are met. If any such lost, destroyed, mutilated
or wrongfully taken Security shall have matured or shall be about to mature, the Company may, instead of issuing a substitute Security
therefor, pay such Security without requiring (except in the case of a mutilated Security) the surrender thereof. An indemnity bond must
be sufficient in the judgment of the Company and the Trustee to protect the Company, the Trustee and any Agent from any loss which any
of them may suffer if a Security is replaced, including the acquisition of such Security by a bona fide purchaser. The Company and the
Trustee may charge for its expenses in replacing a Security.

 

Section 2.08     Outstanding
Securities.

 

Securities outstanding at any time are all Securities
authenticated by the Trustee except for those cancelled by it and those described in this Section. A Security does not cease to be outstanding
because the Company or one of its Affiliates holds the Security.

 

If a Security is replaced pursuant to Section 2.07,
it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Security is held by a “protected
purchaser” (as such term is defined in the NYUCC).

 

If the Paying Agent holds on a redemption date, purchase
date or maturity date money sufficient to pay Securities payable on that date, then on and after that date such Securities cease to be
outstanding and interest on them ceases to accrue.

 

    12 

     

    

 

Subject to the foregoing provisions of this Section,
each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall
carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

 

Section 2.09     Temporary
Securities.

 

Until definitive Securities are ready for delivery,
the Company may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form
of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable
delay, the Company shall prepare and, upon surrender for cancellation of the temporary Security, the Company shall execute and the Trustee
shall authenticate definitive Securities in exchange for temporary Securities. Until so exchanged, the temporary Securities shall in all
respects be entitled to the same benefits under this Indenture as definitive Securities authenticated and delivered hereunder.

 

Section 2.10     Cancellation.

 

The Company at any time may deliver Securities to
the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Securities surrendered to them for registration
of transfer, exchange, redemption, purchase or payment. The Trustee and no one else shall cancel and dispose of such cancelled or tendered
securities, or retain in accordance with its standard retention policy, all Securities surrendered for registration of transfer, exchange,
redemption, purchase, payment or cancellation. Unless the Authorizing Resolution or supplemental indenture so provides, the Company may
not issue new Securities to replace Securities that it has previously paid or delivered to the Trustee for cancellation.

 

Section 2.11     Defaulted
Interest.

 

If the Company defaults in a payment of interest
on the Securities of any Series, it shall pay the defaulted interest plus any interest payable on the defaulted interest to the persons
who are Securityholders of such Series on a subsequent special record date. The Company shall fix such special record date and a
payment date which shall be reasonably satisfactory to the Trustee. At least 15 days before such special record date, the Company shall
send to each Securityholder of the relevant Series a notice that states the record date, the payment date and the amount of defaulted
interest to be paid. On or before the date such notice is sent, the Company shall deposit with the Paying Agent money sufficient to pay
the amount of defaulted interest to be so paid. The Company may pay defaulted interest in any other lawful manner if, after notice given
by the Company to the Trustee of the proposed payment, such manner of payment shall be deemed practicable by the Trustee.

 

Section 2.12     Treasury
Securities.

 

In determining whether the Holders of the required
principal amount of Securities of a Series have concurred in any direction, waiver, consent or notice, Securities owned by the Company
or any of its Affiliates shall be considered as though they are not outstanding, except that for the purposes of determining whether the
Trustee shall be protected in relying on any such direction, waiver or consent, only Securities which a Trust Officer of the Trustee actually
knows are so owned shall be so considered.

 

    13 

     

    

 

Section 2.13     CUSIP/ISIN
Numbers.

 

The Company in issuing the Securities of any Series may
use a “CUSIP” and/or “ISIN” or other similar number, and if so, the Trustee shall use the CUSIP and/or ISIN or
other similar number in notices of redemption or exchange as a convenience to Holders of such Securities; provided that no representation
is hereby deemed to be made by the Trustee as to the correctness or accuracy of any such CUSIP and/or ISIN or other similar number printed
in the notice or on such Securities, and that reliance may be placed only on the other identification numbers printed on such Securities.
The Company shall promptly notify the Trustee of any change in any CUSIP and/or ISIN or other similar number.

 

Section 2.14     Deposit
of Moneys.

 

Prior to 11:00 a.m. New York City time on each
interest payment date and maturity date with respect to each Series of Securities, the Company shall have deposited with the Paying
Agent in immediately available funds money in the applicable currency sufficient to make cash payments due on such interest payment date
or maturity date, as the case may be, in a timely manner which permits the Paying Agent to remit payment to the Holders of such Series on
such interest payment date or maturity date, as the case may be.

 

Section 2.15     Book-Entry
Provisions for Global Security.

 

Any Global Security of a Series initially shall
(i) be registered in the name of the Depositary or the nominee of such Depositary, (ii) be delivered to the Trustee as custodian
for such Depositary and (iii) bear any required legends.

 

Members of, or participants in, the Depositary (“Agent
Members”) shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary,
or the Trustee as its custodian, or under the Global Security, and the Depositary may be treated by the Company, the Trustee and any agent
of the Company or the Trustee as the absolute owner of the Global Security 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 the Depositary or impair, as between the Depositary and its Agent Members, the operation of
customary practices governing the exercise of the rights of a Holder of any Security.

 

(a)       Transfers
of any Global Security shall be limited to transfers in whole, but not in part, to the Depositary, its successors or their respective
nominees. Interests of beneficial owners in the Global Security may be transferred or exchanged for Definitive Securities in accordance
with the rules and procedures of the Depositary. In addition, Definitive Securities shall be transferred to all beneficial owners
in exchange for their beneficial interests in a Global Security if (i) the Depositary notifies the Company that it is
unwilling or unable to continue as Depositary for the Global Security and a successor depository is not appointed by the Company within
90 days of such notice or (ii) an Event of Default has occurred and is continuing and the Registrar has received a request from the
Depositary to issue Definitive Securities.

 

    14 

     

    

 

(b)       In
connection with any transfer or exchange of a portion of the beneficial interest in any Global Security to beneficial owners pursuant
to paragraph (b), the Registrar shall (if one or more Definitive Securities are to be issued) reflect on its books and records the date
and a decrease in the principal amount of the Global Security in an amount equal to the principal amount of the beneficial interest in
the Global Security to be transferred, and the Company shall execute, and the Trustee shall authenticate and deliver, one or more Definitive
Securities of like Series and amount.

 

(c)       In
connection with the transfer of an entire Global Security to beneficial owners pursuant to paragraph (b), the Global Security 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 the Depositary in exchange for its beneficial interest in the Global Security, an equal aggregate
principal amount of Definitive Securities of the same Series in authorized denominations.

 

(d)       The
Holder of any Global Security may grant proxies and otherwise authorize any person, including Agent Members and persons that may hold
interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Securities of such
Series.

 

(e)       Unless
otherwise provided in the Authorizing Resolution or supplemental indenture for a particular Series of Securities, each Global Security
of such Series shall bear legends in substantially the following forms:

 

“THIS GLOBAL SECURITY IS HELD BY THE DEPOSITARY
(AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE HOLDERS OF BENEFICIAL INTERESTS
HEREIN, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE ANY SUCH NOTATIONS
HEREON AS MAY BE REQUIRED PURSUANT TO THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT
TO SECTION 2.06 OF THE INDENTURE, (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT
TO THE INDENTURE AND (IV) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF
THE COMPANY.”

 

“UNLESS AND UNTIL IT IS EXCHANGED IN
WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR TO ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, 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.”

 

    15 

     

    

 

Section 2.16     No
Duty to Monitor.

 

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 Security (including any transfers between or among Agent Members or beneficial owners of interests
in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required
by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof.

 

Neither the Trustee nor any Agent shall have any
responsibility for any actions taken or not taken by the Depositary.

 

ARTICLE 3

REDEMPTION

 

Section 3.01     Notices
to Trustee.

 

Securities of a Series that are redeemable prior
to maturity shall be redeemable in accordance with their terms and, unless the Authorizing Resolution or supplemental indenture provides
otherwise, in accordance with this Article Three.

 

If the Company wants to redeem Securities pursuant
to Paragraph 4 of the Securities, it shall notify the Trustee in writing of the redemption date and the principal amount of Securities
to be redeemed. Any such notice may be cancelled at any time prior to notice of such redemption being sent to Holders. Any such cancelled
notice shall be void and of no effect.

 

If the Company wants to credit any Securities previously
redeemed, retired or acquired against any redemption pursuant to Paragraph 5 of the Securities, it shall notify the Trustee of the amount
of the credit and it shall deliver any Securities not previously delivered to the Trustee for cancellation with such notice.

 

The Company shall give each notice provided for
in this Section 3.01 at least 15 days before the notice of any such redemption is to be delivered to Holders (unless a shorter notice
shall be satisfactory to the Trustee).

 

    16 

     

    

 

Section 3.02     Selection
of Securities to be Redeemed.

 

If fewer than all of the Securities of a Series are
to be redeemed, the Trustee (or depository, as applicable) shall select the Securities to be redeemed pro rata, by lot, or such other
method the Trustee (or depository, as applicable) considers fair and appropriate and in a manner that complies with applicable requirements
of the Depositary. The Trustee (or depository, as applicable) shall make the selection from Securities outstanding not previously called
for redemption and shall promptly notify the Company of the serial numbers or other identifying attributes of the Securities so selected.
The Trustee (or depository, as applicable) may select for redemption portions of the principal of Securities that have denominations larger
than the minimum denomination for the Series. Securities and portions of them it selects shall be in amounts equal to a permissible denomination
for the Series. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called
for redemption.

 

Unless otherwise provided in the Authorizing Resolution
or supplemental indenture relating to a Series, if any Security selected for partial redemption is converted into or exchanged for Common
Stock or other securities, cash or other property in part before termination of the conversion or exchange right with respect to the portion
of the Security so selected, the converted portion of such Security shall be deemed (so far as may be) to be the portion selected for
redemption. Securities which have been converted or exchanged during a selection of Securities to be redeemed shall be treated by the
Trustee as outstanding for the purpose of such selection.

 

Section 3.03     Notice
of Redemption.

 

At least 30 days but not more than 60 days before
a redemption date, the Company shall mail a notice of redemption by first-class mail, postage prepaid (or in the case of Global Securities,
deliver electronically in accordance with the applicable procedures of the Depositary), to each Holder of Securities to be redeemed.

 

The notice shall identify the Securities to be redeemed
and shall state:

 

		(1)	the redemption date;

 

		(2)	the redemption price or the formula pursuant to which such price will be calculated;

 

		(3)	if any Security is being redeemed in part, the portion of the principal amount of such Security to be redeemed and that, after the
redemption date, upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion shall
be issued upon cancellation of the original Security;

 

		(4)	in the case of Securities of a Series that are convertible or exchangeable into shares of the Company’s common stock or
other securities, cash or other property, the conversion or exchange price or rate, the date or dates on which the right to convert or
exchange the principal of the Securities of such Series to be redeemed will commence or terminate
and the place or places where such Securities may be surrendered for conversion or exchange;

 

    17 

     

    

 

		(5)	the name and address of the Paying Agent;

 

		(6)	that Securities called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

		(7)	that interest on Securities called for redemption ceases to accrue on and after the redemption date;

 

		(8)	that the Securities are being redeemed pursuant to the mandatory redemption or the optional redemption provisions, as applicable;
and

 

		(9)	the CUSIP number and that no representation is hereby deemed to be made be made by the Trustee as to the correctness or accuracy of
any such CUSIP and/or ISIN or other similar number printed in the notice or on such Securities, and that reliance may be placed only on
the other identification numbers printed on such Securities.

 

At the Company’s request, the Trustee shall
give the notice of redemption in the Company’s name and at its expense; provided, however, that the Company shall deliver to the
Trustee at least 15 days prior to the date on which notice of redemption is to be sent or such shorter period as may be satisfactory to
the Trustee, an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated
in such notice as provided in the preceding paragraph.

 

Section 3.04     Effect
of Notice of Redemption.

 

Once notice of redemption is sent, Securities called
for redemption become due and payable on the redemption date and at the redemption price as set forth in the notice of redemption. Upon
surrender to the Paying Agent, such Securities shall be paid at the redemption price, plus accrued and unpaid interest to the redemption
date. Notices of redemption may be subject to one or more conditions. In the event that any such conditions are not satisfied the Company
may amend or revoke such notice of redemption by sending notice to Securityholders (with a copy to the Trustee) in accordance with the
applicable procedures of the Depository.

 

Section 3.05     Deposit
of Redemption Price.

 

On or before the redemption date, the Company shall
deposit with the Paying Agent immediately available funds in the applicable currency sufficient to pay the redemption price of and accrued
interest on all Securities to be redeemed on that date.

 

Section 3.06     Securities
Redeemed in Part .

 

Upon surrender of a Security that is redeemed in
part, the Company shall execute and the Trustee shall authenticate for each Holder a new Security of the same Series equal in principal
amount to the unredeemed portion of the Security surrendered.

 

    18 

     

    

 

ARTICLE 4

COVENANTS

 

Section 4.01     Payment
of Securities.

 

The Company shall pay the principal of and interest
on a Series on the dates, in the currency and in the manner provided in the Securities of the Series. An installment of principal
or interest shall be considered paid on the date it is due if the Paying Agent holds on that date money in the applicable currency designated
for and sufficient to pay the installment.

 

The Company shall pay interest on overdue principal
at the rate borne by the Series; it shall pay interest on overdue installments of interest at the same rate.

 

Section 4.02     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.

 

Section 4.03     Compliance
Certificate.

 

The Company shall deliver to the Trustee within 120
days after the end of each fiscal year of the Company an Officers’ Certificate stating whether or not the signers know of any continuing
Default by the Company in performing any of its obligations under this Indenture. If they do know of such a Default, the certificate shall
describe the Default. In addition, the Company will notify the Trustee within 5 business days upon the Company’s knowledge of a
Default.

 

Section 4.04     Waiver
of Stay, Extension or Usury Laws.

 

The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay or extension law or any usury law or other law that would prohibit or forgive the Company from paying all or any portion of
the principal of or interest on the Securities of any Series as contemplated herein, wherever enacted, now or at any time hereafter
in force, or which may affect the covenants or the performance of this Indenture; and (to the extent that it may lawfully do so) the
Company expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution
of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been
enacted.

 

    19 

     

    

 

ARTICLE 5

SUCCESSOR CORPORATION

 

Section 5.01     When
Company May Merge, etc.

 

The Company will not consolidate or merge with or
into, or sell, lease, convey or otherwise dispose of all or substantially all of its assets (including by way of liquidation or dissolution)
to, any Person (in each case other than in a transaction in which the Company is the survivor of a consolidation or merger, or the transferee
in a sale, lease, conveyance or other disposition) unless:

 

		(1)	the Person formed by or surviving such consolidation or merger (if other than the Company), or to which such sale, lease, conveyance
or other disposition will be made (collectively, the “Successor”), is a corporation or other legal entity organized and existing
under the laws of the United States or any state thereof or the District of Columbia, and the Successor assumes by supplemental indenture
in a form reasonably satisfactory to the Trustee all of the obligations of the Company under the Securities, as the case may be, and the
Indenture, and

 

		(2)	immediately after giving effect to such transaction, no Default or Event of Default has occurred and is continuing.

 

The foregoing provisions shall not apply to a transaction
the purpose of which is to change the state of incorporation of the Company.

 

Upon any such consolidation, merger, sale, lease,
conveyance or other disposition, the Successor will be substituted for the Company under the Indenture. The Successor may then exercise
every power and right of the Company under this Indenture, and except in the case of a lease, the Company will be released from all of
its liabilities and obligations in respect of the Securities and the Indenture. If the Company leases all or substantially all of its
assets the Company will not be released from its obligations to pay the principal of and interest, if any, on the Securities.

 

ARTICLE 6

DEFAULTS AND REMEDIES

 

Section 6.01     Events
of Default.

 

An “Event of Default” on a Series occurs
if, voluntarily or involuntarily, whether by operation of law or otherwise, any of the following occurs:

 

		(1)	the failure by the Company to pay interest on any Security of such Series when the same becomes due and payable and the continuance
of any such failure for a period of 30 days;

 

    20 

     

    

 

 

		(2)	the failure by the Company to pay the principal of any Security of such Series when the same becomes due and payable at maturity,
upon acceleration, redemption or otherwise;

 

		(3)	the failure by the Company or any Restricted Subsidiary to comply with any of its agreements or covenants in, or provisions of, the
Securities of such Series or this Indenture (as they relate thereto) and such failure continues for the period and after the notice
specified below (except in the case of a default with respect to Article Five (or any other provision specified in the applicable
supplemental indenture or Authorizing Resolution), which will constitute Events of Default with notice but without passage of time);

 

		(4)	default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced
any Indebtedness (other than Non-Recourse Indebtedness) for money borrowed by the Company or any of its Restricted Subsidiaries (or the
payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists
or is created after the Issue Date, if that default:

 

		(A)	is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace
period provided in such Indebtedness on the date of such default (a “Payment Default”); or

 

		(B)	results in the acceleration of such Indebtedness prior to its express maturity without such Indebtedness having been discharged or
such acceleration having been cured, waived, rescinded or annulled for the period and after the notice specified below,

 

and, in each case, the principal amount of any such Indebtedness,
together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which
has been so accelerated, aggregates $50 million or more;

 

		(5)	the Company or any Restricted Subsidiary that is a Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 

		(A)	commences a voluntary case,

 

		(B)	consents to the entry of an order for relief against it in an involuntary case,

 

		(C)	consents to the appointment of a Custodian of it or for all or substantially all of its Property, or

 

		(D)	makes a general assignment for the benefit of its creditors;

 

    21 

     

    

 

		(6)	a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

		(A)	is for relief against the Company or any Restricted Subsidiary that is a Significant Subsidiary as debtor in an involuntary case,

 

		(B)	appoints a Custodian of the Company or any Restricted Subsidiary that is a Significant Subsidiary or a Custodian for all or substantially
all of the Property of the Company, or

 

		(C)	orders the liquidation of the Company or any Restricted Subsidiary that is a Significant Subsidiary, and the order or decree remains
unstayed and in effect for 60 days.

 

A Default as described in subclause (3) or (4)(B) above
will not be deemed an Event of Default until the Trustee notifies the Company, or the Holders of at least 25 percent in principal amount
of the then outstanding Securities of the applicable Series notify the Company and the Trustee, of the Default and (except in the
case of a default with respect to Article Five (or any other provision specified in the applicable supplemental indenture or Authorizing
Resolution)) the Company does not cure the Default within (a) with respect to in subclause (3), 60 days after receipt of the notice
and (b) with respect to in subclause (4)(B), 30 days after receipt of the notice. The notice must specify the Default, demand that
it be remedied and state that the notice is a “Notice of Default.” If such a Default is cured within such time period, it
ceases to exist, without any action by the Trustee or any other Person.

 

The term “Custodian” means any receiver,
trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law.

 

Section 6.02Acceleration.

 

If an Event of Default (other than an Event of Default
with respect to the Company resulting from subclause (5) or (6) above), shall have occurred and be continuing under the Indenture,
the Trustee by notice to the Company, or the Holders of at least 25 percent in principal amount of the Securities of the applicable Series then
outstanding by notice to the Company and the Trustee, may declare all Securities of such Series to be due and payable immediately.
Upon such declaration of acceleration, the amounts due and payable on the Securities of such Series will be due and payable immediately.
If an Event of Default with respect to the Company specified in subclauses (5) or (6) above occurs, all amounts due and payable
on the Securities of such Series will ipso facto become and be immediately due and payable without any declaration, notice or other
act on the part of the Trustee and the Company or any Holder.

 

Holders of a majority in principal amount of the
then outstanding Securities of such Series may rescind an acceleration with respect to such Series and its consequence (except
an acceleration due to nonpayment of principal or interest) if the rescission would not conflict with any judgment or decree and if all
existing Events of Default (other than the non-payment of accelerated principal) have been cured or waived.

 

No such rescission shall extend to or shall affect
any subsequent Event of Default, or shall impair any right or power consequent thereon.

 

    22 

     

    

 

Section 6.03Other
Remedies.

 

If an Event of Default on a Series occurs and
is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of or
interest on the Series or to enforce the performance of any provision in the Securities or this Indenture applicable to the Series.

 

The Trustee may maintain a proceeding even if it
does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Securityholder
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 cumulative.

 

Section 6.04Waiver
of Existing Defaults.

 

Subject to Section 10.02, the Holders of a majority
in principal amount of the outstanding Securities of a Series on behalf of all the Holders of the Series by notice to the Trustee
may waive an existing Default on such Series and its consequences. When a Default is waived, it is cured and stops continuing, and
any Event of Default arising therefrom shall be deemed to have been cured; but no such waiver shall extend to any subsequent or other
Default or impair any right consequent thereon.

 

Section 6.05Control
by Majority.

 

The Holders of a majority in principal amount of
the outstanding Securities of a Series may 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 it with respect to such Series. The Trustee, however, may refuse to follow
any direction (i) that conflicts with law or this Indenture, (ii) that, subject to Section 7.01, the Trustee determines
is unduly prejudicial to the rights of other Securityholders, (iii) that would involve the Trustee in personal liability, if there
shall be reasonable grounds for believing that adequate indemnity against such liability is not reasonably assured to it, or (iv) if
the Trustee shall not have been provided with indemnity satisfactory to it.

 

Section 6.06Limitation
on Suits.

 

A Securityholder of a Series may not pursue
any remedy with respect to this Indenture or the Series unless:

 

		(1)	the Holder gives to the Trustee written notice of a continuing Event of Default on the Series;

 

		(2)	the Holders of at least a majority in principal amount of the outstanding Securities of the Series make a written request to
the Trustee to pursue the remedy;

  

		(3)	such Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense;

 

		(4)	the Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and

 

		(5)	no written request inconsistent with such written request shall have been given to the Trustee pursuant to this Section 6.06.

 

    23 

     

    

 

A Securityholder may not use this Indenture to prejudice
the rights of another Holder of Securities of the same Series or to obtain a preference or priority over another Holder of Securities
of the same Series (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions
or forbearances by such Holder are unduly prejudicial to another Holder).

 

Section 6.07Rights
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 any Security, on or after the respective due dates expressed
in the Security, or to bring suit for the enforcement of any such payment on or after such respective dates, is absolute and unconditional
and shall not be impaired or affected without the consent of the Holder.

 

Section 6.08Collection
Suit by Trustee.

 

If an Event of Default in payment of interest or
principal specified in Section 6.01(1) or (2) 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 of principal and interest remaining unpaid.

 

Section 6.09Trustee
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 Securityholders allowed in any judicial
proceedings relative to the Company or its creditors or Property, and unless prohibited by applicable law or regulation, may vote on behalf
of the Holders in any election of a Custodian, and shall be entitled and empowered to collect and receive any moneys or other Property
payable or deliverable on any such claims and to distribute the same and any Custodian in any such judicial proceeding is hereby authorized
by each Securityholder to make such payments to the Trustee. Nothing herein shall be deemed to authorize the Trustee to authorize or consent
to or vote for or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting
the Securities or the rights of any Holder or to authorize the Trustee to vote in respect of the claim of any Securityholder except as
aforesaid for the election of the Custodian.

 

    24 

     

    

 

Section 6.10Priorities.

 

If the Trustee collects any money pursuant to this
Article with respect to Securities of any Series, it shall pay out the money in the following order:

 

First:
to the Trustee for amounts due under Section 7.07;

 

Second:
to Securityholders of the Series for amounts due and unpaid on the Series for principal and interest, ratably, without preference
or priority of any kind, according to the amounts due and payable on the Series for principal and interest, respectively; and

 

Third:
to the Company or as a court of competent jurisdiction shall direct.

 

The Trustee may fix a record date and payment date
for any payment to Securityholders pursuant to this Section 6.10.

 

Section 6.11Undertaking
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 the due
regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 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 principal amount of the Series.

 

    25 

     

    

 

ARTICLE 7

TRUSTEE

 

Section 7.01Duties
of Trustee.

 

(a)       If
an Event of Default has occurred and is continuing with respect to Securities of any Series, the Trustee shall, prior to the receipt of
directions from the Holders of a majority in principal amount of the Securities of the Series, exercise its rights and powers and use
the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his
own affairs.

 

(b)       Except
during the continuance of an Event of Default:

 

(1)       The
Trustee need perform only those duties that are specifically set forth in this Indenture and no others and no implied covenants or obligations
shall be read into this Indenture against the Trustee.

 

(2)       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 certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture. The Trustee, however, in the case of certificates or opinions specifically required by any provision hereof to be
furnished to it, shall examine the certificates and opinions 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 or matters stated
therein.

 

(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:

 

(1)       This
paragraph does not limit the effect of paragraph (b) of this Section.

 

(2)       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.

 

(3)       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 or any other direction of the Holders permitted hereunder.

 

(d)       Every
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section.

 

(e)       The
Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any loss,
liability or expense.

 

(f)       The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree with the Company. Money held in trust
by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)       None
of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties or in the exercise of any of its rights or powers, if there shall be reasonable grounds for believing
that the repayment of such funds or adequate indemnity against such liability is not reasonably assured to it.

 

    26 

     

    

 

Section 7.02Rights
of Trustee.

 

Subject to Section 7.01:

 

(a)       The
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting on any document, resolution, certificate,
instrument, report, or direction 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, resolution, certificate, instrument, report, or direction.

 

(b)       Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both, which
shall conform to Sections 12.04 and 12.05 hereof and containing such other statements as the Trustee reasonably deems necessary to
perform its duties hereunder. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on
the Officers’ Certificate, Opinion of Counsel or any other direction of the Company permitted hereunder.

 

(c)       The
Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.

 

(d)       The
Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and believed by it to be authorized or within
the discretion or rights or powers conferred upon it by this Indenture.

 

(e)       The
Trustee may consult with counsel of its selection, and the advice of such counsel or any Opinion of Counsel as to matters of law shall
be full and complete authorization and protection in respect of any action taken, omitted or suffered by it hereunder in good faith and
in accordance with the advice or opinion of such counsel.

 

(f)       Unless
otherwise specifically provided in the Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed
by an Officer of the Company.

 

    27 

     

    

 

(g)       For
all purposes under this Indenture, the Trustee shall not be deemed to have notice or knowledge of any Event of Default unless written
notice of any Event of Default is received by the Trustee at its address specified in Section 12.02 hereof and such notice references
the Securities generally, the Company and this Indenture.

 

(h)       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 reasonably
satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request
or direction.

 

(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 inquiry or investigation into such facts or matters as it may see fit, and,
if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises
of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability
of any kind by reason of such inquiry or investigation.

 

(j)       In
no event shall the Trustee be responsible or liable for special, indirect, 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.

 

(k)       The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent,
custodian and other Person employed to act hereunder.

 

(l)       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.

 

(m)      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.

 

    28 

     

    

 

Section 7.03Individual
Rights of Trustee.

 

The Trustee in its individual or any other capacity
may become the owner or pledgee of Securities and may otherwise deal with the Company or its affiliates with the same rights it would
have if it were not Trustee. Any Agent may do the same with like rights. The Trustee, however, must comply with Sections 7.10 and 7.11.

 

Section 7.04Trustee’s
Disclaimer.

 

The Trustee makes no representation as to the validity
or adequacy of this Indenture, the Securities or of any prospectus used to sell the Securities of any Series; it shall not be accountable
for the Company’s use of the proceeds from the Securities; it shall not be accountable for any money paid to the Company, or upon
the Company’s direction, if made under and in accordance with any provision of this Indenture; it shall not be responsible for the
use or application of any money received by any Paying Agent other than the Trustee; and it shall not be responsible for any statement
of the Company in this Indenture or in the Securities other than its certificate of authentication.

 

Section 7.05Notice
of Defaults.

 

If a Default on a Series occurs and is continuing
and if it is known to the Trustee, the Trustee shall deliver to each Securityholder of the Series notice of the Default (which shall
specify any uncured Default known to it) within 90 days after the Trustee obtains such knowledge. Except in the case of a default in payment
of principal of or interest on a Series, the Trustee may withhold the notice if and so long as the board of directors of the Trustee,
the executive or any trust committee of such directors and/or responsible officers of the Trustee in good faith determine(s) that
withholding the notice is in the interests of Holders of the Series.

 

Section 7.06Reports
by Trustee to Holders.

 

Within 60 days after each May 15 beginning
with the May 15 following the date of this Base Indenture, the Trustee shall mail to each Securityholder a brief report dated
as of such May 15 that complies with TIA § 313(a) (but if no event described in TIA § 313(1) through
(8) has occurred within the twelve months preceding the reporting date no report in relation thereto need be transmitted). The
Trustee also shall comply with TIA § 313(b).

 

A copy of each report at the time of its mailing
to Securityholders shall be delivered to the Company and filed by the Trustee with the SEC and each national securities exchange on which
the Securities are listed. The Company agrees to notify the Trustee of each national securities exchange on which the Securities are listed.

 

    29 

     

    

 

Section 7.07Compensation
and Indemnity.

 

The Company shall pay to the Trustee from time to
time reasonable compensation for its services subject to any written agreement between the Trustee and the Company (which compensation
shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust). The Company shall reimburse
the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation
and expenses of the Trustee’s agents and counsel. The Company shall indemnify the Trustee, its officers, directors, employees and
agents and hold it harmless against any loss, liability or expense incurred or made by or on behalf of it in connection with the administration
of this Indenture or the trust hereunder and its duties hereunder including the costs and expenses of defending itself against or investigating
any claim in the premises. The Trustee shall notify the Company promptly of any claim of which it has received written notice and for
which it may seek indemnity. The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee
through the Trustee’s, or its officers’, directors’, or employees’ negligence or willful misconduct.

 

Unless otherwise provided in any supplemental indenture
or Authorizing Resolution relating to any Series, to ensure the Company’s payment obligations in this Section, the Trustee shall
have a claim prior to the Securities of all Series on all money or Property held or collected by the Trustee, except that held in
trust to pay principal of or interest on particular Securities. When the Trustee incurs expenses or renders services in connection with
an Event of Default specified in Section 6.01 or in connection with Article Six hereof, the expenses (including the reasonable
fees and expenses of its counsel) and the compensation for services in connection therewith are to constitute expenses of administration
under any Bankruptcy Law. Section 7.07 shall survive the discharge of the Indenture or resignation of Trustee.

 

Section 7.08Replacement
of Trustee.

 

The Trustee may resign with respect to Securities
of any or all Series by so notifying the Company. The Holders of a majority in principal amount of the outstanding Securities (or
of the relevant Series) may remove the Trustee by so notifying the removed Trustee in writing and may appoint a successor trustee with
the Company’s consent. Such resignation or removal shall not take effect until the appointment by the Securityholders of the relevant
Series or the Company as hereinafter provided of a successor trustee and the acceptance of such appointment by such successor trustee.
The Company may remove the Trustee and any Securityholder may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor trustee for any or no reason, including if:

  

		(1)	the Trustee fails to comply with Section 7.10 after written request by the Company or any bona fide Securityholder who has been
a Securityholder for at least six months;

 

		(2)	the Trustee is adjudged a bankrupt or an insolvent;

 

		(3)	a receiver or other public officer takes charge of the Trustee or its Property; or

 

		(4)	the Trustee becomes incapable of acting.

 

    30 

     

    

 

If the Trustee resigns or is removed or if a vacancy
exists in the office of Trustee for any reason, the Company shall promptly appoint a successor trustee with respect to the Securities
of the relevant Series. If a successor trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the
retiring Trustee at the expense of the Company, the Company or any Holder may petition any court of competent jurisdiction for the appointment
of a successor trustee.

 

A successor trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee shall, upon payment of its
charges hereunder, transfer all Property held by it as Trustee to the successor trustee, 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. A
successor trustee shall mail notice of its succession to each Securityholder.

 

Section 7.09Successor
Trustee by Merger, etc.

 

If the Trustee consolidates with, merges with or
into or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation
without any further act shall be the successor trustee.

 

Section 7.10Eligibility;
Disqualification.

 

This Indenture shall always have a Trustee who satisfies
the requirements of TIA § 310(a)(1). The Trustee shall have a combined capital and surplus of at least $10,000,000 as set forth in
its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b).

 

Section 7.11Preferential
Collection of Claims Against Company.

 

The Trustee shall comply with TIA § 311(a),
excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA §
311(a) to the extent indicated therein.

 

    31 

     

    

 

ARTICLE 8

DISCHARGE OF INDENTURE

 

Section 8.01       Defeasance
upon Deposit of Moneys or Government Obligations.

 

(a)       The
Company may, at its option and at any time, elect to have either paragraph (b) or paragraph (c) below be applied to the outstanding
Securities of any Series upon compliance with the applicable conditions set forth in paragraph (d).

 

(b)       Upon
the Company’s exercise under paragraph (a) of the option applicable to this paragraph (b) with respect to any Series,
the Company shall be deemed to have been released and discharged from its obligations with respect to the outstanding Securities of the
Series on the date the applicable conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this
purpose, such Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented
by the outstanding Securities of a Series, which shall thereafter be deemed to be “outstanding” only for the purposes of the
Sections and matters under this Indenture referred to in (i) and (ii) below, and the Company shall be deemed to have satisfied
all its other obligations under such Securities and this Indenture insofar as such Securities are concerned, except for the following
which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of outstanding Securities of a
Series to receive solely from the trust fund described in paragraph (d) below and as more fully set forth in such paragraph,
payments in respect of the principal of and interest on such Securities when such payments are due and (ii) obligations listed in
Section 8.02, subject to compliance with this Section 8.01. The Company may exercise its option under this paragraph (b) with
respect to a Series notwithstanding the prior exercise of its option under paragraph (c) below with respect to the Securities
of the Series.

 

(c)       Upon
the Company’s exercise under paragraph (a) of the option applicable to this paragraph (c) with respect to a Series, the
Company shall be released and discharged from the obligations under any covenant contained in Article Five and any other covenant
contained in or referenced in the Authorizing Resolution or supplemental indenture relating to such Series (to the extent such release
and discharge shall not be prohibited thereby), on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant
Defeasance”), and the Securities of such Series shall thereafter be deemed to be not “outstanding” for the purpose
of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants,
but shall continue to be deemed “outstanding” for all other purposes hereunder. For this purpose, such Covenant Defeasance
means that, with respect to the outstanding Securities of a Series, the Company may omit to comply with and shall have no liability in
respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01(3) or otherwise,
but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby.

 

(d)       The
following shall be the conditions to application of either paragraph (b) or paragraph (c) above to the outstanding Securities
of the applicable Series:

 

    (1)       The
Company shall have irrevocably deposited in trust with the Trustee (or another qualifying trustee), pursuant to an irrevocable trust and
security agreement in form and substance reasonably satisfactory to the Trustee, money in the currency in which the Securities of such
Series are payable or Government Obligations or a combination thereof in such amounts and at such times as
are sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of and interest
on the outstanding Securities of such Series to maturity or redemption; provided, however, that the Trustee (or other qualifying
trustee) shall have received an irrevocable written order from the Company instructing the Trustee (or other qualifying trustee) to apply
such money or the proceeds of such Government Obligations to said payments with respect to the Securities of such Series to maturity
or redemption;

 

    32 

     

    

 

    (2)       No
Default or Event of Default (other than a Default or Event of Default resulting from non-compliance with any covenant from which the Company
is released upon effectiveness of such Legal Defeasance or Covenant Defeasance pursuant to paragraph (b) or (c) hereof, as applicable)
shall have occurred and be continuing on the date of such deposit or result therefrom;

 

    (3)       Such
deposit will not result in a breach or violation of, or constitute a default under, any other material instrument or agreement to which
the Company or any of any of its Restricted Subsidiaries is a party or by which it or any of their Property is bound;

 

    (4)       (i) In
the event the Company elects paragraph (b) hereof, the Company shall deliver to the Trustee an Opinion of Counsel in the United States,
in form and substance reasonably satisfactory to the Trustee, to the effect that (A) the Company has received from, or there has
been published by, the Internal Revenue Service a ruling or (B) since the Issue Date pertaining to such Series, 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 state
that, or (ii) in the event the Company elects paragraph (c) hereof, the Company shall deliver to the Trustee an Opinion of Counsel
in the United States, in form and substance reasonably satisfactory to the Trustee, to the effect that, in the case of clauses (i) and
(ii), and subject to customary assumptions and exclusions, Holders of the Securities of such Series will not recognize income, gain
or loss for federal income tax purposes as a result of such deposit and the defeasance contemplated hereby and will be subject to federal
income tax in the same amounts and in the same manner and at the same times as would have been the case if such deposit and defeasance
had not occurred;

 

    (5)       The
Company shall have delivered to the Trustee an Officers’ Certificate, stating that the deposit under clause (1) was not made
by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company
or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or others; and

 

    (6)       The
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent
specified herein relating to the defeasance contemplated by this Section 8.01 have been complied with.

 

In the event all or any portion of the
Securities of a Series are to be redeemed through such irrevocable trust, the Company must make arrangements satisfactory to
the Trustee, at the time of such deposit, for the giving of the notice of such redemption
or redemptions by the Trustee in the name and at the expense of the Company.

 

    33 

     

    

 

(e)       In
addition to the Company’s rights above under this Section 8.01, the Company may terminate all of its obligations under this
Indenture with respect to a Series, when:

 

    (1)       All
Securities of such Series theretofore authenticated and delivered (other than Securities which have been destroyed, lost or stolen
and which have been replaced or paid as provided in Section 2.07 and Securities for whose payment money has theretofore been deposited
in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust) have been
delivered to the Trustee for cancellation or all such Securities not theretofore delivered to the Trustee for cancellation (A) have
become due and payable, (B) will become due and payable at maturity within one year or (C) 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 such case, the Company has irrevocably deposited or caused to be deposited with the Trustee (or another
qualifying trustee) as trust funds in trust solely for that purpose an amount of money in the currency in which the Securities of such
Series are payable or Government Obligations or a combination thereof sufficient, in the opinion of a nationally recognized firm
of independent public accountants, to pay and discharge the entire Indebtedness on the Securities of such Series not theretofore
delivered to the Trustee for cancellation, for principal of and interest on the Securities of such Series, on the date of such deposit
or to the maturity or redemption date, as the case may be;

 

    (2)       The
Company has paid or caused to be paid all other sums payable hereunder by the Company;

 

    (3)       The
Company has delivered irrevocable instructions to the Trustee (or such other qualifying trustee), to apply the deposited money toward
the payment of the Securities of such Series at maturity or redemption, as the case may be; and

 

    (4)       The
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, stating that all conditions precedent specified
in this Section 8.01(e) relating to the satisfaction and discharge of this Indenture have been complied with.

 

Section 8.02       Survival
of the Company’s Obligations.

 

Notwithstanding the satisfaction and discharge of
this Indenture under Section 8.01, the Company’s obligations in Paragraph 8 of the Securities and Sections 2.03 through 2.07,
4.01, 7.07, 7.08, 8.04 and 8.05, however, shall survive until the Securities of an applicable Series are no longer outstanding. Thereafter,
the Company’s obligations in Paragraph 8 of the Securities of such Series and Sections 7.07, 8.04 and 8.05 shall survive (as
they relate to such Series) such satisfaction and discharge.

 

    34 

     

    

 

Section 8.03       Application
of Trust Money.

 

The Trustee shall hold in trust money or Government
Obligations deposited with it pursuant to Section 8.01. It shall apply the deposited money and the money from Government Obligations
in accordance with this Indenture to the payment of principal of and interest on the Securities of the defeased Series.

 

Section 8.04       Repayment
to the Company.

 

The Trustee and the Paying Agent shall promptly pay
to the Company upon request any excess money or securities held by them at any time. The Trustee and the Paying Agent shall pay to the
Company upon request any money held by them for the payment of principal or interest that remains unclaimed for two years, provided, however,
that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be
published once in a newspaper of general circulation in the City of New York or send to each such Holder notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication or mailing,
any unclaimed balance of such money then remaining will be repaid to the Company. After payment to the Company, Securityholders entitled
to the money must look to the Company for payment as general creditors unless applicable abandoned property law designates another person
and all liability of the Trustee or such Paying Agent with respect to such money shall cease.

 

Section 8.05       Reinstatement.

 

If the Trustee is unable to apply any money or Government
Obligations in accordance with Section 8.01 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 and the Securities relating to the Series shall be revived and reinstated as though no deposit had occurred pursuant to
Section 8.01 until such time as the Trustee is permitted to apply all such money or Government Obligations in accordance with Section 8.01;
provided, however, that (a) if the Company has made any payment of interest on or principal of any Securities of the Series because
of the reinstatement of its obligations hereunder, the Company shall be subrogated to the rights of the Holders of such Securities to
receive such payment from the money or Government Obligations held by the Trustee and (b) unless otherwise required by any legal
proceeding or any order or judgment of any court or governmental authority, the Trustee shall return all such money or 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.

 

ARTICLE 9

RESERVED

 

    35 

     

    

 

ARTICLE 10

AMENDMENTS, SUPPLEMENTS AND WAIVERS

 

Section 10.01       Without
Consent of Holders.

 

The Company and the Trustee may amend or supplement
this Indenture or the Securities of a Series without notice to or consent of any Securityholder of such Series:

 

		(1)	to cure any ambiguity, omission, defect or inconsistency;

 

		(2)	to comply with Article Five;

 

		(3)	to provide that specific provisions of this Indenture shall not apply to a Series not previously issued or to make a change to
specific provisions of this Indenture that only applies to any Series not previously issued or to additional Securities of a Series not
previously issued;

 

		(4)	to create a Series and establish its terms;

 

		(5)	to provide for uncertificated Securities in addition to or in place of certificated Securities;

 

		(6)	to release a guarantor in respect of any Series which, in accordance with the terms of this Indenture applicable to the particular
Series, ceases to be liable in respect of its guarantee;

 

		(7)	to add a guarantor in respect of any Series;

 

		(8)	to secure any Series;

 

		(9)	to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA;

 

		(10)	to make any other change that does not adversely affect the rights of Securityholders; and

 

		(11)	to conform the provisions of the Indenture to the final offering memorandum in respect of any Series.

 

After an amendment under this Section 10.01
becomes effective, the Company shall mail notice of such amendment to the Securityholders.

 

    36 

     

    

 

Section 10.02       With
Consent of Holders.

 

The Company and the Trustee may amend or
supplement this Indenture or the Securities of a Series without notice to any Securityholder of such Series but with the
written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected
by the amendment (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Securities of
such Series). Each such Series shall vote as a separate class. The Holders of a majority in principal amount of the outstanding
Securities of any Series may waive compliance by the Company with any provision of the Securities of such Series or of
this Indenture relating to such Series without notice to any Securityholder (including any waiver granted in connection with a
purchase of, or tender offer or exchange offer for, Securities of such Series). Without the consent of each Holder of a Security
affected thereby, however, an amendment, supplement or waiver, including a waiver pursuant to Section 6.04, may not:

 

		(1)	reduce the amount of Securities of the relevant Series whose Holders must consent to an amendment, supplement or waiver;

 

		(2)	reduce the rate of or extend the time for payment of interest, including defaulted interest, on any Security;

 

		(3)	reduce the principal of or extend the fixed maturity of any Security or alter the provisions (including related definitions) with
respect to redemption of any Security pursuant to Article Three hereof or with respect to any obligations on the part of the Company
to offer to purchase or to redeem Securities of a Series pursuant to the Authorizing Resolution or supplemental indenture pertaining
to such Series (it being understood that only the consent of the Holders of a majority of the principal amount of the applicable
Series of Securities will be required in connection with the waiver or modification of any obligation by the Company to make an offer
to purchase the Securities of such Series as a result of a change of control prior to the occurrence of a change of control);

 

		(4)	make any change that adversely affects any right of a Holder to convert or exchange any Security into or for shares of the Company’s
common stock or other securities, cash or other property in accordance with the terms of such Security;

 

		(5)	modify the ranking or priority of the Securities of the relevant Series or any guarantee thereof;

 

		(6)	release any guarantor of any Series from any of its obligations under its guarantee or this Indenture otherwise than in accordance
with the terms of this Indenture;

 

		(7)	make any change in Sections 6.04, 6.07 or this Section 10.02;

 

		(8)	waive a continuing Default or Event of Default in the payment of the principal of or interest on any Security; or

 

		(9)	make any Security payable at a place or in money other than that stated in the Security, or impair the right of any Securityholder
to bring suit as permitted by Section 6.07.

 

An amendment of a provision included solely for the
benefit of one or more Series does not affect the interests of Securityholders of any other Series.

 

    37 

     

    

 

It shall not be necessary for the consent of the
Holders under this Section to approve the particular form of any proposed supplement, but it shall be sufficient if such consent
approves the substance thereof.

 

Section 10.03       Compliance
with Trust Indenture Act.

 

Every amendment to or supplement of this Indenture
or any Securities shall comply with the TIA as then in effect.

 

Section 10.04       Revocation
and Effect of Consents.

 

A consent to an amendment, supplement or waiver by
a Holder shall bind the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the
consenting Holder’s Security, even if notation of the consent is not made on any Security. Unless otherwise provided in the consent
or the consent solicitation statement or other document describing the terms of the consent, any Holder or subsequent Holder may revoke
the consent as to its Security or portion of a Security. Any revocation of a consent by the Holder of a Security or any such subsequent
Holder shall be effective only if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officers’
Certificate from the Company certifying that the requisite number of consents have been received.

 

The Company may, but shall not be obligated to, fix
a record date for the purpose of determining the Holders of Securities of any Series entitled to consent to any amendment, supplement
or waiver, which record date shall be at least 10 days prior to the first solicitation of such consent. If a record date is fixed, and
if Holders otherwise have a right to revoke their consent under the consent or the consent solicitation statement or other document describing
the terms of the consent, then notwithstanding the second to last sentence of the immediately preceding paragraph, those Persons who were
Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to revoke any consent previously
given, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more
than 90 days after such record date.

 

An amendment, supplement or waiver with respect to
a Series becomes effective upon the (i) receipt by the Company or the Trustee of the requisite consents, (ii) satisfaction
of any conditions to effectiveness as set forth in this Indenture or any indenture supplemental hereto containing such amendment, supplement
or waiver and (iii) execution of such amendment, supplement or waiver (or the related supplemental indenture) by the Company and
the Trustee. After an amendment, supplement or waiver with respect to a Series becomes effective, it shall bind every Holder of such
Series, unless it makes a change described in any of clauses (1) through (9) of Section 10.02, in which case, the amendment,
supplement or waiver shall bind a Holder of a Security who is affected thereby only if it has consented to such amendment, supplement
or waiver and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s
Security; provided that no such waiver shall impair or affect the right of any Holder to receive payment of principal of and interest
on a Security, on or after the respective due dates expressed in such Security, or to bring suit for the enforcement of any such payment
on or after such respective dates without the consent of such Holder.

 

    38 

     

    

 

Section 10.05       Notation
on or Exchange of Securities.

 

If an amendment, supplement or waiver changes the
terms of a Security, the Company may require the Holder of the Security to deliver it to the Trustee, at which time the Trustee shall
place an appropriate notation on the Security about the changed terms and return it to the Holder. Alternatively, if the Company or the
Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects
the changed terms.

 

Section 10.06       Trustee
to Sign Amendments, etc.

 

Subject to Section 7.02(b), the Trustee shall
sign any amendment, supplement or waiver authorized pursuant to this Article if the amendment, supplement or waiver 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 or refusing
to sign such amendment or supplemental indenture, the Trustee shall be provided with and shall be fully protected in relying upon, an
Officers’ Certificate and an Opinion of Counsel as conclusive evidence that such amendment, supplement or waiver is authorized or
permitted by this Indenture, and (solely with respect to such Opinion of Counsel) that it will be valid and binding upon the Company and
enforceable in accordance with its terms.

 

ARTICLE 11

SECURITIES IN FOREIGN CURRENCIES

 

Section 11.01       Applicability
of Article.

 

Whenever this Indenture provides for (i) any
action by, or the determination of any of the rights of, Holders of Securities of any Series in which not all of such Securities
are denominated in the same currency, or (ii) any distribution to Holders of Securities, in the absence of any provision to the contrary
pursuant to this Indenture or the Securities of any particular Series, any amount in respect of any Security denominated in a Foreign
Currency shall be treated for any such action or distribution as that amount of Dollars that could be obtained for such amount on such
reasonable basis of exchange and as of the record date with respect to Securities of such Series (if any) for such action, determination
of rights or distribution (or, if there shall be no applicable record date, such other date reasonably proximate to the date of such action,
determination of rights or distribution) as the Company may specify in a written notice to the Trustee or, in the absence of such written
notice, as the Trustee may determine.

 

ARTICLE 12

MISCELLANEOUS

 

Section 12.01       Trust
Indenture Act Controls.

 

If any provision of this Indenture limits, qualifies
or conflicts with another provision which is required to be included in this Indenture by the TIA, the required provision shall control.

 

    39 

     

    

 

Section 12.02       Notices.

 

Any order, consent, notice or communication shall
be sufficiently given if in writing and delivered in person or mailed by first class mail, postage prepaid, or delivered by commercial
courier service, addressed as follows:

 

	If to the Company:	 
	 	 
	Allied Motion Technologies Inc.	 
	495 Commerce Drive, Suite 3	 
	Amherst, New York 1422	 
	Attention: [           ]	 
	 	 
	If to the Trustee:	 
	 	 
	[           ]	 
	[           ]	 
	[           ]	 
	Attention: [           ]	 

 

The Company or the Trustee by notice to the other
may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication mailed to a Securityholder
shall be mailed to him by first class mail, or delivered by commercial courier service, at his address as it appears on the registration
books of the Registrar, or, in the case of Global Securities sent electronically in accordance with the procedures of the Depositary,
and shall be sufficiently given to him if so sent within the time prescribed.

 

Failure to send a notice or communication to a Securityholder
or any defect in it shall not affect its sufficiency with respect to other Securityholders. If a notice or communication is sent in the
manner provided above, it is duly given, whether or not the addressee receives it except that notice to the Trustee shall only be effective
upon receipt thereof by the Trustee.

 

If the Company sends notice or communications to
the Securityholders, it shall send a copy to the Trustee at the same time.

 

In addition to the foregoing, the Trustee agrees
to accept and act upon notice, instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission
or other similar unsecured electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions
by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding
of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or
indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or
are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising
out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized
instructions, and the risk of interception and misuse by third parties.

 

    40 

     

    

 

Notwithstanding any other provision of this Indenture
or any Security, where this Indenture or any Security provides for notice of any event to a Holder of a Global Security (whether by mail
or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing instructions
from the Depositary or its designee.

 

Section 12.03       Communications
by Holders with Other Holders.

 

Securityholders may communicate pursuant to TIA §
312(b) with other Securityholders with respect to their rights under this Indenture or the Securities. The Company, the Trustee,
the Registrar and anyone else shall have the protection of TIA § 312(c).

 

Section 12.04       Certificate
and Opinion as to Conditions Precedent.

 

Upon any request or application by the Company to
the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

		(1)	an Officers’ Certificate (which shall include the statements set forth in Section 12.05) stating that, in the opinion of
the signers (who may rely upon an Opinion of Counsel with respect to matters of law), all conditions precedent, if any, provided for in
this Indenture relating to the proposed action have been complied with; and

 

		(2)	an Opinion of Counsel (which shall include the statements set forth in Section 12.05) stating that, in the opinion of such counsel
(who may rely upon an Officers’ Certificate or certificates of public officials as to matters of fact), all such conditions precedent
and covenants, compliance with which constitutes a condition precedent, if any, provided for in this Indenture relating to the proposed
action or inaction, have been complied with.

 

Section 12.05       Statements
Required in Certificate or Opinion.

 

Each certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture shall include:

 

		(1)	a statement that the person making such certificate or opinion has read such covenant or condition;

 

		(2)	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;

 

		(3)	a statement that, in the opinion of such person, 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
	 	 	 
	 	(4) 	a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.

 

    41 

     

    

 

	 	Section 12.06	Rules by Trustee and Agents.

 

The Trustee may make reasonable rules for action
by or a meeting of Securityholders. The Registrar or Paying Agent may make reasonable rules for its functions.

 

	 	Section 12.07	Legal Holidays.

 

A “Legal Holiday” is a Saturday, a Sunday,
a legal holiday or a day on which banking institutions in New York, New York or in the place of payment are not required to be open. If
a payment date is a Legal Holiday, payment may be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue
for the intervening period. If this Indenture provides for a time period that ends or requires performance of any non-payment obligation
by a day that is not a Business Day, then such time period shall instead be deemed to end on, and such obligation shall instead be performed
by, the next succeeding Business Day. A “Business Day” is any day other than a Legal Holiday.

 

	 	Section 12.08	Governing Law.

 

The laws of the State of New York shall govern this
Indenture and the Securities of each Series.

 

	 	Section 12.09	No Adverse Interpretation of Other Agreements.

 

This Indenture may not be used to interpret another
indenture, loan or debt agreement of the Company or a Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret
this Indenture.

 

	 	Section 12.10	No Recourse Against Others.

 

All liability described in Paragraph 12 of the Securities
of any director, officer, employee or stockholder, as such, of the Company is, to the fullest extent permitted by applicable law, waived
and released.

 

	 	Section 12.11	Successors and Assigns.

 

All covenants and agreements of the Company in this
Indenture and the Securities shall bind its successors and assigns. All agreements of the Trustee in this Indenture shall bind its successors
and assigns.

 

    42 

     

    

 

	 	Section 12.12	Duplicate 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. Signatures of the parties hereto
transmitted by facsimile or other electronic transmission shall be deemed to be their original signatures for all purposes.

 

	 	Section 12.13	Severability.

 

In case any one or more of the provisions contained
in this Indenture or in the Securities of a Series shall for any reason be held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities.

 

	 	Section 12.14	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 SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

[Signature page follows]

 

    43 

     

    

 

IN WITNESS WHEREOF, the parties have caused this
Indenture to be duly executed, all as of the date first above written.

 

	 	ALLIED MOTION TECHNOLOGIES INC.

 

	 	 	 
	 	By:	 
	 	Name:  	 
	 	Title:	 

 

	 	[                         ],
as Trustee

 

	 	By:	 
	 	Name:  	 
	 	Title:	 

 

Signature Page to Indenture

 

     

     

    

 

Exhibit A

 

	No. [·]	CUSIP/ISIN No.: [·]

 

[Title of Security]

 

ALLIED MOTION TECHNOLOGIES INC.

 

a Colorado corporation

 

	promises to pay to                                         	or registered assigns the principal sum of	[Dollars]* on                     .

 

	Interest Payment Dates:                                                        and

 

	Record Dates:                                                        and

 

	Authenticated:                                                                        Dated:

 

	 	 	ALLIED MOTION TECHNOLOGIES INC.	 
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	[                                   ],	 	 	 
	as Trustee, certifies that this is one of the Securities referred
to in the within mentioned Indenture.	 	 	 

 

	By:	 	 	 
	Authorized Signatory	 	 	 

 

 

*       Or
other currency. Insert corresponding provisions on reverse side of Security in respect of foreign currency denomination or interest payment
requirement.

 

     

     

    

 

ALLIED MOTION TECHNOLOGIES INC.

 

[Title of Security]

 

ALLIED MOTION TECHNOLOGIES INC., a Colorado corporation
(together with its successors and assigns, the “Company”), issued this Security under an Indenture dated as of           ,
(as amended, modified or supplemented from time to time in accordance therewith, the “Base Indenture”), as supplemented by
the Supplemental Indenture dated as of                            ,
(the “Supplemental Indenture” and together with the Base Indenture, the “Indenture”), by and among the Company
and [          ], as trustee (in such capacity, the “Trustee”), to which
reference is hereby made for a statement of the respective rights, obligations, duties and immunities thereunder of the Company, the Trustee
and the Holders and of the terms upon which the Securities are, and are to be, authorized and delivered. All terms used in this Security
that are defined in the Indenture shall have the meanings assigned to them therein.

 

(1)       Interest.
The Company promises to pay interest on the principal amount of this Security at the rate per annum shown above. The Company will pay
interest semiannually on            and           
of each year, commencing           ,      , until the principal
is paid or made available for payment. Interest on the Securities will accrue from the most recent date to which interest has been paid
or duly provided for or, if no interest has been paid, from           ,      ,
provided that, if there is no existing default in the payment of interest, and if this Security is authenticated between a record date
referred to on the face hereof and the next succeeding interest payment date, interest shall accrue from such interest payment date. Interest
will be computed on the basis of a 360-day year of twelve 30-day months.

 

(2)       Method
of Payment. The Company will pay interest on the Securities (except defaulted interest, if any, which will be paid on such special
payment date to Holders of record on such special record date as may be fixed by the Company) to the persons who are registered Holders
of Securities at the close of business on the [Insert record dates] immediately preceding the interest payment date. Holders must surrender
Securities to a Paying Agent to collect principal payments. The Company will pay principal and interest in money of [Insert applicable
country or currency] that at the time of payment is legal tender for payment of public and private debts.

 

(3)       Paying
Agent and Registrar. Initially, the Trustee will act as Paying Agent and Registrar. The Company may change or appoint any Paying Agent,
Registrar or co-Registrar without notice. The Company or any of its Subsidiaries or any of their Affiliates may act as Paying Agent, Registrar
or co-Registrar.

 

(4)       Optional
Redemption.1 The Company may redeem the Securities at any time on or after           ,
in whole or in part, at the following redemption prices (expressed as a percentage of their principal amount) together with interest accrued
and unpaid to the date fixed for redemption:

 

 

1
If applicable.

 

     

     

    

 

	If redeemed during the twelve-month period 

commencing on                 and ending on

                 in each of the following years	Percentage

 

[Insert provisions relating to redemption at option of Holders,
if any]

 

Notice
of redemption will be sent at least 30 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed
at its registered address. Securities in denominations larger than           2
may be redeemed in part. On and after the redemption date interest ceases to accrue on Securities or portions of them called for redemption,
provided that if the Company shall default in the payment of such Securities at the redemption price together with accrued interest, interest
shall continue to accrue at the rate borne by the Securities.

 

(5)       Mandatory
Redemption.3 The Company shall redeem [     ]% of the aggregate principal
amount of Securities originally issued under the Indenture on each of [     ], which redemptions are calculated
to retire [     ]% of the Securities originally issued prior to maturity. Such redemptions shall be made at a
redemption price equal to 100% of the principal amount thereof, together with accrued interest to the redemption date. The Company may
reduce the principal amount of Securities to be redeemed pursuant to this Paragraph 5 by the principal amount of any Securities previously
redeemed, retired or acquired, otherwise than pursuant to this Paragraph 5, that the Company has delivered to the Trustee for cancellation
and not previously credited to the Company’s obligations under this Paragraph 5. Each such Security shall be received and credited
for such purpose by the Trustee at the redemption price and the amount of such mandatory redemption payment shall be reduced accordingly.

 

(6)       Denominations,
Transfer, Exchange. The Securities are in registered form only without coupons in denominations of           4
and integral multiples of            in excess thereof.5
A Holder may transfer or exchange Securities by presentation of such Securities to the Registrar or a co-Registrar with a request to register
the transfer or to exchange them for an equal principal amount of Securities of other denominations. The Registrar may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted
by the Indenture. The Registrar need not transfer or exchange any Security selected for redemption or purchase, except the unredeemed
or unpurchased part thereof if the Security is redeemed or purchased in part, or transfer or exchange any Securities for a period of 15
days before a selection of Securities to be redeemed or purchased.

 

(7)       Persons
Deemed Owners. The registered Holder of this Security shall be treated as the owner of it for all purposes.

 

 

2
Insert applicable denominations and multiples.

3
If applicable.

4
Insert applicable denominations and multiples.

5
Insert applicable denominations and multiples.

 

     

     

    

 

(8)       Unclaimed
Money. 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, and thereafter, Holders entitled
to the money must look to the Company for payment as general creditors.

 

(9)       Amendment,
Supplement, Waiver. Subject to certain exceptions, the Indenture or the Securities may be amended or supplemented with the consent
of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by the amendment
and any past default or compliance with any provision relating to any Series of the Securities may be waived in a particular instance
with the consent of the Holders of a majority in principal amount of the outstanding Securities of such Series.6
Without the consent of any Securityholder, the Company and the Trustee may amend or supplement the Indenture or the Securities in certain
respects as specified in the Indenture.

 

(10)       Successor
Corporation. When a successor corporation assumes all the obligations of its predecessor under the Securities and the Indenture, the
predecessor corporation will be released from those obligations.

 

(11)       Trustee
Dealings With Company. Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any
other capacity, may make loans to, accept deposits from, and perform services for the Company or its affiliates, and may otherwise deal
with the Company or its affiliates, as if it were not Trustee, including owning or pledging the Securities.

 

(12)       No
Recourse Against Others. A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any
obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of, such obligations
or their creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Securities. The waiver may not be effective to waive liabilities under the federal securities laws.

 

(13)       Discharge
of Indenture. The Indenture contains certain provisions pertaining to defeasance and discharge, which provisions shall for all purposes
have the same effect as if set forth herein.

 

(14)       Authentication.
This Security shall not be valid until an authorized signatory of the Trustee signs the certificate of authentication on the other side
of this Security.

 

(15)       Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants
by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian), and U/G/M/A
(= Uniform Gift to Minors Act).

 

 

6
If different terms apply, insert a brief summary thereof.

 

     

     

    

 

(16)       GOVERNING
LAW. THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

(17)       CUSIP
and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company
has caused CUSIP and ISIN numbers to be printed on the Securities and has directed the Trustee to use CUSIP and ISIN numbers in notices
of repurchase as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities
or as contained in any notice of repurchase and reliance may be placed only on the other identification numbers placed thereon.

 

(18)       Copies.
The Company will furnish to any Holder upon written request and without charge a copy of the Indenture and the applicable Authorizing
Resolution or supplemental indenture. Requests may be made to: Allied Motion Technologies Inc., 495 Commerce Drive, Suite 3, Amherst,
New York 14228, Attention: [Chief Financial Officer].

 

     

     

    

 

ASSIGNMENT FORM

 

If you the Holder want to assign this Security, fill
in the form below:

 

I or we assign and transfer this Security to                                                              
(insert assignee’s social security or tax ID number)

 

	 
	 
	 
	(Print or type assignee’s name, address, and zip code)

 

and irrevocably appoint                                                                         
agent to transfer this Security on the books of the Company. The agent may substitute another to act for him.

 

	Date:	 	 
	 	 
	 	 
	Your signature	 
	 	 
	(Sign exactly as your name appears on the other side of this Security)	 
	 	 
	Signature Guarantee:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}]]