Document:

Exhibit 4.1

 

 

FLUSHING FINANCIAL CORPORATION,

 

AS ISSUER

 

 

AND

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

 

AS TRUSTEE

 

SUBORDINATED INDENTURE

 

DATED AS OF NOVEMBER 22, 2021

 

SUBORDINATED DEBT SECURITIES

 

     

     

    

 

CROSS-REFERENCE TABLE

 

Reconciliation and tie between the Trust Indenture Act of 1939, as
amended (the “Trust Indenture Act”), and the Indenture dated as of November 22, 2021.

 

	 	 	 
	SECTION OF TRUST INDENTURE ACT	 	SECTION OF INDENTURE
	310(a)(1) and (2)	 	7.09
	310(a)(3) and (4)	 	Not applicable
	310(a)(5)	 	7.09
	310(b)	 	7.08 and 7.10
	311(a) and (b)	 	7.13
	312(a)	 	5.01 and 5.02(a)
	312(b) and (c)	 	5.02(b) and (c)
	313(a)	 	5.04(a)
	313(b)(1)	 	Not applicable
	313(b)(2)	 	5.04(b)
	313(c)	 	5.04(c)
	313(d)	 	5.04(d)
	314(a)	 	5.03
	314(b)	 	Not applicable
	314(c)(1) and (2)	 	14.04
	314(c)(3)	 	Not applicable
	314(d)	 	Not applicable
	314(e)	 	15.05
	314(f)	 	Not applicable
	315(a), (c) and (d)	 	7.01
	315(b)	 	7.14
	315(e)	 	6.14
	316(a)(1)	 	6.12
	316(a)(2)	 	Omitted
	316(a) last sentence	 	8.04
	316(b)	 	6.08
	316(c)	 	8.06
	317(a)	 	6.03 and 6.04
	317(b)	 	4.03(a)
	318(a)	 	15.07

 

Note: This reconciliation and tie shall not, for any purpose, be deemed
to be a part of the Indenture.

 

Attention should also be directed to Section 318(c) of the Trust Indenture
Act, which provides that the provisions of Sections 310 to and including Section 317 of the Trust Indenture Act are a part of and govern
every qualified indenture, whether or not physically contained therein.

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page(s)
	ARTICLE 1 DEFINITIONS	1
	 	 	 
	SECTION 1.01.	Definitions.	1
	 	 
	ARTICLE 2 ISSUE, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	5
	 	 	 
	SECTION 2.01.	Amount Unlimited; Issuable in Series.	5
	 	 	 
	SECTION 2.02.	Form of Trustee’s Certificate of Authentication.	5
	 	 	 
	SECTION 2.03.	Form of Securities Generally; Establishment of Terms of Series.	6
	 	 	 
	SECTION 2.04.	Securities in Global Form.	8
	 	 	 
	SECTION 2.05.	Denominations; Record Date; Payment of Interest.	8
	 	 	 
	SECTION 2.06.	Execution, Authentication, Delivery and Dating of Securities.	9
	 	 	 
	SECTION 2.07.	Exchange and Registration of Transfer of Securities.	10
	 	 	 
	SECTION 2.08.	Temporary Securities.	12
	 	 	 
	SECTION 2.09.	Mutilated, Destroyed, Lost or Stolen Securities.	12
	 	 	 
	SECTION 2.10.	Cancellation.	13
	 	 	 
	SECTION 2.11.	Book-Entry Only System.	13
	 	 
	ARTICLE 3 REDEMPTION OF SECURITIES	13
	 	 	 
	SECTION 3.01.	Redemption of Securities, Applicability of Section.	13
	 	 	 
	SECTION 3.02.	Notice of Redemption, Selection of Securities.	14
	 	 	 
	SECTION 3.03.	Payment of Securities Called for Redemption.	14
	 	 	 
	SECTION 3.04.	Redemption Suspended During Event of Default.	15
	 	 
	ARTICLE 4 PARTICULAR COVENANTS OF THE COMPANY	15
	 	 	 
	SECTION 4.01.	Payment of Principal, Premium and Interest.	15
	 	 	 
	SECTION 4.02.	Offices for Notices and Payments.	15
	 	 	 
	SECTION 4.03.	Provisions as to Paying Agent.	16
	 	 	 
	SECTION 4.04.	Statement as to Compliance.	17
	 	 	 
	SECTION 4.05.	Corporate Existence.	17
	 	 	 
	SECTION 4.06.	Reserved.	17

 

    i

     

    

 

	SECTION 4.07.	Waiver of Covenants.	17
	 	 
	ARTICLE 5 SECURITYHOLDER LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	17
	 	 	 
	SECTION 5.01.	Securityholder Lists.	17
	 	 	 
	SECTION 5.02.	Preservation and Disclosure of Lists.	17
	 	 	 
	SECTION 5.03.	Reports by the Company.	18
	 	 	 
	SECTION 5.04.	Reports by the Trustee.	18
	 	 
	ARTICLE 6 REMEDIES	19
	 	 	 
	SECTION 6.01.	Events of Default; Acceleration of Maturity.	19
	 	 	 
	SECTION 6.02.	Rescission and Annulment	20
	 	 	 
	SECTION 6.03.	Collection of Indebtedness and Suits for Enforcement by Trustee.	20
	 	 	 
	SECTION 6.04.	Trustee May File Proofs of Claim.	21
	 	 	 
	SECTION 6.05.	Trustee May Enforce Claims Without Possession of Securities.	21
	 	 	 
	SECTION 6.06.	Application of Money Collected.	21
	 	 	 
	SECTION 6.07.	Limitation on Suits.	22
	 	 	 
	SECTION 6.08.	Unconditional Right of Securityholders to Receive Principal and Interest.	22
	 	 	 
	SECTION 6.09.	Restoration of Rights and Remedies.	22
	 	 	 
	SECTION 6.10.	Rights and Remedies Cumulative.	22
	 	 	 
	SECTION 6.11.	Delay or Omission Not Waiver.	23
	 	 	 
	SECTION 6.12.	Control by Securityholders.	23
	 	 	 
	SECTION 6.13.	Waiver of Past Defaults.	23
	 	 	 
	SECTION 6.14.	Undertaking for Costs.	24
	 	 	 
	SECTION 6.15.	Waiver of Stay or Extension Laws.	24
	 	 
	ARTICLE 7 CONCERNING THE TRUSTEE	24
	 	 	 
	SECTION 7.01.	Duties and Responsibilities of Trustee.	24
	 	 	 
	SECTION 7.02.	Reliance on Documents, Opinions, etc.	25
	 	 	 
	SECTION 7.03.	No Responsibility for Recitals, etc.	26
	 	 	 
	SECTION 7.04.	Ownership of Securities.	26
	 	 	 
	SECTION 7.05.	Moneys to be Held in Trust.	26

 

    ii

     

    

 

	SECTION 7.06.	Compensation and Expenses of Trustee.	26	 
	 	 	 
	SECTION 7.07.	Officer’s Certificate or Opinion of Counsel as Evidence.	27	 
	 	 	 
	SECTION 7.08.	Disqualifications; Conflicting Interest of Trustee.	27	 
	 	 	 
	SECTION 7.09.	Eligibility of Trustee.	27	 
	 	 	 
	SECTION 7.10.	Resignation or Removal of Trustee.	28	 
	 	 	 
	SECTION 7.11.	Acceptance by Successor Trustee.	28	 
	 	 	 
	SECTION 7.12.	Successor by Merger, etc.	29	 
	 	 	 
	SECTION 7.13.	Limitations on Rights of Trustee as Creditor.	29	 
	 	 	 
	SECTION 7.14.	Notice of Default.	29	 
	 	 	 
	SECTION 7.15.	Appointment of Authenticating Agent.	30	 
	 	 
	ARTICLE 8 CONCERNING THE SECURITYHOLDERS	31	 
	 	 	 
	SECTION 8.01.	Action by Securityholders.	31	 
	 	 	 
	SECTION 8.02.	Proof of Execution by Securityholders.	31	 
	 	 	 
	SECTION 8.03.	Who Are Deemed Absolute Owners.	32	 
	 	 	 
	SECTION 8.04.	Company-Owned Securities Disregarded.	32	 
	 	 	 
	SECTION 8.05.	Revocation of Consents; Future Securityholders Bound.	32	 
	 	 	 
	SECTION 8.06.	Record Date.	32	 
	 	 
	ARTICLE 9 SECURITYHOLDERS’ MEETINGS	33	 
	 	 	 
	SECTION 9.01.	Purposes of Meeting.	33	 
	 	 	 
	SECTION 9.02.	Call of Meetings by Trustee.	33	 
	 	 	 
	SECTION 9.03.	Call of Meetings by Company or Securityholders.	33	 
	 	 	 
	SECTION 9.04.	Qualifications for Voting.	33	 
	 	 	 
	SECTION 9.05.	Regulations.	34	 
	 	 	 
	SECTION 9.06.	Voting.	34	 
	 	 
	ARTICLE 10 SUPPLEMENTAL INDENTURES	34	 
	 	 	 
	SECTION 10.01.	Supplemental Indentures without Consent of Securityholders.	34	 
	 	 	 
	SECTION 10.02.	Supplemental Indentures with Consent of Holders.	36	 
	 	 	 
	SECTION 10.03.	Compliance with Trust Indenture Act; Effect of Supplemental Indentures.	37	 

 

    iii

     

    

 

	SECTION 10.04.	Notation on Securities.	37
	 	 
	ARTICLE 11 CONSOLIDATION, MERGER, SALE OR CONVEYANCE	37
	 	 	 
	SECTION 11.01.	Company May Consolidate, etc., on Certain Terms.	37
	 	 	 
	SECTION 11.02.	Successor Corporation Substituted.	37
	 	 	 
	SECTION 11.03.	Opinion of Counsel and Officer’s Certificate to be Given Trustee.	38
	 	 
	ARTICLE 12 SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS	38
	 	 	 
	SECTION 12.01.	Discharge of Indenture.	38
	 	 	 
	SECTION 12.02.	Deposited Moneys to be Held in Trust by Trustee.	38
	 	 	 
	SECTION 12.03.	Paying Agent to Repay Moneys Held.	39
	 	 	 
	SECTION 12.04.	Return of Unclaimed Moneys.	39
	 	 
	ARTICLE 13 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	39
	 	 	 
	SECTION 13.01.	Indenture and Securities Solely Corporate Obligations.	39
	 	 
	ARTICLE 14 DEFEASANCE AND COVENANT DEFEASANCE	39
	 	 	 
	SECTION 14.01.	Applicability of Article.	39
	 	 	 
	SECTION 14.02.	Defeasance and Discharge.	39
	 	 	 
	SECTION 14.03.	Covenant Defeasance.	40
	 	 	 
	SECTION 14.04.	Conditions to Defeasance or Covenant Defeasance.	40
	 	 	 
	SECTION 14.05.	Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions.	41
	 	 
	ARTICLE 15 MISCELLANEOUS PROVISIONS	42
	 	 	 
	SECTION 15.01.	Benefits of Indenture Restricted to Parties and Securityholders.	42
	 	 	 
	SECTION 15.02.	Provisions Binding on Company’s Successors.	42
	 	 	 
	SECTION 15.03.	Addresses for Notices, etc., to Company and Trustee.	42
	 	 	 
	SECTION 15.04.	Notice to Holders of Securities; Waiver.	42
	 	 	 
	SECTION 15.05.	Evidence of Compliance with Conditions Precedent.	43
	 	 	 
	SECTION 15.06.	Legal Holidays.	43
	 	 	 
	SECTION 15.07.	Trust Indenture Act to Control.	43
	 	 	 
	SECTION 15.08.	Execution in Counterparts.	44

 

	SECTION 15.09.	Governing Law; Waiver of Jury Trial.	44

 

    iv

     

    

 

	SECTION 15.10.	Severability; Entire Agreement.	44
	 	 	 
	SECTION 15.11.	Interpretations.	44
	 	 	 
	SECTION 15.12.	U.S.A. Patriot Act.	45
	 	 
	ARTICLE 16 SUBORDINATION OF SECURITIES	45
	 	 	 
	SECTION 16.01.	Securities Subordinate to Senior Indebtedness.	45

 

    v

     

    

 

THIS INDENTURE, dated as of November 22, 2021 between
Flushing Financial Corporation, a corporation duly organized and existing under the laws of the State of Delaware (the “Company”),
and Wilmington Trust, National Association, as trustee (the “Trustee,” which term shall include any successor trustee appointed
pursuant to Article 7 of this Indenture).

 

WHEREAS, the Company deems it necessary to issue
from time to time for its lawful purposes securities (the “Securities”) evidencing its indebtedness and has duly authorized
the execution and delivery of this Indenture to provide for the issuance of the Securities in one or more series, unlimited as to principal
amount, to bear such rates of interest, to mature at such time or times, and to have such other provisions as shall be fixed as hereinafter
provided; and

 

WHEREAS, the Company represents that all acts and
things necessary to constitute these presents a valid indenture and agreement according to its terms have been done and performed, and
the execution of this Indenture has in all respects been duly authorized, and the Company, in the exercise of legal right and power in
it vested, is executing this Indenture;

 

NOW, THEREFORE:

 

In order to declare the terms and conditions upon
which the Securities are authenticated, issued and received, and in consideration of the premises and the purchase and acceptance of the
Securities by the holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of the respective holders
from time to time of the Securities, as follows:

 

ARTICLE 1

DEFINITIONS

 

SECTION 1.01. Definitions.

 

The terms defined in this Section (except as herein
otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental
hereto shall have the respective meanings specified in this Section. All other terms used in this Indenture that are defined in the Trust
Indenture Act or that are by reference therein defined in the Securities Act shall have the meanings (except as herein otherwise expressly
provided or unless the context otherwise requires) assigned to such terms in the Trust Indenture Act and in the Securities Act as in force
at the date of this Indenture as originally executed. All accounting terms used herein and not expressly defined shall have the meanings
assigned to such terms in accordance with United States generally accepted accounting principles as are generally accepted at the time
of any computation. The words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article
have the meanings assigned to them in this Article and include the plural as well as the singular.

 

“Additional Amounts” shall mean any
additional amounts to be paid by the Company in respect of Securities of a series, as may be specified pursuant to Section 2.03(b) hereof
and in such Security and under the circumstances specified therein, in respect of specified taxes, assessments or other governmental charges
imposed on certain holders who are United States Aliens.

 

“Authorized Officer” shall have the
meaning set forth in Section 3.02 hereof.

 

“Board of Directors” or “Board”
shall mean the Board of Directors of the Company or any duly authorized committee of such Board.

 

“Board Resolution” shall mean a resolution
certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors or by a committee
acting under authority of or appointment by the Board of Directors and to be in full force and effect on the date of such certification,
and delivered to the Trustee.

 

    

     

    

 

“Business Day” shall mean, unless otherwise
specified pursuant to Section 2.03(b), any day other than a Saturday or Sunday that is neither a legal holiday nor a day on which banking
institutions or trust companies in the City of New York, New York, or any Place of Payment are authorized or obligated by law, regulation
or executive order to remain closed.

 

“Capital Stock” shall mean, as to shares
of a particular corporation, outstanding shares of stock of any class, whether now or hereafter authorized, irrespective of whether such
class shall be limited to a fixed sum or percentage in respect of the rights of the holders thereof to participate in dividends and in
the distribution of assets upon the voluntary liquidation, dissolution or winding up of such corporation.

 

“Commission” shall mean the Securities
and Exchange Commission or any successor agency.

 

“Company” shall mean the person named
as the “Company” in the first paragraph of this instrument until a successor corporation shall have become such pursuant to
the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor corporation.

 

“Company Request” and “Company
Order” mean, respectively, a written request or order signed in the name of the Company by its Chief Executive Officer, President,
Chief Financial Officer, General Counsel, Secretary or Assistant Secretary or Treasurer or Assistant Treasurer and delivered to the Trustee.

 

“Corporate Trust Office” means the
office of the Trustee at which at any particular time its corporate trust business shall be principally administered, which office at
the date hereof is located at Rodney Square North, 1100 North Market Street, Wilmington, DE 19890, Attention: Flushing Financial Corporation
Administrator, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal
corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice
to the holders and the Company).

 

“covenant defeasance” shall have the
meaning set forth in Section 14.03.

 

“Default” or “default”
shall have the meaning specified in Article 6.

 

“defeasance” shall have the meaning
set forth in Section 14.02.

 

“Depositary” shall mean, with respect
to the Securities of any series issuable or issued in whole or in part in the form of one or more permanent global Securities, the person
designated as Depositary by the Company pursuant to Section 2.03(b), which must be a clearing agency registered under the Exchange Act,
until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Depositary”
shall mean or include each person who is then a Depositary hereunder, and if at any time there is more than one such person, “Depositary”
as used with respect to the Securities of any series shall mean the Depositary with respect to the Securities of such series.

 

“Dollar” or “$” shall mean
a dollar or other equivalent unit in such coin or currency of the United States of America as at the time shall be legal tender for the
payment of public and private debts.

 

“Event of Default” shall have the meaning
specified in Article 6.

 

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

 

“Exchange Date” shall have the meaning
set forth in Section 2.08.

 

“Global Security” or “Global
Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.03 evidencing all
or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary
or nominee.

 

    2

     

    

 

“holder,” “holder of Securities,”
 “securityholder” or other similar term shall mean in the case of any Registered Security, the person in whose name such Security
is registered in the Security Register kept by the Company for that purpose, in accordance with the terms hereof.

 

“Indenture” shall mean this instrument
as originally executed and delivered or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, including without limitation, the forms and terms of particular series
of Securities established as contemplated by Article 2.

 

“Material Subsidiary” means Flushing
Bank, or any successor thereof or any Subsidiary of the Company that is a depository institution and that has consolidated assets equal
to 80% or more of the Company’s consolidated assets.

 

“Officer’s Certificate” shall
mean a certificate signed by the Chief Executive Officer, President or other principal executive officer, or the Chief Financial Officer
or other principal financial officer or principal accounting officer, Assistant Secretary, Treasurer or Controller of the Company and
delivered to the Trustee.

 

“Opinion of Counsel” shall mean an
opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company and who shall be reasonably satisfactory
to the Trustee, or who may be other counsel reasonably satisfactory to the Trustee.

 

“Original Issue Discount Securities”
shall mean any Securities that are initially sold at a discount from the principal amount thereof and that provide upon an Event of Default
for declaration of an amount less than the principal amount thereof to be due and payable upon acceleration thereof.

 

“Outstanding” or “outstanding,”
when used with reference to Securities, shall, subject to the provisions of Section 7.08, Section 8.01 and Section 8.04, mean, as of any
particular time, all Securities authenticated and delivered by the Trustee under this Indenture, except:

 

(a)        Securities
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

 

(b)        Securities,
or portions thereof, for the payment or redemption of which moneys in the necessary amount shall have been deposited in trust with the
Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated and held in trust by the Company
(if the Company shall act as its own paying agent) for the holders of such Securities; provided, that if such Securities, or portions
thereof, are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as provided in Article 3, or
provision satisfactory to the Trustee shall have been made for giving such notice;

 

(c)        Securities
that have been defeased pursuant to Section 14.02 hereof; and

 

(d)        Securities
that have been paid pursuant to Section 2.09, or Securities in exchange for, in lieu of and in substitution for which other Securities
shall have been authenticated and delivered pursuant to the terms of Section 2.07, unless proof satisfactory to the Trustee is presented
that any such Securities are held by bona fide holders in due course.

 

“Periodic Offering” shall mean an offering
of Securities of a series, from time to time, the specific terms of which (including, without limitation, the rate or rates of interest
or formula for determining the rate or rates of interest thereon, if any, the maturity date or dates thereof and the redemption provisions,
if any, with respect thereto) are to be determined by the Company upon the issuance of such Securities.

 

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

 

    3

     

    

 

“Place of Payment,” when used with
respect to the Securities of any series, means the place or places where, subject to the provisions of Section 4.02, the principal of
(and premium, if any, on) and any interest on the Securities of that series are payable as specified as contemplated by Section 2.03(b).

 

“record date” as used with respect
to any interest payment date shall have the meaning specified in Section 2.05.

 

“Registered Security” shall mean any
Security established pursuant to Section 2.01 and Section 2.03(b) that is registered on the Security Register of the Company.

 

“Responsible Officer,” when used with
respect to the Trustee, shall mean any officer within Corporate Trust Office of the Trustee (or any successor group of the Trustee), including
any Vice President, Assistant Vice President, Assistant Secretary or any other officer of the Trustee customarily performing functions
similar to those performed by any of the above designated officers and also shall mean, with respect to a particular corporate trust matter,
any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject,
and in each case, who has direct responsibility for the administration of this Indenture.

 

“Securities” shall have the meaning
set forth in the preamble of this Indenture.

 

“Securities Act” shall mean the Securities
Act of 1933, as amended.

 

“Security Register” and “Security
Registrar” shall have the respective meanings set forth in Section 2.07(a) hereof.

 

“Senior Indebtedness” means, without
duplication, the principal, premium, if any, unpaid interest (including interest accruing on or after the filing of any petition in bankruptcy
or for reorganization relating to the Company whether or not a claim for post-filing interest is allowed in such proceeding), fees, charges,
expenses, reimbursement and indemnification obligations, and all other amounts payable under or in respect of the following indebtedness
of the Company, whether any such indebtedness exists as of the date of the Indenture or is created, incurred or assumed after such date:
(i) all obligations for borrowed money, (ii) all obligations evidenced by debentures, Securities or other similar instruments, (iii) all
obligations in respect of letters of credit or bankers acceptances or similar instruments (or reimbursement obligations with respect thereto),
(iv) all obligations to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary
course of business, (v) all indebtedness of others guaranteed by the Company or any of its Subsidiaries or for which the Company or any
of its Subsidiaries is legally responsible or liable (whether by agreement to purchase indebtedness of, or to supply funds or to invest
in, others) and (vi) indebtedness secured by any mortgage, pledge, lien, charge, encumbrance or any security interest existing on property
owned by the Company but excluding any obligations of the Company which are required (as opposed to elected to be treated) as capitalized
leases under United States generally accepted accounting principles.

 

“Series” or “Series of Securities”
means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.01 and 2.03.

 

“Subsidiary” shall mean, in respect
of any Person, any corporation, association, partnership, limited liability company or other business entity of which more than 50% of
the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled,
directly or indirectly, by (a) such Person, (b) such Person and one or more Subsidiaries of such Person or (c) one or more Subsidiaries
of such Person.

 

“Trust Indenture Act,” except as otherwise
provided in this Indenture, shall mean the Trust Indenture Act of 1939, as amended, as in force at the date of this Indenture as originally
executed.

 

“Trustee” shall mean the person identified
as “Trustee” in the first paragraph hereof until the acceptance of appointment of a successor trustee pursuant to the provisions
of Article 7, and thereafter shall mean such successor trustee, and if at any time there is more than one such person, “Trustee”
as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.

 

    4

     

    

 

“United States Alien” shall mean any
person who, for United States federal income tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident alien
fiduciary of a foreign estate or trust, or a foreign partnership to the extent that one or more of its members is, for United States federal
income tax purposes, a foreign corporation, a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or trust.

 

“USA PATRIOT Act” shall have the meaning
set forth in Section 15.12 hereof.

 

“Vice President” when used with respect
to the Trustee shall mean any vice president, whether or not designated by a number or word or words added before or after the title “vice
president,” including any Executive or Senior Vice President.

 

ARTICLE 2

ISSUE, EXECUTION, REGISTRATION AND EXCHANGE
OF SECURITIES

 

SECTION 2.01. Amount Unlimited; Issuable in Series.

 

Upon the execution of this Indenture, or from time
to time thereafter, Securities up to the aggregate principal amount and containing terms and conditions from time to time authorized by
or pursuant to a Board Resolution, or in an indenture supplemental hereto or Officer’s Certificate, as set forth in Section 2.03,
may be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and make
available for delivery the Securities to or upon Company Order, without any further action by the Company but subject to the provisions
of Section 2.03, or in an indenture supplemental hereto or Officer’s Certificate, as set forth in Section 2.03.

 

The Securities may be issued in one or more series.
The aggregate principal amount of Securities of all series that may be authenticated and delivered and outstanding under this Indenture
is not limited hereunder. The Securities of a particular series may be issued up to the aggregate principal amount of Securities for such
series from time to time authorized by or pursuant to a Board Resolution. Securities may differ between Series in respect of any matters;
provided that all Series of Securities shall be equally and ratably entitled to the benefits of this Indenture.

 

SECTION 2.02. Form of Trustee’s Certificate of Authentication.

 

The form of the Trustee’s certificate of
authentication to be borne by the Securities shall be in substantially the following form:

 

Form of Trustee’s Certificate of Authentication

 

This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.

 

	Dated:	Wilmington Trust, National Association
	 	as Trustee
	 	 
	 	 	 
	 	By:	 
	 	Authorized Signatory

 

SECTION 2.03. Form of Securities Generally; Establishment of Terms
of Series.

 

(a)        The
Registered Securities, if any, of each series, the temporary global Securities of each series, if any, and the permanent global Securities
of each series, if any, shall be in the forms established from time to time in or pursuant to one or more Board Resolutions (and, to the
extent established pursuant to rather than set forth in one or more Board Resolutions, in an Officer’s Certificate (to which shall
be attached true and correct copies of the relevant Board Resolution(s)) detailing such establishment) or established in an indenture
supplemental hereto.

 

    5

     

    

 

The Securities may be issued in typewritten, printed
or engraved form with such letters, numbers or other marks of identification or designation (including CUSIP numbers, if then generally
in use) and such legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not
inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any stock exchange on which the Securities may be listed, or to conform to usage.

 

(b)      At
or prior to the initial issuance of Securities of any series, the particular terms of Securities of such series shall be established in
or pursuant to one or more Board Resolutions (and to the extent established pursuant to rather than set forth in one or more Board Resolutions,
in an Officer’s Certificate (to which shall be attached true and correct copies of the relevant Board Resolution(s)) detailing such
establishment) or established in an indenture supplemental hereto, including the following:

 

(1)       the
designation of the particular series (which shall distinguish such series from all other series);

 

(2)        the aggregate principal amount
of such series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to this Indenture and except
for any Securities which, pursuant to Section 2.06, are deemed never to have been authenticated and delivered hereunder);

 

(3)        whether Securities of the series are
to be issuable as Registered Securities, whether any Securities of the series are to be issuable initially in temporary global form and,
if so, the name of the Depositary with respect to any such temporary global Security, and whether any Securities of the series are to
be issuable in permanent global form and, if so, whether beneficial owners of interests in any such permanent global Security may exchange
such interests for Securities of such series and of like tenor of any authorized form and denomination and the circumstances under which
any such exchanges may occur, if other than in the manner provided in Section 2.07 and the name of the Depositary with respect to any
such permanent global Security;

 

(4)        the date as of which any temporary
Security in global form representing Outstanding Securities of such series shall be dated, if other than the date of original issuance
of the first Securities of the series to be issued;

 

(5)        the person to whom any interest on
any Registered Security of the series shall be payable, if other than the person in whose name that Security (or one or more predecessor
Securities) is registered at the close of business on the regular record date for such interest, the extent to which, or the manner in
which, any interest payable on a temporary global Security on an interest payment date will be paid if other than in the manner provided
in Section 2.05 and the extent to which, or the manner in which, any interest payable on a permanent global Security on an interest payment
date will be paid;

 

(6)       the date or dates on which the principal
of the Securities of such series is payable;

 

(7)       the rate or rates, and if applicable
the method used to determine the rate, at which the Securities of such series shall bear interest, if any, the date or dates from which
such interest shall accrue, the date or dates on which such interest shall be payable and the record date or dates for the interest payable
on any Registered Securities on any interest payment date;

 

(8)        the place or places at which, subject
to the provisions of Section 4.02, the principal of (and premium, if any, on) and any interest on Securities of such series shall be payable,
any Registered Securities of the series may be surrendered for registration of transfer, Securities of the series may be surrendered for
exchange and notices and demands to or upon the Company in respect of the Securities of the series and this Indenture may be served;

 

    6

     

    

 

(9)        the obligation, if any, of the Company
to redeem or purchase Securities of such series, at the option of the Company or at the option of a holder thereof, pursuant to any sinking
fund or other redemption provisions and the period or periods within which, the price or prices at which and the terms and conditions
upon which Securities of the series may be so redeemed or purchased, in whole or in part;

 

(10)        if other than minimum denominations
of $1,000 and any integral multiple thereof, the denominations in which any Registered Securities of such series shall be issuable;

 

(11)        if other than the principal amount
thereof, the portion of the principal amount of Securities of such series which shall be payable upon declaration of acceleration of the
maturity thereof;

 

(12)        the currency, currencies or currency
units in which payment of the principal of (and premium, if any, on) and any interest on any Securities of the series shall be payable
if other than the currency of the United States of America and the manner of determining the equivalent thereof in the currency of the
United States of America for purposes of the definition of “Outstanding” in Section 1.01;

 

(13)        if the principal of (and premium,
if any, on) or any interest on the Securities of the series are to be payable, at the election of the Company or a holder thereof, in
one or more currencies or currency units, other than that or those in which the Securities are stated to be payable, the currency or currencies
in which payment of the principal of (and premium, if any, on) and any interest on Securities of such series as to which such election
is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made;

 

(14)       if the amount of payments of principal
of (and premium, if any, on) or any interest on the Securities of the series may be determined with reference to an index, the manner
in which such amounts shall be determined;

 

(15)        whether the Securities will be issued
in book-entry only form;

 

(16)       
any interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such series;

 

(17)        if either or both of Section 14.02
and Section 14.03 do not apply to the Securities of the series;

 

(18)        whether and under what circumstances
the Company will pay Additional Amounts in respect of any series of Securities and whether the Company has the option to redeem such Securities
rather than pay such Additional Amounts;

 

(19)        any provisions relating to the extension
of maturity of, or the renewal of, Securities of such series, or the conversion of Securities of such series into other securities of
the Company;

 

(20)        any provisions relating to the purchase
or redemption of all or any portion of a tranche or series of Securities, including the period of notice required to redeem those Securities;

 

(21)        the terms and conditions, if any,
pursuant to which the Securities of the series are secured;

 

(22)        the subordination terms of the Securities
of the series; and

 

(23)       any other terms of the Securities
or provisions relating to the payment of principal, premium (if any), or interest thereon, including, but not limited to, whether such
Securities are issuable at a discount or premium, as amortizable Securities, and if payable in, convertible or exchangeable for commodities
or for the securities of the Company or any third party.

 

    7

     

    

 

All Securities of any one series need not be issued
at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the
Board Resolution or Officer’s Certificate referred to above or as set forth in an indenture supplemental hereto, and, unless otherwise
provided, the authorized principal amount of any series may be increased to provide for issuances of additional Securities of such series.
If so provided by or pursuant to the Board Resolution or Officer’s Certificate or supplemental indenture referred to above, the
terms of such Securities to be issued from time to time may be determined as set forth in such Board Resolution, Officer’s Certificate
or supplemental indenture, as the case may be. All Securities of any one series shall be substantially identical except as to denomination,
interest rate, maturity and other similar terms and except as may be provided otherwise by or pursuant to such Board Resolution, Officer’s
Certificate or supplemental indenture.

 

SECTION 2.04. Securities in Global Form.

 

If Securities of a series are issuable in global
form, as specified as contemplated by Section 2.03(b), then, notwithstanding clause (10) of Section 2.03(b) and the provisions of Section
2.05, any such Security in global form shall represent such of the Securities of such series Outstanding as shall be specified therein,
and any such Security in global form may provide that it shall represent the aggregate amount of Securities Outstanding from time to time
endorsed thereon and that the aggregate amount of Securities Outstanding represented thereby may from time to time be reduced to reflect
any exchanges of beneficial interests in such Security in global form for Securities of such series as contemplated herein. Any endorsement
of a Security in global form to reflect the amount, or any decrease in the amount, of Securities Outstanding represented thereby shall
be made by the Trustee or the Security Registrar in such manner and upon instructions given by such person or persons as shall be specified
in such Security in global form or in the Company Order to be delivered to the Trustee pursuant to Section 2.06 or Section 2.08. Subject
to the provisions of Section 2.06 and, if applicable, Section 2.08, the Trustee or the Security Registrar shall deliver and redeliver
any Security in permanent global form in the manner and upon instructions given by the person or persons specified in such Security in
global form or in the applicable Company Order. If a Company Order pursuant to Section 2.06 or Section 2.08 has been, or simultaneously
is, delivered, any instructions by the Company with respect to endorsement or delivery or redelivery of a Security in global form shall
be in writing but need not be represented by a Company Order and need not be accompanied by an Opinion of Counsel.

 

The provisions of the last sentence of Section
2.06 shall apply to any Security represented by a Security in global form if such Security was never issued and sold by the Company and
the Company delivers to the Trustee or the Security Registrar the Security in global form together with written instructions (which need
not be represented by a Company Order and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal
amount of Securities represented thereby, together with the written statement contemplated by the last sentence of Section 2.06.

 

Notwithstanding the provisions of Section 2.05,
unless otherwise specified as contemplated by Section 2.03(b), payment of principal of and any premium and interest on any Security in
permanent global form shall be made to the persons or persons specified therein.

 

SECTION 2.05. Denominations; Record Date; Payment of Interest.

 

(a)       Unless
otherwise provided as contemplated by Section 2.03(b) with respect to any series of Securities, any Registered Securities of a series
shall be issuable in minimum denominations of $1,000.

 

(b)        The
term “record date” as used with respect to an interest payment date for any series of a Registered Security shall mean such
day or days as shall be specified as contemplated by Section 2.03(b); provided, that in the absence of any such provisions with respect
to any series, such term shall mean (1) the last day of the calendar month next preceding such interest payment date if such interest
payment date is the 15th day of a calendar month; or (2) the 15th day of a calendar month next preceding such interest payment date if
such interest payment date is the first day of the calendar month.

 

Unless otherwise provided as contemplated by Section
2.03 with respect to any series of Securities, the person in whose name any Registered Security is registered at the close of business
on the record date with respect to an interest payment date shall be entitled to receive the interest payable on such interest payment
date notwithstanding the cancellation of such Security upon any registration of transfer or exchange thereof subsequent to such record
date prior to such interest payment date; provided, that if and to the extent the Company shall default in the payment of the interest
due on such interest payment date, such defaulted interest shall be paid to the persons in whose names the Securities are registered on
a subsequent record date established by notice given to the extent and in the manner set forth in Section 15.04 by or on behalf of the
Company to the holders of Securities of the series in default not less than 15 days preceding such subsequent record date, such record
date to be not less than five days preceding the date of payment of such defaulted interest, or in any other lawful manner acceptable
to the Trustee.

 

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(c)        Unless
otherwise specified by Board Resolution or Company Order for a particular series of Securities, the principal of, redemption premium,
if any, on and interest, if any, on the Securities of any series shall be payable at the office or agency of the Company maintained pursuant
to Section 4.02 in a Place of Payment for such series, in Dollars; provided, that, at the option of the Company, payment of interest with
respect to a Registered Security may be paid by check mailed to the holders of the Registered Securities entitled thereto at their last
addresses as they appear on the Security Register or wired if held in book-entry form at the Depositary.

 

SECTION 2.06. Execution, Authentication, Delivery and Dating of
Securities.

 

The Securities shall be signed on behalf of the
Company by its Chief Executive Officer, its President or its Chief Financial Officer, Corporate Secretary or Assistant Corporate Secretary.
Such signatures may be the manual, electronic or facsimile signatures of such then current officers.

 

Any Security may be signed on behalf of the Company
by such persons as, at the actual date of the execution of such Security, shall be the proper officers of the Company, although at the
date of the execution of this Indenture any such person was not such officer. Securities bearing the manual, electronic or facsimile signatures
of individuals who were, at the actual date of the execution of such Security, the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such
Securities, as the case may be, or did not hold such offices at the date of such Securities.

 

Upon the execution and delivery of this Indenture,
the Company shall deliver to the Trustee an Officer’s Certificate as to the incumbency and specimen signatures of officers authorized
to execute and deliver the Securities and give instructions under this Section and, as long as Securities are Outstanding under this Indenture,
such incumbency certificate shall be amended and replaced whenever an officer is to be added or deleted from the listing. The Trustee
may conclusively rely on the documents delivered pursuant to this Section (unless revoked by superseding comparable documents) and Section
2.03 hereof as to the authorization of the Board of Directors of any Securities delivered hereunder, and the form and terms thereof, and
as to the authority of the instructing officers referred to in this Section so to act.

 

The Trustee shall at any time, and from time to
time, authenticate Securities for original issue in an unlimited aggregate principal amount upon receipt by the Trustee of a Company Order;
provided, that with respect to Securities of a series subject to a Periodic Offering, (a) such Company Order may be delivered to the Trustee
prior to the delivery to the Trustee of such Securities for authentication and delivery, (b) the Trustee shall authenticate and deliver
Securities of such series for original issue from time to time, in an aggregate principal amount not exceeding the aggregate principal
amount, if any, established for such series, pursuant to a Company Order, (c) the maturity date or dates, original issue date or dates,
interest rate or rates and any other terms of Securities of such series shall be determined by Company Order or pursuant to such procedures,
and (d) if provided for in such procedures, such Company Order may authorize authentication and delivery pursuant to oral or electronic
instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing.

 

Prior to the issuance of a Security of any new
series, and the authentication thereof by the Trustee, the Trustee shall have received and (subject to Section 7.02) shall be fully protected
in relying on:

 

(a)        The
Board Resolution or Officer’s Certificate or indenture supplemental hereto establishing the terms and the form of the Securities
of that series pursuant to Section 2.01 and Section 2.03;

 

    9

     

    

 

(b)        An
Officer’s Certificate stating that all conditions precedent provided for in this Indenture relating to the issuance, authentication
and delivery of Securities in such form have been complied with;

 

(c)        An
Opinion of Counsel stating that the form and terms of such Securities have been established in conformity with the provisions of this
Indenture; provided, that with respect to Securities of a series subject to a Periodic Offering, the Trustee shall be entitled to receive
such Opinion of Counsel only once at or prior to the time of the first authentication of Securities of such series.

 

With respect to Securities of a series offered
in a Periodic Offering, the Trustee may rely, as to the authorization by the Company of any of such Securities, the form and terms thereof
and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and other documents delivered pursuant
to this Section in connection with the first authentication of Securities of such series unless and until such Opinion of Counsel or other
documents have been superseded or revoked. In connection with the authentication and delivery of Securities of a series subject to a Periodic
Offering, the Trustee shall be entitled to assume that the Company’s instructions to authenticate and deliver such Securities do
not violate any rules, regulations or orders of any governmental agency or commission having jurisdiction over the Company.

 

Each Registered Security shall be dated the date
of its authentication except as otherwise provided by Board Resolution or Officer’s Certificate or indenture supplemental hereto.

 

The aggregate principal amount of Securities of
any series outstanding at any time may not exceed any limit upon the maximum principal amount for such series set forth in or pursuant
to the Board Resolution or Officer’s Certificate or indenture supplemental hereto delivered pursuant to Section 2.03, except as
provided in Section 2.08.

 

No Security shall be entitled to any benefit under
this Indenture or be valid or obligatory for any purpose unless there appears on such Security, a certificate of authentication substantially
in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding the foregoing,
if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall
deliver such Security to the Trustee for cancellation as provided in Section 2.10 together with a written statement stating that such
Security has never been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have
been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.

 

SECTION 2.07. Exchange and Registration of Transfer of Securities.

 

(a)        The
Company shall keep, at an office or agency to be designated and maintained by the Company in accordance with Section 4.02 (as such, a
 “Security Registrar”), registry books (the “Security Register”) in which, subject to such reasonable regulations
as it may prescribe, the Company shall register Registered Securities and shall register the transfer of Registered Securities of each
such series as provided in this Article 2. Such Security Register shall be in written form or in any other form capable of being converted
into written form within a reasonable time. At all reasonable times such Security Register shall be open for inspection by the Trustee.
Upon due presentment for registration of transfer of any Registered Security of a particular series at such office or agency maintained
pursuant to Section 4.02 for such purpose in a Place of Payment, the Company shall execute and register and the Trustee shall authenticate
and make available for delivery in the name of the transferee or transferees a new Registered Security or Registered Securities of such
series of any authorized denominations and for an equal aggregate principal amount and tenor.

 

(b)        At
the option of the holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series of any
authorized denominations and of an equal aggregate principal amount and tenor. Registered Securities to be exchanged shall be surrendered
at any such office or agency maintained pursuant to Section 4.02 for such purpose in a Place of Payment, and the Company shall execute
and register and the Trustee shall authenticate and make available for delivery in exchange therefor the Security or Securities that the
securityholder making the exchange shall be entitled to receive.

 

(c)        All
Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing
the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer
or exchange.

 

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All Registered Securities presented for registration
of transfer or for exchange, redemption or payment, as the case may be, shall (if so required by the Company or the Trustee) be duly endorsed
by, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and the Trustee or the Security
Registrar duly executed by, the holder thereof or his attorney duly authorized in writing.

 

No service charge shall be made for any exchange
or registration of transfer of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith, other than exchanges pursuant to the terms of this Indenture not involving any transfer.

 

The Company shall not be required (1) to exchange
or register the transfer of Securities of any series to be redeemed for a period of 15 days next preceding any selection of such Securities
to be redeemed, or (2) to exchange or register the transfer of any Registered Security so selected, called or being called for redemption,
except in the case of any such series to be redeemed in part the portion thereof not to be so redeemed.

 

(d)        Notwithstanding
the foregoing, except as otherwise specified as contemplated by Section 2.03(b), any permanent global Security shall be exchangeable pursuant
to this Section only as provided in this paragraph. If the beneficial owners of interests in a permanent global Security are entitled
to exchange such interests for Securities of such series and of like tenor and principal amount of another authorized form and denomination,
as specified as contemplated by Section 2.03(b), then without unnecessary delay but in any event not later than the earliest date on which
such interests may be so exchanged, the Company shall deliver to the Trustee or the Security Registrar definitive Securities of that series
in aggregate principal amount equal to the principal amount of such permanent global Security executed by the Company. On or after the
earliest date on which such interests may be so exchanged, in accordance with instructions given by the Company to the Trustee or the
Security Registrar and the Depositary (which instructions shall be in writing), such permanent global Security shall be surrendered from
time to time by the Depositary or such other depositary as shall be specified in the Company Order with respect thereto to the Trustee,
as the Company’s agent for such purpose, or to the Security Registrar, to be exchanged, in whole or in part, for definitive Securities
of the same series without charge and the Trustee shall authenticate and make available for delivery in accordance with such instructions,
in exchange for each portion of such permanent global Security, a like aggregate principal amount of definitive Securities of the same
series of authorized denominations and of like tenor as the portion of such permanent global Security to be exchanged which shall be in
the form of Registered Securities; provided, that no such exchanges may occur for a period of 15 days next preceding any selection of
Securities of that series and of like tenor for redemption. Promptly following any such exchange in part, such permanent global Security
should be returned by the Trustee or the Security Registrar to the Depositary or such other depositary referred to above in accordance
with the instructions of the Company referred to above. If a Registered Security is issued in exchange for any portion of a permanent
global Security after the close of business at the office or agency where such exchange occurs on (i) any record date and before the opening
of business at such office or agency on the relevant interest payment date, or (ii) any special record date and before the opening of
business at such office or agency on the related proposed date for payment of defaulted interest as provided in Section 2.05, interest
or defaulted interest, as the case may be, will not be payable on such interest payment date or proposed date for payment, as the case
may be, in respect of such Registered Security, but will be payable on such interest payment date or proposed date for payment, as the
case may be, only to the person to whom interest in respect of such portion of such permanent global Security is payable in accordance
with the provisions of this Indenture.

 

(e)        Notwithstanding
anything contained herein to the contrary, neither the Trustee nor the Security Registrar shall be responsible for ascertaining whether
any transfer complies with the restrictions set forth in this Indenture, the registration provisions of or exemptions from the Securities
Act or applicable state securities laws.

 

SECTION 2.08. Temporary Securities.

 

Pending the preparation of definitive Securities
of any series, the Company may execute and the Trustee shall, upon Company Order, authenticate and make available for delivery, temporary
Securities of such series (typewritten, printed, lithographed or otherwise produced). Such temporary Securities, in any authorized denominations,
shall be substantially in the form of the definitive Securities in lieu of which they are issued, in registered form, in the form approved
from time to time by or pursuant to a Board Resolution but with such omissions, insertions, substitutions and other variations as may
be appropriate for temporary Securities, all as may be determined by the Company, but not inconsistent with the terms of this Indenture
or any provision of applicable law.

 

    11

     

    

 

Except in the case of temporary Securities in global
form (which shall be exchanged as hereinafter provided), if temporary Securities of any series are issued, the Company will cause definitive
Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the
temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities
of such series at the office or agency of the Company maintained pursuant to Section 4.02 in a Place of Payment for such series for the
purpose of exchanges of Securities of such series, without charge to the holder. Upon surrender for cancellation of any one or more temporary
Securities of any series, the Company shall execute and the Trustee shall authenticate and make available for delivery in exchange therefor
a like aggregate principal amount of definitive Securities of the same series and of like tenor of authorized denominations.

 

Without unnecessary delay but in any event not
later than the date specified in, or determined pursuant to the terms of, any such temporary global Security of a series (the “Exchange
Date”), the Company shall deliver to the Trustee definitive Securities of that series, in aggregate principal amount equal to the
principal amount of such temporary global Security, executed by the Company. On or after the Exchange Date such temporary global Security
shall be presented and surrendered by the Depositary to the Trustee, as the Company’s agent for such purpose, or to the Security
Registrar, to be exchanged, in whole or from time to time in part, for definitive Securities of such series without charge, and the Trustee
shall authenticate and make available for delivery, in exchange for each portion of such temporary global Security, a like aggregate principal
amount of definitive Securities of the same series of authorized denominations and of like tenor as the portion of such temporary global
Security to be exchanged.

 

Every temporary Security shall be executed by the
Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the
definitive Securities.

 

SECTION 2.09. Mutilated, Destroyed, Lost or Stolen Securities.

 

If any mutilated Security is surrendered to the
Trustee, the Company shall execute and the Trustee shall authenticate and make available for delivery in exchange therefor a new Security
of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If there shall be delivered to the Company and
the Trustee (a) evidence to their satisfaction of the destruction, loss or theft of any Security and (b) such security or indemnity as
may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or
the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall, subject to the following paragraph, execute
and the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

In case any such mutilated, destroyed, lost or
stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security,
pay such Security.

 

Upon the issuance of any new Security under this
Section, the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Security of any series issued pursuant
to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the
Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and any such new Security,
if any, shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that
series duly issued hereunder.

 

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The provisions of this Section are exclusive and
shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities.

 

SECTION 2.10. Cancellation.

 

All Securities surrendered for payment, redemption,
exchange or registration of transfer or for credit against any sinking fund payment, as the case may be, shall, if surrendered to the
Company or any agent of the Company or of the Trustee, be delivered to the Trustee. All Registered Securities so delivered shall be promptly
cancelled by the Trustee, upon written request of the Company. The Company may deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the
Trustee (or to any other person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which
the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be
authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section except as expressly provided by this
Indenture. Any cancelled Securities held by the Trustee shall be disposed in accordance with its then customary procedures and, upon written
request of the Company, the Trustee shall deliver to the Company a certificate of such disposal. The acquisition of any Securities by
the Company shall not operate as a redemption or satisfaction of the Indebtedness represented thereby unless and until such Securities
are surrendered to the Trustee for cancellation.

 

SECTION 2.11. Book-Entry Only System.

 

If specified by the Company pursuant to Section
2.03(b) with respect to Securities represented by a Security in global form, a series of Securities may be issued initially in book-entry
only form and, if issued in such form, shall be represented by one or more Securities in global form registered in the name of the Depositary
or other depositary designated with respect thereto. So long as such system of registration is in effect, (a) Securities of such series
so issued in book-entry only form will not be issuable in the form of or exchangeable for Securities in certificated or definitive registered
form, (b) the records of the Depositary or such other depositary will be determinative for all purposes and (c) neither the Company, the
Trustee nor any paying agent, Security Registrar or transfer agent for such Securities will have any responsibility or liability for (i)
any aspect of the records relating to or payments made on account of owners of beneficial interests in the Securities of such series,
(ii) maintaining, supervising or reviewing any records relating to such beneficial interests, (iii) receipt of notices, voting and requesting
or directing the Trustee to take, or not to take, or consenting to, certain actions hereunder, or (iv) the records and procedures of the
Depositary, or such other depositary, as the case may be.

 

Members of, or participants in, the Depositary
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.

 

ARTICLE 3

REDEMPTION OF SECURITIES

 

SECTION 3.01. Redemption of Securities, Applicability of Section.

 

Redemption of Securities of any series as permitted
or required by the terms thereof shall be made in accordance with the terms of such Securities as specified pursuant to Section 2.03 hereof
and this Article; provided, however, that if any provision of any series of Securities shall conflict with any provision of this Section,
the provision of such series of Securities shall govern.

 

SECTION 3.02. Notice of Redemption, Selection of Securities.

 

In case the Company shall desire to exercise the
right to redeem all or, as the case may be, any part of a series of Securities pursuant to Section 3.01, it shall fix a date for redemption.
Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company, or, at the Company’s
written request, by the Trustee in the name and at the expense of the Company. The Company or the Trustee, as the case may be, shall give
notice of such redemption, in the manner and to the extent set forth in Section 15.04, on that date prior to the date fixed for a redemption
to the holders of such Securities so to be redeemed, as a whole or in part, (a) as set forth in Board Resolutions, as described in Section
2.03, or (b) as determined by the Chief Executive Officer, the Chief Financial Officer, the President, the Treasurer, any Executive Vice
President, the Secretary and each officer of the Company designated by any of the foregoing officers (each, an “Authorized Officer”)
and evidenced by the preparation of an offering document or an Officer’s Certificate specifying the period of notice of such redemption.
If the Board Resolutions or an Authorized Officer do not specify a longer period of notice of such redemption, the Company or, at the
written request of the Company, the Trustee, shall give notice of such redemption, in the manner and to the extent set forth in Section
15.04, at least ten Business Days and not more than 60 calendar days prior to the date fixed for a redemption to the holders of such Securities
so to be redeemed as a whole or in part. Notice given in such manner shall be conclusively presumed to have been duly given, whether or
not the holder receives such notice. In any case, failure to give such notice or any defect in the notice to the holder of any such Security
designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other such
Security. If the Company requests the Trustee to give any notice of redemption, it shall make such request in writing in an Officer’s
Certificate delivered to the Trustee at least ten days prior to the designated date for delivering such notice, unless a shorter period
is satisfactory to the Trustee.

 

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Each such notice of redemption shall specify the
date fixed for redemption, the redemption price at which such Securities are to be redeemed, the CUSIP numbers of such Securities, the
Place of Payment where such Securities maturing after the date of redemption, are to be surrendered for payment of the redemption prices,
that payment will be made upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will
be paid as specified in the notice, and that on and after the date interest thereon or on the portions thereof to be redeemed will cease
to accrue. If less than all of a series is to be redeemed, the notice of redemption shall specify the numbers of the Securities to be
redeemed. In case any Security is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount
thereof to be redeemed and shall state that, upon surrender of such Security, a new Security or Securities of the same series in principal
amount equal to the unredeemed portion thereof will be issued.

 

On or before the redemption date specified in the
notice of redemption given as provided in this Section, the Company will deposit in trust with the Trustee or with one or more paying
agents an amount of money sufficient to redeem on the redemption date all the Securities or portions of Securities so called for redemption
at the appropriate redemption price, together with accrued interest, if any, to the date fixed for redemption. If less than all of a series
of Securities is to be redeemed, the Company will give the Trustee adequate written notice at least 45 days in advance (unless a shorter
notice shall be satisfactory to the Trustee) as to the aggregate principal amount of Securities to be redeemed.

 

If less than all the Securities of a series are
to be redeemed, the Trustee shall select, by lot or in such other manner is it shall deem appropriate and fair, not more than 60 days
prior to the date of redemption, the numbers of such Securities Outstanding not previously called for redemption, to be redeemed in whole
or in part. The portion of principal of Securities so selected for partial redemption shall be equal to the minimum authorized denomination
for Securities of that series or any integral multiple thereof. The Trustee shall promptly notify the Company of the Securities to be
redeemed. If, however, less than all the Securities of a series having differing issue dates, interest rates and stated maturities are
to be redeemed, the Company in its sole discretion shall select the particular Securities of such series to be redeemed and shall notify
the Trustee in writing at least 45 days prior to the relevant redemption date.

 

SECTION 3.03. Payment of Securities Called for Redemption.

 

If notice of redemption has been given as above
provided, the Securities or portions of Securities with respect to which such notice has been given shall become due and payable on the
date and at the place stated in such notice at the applicable redemption price, together with any interest accrued to the date fixed for
redemption, and on and after that date (unless the Company shall default in the payment of such Securities at the redemption price, together
with interest accrued to that date) interest on such Securities or portions of Securities so called for redemption shall cease to accrue.
On presentation and surrender of such Securities subject to redemption at the Place of Payment and in the manner specified in such notice,
such Securities or the specified portions thereof shall be paid and redeemed by the Company at the applicable redemption price, together
with interest accrued thereon to the date fixed for redemption; provided, that unless otherwise specified as contemplated by Section 2.03,
installments of interest on Registered Securities whose stated maturity date is on or prior to the date of redemption shall be payable
to the holders of such Registered Securities, or one or more predecessor Securities, registered as such at the close of business on the
relevant record dates according to their terms and the provisions of Section 2.05.

 

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At the option of the Company, payment with respect
to Registered Securities may be made by check to the holders of such Securities or other persons entitled thereto against presentation
and surrender of such Securities.

 

Any Security that is to be redeemed only in part
shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the holder thereof or such holder’s
attorney duly authorized in writing), and upon such presentation, the Company shall execute and the Trustee shall authenticate and make
available for delivery to the holder thereof, at the expense of the Company, a new Security or Securities of the same series, of authorized
denominations, in aggregate principal amount equal to the unredeemed portion of the principal of the Security so presented. If a temporary
global Security or permanent global Security is so surrendered, such new Security so issued shall be a new temporary global Security or
permanent global Security, respectively.

 

SECTION 3.04. Redemption Suspended During Event of Default.

 

The Trustee shall not redeem any Securities (unless
all Securities then outstanding are to be redeemed) or commence the giving of any notice of redemption of Securities during the continuance
of any Event of Default of which a Responsible Officer of the Trustee has actual knowledge or has received written notice thereof, except
that where the giving of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem such Securities,
provided funds are deposited with it for such purpose. Except as aforesaid, any moneys theretofore or thereafter received by the Trustee
shall, during the continuance of such Event of Default, be held in trust for the benefit of the securityholders and applied in the manner
set forth in Section 6.06; provided, that in case such Event of Default shall have been waived as provided herein or otherwise cured,
such moneys shall thereafter be held and applied in accordance with the provisions of this Article.

 

ARTICLE 4

PARTICULAR COVENANTS OF THE COMPANY

 

SECTION 4.01. Payment of Principal, Premium and Interest.

 

The Company will duly and punctually pay or cause
to be paid the principal of (and premium, if any, on) and any interest on each of the Securities of a series at the place, at the respective
times and in the manner provided in the terms of the Securities and this Indenture.

 

SECTION 4.02. Offices for Notices and Payments.

 

If Securities of a series are issuable only as
Registered Securities, the Company will maintain in each Place of Payment for such series an office or agency where Securities of that
series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served.

 

The Company will give to the Trustee notice of
the location of each such office or agency and of any change in the location thereof. In case the Company shall fail to maintain any such
office or agency as required, or shall fail to give such notice of the location or of any change in the location thereof, presentations
and surrenders of Securities of that series may be made and notices and demands may be served at the Corporate Trust Office of the Trustee,
and the Company hereby appoints the same as its agent to receive such respective presentations, surrenders, notices and demands.

 

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The Company may also from time to time designate
one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided, that no such designation or rescission shall in any manner relieve the
Company of its obligation to maintain an office or agency in accordance with the requirements set forth above for Securities of any series
for such purposes. The Company will give prompt written notice to the Trustee and the holders of any such designation or rescission and
of any change in the location of any such other office or agency.

 

The Company hereby initially designates the principal
Corporate Trust Office of the Trustee as the office of the Company where Registered Securities may be presented for payment, for registration
of transfer and for exchange as in this Indenture provided and where notices and demands to or upon the Company in respect of the Securities
or of this Indenture may be served; provided, however, that the Trustee shall not be deemed an agent of the Company for service of legal
process.

 

SECTION 4.03. Provisions as to Paying Agent.

 

(a)        Whenever
the Company shall appoint a paying agent other than the Trustee with respect to the Securities of any series, it will cause such paying
agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions
of this Section:

 

(1)        that it will hold sums held by it
as such agent for the payment of the principal of (and premium, if any, on) or any interest on the Securities of such series (whether
such sums have been paid to it by the Company or by any other obligor on the Securities of such series) in trust for the benefit of the
persons entitled thereto until such sums shall be paid to such persons or otherwise disposed of as herein provided and will notify the
Trustee of the receipt of sums to be so held;

 

(2)        that it will give the Trustee notice
of any failure by the Company (or by any other obligor on the Securities of such series) to make any payment of the principal of (or premium,
if any, on) or any interest on the Securities of such series when the same shall be due and payable; and

 

(3)        that at any time when any such failure
has occurred and is continuing, it will, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust
by such paying agent.

 

(b)        If
the Company shall act as its own paying agent, it will, on or before each due date of the principal of (and premium, if any) or any interest
on the Securities of any series, set aside, segregate and hold in trust for the benefit of the persons entitled thereto a sum sufficient
to pay such principal (and premium, if any) or any interest so becoming due until such sums shall be paid to such persons or otherwise
disposed of as herein provided. The Company will promptly notify the Trustee of any failure to take such action.

 

(c)        Whenever
the Company shall have one or more paying agents with respect to a series of Securities, it will, on or prior to each due date of the
principal of (and premium, if any, on) or any interest on, any Securities, deposit with a paying agent a sum sufficient to pay the principal
(and premium, if any) or any interest, so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal,
premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of its action or failure
so to act.

 

(d)        Anything
in this Section to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining the satisfaction and discharge
of this Indenture with respect to one or more or all series of Securities hereunder, or for any other reason, pay or cause to be paid
to the Trustee all sums held in trust for such series by it or any paying agent hereunder as required by this Section, such sums to be
held by the Trustee upon the trusts herein contained, and upon such payment by any paying agent to the Trustee, such paying agent shall
be released from all further liability with respect to such money.

 

(e)        Anything
in this Section to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section is subject to the provisions
of Section 12.03 and Section 12.04.

 

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SECTION 4.04. Statement as to Compliance.

 

The Company will deliver to the Trustee, within
120 days after the end of each fiscal year of the Company, commencing with the fiscal year ending in the year during which the first series
of Securities is issued hereunder (but in no event more than one year from the issuance of the first series hereunder), an Officer’s
Certificate signed by the Chief Executive Officer, President or other principal executive officer or by the Chief Financial Officer or
other principal financial officer or principal accounting officer, Assistant Secretary, Treasurer or Controller of the Company, stating,
as to each signer thereof, that:

 

(a)        a
review of the activities of the Company during such year and of performance under this Indenture has been made under his supervision;
and

 

(b)        to
the best of his knowledge, based on such review, the Company has fulfilled all its obligations under this Indenture throughout such year,
or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to him and the nature and
status thereof.

 

SECTION 4.05. Corporate Existence.

 

Subject to the provisions of Article 11, the Company
will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, rights (charter
and statutory) and franchises and the corporate existence and rights (charter and statutory) and franchises of its Subsidiaries; provided,
that the Company shall not be required to, or to cause any Subsidiary to, preserve any right or franchise or to keep in full force and
effect the corporate existence of any Subsidiary if the Company shall determine that the keeping in existence or preservation thereof
is no longer desirable in or consistent with the conduct of the business of the Company.

 

SECTION 4.06. Reserved.

 

SECTION 4.07. Waiver of Covenants.

 

The Company may omit in any particular instance
to comply with any covenant or condition set forth herein if before or after the time for such compliance the holders of a majority in
principal amount of the Securities of all series affected thereby then Outstanding shall either waive such compliance in such instance
or generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition
except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company in respect of
any such covenant or condition shall remain in full force and effect.

 

ARTICLE 5

SECURITYHOLDER LISTS AND REPORTS BY THE COMPANY
AND THE TRUSTEE

 

SECTION 5.01. Securityholder Lists.

 

The Company covenants and agrees that it will furnish
or cause to be furnished to the Trustee (1) semiannually, within 15 days before each record date when any Securities of a series are Outstanding,
a list, in such form as the Trustee may reasonably require, of all information in the possession or control of the Company as to the names
and addresses of the holders of such Registered Securities as of such date, and (2) at such other times as the Trustee may request in
writing, within 10 days after receipt by the Company of any such request, a list, in such form as the Trustee may reasonably require,
of all information in the possession or control of the Company as to the names and addresses of the holders of Registered Securities of
a particular series specified by the Trustee as of a date not more than 15 days prior to the time such information is furnished; provided,
that if and so long as the Trustee shall be the Security Registrar with respect to such series, such list shall not be required to be
furnished.

 

SECTION 5.02. Preservation and Disclosure of Lists.

 

(a)        The
Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders
of each series of Securities contained in the most recent list furnished to it as provided in Section 5.01 or received by the Trustee
in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a
new list so furnished.

 

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(b)        Securityholders
may communicate as provided in Section 312(b) of the Trust Indenture Act with other securityholders with respect to their rights under
this Indenture or under the Securities. The Company, the Trustee, the Security Registrar and anyone else shall have the protection of
Section 312(c) of the Trust Indenture Act with respect to the sending of any material pursuant to a request made pursuant to Section 312(b)
of the Trust Indenture Act.

 

SECTION 5.03. Reports by the Company.

 

(a)        The
Company covenants so long as Securities are Outstanding, the Company shall file with the Trustee and the Commission, and transmit to holders,
copies of such information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture
Act at the times and in the manner provided pursuant to such Act; provided, that with respect to any such information, documents or reports
required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, the Company intends to file such information,
documents or reports with the Commission in electronic form in accordance with Regulation S-T of the Commission using the Commission’s
Electronic Data Gathering, Analysis and Retrieval system. Compliance with the foregoing, or any successor electronic system approved by
the Commission, will constitute delivery by the Company of such reports to the Trustee and holders in compliance with the Trust Indenture
Act.

 

(b)        Notwithstanding
anything to the contrary herein, the Trustee will have no duty to search for or obtain any electronic or other filings that the Company
makes with the Commission, regardless of whether such filings are periodic, supplemental or otherwise. Delivery of the reports, information
and documents to the Trustee in accordance with this Section 5.03 will be solely for the purposes of compliance with Section 314(a) of
the Trust Indenture Act. The Trustee’s receipt of such reports, information and documents (whether or not filed in electronic form)
is for informational purposes only and the Trustee’s receipt of such will not constitute actual or constructive notice of any information
contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). The Trustee shall have no liability
or responsibility for the filing, content or timelines of any report hereunder aside from any report transmitted under this Indenture.

 

SECTION 5.04. Reports by the Trustee.

 

(a)        Within
60 days after November 15 of each year commencing with the first November 15 following the first issuance of Securities pursuant to Section
2.01, so long as any Securities are outstanding hereunder and if there has been any change in the following, the Trustee shall transmit
by mail, first-class postage prepaid, to the securityholders, as their names appear upon the Security Register, a brief report dated as
of such March 15 with respect to any of the events specified in Section 313(a) and Section 313(b)(2) of the Trust Indenture Act that may
have occurred since the later of the immediately preceding November 15 and the date of this Indenture.

 

(b)        The
Trustee shall transmit the reports required by Section 313(a) of the Trust Indenture Act at the times specified therein.

 

(c)        The
Trustee shall comply with Sections 313(b) and 313(c) of the Trust Indenture Act.

 

(d)        Reports
under this Section will be transmitted in the manner and to the Persons required by Section 313(c) and Section 313(d) of the Trust Indenture
Act. The Company agrees to notify the Trustee when any Securities become listed on any stock exchange.

 

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ARTICLE 6

REMEDIES

 

SECTION 6.01. Events of Default; Acceleration of Maturity.

 

In case one or more of the following Events of
Default with respect to a particular series shall have occurred and be continuing:

 

(a)        default
in (i) the payment of the principal of (or premium, if any, on) any of the Securities of such series as and when the same shall become
due and payable either at maturity, upon redemption, by declaration or otherwise or (ii) any payment required by any sinking or analogous
fund established with respect to that series;

 

(b)        default
in the payment of any installment of interest upon any of the Securities of such series as and when the same shall become due and payable,
and continuance of such default for a period of 90 days;

 

(c)        failure
on the part of the Company duly to observe or perform any other of the covenants or agreements on the part of the Company contained in
the Securities or in this Indenture for a period of 90 days after the date on which written notice of such failure, requiring the Company
to remedy the same, shall have been given to the Company by the Trustee, or to the Company and the Trustee by the holders of at least
25% in aggregate principal amount of the Securities of that series at the time Outstanding;

 

(d)        a
court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company or the Material Subsidiary
in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company or any Material Subsidiary or for any substantial
part of their respective property, or ordering the winding-up or liquidation of its affairs and such decree or order shall remain unstayed
and in effect for a period of 60 consecutive days;

 

(e)        the
Company or the Material Subsidiary shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now
or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent
to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or similar official)
of the Company or the Material Subsidiary or for any substantial part of their respective property, or shall make any general assignment
for the benefit of creditors; or

 

(f)        any
other Event of Default provided with respect to Securities of that series; then, if an Event of Default described in clause (a), (b),
(c), or (f) shall have occurred and be continuing, and in each and every such case, unless the principal amount of all the Securities
of such series shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal
amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by
securityholders) may declare the principal amount of all the Securities (or, with respect to Original Issue Discount Securities, such
lesser amount as may be specified in the terms of such Securities) of that series to be due and payable immediately, and upon any such
declaration the same shall become and shall be immediately due and payable, anything in this Indenture or in the Securities of such series
contained to the contrary notwithstanding; or, if an Event of Default described in clause (d) or (e) shall have occurred and be continuing,
and in each and every such case, unless the principal of all the Securities of such series shall have already become due and payable,
either the Trustee or the holders of not less than 25% in aggregate principal amount of all the Securities of that series then Outstanding
hereunder, by notice in writing to the Company (and to the Trustee if given by securityholders), may declare the principal of all the
Securities (or, with respect to Original Issue Discount Securities, such lesser amount as may be specified in the terms of such Securities)
to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, anything
in this Indenture or in the Securities contained to the contrary notwithstanding.

 

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SECTION 6.02. Rescission and Annulment

 

The provisions in Section 6.01 are subject to the
condition that if, at any time after the principal of the Securities of any one or more of all series, as the case may be, shall have
been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered
as hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay all matured installments of interest
upon all the Securities of such series or of all the Securities, as the case may be, and the principal of (and premium, if any, on) all
Securities of such series or of all the Securities, as the case may be (or, with respect to Original Issue Discount Securities, such lesser
amount as may be specified in the terms of such Securities), which shall have become due otherwise than by acceleration (with interest
upon such principal and premium, if any) and, to the extent that payment of such interest is enforceable under applicable law, on overdue
installments of interest, at the same rate as the rate of interest specified in the Securities of such series or all Securities, as the
case may be (or, with respect to Original Issue Discount Securities, at the rate specified in the terms of such Securities for interest
on overdue principal thereof upon maturity, redemption or acceleration of such series, as the case may be), to the date of such payment
or deposit, and such amount as shall be sufficient to cover reasonable compensation to the Trustee, its agents, attorneys and counsel,
and all other expenses and liabilities incurred, and all advances made, by the Trustee except as a result of its negligence or willful
misconduct, and any and all defaults under the Indenture, other than the non-payment of the principal of Securities that has become due
by acceleration, shall have been remedied; then and in every such case the holders of a majority in aggregate principal amount of the
Securities of such series (or of all the Securities, as the case may be) then Outstanding, by written notice to the Company and to the
Trustee, may waive all defaults with respect to that series or with respect to all Securities, as the case may be in such case, treated
as a single class and rescind and annul such declaration and its consequences; but no such waiver or rescission and annulment shall extend
to or shall affect any subsequent default or shall impair any right consequent thereon.

 

In case the Trustee shall have proceeded to enforce
any right under this Indenture and such proceedings shall have been discontinued or abandoned because of such rescission and annulment
or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Trustee and
the securityholders, as the case may be, shall be restored respectively to their former positions and rights hereunder, and all rights,
remedies and powers of the Company, the Trustee and the securityholders, as the case may be, shall continue as though no such proceedings
had been taken.

 

SECTION 6.03. Collection of Indebtedness and Suits for Enforcement
by Trustee.

 

The Company covenants that if

 

(a)        default
is made in the payment of any installment of interest on any Security when such interest becomes due and payable and such default continues
for a period of 90 days, or

 

(b)        default
is made in the payment of the principal or premium, if any, of any Security at the maturity thereof, including any maturity occurring
by reason of a call for redemption or otherwise, the Company will, upon demand of the Trustee, pay to it, for the benefit of the holders
of such Securities, the whole amount that shall have become due and payable on such Securities for principal or premium, if any, and interest,
with interest upon the overdue principal and, to the extent that payment of such interest shall be legally enforceable, upon overdue installments
of interest, at the rate borne by such Securities; and, in addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel.

 

If the Company fails to pay such amounts forthwith
upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection
of the sums so due and unpaid, and may prosecute such proceedings to judgment or final decree, and may enforce the same against the Company
or any other obligor upon the Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of
the property of the Company or any other obligor upon the Securities, wherever situated.

 

If an Event of Default occurs and is continuing,
the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the securityholders by such appropriate
judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement
of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

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SECTION 6.04. Trustee May File Proofs of Claim.

 

In the case of the pendency of a receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the
Company or any other obligor upon the Securities or the property of the Company or such other obligor or their creditors, the Trustee
(irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise
and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall
be entitled and empowered, by intervention in such proceeding or otherwise:

 

(a)        to
file and prove a claim for the whole amount of principal and premium, if any, and any interest owing and unpaid in respect of the Securities
and to file such 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 of the holders
of Securities allowed in such judicial proceeding; and

 

(b)       to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any receiver,
assignee, trustee, liquidator or sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each
holder of Securities to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments
directly to the holders of Securities, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06. To the extent that such
payment of reasonable compensation, expenses, disbursements, advances and other amounts out of the estate in any such proceedings shall
be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends,
moneys, securities and other property which the holders of the Securities may be entitled to receive in such proceedings, whether in liquidation
or under any plan or reorganization or arrangements or otherwise.

 

Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of the holder of a Security any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any holder thereof, or to authorize the Trustee to vote in respect
of the claim of any holder of a Security in any such proceeding.

 

SECTION 6.05. Trustee May Enforce Claims Without Possession of Securities.

 

All rights of action and claims under this Indenture
or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Securities in respect of which such judgment has
been recovered.

 

SECTION 6.06. Application of Money Collected.

 

Any money collected by the Trustee pursuant to
this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such
money on account of principal or premium, if any, or any interest, upon presentation of the Securities, as the case may be, and the notation
thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

FIRST: To the payment of all amounts due the Trustee
under Section 7.06 or 14.05;

 

SECOND: To the payment of all Senior Indebtedness
of the Company if and to the extent required by Article 16;

 

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THIRD: To the payment of the amounts then due and
unpaid upon the Securities for principal of and premium, if any, and any interest on the Securities, in respect of which or for the benefit
of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable
on such Securities, for principal and any interest, respectively; and

 

FOURTH: To the Company or its successors or assigns,
or to whomsoever may be lawfully entitled to receive the same.

 

SECTION 6.07. Limitation on Suits.

 

No holder of any Security of any series shall have
any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless:

 

(1)        such
holder has previously given written notice to the Trustee of a continuing Event of Default;

 

(2)        the
holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(3)        such
holder or holders have offered to the Trustee indemnity against the costs, expenses and liabilities to be incurred in compliance with
such request;

 

(4)        the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceedings; and

 

(5)        no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the holders of a majority
in principal amount of the Outstanding Securities; it being understood and intended that no one or more such holders of Securities
shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice
the rights of any other of such holders of Securities or to obtain or to seek to obtain priority or preference over any other of such
holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all
such holders of Securities.

 

SECTION 6.08. Unconditional Right of Securityholders to Receive
Principal and Interest.

 

Notwithstanding any other provision in this Indenture,
the holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and premium,
if any, and (subject to Section 2.05 and Section 3.02) any interest on such Security on the respective stated maturities expressed in
such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and
such right shall not be impaired without the consent of such holder.

 

SECTION 6.09. Restoration of Rights and Remedies.

 

If the Trustee or any holder of a Security has
instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for
any reason, or has been determined adversely to the Trustee or to such holder, then and in every such case the Company, the Trustee and
the holders of Securities shall, subject to any determination in such proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Trustee and the holders shall continue as though no such proceeding
has been instituted.

 

SECTION 6.10. Rights and Remedies Cumulative.

 

Except as provided in Section 2.09, no right or
remedy herein conferred upon or reserved to the Trustee or to the holders of Securities is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

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SECTION 6.11. Delay or Omission Not Waiver.

 

No delay or omission of the Trustee or of any holder
of any Security to exercise any right or remedy accruing upon any Default shall impair any such right or remedy or constitute a waiver
of any such Default or any acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the holders
of Securities may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the holders of Securities,
as the case may be.

 

SECTION 6.12. Control by Securityholders.

 

The holders of a majority in principal amount of
Outstanding Securities of each series shall have the right to direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or exercising any trust or power conferred on the Trustee, provided that

 

(1)        such
direction shall not be in conflict with any statute, rule of law or with this Indenture;

 

(2)        the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; and

 

(3)        the
Trustee need not take any action which it in good faith determines might involve it in personal liability or be unjustly prejudicial to
the securityholders not consenting (provided, however, that the Trustee shall not have an affirmative obligation to determine whether
such action is unduly prejudicial to the securityholders not consenting).

 

Upon receipt by the Trustee of any such direction
with respect to Securities of a series all or part of which is represented by a temporary global Security or a permanent global Security,
the Trustee shall establish a record date for determining holders of Outstanding Securities of such series entitled to join in such direction,
which record date shall be at the close of business on the day the Trustee receives such direction. The holders on such record date, or
their duly designated proxies, and only such persons, shall be entitled to join in such direction, whether or not such holders remain
holders after such record date, provided that, unless such majority in principal amount shall have been obtained prior to the day which
is 90 days after such record date, such direction shall automatically and without further action by any holder be cancelled and of no
further effect. Nothing in this paragraph shall prevent a holder, or a proxy of a holder, from giving, after expiration of such 90-day
period, a new direction identical to a direction which has been cancelled pursuant to the proviso to the preceding sentence, in which
event a new record date shall be established pursuant to the provisions of this Section 6.12.

 

SECTION 6.13. Waiver of Past Defaults.

 

The holders of a majority in principal amount of
the Securities of each series at the time Outstanding may, on behalf of the holders of all the Securities of that series, waive any past
default hereunder and its consequences, except a default:

 

(a)        in
the payment of the principal of, premium, if any, or any interest on any Security; or

 

(b)        in
respect of a covenant or provision hereof that pursuant to Article 10 cannot be modified or amended without the consent of the holder
of each Outstanding Security affected.

 

Upon any such waiver, such default shall cease
to exist, and any Default or Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture,
but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

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SECTION 6.14. Undertaking for Costs.

 

All parties to this Indenture agree, and each holder
of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for
the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted
by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having
due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall
not apply to any suit instituted by the Trustee, to any suit instituted by any holder, or group of holders, holding in the aggregate more
than 10% in principal amount of the Outstanding Securities of any series, or to any suit instituted by any holder of any Securities for
the enforcement of the payment of the principal of, premium, if any, or any interest on any Security on or after the respective stated
maturities expressed in such Security (or, in the case of redemption, on or after the redemption date, except, in the case of a partial
redemption, with respect to the portion not so redeemed).

 

SECTION 6.15. Waiver of Stay or Extension Laws.

 

The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage
of, any stay or extension laws wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance
of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefits 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.

 

ARTICLE 7

CONCERNING THE TRUSTEE

 

SECTION 7.01. Duties and Responsibilities of Trustee.

 

(a)        The
Trustee, prior to the occurrence of an Event of Default of a particular series and after the curing of all Events of Default of such series
which may have occurred, undertakes to perform such duties and only such duties with respect to such series as are specifically set forth
in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee. In the absence of bad
faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but
in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee,
the Trustee shall be under a duty to examine the same to determine whether or not they conform on their face to the requirements of this
Indenture.

 

(b)        In
case an Event of Default with respect to a particular series has occurred (which has not been cured), the Trustee shall exercise with
respect to such series such of the rights and powers vested in it by this Indenture, 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.

 

(c)        No
provisions of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:

 

(1)       prior
to the occurrence of an Event of Default with respect to a particular series and after the curing of all Events of Default with respect
to such series which may have occurred, the duties and obligations of the Trustee with respect to such series shall be determined solely
by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations
as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the
Trustee;

 

(2)        the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers, unless it shall be proved
that the Trustee was negligent in ascertaining the pertinent facts; and

 

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(3)        the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction
of the holders of Securities pursuant to Section 6.12 relating to the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture.

 

(d)        No
provision of this Indenture shall be construed as requiring the Trustee to expend or risk its own funds or otherwise to incur any personal
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall
have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

 

SECTION 7.02. Reliance on Documents, Opinions, etc.

 

Subject to the provisions of Section 7.01:

 

(a)        the
Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, judgement, bond, debenture, note, coupon or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or parties not only as the due execution, validity and effectiveness, but also
as to the truth and accuracy of any information contained herein. The Trustee need not investigate any fact or matter stated in the document;

 

(b)        any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order
(unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee
by a copy thereof certified by the Secretary or any Assistant Secretary of the Company; and whenever in the administration of this Indenture
the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder,
the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s
Certificate and/or Opinion of Counsel;

 

(c)        the
Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

 

(d)        the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction
of any of the holders of any Securities pursuant to the provisions of this Indenture, unless such holders shall have offered to the Trustee
security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred therein or thereby;

 

(e)        the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or documents, 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;

 

(f)        the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys
and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care
by it hereunder;

 

(g)        the
Trustee shall not be liable for any action taken, suffered or omitted to be taken 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;

 

(h)        in
no event will the Trustee be responsible or liable for special, indirect, incidental, punitive or consequential loss or damage of any
kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action;

 

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(i)        in
no event will 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 reasonable control, including, without limitation, strikes, pandemics, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances, sabotage, epidemics, pandemics, quarantines, riots, nuclear
or natural catastrophes, earthquakes, fires, floods, or acts of God, and interruptions, loss or malfunctions of utilities, communications
or computer (software or hardware) services, labor disputes, acts of civil or military authorities and governmental actions, or the unavailability
of the Federal Reserve Bank wire or telex or other wire or communication facility; it being understood that the Trustee will use reasonable
efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances;

 

(j)        the
Trustee shall not be required to give any bond or surety in respect of the performance of its powers hereunder;

 

(k)        the
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture; and

 

(l)        the
permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty and, with respect to such
permissive rights, the Trustee shall not be answerable other than for its negligence or willful misconduct.

 

SECTION 7.03. No Responsibility for Recitals, etc.

 

The recitals contained herein and in the Securities,
other than the Trustee’s certificate of authentication, shall be taken as the statements of the Company, and the Trustee assumes
no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture
or of the Securities, provided that the Trustee shall not be relieved of its duty to authenticate Securities only as authorized by this
Indenture. The Trustee shall not be accountable for the use or application by the Company of Securities or the proceeds thereof.

 

SECTION 7.04. Ownership of Securities.

 

The Trustee, any authenticating agent, any paying
agent, any Security Registrar or any other agent of the Company or of the Trustee, in its individual or any other capacity, may become
the owner or pledgee of Securities with the same rights it would have if it were not Trustee, authenticating agent, paying agent, Security
Registrar or such other agent of the Company or of the Trustee.

 

SECTION 7.05. Moneys to be Held in Trust.

 

Subject to the provisions of Section 12.04 hereof,
all moneys received by the Trustee or any paying agent shall, until used or applied as herein provided, be held un-invested in trust for
the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. Neither the
Trustee nor any paying agent shall be under any liability for interest on any moneys received by it hereunder except such as it may agree
in writing with the Company to pay thereon.

 

SECTION 7.06. Compensation and Expenses of Trustee.

 

The Company covenants and agrees to pay to the
Trustee from time to time, and the Trustee shall be entitled to, such compensation for all services rendered by it hereunder as agreed
in writing between the Company and the Trustee (which to the extent permitted by law shall not be limited by any provision of law in regard
to the compensation of a trustee of an express trust), and, except as otherwise expressly provided, the Company will pay or reimburse
the Trustee forthwith upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance
with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel
and of all persons not regularly in its employ) except any such expense, disbursement or advance as may arise from its negligence or willful
misconduct. If any property other than cash shall at any time be subject to the lien of this Indenture, the Trustee, if and to the extent
authorized by a receivership or bankruptcy court of competent jurisdiction or by the supplemental instrument subjecting such property
to such lien, shall be entitled to make and to be reimbursed for, advances for the purpose of preserving such property or of discharging
tax liens or other prior liens or encumbrances thereon. The Company also covenants to indemnify each of the Trustee and any predecessor
Trustee for, and to hold it harmless against, any and all loss, damage, claims, suit, liability or expense, (including attorney’s
fees and expenses, and taxes (other than taxes based upon, measured or determined by, the income of the Trustee)) incurred without negligence
or willful misconduct on the part of the Trustee, arising out of or in connection with the acceptance or administration of this trust,
including the costs and expenses of defending itself against any claim of liability, whether asserted by the Company, a Holder or any
other person. The obligations of the Company under this Section shall constitute additional indebtedness hereunder. Such additional indebtedness
shall be secured by a lien prior to that of the Securities upon all property and funds held or collected by the Trustee as such, except
funds held in trust for the benefit of the holders of particular Securities. This indemnification shall apply to officers, directors,
employees, shareholders and agents of the Trustee.

 

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To secure the Company’s obligations under
this Section, the Trustee shall have a senior claim to which the Securities are hereby made subordinate on all money or property held
or collected by the Trustee, except that held in trust to pay principal of (and premium, if any) and interest, if any, on particular Securities.

 

When the Trustee incurs expenses or renders services
after an Event of Default, the expenses and the compensation for the services are intended to constitute expenses of administration under
any bankruptcy law.

 

The provisions of this Section shall survive the
resignation or removal of the Trustee and the termination of this Indenture.

 

SECTION 7.07. Officer’s Certificate or Opinion of Counsel
as Evidence.

 

Subject to the provisions of Section 7.01, whenever
in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or
established prior to taking or suffering any action to be taken hereunder, such matter (unless other evidence in respect thereof be herein
specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved
and established by an Officer’s Certificate or Opinion of Counsel delivered to the Trustee, and such certificate or opinion, in
the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered
or omitted by it under the provisions of this Indenture upon the faith thereof.

 

SECTION 7.08. Disqualifications; Conflicting Interest of Trustee.

 

If the Trustee has or shall acquire any “conflicting
interest” within the meaning of the Trust Indenture Act, the Trustee and the Company shall in all respects comply with the provisions
of Section 310(b) of the Trust Indenture Act.

 

SECTION 7.09. Eligibility of Trustee.

 

There shall at all times be a Trustee hereunder
which shall be a corporation organized and doing business under the laws of the United States or of any State or Territory thereof or
of the District of Columbia, which (a) is authorized under such laws to exercise corporate trust powers, (b) is subject to supervision
or examination by federal, state, territorial or District of Columbia authority, (c) shall have at all times a combined capital and surplus
of not less than $50,000,000 and (d) shall not be the Company or any person directly or indirectly controlling, controlled by, or under
common control with the Company. If such corporation publishes reports of condition at least annually, pursuant to law, or to the requirements
of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation
at any time shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In
case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately
in the manner and with the effect specified in Section 7.10.

 

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SECTION 7.10. Resignation or Removal of Trustee.

 

(a)        The
Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one or more or all series by giving written
notice of resignation to the Company. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee
with respect to the applicable series by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which
instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been
so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning Trustee may petition
any court of competent jurisdiction for the appointment of a successor trustee at the expense of the Company. Such court may thereupon,
after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

(b)        In
case at any time any of the following shall occur:

 

(1)       the Trustee shall fail to comply with
Section 7.08 with respect to any series of Securities after written request therefor by the Company or by any securityholder who has been
a bona fide holder of a Security or Securities of such series for at least six months, or

 

(2)        the
Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 with respect to any series of Securities and shall
fail to resign after written request therefor by the Company or by any such securityholder, or

 

(3)        the
Trustee shall become incapable of acting with respect to any series of Securities, or shall be adjudged a bankrupt or insolvent, or a
receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of
its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove
the Trustee with respect to the applicable series of Securities and appoint a successor trustee with respect to such series by written
instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee
so removed and one copy to the successor trustee, or, subject to the provisions of Section 6.14, any securityholder of such series who
has been a bona fide holder of a Security or Securities of the applicable series for at least six months may, on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
trustee with respect to such series. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove
the Trustee and appoint a successor trustee.

 

(c)        Upon
30 days’ prior written notice, the holders of a majority in aggregate principal amount of the Securities of all series (voting as
one class) at the time Outstanding may at any time remove the Trustee with respect to Securities of all series and appoint a successor
trustee with respect to the Securities of all series.

 

(d)        Any
resignation or removal of the Trustee and any appointment of a successor trustee pursuant to any of the provisions of this Section shall
become effective upon the appointment of a successor trustee and the acceptance of appointment by the successor trustee as provided in
Section 7.11.

 

SECTION 7.11. Acceptance by Successor Trustee.

 

Any successor trustee appointed as provided in
Section 7.10 shall execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment
hereunder, and thereupon the resignation or removal of the predecessor trustee with respect to all or any applicable series shall become
effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties
and obligations with respect to such series of its predecessor hereunder, with like effect as if originally named as trustee herein; but,
nevertheless, on the written request of the Company or of the successor trustee, the predecessor trustee shall, upon payment of any amounts
then due it pursuant to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the
rights and powers of the predecessor trustee. Upon request of any such successor trustee, the Company shall execute any and all instruments
in writing in order more fully and certainly to vest in and confirm to such successor trustee all such rights and powers. Any trustee,
including the initial Trustee, ceasing to act shall, nevertheless, retain a lien upon all property or funds held or collected by such
trustee to secure any amounts then due it pursuant to the provisions of Section 7.06.

 

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In case of the appointment hereunder of a successor
trustee with respect to the Securities of one or more (but not all) series, the Company, the predecessor Trustee and each successor trustee
with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain
such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor
Trustee with respect to the Securities of any series as to which the predecessor Trustee is not retiring shall continue to be vested in
the predecessor Trustee, and shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental indenture
shall constitute such trustees co-trustees of the same trust and that each such trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other such trustee.

 

No successor trustee shall accept appointment as
provided in this Section unless at the time of such acceptance such successor trustee shall be qualified and eligible under the provisions
of this Article 7.

 

Upon acceptance of appointment by a successor trustee
as provided in this Section, the Company shall mail notice of the succession of such trustee hereunder to all holders of Securities of
any applicable series as the names and addresses of such holders shall appear on the registry books. If the Company fails to mail such
notice in the prescribed manner within ten days after the acceptance of appointment by the successor trustee, the successor trustee shall
cause such notice to be so mailed at the expense of the Company.

 

SECTION 7.12. Successor by Merger, etc.

 

Any corporation into which the Trustee may be merged
or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee,
shall be the successor of the Trustee hereunder, provided such corporation shall be qualified and eligible under the provisions of this
Article 7, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to
the contrary notwithstanding. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office,
any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities
so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

 

SECTION 7.13. Limitations on Rights of Trustee as Creditor.

 

The Trustee shall comply with Section 311(a) of
the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee who has
resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein.

 

SECTION 7.14. Notice of Default.

 

Within 90 days after the occurrence of any default
on a series of Securities hereunder of which a Responsible Officer of the Trustee has received notice or is deemed to have notice in accordance
with this Section 7.14, the Trustee shall transmit to all securityholders of that series, in the manner and to the extent provided in
Section 15.04, notice of such default hereunder actually known to a Responsible Officer of the Trustee, unless such default shall have
been cured or waived; provided, that except in the case of a default in the payment of the principal of or interest on any Security or
on the payment of any sinking or purchase fund installment, the Trustee shall be protected in withholding such notice if and so long as
a Responsible Officer of the Trustee in good faith determine that the withholding of such notice is in the interests of the securityholders;
and provided, further, that in the case of any default of the character specified in clause (c) of Section 6.01 no such notice to securityholders
shall be given until at least 30 days after the occurrence thereof. The Trustee will not be required to take notice or be deemed to have
notice of any default or Event of Default, except failure by the Company to pay or cause to be made any of the payments required to be
made to the Trustee, unless a Responsible Officer shall receive written notice of such default or Event of Default from the Company or
by the holders of at least 25% in aggregate principal amount of the then Outstanding Securities delivered to the Corporate Trust Office
of the Trustee and such notice states that it is a notice of a default or Event of Default with respect to the Securities and this Indenture,
and in the absence of such notice so delivered the Trustee may conclusively assume no default or Event of Default exists. For the purpose
of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event
of Default with respect to Securities of such series.

 

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SECTION 7.15. Appointment of Authenticating Agent.

 

The Trustee may appoint an authenticating agent
or agents (which may be an affiliate or affiliates of the Company) with respect to one or more series of Securities which shall be authorized
to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue or upon exchange, registration of
transfer or partial redemption thereof or pursuant to Section 2.09, and Securities so authenticated shall be entitled to the benefits
of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference
is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication,
such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an authenticating agent and a certificate
of authentication executed on behalf of the Trustee by an authenticating agent. Each authenticating agent shall be acceptable to the Company
and shall at all times be a corporation organized and doing business under the laws of the United States of America or of any State or
Territory thereof or of the District of Columbia, which (a) is authorized under such laws to exercise corporate trust powers or to otherwise
act as authenticating agent, (b) is subject to supervision or examination by federal, state, territorial or District of Columbia authority,
and (c) shall have at all times a combined capital and surplus of not less than $50,000,000. If such authenticating agent publishes reports
of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such authenticating agent shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. If at any time an authenticating agent shall cease to be eligible in
accordance with the provisions of this Section, such authenticating agent shall resign immediately in the manner and with the effect specified
in this Section.

 

Any corporation into which an authenticating agent
may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which such authenticating agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business
of such authenticating agent, shall continue to be an authenticating agent, provided such corporation shall be otherwise eligible under
this Section, without the execution or filing of any paper or any further act on the part of the Trustee or such authenticating agent.

 

An authenticating agent may resign at any time
by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an authenticating
agent by giving written notice thereof to such authenticating agent and to the Company. Upon receiving such a notice of resignation or
upon such a termination, or in case at any time such authenticating agent shall cease to be eligible in accordance with the provisions
of this Section, the Trustee may appoint a successor authenticating agent which shall be acceptable to the Company and shall promptly
give notice of such appointment to all holders of Securities in the manner and to the extent provided in Section 15.04. Any successor
authenticating agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an authenticating agent. No successor authenticating agent shall be appointed unless
eligible under the provisions of this Section.

 

The Company agrees to pay to each authenticating
agent from time to time reasonable compensation for its services under this Section.

 

If an appointment with respect to one or more series
is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate
of authentication, an alternative certificate of authentication in the following form:

 

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This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.

 

	 	Wilmington Trust, National Association,
	 	as Trustee
	 	By:	[    ], as Authenticating Agent
	 	 	 
	 	 	 
	 	By:	 
	 	Authorized Signatory
	 	Date:	 

 

If all of the Securities of a series may not be
originally issued at one time, and the Trustee does not have an office capable of authenticating Securities upon original issuance located
in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance, the Trustee, if
so requested by the Company in writing, shall appoint in accordance with this Section an authenticating agent (which, if so requested
by the Company, shall be such affiliate of the Company) having an office in a Place of Payment designated by the Company with respect
to such series of Securities, provided that the terms and conditions of such appointment are acceptable to the Trustee.

 

ARTICLE 8

CONCERNING THE SECURITYHOLDERS

 

SECTION 8.01. Action by Securityholders.

 

Whenever in this Indenture it is provided that
the holders of a specified percentage in aggregate principal amount of the Securities of any or all series may take any action (including
the making of any demand or request, the giving of any authorization, notice, consent or waiver or the taking of any other action), the
fact that at the time of taking any such action the holders of such specified percentage have joined therein may be evidenced (a) by any
instrument or any number of instruments of similar tenor executed by securityholders in person or by agent or proxy appointed in writing,
or (b) by a combination of such instrument or instruments and any such record of such a meeting of securityholders.

 

In determining whether the holders of a specified
percentage in aggregate principal amount of the Securities of any or all series have taken any action (including the making of any demand
or request, the giving of any authorization, direction, notice, consent or waiver or the taking of any other action), (i) the principal
amount of any Original Issue Discount Security that may be counted in making such determination and that shall be deemed to be outstanding
for such purposes shall be equal to the amount of the principal thereof that could be declared to be due and payable upon an Event of
Default pursuant to the terms of such Original Issue Discount Security at the time the taking of such of such action is evidenced to the
Trustee, and (ii) the principal amount of a Security denominated in a foreign currency or currency unit shall be the Dollar equivalent,
determined as of the date of original issuance of such Security in accordance with Section 2.03(b) hereof, of the principal amount of
such Security.

 

SECTION 8.02. Proof of Execution by Securityholders.

 

Subject to the provisions of Section 7.01, Section
7.02 and Section 9.05, proof of the execution of any instrument by a securityholder or its agent or proxy, or of the holding by any person
of a Security, shall be sufficient and conclusive in favor of the Trustee and the Company if made in accordance with such reasonable rules
and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee.

 

The principal amount and serial numbers of Registered
Securities held by any person, and the date of holding the same, shall be proved by the Security Register.

 

The record of any securityholders’ meeting
shall be proved in the manner provided in Section 9.06.

 

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SECTION 8.03. Who Are Deemed Absolute Owners.

 

Prior to due presentment of a Registered Security
for registration of transfer, the Company, the Trustee and any agent of the Company or of the Trustee may deem the person in whose name
such Registered Security shall be registered upon the Security Register to be, and may treat him as, the absolute owner of such Registered
Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon), for the
purpose of receiving payment of or on account of the principal of (and premium, if any) and, subject to the provisions of Section 2.05
and Section 2.07, any interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any agent of the
Company or of the Trustee shall be affected by any notice to the contrary. All such payments so made to any holder for the time being,
or upon his order, shall be valid and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for
moneys payable upon any such Security.

 

Notwithstanding the foregoing, with respect to
any temporary or permanent global Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or of the
Trustee, from giving effect to any written certification, proxy or other authorization furnished by a Depositary, or impair, as between
a Depositary and holders of beneficial interests in any temporary or permanent global Security, as the case may be, the operation of customary
practices governing the exercise of the rights of the Depositary as holder of such temporary or permanent global Security.

 

SECTION 8.04. Company-Owned Securities Disregarded.

 

In determining whether the holders of the required
aggregate principal amount of Securities have provided any request, demand, authorization, notice, direction, consent or waiver under
this Indenture, Securities which are owned by the Company or any other obligor on the Securities, or by any person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company or any other obligor on the Securities, shall
be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining
whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver, only
Securities which the Trustee actually knows are so owned shall be so disregarded. Securities so owned which have been pledged in good
faith may be regarded as Outstanding for the purposes of this Section if the pledgee shall establish to the satisfaction of the Trustee
the pledgee’s right to vote such Securities and that the pledgee is not a person directly or indirectly controlling or controlled
by or under direct or indirect common control with the Company or any such other obligor. In the case of a dispute as to such right, any
decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.

 

SECTION 8.05. Revocation of Consents; Future Securityholders Bound.

 

At any time prior to the taking of any action by
the holders of the percentage in aggregate principal amount of the Securities specified in this Indenture in connection with such action,
any holder of a Security, the identifying number of which is shown by the evidence to be included in the Securities the holders of which
have consented to such action, may, by filing written notice with the Trustee at its office and upon proof of holding as provided in Section
8.02, revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall
be conclusive and binding upon such holder and upon all future holders and owners of such Security and of any Security issued upon registration
of transfer of or in exchange or substitution therefor in respect of anything done, omitted or suffered to be done by the Trustee or the
Company in reliance thereon, irrespective of whether or not any notation in regard thereto is made upon such Security. Any action taken
by the holders of the percentage in aggregate principal amount of the Securities specified in this Indenture in connection with such action
shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities.

 

SECTION 8.06. Record Date.

 

The Company may, but shall not be obligated to,
set a record date for purposes of determining the identity of holders of Securities of any series entitled to vote or consent to any action
by vote or consent or to otherwise take any action under this Indenture authorized or permitted by Section 6.12 and Section 6.13 or otherwise
under this Indenture. Such record date shall be the later of (i) the date 20 days prior to the first solicitation of such consent or vote
or other action and (ii) the date of the most recent list of holders of such Securities delivered to the principal corporate trust office
of the Trustee pursuant to Section 5.01 prior to such solicitation. If such a record date is fixed, those persons who were holders of
such Securities at the close of business on such record date shall be entitled to vote or consent or take such other action, or to revoke
any such action, whether or not such persons continue to be holders after such record date, and for that purpose the Outstanding Securities
shall be computed as of such record date.

 

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ARTICLE 9

SECURITYHOLDERS’ MEETINGS

 

SECTION 9.01. Purposes of Meeting.

 

A meeting of holders of any or all series of Securities
may be called at any time and from time to time pursuant to the provisions of this Article for any of the following purposes:

 

(a)        to
give any notice to the Company or to the Trustee, or to give any directions to the Trustee, or to waive any default hereunder and its
consequences, or to take any other action authorized to be taken by securityholders pursuant to any of the provisions of Article 6;

 

(b)        to
remove the Trustee and appoint a successor trustee pursuant to the provisions of Article 7;

 

(c)        to
consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 10.02; or

 

(d)        to
take any other action authorized to be taken by or on behalf of the holders of any specified aggregate principal amount of the Securities
of any or all series, as the case may be, under any other provision of this Indenture or under applicable law.

 

SECTION 9.02. Call of Meetings by Trustee.

 

The Trustee may at any time call a meeting of securityholders
of any or all series to take any action specified in Section 9.01, to be held at such time and at such place in New York, New York or
as the Trustee shall determine. Notice of every meeting of the securityholders of any or all series, setting forth the time and place
of such meeting and in general terms the action proposed to be taken at such meeting, shall be given in the manner provided in Section
15.04 not less than 20 nor more than 180 days prior to the date fixed for the meeting.

 

SECTION 9.03. Call of Meetings by Company or Securityholders.

 

In case at any time the Company, pursuant to a
Board Resolution, or the holders of at least 10% in aggregate principal amount of the Securities of any or all series, as the case may
be, then Outstanding, shall have requested the Trustee to call a meeting of securityholders of any or all series to take any action authorized
in Section 9.01, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee
shall not have provided notice of such meeting in the manner provided in Section 15.04 within 30 days after receipt of such request, then
the Company or the holders of such Securities in the amount above specified may determine the time and the place in New York, New York
or Los Angeles, California for such meeting and may call such meeting by giving notice thereof as provided in Section 9.02.

 

SECTION 9.04. Qualifications for Voting.

 

To be entitled to vote at any meeting of securityholders
a person shall be a holder of one or more Securities of such series Outstanding with respect to which a meeting is being held or a person
appointed by an instrument in writing as proxy by such a holder or holders. The only persons who shall be entitled to be present or to
speak at any meeting of the securityholders of any series shall be the persons entitled to vote at such meeting and their counsel and
any representatives of the Trustee and its counsel and any representatives of the Company and its counsel.

 

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SECTION 9.05. Regulations.

 

Notwithstanding any other provisions of this Indenture,
the Trustee may make such reasonable regulations as it may deem advisable for any meeting of securityholders of a series, in regard to
proof of the holding of Securities and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes,
the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it deems fit. Except as otherwise permitted or required by any such regulations, the holding of Securities shall
be proved in the manner specified in Article 8 and the appointment of any proxy shall be proved in the manner specified in Article 8.
Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without
the proof specified in Article 8 or other proof.

 

The Trustee shall, by an instrument in writing,
appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by securityholders as provided
in Section 9.03, in which case the Company or the securityholders calling the meeting, as the case may be, shall in like manner appoint
a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the holders of a majority
in principal amount of the Securities represented at the meeting and entitled to vote.

 

Subject to the provisions of Section 8.01 and Section
8.04, at any meeting each securityholder or proxy shall be entitled to one vote for each $1,000 (or the Dollar equivalent thereof in connection
with Securities issued in a foreign currency or currency unit) Outstanding principal amount of Securities of such series held or represented
by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding
and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote except as a securityholder
or proxy. Any meeting of securityholders duly called pursuant to the provisions of Section 9.02 or Section 9.03 may be adjourned from
time to time, and the meeting may be reconvened without further notice.

 

SECTION 9.06. Voting.

 

The vote upon any resolution submitted to any meeting
of securityholders shall be by written ballot on which shall be subscribed the signatures of the securityholders or proxies and on which
shall be inscribed the identifying number or numbers or to which shall be attached a list of identifying numbers of the Securities held
or represented by them. The chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting
for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate
of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of securityholders shall be prepared by the
secretary of the meeting and there shall be attached to the record the original reports of the inspectors of votes on any vote by ballot
taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and
showing that the notice was mailed as provided in Section 9.02. The record shall be signed and verified by the chairman and secretary
of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee,
the latter to have attached thereto the ballots voted at the meeting.

 

Any record so signed and verified shall be conclusive
evidence of the matters therein stated.

 

ARTICLE 10

SUPPLEMENTAL INDENTURES

 

SECTION 10.01. Supplemental Indentures without Consent of Securityholders.

 

Without the consent of any holders of Securities,
the Company, when authorized by or pursuant to Board Resolution, and the Trustee may from time to time and at any time enter into an indenture
or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution
thereof) for one or more of the following purposes:

 

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(a)       to
evidence the succession of another corporation to the Company, or successive successions, pursuant to Article 11 hereof, and the assumption
by the successor corporation of the covenants, agreements and obligations of the Company herein and in the Securities;

 

(b)        to
add to the covenants of the Company such further covenants, restrictions, conditions or provisions as its Board of Directors shall consider
to be for the protection of the holders of Securities, and to make the occurrence, or the occurrence and continuance, of a default in
any of such additional covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any
of the several remedies provided in this Indenture as herein set forth, with such period of grace, if any, and subject to such conditions
as such supplemental indenture may provide;

 

(c)        to
establish any series of Securities and the form or terms of securities of any series as permitted by Section 2.01 and Section 2.03, including,
without limitation, any subordination provisions and any conversion or exchange provisions applicable to Securities that are convertible
into or exchangeable for other securities or property, and any deletions from or additions or changes to this Indenture in connection
therewith (provided that any such deletions, additions and changes shall not be applicable to any other series of Securities then Outstanding);

 

(d)        to
add any additional Events of Default with respect to all or any series of Securities (as shall be specified in such supplemental indenture);

 

(e)        to
supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance, covenant
defeasance and/or satisfaction and discharge of any series of Securities pursuant to Article 14, provided that any such action shall not
adversely affect the interests of any holder of a Security of such series or any other Security in any material respect;

 

(f)        to
add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of
Securities, registrable or not registrable as to principal;

 

(g)        to
make provisions with respect to conversion or exchange rights of holders of Securities of any series;

 

(h)        in
the case of any series of Securities which are convertible into or exchangeable for commodities or for the securities of the Company to
safeguard or provide for the conversion or exchange rights, as the case may be, of such Securities in the event of any reclassification
or change of outstanding securities or any merger, consolidation, statutory share exchange or combination of the Company with or into
another Person or any sale, lease, assignment, transfer, disposition or other conveyance of all or substantially all of the properties
and assets of the Company to any other Person or other similar transactions, if expressly required by the terms of such series of Securities
established pursuant to Section 2.03;

 

(i)        to
add to, delete from or revise the conditions, limitations or restrictions on issue, authentication and delivery of Securities of any series;

 

(j)        to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this
Indenture under the Trust Indenture Act, or under any similar federal statute hereafter enacted, and to add to this Indenture such other
provisions as may be expressly permitted by the Trust Indenture Act, excluding however, the provisions referred to in Section 316(a)(2)
of the Trust Indenture Act or any corresponding provision in any similar federal statute hereafter enacted;

 

(k)        to
modify, eliminate or add to any of the provisions of this Indenture, provided that any such change or elimination (i) shall become effective
only when there is no Security of any series Outstanding and created prior to the execution of such supplemental indenture that is entitled
to the benefit of such provision or (ii) shall not apply to any Security Outstanding;

 

(l)        to
conform the Indenture or the Securities to the description thereof in the related prospectus, offering memorandum or disclosure document
(as provided in an Officer’s Certificate delivered to the Trustee);

 

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(m)        to
cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective
or inconsistent with any other provisions contained herein or in any supplemental indenture;

 

(n)        to
add guarantees with respect to, or to secure, any series of Security;

 

(o)        to
evidence and provide for the acceptance and appointment hereunder by a successor trustee with respect to the Securities of one or more
series and to add or change any provisions of this Indenture as shall be necessary to provide for or facilitate the administration of
the trusts hereunder by more than one trustee, pursuant to Section 7.11; and

 

(p)        to
make any change to the Securities of any series or to make any other provisions in regard to matters or questions arising under this Indenture
that do not adversely affect the legal rights under this Indenture of any holder of Securities of any series issued under this Indenture,
including provisions necessary or desirable to provide for or facilitate the administration of the trusts hereunder.

 

The Trustee is hereby authorized to join with the
Company in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations which may be
therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee shall
not be obligated to enter into any such supplemental indenture which adversely affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise. No supplemental indenture shall be effective as against the Trustee unless and until the Trustee has
duly executed and delivered the same.

 

SECTION 10.02. Supplemental Indentures with Consent of Holders.

 

With the consent (evidenced as provided in Section
8.01) of the holders of not less than a majority in aggregate principal amount of the Securities of all series at the time Outstanding
affected by such supplemental indenture (voting as one class), the Company, when authorized by a Board Resolution, and the Trustee may
from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of
the Trust Indenture Act as in force at the date of the execution thereof) for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights
of the holders of the Securities of such series under this Indenture; provided, that no such supplemental indenture shall (a) extend the
fixed maturity of any Securities, or reduce the principal amount thereof or premium, if any, or reduce the rate or extend the time of
payment of interest thereon, without the consent of the holder of each Security so affected, (b) reduce the aforesaid percentage of Securities,
the consent of the holders of which is required for any such supplemental indenture, without the consent of the holders of all Securities
then Outstanding, (c) modify the subordination provisions in a manner adverse to the holders of such Securities, or (d) modify any of
the above provisions.

 

Upon the request of the Company, accompanied by
a copy of a Board Resolution certified by the Secretary or the Assistant Secretary of the Company authorizing the execution of any such
supplemental indenture, and upon the filing with the Trustee of evidence of the consent of securityholders as aforesaid, the Trustee shall
join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated
to, enter into such supplemental indenture.

 

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

 

Promptly after the execution by the Company and
the Trustee of any supplemental indenture pursuant to the provisions of this Article 10, the Company shall provide notice, in the manner
and to the extent provided in Section 15.04, setting forth in general terms the substance of such supplemental indenture, to all holders
of Securities of each series so affected. Any failure of the Company so to provide such notice, or any defect therein, shall not, however,
in any way impair or affect the validity of any such supplemental indenture.

 

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SECTION 10.03. Compliance with Trust Indenture Act; Effect of Supplemental
Indentures.

 

Any supplemental indenture executed pursuant to
the provisions of this Article 10 shall comply with the Trust Indenture Act, as then in effect. Upon the execution of any supplemental
indenture pursuant to the provisions of this Article 10 and subject to the provisions in any supplemental indenture relating to the prospective
application of such instrument, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective
rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of
Securities theretofore or thereafter authenticated and delivered hereunder shall thereafter be determined, exercised and enforced hereunder
subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall
be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

 

The Trustee, subject to the provisions of Section
7.01 and Section 7.02, shall be entitled to receive and shall be fully protected in relying upon an Officer’s Certificate and Opinion
of Counsel as conclusive evidence that any such supplemental indenture complies with the provisions of this Article 10 and that all conditions
precedent thereto have been satisfied.

 

SECTION 10.04. Notation on Securities.

 

Securities of any series authenticated and delivered
after the execution of any supplemental indenture pursuant to the provisions of this Article 10 may bear a notation in form approved by
the Company as to any matter provided for in such supplemental indenture. New Securities of any series so modified as to conform, in the
opinion of the Company and the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture
may be prepared by the Company, authenticated by the Trustee and delivered, without charge to the securityholders, in exchange for the
Securities of such series then Outstanding.

 

ARTICLE 11

CONSOLIDATION, MERGER, SALE OR CONVEYANCE

 

SECTION 11.01. Company May Consolidate, etc., on Certain Terms.

 

The Company covenants that it will not merge into
or consolidate with any other corporation or sell or convey all or substantially all of its assets to any person, firm or corporation,
unless (a) either the Company shall be the continuing corporation, or the successor corporation (if other than the Company) shall be a
corporation organized and existing under the laws of the United States of America or a state thereof or the District of Columbia and such
corporation shall expressly assume the due and punctual payment of the principal of (and premium, if any, on) and any interest on all
the Securities, according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of
this Indenture to be performed by the Company by supplemental indenture in form satisfactory to the Trustee, executed and delivered to
the Trustee by such corporation, and (b) the Company or such successor corporation, as the case may be, shall not, immediately after such
merger or consolidation, or such sale or conveyance, be in default in the performance of any such covenant or condition.

 

SECTION 11.02. Successor Corporation Substituted.

 

In case of any such consolidation, merger, sale
or conveyance and upon any such assumption by the successor corporation, such successor corporation shall succeed to and be substituted
for, and may exercise every right and power of, the Company, with the same effect as if it had been named herein as the party of the first
part. Such successor corporation thereupon may cause to be signed, and may issue either in its own name or in the name of the Company,
any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee;
and, upon the order of such successor corporation, instead of the Company, and subject to all the terms, conditions and limitations in
this Indenture prescribed, the Trustee shall authenticate and shall make available for delivery any Securities which previously shall
have been signed and delivered by the officers of the Company to the Trustee for authentication, and any Securities which such successor
corporation thereafter shall cause to be signed and delivered to the Trustee for that purpose. All of the Securities so issued shall in
all respects have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance
with the terms of this Indenture as though all of such Securities had been issued at the date of the execution thereof.

 

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In case of any such consolidation, merger, sale
or conveyance such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may
be appropriate.

 

SECTION 11.03. Opinion of Counsel and Officer’s Certificate
to be Given Trustee.

 

The Trustee shall receive an Opinion of Counsel
and Officer’s Certificate as conclusive evidence that any such consolidation, merger, sale or conveyance, and any such assumption,
complies with the provisions of this Article 11 and that all conditions precedent herein provided for relating to such transaction have
been complied with.

 

ARTICLE 12

SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED
MONEYS

 

SECTION 12.01. Discharge of Indenture.

 

If at any time:

 

(a)        the
Company shall have delivered to the Trustee for cancellation all Securities of any series theretofore authenticated (other than (i) Securities
that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.09, and (ii) 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, as provided in Section 4.03), or

 

(b)        all
such Securities of such series not theretofore delivered to the Trustee for cancellation (i) shall have become due and payable, or (ii)
are by their terms to become due and payable within one year, or (iii) are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption, and the Company in the case of (b)(i), (b)(ii) or (b)(iii) above shall
deposit or cause to be deposited with the Trustee as trust funds the entire amount (other than moneys repaid by the Trustee or any paying
agent to the Company in accordance with Section 12.04) sufficient to pay at maturity or upon redemption all Securities of such series
not therefore delivered to the Trustee for cancellation, including principal (and premium, if any) and any interest due or to become due
to such date of maturity or date fixed for redemption, as the case may be, and if in either case the Company shall also pay or cause to
be paid all other sums payable hereunder by the Company with respect to such series, then this Indenture shall cease to be of further
effect with respect to the Securities of such series, and the Trustee, on demand of and at the cost and expense of the Company and subject
to Section 15.05, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to the Securities
of such series. The Company agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred by the
Trustee in connection with this Indenture or the Securities of such series. Notwithstanding the satisfaction and discharge of this Indenture
with respect to the Securities of any series or of all series, the obligations of the Company to the Trustee under Section 7.06 shall
survive.

 

The Company will deliver to the Trustee an Officer’s
Certificate and an Opinion of Counsel which together shall state that all conditions precedent herein provided for relating to the satisfaction
and discharge of this Indenture have been complied with.

 

SECTION 12.02. Deposited Moneys to be Held in Trust by Trustee.

 

Subject to the provisions of clause (e) of Section
4.03, all moneys deposited with the Trustee pursuant to Section 12.01 shall be held in trust and applied by it to the payment, either
directly or through any paying agent (including the Company acting as its own paying agent), to the persons entitled thereto, of all sums
due and to become due thereon for principal and interest (and premium, if any) for which payment of such money has been deposited with
the Trustee.

 

    38

     

    

 

SECTION 12.03. Paying Agent to Repay Moneys Held.

 

In connection with the satisfaction and discharge
of this Indenture with respect to Securities of any series and the payment of all amounts due to the Trustee under Section 7.06, all moneys
with respect to such Securities then held by any paying agent under the provisions of this Indenture shall, upon demand of the Company,
be repaid to it or paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such
moneys.

 

SECTION 12.04. Return of Unclaimed Moneys.

 

Subject to applicable law, any moneys deposited
with or paid to the Trustee or any paying agent for the payment of the principal of (and premium, if any) or interest on any Security
and not applied but remaining unclaimed for two years after the date upon which such principal (and premium, if any, on) or interest shall
have become due and payable, shall be repaid to the Company by the Trustee or such paying agent upon written request from the Company,
and the holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for any payment which such
holder may be entitled to collect and all liability of the Trustee or any paying agent with respect to such moneys shall thereupon cease.

 

ARTICLE 13

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS
AND DIRECTORS

 

SECTION 13.01. Indenture and Securities Solely Corporate Obligations.

 

No recourse under or upon any obligation, covenant
or agreement contained in this Indenture, or in any Security, or because of any indebtedness evidenced thereby, shall be had against any
incorporator, or against any past, present or future stockholder, officer or director, as such, of the Company or of any successor corporation,
either directly or through the Company or any successor corporation, 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 the Securities by the holders thereof and as part of the consideration for the issue of the Securities.

 

ARTICLE 14

DEFEASANCE AND COVENANT DEFEASANCE

 

SECTION 14.01. Applicability of Article.

 

Unless, as specified pursuant to Section 2.03(b),
provision is made that either or both of (a) defeasance of the Securities of a series under Section 14.02 and (b) covenant defeasance
of the Securities of a series under Section 14.03 shall not apply to the Securities of a series, then the provisions of such Section 14.02
and Section 14.03, together with Section 14.04 and Section 14.05, shall be applicable to the Outstanding Securities of all series upon
compliance with the conditions set forth below in this Article 14.

 

SECTION 14.02. Defeasance and Discharge.

 

Subject to Section 14.05, the Company may cause
itself to be discharged from its obligations with respect to the Outstanding Securities of any series on and after the date the conditions
precedent set forth below are satisfied but subject to satisfaction of the conditions subsequent set forth below (hereinafter, “defeasance”).
For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented
by the Outstanding Securities of such series and to have satisfied all its other obligations under such Securities and this Indenture
insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging
the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (a) the rights of holders
of Outstanding Securities of such series to receive, solely from the trust fund described in Section 14.04 and as more fully set forth
in such Section, payments of the principal of and any premium and interest on such Securities when such payments are due, (b) the Company’s
obligations with respect to such Securities under Section 2.07, Section 2.08, Section 2.09, Section 4.02 and Section 4.03 and such obligations
as shall be ancillary thereto, (c) the rights, powers, trusts, duties, immunities and other provisions in respect of the Trustee hereunder,
and (D) this Article 14. Subject to compliance with this Article 14, defeasance with respect to Securities of a series by the Company
is permitted under this Section 14.02 notwithstanding the prior exercise of its rights under Section 14.03 with respect to the Securities
of such series. Following a defeasance, payment of the Securities of such series may not be accelerated because of an Event of Default.

 

    39

     

    

 

SECTION 14.03. Covenant Defeasance.

 

The Company may cause itself to be released from
its obligations under any Sections applicable to Securities of a series that are determined pursuant to Section 2.03(b) to be subject
to this provision with respect to the Outstanding Securities of such series on and after the date the conditions precedent set forth below
are satisfied but subject to satisfaction of the conditions subsequent set forth below (hereinafter, “covenant defeasance”).
For this purpose, such covenant defeasance means that, with respect to the Outstanding Securities of such 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 Section, whether directly
or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any
other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby.

 

SECTION 14.04. Conditions to Defeasance or Covenant Defeasance.

 

The following shall be the conditions precedent
or, as specifically noted below, subsequent to application of either Section 14.02 or Section 14.03 to the Outstanding Securities of such
series:

 

(a)        The
Company shall irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose of making
the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the holders of such Securities,
(i) money in an amount, or (ii) U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof
in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (iii) a
combination thereof, sufficient, without reinvestment, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee
to pay and discharge, (1) the principal of and any premium and interest on the Outstanding Securities of such series to maturity or redemption,
as the case may be, and (2) any mandatory sinking fund payments or analogous payments applicable to the Outstanding Securities of such
series on the due dates thereof. Before such a deposit the Company may make arrangements satisfactory to the Trustee for the redemption
of Securities at a future date or dates in accordance with Article 3 which shall be given effect in applying the foregoing. For this purpose,
 “U.S. Government Obligations” means securities that are (x) direct obligations of the United States of America for the payment
of which its full faith and credit is pledged or (y) obligations of a person controlled or supervised by and acting as an agency or instrumentality
of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United
States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a
depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government
Obligation or a specific payment of principal of or interest on any such U.S. Government Obligation held by such custodian for the account
of the holder of such depository 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 depository receipt from any amount received by the custodian in respect of the U.S. Government
Obligation or the specific payment of principal of or interest on the U.S. Government Obligation evidenced by such depository receipt;

 

(b)        No
default, or event that after notice or lapse of time, or both, would become a default with respect to the Securities of such series, shall
have happened and be continuing (i) on the date of such deposit or (ii) insofar as Section 6.01(a) and Section 6.01(b) are concerned,
at any time during the period ending on the 123rd day after the date of such deposit or, if longer, ending on the day following the expiration
of the longest preference period applicable to the Company in respect of such deposit (it being understood that the condition in this
clause (b) is a condition subsequent and shall not be deemed satisfied until the expiration of such period);

 

    40

     

    

 

(c)        Such
defeasance or covenant defeasance shall not (i) cause the Trustee for the Securities of such series to have a conflicting interest as
defined in Section 7.08 or for purposes of the Trust Indenture Act with respect to any securities of the Company or (ii) result in the
trust arising from such deposit to constitute, unless it is qualified as, a regulated investment company under the Investment Company
Act of 1940, as amended;

 

(d)        Such
defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other
agreement or instrument to which the Company is a party or by which it is bound;

 

(e)        Such
defeasance or covenant defeasance shall not cause any Securities of such series then listed on any registered national securities exchange
under the Exchange Act to be delisted;

 

(f)        In
the case of a defeasance under Section 14.02, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (x) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (y) since the date of this Indenture
there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such opinion shall
confirm that, the holders of the Outstanding Securities of such series will not recognize income, gain or loss for federal income tax
purposes as a result of such defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such defeasance had not occurred;

 

(g)        In
the case of covenant defeasance under Section 14.03, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that the holders of the Outstanding Securities of such series will not recognize income, gain or loss for federal income tax purposes
as a result of such covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such covenant defeasance had not occurred;

 

(h)        Such
defeasance or covenant defeasance shall be effected in compliance with any additional terms, conditions or limitations which may be imposed
on the Company in connection therewith pursuant to Section 2.03(b); and

 

(i)        The
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent and subsequent provided for in this Indenture relating to either the defeasance under Section 14.02 or the covenant defeasance
under Section 14.03, as the case may be, have been complied with.

 

SECTION 14.05. Deposited Money and U.S. Government Obligations to
be Held in Trust; Other Miscellaneous Provisions.

 

All money and U.S. Government Obligations (including
the proceeds thereof) deposited with the Trustee pursuant to Section 14.04 in respect of the Outstanding Securities of such series shall
be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment,
either directly or through any paying agent (but not including the Company acting as its own paying agent) as the Trustee may determine,
to the holders of such Securities of all sums due and to become due thereon in respect of principal and any premium and interest, but
such money need not be segregated from other funds except to the extent required by law.

 

The Company shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the money or U.S. Government Obligations deposited pursuant to Section
14.04 or the principal and interest received in respect thereof.

 

Anything herein to the contrary notwithstanding,
the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Government Obligations held by
it as provided in Section 14.04 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited
to effect an equivalent defeasance or covenant defeasance, provided that the Trustee shall not be required to liquidate any U.S. Government
Obligations in order to comply with the provisions of this paragraph.

 

    41

     

    

 

Anything herein to the contrary notwithstanding,
if and to the extent the deposited money or U.S. Government Obligations (or the proceeds thereof) either (i) cannot be applied by the
Trustee in accordance with this Section because of a court order or by operation of Article 16 or (ii) are for any reason insufficient
in amount, then the Company’s obligations to pay principal of and any premium and interest on the Securities of such series shall
be reinstated to the extent necessary to cover the deficiency on any due date for payment. In any such case, the Company’s interest
in the deposited money and U.S. Government Obligations (and proceeds thereof) shall be reinstated to the extent the Company’s payment
obligations are reinstated.

 

ARTICLE 15

MISCELLANEOUS PROVISIONS

 

SECTION 15.01. Benefits of Indenture Restricted to Parties and Securityholders.

 

Nothing in this Indenture or in the Securities,
expressed or implied, shall give or be construed to give to any person, firm or corporation, other than the parties hereto and their successors
and assigns and the holders of the Securities (and, with respect to the provisions of Article 16, the holders of Senior Indebtedness),
any legal or equitable right, remedy or claim under this Indenture or under any covenant or provision herein contained, all such covenants
and provisions being for the sole benefit of the parties hereto and their successors and assigns and the holders of the Securities (and,
with respect to the provisions of Article 16, the holders of Senior Indebtedness).

 

SECTION 15.02. Provisions Binding on Company’s Successors.

 

All the covenants, stipulations, promises and agreements
in this Indenture contained by or on behalf of the Company shall bind its successors and assigns, whether so expressed or not.

 

SECTION 15.03. Addresses for Notices, etc., to Company and Trustee.

 

Any request, demand, authorization, direction,
notice, consent, waiver or other document provided or permitted by this Indenture is duly given if in writing and delivered in person
or delivered by first-class postage prepaid mail, facsimile, email or overnight air courier guaranteeing next day delivery, to the other’s
address:

 

(1)        If
to the Trustee, addressed to the Trustee at the principal Corporate Trust Office of the Trustee, Wilmington Trust, National Association,
Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Flushing Financial Corporation Administrator, Telephone:(302)
636-6398.

 

(2)        If
to the Company by the Trustee or by the holders of Securities, addressed to it at 220 RXR Plaza,
Uniondale, New York 11556, Attention: Chief Financial Officer, Email: S.Cullen@flushingbank.com.

 

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

 

All notices and communications will be deemed to
have been duly given: five Business Days after being deposited in the mail, postage prepaid, if delivered by mail; on the first Business
Day after being sent, if sent by facsimile and the sender receives confirmation of successful transmission; upon confirmation of transmittal
(but excluding any automatic reply to such email), if sent by email; and the next Business Day after timely delivery to the courier, if
sent by overnight air courier guaranteeing next day delivery.

 

SECTION 15.04. Notice to Holders of Securities; Waiver.

 

Except as otherwise expressly provided herein,
where this Indenture provides for notice of holders of Securities of any event, such notice shall be sufficiently given to holders of
Registered Securities if in writing and mailed, first-class postage prepaid, to each holder of a Registered Security affected by such
event, at the address of such holder as it appears in the Security Register, not earlier than the earliest date, and not later than the
latest date, prescribed for the giving of such notice.

 

    42

     

    

 

In case by reason of the suspension of regular
mail service or by reason of any other cause it shall be impracticable to give such notice to holders of Registered Securities by mail,
then such notification as shall be made with the approval of the Trustee shall constitute sufficient notice to such holders for every
purpose hereunder. In any case where notice to holders of Registered Securities is given by mail, neither the failure to mail such notice,
nor any defect in any notice so mailed, to any particular holder of a Registered Security shall affect the sufficiency of such notice
with respect to other holders of Registered Securities.

 

Notwithstanding any other provision of this Indenture
or any Security, where this Indenture or any Security provides for notice of any event (including any notice of redemption) to a Holder
of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given when delivered to the Depositary for such
Security (or its designee) pursuant to the customary procedures of such Depositary.

 

Where this Indenture provides for notice in any
manner, such notice may be waived in writing by the person entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by holders of Securities shall be filed with the Trustee, but such filing
shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

Any request, demand, authorization, direction,
notice, consent or waiver required or permitted under this Indenture shall be in the English language.

 

SECTION 15.05. Evidence of Compliance with Conditions Precedent.

 

Upon any application or demand by the Company to
the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officer’s
Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with,
except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any
provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished.

 

Each Officer’s Certificate and Opinion of
Counsel provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for
in this Indenture shall include (a) a statement that the person making such certificate or opinion has read such covenant or condition;
(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; (c) 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
(d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.

 

SECTION 15.06. Legal Holidays.

 

In any case where the date of maturity of interest
on or principal of the Securities or the date fixed for redemption of any Securities shall be a Saturday or Sunday or a legal holiday
in City of New York, New York or in such other Place of Payment as the Company may designate pursuant to Section 4.02, or a day on which
banking institutions in City of New York, New York or in such other Place of Payment are authorized or obligated by law, regulation or
executive order to remain closed, then payment of interest or principal (and premium, if any) need not be made on such date but may be
made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption,
and no interest shall accrue for the period after such date.

 

SECTION 15.07. Trust Indenture Act to Control.

 

If and to the extent that any provision of this
Indenture limits, qualifies or conflicts with another provision included in this Indenture which is required to be included in this Indenture
by any of Sections 310 to 317, inclusive, of the Trust Indenture Act, such required provision shall control.

 

    43

     

    

 

SECTION 15.08. Execution in Counterparts.

 

This Indenture may be executed in any number of
counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. The
exchange of copies of this Indenture and of signature pages by facsimile or electronic format (e.g., “.pdf” or “.tif”)
transmission will constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the
original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic format (e.g., “.pdf”
or “.tif”) will be deemed to be their original signatures for all purposes. Unless otherwise provided herein or in any other
Securities, the words “execute”, “execution”, “signed”, and “signature” and words of similar
import used in or related to any document to be signed in connection with this Indenture, any other Securities or any of the transactions
contemplated hereby (including amendments, waivers, consents and other modifications) shall be deemed to include electronic signatures
and the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature in ink or the use of a paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in
any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act, and any other similar state laws based on the Uniform Electronic Transactions Act, provided that, notwithstanding anything
herein to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format
unless expressly agreed to by such Trustee pursuant to procedures approved by such Trustee.

 

SECTION 15.09. Governing Law; Waiver of Jury Trial.

 

THIS INDENTURE AND EACH SECURITY SHALL BE DEEMED
TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAW OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THE APPLICATION
OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
LAW). EACH OF THE COMPANY AND THE TRUSTEE HEREBY AND THE SECURITYHOLDERS BY THE ACCEPTANCE OF THE NOTES 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 TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

The parties hereby (i) irrevocably submit to the
non-exclusive jurisdiction of any federal or state court sitting in the Borough of Manhattan, the city of New York, (ii) waive any objection
to laying of venue in any such action or proceeding in such courts, and (iii) waive any objection that such courts are an inconvenient
forum or do not have jurisdiction over any party.

 

SECTION 15.10. Severability; Entire Agreement.

 

In case any provision in this Indenture or in the
Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not
in any way be affected or impaired thereby.

 

The Trustee, by its execution of this Indenture,
hereby accepts the trusts in this Indenture declared and provided, upon the terms and conditions hereinabove set forth. This Indenture,
any supplemental indenture hereto and the exhibits hereto or thereto set forth the entire agreement and understanding of the parties related
to this transaction and supersedes all prior agreements and understandings, oral or written.

 

SECTION 15.11. Interpretations.

 

The Table of Contents, Cross-Reference Table and
Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered
a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

 

    44

     

    

 

This Indenture may not be used to interpret any
other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement
may not be used to interpret this Indenture.

 

SECTION 15.12. U.S.A. Patriot Act.

 

The parties hereto acknowledge that in accordance
with Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act
of 2001 (the “USA PATRIOT Act”), the Trustee, like all financial institutions and in order to help fight the funding of terrorism
and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes
a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such
information as it may request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act.

 

ARTICLE 16

SUBORDINATION OF SECURITIES

 

SECTION 16.01. Securities Subordinate to Senior Indebtedness.

 

Except as otherwise provided in a supplemental
indenture or pursuant to Section 2.03, the Company agrees, and each holder by accepting a Security agrees, that the indebtedness evidenced
by the Securities is subordinated in right of payment, to the extent and in the manner provided in this Article, to the prior payment
in full of all Senior Indebtedness and that the subordination is for the benefit of the holders of Senior Indebtedness. Notwithstanding
the foregoing, if a deposit is made pursuant to Section 14.02 or Section 14.03 with respect to any Securities (and provided all other
conditions set out in Section 14.02 or 14.03, as applicable, shall have been satisfied with respect to such Securities), then, when the
90th day after such deposit has ended, no money obligations so deposited, and no proceeds thereon, will be subject to any rights of holders
of Senior Indebtedness, including any such rights arising under this Article 16.

 

    45

     

    

 

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

 

	 	FLUSHING FINANCIAL CORPORATION
	 	 	 
	 	By:	/s/ Susan K. Cullen
	 	 	Susan K. Cullen
	 	 	
    Senior Executive Vice President, Treasurer

    Chief Financial Officer

	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By:	/s/ Michael H. Wass
	 	 	Michael H. Wass
	 	 	Vice President

 

    46Exhibit 4.2

 

 

FLUSHING FINANCIAL
CORPORATION,

 

as Issuer

 

and

 

WILMINGTON TRUST, NATIONAL
ASSOCIATION,

 

as Trustee

 

FIRST SUPPLEMENTAL
INDENTURE

 

Dated as of November
22, 2021

 

to

 

SUBORDINATED INDENTURE

 

Dated as of November
22, 2021

 

3.125% Fixed-to-Floating
Rate Subordinated Notes Due 2031

 

 

    

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1  	DEFINITIONS	1
	 	 	 
	Section 1.01.	Relation to Base Indenture	1
	 	 	 
	Section 1.02.	Definition of Terms	1
	 	 	 
	ARTICLE 2   	ESTABLISHMENT OF THE 2031 SERIES  AND GENERAL TERMS AND CONDITIONS OF THE NOTES	8
	 	 	 
	Section 2.01.	Establishment of the Series of the Notes and Designation	8
	 	 	 
	Section 2.02.	Maturity	8
	 	 	 
	Section 2.03.	Form, Payment and Appointment	9
	 	 	 
	Section 2.04.	Global Note	9
	 	 	 
	Section 2.05.	Interest	9
	 	 	 
	Section 2.06.	Subordination	11
	 	 	 
	Section 2.07.	Events of Default; Acceleration	14
	 	 	 
	Section 2.08.	No Sinking Fund	15
	 	 	 
	Section 2.09.	No Conversion or Exchange Rights	15
	 	 	 
	Section 2.10.	No Defeasance or Covenant Defeasance	15
	 	 	 
	ARTICLE 3  	REDEMPTION OF THE NOTES	15
	 	 	 
	Section 3.01.	Optional Redemption	15
	 	 	 
	Section 3.02.	Redemption of Special Events	15
	 	 	 
	Section 3.03.	Notice to Trustee	15
	 	 	 
	Section 3.04.	Partial Redemption	15
	 	 	 
	Section 3.05.	Notice to Holders	16
	 	 	 
	ARTICLE 4   	FORM OF NOTES	17
	 	 	 
	Section 4.01.	Form of Notes	17
	 	 	 
	ARTICLE 5  	SUPPLEMENTAL INDENTURES	17
	 	 	 
	Section 5.01.	Supplemental Indentures without Consent of Holders	17
	 	 	 
	ARTICLE 6  	IMMUNITY OF STOCKHOLDERS, EMPLOYEES, AGENTS, OFFICERS AND  DIRECTORS	17
	 	 	 
	Section 6.01.	Indenture and Notes Solely Corporate Obligations	17
	 	 	 
	ARTICLE 7  	MISCELLANEOUS	17
	 	 	 
	Section 7.01.	Ratification of Base Indenture	17
	 	 	 
	Section 7.02.	Trustee Not Responsible for Recitals	17
	 	 	 
	Section 7.03.	New York Law To Govern	18
	 	 	 
	Section 7.04.	Severability	18
	 	 	 
	Section 7.05.	Counterparts	18
	 	 	 
	Section 7.06.	Benefits of First Supplemental Indenture	18
	 	 	 
	Section 7.07.	Conflict with Base Indenture	18
	 	 	 
	Section 7.08.	Provisions of Trust Indenture Act Controlling	18
	 	 	 
	Section 7.09.	Successors	18

 

    

     

    

 

THIS FIRST SUPPLEMENTAL
INDENTURE (this “First Supplemental Indenture”), dated as of November 22, 2021, between FLUSHING FINANCIAL
CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), and
WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association duly organized and existing under the laws of the United States,
as Trustee (in such capacity, the “Trustee”), under the Base Indenture (as hereinafter defined).

 

RECITALS

 

WHEREAS, the Company
and the Trustee have heretofore executed and delivered the Subordinated Indenture, dated as of November 22, 2021 (the “Base Indenture”
and, as hereby supplemented and amended, the “Indenture”), providing for the establishment from time to time of one
or more series (each, a “Series”) of securities evidencing indebtedness of the Company (hereinafter called the “Securities”),
and the issuance by the Company from time to time of Securities under the Indenture;

 

WHEREAS, Section
10.01(c) of the Base Indenture provides that the Company and the Trustee may enter into an indenture supplemental to the Base
Indenture to establish a Series of Securities thereunder and the form and terms, provisions and conditions of Securities of such Series
of Securities as permitted by Section 2.01 and Section 2.03 of the Base Indenture;

 

WHEREAS, pursuant
to Section 2.01 of the Base Indenture, the Company desires to establish a new Series of Securities under the Indenture
to be known as its “3.125% Fixed-to-Floating Rate Subordinated Notes Due 2031” (the “2031 Series”) and
to establish and set the form and terms, provisions and conditions of the notes of the 2031 Series (the “Notes”), as
provided in this First Supplemental Indenture and to provide for the initial issuance of Notes of the 2031 Series in the aggregate principal
amount of $125,000,000; and

 

WHEREAS, the Company
has requested that the Trustee execute and deliver this First Supplemental Indenture; and the Company confirms all requirements necessary
to make this First Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, and to make the Notes,
when executed by the Company and authenticated and delivered by the Trustee in accordance with this Indenture, the valid, binding and
enforceable obligations of the Company, have been satisfied; and the execution and delivery of this First Supplemental Indenture has been
duly authorized in all respects.

 

NOW, THEREFORE,
in consideration of the covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE 1

DEFINITIONS

 

Section 1.01. Relation
to Base Indenture. This First Supplemental Indenture constitutes an integral part of, and amends and supplements, the Base Indenture
as set forth herein.

 

Section 1.02. Definition
of Terms. For all purposes of this First Supplemental Indenture:

 

(a)       Capitalized
terms used herein without definition shall have the meanings set forth in the Base Indenture, provided that if the definition of a capitalized
term defined in this First Supplemental Indenture conflicts with the definition of that capitalized term in the Base Indenture, the definition
of that capitalized term in this First Supplemental Indenture shall control for purposes of this First Supplemental Indenture and the
Notes;

 

(b)       a
term defined anywhere in this First Supplemental Indenture has the same meaning throughout this First Supplemental Indenture;

 

(c)       the
singular includes the plural and vice versa;

 

(d)       headings
are for convenience of reference only and do not affect interpretation;

 

    

     

    

 

(e)       unless
otherwise specified or unless the context requires otherwise, (i) all references in this First Supplemental Indenture to Sections refer
to the corresponding Sections of this First Supplemental Indenture and (ii) the terms “herein,” “hereof,” “hereunder”
and any other word of similar import refer to this First Supplemental Indenture; and

 

(f)       for
purposes of this First Supplemental Indenture and the Notes, the following terms have the meanings given to them in this Section
1.02(f):

 

“2031 Series”
shall have the meaning set forth in the Recitals.

 

“Authenticating
Agent” means any Person authorized by the Trustee pursuant to Section 7.15 of the Base Indenture to act on behalf of the Trustee
to authenticate the Notes.

 

“Base Indenture”
shall have the meaning set forth in the Recitals.

 

“Benchmark”
means, initially, Three-Month Term SOFR; provided that, if the Calculation Agent determines on or prior to the Reference Time for any
Floating Rate Interest Period that 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 for such
Floating Rate Interest Period and any subsequent Floating Rate Interest Periods.

 

“Benchmark Replacement”
means the Interpolated Benchmark with respect to the then-current Benchmark, plus the Benchmark Replacement Adjustment for such 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:

 

(1)       Compounded
SOFR;

 

(2)       the
sum of: (a) the alternate rate 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 (b) the Benchmark Replacement Adjustment;

 

(3)       the
sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment;

 

(4)       the
sum of: (a) the alternate rate that has been selected by the Calculation Agent as the replacement for the then-current Benchmark for the
applicable Corresponding Tenor, giving due consideration to any industry-accepted rate as a replacement for the then-current Benchmark
for Dollar-denominated floating rate securities at such time, and (b) the Benchmark Replacement Adjustment.

 

“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:

 

(1)       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;

 

(2)       if
the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; and

 

(3)       the
spread adjustment (which may be a positive or negative value or zero) that has been selected by the Calculation Agent 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 Dollar-denominated floating rate securities at such time.

 

    2

     

    

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative, or operational
changes (including, without limitation, changes to the definition of “Floating Rate Interest Period,” timing and frequency
of determining rates with respect to each Floating Rate Interest Period and making payments of interest, rounding of amounts or tenors,
and other administrative matters) that the Calculation Agent determines may be appropriate to reflect the adoption of such Benchmark Replacement
in a manner substantially consistent with market practice (or, if the Calculation Agent determines that adoption of any portion of such
market practice is not administratively feasible or if the Calculation Agent determines that no market practice for use of the Benchmark
Replacement exists, in such other manner as the Calculation Agent determines is reasonably necessary).

 

“Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 

(1)       in
the case of clause (1) of the definition of “Benchmark Transition Event,” the relevant Reference Time in respect of any determination;

 

(2)       in
the case of clause (2) or (3) of the definition of “Benchmark Transition Event,” the later of the date of the public statement
or publication of information referenced therein and the date on which the administrator of the Benchmark permanently or indefinitely
ceases to provide the Benchmark; or

 

(3)       in
the case of clause (4) of the definition of “Benchmark Transition Event,” the date of the 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 such determination.

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(1)       if
the Benchmark is Three-Month Term SOFR, (a) the Relevant Governmental Body has not selected or recommended a forward-looking term rate
for a tenor of three months based on SOFR, (b) 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 (c) the Company determines that the use of
a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible;

 

(2)       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;

 

(3)       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

 

(4)       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.

 

    3

     

    

 

“Business Day”
means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions or trust companies
in the City of New York, New York or any Place of Payment are authorized or obligated by law, regulation, or executive order to close
or remain closed.

 

“Calculation
Agent” means the Person appointed by the Company prior to the commencement of the Floating Rate Period (which may include the
Company or any of its affiliates) to act in accordance with Section 2.05. The Company shall initially act as the Calculation
Agent.

 

“Company”
shall have the meaning set forth in the Preamble unless and until a successor entity shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Company” shall mean such successor entity.

 

“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 Calculation Agent in accordance with:

 

(1)       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:

 

(2)       if,
and to the extent that, the Calculation Agent determines that Compounded SOFR cannot be determined in accordance with clause (1) above,
then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Calculation Agent giving due
consideration to any industry-accepted market practice for Dollar-denominated floating rate securities at such time.

 

For the avoidance of
doubt, the calculation of Compounded SOFR shall exclude the Benchmark Replacement Adjustment and the spread specified in the definition
thereof.

 

“Corresponding
Tenor” means (i) with respect to Term SOFR, three months, and (ii) with respect to a Benchmark Replacement, a tenor (including
overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark.

 

“DTC”
shall have the meaning set forth in Section 2.03 hereof.

 

“Federal Reserve
Board” means the Board of Governors of the Federal Reserve System or any successor regulatory authority with jurisdiction over
bank holding companies.

 

“First Supplemental
Indenture” shall have the meaning set forth in the Preamble.

 

“Fixed Period
Interest Payment Date” shall have the meaning set forth in Section 2.05(a) hereof.

 

“Fixed Rate
Period” shall have the meaning set forth in Section 2.05(a) hereof.

 

“Floating Period
Interest Payment Date” shall have the meaning set forth in Section 2.05(b) hereof.

 

“Floating Rate
Interest Period” means the period from and including the immediately preceding Floating Period Interest Payment Date in respect
of which interest has been paid or duly provided for, to, but excluding, the applicable Floating Period Interest Payment Date or Maturity
Date or Redemption Date, if applicable (except that the first Floating Rate Interest Period will commence on December 1, 2026).

 

“Floating Rate
Period” shall have the meaning set forth in Section 2.05(b) hereof.

 

“FRBNY”
means the Federal Reserve Bank of New York.

 

“FRBNY’s
Website” means the website of the FRBNY at http://www.newyorkfed.org, or any successor source.

 

    4

     

    

 

“Global Note”
shall have the meaning set forth in Section 2.04 hereof.

 

“Indenture”
shall have the meaning set forth in the Recitals.

 

“Independent
Bank Regulatory Counsel” means a law firm, a member of a law firm or an independent practitioner that is experienced in matters
of federal bank holding company and banking regulatory law, including the laws, rules and guidelines of the Federal Reserve Board relating
to regulatory capital, and shall include any Person who, under the standards of professional conduct then prevailing and applicable to
such counsel, would not have a conflict of interest in representing the Company or the Trustee in connection with providing the legal
opinion contemplated by the definition of the term “Tier 2 Capital Event.”

 

“Independent
Tax Counsel” means a law firm, a member of a law firm or an independent practitioner that is experienced in matters of federal
income taxation law, including the deductibility of interest payments made with respect to corporate debt instruments, and shall include
any Person who, under the standards of professional conduct then prevailing and applicable to such counsel, would not have a conflict
of interest in representing the Company or the Trustee in connection with providing the legal opinion contemplated by the definition of
the term “Tax Event.”

 

“Interest Payment
Date” shall have the meaning set forth in Section 2.05(b) hereof.

 

“Interpolated
Benchmark” with respect to the Benchmark means the rate determined by the Calculation Agent 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.

 

“ISDA”
means the International Swaps and Derivatives Association, Inc. or any successor.

 

“ISDA Definitions”
means the 2006 ISDA Definitions published by ISDA, as amended or supplemented from time to time, or any successor definitional
booklet for interest rate derivatives published from time to time.

 

“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.

 

“ISDA Fallback
Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the
occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

 

“Maturity Date”
shall have the meaning set forth in Section 2.02 hereof.

 

“Notes”
shall have the meaning set forth in the Recitals.

 

“Optional Redemption”
shall have the meaning set forth in Section 3.01 hereof.

 

“Paying Agent”
means any Person authorized by the Company, including the Company or an affiliate, to pay the principal of, or any premium or interest
on, the Notes on behalf of the Company.

 

“Redemption
Date” means each date, if any, on which Notes are redeemed pursuant to the redemption provisions of Section 3.01 or Section
3.02 hereof.

 

“Reference
Time” with respect to any determination of the Benchmark means (i) 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 (ii) 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.

 

    5

     

    

 

“Relevant Governmental
Body” means the Federal Reserve Board and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve
Board and/or the FRBNY or any successor thereto.

 

“Securities”
shall have the meaning set forth in the Recitals.

 

“Senior Indebtedness”
means the principal of, and premium, if any, and interest, including interest accruing after the commencement of any bankruptcy proceeding
relating to the Company, on, or substantially similar payments the Company makes in respect of the following categories of debt, whether
that debt is outstanding on the date of execution of this First Supplemental Indenture or thereafter incurred, created or assumed:

 

(1)       indebtedness
evidenced by notes, debentures, or bonds or other securities issued under the provisions of any indenture, fiscal agency agreement, debenture
or note purchase agreement or other agreement, including any senior debt securities that may be offered, including by means of a base
prospectus and one or more prospectus supplements;

 

(2)       indebtedness
for money borrowed or represented by purchase-money obligations, as defined below;

 

(3)       indebtedness
to general creditors;

 

(4)       obligations
as lessee under leases of property whether made as part of a sale and leaseback transaction to which the Company is a party or otherwise;

 

(5)       indebtedness, obligations and
liabilities of others in respect of which the Company is liable contingently or otherwise to pay or advance money or property or as guarantor,
endorser or otherwise or which the Company has agreed to purchase or otherwise acquire and indebtedness of partnerships and joint ventures
that is included in the Company’s consolidated financial statements;

 

(6)       reimbursement
and other obligations relating to letters of credit, bankers’ acceptances and similar obligations;

 

(7)       obligations
under various hedging arrangements and agreements, including interest rate and currency hedging agreements and swap and nonswap forward
agreements;

 

(8)       all
of the Company’s obligations issued or assumed as the deferred purchase price of property or services, but excluding trade accounts
payable and accrued liabilities arising in the ordinary course of business; and

 

(9)       deferrals, renewals or
extensions of any of the indebtedness or obligations described in the clauses above.

 

However, “Senior
Indebtedness” excludes:

 

(1)       any
indebtedness, obligation or liability referred to in the definition of Senior Indebtedness above as to which, in the instrument creating,
governing or evidencing that indebtedness, obligation or liability, it is expressly provided that such indebtedness, obligation or liability
is not senior in right of payment to, is junior in right of payment to, or ranks equally in right of payment with, other specified types
of indebtedness, obligations and liabilities of the Company, which other specified types of indebtedness, obligations and liabilities
of the Company include the Notes;

 

(2)       any
indebtedness, obligation or liability that is subordinated to other of the Company’s indebtedness, obligations or liabilities
to substantially the same extent as or to a greater extent than the Notes are subordinated;

 

(3)       all
obligations to trade creditors created or assumed by the Company in the ordinary course of business; and

 

    6

     

    

 

(4)       the
Notes and any other securities issued pursuant to the Indenture and the Company’s junior subordinated debentures outstanding on
the date of execution of this First Supplemental Indenture and, unless expressly provided in the terms thereof, any of the Company’s
indebtedness to the Company’s subsidiaries.

 

As used above, the term
 “purchase-money obligations” means indebtedness, obligations evidenced by a note, debenture, bond or other instrument, whether
or not secured by a lien or other security interest, issued to evidence the obligation to pay or a guarantee of the payment of, and any
deferred obligation for the payment of, the purchase price of property but excluding indebtedness or obligations for which recourse is
limited to the property purchased, issued or assumed as all or a part of the consideration for the acquisition of property or services,
whether by purchase, merger, consolidation or otherwise, but does not include any trade accounts payable.

 

Notwithstanding the foregoing,
if the Federal Reserve Board (or other competent regulatory agency or authority) promulgates any rule or issues any interpretation that
defines general creditor(s), the main purpose of which is to establish criteria for determining whether the subordinated debt of a bank
holding company is to be included in its capital, then the term “general creditors” as used in this definition of “Senior
Indebtedness” in this First Supplemental Indenture will have the meaning as described in that rule or interpretation.

 

“SOFR”
means the secured overnight financing rate published by the FRBNY, as the administrator of the Benchmark (or any successor administrator),
on the FRBNY’s Website.

 

“Tax Event”
shall mean the receipt by the Company of an opinion of Independent Tax Counsel to the effect that:

 

(1)       an
amendment to or change (including any announced prospective amendment or change) in any law, treaty, statute or code, 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”);

 

(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; or

 

(4)       a
threatened challenge asserted in writing in connection with an audit of the Company’s federal income tax returns or positions or
a similar audit of any of its Subsidiaries, or a publicly known threatened challenge asserted in writing against any other taxpayer that
has raised capital through the issuance of securities that are substantially similar to the Notes,

 

in each case, occurring
or becoming publicly known on or after the date of original issuance of the Notes, has resulted in more than an insubstantial increase
in the risk that the interest paid by the Company on the Notes is not, or within 90 days of receipt of such opinion of Independent Tax
Counsel, will not be, deductible by the Company, in whole or in part, for U.S. federal income tax purposes.

 

“Term SOFR”
means the forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been selected or recommended by the
Relevant Governmental Body.

 

“Term SOFR
Administrator” means any entity designated by the Relevant Governmental Body as the administrator of Term SOFR (or any successor
administrator).

 

“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 Rate Interest Period, as determined by the Calculation Agent after giving effect to the Three-Month Term
SOFR Conventions. All percentages used in or resulting from any calculation of Three-Month Term SOFR shall be rounded, if necessary, to
the nearest one-hundred-thousandth of a percentage point, with 0.000005% rounded up to 0.00001%.

 

    7

     

    

 

“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
Rate Interest Period,” timing and frequency of determining Three-Month Term SOFR with respect to each Floating Rate Interest Period
and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Calculation Agent determines
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 Calculation Agent determines that adoption of any portion of such market practice is not administratively feasible or if the
Calculation Agent determines that no market practice for the use of Three-Month Term SOFR exists, in such other manner as the Calculation
Agent determines is reasonably necessary).

 

“Tier 2 Capital
Event” shall mean the receipt by the Company of an opinion of Independent Bank Regulatory Counsel to the effect that, as a result
of (a) any amendment to, or change (including any announced prospective change) in, the laws or any regulations thereunder of the United
States or any rules, guidelines or policies of an applicable regulatory authority for the Company or (b) any official administrative pronouncement
or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which pronouncement
or decision is announced on or after the date of original issuance of the Notes, the Notes do not constitute, or within 90 days of the
date of such opinion will not constitute, Tier 2 capital (or its then equivalent if the Company were subject to such capital requirement)
for purposes of capital adequacy guidelines of the Federal Reserve Board (or any successor regulatory authority with jurisdiction over
bank holding companies), as then in effect and applicable to the Company.

 

“Trustee”
shall have the meaning set forth in the Preamble.

 

“U.S. Dollars”
means such currency of the United States as at the time of payment shall be legal tender for the payment of public and private debts.

 

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

ARTICLE 2

ESTABLISHMENT OF THE 2031 SERIES

AND GENERAL TERMS AND CONDITIONS OF THE NOTES

 

Section 2.01. Establishment
of the Series of the Notes and Designation.

 

(a)       There
is hereby authorized and established a Series of Securities designated as the “3.125% Fixed-to-Floating Rate Subordinated Notes
Due 2031,” which Series of Securities is unsecured, subordinated to the Senior Indebtedness of the Company as provided herein and
unlimited in the aggregate principal amount that may be issued. The Notes initially issued pursuant to the terms of the Indenture shall
be in an aggregate principal amount of $125,000,000, which amount shall be set forth in a Company Order pursuant to Article 2 of the Base
Indenture, and the Trustee shall thereupon authenticate and deliver said Notes in accordance with such Company Order and the Indenture,
including Section 2.06 of the Base Indenture. The Securities that are a part of such Series of Securities shall be in the form and have
the terms, provisions and conditions as set forth in the Base Indenture, this First Supplemental Indenture and the Notes in
the form attached hereto as Exhibit A.

 

(b)       The
Company may, from time to time, without notice to, or the consent of, the holders of the Notes, issue additional Securities ranking equally
with the Notes and identical to the Notes issued on the date hereof in all respects (except for the issue date, the offering price, the
payment of interest accruing prior to the issue date of such additional Securities and the first payment of interest following the issue
date of such additional Securities) in order that such additional Securities may be consolidated and form a single series with the Notes
and have the same terms as to status, redemption or otherwise as the Notes. However, any additional Securities of the series of which
the Notes are a part that are issued and are not fungible with the outstanding Notes of such series for United States federal income tax
purposes will be issued under one or more separate CUSIP numbers and ISIN numbers. No limit exists on the aggregate principal amount of
the additional Securities of this series that the Company may issue in the future.

 

    8

     

    

 

Section 2.02. Maturity.
The date upon which the Notes shall become due and payable at final maturity, together with any accrued and unpaid interest then owing,
is December 1, 2031 (the “Maturity Date”).

 

Section 2.03. Form,
Payment and Appointment. Except as provided in Section 2.07(d) of the Base Indenture, the Notes will be issued only in book-entry
form, will be represented by one or more Global Notes (as defined below) registered in the name of or held by The Depository Trust Company
(and any successor organization thereto) (“DTC”) or its nominee. Principal or the redemption price, if any, of a Note
shall be payable to the Person in whose name that Note is registered on the Maturity Date or Redemption Date, as the case may be, provided
that the redemption price, if any, principal of and interest on the Notes represented by one or more Global Notes registered in the name
of or held by DTC or its nominee will be payable in immediately available funds to DTC or its nominee, as the case may be, as the registered
holder of such Global Notes. The principal of any certificated Notes will be payable at the Place of Payment set forth below.

 

The Notes shall have
such other terms as are set forth in the form thereof attached hereto as Exhibit A, which is incorporated herein and made
a part hereof.

 

The Security Registrar,
Authenticating Agent, and Paying Agent for the Notes shall initially be the Trustee. The Company will appoint a Person to act as the Calculation
Agent as provided under the definition of Calculation Agent and Section 2.05.

 

The Place of Payment
for the Notes shall be an office or agency of the Company maintained for such purpose, which shall initially be the Corporate Trust Office
of the Trustee.

 

The Notes will be issued
and may be transferred only in minimum denominations of $1,000 or any amount in excess thereof that is an integral multiple of $1,000.
The Company will pay principal of and interest on the Notes in U.S. Dollars.

 

Section 2.04. Global
Note. The Notes shall be issued initially in the form of one or more fully registered global notes (each such global note, a “Global
Note”) registered in the name of DTC or its nominee and deposited with DTC or its designated custodian or such other Depositary
as any Authorized Officer of the Company may from time to time designate. Unless and until a Global Note is exchanged for definitive
certificated Notes, such Global Note may be transferred, in whole but not in part, and any payments on the Notes shall be made, only
to DTC or a nominee of DTC, or to a successor Depositary selected or approved by the Company or to a nominee of such successor Depositary
as provided in the Indenture.

 

Section 2.05. Interest.

 

(a)       From
and including November 22, 2021, to, but excluding, December 1, 2026 (unless redeemed prior to such date pursuant to Section 3.02 hereof)
(the “Fixed Rate Period”), the Notes will bear interest at a rate of 3.125% per year. During the Fixed Rate Period,
interest on the Notes will accrue from and including November 22, 2021, and will be payable semiannually in arrears on June 1 and December
1 of each year during the Fixed Rate Period, commencing on June 1, 2022 (each such date, a “Fixed Period Interest Payment Date”).
The interest payable on the Notes on any Fixed Period Interest Payment Date will be paid to the holder by the close of business on the
15th calendar day (whether or not a Business Day) immediately preceding the Fixed Period Interest Payment Date.

 

(b)       From
and including December 1, 2026, to, but excluding, the Maturity Date (unless redeemed prior to such date pursuant to Section 3.01 or Section
3.02 hereof) (the “Floating Rate Period”), the Notes will bear interest at a floating rate per year equal
to the Benchmark. During the Floating Rate Period, interest on the Notes will accrue from and including December 1, 2026 and will be payable
quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing on March 1, 2027 (each such date, a “Floating
Period Interest Payment Date” and, together with a Fixed Period Interest Payment Date, an “Interest Payment Date”).
The interest payable on the Notes on any Floating Period Interest Payment Date will, except as noted in the immediately succeeding sentence,
be paid to the holder by the close of business on the 15th calendar day (whether or not a Business Day) immediately preceding the Floating
Period Interest Payment Date. However, interest that the Company pays on the Maturity Date will be paid to the Person to whom the principal
will be payable. Notwithstanding the foregoing, if the Benchmark is less than zero, then the Benchmark shall be deemed to be zero. The
Calculation Agent will provide the Company and the Trustee with written notice of the interest rate in effect on the Notes promptly after
the Reference Time (or such other date of determination for the applicable Benchmark) for each Floating Rate Interest Period.

 

    9

     

    

 

(c)       During
the Fixed Rate Period, interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. During the Floating
Rate Period, interest will be computed on the basis of a 360-day year and the actual number of days elapsed. Dollar amounts resulting
from those calculations will be rounded to the nearest cent, with one-half cent being rounded upward.

 

(d)       If
any Fixed Period Interest Payment Date for the Notes falls on a day that is not a Business Day, the Company will postpone the interest
or principal payment to the next succeeding Business Day, but the payments made on such dates will be treated as being made on the date
that the payment was first due and the holders of the Notes will not be entitled to any further interest, principal or other payments
with respect to such postponements. If any Floating Period Interest Payment Date or the Maturity Date falls on a day that is not a Business
Day, the Company will postpone the interest payment or the payment of principal and interest at the Maturity Date to the next succeeding
Business Day (and, with respect to the Maturity Date, no additional interest will accrue on the amount payable for the period from and
after the Maturity Date) unless, with respect to a Floating Period Interest Payment Date only, such day falls in the next calendar month,
in which case the Floating Period Interest Payment Date will instead be the immediately preceding day that is a Business Day, and interest
will accrue to, but excluding, such Floating Period Interest Payment Date as so adjusted.

 

(e)       The
Company shall appoint a Calculation Agent prior to the commencement of the Floating Rate Period. The Company will act as the initial Calculation
Agent. Absent manifest error, the Calculation Agent’s determination of the interest rate for any Floating Rate Interest Period will
be binding and conclusive upon the holders of the Notes (including, for the avoidance of doubt, each beneficial owner), the Company (if
the Company is not also the Calculation Agent) and the Trustee. The Trustee shall have no duty to confirm or verify any such calculation.
By its acquisition of the Notes, each holder (including, for the avoidance of doubt, each beneficial owner) acknowledges, accepts, consents
to and agrees to be bound by the Calculation Agent’s determination of the interest rate for each Floating Rate Interest Period,
including the Calculation Agent’s determination of any Benchmark Replacement Conforming Changes, Benchmark Replacement Date, Benchmark
Replacement, Benchmark Replacement Adjustment, and Benchmark Transition Event, including as may occur without any prior notice from the
Company or the Calculation Agent and without the need for the Company or the Calculation Agent to obtain any further consent from any
holder of the Notes. The Calculation Agent’s determination of any interest rate, and its calculation of interest payments, for any
Floating Rate Interest Period, will be maintained on file at the Calculation Agent’s principal offices, and will be made available
by the Company to any holder of the Notes upon request.

 

(f)       The
Calculation Agent shall have all the rights, protections and indemnities afforded to the Trustee under the Indenture. The Company may
remove the Calculation Agent at any time. If the Calculation Agent is unable or unwilling to act as Calculation Agent or is removed by
the Company, the Company shall promptly appoint a replacement Calculation Agent. The Trustee shall not be under any duty to succeed to,
assume or otherwise perform, any duties of the Calculation Agent, or to appoint a successor or replacement in the event of the Calculation
Agent’s resignation or removal or to replace the Calculation Agent in the event of a default, breach or failure of performance
on the part of the Calculation Agent with respect to the Calculation Agent’s duties and obligations under the Indenture. For the
avoidance of doubt, if at any time there is no Calculation Agent appointed by the Company, then the Company shall be the Calculation Agent.

 

(g)       Effect
of Benchmark Transition Event.

 

(1)      If the Calculation Agent determines
that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred on or prior to the Reference Time in respect
of any Floating Rate Interest Period during the Floating Rate Period, then the Benchmark Replacement will replace the then-current Benchmark
for all purposes relating to the Notes during such Floating Rate Interest Period and all remaining Floating Rate Interest Periods. In
connection with the implementation of a Benchmark Replacement, the Calculation Agent will have the right to make Benchmark Replacement
Conforming Changes from time to time.

 

(2)Notwithstanding
anything set forth in Section 2.05(b) above, if the Calculation Agent determines on or prior to the relevant Reference
Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR,
then the provisions set forth in this Section 2.05(g) will thereafter apply to all determinations of the Benchmark used
to calculate the interest rate on the Notes for each Floating Rate Interest Period.

 

    10

     

    

 

(3)      The Company and the Calculation Agent
are expressly authorized to make certain determinations, decisions, and elections under the terms of the Notes, including with respect
to the use of Three-Month Term SOFR as the Benchmark for the Floating Rate Period and under this Section 2.05(g). Any determination,
decision, or election that may be made by the Company or by the Calculation Agent under the terms of the Notes, 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 (A) will be conclusive and binding on the holders of the Notes, the Company
(if the Company is not also making the decision) and the Trustee absent manifest error, (B) if made by the Company as Calculation Agent,
will be made in the Company’s sole discretion, (C) if made by a Calculation Agent other than the Company, 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 (D) notwithstanding anything to the contrary in the Indenture or the Notes, shall become effective without consent from the
holders of the Notes or the Trustee or any other party. If the Calculation Agent fails to make any determination, decision, or election
that it is required to make under the terms of the Notes, then the Company will make such determination, decision, or election on the
same basis as described above. In connection with such determination, decision, or election, the Company shall be treated as the Calculation
Agent for all purposes hereunder.

 

(4)      The Company (or the Calculation Agent)
shall notify the Trustee in writing (i) upon the occurrence of the Benchmark Transition Event or the Benchmark Replacement Date, and (ii)
of any Benchmark Replacements, Benchmark Replacement Conforming Changes after a Benchmark Transition Event.

 

(5)      The Trustee (including in its capacity
as Paying Agent) shall have no (i) responsibility or liability for the (A) Three-Month Term SOFR Conventions, (B) selection of an alternative
reference rate to Three-Month Term SOFR (including, without limitation, whether the conditions for the designation of such rate have been
satisfied or whether such rate is a Benchmark Replacement or an Unadjusted Benchmark Replacement), (C) determination or calculation of
a Benchmark Replacement, or (D) determination of whether a Benchmark Transition Event or Benchmark Replacement Date has occurred, and
in each such case under clauses (A) through (D) above shall be entitled to conclusively rely upon the selection, determination, and/or
calculation thereof as provided by the Company or its Calculation Agent, as applicable, and (ii) liability for any failure or delay in
performing its duties hereunder as a result of the unavailability of a Benchmark rate as described in the definition thereof, including,
without limitation, as a result of the Company’s or the Calculation Agent’s failure to select a Benchmark Replacement or the
Calculation Agent’s failure to calculate a Benchmark. The Trustee shall be entitled to rely conclusively on all notices from the
Company or the Calculation Agent regarding any Benchmark or Benchmark Replacement, including, without limitation, in regards to Three-Month
Term SOFR Conventions, a Benchmark Transition Event, Benchmark Replacement Date, and Benchmark Replacement Conforming Changes. The Trustee
shall not be responsible or liable for the actions or omissions of the Calculation Agent, or any failure or delay in the performance of
the Calculation Agent’s duties or obligations, nor shall it be under any obligation to monitor or oversee the performance of the
Calculation Agent. The Trustee shall be entitled to rely conclusively on any determination made, and any instruction, notice, Officer’s
Certificate or other instruction or information provided by the Calculation Agent without independent verification, investigation or
inquiry of any kind.

 

(6)      If the then-current Benchmark is Three-Month
Term SOFR, the Calculation Agent will have the right to establish the Three-Month Term SOFR Conventions, and if any of the foregoing provisions
concerning the calculation of the interest rate and interest payments during the Floating Rate Period are inconsistent with any of the
Three-Month Term SOFR Conventions determined by the Calculation Agent, then the relevant Three-Month Term SOFR Conventions will apply.
Furthermore, if the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to the Three-Month Term SOFR at any time when any of the Notes are outstanding, then the foregoing provisions concerning
the calculation of the interest rate and interest payments during the Floating Rate Period will be modified in accordance with this Section
2.05(g).

 

    11

     

    

 

Section 2.06. Subordination.

 

(a)       The
Company, for itself, its successors and assigns, covenants and agrees, and each holder of Notes by the holder’s acceptance thereof,
likewise covenants and agrees, that the payment of the principal of and interest on each and all of the Notes is and will be expressly
subordinated in right of payment to the prior payment in full of all Senior Indebtedness, subject to clause (j) of this Section
2.06, to the extent and in the manner described in this Section 2.06 and Section 16.01 of the Base Indenture.

 

(b)       In
the event of the insolvency, bankruptcy, receivership, liquidation or other marshalling of the assets and liabilities of the Company (subject
to the power of a court of competent jurisdiction to make other equitable provision reflecting the rights conferred upon the Senior Indebtedness
and the holders thereof with respect to the Notes and the holders thereof by a lawful plan of reorganization under applicable bankruptcy
law):

 

(i)       the
holders of all Senior Indebtedness shall first be entitled to receive payment in full in accordance with the terms of such Senior Indebtedness
of the principal thereof and premium, if any, and interest due thereon (including interest accruing subsequent to the commencement of
any proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy, insolvency or similar law now or hereafter
in effect) before the holders of the Notes are entitled to receive any payment upon the principal of or interest on indebtedness evidenced
by the Notes;

 

(ii)       any
payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the holders
of the Notes would be entitled except for the provisions of Section 16.01 of the Base Indenture and this Section 2.06, including
any such payment or distribution that may be payable or deliverable by reason of the payment of any other indebtedness of the Company
being subordinated to the payment of the Notes, shall be paid by the liquidating trustee or agent or other Person making such payment
or distribution, whether a bankruptcy trustee, a receiver or liquidating trustee or otherwise, directly to the holders of Senior Indebtedness
or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing any
of such Senior Indebtedness may have been issued, in accordance with the priorities then existing among holders of Senior Indebtedness
for payment of the aggregate amounts remaining unpaid on account of the principal of and premium, if any, and interest (including interest
accruing subsequent to the commencement of any proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy,
insolvency or similar law now or hereafter in effect) on the Senior Indebtedness held or represented by each, to the extent necessary
to make payment in full of all Senior Indebtedness remaining unpaid, after giving effect to any other concurrent payment or distribution
to the holders of such Senior Indebtedness; it being understood that if the holders of the Notes shall fail to file a proper claim in
the form required by any proceeding referred to in this subparagraph (ii) prior to 30 days before the expiration of the
time to file such claim or claims, then the holders of Senior Indebtedness are hereby authorized to file an appropriate claim or claims
for and on behalf of the holders of the Notes, in the form required in any such proceeding; and

 

(iii)       in
the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether
in cash, property or securities, including any such payment or distribution that may be payable or deliverable by reason of the payment
of any other indebtedness of the Company being subordinate to the payment of the Notes shall be received by the Trustee or holders of
the Notes before all Senior Indebtedness is paid in full, such payment or distribution shall be paid over to the trustee in bankruptcy,
receiver, liquidating trustee, custodian, assignee, agent or other Person making payment of assets of the Company for all Senior Indebtedness
remaining unpaid until all such Senior Indebtedness shall have been paid in full, after giving effect to any concurrent payment or distribution
to the holders of such Senior Indebtedness.

 

    12

     

    

 

Subject to the payment
in full of all Senior Indebtedness, the holders of the Notes shall be subrogated to the rights of the holders of Senior Indebtedness to
receive payments or distributions of cash, property or securities of the Company applicable to the Senior Indebtedness until the principal
of and interest on the Notes shall be paid in full and no such payments or distributions to holders of such Senior Indebtedness to which
the holders of the Notes would be entitled except for the provisions of Section 16.01 of the Base Indenture and this Section 2.06, of
cash, property or securities otherwise distributable to the holders of Senior Indebtedness shall, as between the Company, its creditors,
other than the holders of Senior Indebtedness, and the holders of the Notes, be deemed to be a payment by the Company to or on account
of the Senior Indebtedness. It is understood that the provisions of this Section 2.06 are intended solely for the purpose
of defining the relative rights of the holders of the Notes, on the one hand, and the holders of Senior Indebtedness, on the other hand.
Upon any payment or distribution of assets of the Company referred to in this Section 2.06, the Trustee and the holders of
the Notes shall be entitled to rely upon any order or decree of a court of competent jurisdiction in which such proceeding for the insolvency,
bankruptcy, receivership, liquidation or other marshalling of the assets and liabilities of the Company is pending or upon a certificate
of the liquidating trustee or agent or other Person making any distribution to the Trustee or to the holders of the Notes for the purpose
of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other indebtedness
of the Company, the amount hereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Section 2.06. In the absence of any such liquidating trustee, agent or other Person, the Trustee shall
be entitled to rely upon a written notice by a Person representing itself to be a holder of Senior Indebtedness (or a trustee or representative
on behalf of such holder) as evidence that such Person is a holder of Senior Indebtedness (or is such a trustee or representative). With
respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations
as are specifically set forth in this Section 2.06, and no implied covenants or obligations with respect to the holders of
Senior Indebtedness shall be read into this Section 2.06 against the Trustee. The Trustee, however, shall not be deemed
to owe any fiduciary duty to the holders of Senior Indebtedness by reason of the execution of the Base Indenture, this First Supplemental
Indenture, or any other supplemental indenture entered into pursuant to Section 2.01 or Article 10 of the Base Indenture, and shall not
be liable to any such holders if it shall mistakenly pay over or distribute to or on behalf of holders of the Notes or the Company moneys
or assets to which any holders of Senior Indebtedness shall be entitled by virtue of this Section 2.06.

 

(c)       In
the event and during the continuation of any default in the payment of principal of, or premium, if any, or interest on, any Senior Indebtedness,
beyond any applicable grace period, or if any event of default with respect to any Senior Indebtedness shall have occurred and be continuing,
or would occur as a result of the payment referred to hereinafter, permitting the holders of such Senior Indebtedness (or a trustee on
behalf of the holders thereof) to accelerate the maturity thereof, then, unless and until such default or event of default shall have
been cured or waived or shall have ceased to exist, no payment or principal of or interest on the Notes, shall be made by the Company.

 

(d)       Nothing
contained in the Base Indenture, this First Supplemental Indenture, any other supplemental indenture entered into pursuant to Section
2.01 or Article 10 of the Base Indenture, or in any of the Notes shall: (i) impair, as between the Company, its creditors, other than
the holders of Senior Indebtedness, and holders of the Notes, the obligations of the Company, which are unconditional and absolute, to
make, or prevent the Company from making, at any time except as provided in clauses (b), (c), or (j) of
this Section 2.06, payments of principal of, or interest (including interest accruing subsequent to the commencement of any
proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy, insolvency, or similar law now or hereafter
in effect) on, the Notes, as and when the same shall become due and payable in accordance with the terms of the Notes; (ii) affect the
relative rights of the Holders of the Notes and creditors of the Company other than the holders of the Senior Indebtedness; (iii) except
as otherwise expressly provided in the Base Indenture, this First Supplemental Indenture and the Notes with respect to the limitation
on the rights of the Trustee and the holders of Notes, to accelerate the maturity of the Notes and pursue remedies upon such an acceleration,
prevent the holder of any Notes or the Trustee from exercising all remedies otherwise permitted by applicable law upon default thereunder,
subject to the rights, if any, under this Section 2.06 of the holders of Senior Indebtedness in respect of cash, property
or securities of the Company received upon the exercise of such remedy; or (iv) prevent the application by the Trustee or any Paying Agent
of any moneys deposited with it hereunder to the payment of or on account of the principal of, or interest on, the Notes or prevent the
receipt by the Trustee or any Paying Agent of such moneys, if, prior to the third Business Day prior to such deposit, the Trustee or such
Paying Agent did not have written notice of any event prohibiting the making of such deposit by the Company.

 

(e)       Each
holder by his acceptance of any Notes authorizes and expressly directs the Trustee on such holder’s behalf to take such action as
may be necessary or appropriate to effectuate the subordination provided in the Indenture, and appoints the Trustee such holder’s
attorney-in-fact for such purposes, including, in the event of any termination, winding up, liquidation or reorganization of the Company
(whether in bankruptcy, insolvency, receivership, reorganization or similar proceedings or upon an assignment for the benefit of creditors
by the Company, a marshalling of the assets and liabilities of the Company) tending toward the liquidation of the property and assets
of the Company, the filing of a claim for the unpaid balance of the Notes in the form required in those proceedings.

 

    13

     

    

 

The Company shall give
prompt written notice to the Trustee of any fact known to the Company that would prohibit the Company from making any payment to or by
the Trustee in respect of the Notes pursuant to the provisions of this Section 2.06 or Article 16 of the Base Indenture.
The Trustee shall not be charged with the knowledge of the existence of any default or event of default with respect to any Senior Indebtedness
or of any other facts that would prohibit the making of any payment to or by the Trustee unless and until the Trustee shall have received
notice in writing at its Corporate Trust Office to that effect signed by an Officer of the Company, or by a holder of Senior Indebtedness
or a trustee or agent thereof; and prior to the receipt of any such written notice, the Trustee shall, subject to Article 7 of the Base
Indenture, be entitled to assume that no such facts exist; provided that, if the Trustee shall not have received the notice provided for
in this Section 2.06 at least two Business Days prior to the date upon which, by the terms of the Indenture, any monies
shall become payable for any purpose (including, without limitation, the payment of the principal of or interest on any Note), then, notwithstanding
anything herein to the contrary, the Trustee shall have full power and authority to receive any monies from the Company and to apply the
same to the purpose for which they were received, and shall not be affected by any notice to the contrary that may be received
by it on or after such prior date except for an acceleration of the Notes prior to such application. The foregoing shall not apply if
the Paying Agent is the Company. The Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing
himself or itself to be a holder of any Senior Indebtedness (or a trustee on behalf of, or agent of, such holder) to establish that such
notice has been given by a holder of such Senior Indebtedness or a trustee or agent on behalf of any such holder. In the event that the
Trustee determines in good faith that any evidence is required with respect to the right of any Person as a holder of Senior Indebtedness
to participate in any payment or distribution pursuant to this Section 2.06 or Article 16 of the Base Indenture, the
Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness
held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent
to the rights of such Person under this Section 2.06 or Article 16 of the Base Indenture and, if such evidence is not
furnished to the Trustee, the Trustee may defer any payment to such Person pending such evidence being furnished to the Trustee or a judicial
determination that such Person has the right to receive such payment.

 

(f)       Notwithstanding
the provisions of this Section 2.06 or any other provisions of the Indenture, neither the Trustee nor any Paying Agent shall be charged
with knowledge of the existence of any Senior Indebtedness or of any event that would prohibit the making of any payment or moneys to
or by the Trustee or such Paying Agent, unless and until a Responsible Officer of the Trustee or such Paying Agent shall have received
written notice thereof from the Company or from the holder of any Senior Indebtedness or from the representative of any such holder.

 

(g)       The
Trustee shall be entitled to all of the rights set forth in this Section 2.06 in respect of any Senior Indebtedness at
any time held by it in its individual capacity to the extent set forth in Section 7.04 of the Base Indenture.

 

(h)       The
failure to make a payment pursuant to the Notes by reason of any provision in this Section 2.06 shall not be construed
as preventing the occurrence of a default or any Event of Default.

 

(i)       Nothing
contained in this Section 2.06 shall apply to the claims of, or payments to, the Trustee under or pursuant to Section
7.06 of the Base Indenture.

 

(j)       The
subordination provisions in this Section 2.06 or Article 16 of the Base Indenture do not apply to amounts due to the
Trustee in its capacity as such pursuant to other sections of the Indenture, including Section 7.06 of the Base Indenture.

 

Section 2.07. Events
of Default; Acceleration. All of the Events of Default set forth in clauses (a), (b), (c), (d) and (e) of Section 6.01 of the Base
Indenture will apply with respect to the Notes. Notwithstanding the foregoing, because the Company will treat the Notes as
Tier 2 capital (or its then equivalent if the Company were subject to such capital requirement) for purposes of capital adequacy guidelines
of the Federal Reserve Board as then in effect and applicable to the Company, upon the occurrence of an Event of Default other than an
Event of Default set forth in clause (d) or (e) of Section 6.01 of the Base Indenture, neither the Trustee nor the holders of the Notes
may accelerate the maturity of the Notes and make the principal of, and any accrued and unpaid interest on, the Notes, immediately due
and payable. Solely with respect to the Notes, and not for the purposes of any other Securities, clause (d) and (e) of Section 6.01 of
the Base Indenture shall be replaced in their entirety with the following:

 

    14

     

    

 

“(d) a court having
jurisdiction in the premises shall enter a decree or order for relief in respect of the Company in an involuntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator (or similar official) of the Company or for any substantial part of the property of the Company, or ordering the winding-up
or liquidation of its affairs and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or

 

(e) the Company shall commence
a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or shall consent to the
entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of or taking possession by
a receiver, liquidator, assignee, trustee, custodian, sequestrator (or similar official) of the Company or for any substantial part of
the property of the Company, or shall make any general assignment for the benefit of creditors; or”.

 

Section 2.08. No
Sinking Fund. The Notes are not entitled to the benefit of any sinking fund.

 

Section 2.09. No
Conversion or Exchange Rights. The Notes shall not be convertible into or exchangeable for any equity securities, other securities
or other assets of the Company or any Subsidiary of the Company.

 

Section 2.10. 
Defeasance and Covenant Defeasance. Article XIV of the Base Indenture shall apply to the Notes.

 

ARTICLE 3

REDEMPTION OF THE NOTES

 

Section 3.01. Optional
Redemption. The Notes shall not be redeemable prior to December 1, 2026, except as provided in Section 3.02. The Company
may redeem the Notes, at its sole option, beginning with the Interest Payment Date of December 1, 2026 and on any Interest Payment Date
thereafter, in whole or in part, from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed,
plus accrued and unpaid interest to, but excluding, the Redemption Date, and any such redemption may be subject to the satisfaction of
one or more conditions precedent set forth in the applicable notice of redemption (an “Optional Redemption”). No such
Optional Redemption of the Notes by the Company prior to the Maturity Date shall be made without the prior approval of the Federal Reserve
Board, to the extent that such approval is then required under the rules of the Federal Reserve Board. The Notes are not subject to repayment
at the option of the holders of Notes.

 

Section 3.02. Redemption
of Special Events. Other than in the case of an Optional Redemption, the Notes may not be redeemed by the Company prior to the Maturity
Date, except the Company may, at its sole option, redeem the Notes at any time before the Maturity Date in whole, but not in part, upon
or after the occurrence of a Tax Event, a Tier 2 Capital Event or if the Company is required to register as an investment company pursuant
to the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.), as amended. Any such redemption of the Notes will be at a redemption
price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption
Date, and any such redemption may be subject to the satisfaction of one or more conditions precedent set forth in the applicable notice
of redemption. Notwithstanding the foregoing, installments of interest on any Notes that are due and payable on Interest Payment Dates
falling on or prior to the applicable Redemption Date will be payable on such Interest Payment Dates to the holders of the Notes at the
close of business on the relevant record dates specified in Sections 2.05(a) and (b) above in accordance
with the Notes and this Indenture. No such redemption of the Notes by the Company prior to the Maturity Date shall be made without the
prior approval of the Federal Reserve Board, to the extent that such approval is then required under the rules of the Federal Reserve
Board.

 

    15

     

    

 

Section 3.03. Notice
to Trustee. If the Company elects to redeem the Notes pursuant to the redemption provisions of Section 3.01 or Section
3.02, at least 15 days prior to the Redemption Date (unless a shorter notice shall be agreed to in writing by the Trustee) but not
more than 60 days before the Redemption Date, the Company shall furnish to the Trustee an Officer’s Certificate setting forth (i)
the applicable section of this Indenture pursuant to which the redemption shall occur, (ii) the Redemption Date, (iii) the principal
amount of Notes to be redeemed, (iv) the redemption price and (v) a Board Resolution.

 

Section 3.04. Partial
Redemption. In the case of a redemption pursuant to Section 3.01, if less than all of the Notes are to be redeemed, the
Notes to be redeemed will be selected in accordance with the rules of DTC (or, in the case of any certificated Notes, by lot, on a pro
rata basis or in such other manner the Trustee deems fair and appropriate unless otherwise required by law). The Trustee shall promptly
notify in writing the Company of the Notes selected for redemption and, in the case of any Notes selected for partial redemption, the
principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in minimum amounts of $1,000 or integral multiples
of $1,000 in excess thereof; no Notes of a principal amount of $1,000 or less shall be redeemed in part, except that if all of the Notes
of a holder are to be redeemed, the entire outstanding amount of Notes held by such holder, even if not equal to $1,000 or an integral
multiple of $1,000 in excess thereof, shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that
apply to Notes called for redemption also apply to portions of Notes called for redemption.

 

Section 3.05. Notice
to Holders. In the case of any redemption, at least 15 days but no more than 60 days before the Redemption Date, the Company shall
send in accordance with the applicable procedures of the Depositary, or if the Notes are not then global Securities the Company shall
mail, or cause to be mailed, a notice of redemption by first-class mail to each holder of Notes to be redeemed at such holder’s
registered address appearing on the register (with a copy to the Trustee). The notice shall identify the Notes to be redeemed (including
the CUSIP and/or ISIN numbers thereof, if any) and shall state:

 

(a)       the
Redemption Date;

 

(b)       the
principal amount of the Notes that are being redeemed;

 

(c)       each
Place of Payment;

 

(d)       the
redemption price and accrued interest to the Redemption Date that is payable pursuant to Section 3.02 of the Base Indenture;

 

(e)       if
fewer than all outstanding Notes are to be redeemed, the portion of the principal amount of such Notes to be redeemed and that, after
the Redemption Date and upon surrender of such Notes, if applicable, a new Note or Notes in principal amount equal to the unredeemed portion
will be issued;

 

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

 

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

 

(h)       that
unless the Company defaults in making the redemption payment, interest on Notes called for redemption ceases to accrue on and after the
Redemption Date;

 

(i)       if
such notice is conditioned upon the satisfaction of one or more conditions precedent, such conditions precedent;

 

(j)       the
applicable section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and

 

(k)       that
no representation is made as to the correctness or accuracy of the CUSIP and/or ISIN numbers, if any, listed in such notice or printed
on the Notes.

 

    16

     

    

 

The Company may state
in the notice of redemption that another Person may make payment of the redemption price and perform its obligations with respect to redemption
or purchase.

 

At the Company’s
request, the Trustee shall give the notice of redemption in the Company’s name and at its expense; provided, that the Company shall
have delivered to the Trustee, at least three Business Days prior to the requested date of delivery (or such shorter period as is satisfactory
to the Trustee), a Company Request requesting that the Trustee give such notice and attaching a copy of such notice, which shall set forth
the information to be stated in such notice as provided in this Article 3. If any condition precedent to a redemption has
not been satisfied, the Company will provide written notice to the Trustee not less than two Business Days prior to the Redemption Date
that such condition precedent has not been satisfied, that the notice of redemption is rescinded or delayed and that the redemption subject
to the satisfaction of such condition precedent shall not occur or shall be delayed (or that such condition precedent is waived and such
redemption shall occur or shall be delayed). The Trustee shall promptly send a copy of such notice to the holders of the Notes.

 

ARTICLE 4

FORM OF NOTES

 

Section 4.01. Form
of Notes. The Notes and the Trustee’s certificate of authentication thereon are to be substantially in the form attached as Exhibit
A hereto, with such changes therein as the officer of the Company executing the Notes (by manual, electronic (e.g., “.pdf”
or “.tif”) or facsimile signature) may approve, such approval to be conclusively evidenced by such officer’s execution
thereof. To the extent the terms and conditions of the Notes are not set forth herein, such terms and conditions of the Notes shall be
as set forth in the form attached as Exhibit A hereto.

 

ARTICLE 5

SUPPLEMENTAL INDENTURES

 

Section 5.01. Supplemental
Indentures without Consent of Holders. Solely with respect to the Notes, and not for the purposes of any other Securities, Section
10.01 of the Base Indenture shall be amended to (i) delete the word “and” at the end of clause (o) thereof, (ii) replace
the period at the end of clause (p) thereof with “; and” and (iii) add a new clause (q) immediately after clause (p), which
shall read as follows:

 

“(q) to implement
in accordance with the terms of this Indenture and any supplemental indenture any Three-Month Term SOFR Conventions or any Benchmark Transition
Event provisions after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred (or in anticipation thereof).”

 

ARTICLE 6

IMMUNITY OF STOCKHOLDERS, EMPLOYEES, AGENTS, OFFICERS AND

DIRECTORS

 

Section 6.01. Indenture
and Notes Solely Corporate Obligations. Solely with respect to the Notes, and not for the purposes of any other Securities, Section
13.01 of the Base Indenture shall be replaced in its entirety with the following:

 

“No recourse
for the payment of the principal of or interest on any Note, for any claim based thereon, or otherwise in respect thereof, shall be had
against any incorporator, shareholder, officer, director, employee or agent, as such, past, present or future, of the Company or of any
successor Person to the Company, it being expressly understood that all such liability is hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this First Supplemental Indenture and the issue of the Notes.”

 

    17

     

    

 

ARTICLE 7

MISCELLANEOUS

 

Section 7.01. Ratification
of Base Indenture. Solely with respect to the Notes, the Base Indenture, as supplemented by this First Supplemental Indenture, is
in all respects ratified and confirmed, and this First Supplemental Indenture shall be deemed part of the Base Indenture in the manner
and to the extent herein and therein provided.

 

Section 7.02. Trustee
Not Responsible for Recitals. The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication,
shall be taken as statements of the Company and not those of the Trustee, and the Trustee assumes no responsibility for the correctness
thereof. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture or of the Notes.
The Trustee shall not be accountable for the use or application by the Company of the Notes or of the proceeds thereof.

 

Section 7.03. New
York Law To Govern. THIS FIRST SUPPLEMENTAL INDENTURE AND EACH NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS
OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section 7.04. Severability.
In case any provision in this First Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired by such invalid, illegal
or unenforceable provision.

 

Section 7.05. Counterparts.
This First Supplemental Indenture may be executed in any number of counterparts each of which shall be an original, but such counterparts
shall together constitute but one and the same instrument. The exchange of copies of this First Supplemental Indenture and of signature
pages by facsimile or electronic format (i.e., “.pdf” or “.tif”) transmission shall constitute effective execution
and delivery of this First Supplemental Indenture as to the parties hereto and may be used in lieu of the original First Supplemental
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic format (i.e., “.pdf”
or “.tif”) shall be deemed to be their original signatures for all purposes provided that, notwithstanding anything herein
to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format unless
expressly agreed to by such Trustee pursuant to procedures approved by such Trustee.

 

Section 7.06. Benefits
of First Supplemental Indenture. Nothing in this First Supplemental Indenture or in the Notes, express or implied, shall give to
any Person, other than the parties to this First Supplemental Indenture and their successors under this First Supplemental Indenture
and the holders of the Notes from time to time, any benefit or any legal or equitable right, remedy or claim under this First Supplemental
Indenture.

 

Section 7.07. Conflict
with Base Indenture. If any provision of this First Supplemental Indenture relating to the Notes is inconsistent with any provision
of the Base Indenture, such provision of this First Supplemental Indenture shall control.

 

Section 7.08. Provisions
of Trust Indenture Act Controlling. This First Supplemental Indenture is subject to the provisions of the Trust Indenture Act that
are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions. If any provision of this
First Supplemental Indenture limits, qualifies, or conflicts with a provision of the Trust Indenture Act that is required under the Trust
Indenture Act to be a part of and govern this First Supplemental Indenture, the provision of the Trust Indenture Act shall control.

 

Section 7.09. Successors.
All agreements of the Company in the Base Indenture, this First Supplemental Indenture and the Notes shall bind its successors. All agreements
of the Trustee in the Base Indenture and this First Supplemental Indenture shall bind its successors.

 

[REMAINDER OF PAGE LEFT
INTENTIONALLY BLANK.]

 

    18

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this First Supplemental Indenture to be duly executed as of the day and year first written above.

 

	 	FLUSHING FINANCIAL CORPORATION
	 	 	 
	 	By:	/s/ Susan K. Cullen
	 	 	Susan K. Cullen
	 	 	
    Senior Executive Vice President, Treasurer and

    Chief Financial Officer

	 	 	 
	 	 	 
	 	WILMINGTON TRUST, NATIONAL

 ASSOCIATION, as Trustee
	 	 	 
	 	By:	/s/ Michael H. Wass
	 	 	Michael H. Wass
	 	 	Vice President

 

[Signature Page to
First Supplemental Indenture]

 

    19

     

    

 

EXHIBIT A

 

[Note: The following
legend is to be placed at the beginning of any Global Note representing Notes.]

 

GLOBAL NOTE

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE REFERRED TO IN THIS SECURITY AND IS REGISTERED IN THE NAME OF A DEPOSITARY (AS DEFINED HEREIN) OR ITS NOMINEE.
THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE OR A SUCCESSOR OF SUCH DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF,
OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS DEFINED
HEREIN) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE
 & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THIS SECURITY AND THE OBLIGATIONS OF THE COMPANY
EVIDENCED HEREBY (1) ARE NOT DEPOSITS WITH OR HELD BY THE COMPANY AND ARE NOT INSURED BY ANY FEDERAL AGENCY, INCLUDING, WITHOUT LIMITATION,
THE FEDERAL DEPOSIT INSURANCE CORPORATION AND (2) ARE SUBORDINATE IN RIGHT OF PAYMENT TO THE SENIOR INDEBTEDNESS (AS DEFINED IN THE INDENTURE
IDENTIFIED HEREIN) OF THE COMPANY.

 

FLUSHING FINANCIAL
CORPORATION

3.125% FIXED-TO-FLOATING
RATE SUBORDINATED NOTES DUE 2031

 

	No. 1	CUSIP: 	343873 AB1 
	 	 	 
	$125,000,000	ISIN: US343873AB13	 

 

Flushing Financial Corporation, a Delaware
corporation (the “Company,” which term includes any successor corporation under the Indenture hereinafter referred
to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $125,000,000 U.S. DOLLARS
(or such other amount as set forth in the Schedule of Increases or Decreases in the Note attached hereto) on December 1, 2031 (such date,
the “Maturity Date”), unless redeemed prior to such Maturity Date, and to pay interest thereon as set forth below:

 

From and including November 22, 2021, to,
but excluding, December 1, 2026 (unless redeemed prior to such date pursuant to Section 3.02 of the First Supplemental
Indenture (as defined herein)) (the “Fixed Rate Period”), this note (this “Note”) will bear interest
at a rate of 3.125% per year. During the Fixed Rate Period, interest on the Note will accrue from and including November 22, 2021,
and will be payable semiannually in arrears on June 1 and December 1 of each year during the Fixed Rate Period, commencing on June 1,
2022 (each such date, a “Fixed Period Interest Payment Date”). The interest payable on the Note on any Fixed Period
Interest Payment Date will, except as noted below, be paid to the holder of the Note at the close of business on the 15th calendar day
(whether or not a Business Day) immediately preceding the Fixed Period Interest Payment Date.

 

    A-1 

     

    

 

From and including December 1, 2026, to, but
excluding, the Maturity Date (unless redeemed prior to such date pursuant to Section 3.01 or Section 3.02 of
the First Supplemental Indenture) (the “Floating Rate Period”), this Note will bear interest at a floating rate per
year equal to the Benchmark, plus 203.5 basis points. During the Floating Rate Period, interest on the Note will accrue from and including
December 1, 2026 and will be payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing on March
1, 2027 (each such date, a “Floating Period Interest Payment Date” and, together with a Fixed Period Interest Payment
Date, each an “Interest Payment Date”). The interest payable on the Note on any Floating Period Interest Payment Date
will, except as noted below, be paid to the holder of the Note at the close of business on the 15th calendar day (whether or not a Business
Day) immediately preceding the Floating Period Interest Payment Date. However, interest that the Company pays on the Maturity Date will
be paid to the Person to whom the principal will be payable. Notwithstanding the foregoing, if the Benchmark is less than zero, then the
Benchmark shall be deemed to be zero.

 

Principal and interest on the Note will be
payable by wire transfer in immediately available funds in U.S. Dollars at an office or agency of the Company maintained for such purpose,
which shall initially be the Corporate Trust Office of the Trustee.

 

Reference is hereby made to the further provisions
of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

 

Unless the certificate of authentication hereon
has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

 

(Signature page
follows)

 

    A-2 

     

    

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.

 

	Dated: November 22, 2021	FLUSHING FINANCIAL CORPORATION 
	 	 
	 	 	 
	 	By:	/s/ Susan K. Cullen
	 	 	Susan K. Cullen
	 	 	Senior Executive Vice President, Treasurer and
	 	 	Chief Financial Officer

 

TRUSTEE’S CERTIFICATE
OF AUTHENTICATION

 

This is one of the Securities of the Series
designated therein referred to in the within-mentioned Indenture.

 

	Dated: November 22, 2021	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee 
	 	 
	 	 	 
	 	By:	/s/ Michael H. Wass
	 	Name:	Michael H. Wass
	 	Title:	Vice President

 

[Signature Page to
Note]

 

    A-3 

     

    

 

REVERSE OF NOTE

 

FLUSHING FINANCIAL
CORPORATION

 

3.125% FIXED-TO-FLOATING
RATE SUBORDINATED NOTES DUE 2031

 

This Note is one of a duly authorized issue
of Securities of the Company of a series designated as the “3.125% Fixed-to-Floating Rate Subordinated Notes Due 2031”
(the “Notes”) initially issued in an aggregate principal amount of $125,000,000 on November 22, 2021. Such series of
Securities has been established pursuant to, and is one of an unsecured indefinite number of series of subordinated debt securities of
the Company issued or issuable under and pursuant to, the Subordinated Indenture (the “Base Indenture”), dated as of
November 22, 2021, between the Company and Wilmington Trust, National Association, as Trustee (herein called the “Trustee,”
which term includes any successor trustee), as supplemented and amended by the First Supplemental Indenture, between the Company and the
Trustee, dated as of November 22, 2021 (the “First Supplemental Indenture” and the Base Indenture as supplemented and
amended by the First Supplemental Indenture, the “Indenture”), to which Indenture and any other indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Persons in whose names Notes are registered on the Security Register from time to time and of the terms
upon which the Notes are, and are to be, authenticated and delivered. This Note shall not be valid until the Trustee manually signs the
certificate of authentication on this Note. The terms, conditions and provisions of the Notes are those stated in the Indenture, those
made part of the Indenture by reference to the Trust Indenture Act, and those set forth in this Note. To the extent that the terms, conditions and
provisions of this Note modify, supplement or are inconsistent with those of the Indenture, then the terms, conditions and other provisions
of the Indenture shall govern to the extent such terms, conditions and other provisions of this Note are not inconsistent with the terms,
conditions and provisions made part of the Indenture by reference to the Trust Indenture Act.

 

All capitalized terms used in this Note and
not defined herein that are defined in the Base Indenture or the First Supplemental Indenture shall have the meanings assigned to them
in the Base Indenture or the First Supplemental Indenture. If any capitalized term used in this Note and defined herein is also defined
in the Base Indenture or the First Supplemental Indenture, in the event of any conflict in the meanings ascribed to such capitalized term,
the definition of the capitalized term in this Note shall control. To the extent any provision of this Note conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

The indebtedness of the Company evidenced
by the Notes, including the principal thereof and interest thereon, is, to the extent and in the manner set forth in the First Supplemental
Indenture, subordinate and junior in right of payment to obligations of the Company constituting the Senior Indebtedness (as defined in
the First Supplemental Indenture) on the terms and subject to the terms and conditions as provided and set forth in Section 2.06 of the
First Supplemental Indenture and shall rank pari passu in right of payment with all other Notes and with all other
unsecured subordinated indebtedness of the Company issued under the Indenture and not by its terms subordinate and junior in right of
payment to the promissory notes, bonds, debentures or other evidences of indebtedness of a type that includes the Notes. Each holder by
his acceptance of this Note, agrees to and shall be bound by such provisions of the Indenture and authorizes and expressly directs the
Trustee on such holder’s behalf to take such actions as may be necessary or appropriate to effectuate the subordination provided
in the Indenture.

 

During the Fixed Rate Period, interest will
be computed on the basis of a 360-day year consisting of twelve 30-day months. During the Floating Rate Period, interest will be computed
on the basis of a 360-day year and the actual number of days elapsed. Dollar amounts resulting from those calculations will be rounded
to the nearest cent, with one-half cent being rounded upward.

 

If any Fixed Period Interest Payment Date
for the Note or the date for the payment of principal for the Note occurring during the Fixed Rate Period falls on a day that is not a
Business Day, the Company will postpone the interest or principal payment to the next succeeding Business Day, but the payments made on
such dates will be treated as being made on the date that the payment was first due and the holder of the Note will not be entitled to
any further interest, principal or other payments with respect to such postponements. If any Floating Period Interest Payment Date or
the Maturity Date falls on a day that is not a Business Day, the Company will postpone the interest payment or the payment of principal
and interest at the Maturity Date to the next succeeding Business Day (and, with respect to the Maturity Date, no additional interest
will accrue on the amount payable for the period from and after the Maturity Date), unless, with respect to a Floating Period Interest
Payment Date only, such day falls in the next calendar month, in which case the Floating Period Interest Payment Date will instead be
the immediately preceding day that is a Business Day, and interest will accrue to, but excluding, such Floating Period Interest Payment
Date as so adjusted.

 

    A-4 

     

    

 

The Notes are intended to be treated as Tier
2 capital (or its then equivalent if the Company were subject to such capital requirement) for purposes of capital adequacy guidelines
of the Federal Reserve Board as then in effect and applicable to the Company. If an Event of Default with respect to Notes shall occur
and be continuing, the principal and any accrued and unpaid interest on the Notes shall only become due and payable in accordance with
the terms and conditions set forth in Article 6 of the Base Indenture and Section 2.07 of the First Supplemental Indenture. Accordingly,
the holder of this Note has no right to accelerate the maturity of this Note in the event the Company fails to pay the principal of or
interest on any of the Notes or fails to perform any other obligations under the Notes or in the Indenture that are applicable to the
Notes.

 

The Notes may be redeemed by the Company as
set forth in the Indenture.

 

The Notes are not entitled to the benefit
of any sinking fund. The Notes shall not be convertible into or exchangeable for any equity securities, other securities or other assets
of the Company or any Subsidiary.

 

Article XIV of the Base Indenture shall be
applicable to the Notes.

 

The Notes are issuable and may be transferred
only in fully registered form without coupons, in minimum denominations of $1,000 or any amount in excess thereof that is an integral
multiple of $1,000.

 

The Company and the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether
or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

No reference herein to the Indenture and no
provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest (if any) on this Security at the times, place and rate, and in the coin or currency, herein
prescribed.

 

[This Security is a global note, represented
by one or more permanent global certificates registered in the name of the nominee of The Depository Trust Company (each a “Global
Note” and collectively, the “Global Notes”). Accordingly, unless and until it is exchanged in whole or in
part for individual certificates evidencing the Notes represented hereby, this Security may not be transferred except as a whole by DTC
to a nominee of DTC or by a nominee of DTC or by DTC or any nominee to a successor Depositary or any nominee of such successor. Ownership
of beneficial interests in this Security will be shown on, and the transfer of that ownership will be effected only through, records maintained
by the applicable Depositary or its nominee (with respect to interest of Persons that have accounts with the Depositary (“Participants”)
and the records of Participants (with respect to interests of Persons other than Participants)). Beneficial interests in Notes owned by
Persons that hold through Participants will be evidenced only by, and transfers of such beneficial interests with such Participants will
be effected only through, records maintained by such Participants. Except as provided below, owners of beneficial interests in this Security
will not be entitled to have any individual certificates and will not be considered the owners or holders thereof under the Indenture.

 

Except in the limited circumstances set
forth in Section 2.07 of the Base Indenture, Participants and owners of beneficial interests in the Global Notes will not be
entitled to receive Securities in definitive form and will not be considered holders of Notes. None of the Company, the Trustee or the
Paying Agent will be liable for any delay by the Depositary, its nominee or any direct or indirect Participant in identifying the beneficial
owners of the related Notes. The Company and the Paying Agent may conclusively rely on, and will be protected in relying on, instructions
from the Depositary or its nominee for all purposes, including with respect to the registration and delivery, and the respective principal
amounts, of the Notes to be issued.

 

    A-5 

     

    

 

Except as provided in Section 2.07 of the
Base Indenture, beneficial owners of Global Notes will not be entitled to receive physical delivery of Notes in definitive form and no
Global Note will be exchangeable except for another Global Note of like denomination and tenor to be registered in the name of the Depositary
or its nominee. Accordingly, each Person owning a beneficial interest in a Global Note must rely on the procedures of the Depositary and,
if such Person is not a Participant, on the procedures of the Participant through which such Person owns its interest, to exercise any
rights of a holder under the Notes.

 

The laws of some jurisdictions may require
that purchasers of securities take physical delivery of those securities in definitive form. Accordingly, the ability to transfer interests
in the Notes represented by a Global Note to those Persons may be limited. In addition, because the Depositary can act only on behalf
of its Participants, who in turn act on behalf of Persons who hold interests through Participants, the ability of a Person having an interest
in Notes represented by a Global Note to pledge or transfer such interest to Persons that do not participate in the Depositary’s
system, or otherwise to take actions in respect of such interest, may be affected by the lack of a physical definitive security in respect
of such interest. None of the Company, the Trustee, the Paying Agent or the Security Registrar will have any responsibility
or liability for any aspect of the records relating to or payments made on account of Notes by the Depositary, or for maintaining, supervising
or reviewing any records of the Depositary relating to the Notes.][1]

 

Wilmington Trust, National Association will
act as the Company’s Paying Agent with respect to the Notes through its offices presently located at Wilmington Trust, National
Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Flushing Financial Corporation
Administrator, Telephone: (302) 636-6398. The Company may at any time rescind the designation of a Paying Agent, appoint a successor
Paying Agent, or approve a change in the office through which any Paying Agent acts.

 

Customary abbreviations may be used in the
name of a holder of a Note 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 Gifts to Minors Act).

 

Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures, the Company has caused the CUSIP number for the Series of Securities of which
the Notes are a part to be printed on the Notes as a convenience to the holders of the Notes. No representation is made as to the accuracy
of such numbers as printed on the Notes and reliance may be placed only on the other identification numbers printed hereon.

 

THIS NOTE SHALL BE DEEMED TO BE A CONTRACT
MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK.

 

 

1
Bolded language to be included only in Global Note.

 

 

    A-6 

     

    

 

ASSIGNMENT FORM

To assign the within Security, fill in the
form below:

 

I or we assign and transfer the within Security
to:

 

(Insert assignee’s
legal name)

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

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

 

and irrevocably appoint as agent to transfer
this Security on the books of Flushing  Financial Corporation. The agent may substitute another to act for it.

 

Your Signature:

 

(Sign exactly as your
name appears on the other side of this Security)

 

Your Name:

 

Date:

 

Signature Guarantee: *

 

*       NOTICE: The Signature
must be guaranteed by an Institution which is a member of one of the following recognized signature Guarantee Programs: (i) The Securities
Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion
Program (SEMP); or (iv) such other guarantee program acceptable to the Trustee.

 

SIGNATURE GUARANTEE

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Security registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Security registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

 

 

    A-7 

     

    

 

SCHEDULE OF INCREASES
OR DECREASES IN NOTE

The initial principal amount of this Note
is $125,000,000. The following increases or decreases in the principal amount of this Note have been made:

 

	Date	 	Amount of decrease in

principal amount of this

Note	 	Amount of decrease in

principal amount of this

Note	 	Principal amount of this Note following such

decrease or increase	 	Signature of authorized

signatory of Trustee

A-10

 

    A-8

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