Document:

Exhibit 10.1

 

SHARE PURCHASE AGREEMENT

 

This SHARE PURCHASE
AGREEMENT made and entered into as of January 17th, 2019 (this “Agreement”), by and among
NEWGIOCO GROUP, INC., a corporation organised under the laws of the State of Delaware (the “Purchaser”),
and the Persons listed on Schedule 1 hereto (collectively, the “Sellers”), who directly or indirectly
own all of the shares of VIRTUAL GENERATION LIMITED, a company organized under the laws of Republic of Malta (the “Company”)
and consist of the shareholders (the “Naos Sellers”) of NAOS HOLDING LIMITED, a company organized under
the laws of Republic of Malta (“Naos”) and Stefano Volo (the “VG Seller”) in
his capacity as a direct shareholder of the Company. The Purchaser and the Sellers are sometimes referred to in this Agreement
together as the “Parties” or individually as a “Party”.

 

RECITALS

 

		A.	Whereas, the Sellers are the registered and beneficial owners –
directly or through Naos – of all (or 100%) of the issued and outstanding 4,000 ordinary shares of capital stock of the Company;
in particular:

		a.	Mr. Stefano Volo owns 1 ordinary share of the Company (the “VG
Share”);

		b.	Naos owns 3,999 ordinary shares of the Company;

		c.	the entire issued and outstanding 4,000 ordinary shares of the capital
stock of Naos (the “Naos Shares”) is owned by the Naos Sellers as follows:

		i.	Mr. Stefano Volo owns 800 ordinary shares of Naos;

		ii.	Mr. Luca Pasquini is the last beneficial owner of 800 ordinary shares
of Naos hold on a fiduciary basis by FBS Trust Limited;

		iii.	Mr. Alessandro Bronzuoli is the last beneficial owner of 800 ordinary
shares of Naos hold on a fiduciary basis by FBS Trust Limited;

		iv.	Mr. Gabriele Peroni is the last beneficial owner of 800 ordinary
shares of Naos hold on a fiduciary basis by FBS Trust Limited;

		v.	Mr. Giovanni Pasquinelli is the last beneficial owner of 800 ordinary
shares of Naos hold on a fiduciary basis by FBS Trust Limited;

 

		B.	Whereas, the Company has developed and is the lawful owner of the
intellectual property, technology and Virtual Gaming Software Platform (the “VGS”) that it operates,
and the Purchaser wishes to avail itself of the benefits that can be derived from the ownership of such VGS; and

 

		C.	Whereas, the Sellers desire to sell to the Purchaser, and the Purchaser
desires to purchase from the VG Seller, all of his shares of capital stock of the Company (the “VG Share”)and
all of the foregoing shares of capital stock of Naos, subject to the terms and conditions contemplated by this Agreement; and

 

		D.	Whereas, the respective governing boards of the Parties have determined
that the transactions contemplated by this Agreement are advisable, fair to and in the best interests of their respective companies
and stockholders and accordingly have approved such transactions; and

 

		E.	Whereas, the Purchaser has carried out the legal, tax and financial
due diligence on the Company with positive outcome; and

 

		F.	Whereas, as a condition to the willingness of the Parties to enter
into this Agreement and to consummate the transactions contemplated hereby, on the Closing Date (as defined below) the Purchaser
shall retain each of the Persons listed on Schedule 1 hereto as employees of the Purchaser or subsidiary thereof as the case may
be, in each case listed on Schedule 1;

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth in this Agreement
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending
to be legally bound, hereby agree as follows:

 

    

    

    

 

I. DEFINITIONS

 

“Actions”
means any claim, demand, charge, complaint, action, suit, proceeding, hearing, audit, investigation, interference, opposition,
re-examination, concurrent use, cancellation or other dispute resolution or proceeding, whether judicial, administrative or arbitrative,
of any Person or Governmental Authority;

 

“Affiliate”
means with respect to any Person, a Person that directly or indirectly controls, is controlled by, or is under common control with,
any such Person. The term “control” (including the terms “controlled by” or
“under common control with”) means, the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of such Person, whether through ownership of voting securities, membership interests,
by contract or otherwise;

 

“ADM”
means the Agenzie delle Dogane e dei Monopoli of the Republic of Italy;

 

“Agreement”
means this share purchase agreement, including all schedules, and all amendments or restatements, as permitted, and references
to “Article” or “Section” mean the specified Article or Section of this Agreement;

 

“Agreement
Effective Date” has the meaning set forth in Section 3.1;

 

“Balance
Sheets” has the meaning set forth in Section 4.8(a);

 

“Claims
Notice” has the meaning set forth in Section 6.2;

 

“Closing”
has the meaning set forth in Section 3.2;

 

“Closing
Date” has the meaning set forth in Section 3.2;

 

“Company”
means Virtual Generation Limited, a company organized and continued under the laws of Republic of Malta and assigned registration
number C66059 in the Register of Companies of Republic of Malta;

 

“Consent”
means any consent, approval, authorization, qualification, waiver, registration or notification required to be obtained from, filed
with or delivered to a Governmental Authority or any other Person in connection with the consummation of the transactions provided
for in this Agreement;

 

“Determination
Date” has the meaning set forth in Section 2.2(iii);

 

“Employment
Agreements” means the employment agreements to be entered into on the Closing Date by the Purchaser or a subsidiary
thereof with the Persons listed on Schedule 1;

 

“Encumbrances”
means pledges, liens, charges, security interests, leases, mortgages, options, adverse claims or encumbrances of any kind or character
whatsoever;

 

“Exchange
Shares” means the shares of common stock, par value $0.0001 per share, of Newgioco Group, Inc. to be issued to the
Seller as part of the Purchase Price pursuant to Section 2.2 or to pay the earn-out pursuant to Section 2.4;

 

“Expiration
Date” has the meaning set forth in Section 6.3(a);

 

“Financial
Statements” means the audited financial statements of the Company for the fiscal years ended December 31, 2016 and
December 31, 2017 as attached in Schedule 5 and completed interim periods prior to the Closing Date prepared in a
form satisfactory to the Purchaser;

 

"GAAP"
means generally accepted accounting principles, as in effect from time to time, applied on a basis consistent with that used in
preparation of the financial statements referred to in Section 4.8, consistently applied;

 

“General
Enforceability Exceptions” has the meaning set forth in Section 4.1;

 

    

    

    

“Governmental
Authority” means any government or political subdivision or regulatory authority, whether federal, state, local or
foreign, or any agency or instrumentality of any such government or political subdivision or regulatory authority, or any federal
state, local or foreign court or arbitrator;

 

“Hold
Period” means the one year period from each date of issuance of the Exchange Shares;

 

“ICC”
has the meaning set forth in Section 8.14;

 

“Indemnified
Party” has the meaning set forth in Section 6.2;

 

“Indemnifying
Party” has the meaning set forth in Section 6.2;

 

“Intellectual
Property” means intellectual property rights, whether registered or not, owned, used or held by the Company, including
technology, domain names, copyrights, trade-marks, trade-names, business names and other indicia of origin, including those listed
on Schedule 3;

 

“Interested
Person” means any person or former officer, director, shareholder or employee of a corporation or any person with
which a corporation does not deal at arm’s length;

 

“Knowledge
of the Sellers” means the knowledge obtained or obtainable after due inquiry by each Seller;

 

“Law”
means any law, common law, statute, code, ordinance, regulation or other requirement of any Governmental Authority;

 

“Liability
Claim” has the meaning set forth in Section 6.2;

 

“Liens”
has the meaning set forth in Section 2.1;

 

“Loss”
or “Losses” means all losses, liabilities, claims, damages, penalties, fines, judgments, awards, settlements,
taxes, costs, fees, expenses (including but not limited to reasonable attorneys’ fees) and disbursements and, with respect
to any Liability Claim asserted by the Purchaser, diminution in value of the Company;

 

“MGA”
means the Malta Gaming Authority of the Republic of Malta;

 

“Naos
Balance Sheet” has the meaning set forth in Section 4.8(a);

 

“Naos
Shares” means the ordinary shares of Naos Holding Limited;

 

“Net
Profit 2017” means the amount of the net profit of the Company as resulting from the financial statements of the
Company for the fiscal years ended on December 31, 2017, such amount to be distributed from cash remaining in the Company prior
to the Closing;

 

“Order”
means any order, judgment, injunction, award, decree, ruling, charge or writ of any Governmental Authority;

 

“Party”
and “Parties” have the meaning set forth in the Preamble;

 

“Promissory
Note” means the promissory note to be issued by the Purchaser to the Seller more particularly described in Section
2.2;

 

“Person”
means any individual, sole proprietorship, partnership, firm, entity, unincorporated association, unincorporated syndicate, unincorporated
organization, trust, body corporate, Governmental Authority, and where the context requires any of the foregoing when they are
acting as trustee, executor, administrator or other legal representative;

 

“Purchase
Price” has the meaning of the purchase price to be paid by the Purchaser as set forth in Section 2.2;

 

“Purchaser”
means Newgioco Group, Inc., a corporation organised under the laws of the State of Delaware;

 

“Released
Parties” has the meaning set forth in Section 8.1;

 

    

    

    

“Restricted
Business” means any firm, partnership, joint venture, corporation and/or any other entity and/or person, and/or any
licensee of such entity, that develops, markets, manufactures, distributes, and/or sells any of the products and services provided
by the Purchaser as of the Closing Date.

 

“Selected
Arbitrators” has the meaning set forth in Section 8.14;

 

“Sellers”
means the Persons listed in Schedule 1;

 

“SEC”
means the United States Securities and Exchange Commission;

 

“Ticketing”
means the amount in Euros or other applicable currency of bets made by the users through VGS;

 

“Transfer
Agent” means Signature Stock Transfer, Inc. or such other transfer agent as may be appointed by the Purchaser;

 

“VG Balance
Sheet” has the meaning set forth in Section 4.8(a);

 

“VGS”
means Virtual Gaming Software Platform and associated technology and intellectual rights;

 

“VG Share”
means the share of Virtual Generation Limited owned by Mr. Stefano Volo.

 

    

    

    

 

II. PURCHASE AND SALE

 

2.1                     
Purchase and Sale of the VG Share and of the Naos Shares. On the Closing Date,
the Purchaser shall purchase from (i) the VG Seller, and the VG Seller shall sell, transfer, assign, convey and deliver to the
Purchaser, the VG Share owned by him, free and clear of any mortgage, pledge, hypothecation, rights of others, claim, security
interest, Encumbrance, title defect, title retention agreement, voting trust agreement, interest, option, lien, charge or similar
restrictions or limitations (collectively, “Liens”) and (ii) each of the Naos Sellers, and the Naos Sellers
shall sell, transfer, assign, convey and deliver to the Purchaser, all of the Naos Shares owned by each of them, free and clear
of any Liens. In order to consummate the foregoing purchase and sale, (a) the Purchaser and Sellers (or their respective counsel)
will confirm that all requirements for Closing have been satisfied; and (b) subject to such confirmation and immediately thereafter
(i) the Purchaser will cause the Purchase Price to be paid as set forth in Section 2.2 below and provide the Seller
with confirmation that such payment has been made, and (ii) the Sellers will give an irrevocable and unconditional order to the
Sellers’ legal counsel to transfer the Naos Shares and the VG Share to the Purchaser’s legal counsel and provide the
Purchaser with confirmation that such notice has been given. The Purchaser will also give an irrevocable and unconditional order
to the Purchaser’s legal counsel to accept the Naos Shares and the VG Share.

 

2.2                     
Purchase Price. In full consideration for the transfer of the Naos Shares and
of the VG Share, the Purchaser shall pay to the Sellers the sum of FOUR MILLION EURO (€4,000,000) and a potential earn-out
according to Section 2.4, subject to adjustment as set forth in Section 2.5 (the “Purchase
Price”). The Purchase Price shall be paid on the Closing Date by:

 

		(i)	the cash payment of the sum of ONE HUNDRED AND EIGHT THOUSAND EURO
(€108,000) by the delivery to the Seller of a certified cheque or bank draft or a wire transfer of immediately available funds;

 

		(ii)	the issuance of shares of common stock of the Purchaser valued at
EIGHTY-NINE THOUSAND EURO (€89,000) as determined by the closing price of such shares on the last trading day immediately
preceding the Closing Date and the exchange rate to convert United States dollars into Euro as quoted by the Purchaser’s
bank at the close of business on such trading day;

 

		(iii)	the delivery of a Promissory Note issued by the Purchaser to the
Sellers containing the following payment obligations:

 

		(a)	€2,392,000 in cash payable in 23 equal and consecutive monthly
instalments of €104,000 with the first such payment due and payable on the date that is one (1) month after the Closing Date
and such monthly instalments shall be paid to the Seller by a certified cheque or bank draft or by a wire transfer of immediately
available funds; and

 

		(b)	€1,411,000 in shares of common stock of the Purchaser issued
to the Seller in seventeen (17) equal and consecutive monthly instalments of €83,000 as determined by the average of the closing
prices of such shares on the last ten (10) trading days immediately preceding the determination date (the “Determination
Date”) of each monthly issuance which shall be the first day of each month commencing on March 1, 2019 and the exchange
rate to convert United States dollars into Euro as quoted by the Purchaser’s bank at the close of business on such Determination
Date.

 

On each date that Exchange Shares are
to be issued to the Seller as part of the Purchase Price (a) the Purchaser shall transmit the appropriate instructions by e-mail
to the Transfer Agent and the share certificates representing such shares shall be delivered by the Transfer Agent to the Sellers
within ten (10) days of the Determination Date; and (b) the Purchaser shall provide the Sellers with a copy of such instructions
to the Transfer Agent together with a calculation showing the determination of the number of Exchange Shares.

 

2.3                     
In the event that, for any reason whatsoever, the issuance of the Exchange Shares, as provided
for by Section 2.2 (ii), 2.2 (iii)(b) and 2.4, is not possible and/or not executed, the corresponding part of the
Purchase Price shall be paid in cash in accordance with the dates as set forth in Sections 2.2(ii) 2.2(iii)(b) and 2.4.

 

2.4                     
Potential Earn-Out. As part of the Purchase Price, the Purchaser undertakes
to pay the Sellers, within 1 month from the end of the business year 2019, an aggregate amount of €500,000.00 in Exchange
Shares if the Ticketing related to the 2019 fiscal year of the Company is at least 5% higher than the Ticketing related to the
2018 fiscal year of the Company, such number of shares to be determined based on the average closing prices of such shares on the
last ten (10) trading days immediately preceding December 31, 2019. It being understood that in the event that, for any reason
whatsoever, the issuance of such Exchange Shares is not possible and/or executed, Section 2.3 shall be applicable.

 

    

    

    

2.5                     
Adjustment of Purchase Price. If at any time within twenty-four (24) months
from the Closing Date the Purchaser determines, acting reasonably, that the Company has been the subject of a material adverse
event or there has been a material breach of the representations and warranties relating to the Sellers as set out in Article IV,
the Purchaser may, on written notice to the Seller, offset against future payments under the Promissory Note the amount of the
damages to the Company arising from such material adverse event or breach of the Seller’s representations and warranties
as mutually determined by the Purchaser and the Sellers, acting reasonably (the “Price Adjustment”).
If the Price Adjustment cannot be mutually determined by the Purchaser and Sellers within 30 days from the receipt of such written
notice by the Sellers then the amount of the Price Adjustment shall be determined by arbitration in accordance with Section
8.14.

 

2.6                     
Net Profit 2017. All of the Net Profit 2017 shall be distributed prior to Closing
from the cash in the Company and the remaining cash in the Company shall be an asset of the Company at the time of the Closing.

 

    

    

    

 

III. CLOSING DELIVERIES AND OTHER
ACTIONS

 

3.1                     
Conditions to Closing.  This Agreement shall become effective and binding upon
each of the Parties on the date and time (the “Agreement Effective Date”) immediately following the execution
and delivery of this fully-executed Agreement by each Party, it being understood that the execution and delivery of the signature
pages by each Party hereto shall represent an irrevocable acknowledgement by such Party that each such condition shall have been
met. Upon and after the Agreement Effective Date, the terms and conditions herein may only be amended, modified, waived, or otherwise
supplemented as set forth in Section 8.9 hereof.

 

3.2                     
Time and Place of Closing. The consummation of the transactions contemplated
hereby (the “Closing”) shall take place concurrently with the payment of the Purchase Price at the offices
of Virtual Generation Limited, Level 2, Farrugia Building, 9, St, Michael St, San Gwann, Republic of Malta, or at such other time
or place as the Parties may agree in writing. Notwithstanding the foregoing, the Parties may agree to conduct the Closing remotely
via electronic exchange of documents, signatures and consideration. For all purposes, the Closing shall be deemed to take place
at 00:01 a.m. (Republic of Malta time) on January 31, 2019 (the “Closing Date”).

 

3.3                     
Deliveries by the Seller. At the Closing, each Seller shall deliver, or cause
to be delivered, to the Purchaser the following items:

 

		(a)	evidence satisfactory to the Purchaser that the irrevocable and unconditional
order to transfer the Naos Shares and the VG Share have been accepted by its legal counsel as contemplated by Section 2.1;

 

		(b)	a waiver, in form and substance acceptable to the Purchaser, of each
Seller’s pre-emptive rights, if any, in the Company’s and Naos’ Articles of Association;

 

		(c)	as set forth in Section 4.8(a), the audited financial
statements of the Company and Naos for the fiscal years ended December 31, 2016 and December 31, 2017 and completed interim periods
prior to the Closing Date prepared in a form satisfactory to the Purchaser; 

 

		(d)	the Employment Agreements duly signed by the Persons listed on Schedule
1; and

 

		(e)	such other documents and instruments as the Purchaser reasonably
requests to consummate the transactions contemplated hereby, including but not limited to, the delivery of a release from the Sellers
as set out in Section 8.1.

 

3.4                     
Deliveries by the Purchaser. At the Closing, the Purchaser shall deliver, or
cause to be delivered, to the Seller the following items:

 

		(a)	the cash payment (or wire transfer confirmation of the cash payment)
in accordance with Section 2.2 (i);

 

		(b)	the issuance of Exchange Shares (or confirmation of the issuance
of Exchange Shares) in accordance with Section 2.2 (ii);

 

		(c)	the Promissory Note in accordance with Section 2.2 (iii);

 

		(d)	the Employment Agreements duly signed by the Purchaser or the relevant
subsidiary; and

 

		(e)	such other documents and instruments as the Seller reasonably requests
to consummate the transactions contemplated hereby.

 

    

    

    

 

IV. REPRESENTATIONS AND WARRANTIES
RELATING TO THE SELLERS

 

Each Seller hereby represents and warrants
to the Purchaser, as of the date hereof, as follows:

 

4.1                     
Authority, Validity and Effect. Each Seller has all requisite authority and
full legal capacity to enter into and perform its obligations under this Agreement and to consummate the transactions contemplated
herein. Each Seller has full power and authority to execute, deliver and perform this Agreement. This Agreement has been duly executed
and delivered by each Seller pursuant to all necessary authorization and constitutes a legal, valid and binding obligation of each
Seller, enforceable against it in accordance with its terms, subject to (a) laws of general application relating to bankruptcy,
insolvency and the relief of debtors and (b) laws of general application relating to bankruptcy, insolvency, the relief of debtors,
fraudulent transfer, reorganization, moratorium and other similar laws of general applicability relating to, or principles of equity
affecting creditors’ rights, the relief of debtors and remedies generally (the “General Enforceability Exceptions”).
No further action on the part of the Seller is or will be required in connection with the authorization of the transactions contemplated
by this Agreement.

 

4.2                     
Title to Shares. (a) The VG Seller is the record and beneficial owner of the
VG Share, (b) each Naos Seller is the last beneficial owner of the Naos Shares and, by Closing Date, will also be the record owner
of such Naos Shares; (c) each Seller has full power, right and authority, and any approval required by applicable Law, to make
and enter into this Agreement and to sell, assign, transfer and deliver the Naos Shares and the VG Share owned by it to the Purchaser,
(d) has good and valid title to the Naos Shares and to the VG Share owned by it, free and clear of all Liens, (e) Naos has good
and valid title to the 3,999 ordinary shares of the Company, free and clear of all Liens; and (f) upon delivery of the VG Shares
and Naos Shares, Purchaser will own all of the outstanding capital stock of the Company and Naos free and clear of all Liens. There
are no options or warrants or outstanding rights to acquire any equity of the Company or Naos.

 

4.3                     
No Conflict. Neither the execution of this Agreement, nor the performance by
the Sellers of its obligations hereunder will (a) violate or conflict with the Articles of Association (or equivalent document)
or the Bylaws (or equivalent document) of Naos, the Company, or Operating Agreement or any applicable Law or Order, (b) violate,
conflict with or result in a breach or termination of, or otherwise give any Person additional rights or compensation under, or
the right to terminate or accelerate, or constitute (with notice or lapse of time, or both) a default under the terms of any note,
deed, mortgage or other contract to which the Sellers, Naos or the Company is a party or by which any of their respective assets
or properties are bound, or (c) result in the creation or imposition of any Lien (except as created by the Purchaser or any of
its Affiliates) with respect to, or otherwise have an adverse effect upon, the Naos Shares, the VG Share or any of the assets or
properties of the Sellers, Naos or the Company.

 

4.4                     
Consents. No Consent of any third party or Governmental Authority is required
in connection with the execution and delivery by the Sellers of this Agreement or the consummation of the transactions contemplated
hereby. The Company and Naos have all approvals and consents required to operate their businesses as currently operated. The Company
has a pending application before ADM in order to obtain ADM certification of its products. The Company and Naos do not have business
relationships with customers in Malta and, as such, the Company and Naos are not subject to MGA regulatory requirements.

 

4.5                     
Intellectual Property.

 

		(a)	Schedule 3 sets out a true, correct and complete list of:

		(i)	all of the Intellectual Property owned or used by the Company; and

		(ii)	all licenses or similar agreements or arrangements to which the Company
is a party, either as licensee or licensor, with respect to Intellectual Property.

		(b)	The Company is the exclusive owner of the Intellectual Property free
and clear of all Encumbrances;

		(c)	There is no claim existing or, to the Knowledge of the Sellers, threatened,
alleging adverse ownership, invalidity or other opposition to, or any conflict with, any of the Intellectual Property. In the past
five (5) years, the Company has not received written notice of any alleged infringement or misappropriation from any Person with
respect to the Intellectual Property. During such period, to the Knowledge of the Sellers, the Company has not infringed and is
not currently infringing on the intellectual property rights of any other Person; and

		(d)	The Intellectual Property is sufficient to conduct the business as
presently conducted, all software licenses to which the Company is a party are in good standing, binding and enforceable in accordance
with their respective terms, and no material default exists on the part of the Company thereunder.

		(e)	Naos does not own or use any Intellectual Property.

 

4.6                     
List of Equipment. Schedule 3

 

4.7                     
List of Countries of Operation. Schedule 3

 

    

    

    

4.8                     
Financial Statements.

 

(a)       On
or prior to the Closing Date the Sellers shall deliver true, correct and complete copies of the Company’s unaudited balance
sheet as of December 31, 2018 (the “VG Balance Sheet”) and of Naos’s unaudited balance sheet as
of December 31, 2018 (the “Naos Balance Sheet”; and together with the VG Balance Sheet, the “Balance
Sheets”). The Balance Sheets are true, correct and complete, have been prepared in accordance with GAAP and are based
on the books and records of the Company and Naos, respectively, and fairly present the financial condition of the Company and Naos,
respectively, as of their date.

 

(b)       Except
as shall be expressly disclosed by the Sellers prior to Closing, the Balance Sheets reflect all debts, liabilities, obligations
or commitments of the Company and Naos, respectively. Schedule 5 shall set forth the aggregate outstanding debt and payables of
the Company and Naos, respectively, as of December 31, 2018 and a detailed list of the debt divided into categories such as debt
subject to forbearance agreements, payables owed for commission, amounts owed for taxes, etc. No event, liability, development
or circumstance has occurred or exists, or is reasonably expected to exist or occur with respect to the Company, Naos or any of
their respective businesses, properties, liabilities, prospects, operations (including results thereof) or condition (financial
or otherwise) that could have a material adverse effect on any Purchaser’s acquisition hereunder or the Company or Naos.

 

4.9                     
Conduct of Business.  The Sellers have maintained the business of the Company
and Naos in good standing and have preserved the relationships with all principal suppliers and customers as set forth in Schedule
4 in the normal course of business. The Seller represents and warrants to the Purchaser that Naos (a) has never performed any activity
different than holding the 3,999 ordinary shares of the Company and (b) has never owned any asset or property different than holding
the 3,999 ordinary shares of the Company.

 

4.10                  
Absence of Changes and Unusual Transactions. Since December 31, 2017:

 

		(a)	there has not been any material adverse change in the financial condition
or operations of the Company or Naos;

		(b)	there has been no declaration or payment of any dividend, payment
of management bonuses or any other such distribution by the Company or Naos that is out of the ordinary course of business;

		(c)	neither the Company nor Naos has transferred, assigned, sold or otherwise
disposed of any of the material assets shown or reflected on the balance sheet forming part of the Company’s or Naos’
Financial Statements or cancelled any material debts or entitlements except, in each case, in the ordinary course of business;

		(d)	the Company has not created any Encumbrance affecting any of its
assets or property; and

		(e)	neither the Company nor Naos has authorized, agreed or otherwise
become committed to do any of the foregoing.

 

4.11                  
Non-Arm’s Length Transactions.  Except as disclosed in Schedule 3 (if
any):

 

		(a)	no Seller or Interested Person of the Company is indebted to the
Company or Naos, nor is the Company or Naos indebted to any Interested Person of the Company;

		(b)	neither the Company nor Naos is a party to any contract with any
Interested Person other than contracts of employment, and neither the Company nor Naos shall have no unsatisfied obligations, past
or future, to any current Interested Person of the Company or Naos at the time of Closing got services prior to the Closing;

		(c)	no Interested Person owns, directly or indirectly, in whole or in
part, any property that the Company uses in the operation of its business;

		(d)	no Interested Person has any cause of action or other claim against
the Company or Naos in connection with its business; and

		(e)	since the December 31, 2017, no payment has been made to any Interested
Person, other than in the ordinary course of business.

 

4.12                  
Investor Status. Each Seller is an accredited investor as such term is defined
under Regulation D or a Non-U.S. Person as such term is defined in Regulation S, as promulgated under the Securities Act; and,
if there should be any material change in such status prior to the Closing, Sellers will immediately advise the Purchaser of such
change in accredited investor status. Each Seller is acquiring the Exchange Shares for investment purposes and not with a view
toward the distribution thereof. Each Seller, either alone or together with its representatives,
has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits
and risks of the prospective investment in the Exchange Shares, and has so evaluated the
merits and risks of such investment. Each Seller is able to bear the economic risk of an investment in the Securities and, at the
present time, is able to afford a complete loss of such investment. If a Seller is a Non- U.S. Person as such term is defined
in Regulation S (i) such Seller is not acting as fiduciary is a U.S. Person; (ii) at the time the agreement to acquire the Exchange
Shares was originated, such Seller was outside the United States and was outside of the United States as of the date of the execution
and delivery of this Agreement and (iii) all subsequent offers and sales of the Exchange Shares will be made (i) outside the United
States in compliance with Rule 903 or Rule 904 of Regulation S; (ii) pursuant to registration of the Exchange Shares under the
Securities Act of 1933, as amended(iii) not acquiring the Exchange Shares on behalf of any purchaser in the United States or (iv)
pursuant to an exemption from such registration.

    

    

    

 

 

4.13                  
Litigation. There are no Actions to the Knowledge of the Sellers, threatened
against or affecting the Company or Naos or their officers or directors, whether of a civil or criminal nature or otherwise, in
their capacities as such, which would have a material adverse effect on their respective businesses, properties, liabilities, prospects,
operations (including results thereof) or condition (financial or otherwise). Each Seller has not received notice of any Order
or any Actions against a Seller, the Company or Naos and, to the Knowledge of the Sellers, there is no Order or any Actions pending
or threatened against the Sellers, VG or Naos that would give any Person the right to enjoin or rescind the transactions contemplated
by this Agreement or otherwise prevent the Sellers from complying with the terms of this Agreement.

 

4.14                  
Taxes.

 

		(a)	All tax returns required to have been filed by or with respect to
the Company and Naos have been duly and timely filed with the appropriate tax authority, and each such tax return correctly and
completely reflects liability for taxes and all other information required to be reported thereon. All taxes owed by the Company
or Naos (whether or not shown on any tax return) have been timely paid in full on or before their due date. The Company and Naos
each has adequately provided for, in its books of account and related records, liability for all unpaid taxes, including, but not
limited to, current taxes not yet due and payable.

 

		(b)	There are no Actions currently proposed, threatened or pending against,
or with respect to, the Company or Naos in respect of any taxes or tax return. No material issue has been raised in writing in
any tax examination with respect to the Company or Naos which could result in liability for taxes for the Company or Naos for any
period.. No claim is pending or, to the Knowledge of Sellers, threatened by a governmental entity in a jurisdiction where the Company
or Naos does not file tax returns that VG or Naos is or may be subject to taxation by such jurisdiction or that the Company or
Naos must file tax returns.

 

4.15                  
Employment Compensation. All compensation owed to all employees or consultants
for services performed prior to the Closing Date for the Company or Naos have been paid in full and each Seller hereby releases
the Company, Naos and the Purchaser form any claim it may have against the Company, Naos or the Purchaser with respect thereto.

 

4.16                  
Brokers. No Person has acted directly or indirectly as a broker, finder or financial
advisor for the Sellers in connection with the negotiations relating to the transactions contemplated by this Agreement for which
the Purchaser, Naos or the Company will become obligated to pay a fee or commission.

 

    

    

    

 

V. REPRESENTATIONS AND WARRANTIES
OF THE PURCHASER

 

The Purchaser hereby represents and
warrants to the Sellers, as of the date hereof, as follows:

 

5.1                     
Existence and Good Standing. The Purchaser is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware, USA.

 

5.2                     
Power. The Purchaser has the power and authority to execute, deliver and perform
fully its respective obligations under this Agreement.

 

5.3                     
Validity and Enforceability. The Purchaser has the capacity to execute, deliver
and perform its obligations under this Agreement. This Agreement has been duly executed and delivered by the Purchaser and, assuming
due authorization, execution and delivery by the Sellers, represents the legal, valid and binding obligation of the Purchaser,
enforceable against the Purchaser in accordance with its terms, subject to General Enforceability Exceptions. No further action
on the part of the Purchaser is or will be required in connection with the authorization of the transactions contemplated by this
Agreement.

 

5.4                     
Offering Exempt from Registration, Purchasers Reliance.  The Purchaser advises
that:

 

		(a)	the Exchange Shares have not been registered under the Securities
Act or under the laws of any state on the basis that the issuance thereof is exempt from such registration;

		(b)	as a result of such lack of registration, none of the Exchange Shares
may be resold or otherwise transferred or disposed without registration pursuant to or an exemption therefrom is available under
the Securities Act and such state securities laws. Notwithstanding the immediately preceding sentence, the Purchaser represents
and warrants that, in any event, the Exchange Shares may be sold at the end of the Hold Period;

		(c)	the Purchaser’s reliance on the availability of such exemption
is, in part, based upon the accuracy and truthfulness of the Seller’s representations contained in this Agreement; and

		(d)	in furtherance of the provisions of this Section 5.4,
all of the certificate(s) representing the Exchange Shares shall bear a restrictive legend substantially in the following form:

 

“THE SHARES
OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THESE SHARES
HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, ASSIGNED, PLEDGED,
HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SHARES UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SHARES TO THE EFFECT
THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT AND SUCH STATE SECURITIES LAWS”

 

		(e)	the Purchaser represents and warrants that it will at all times reserve
from its authorized capital a sufficient number of shares of common stock as may be required for the issuance of the Exchange Shares
and on or before Closing, the Purchaser shall issue a direction to its transfer agent that such shares of common stock should be
reserved for issuance to the Sellers.

 

5.5                     
No Guarantees.  It has never been represented, guaranteed or warranted expressly
or by implication, that:

 

		(a)	any gain will be realized by the Sellers from the Sellers’
investment in the Exchange Shares;

		(b)	except for the Hold Period, there will not be any approximate or
exact length of time that the Sellers will be required to remain as a holder of the Exchange Shares; or

		(c)	the past performance or experience on the part of the Purchaser,
its predecessors or of any other person, will in any way indicate any future results of the Purchaser.

 

5.6                     
No Conflict. Neither the execution of this Agreement, nor the performance by
the Purchaser of its obligations hereunder will violate or conflict with the Purchaser’s Articles of Incorporation, as amended,
or any Law or Order.

 

5.7                     
Consents. No Consent of any third party or Governmental Authority is required
in connection with the execution and delivery by the Purchaser of this Agreement or the consummation of the transactions contemplated
hereby.

 

5.8                     
Brokers. No Person has acted directly or indirectly as a broker, finder or financial
advisor for the Purchaser in connection with the negotiations relating to the transactions contemplated by this Agreement for which
the Sellers will become obligated to pay a fee or commission.

 

    

    

    

 

VI. REMEDIES

 

6.1                     
General Indemnification Obligation.

 

		(a)	Seller’s Indemnification Obligations. The Sellers shall
indemnify and hold harmless the Purchaser from and against any and all Losses incurred or suffered by the Purchaser based upon,
arising out of, or otherwise in respect of (i) any inaccuracies in or any breach of any representation or warranty of the Sellers
contained in this Agreement or (ii) any breach of any covenant or agreement of the Sellers contained in this Agreement.

 

		(b)	Purchaser’s Indemnification Obligations. The Purchaser
shall indemnify and hold harmless the Sellers from and against any and all Losses incurred or suffered by the Sellers based upon,
arising out of, or otherwise in respect of (i) any inaccuracies in or any breach of any representation or warranty of the Purchaser
contained in this Agreement, or (ii) any breach of any covenant or agreement of the Purchaser contained in this Agreement.

 

6.2                     
Notice of Asserted Liability. As soon as is reasonably practicable after the
Sellers, on the one hand, or the Purchaser, on the other hand, becomes aware of any claim that such Party has under Section
6.1 that may result in a Loss for which such Party is entitled to indemnification hereunder (a “Liability Claim”),
such Party (the “Indemnified Party”) shall give notice of such Liability Claim (a “Claims
Notice”) to the other Party (the “Indemnifying Party”). A Claims Notice must describe the
Liability Claim in reasonable detail and must indicate the amount (estimated, if necessary and to the extent feasible) of the Loss
that has been or may be suffered by the Indemnified Party. No delay in or failure to give a Claims Notice by the Indemnified Party
to the Indemnifying Party pursuant to this Section 6.2 will adversely affect any of the other rights or remedies
that the Indemnified Party has under this Agreement or alter or relieve the Indemnifying Party of its obligation to indemnify the
Indemnified Party except to the extent that such delay or failure has prejudiced the Indemnifying Party.

 

6.3                     
Survival; Limitations.

 

		(a)	The representations and warranties of the Parties contained in this
Agreement will survive for a period of 30 months following the Closing (the “Expiration Date”); provided
that, any Claims pending on the Expiration Date for which notice has been given in accordance with Section 6.2
on or before the Expiration Date may continue to be asserted and indemnified against until finally resolved.

 

		(b)	Notwithstanding anything to the contrary contained in this Article
VI, the Seller will not have any liability pursuant to Section 6.1(a)(i) in excess of the Purchase Price.

 

6.4                     
Specific Performance. Each Party’s obligation under this Agreement is
unique. If any Party should breach its covenants under this Agreement, each of the Parties acknowledge that it would be extremely
impracticable to measure the resulting damages; accordingly, the non-breaching Party or Parties, in addition to any other available
rights or remedies, may sue in equity for specific performance, and each Party expressly waives the defense that a remedy in damages
will be adequate.

 

6.5                     
Adjustment to the Purchase Price. For U.S. Tax purposes, any indemnification
payments made pursuant to this Article VI shall be treated as an adjustment to the Purchase Price, unless otherwise
required by applicable Law.

 

6.6                     
Exclusive Remedy. Except as may be required to enforce post-Closing covenants
contained in this Agreement, after the Closing Date the indemnification rights in this Article VI are and shall be
the sole and exclusive remedies of the Parties with respect to this Agreement and the transactions contemplated hereby; provided
that this sentence shall not be deemed a waiver by any Party of its right to pursue claims for fraud, intentional or knowing misrepresentation,
or active concealment, all of which shall be claims that are outside the terms and conditions of this Agreement. In no event shall
any Party be entitled to a duplicative recovery with respect to any particular Loss.

 

6.7                     
For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Purchaser at the Closing Date shall fully waive, release, remise, acquit and discharge forever, irrevocably and unconditionally
the Persons listed on Schedule 1 from, against and with respect to any and all Actions or Losses, which the Purchaser or the Company
ever had, have or may have against such Persons in connection with the activities they performed in favour of the Company as employees
or directors as of Closing Date, except for cases of fraud or gross negligence.

 

    

    

    

 

VII. TERMINATION AND ABANDONMENT

 

7.1                     
Methods of Termination. This Agreement may be terminated and the transactions
contemplated hereby may be abandoned at any time before the Closing:

 

		(a)	By the mutual written consent of the parties;

 

		(b)	By Purchaser, upon a material breach of any representation, warranty,
covenant or agreement on the part of the Company or Sellers set forth in this Agreement, or if any representation or warranty of
the Company or Sellers shall become untrue, in either case such that any of the conditions set forth in Section 3.3
hereof would not be satisfied, and such breach shall, if capable of cure, has not been cured within ten (10) days after receipt
by the party in breach of a notice from the non-breaching party setting forth in detail the nature of such breach;

 

		(c)	By Sellers, upon a material breach of any representation, warranty,
covenant or agreement on the part of Purchaser set forth in this Agreement, or, if any representation or warranty of Purchaser
and the shareholders of Purchaser shall become untrue, in either case such that any of the conditions set forth in Section
3.4 hereof would not be satisfied, and such breach shall, if capable of cure, not have been cured within ten (10) days
after receipt by the party in breach of a written notice from the non-breaching party setting forth in detail the nature of such
breach; and

 

		(d)	By any party if a court of competent jurisdiction or governmental,
regulatory or administrative agency or commission shall have issued an order, decree or ruling or taken any other action (which
order, decree or ruling the parties hereto shall use its best efforts to lift), which permanently restrains, enjoins or otherwise
prohibits the transactions contemplated by this Agreement.

 

7.2                     
Procedure Upon Termination. In the event of termination and abandonment of this
Agreement by a Party pursuant to Section 7.1, written notice thereof shall forthwith be given by the terminating Party to the other
Parties and this Agreement shall terminate and the transactions contemplated hereby shall be abandoned, without further action.
If this Agreement is terminated as provided herein, no Party to this Agreement shall have any liability or further obligation to
any other Party to this Agreement; provided, however, that no termination of this Agreement pursuant to this Article VII shall
relieve any Party of liability for a breach of any provision of this Agreement occurring before such termination.

 

    

    

    

 

VIII. MISCELLANEOUS

 

8.1                     
Sellers’ Release. For good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Sellers on its own behalf, and on behalf of its Affiliates, hereby fully waives,
releases, remises, acquits and discharges forever, irrevocably and unconditionally (a) the Company and Naos and (b) all of their
present and former officers and directors (collectively, the “Released Parties”) from, against and with
respect to any and all Actions or Losses, which the Seller or any of such Affiliates ever had or has as of the Closing Date against
any of the Released Parties for or by any reason or matter whatsoever.

 

8.2                     
Protective Agreements, Non-Competition.  As a material inducement and consideration
for Purchaser to enter into this Agreement, for a period of five (5) years following the Closing Date (the “Restricted
Period”), each of the Sellers shall not, directly or indirectly, participate or engage, or assist (whether as owner,
partner, member, officer, director, employee, consultant, advisor, investor, lender or otherwise, except as the holder of not more
than 1% of the outstanding capital stock of a publicly-held company) any other Person in engaging in any Restricted Business in
any country in which the Purchaser is doing business or in any country in which the Purchaser has specific, publically announced
plans to do business (“Restricted Territory”). The Restricted Territory is determined by the public filings
and announcements of the Purchaser.

 

8.3                     
No Personal Liability. The Parties agree that the application of this Agreement
is limited to its express terms and to the Parties hereto and, accordingly, no Party, nor any of their Affiliates, may bring any
Actions (for indemnification or otherwise) against any individual in his or her personal capacity when executing this Agreement
solely in his capacity as an officer of a corporation as a result of the use of his or her knowledge in confirming or qualifying
any of the representations or warranties contained in this Agreement.

 

8.4                     
Press Release and Announcements. Concurrently with the entry into and the Closing
of this Agreement, the Parties will collaboratively prepare and release a joint press release regarding this Agreement and the
transactions contemplated hereby, and the Purchaser’s may file a Form 8-K with the SEC regarding the same. Except for such
joint press release and Form 8-K, neither Party will issue (or cause to be issued) any press release or other public announcement
relating to the existence or subject matter of this Agreement or the transactions contemplated hereby, except as required by applicable
Law, if in substance similar to a prior release or with the prior written consent of the other Party, which consent will not be
unreasonably withheld, conditioned or delayed.

 

8.5                     
Further Assurances. From and after the Closing Date, at the request of the Purchaser,
the Sellers shall execute and deliver or cause to be executed and delivered to the Purchaser or the Company, such instruments and
other documents as the Purchaser may reasonably request in order to implement the transactions contemplated by this Agreement.

 

8.6                     
Expenses. Each of the Parties shall bear their respective expenses incurred
or to be incurred in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby.

 

8.7                     
No Assignment; No Third Party Beneficiaries. The rights and obligations of the
Sellers under this Agreement may not be assigned without the prior written consent of the Purchaser. The Purchaser may, without
the consent of the Sellers, assign its rights and obligations under this Agreement. Nothing in this Agreement shall create or be
deemed to create any third party beneficiary rights in any Person not a Party hereto.

 

8.8                     
Headings. The headings contained in this Agreement are included for purposes
of convenience only, and do not affect the meaning or interpretation of this Agreement.

 

    

    

    

8.9                     
Integration, Modification, Amendments and Waiver. This Agreement constitutes
the entire agreement among the Parties with respect to the subject matter hereof and supersedes all prior understandings of the
Parties with respect to such subject matter. No supplement, modification or amendment of this Agreement will be binding unless
executed in writing by the Parties. No waiver of any of the provisions of this Agreement will be deemed to be or will constitute
a continuing waiver. No waiver will be binding unless executed in writing by the Party making the waiver.

 

8.10                  
Construction. The Parties have participated jointly in the negotiation and drafting
of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue
of the authorship of any of the provisions of this Agreement. Any reference to any federal, state, local or foreign statute or
Law will be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise. The
word “including” shall mean including without limitation. Any reference to the singular in this Agreement shall also
include the plural and vice versa. This Agreement has been drafted, negotiated and executed in the English language. If
this Agreement is translated into another language, the English language text shall govern and prevail for all purposes.

 

8.11                  
Binding Agreement; Severability.  This Agreement and all terms, provisions and
conditions hereof shall be binding upon the parties hereto, and shall inure to the benefit of the Parties hereto and, except as
otherwise provided herein, to their respective heirs, executors, personal representatives, successors and lawful assigns. Each
provision of this Agreement shall be considered separate and if, for any reason, any provision or provisions not essential to the
effectuation of the basic purposes of this Agreement is or are determined to be invalid, illegal or unenforceable, such invalidity,
illegality or unenforceability shall not impair the operation of or affect those provisions of this Agreement which are otherwise
valid. To the extent legally permissible, the parties shall substitute for the invalid, illegal or unenforceable provision a provision
with a substantially similar economic effect and intent.

    

    

    

 

8.12                  
Notices. All notices and other communications required or permitted under this
Agreement must be in writing and will be deemed to have been duly given (a) when delivered in person, (b) when dispatched by electronic
facsimile transfer (if confirmed in writing by mail simultaneously dispatched), (c) one business day after having been dispatched
by a nationally recognized overnight courier service or (d) five business days after being sent by registered or certified mail,
return receipt requested, postage prepaid, to the appropriate Party at the address or facsimile number specified below:

 

If to the Seller:

 

Virtual Generation Limited

Level 2, Farrugia Building, 9, St.

Michael Street

San Gwann, SGN 2301 Republic of Malta

Attention: Stefano Volo (Legal Representative)

Tel: +43-676-4319497

Email: s.volo@virtualgeneration.com

 

If to the Purchaser:

 

Newgioco Group, Inc.

Suite 701 – 130 Adelaide St. W.

Toronto, Ontario, M5H 2K4

Attn: Michele Ciavarella, Chief Executive Officer

Fax No.: (905) 738-0807

Email: m.ciavarella@newgiocogroup.com

 

with a courtesy copy (which will not constitute notice) to:

 

Beard Winter, LLP

Suite 701 – 130 Adelaide St. W.

Toronto, Ontario, M5H 2K4

Attention: Julian L. Doyle, LLB, General Counsel

Fax No.: (416) 593-5555

Email: jdoyle@beardwinter.com

 

And to:

 

Gracin & Marlow, LLP

The Chrysler Building, 26th Floor

405 Lexington Avenue

New York, NY 10174

Attention: Leslie Marlow, SEC Counsel

Tel: (212) 907-6457

Fax: (212) 208-4657

Email: lmarlow@gracinmarlow.com

 

    

    

    

8.13                  
Governing Law. This Agreement will be governed by and construed and enforced
in accordance with the laws of the State of Delaware, USA, without regard to principles of conflicts of law; provided that,
the actual transfer of the Naos Shares and of the VG Share in accordance with Section 2.1 will be governed by the
laws of the Republic of Malta.

 

8.14                  
Consent to Arbitration. Unless otherwise required by applicable Law or otherwise
necessary to prevent irreparable harm (including obtaining injunctive relief), any controversy, claim or dispute arising out of
or relating to this Agreement shall be finally and conclusively settled by a panel of three (3) arbitrators based in Rome, Italy
with one arbitrator selected by the Purchaser, one arbitrator selected by the Sellers (the ”Selected Arbitrators”)
and one arbitrator selected by the Selected Arbitrators. Notwithstanding the foregoing, if the controversy, claim or dispute relates
to the Price Adjustment in Section 2.5, the obligation to make any remaining payments due under the Promissory Note
as set forth in Section 2.2(iii) shall be suspended until such time that the Price Adjustment is finally determined
by arbitration. The arbitration shall be conducted in accordance with the then current Rules of Arbitration of the International
Chamber of Commerce (the “ICC”); provided that, no Party shall initiate any arbitration until
the Chief Executive Officers (or equivalent) of each Party have met and discussed resolution of such dispute. Subject to the foregoing,
a Party seeking to arbitrate a controversy, claim or dispute shall send a written notice to the other Party(ies) hereto and the
International Court of Arbitration of the ICC. The International Court of Arbitration of the ICC shall administer the arbitration
and act as an appointing authority if any of the arbitrators fails to be selected in accordance with the foregoing. In the event
of any conflict between the Rules of Arbitration of the ICC and this Section 8.14 this Section 8.14
shall govern. The United Nations Convention on the Recognition and Enforcement of Arbitral Awards (New York Convention) shall govern
the enforcement of the award, and the principles set forth in this Agreement shall be applied by the arbitrators for both evidence
and substantive legal questions during the arbitration, including the rendering of the award. The arbitrators’ award will
be final and binding and may be entered in any court having jurisdiction thereof. Each Party will bear its own costs and attorneys’
fees and shall share the fees and expenses of the arbitrators in the manner determined by the arbitrators. Any Party may seek injunctive
relief in an appropriate court of law or equity pending an award in arbitration to prevent irreparable harm in the interim.

 

8.15                  
Dividends. The Parties agree that the Sellers will be entitled to receive its
pro rata share of any such dividends or distributions on the Naos Shares and on the VG Share that are paid by Naos and the Company
with respect to their respective net profits for the fiscal year 2018. Any such dividends and distributions will be paid to the
Seller when they are paid by Naos and by the Company, as the case may be, to any of its other stockholders.

 

8.16                  
Signatures. This Agreement may be executed in two or more counterparts, each
of which will be deemed an original, but all of which together will constitute one and the same instrument. Delivery of an executed
signature page to this Agreement by facsimile or electronic transmission will be effective as delivery of a manually executed counterpart
to this Agreement.

 

 

 

[this space left blank intentionally
— signature page follows]

    	 

    	 

    

 

IN WITNESS WHEREOF, the Parties have
executed this Agreement as of the day and year first written above.

 

 

The Purchaser:

NEWGIOCO GROUP, INC.

 

 

By: /s/ Michele Ciavarella

Name: Michele Ciavarella

Title: Chief Executive Officer

 

 

The Sellers:

 

 

By: /s/ Luca Pasquini

Name: Luca Pasquini (Italian
Citizen Passport No.: YA2325303)

Shareholder of 800 Ordinary
Shares of NAOS HOLDING LIMITED

 

 

By: /s/ Alessandro Bronzuoli

Name: Alessandro Bronzuoli
(Italian Citizen Passport No.: YA5287205)

Shareholder of 800 Ordinary
Shares of NAOS HOLDING LIMITED

 

 

By: /s/ Gabriele Peroni

Name: Gabriele Peroni (Italian
Citizen Passport No.: YA5666026)

Shareholder of 800 Ordinary
Shares of NAOS HOLDING LIMITED

 

 

By: /s/ Stefano Volo

Name: Stefano Volo (Italian
Citizen Passport No.: YA0448333)

Shareholder of 1 Ordinary
Share of VIRTUAL GENERATION LIMITED and 800 Ordinary Shares of NAOS HOLDING LIMITED

 

 

By: /s/ Giovanni Pasquinelli

Name: Giovanni Pasquinelli
(Italian Citizen Passport No.: YA4161271)

Shareholder
of 800 Ordinary Shares of NAOS HOLDING LIMITED

 

 

 

 

Signature Page to Share Purchase AgreementExhibit
4.2

 

TAOPING
INC.

 

TO

 

[                   
]

 

Trustee

 

 

 

Indenture

 

Dated
as of __, 20__

 

 

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	ARTICLE
    I
	 	 	 
	DEFINITIONS
    AND OTHER PROVISIONS OF GENERAL APPLICATION
	 
	Section
    101.	Definitions	1
	Section
    102.	Compliance
    Certificates and Opinions	9
	Section
    103.	Form
    of Documents Delivered to Trustee	9
	Section
    104.	Acts
    of Holders	10
	Section
    105.	Notices,
    Etc. to Trustee and Company	11
	Section
    106.	Notice
    to Holders; Waiver	11
	Section
    107.	Conflict
    With Trust Indenture Act	12
	Section
    108.	Effect
    of Headings and Table of Contents	12
	Section
    109.	Successors
    and Assigns	12
	Section
    110.	Separability
    Clause	12
	Section
    111.	Benefits
    of Indenture	12
	Section
    112.	Governing
    Law	13
	Section
    113.	Legal
    Holidays	13
	Section
    114.	Rules
    by Trustee and Agents	13
	Section
    115.	No
    Recourse Against Others	13
	 	 	 
	ARTICLE
    II
	 	 	 
	SECURITY
    FORMS
	 	 	 
	Section
    201.	Forms
    Generally	13
	Section
    202.	Form
    of Trustee’s Certificate of Authentication	14
	 	 	 
	ARTICLE
    III
	 	 	 
	THE
    SECURITIES
	 	 	 
	Section
    301.	Amount
    Unlimited; Issuable in Series	14
	Section
    302.	Denominations	19
	Section
    303.	Execution,
    Authentication, Delivery and Dating	19
	Section
    304.	Temporary
    Securities	21

 

    	i

    	 

    

 

	Section
    305.	Registration,
    Registration of Transfer and Exchange	22
	Section
    306.	Mutilated,
    Destroyed, Lost and Stolen Securities	23
	Section
    307.	Payment
    of Interest; Interest Rights Preserved	24
	Section
    308.	Persons
    Deemed Owners	25
	Section
    309.	Cancellation	26
	Section
    310.	Computation
    of Interest	26
	Section
    311.	Global
    Securities; Exchanges; Registration and Registration of Transfer	26
	Section
    312.	Extension
    of Interest Payment	28
	 	 	 
	ARTICLE
    IV
	 	 	 
	SATISFACTION
    AND DISCHARGE
	 	 	 
	Section
    401.	Satisfaction
    and Discharge of Indenture	28
	Section
    402.	Application
    of Trust Money	29
	Section
    403.	Satisfaction,
    Discharge and Defeasance of Securities of Any Series	30
	 	 	 
	ARTICLE
    V
	 	 	 
	REMEDIES
	 	 	 
	Section
    501.	Events
    of Default	32
	Section
    502.	Acceleration
    of Maturity; Rescission and Annulment	33
	Section
    503.	Collection
    of Indebtedness and Suits for Enforcement by Trustee	34
	Section
    504.	Trustee
    May File Proofs of Claim	35
	Section
    505.	Trustee
    May Enforce Claims Without Possession of Securities or Coupons	35
	Section
    506.	Application
    of Money Collected	36
	Section
    507.	Limitation
    on Suits	36
	Section
    508.	Unconditional
    Right of Holders to Receive Principal, Premium and Interest	37
	Section
    509.	Restoration
    of Rights and Remedies	37
	Section
    510.	Rights
    and Remedies Cumulative	37
	Section
    511.	Delay
    or Omission Not Waiver	37
	Section
    512.	Control
    by Holders	37
	Section
    513.	Waiver
    of Past Defaults	38
	Section
    514.	Undertaking
    for Costs	38
	Section
    515.	Waiver
    of Stay or Extension Laws	39

 

    	ii

    	 

    

 

	ARTICLE
    VI
	 	 	 
	THE
    TRUSTEE
	 	 	 
	Section
    601.	Certain
    Duties and Responsibilities	39
	Section
    602.	Notice
    of Defaults	40
	Section
    603.	Certain
    Rights of Trustee	41
	Section
    604.	Not
    Responsible for Recitals or Issuance of Securities	42
	Section
    605.	May
    Hold Securities	42
	Section
    606.	Money
    Held in Trust	42
	Section
    607.	Compensation
    and Reimbursement	42
	Section
    608.	Disqualification;
    Conflicting Interests	43
	Section
    609.	Corporate
    Trustee Required; Eligibility	43
	Section
    610.	Resignation
    and Removal; Appointment of Successor	43
	Section
    611.	Acceptance
    of Appointment by Successor	45
	Section
    612.	Merger,
    Conversion, Consolidation or Succession to Business	46
	Section
    613.	Preferential
    Collection of Claims Against Company	46
	Section
    614.	Appointment
    of Authenticating Agent	46
	 	 	 
	ARTICLE
    VII
	 	 	 
	HOLDERS’
    LISTS AND REPORTS BY TRUSTEE AND COMPANY
	 	 	 
	Section
    701.	Company
    to Furnish Trustee Names and Addresses of Holders	48
	Section
    702.	Preservation
    of Information; Communications to Holders	49
	Section
    703.	Reports
    by Trustee	50
	Section
    704.	Reports
    by Company	51
	 	 	 
	ARTICLE
    VIII
	 	 	 
	CONSOLIDATION,
    MERGER, CONVEYANCE OR TRANSFER
	 	 	 
	Section
    801.	Company
    May Consolidate, Etc. Only on Certain Terms	52
	Section
    802.	Successor
    Corporation Substituted	52
	 	 	 
	ARTICLE
    IX
	 	 	 
	SUPPLEMENTAL
    INDENTURES
	 	 	 
	Section
    901.	Supplemental
    Indentures Without Consent of Holders	53
	Section
    902.	Supplemental
    Indentures With Consent of Holders	55

 

    	iii

    	 

    

 

	Section
    903.	Execution
    of Supplemental Indentures	56
	Section
    904.	Effect
    of Supplemental Indentures	57
	Section
    905.	Conformity
    With Trust Indenture Act	57
	Section
    906.	Reference
    in Securities to Supplemental Indentures	57
	Section
    907.	Revocation
    and Effect of Consents	57
	Section
    908.	Modification
    Without Supplemental Indenture	58
	 	 	 
	ARTICLE
    X
	 	 	 
	COVENANTS
	 	 	 
	Section
    1001.	Payment
    of Principal, Premium and Interest	58
	Section
    1002.	Maintenance
    of Office or Agency	59
	Section
    1003.	Money
    for Securities Payments to Be Held in Trust	60
	Section
    1004.	Corporate
    Existence	61
	Section
    1005.	Defeasance
    of Certain Obligations	61
	Section
    1006.	Statement
    by Officers as to Default	63
	Section
    1007.	Waiver
    of Certain Covenants	63
	Section
    1008.	Maintenance
    of Properties	64
	 	 	 
	ARTICLE
    XI
	 	 	 
	REDEMPTION
    OF SECURITIES
	 	 	 
	Section
    1101.	Applicability
    of Article	64
	Section
    1102.	Election
    to Redeem; Notice to Trustee	64
	Section
    1103.	Selection
    by Trustee of Securities to Be Redeemed	65
	Section
    1104.	Notice
    of Redemption	65
	Section
    1105.	Securities
    Payable on Redemption Date	67
	Section
    1106.	Securities
    Redeemed in Part	67
	 	 	 
	ARTICLE
    XII
	 	 	 
	SINKING
    FUNDS
	 	 	 
	Section
    1201.	Applicability
    of Article	67
	Section
    1202.	Satisfaction
    of Sinking Fund Payments With Securities	68
	Section
    1203.	Redemption
    of Securities for Sinking Fund	68
	 	 	 
	ARTICLE
    XIII
	 	 	 
	REPAYMENT
    OF SECURITIES AT OPTION OF HOLDERS
	 	 	 
	Section
    1301.	Applicability
    of Article	68
	Section
    1302.	Notice
    of Repayment Date	69
	Section
    1303.	Securities
    Payable on Repayment Date	70
	Section
    1304.	Securities
    Repaid in Part	70

 

    	iv

    	 

    

 

INDENTURE,
dated as of [             ], 20__, between TAOPING INC., a company
organized and existing under the laws of the British Virgin Islands (herein called the “Company”), and
[             ] (herein called the “Trustee”).

 

Recitals
Of The Company

 

The
Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its
unsecured debentures, notes or other evidences of indebtedness (each herein called a “Security” or collectively
the “Securities”), in an unlimited aggregate principal amount to be issued in one or more series as
in this Indenture provided.

 

All
things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

 

NOW,
THEREFORE, THIS INDENTURE WITNESSETH:

 

For
and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually covenanted and
agreed, for the equal and proportionate benefit of all Holders of the Securities or of any series thereof, as follows:

 

ARTICLE
I

 

DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section
101. Definitions. For all purposes of this Indenture, except as otherwise expressly provided or unless the context
otherwise requires;

 

(1)
the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;

 

(2)
all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein;

 

(3)
all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles”
with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted
in the United States at the date of such computation or, at the election of the Company from time to time, at the date of the
execution and delivery of this Indenture;

 

(4)
the word “or” is not exclusive; and

 

(5)
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.

 

    	 	 	 

    	 

    

 

Certain
terms, used principally in Article VI, are defined in that Article.

 

“Act”,
when used with respect to any Holder, has the meaning specified in Section 104.

 

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

 

“Authenticating
Agent” means any Person authorized by the Trustee to act on behalf of the Trustee to authenticate Securities.

 

“Authorized
Newspaper” means a newspaper of general circulation, in an official language of the country of publication or in
the English language, customarily published on a daily basis (including newspapers published on a daily basis except not published
on Legal Holidays, as defined in Section 113) in such country. Whenever successive weekly publications in an Authorized
Newspaper are required hereunder, they may be made (unless otherwise expressly provided herein) on the same or different days
of the week and in the same or different Authorized Newspapers.

 

“Authorized
Officer” means the Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer, the Secretary,
any Assistant Secretary or any other officer or agent of the Company duly authorized by the Board of Directors to act in respect
of matters relating to this Indenture.

 

“Board
of Directors” means either the board of directors of the Company or any duly authorized committee of that board.

 

“Board
Resolution” means a copy of a resolution certified by the Secretary, an Assistant Secretary or director of the Company
to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and
delivered to the Trustee.

 

“Business
Day”, when used with respect to any Place of Payment or any other particular location specified in the Securities
or this Indenture, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions
in that Place of Payment such other location, or the city in which the Corporate Trust Office of the Trustee is located, are authorized
or obligated by law to close, except as may be otherwise specified as contemplated by Section 301.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Commission”
means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934,
or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned
to it under the Trust Indenture Act, then the body performing such duties at such time.

 

    	2

    	 

    

 

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

 

“Company
Request” or “Company Order” means a written request or order signed in the name of the
Company by an Authorized Officer and delivered to the Trustee.

 

“Corporate
Trust Office” means the principal office of the Trustee at which at any particular time its corporate trust business
shall be administered and, with respect to [             ], shall
be located in [             ].

 

“Corporation”
includes corporations, associations, joint stock companies, limited liability companies and business trusts.

 

“Defaulted
Interest” has the meaning specified in Section 307.

 

“Depository”
means, with respect to any series of Securities issuable or issued in the form of a Global Security, an entity named as such in
the Indenture, or, if no entity is so named, an entity, if any, named by the Company as such by Board Resolution, or its successor.
The Depository is the entity which holds a Global Security, if any, and operates the computerized book-entry system through which
ownership interests in the Securities are recorded. Such entity shall at all times be a registered clearing agency under the Securities
Exchange Act of 1934, as amended, and in good standing thereunder or, in the case of an entity that holds a Global Security issued
outside of the United States, such entity shall at all times be in compliance with any applicable registration requirements and
in good standing under application regulations.

 

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

 

“Eligible
Obligations” means:

 

(a)
with respect to Securities denominated in Dollars, U.S. Government Obligations; or

 

(b)
with respect to Securities denominated in a currency other than Dollars or in a composite currency, such other obligations or
instruments as shall be specified with respect to such Securities, as contemplated by Section 301(24).

 

“Event
of Default” has the meaning specified in Section 501.

 

“Global
Security” means a Security, if any, issued to evidence all or a part of a series of Securities in accordance with
Section 301.

 

“Holder”
means the bearer of an Unregistered Security or coupon appertaining thereto or a Person in whose name a Registered Security is
registered in the Security Register or the Person who is the record owner of any ownership interests in a Global Security.

 

“Indenture”
means this instrument as originally executed 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 and shall include the terms of particular series
of Securities established as contemplated by Section 301.

 

    	3

    	 

    

 

“Indexed
Security” means a Security the terms of which provide that the principal amount thereof payable at Stated Maturity
may be more or less than the principal face amount thereof at original issuance.

 

“Interest”,
when used with respect to an Original Issue Discount Security that by its terms bears interest only after Maturity, means interest
payable after Maturity.

 

“Interest
Payment Date”, when used with respect to any Security, means the Stated Maturity of an installment of interest on
such Security.

 

“Maturity”,
when used with respect to any Security, means the date on which the principal of such Security or an installment of principal
becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, upon
call for redemption, exercise of repayment option or otherwise.

 

“Officer’s
Certificate” means a certificate signed by an Authorized Officer and delivered to the Trustee.

 

“Opinion
of Counsel” means a written opinion of counsel, who may be an employee of, or counsel for, the Company or an Affiliate
of the Company, and who shall be acceptable to the Trustee.

 

“Original
Issue Discount Security” means any Security that provides for an amount less than the principal amount thereof to
be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502.

 

“Outstanding”,
when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered
under this Indenture, except:

 

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

 

(b)
Securities or portions thereof for whose payment or redemption (a) money in the necessary amount has been theretofore deposited
with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if
the Company shall act as its own Paying Agent) for the Holders of such Securities or (b) Eligible Obligations as contemplated
by Sections 401 and 403 in the necessary amount have been theretofore deposited with the Trustee, in trust, for
the Holders of such Securities (whether or not the Company’s indebtedness in respect thereof shall be satisfied and discharged
for purposes of this Indenture or otherwise), provided that, if such Securities are to be redeemed, notice of such redemption
has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and

 

    	4

    	 

    

 

(c)
Securities that have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been
authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there have been presented
to the Trustee proof satisfactory to it and the Company that such Securities are held by a bona fide purchaser in whose hands
such Securities are valid obligations of the Company;

 

provided,
however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given
any request, demand, authorization, direction, notice, consent or waiver hereunder,

 

(w)
Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor
(unless the Company, such Affiliate or such obligor owns (i) all Securities Outstanding under this Indenture or (ii) except for
the purposes of actions to be taken by Holders of more than one series or Tranche voting as a class, all Outstanding Securities
of each such series and each such Tranche, as the case may be, determined without regard to this clause) shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only Securities which the Trustee knows to be so owned shall
be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes
to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is
not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor;

 

(x)
in determining whether the Holders of the requisite principal amount of Securities of any series or Tranche have concurred in
any direction, waiver or consent, the principal amount of Original Issue Discount Securities that shall be deemed to be outstanding
shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon acceleration
of the maturity thereof pursuant to Section 502;

 

(y)
in the case of any Security the principal of which is payable from time to time without presentment or surrender, the principal
amount of such Security that shall be deemed to be Outstanding at any time for all purposes of this Indenture shall be the original
principal amount thereof less the aggregate amount of principal thereof theretofore paid; and

 

(z)
the principal amount of any Security which is denominated in a currency other than Dollars or in a composite currency that shall
be deemed to be Outstanding for such purposes shall be the amount of Dollars that could have been purchased by the principal amount
(or, in the case of an Original Issue Discount Security, the Dollar equivalent on the date determined as set forth below of the
amount determined as provided in (x) above) of such currency or composite currency evidenced by such Security, in each such case
certified to the Trustee in an Officer’s Certificate based (i) on the average of the mean of the buying and selling spot
rates quoted by three banks which are members of the New York Clearing House Association selected by the Company in effect at
11:00 A.M. (New York time) in The City of New York on the fifteenth Business Day preceding any such determination or (ii) if on
such fifteenth Business Day it is not possible or practicable to obtain such quotations from such three banks, on such other quotations
or alternative methods of determination that shall be as consistent as practicable with the method set forth in (i) above.

 

    	5

    	 

    

 

“Paying
Agent” means any Person, including the Company, authorized by the Company to pay the principal of (and premium,
if any) or interest on any Securities on behalf of the Company.

 

“Periodic
Offering” means an offering of Securities of a series from time to time any or all of the specific terms of which
Securities, including without limitation the rate or rates of interest, if any, thereon, the Stated Maturity or Maturities thereof
and the redemption provisions, if any, with respect thereto, are to be determined by the Company or its agents from time to time
subsequent to the initial request for the authentication and delivery of such Securities by the Trustee, all as contemplated in
Section 301 and clause (2) of Section 303.

 

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

 

“Place
of Payment”, when used with respect to the Securities of any series, or any Tranche thereof, means the place or
places where the principal of (and premium, if any) and interest, if any, on the Securities of that series or Tranche are payable
as specified as contemplated by Section 301.

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt
as that evidenced by such particular Security, and, for the purposes of this definition, any Security authenticated and delivered
under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence
the same debt as the mutilated, destroyed, lost or stolen Security.

 

“Redemption
Date”, when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant
to Section 301 of this Indenture.

 

“Redemption
Price”, when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant
to this Indenture, exclusive of accrued and unpaid interest, if any.

 

“Registered
Security” means any Security issued hereunder and registered by the Security Registrar or any recorded interest
in a Global Security issued hereunder.

 

“Regular
Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date
specified for that purpose as contemplated by Section 301.

 

“Repayment
Date”, when used with respect to any Security of any series to be repaid or repurchased, means the date, if any,
fixed for such repayment or for such repurchase (whether at the option of the Holders or otherwise) pursuant to Section 301
of this Indenture.

 

    	6

    	 

    

 

“Repayment
Price”, when used with respect to any Security of any series to be repaid, means the price, if any, at which it
is to be repaid pursuant to Section 301.

 

“Responsible
Officer”, when used with respect to the Trustee, means any officer within the corporate trust department or any
other 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 means, with respect to a particular corporate trust matter, any other officer of the Trustee to whom such matter is referred
because of his knowledge of and familiarity with the particular subject.

 

“Security”
or “Securities” has the meaning stated in the first recital of this Indenture and more particularly
means any Security or Securities authenticated and delivered under this Indenture.

 

“Security
Register” and “Security Registrar” have the respective meanings specified in Section
305.

 

“Senior
Securities” means Securities other than Subordinated Securities.

 

“series”
or “series of Securities” means a series of Securities issued under this Indenture as determined by
Board Resolution or as otherwise determined under this Indenture, and except as otherwise provided in Section 608.

 

“Special
Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section
307.

 

“Stated
Maturity”, when used with respect to any Security or any installment of principal thereof or interest thereon, means
the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal
or interest is due and payable.

 

“Subordinated
Securities” means Securities that by the terms established pursuant to Subsection 301(10) are subordinate to any
specified debt of the Company.

 

“Subsidiary”
means (i) any corporation, association or other business entity of which more than 50% of the outstanding total voting stock 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 the Company or by one or more other Subsidiaries, or by the Company and
one or more other Subsidiaries or (ii) any partnership the sole general partner or the managing general partner of which is the
Company or a Subsidiary of the Company or the only general partners of which are the Company or of one or more Subsidiaries of
the Company (or any combination thereof). For the purposes of this definition, “voting stock” means, in the case of
a corporation, stock which ordinarily has voting power for the election of directors, whether at all times or only so long as
no senior class of capital stock has such voting power by reason of any contingency, in the case of an association or business
entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock, in
the case of a partnership or limited liability company, partnership or membership interests (whether general or limited), and
any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person.

 

    	7

    	 

    

 

“Tranche”
means a group of Securities which (a) are of the same series and (b) have identical terms except as to principal amount or date
of issuance.

 

“Trustee”
means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall
have been appointed with respect to one or more series of Securities pursuant to the applicable provisions of this Indenture,
and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, 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.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed,
except as provided in Section 905.

 

“U.S.
Government Obligations” means (a) direct obligations of the United States for the payment of which its full faith
and credit is pledged, or obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the
United States and the payment of which is unconditionally guaranteed by the United States and (b) certificates, depositary receipts
or other instruments which evidence a direct ownership interest in obligations described in clause (a) above or in any specific
interest or principal payments due in respect thereof; provided, however, that the custodian of such obligations or specific
interest or principal payments shall be a bank or trust company (which may include the Trustee or any Paying Agent) subject to
federal or state supervision or examination with a combined capital and surplus of at least $50,000,000; and provided, further,
that except as may be otherwise required by law, such custodian shall be obligated to pay to the holders of such certificates,
depositary receipts or other instruments the full amount received by such custodian in respect of such obligations or specific
payments and shall not be permitted to make any deduction therefrom.

 

“U.S.
Person” means a citizen, national or resident of the United States, a corporation, partnership, limited liability
company, or other entity created or organized in or under the laws of the United States or any political subdivision thereof,
or an estate or trust whose income from sources without the United States is includible in gross income for United States federal
income tax purposes regardless of its connection with the conduct of a trade or business within the United States.

 

“Unregistered
Security” means any Security issued hereunder which is not a Registered Security.

 

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

 

“Yield
to Maturity” means the yield to maturity, calculated by the Company at the time of issuance of a series of Securities
or, if applicable, at the most recent determination of interest on such series in accordance with accepted financial practice.

 

    	8

    	 

    

 

Section
102. Compliance Certificates and Opinions. Except as otherwise expressly provided in this Indenture upon any
application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company
shall, if requested by the Trustee, 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 request as to which the furnishing of such documents is specifically required by
any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need
be furnished.

 

Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than certificates
provided pursuant to Section 704(4)) shall include:

 

(1)
a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto;

 

(2)
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(3)
a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(4)
a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 

Section
103. Form of Documents Delivered to Trustee. In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the
opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such
Person may certify or give an opinion as to such matters in one or several documents.

 

Any
certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel.
Any such Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations
by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession
of the Company.

 

Where
any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions
or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

 

    	9

    	 

    

 

Section
104. Acts of Holders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be made, given or taken by Holders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as
herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to
the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the
Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such
agent, or of the holding by any Person of Unregistered Securities, shall be sufficient for any purpose of this Indenture and
(subject to Section 601) conclusive in favor of the Trustee and the Company, if made in the manner provided in this
Section.

 

(b)
The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness
of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds,
certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient
proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing
the same, may also be proved in any other manner acceptable to the Trustee.

 

(c)
The amount of Unregistered Securities held by any Person executing any such instrument or writings as the Holder thereof, and
the numbers of such Unregistered Securities, and the date of his holding the same, may be proved by the production of such Unregistered
Securities or by a certificate executed, as depositary, by any trust company, bank, banker or member of a national securities
exchange (wherever situated), if such certificate is in form satisfactory to the Trustee, showing that at the date therein mentioned
such Person had on deposit with such depositary, or exhibited to it, the Unregistered Securities therein described; or such facts
may be proved by the certificate or affidavit of the Person executing such instrument or writing as the Holder thereof, if such
certificate or affidavit is in form satisfactory to the Trustee. The Trustee and the Company may assume that such ownership of
any Unregistered Securities continues until (1) another certificate bearing a later date issued in respect of the same Unregistered
Securities is produced, or (2) such Unregistered Securities are produced by some other Person, or (3) such Unregistered Securities
are registered as to principal or are surrendered in exchange for Unregistered Securities, or (4) such Unregistered Securities
are no longer Outstanding.

 

(d)
The fact and date of execution of any such instrument or writing and the amount and number of Unregistered Securities held by
the Person so executing such instrument or writing may also be proved in any other manner that the Trustee deems sufficient; and
the Trustee may in any instance require further proof with respect to any of the matters referred to in this Section.

 

(e)
The principal amount (except as otherwise contemplated in clause (x) of the proviso to the definition of “Outstanding”)
and serial numbers of Securities held by any Person, and the date of holding the same, shall be proved by the Security Register.

 

    	10

    	 

    

 

(f)
Any request, demand, authorization, direction, notice, consent, election, waiver or other Act of the Holder of any Security shall
bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof
or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company
in reliance thereon, whether or not notation of such action is made upon such Security.

 

(g)
The Company may set a record date for purposes of determining the identity of Holders of any Securities of any series entitled
to vote or consent to any action by vote or consent authorized or permitted by Section 512 or 513. Such record date
shall be the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders of
such Securities furnished to the Trustee pursuant to Section 701 prior to such solicitation.

 

(h)
If the Company solicits from Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the
Company may, at its option, fix in advance a record date for the determination of Holders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. If such a record
date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after
such record date, but only the Holders of record at the close of business on the record date shall be deemed to be Holders for
the purposes of determining whether Holders of the requisite proportion of the Outstanding Securities have authorized or agreed
or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the
Outstanding Securities shall be computed as of the record date.

 

Section
105. Notices, Etc. to Trustee and Company. Except as otherwise provided herein, any request, demand, authorization,
direction, notice, consent, election, waiver or Act of Holders or other document provided or permitted by this Indenture to
be made upon, given or furnished to, or filed with,

 

(1)
the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed
in writing to or with the Trustee at its Corporate Trust Office, Attention: [             ],
[             ], or

 

(2)
the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal
office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee
by the Company.

 

Section
106. Notice to Holders; Waiver. Except as otherwise expressly provided herein, where this Indenture provides for
notice of any event or reports to Holders, such notice or report shall be sufficiently given if in writing and mailed,
first-class postage prepaid, to each Holder of Registered Securities affected by such event, at the address of such Holder as
it appears in the Security Register and to addresses filed with the Trustee or preserved on the Trustee’s list pursuant
to Section 702(a) for other Holders (and to such other addressees as may be required in the case of such notice or
report under Section 313(c) of the Trust Indenture Act), not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice or report.

 

    	11

    	 

    

 

In
any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed,
to any particular Holder shall affect the sufficiency of such notice with respect to other Holders.

 

Notice
shall be sufficiently given to Holders of Unregistered Securities if published in an Authorized Newspaper in each of The City
of New York and, if such Securities are listed on any stock exchange outside of the United States, in the city in which such stock
exchange is located, or in such other city or cities as may be specified in the Securities, once in each of two different calendar
weeks, the first publication to be not earlier than the earliest date, and not later than the last date, if any, prescribed for
the giving of such notice.

 

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
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.

 

In
case by reason of the suspension of regular mail service or by reason of any other cause is impracticable to give such notice
by mail, then such notification that is made with the approval of the Trustee shall constitute a sufficient notification for every
purpose hereunder.

 

If
it is impractical in the opinion of the Trustee or the Company to make any publication of any notice required hereby in an Authorized
Newspaper, any publication or other notice in lieu thereof that is made or given with the approval of the Trustee shall constitute
a sufficient publication of such notice.

 

Section
107. Conflict With Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with the duties imposed
by operation of subsection (c) of Section 318 of the Trust Indenture Act, the imposed duties shall control.

 

Section
108. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are
for convenience only and shall not affect the construction hereof.

 

Section
109. Successors and Assigns. All covenants and agreements in this Indenture by the Company shall bind its successors
and assigns, whether so expressed or not.

 

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

 

Section
111. Benefits of Indenture. Nothing in this Indenture or in the Securities, express or implied, shall give to any
Person, other than the parties hereto (including any Paying Agent appointed pursuant to Section 1002 and
Authenticating Agent appointed pursuant to Section 614 to the extent provided herein) and their successors hereunder
and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

    	12

    	 

    

 

Section
112. Governing Law. This Indenture and the Securities shall be governed by and construed in accordance with the laws
of the State of New York.

 

Section
113. Legal Holidays. In any case where any Interest Payment Date, Redemption Date, Repayment Date or Stated Maturity
of any Security is not a Business Day at any Place of Payment or the city in which the Corporate Trust Office of the Trustee
is located, then (notwithstanding any other provision of this Indenture or of the Securities other than a provision in
Securities of any series, or any Tranche thereof, or in the Board Resolution or Officer’s Certificate that establishes
the terms of such Securities or Tranche, that specifically states that such provision shall apply in lieu of this Section)
payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be
made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest
Payment Date or Redemption Date, Repayment Date, or at the Stated Maturity, provided that no interest shall accrue
with respect to such payment for the period from and after such Interest Payment Date, Redemption Date, Repayment Date or
Stated Maturity, as the case may be.

 

Section
114. Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders of
one or more series. The Paying Agent or Security Registrar may make reasonable rules and set reasonable requirements for its
functions.

 

Section
115. No Recourse Against Others. No past, present or future director, officer, stockholder or employee, as such, of
the Company or any successor corporation shall have any liability for any obligation of the Company under the Securities or
the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by
accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the
execution of this Indenture and the issue of the Securities.

 

ARTICLE
II

 

SECURITY
FORMS

 

Section
201. Forms Generally. The Securities of each series and related coupons, if any, shall be in substantially the form as
shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with
such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and
may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers
executing such Securities, as evidenced by their execution of the Securities. When the form of Securities of any series is
established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be delivered
to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication and
delivery of such Securities.

 

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If
required or appropriate under applicable law, Unregistered Securities and their coupons must have the following statement on their
face: “Any United States person who holds this obligation will be subject to limitations under the United States income
tax laws, including the limitations provided in Sections 165(j) and 1287(a) of the Internal Revenue Code”. If required or
appropriate under applicable law, Unregistered Securities and their coupons must have the following statement on their face: “By
accepting this obligation, the Holder represents and warrants that it is not a U.S. Person (other than an exempt recipient described
in section 6049(b)(4) of the Internal Revenue Code and the regulations thereunder) and that it is not acting for or on behalf
of a U.S. Person (other than an exempt recipient described in section 6049(b)(4) of the Internal Revenue Code and the regulations
thereunder).”

 

The
definitive Securities shall be produced in such manner or combination of manners, all as determined by the officers executing
such Securities, as evidenced by their execution of such Securities.

 

Section
202. Form of Trustee’s Certificate of Authentication. The Trustee’s certificate of authentication shall be
in substantially the following form:

 

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

 

	 	[                       ]
	 	as
    Trustee
	 	 	 
	 	By
    	 
	 	 	Authorized
    Officer

 

ARTICLE
III

 

THE
SECURITIES

 

Section
301. Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities that may be authenticated and
delivered under this Indenture is unlimited.

 

The
Securities may be issued in one or more series. There may be Registered Securities and Unregistered Securities within a series.
Registered and Unregistered Securities may be in temporary or permanent global form. Unregistered Securities may be issued with
or without coupons attached. Unregistered Securities may be subject to such restrictions, and contain such legends, as may be
required by United States laws and regulations. Subject to the last paragraph of this Section, there shall be established in or
pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series,

 

(1)
the title of the Securities of the series (which shall distinguish the Securities of the series from all other Securities);

 

    	14

    	 

    

 

(2)
any limit upon the aggregate principal amount of the Securities of the series that 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 Section 304, 305, 306, 906, 1107 or 1305
and except for any Securities that, pursuant to Section 303, are deemed never to have been authenticated and delivered
hereunder);

 

(3)
the price or prices (expressed as a percentage of the principal amount thereof) at which the securities will be issued and the
date or dates on which the principal (and premium, if any) of the Securities of the series, or any Tranche thereof, is payable;

 

(4)
the date or dates on which the principal of the Securities of such series, or any Tranche thereof, is payable or any formula or
other method or other means by which such date or dates shall be determined, by reference to an index or other fact or event ascertainable
outside of this Indenture or otherwise (without regard to any provisions for redemption, prepayment, acceleration, purchase or
extension);

 

(5)
the rate or rates at which the Securities of such series, or any Tranche thereof, shall bear interest, if any (including the rate
or rates at which overdue principal shall bear interest, if different from the rate or rates at which such Securities shall bear
interest prior to Maturity, and, if applicable, the rate or rates at which overdue premium or interest shall bear interest, if
any), or any formula or other method or other means by which such rate or rates shall be determined, by reference to an index
or other fact or event ascertainable outside of this Indenture or otherwise; the date or dates from which such interest shall
accrue; the Interest Payment Dates on which such interest shall be payable and the Regular Record Date, if any, for the interest
payable on such Securities on any Interest Payment Date; the right of the Company, if any, to extend the interest payment periods
and the duration of any such extension as contemplated by Section 312; and the basis of computation of interest, if other
than as provided in Section 310;

 

(6)
the place or places where the principal of (and premium, if any) and interest, if any, on Securities of the series, or any Tranche
thereof, shall be payable, any Registered Securities of the series, or any Tranche thereof, may be surrendered for registration
of transfer, Securities of the series, or any Tranche thereof, may be surrendered for exchange, and where notices and demands
to or upon the Company in respect of the Securities of the series, or any Tranche thereof, and this Indenture may be served and
notices to Holders pursuant to Section 106 will be published; the Security Registrar and any Paying Agent or Agents for
such series or Tranche; and if such is the case, that the principal of such Securities shall be payable without presentment or
surrender thereof;

 

(7)
if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which Securities
of the series, or any Tranche thereof, may be redeemed, in whole or in part, at the option of the Company;

 

(8)
the obligation, if any, of the Company to redeem or purchase Securities of the series, or any Tranche thereof, pursuant to any
sinking fund or analogous 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, or any Tranche thereof, shall be redeemed or purchased, in whole or in part, pursuant to
such obligation;

 

    	15

    	 

    

 

(9)
the obligation, if any, of the Company to offer to repay or repurchase Securities of the series, or any Tranche thereof, in circumstances
described therein, and the period or periods within which, the price or prices at which and the terms and conditions upon which
Securities of the series, or any Tranche thereof, shall be repaid or repurchased, in whole or in part, at the option of the Holders;

 

(10)
the terms, if any, on which the Securities of such series will be subordinate in right and priority of payment to other debt of
the Company;

 

(11)
the right, if any, of the Company to execute and deliver to the Trustee, and to direct the Trustee to authenticate and deliver
in accordance with a Company Order, a Security of any series, or any Tranche thereof, in lieu of or in exchange for any Securities
of such series, or any Tranche thereof, cancelled upon redemption or repayment;

 

(12)
the denominations in which any Registered Securities of the series, or any Tranche thereof, shall be issuable, if other than denominations
of $1,000 and any integral multiple thereof, and the denomination or denominations in which any Unregistered Securities of the
series, or any Tranche thereof, shall be issuable, if other than the denomination of $5,000;

 

(13)
if other than the principal amount thereof, the portion of the principal amount of Securities of the series, or any Tranche thereof,
that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502;

 

(14)
whether Securities of the series are to be issuable as Registered Securities, Unregistered Securities, or both, whether Securities
of the series are to be issuable with or without coupons, whether any Securities of the series are to be issuable initially in
temporary global form (and, if so, the identity of the depositary for such Securities) and the circumstances under which such
Securities in temporary global form may be exchanged for definitive Securities, and whether any Securities of the series are to
be issuable in permanent global form (and, if so, the identity of the depositary for such Securities) with or without coupons
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 311;

 

(15)
whether and under what circumstances the Company will pay additional amounts on the Securities of that series held by a person
who is not a U.S. Person in respect of taxes or similar charges withheld or deducted and, if so, whether the Company will have
the option to redeem such Securities rather than pay such additional amounts;

 

    	16

    	 

    

 

(16)
the currency or currencies, including composite currencies, in which payment of the principal of (and premium, if any) and interest,
if any, on the Securities of the series, or any Tranche thereof, shall be payable (if other than the currency of the United States
of America) and the formula or other method or other means by which the equivalent of any such amount in Dollars is to be determined
for any purpose, including for the purpose of determining the principal amount of such Securities deemed to be Outstanding at
any time;

 

(17)
if the principal of or premium, if any, or interest, if any, on the Securities of such series, or any Tranche thereof, are to
be payable, at the election of the Company or a Holder thereof, in a coin or currency other than that in which the Securities
are stated to be payable, the period or periods within which, and the terms and conditions upon which, such election may be made;

 

(18)
if the principal of or premium, if any, or interest, if any, on the Securities of such series, or any Tranche thereof, are to
be payable, or are to be payable at the election of the Company or a Holder thereof, in securities or other property, the type
and amount of such securities or other property, or the formula or other method or other means by which such amount shall be determined,
and the period or periods within which, and the terms and conditions upon which, any such election may be made;

 

(19)
if the amount of payments of principal of (and premium, if any) or interest on the Securities of the series may be determined
with reference to an index or other fact or event ascertainable outside of this Indenture, the manner in which such amounts shall
be determined to the extent not established pursuant to paragraph (5) of this Section;

 

(20)
the form or forms of the Securities, including such legends as may be required by United States laws or regulations, the form
of any coupons or temporary Global Security, if any, which may be issued and the forms of any certificates which may be required
hereunder or under United States laws or regulations in connection with the offering, sale, delivery or exchange of Unregistered
Securities, if any;

 

(21)
the Person to whom any interest on any Registered Security of the series, or any Tranche thereof, shall be payable, if other than
the Person in whose name that Security is registered at the close of business on the Regular Record Date for such interest, and
the manner in which, or the Person to whom, any interest on any Unregistered Security of the series, or any Tranche thereof, shall
be payable, if otherwise than upon presentation and surrender of the coupons appertaining thereto as they severally mature, and
the extent to which, or the manner in which, any interest payable on a temporary or permanent Global Security on an interest payment
date will be paid;

 

(22)
any Events of Default, in addition to those specified in Section 501, with respect to the Securities of such series, and
any covenants of the Company for the benefit of the Holders of the Securities of such series, or any Tranche thereof, in addition
to those set forth in Article X;

 

(23)
the terms, if any, pursuant to which the Securities of such series, or any Tranche thereof, may be converted into or exchanged
for shares of capital stock or other securities of the Company or any other Person;

 

    	17

    	 

    

 

(24)
the obligations or instruments, if any, that shall be considered to be Eligible Obligations in respect of the Securities of such
series, or any Tranche thereof, denominated in a currency other than Dollars or in a composite currency, and any additional or
alternative provisions for the reinstatement of the Company’s indebtedness in respect of such Securities after the satisfaction
and discharge thereof as provided in Section 401;

 

(25)
any exceptions to Section 113, or variation in the definition of Business Day, with respect to the Securities of such series,
or any Tranche thereof;

 

(26)
any collateral security, assurance or guarantee for the Securities of such series;

 

(27)
the non-applicability of Section 608 to the Securities of such series or any exceptions or modifications of Section
608 with respect to the Securities of such series;

 

(28)
any rights or duties of another Person to assume the obligations of the Company with respect to the Securities of such series
(whether as joint obligor, primary obligor, secondary obligor or substitute obligor) and any rights or duties to discharge and
release any obligor with respect to the Securities of such series or this Indenture to the extent related to such series;

 

(29)
if a service charge will be made for the registration of transfer or exchange of Securities of such series, or any Tranche thereof,
the amount or terms thereof; and

 

(30)
any other terms, conditions and rights of the series (which terms, conditions and rights shall not be inconsistent with the provisions
of this Indenture, except as permitted by Section 901(5)).

 

All
Securities of any one series and the coupons appertaining to any Unregistered Securities of such series shall be substantially
identical except in the case of Registered Securities as to denomination and except as may otherwise be provided in or pursuant
to such Board Resolution and set forth in such Officer’s Certificate or in any such indenture supplemental hereto and as
reasonably acceptable to the Trustee. Securities of different series may differ in any respect.

 

If
the terms and form or forms of any series of Securities are established by or pursuant to a Board Resolution, the Company shall
deliver a copy of such Board Resolution to the Trustee at or prior to the issuance of such series with (1) the form or forms of
Security that have been approved attached thereto, or (2) if such Board Resolution authorizes a specific officer or officers to
approve the terms and form or forms of the Securities, a certificate of such officer or officers approving the terms and form
or forms of Security with such form or forms of Securities attached thereto. Such Board Resolution or certificate may provide
general terms or parameters for Securities of any series and may provide that the specific terms of particular Securities of a
series may be determined in accordance with or pursuant to the Company Order referred to in Section 303 hereof.

 

    	18

    	 

    

 

With
respect to Securities of a series subject to a Periodic Offering, the indenture supplemental hereto or the Board Resolution that
establishes such series, or the Officer’s Certificate pursuant to such supplemental indenture or Board Resolution, as the
case may be, may provide general terms or parameters for Securities of such series and provide either that the specific terms
of Securities of such series, or any Tranche thereof, shall be specified in a Company Order or that such terms shall be determined
by the Company or its agents in accordance with procedures specified in a Company Order as contemplated by the third paragraph
of Section 303.

 

Unless
otherwise specified with respect to a series of Securities pursuant to paragraph (2) of this Section, any limit upon the aggregate
principal amount of a series of Securities may be increased without the consent of any Holders and additional Securities of such
series may be authenticated and delivered up to the limit upon the aggregate principal amount authorized with respect to such
series as so increased.

 

Section
302. Denominations. The Securities of each series shall be issuable in registered or unregistered form with or without
coupons in such denominations as shall be specified as contemplated by Section 301. In the absence of any such
provisions with respect to the Securities of any series, the Registered Securities of such series shall be issuable in
denominations of $1,000 and any integral multiple thereof and the Unregistered Securities of the series shall be issuable in
denominations of $5,000 and any integral multiple thereof.

 

Section
303. Execution, Authentication, Delivery and Dating. The Securities shall be executed on behalf of the Company by its
Chairman of the Board and Chief Executive Officer, its President, its Senior Vice President, Finance, or its Treasurer, under
its corporate seal reproduced thereon attested by its Secretary or one of its Assistant Secretaries. The signature of any of
these officers on the Securities may be manual or facsimile. The coupons, if any, of Unregistered Securities shall bear the
manual or facsimile signature of any one of the officers or assistant officers referred to in the first sentence of this
Section.

 

Securities
bearing the manual or facsimile signatures of individuals who were at any time 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 or did not hold such offices at the date of such Securities.

 

At
any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of
such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities provided,
however, that, with respect to Securities of a series subject to a Periodic Offering, (a) such Company Order may be delivered
by the Company 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 established for such series, all pursuant to a Company Order or pursuant to
such procedures acceptable to the Trustee as may be specified from time to time by 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.

 

    	19

    	 

    

 

In
authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities,
the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion
of Counsel stating:

 

(a)
that such form of Securities has been established in conformity with the provisions of this Indenture;

 

(b)
that such terms have been established in conformity with the provisions of this Indenture; and

 

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

 

Notwithstanding
the provisions of Section 301 and of the preceding paragraphs, if all Securities of a series are not to be originally issued
at one time, it shall not be necessary to deliver the Officer’s Certificate otherwise required pursuant to Section 301
or the Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraphs at or prior to the time
of authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original
issuance of the first Security of such series to be issued.

 

If
such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issuance
of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities
and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.

 

Each
Registered Security shall be dated the date of its authentication and each Unregistered Security shall be dated the date of its
original issuance.

 

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 no coupon shall be valid until the Security to which it appertains has been so authenticated, and such certificate
upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered
hereunder and is entitled to the benefits of this Indenture.

 

Notwithstanding
the foregoing, until the Company has delivered an Officer’s Certificate to the Trustee and the Security Registrar stating
that, as a result of the action described, the Company would not suffer adverse consequences under the provisions of United States
law or regulations in effect at the time of the delivery of Unregistered Securities, the Trustee or the Security Registrar will
(i) deliver Unregistered Securities only outside the United States and its possessions and (ii) release Unregistered Securities
in definitive form to the person entitled to physical delivery thereof only upon presentation of a certificate in the form prescribed
by the Company.

 

    	20

    	 

    

 

Section
304. Temporary Securities. Pending the preparation of definitive Registered Securities of any series (including Global
Securities), the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Registered
Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Registered Securities in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as
evidenced by their execution of such Securities. Every temporary Registered Security shall be executed by the Company and
authenticated by the Trustee, and registered by the Security Registrar, upon the same conditions, and with like effect, as a
definitive Registered Security.

 

If
temporary Securities of any series are issued, the Company will cause definitive Registered Securities of that series to be prepared
without unreasonable delay. After the preparation of definitive Registered Securities of such series, the temporary Registered
Securities of such series shall be exchangeable for definitive Registered Securities of such series upon surrender of the temporary
Registered Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge
to the Holder. Upon surrender for cancellation of any one or more temporary Registered Securities of any series the Company shall
execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Registered Securities
of the same series of authorized denominations. Until so exchanged the temporary Registered Securities of any series shall in
all respects be entitled to the same benefits under this Indenture as definitive Registered Securities of such series.

 

Until
definitive Unregistered Securities of any series (including Global Securities) are ready for delivery, the Company may prepare
and execute and the Trustee shall authenticate one or more temporary Unregistered Securities, which may have coupons attached
or which may be in the form of one or more temporary Global Unregistered Securities of that series without coupons. The temporary
Unregistered Security or Securities of any series shall be substantially in the form approved by or pursuant to a Board Resolution
and shall be delivered to one of the Paying Agents located outside the United States and its possessions or to such other person
or persons as the Company shall direct against such certification as the Company may from time to time prescribe by or pursuant
to a Board Resolution. The temporary Unregistered Security or Securities of a series shall be executed by the Company and authenticated
by the Trustee upon the same conditions, and with like effect, as a definitive Unregistered Security of such series, except as
provided herein or in the Board Resolution or supplemental Indenture relating thereto. A temporary Unregistered Security or Securities
shall be exchangeable for definitive Unregistered Securities at the time and on the conditions, if any, specified in the temporary
Security.

 

Upon
any exchange of a part of a temporary Unregistered Security of a series for definitive Unregistered Securities of such series,
the temporary Unregistered Security shall be endorsed by the Trustee or Paying Agent to reflect the reduction of its principal
amount by an amount equal to the aggregate principal amount of the definitive Unregistered Securities of such series so exchanged
and endorsed.

 

    	21

    	 

    

 

Section
305. Registration, Registration of Transfer and Exchange. The Company shall cause to be kept at the Corporate Trust
Office of the Trustee a register (the register maintained in such office and in any other office or agency of the Company in
a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in
which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of
Securities and of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for
the purpose of registering Securities and transfers of Securities as herein provided.

 

Except
in the case of Securities issued in the form of a Global Security, upon surrender for registration of transfer of any Registered
Security of any series at the office or agency of the Company in a Place of Payment for that series, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Registered
Securities of the same series, of any authorized denominations and of a like aggregate principal amount.

 

If
both Registered and Unregistered Securities are authorized for a series of Securities and the terms of such Securities permit,
(i) Unregistered Securities may be exchanged for an equal principal amount of Registered or Unregistered Securities of the same
series and date of maturity in any authorized denominations upon delivery to the Security Registrar (or a Paying Agent (as herein
defined), if the exchange is for Unregistered Securities) of the Unregistered Security with all unmatured coupons and all matured
coupons in default appertaining thereto and if all other requirements of the Security Registrar (or such Paying Agent) and such
Securities for such exchange are met, and (ii) Registered Securities, other than Securities issued in the form of a Global Security
(except as provided in Section 311), may be exchanged for an equal principal amount of Unregistered Securities of the same
series and date of maturity in any authorized denominations (except that any coupons appertaining to such Unregistered Securities
which have matured and have been paid shall be detached) upon delivery to the Security Registrar of the Registered Securities
and if all other requirements of the Security Registrar and such Securities for such exchange are met.

 

Notwithstanding
the foregoing, the exchange of Unregistered Securities for Registered Securities or Registered Securities for Unregistered Securities
will be subject to the satisfaction of the provisions of United States law and regulations in effect at the time of such exchange,
and no exchange of Registered Securities for Unregistered Securities will be made until the Company has notified the Trustee in
an Officer’s Certificate and the Security Registrar that, as a result of such exchange, the Company would not suffer adverse
consequences under such law or regulations.

 

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.

 

    	22

    	 

    

 

Every
Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee)
be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar
duly executed by the Holder thereof or his attorney duly authorized in writing.

 

Unless
otherwise provided in a Board Resolution or an Officer’s Certificate pursuant to a Board Resolution, or in an indenture
supplemental hereto, with respect to Securities of any series, or any Tranche thereof, no service charge shall be made to the
Holder for any registration of transfer or exchange 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 with any registration of transfer or exchange of
Securities, other than exchanges pursuant to Section 304, 906 or 1106 not involving any transfer.

 

The
Company shall not be required (i) to issue, register the transfer of or exchange Securities of any series during a period beginning
at the opening of business 15 days before the day of the mailing of a notice of redemption of Securities of that series selected
for redemption under Section 1103 and ending at the close of business on the day of such mailing, or (ii) to register the
transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security
being redeemed in part. Unregistered Securities or any coupons appertaining thereto shall be transferable by delivery thereof.

 

Section
306. Mutilated, Destroyed, Lost and Stolen Securities. If any mutilated Security or a Security with a mutilated coupon
or coupons appertaining to it is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a replacement Registered Security, if such surrendered security was a Registered Security, or a
replacement Unregistered Security with coupons corresponding to the coupons appertaining to the surrendered Security, if such
surrendered Security was an Unregistered 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 (i) evidence to their satisfaction of the destruction, loss or theft of
any Security or any coupon or coupons appertaining thereto, and (ii) such bond, 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 actual notice to the Company or the Trustee
that such Security or any coupon or coupons appertaining thereto has been acquired by a bona fide purchaser, the Company shall
execute and upon its request the Trustee shall authenticate and deliver, a replacement Registered Security, if such Holder’s
claim pertains to a Registered Security, or a replacement Unregistered Security with coupons corresponding to the coupons appertaining
to the destroyed, lost or stolen Unregistered Security or the Unregistered Security to which such destroyed, lost or stolen coupon
or coupons appertains, if such Holder’s claim pertains to an Unregistered 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 or any coupon or coupons appertaining thereto 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 or any coupon
or coupons appertaining thereto.

 

    	23

    	 

    

 

Upon
the issuance of any new Security under this Section or any coupon or coupons appertaining thereto, the Company may require the
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 or any coupon or coupons appertaining thereto of any series issued pursuant to this Section in lieu of any destroyed,
lost or stolen Security or any coupon or coupons appertaining thereto shall constitute an original additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen Security or any coupon or coupons appertaining thereto is at any
time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and
all other Securities or any coupon or coupons appertaining thereto of that series duly issued hereunder.

 

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 or any coupon or coupons appertaining thereto.

 

Section
307. Payment of Interest; Interest Rights Preserved. Unless otherwise provided as contemplated by Section 301
with respect to the Securities of any series, or any Tranche thereof, interest on any Registered Security that is payable,
and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that
Registered Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date
for such interest. In case an Unregistered Security of any series is surrendered in exchange for a Registered Security of
such series after the close of business (at an office or agency of the Company in a Place of Payment for such series) on any
Regular Record Date and before the opening of business (at such office or agency) on the next succeeding Interest Payment
Date, such Unregistered Security shall be surrendered without the coupon relating to such Interest Payment Date and interest
will not be payable on such Interest Payment Date in respect of the Registered Security issued in exchange for such
Unregistered Security, but will be payable only to the Holder of such coupon when due in accordance with provisions of this
Indenture.

 

    	24

    	 

    

 

Any
interest on any Registered Security of any series that is payable, but is not punctually paid or duly provided for, on any Interest
Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder
on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company,
at its election in each case, as provided in clause (1) or (2) below:

 

(1)
The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities of such
series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment
of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on each Registered Security of such series and the date of the proposed payment,
and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be
paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the
date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted
Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest
which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10
days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of
such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Registered
Securities of such series at the address of such Holder as it appears in the Security Register, not less than 10 days prior to
such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having
been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Registered Securities of such series (or
their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer
be payable pursuant to the following clause (2). In case an Unregistered Security of any series is surrendered at the office or
agency of the Company in a Place of Payment for such series in exchange for a Registered Security of such series after the close
of business at such office or agency on 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, such Unregistered Security shall be surrendered without the coupon
relating to such proposed date of payment and Defaulted Interest will not be payable on such proposed date of payment in respect
of the Registered Security issued in exchange for such Unregistered Security, but will be payable only to the Holder of such coupon
when due in accordance with the provisions of this Indenture.

 

(2)
The Company may make payment of any Defaulted Interest on the Registered Securities of any series in any other lawful manner not
inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as
may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this
clause, such manner of payment shall be deemed practicable by the Trustee.

 

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

 

Subject
to the limitations set forth in Section 1002, the Holder of any coupon appertaining to an Unregistered Security shall be
entitled to receive the interest payable on such coupon upon presentation and surrender of such coupon on or after the Interest
Payment Date of such coupon at an office or agency maintained for such purpose pursuant to Section 1002.

 

Section
308. Persons Deemed Owners. Prior to due presentment of a Registered Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Registered Security
is registered as the owner of such Registered Security for the purpose of receiving payment of principal of (and premium, if
any) and (subject to Section 301 and Section 307) interest, if any, on such Registered Security and for all
other purposes whatsoever, whether or not such Registered Security be overdue, and neither the Company, the Trustee nor any
agent of the Company or the Trustee shall be affected by notice to the contrary.

 

    	25

    	 

    

 

Ownership
of Registered Securities of a series shall be proved by the computerized book-entry system of the Depository in the case of Registered
Securities issued in the form of a Global Security. Ownership of Unregistered Securities may be proved by the production of such
Unregistered Securities or by a certificate or affidavit executed by the person holding such Unregistered Securities or by a depository
with whom such Unregistered Securities were deposited, if the certificate or affidavit is satisfactory to the Trustee and the
Company. The Company, the Trustee and any agent of the Company may treat the bearer of any Unregistered Security or coupon and
the person in whose name a Registered Security is registered as the absolute owner thereof for all purposes.

 

None
of the Company, the Trustee, any 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 beneficial ownership interests of a Global Security or for maintaining,
supervising or reviewing any records relating to such beneficial ownership interests.

 

Section
309. Cancellation. Except as otherwise specified as contemplated by Section 301 for Securities of any series,
all Securities and coupons surrendered for payment, redemption, registration of transfer or exchange or for credit against
any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and, if not
theretofore cancelled, shall be promptly cancelled by it. Except as otherwise specified as contemplated by Section 301
for Securities of any series, the Company may at any time deliver to the Trustee for cancellation any Securities or coupons
previously authenticated and delivered hereunder that the Company may have acquired in any manner whatsoever or that the
Company has not issued and sold, and all Securities or coupons so delivered shall be promptly cancelled by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any Securities or coupons cancelled as provided in this
Section, except as expressly permitted by this Indenture. All cancelled Securities or coupons held by the Trustee shall be
destroyed and the Trustee shall furnish an affidavit to the Company (setting forth the serial numbers of such Securities)
attesting to such destruction unless by a Company Order the Company shall direct that the cancelled Securities or coupons be
returned to it.

 

Section
310. Computation of Interest. Except as otherwise specified as contemplated by Section 301 for Securities of
any series, interest on the Securities of each series shall be computed on the basis of a year of twelve 30-day
months.

 

Section
311. Global Securities; Exchanges; Registration and Registration of Transfer. If specified as contemplated by Section
301, the Securities may be issued in the form of one or more Global Securities, which shall be deposited with the
Depository, and, unless otherwise specified in the form of Global Security adopted pursuant to Section 301, be
registered in the name of the Depository’s nominee.

 

    	26

    	 

    

 

Except
as otherwise specified as contemplated by Section 301, any permanent Global Security shall be exchangeable 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 of like tenor and principal amount of another authorized form, as specified as contemplated by Section
301, 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 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, such permanent Global Security shall be surrendered from time to time in accordance with instructions given to the
Trustee and the Depository (which instructions shall be in writing but need not comply with Section 102 or be accompanied
by an Opinion of Counsel) by the Depository or such other depository as shall be specified in the Company Order with respect thereto
to the Trustee, as the Company’s agent for such purpose, to be exchanged, in whole or in part, for definitive Securities
of the same series without charge and the Trustee shall authenticate and deliver, 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, unless the Securities of the series are
not issuable both as Unregistered Securities and as Registered Securities, as specified as contemplated by Section 301,
shall be in the form of Unregistered Securities or Registered Securities, or any combination thereof, as shall be specified by
the beneficial owner thereof; provided, however, that no such exchanges may occur during the periods specified by
Section 305; and provided, further, that no Unregistered Security delivered in exchange for a portion of
a permanent Global Security shall be mailed or otherwise delivered to any location in the United States unless the Company has
complied with the fourth paragraph of Section 305. Promptly following any such exchange in part, such permanent Global
Security shall be returned by the Trustee, to the Depository or such other depository referred to above, in accordance with the
instructions of the Company referred to above.

 

The
Global Security may be transferred to another nominee of the Depository, or to a successor Depository selected by the Company,
and upon surrender for registration of transfer of the Global Security to the Trustee, the Company shall execute, and the Trustee
shall authenticate and deliver, in the name of the designated transferee, a new Global Security in the same aggregate principal
amount. If at any time the Depository notifies the Company that it is unwilling or unable to continue as Depository and a successor
Depository satisfactory to the Company is not appointed within 90 days after the Company receives such notice, the Company will
execute, and the Trustee will authenticate and deliver, Securities in definitive form to the Depository in exchange for the Global
Security. In addition, if at any time the Company determines that it is not in the best interest of the Company or the beneficial
owners of Securities to continue to have a Global Security representing all of the Securities held by a Depository, the Company
may, at its option, execute, and the Trustee will authenticate and deliver, Securities in definitive form to the Depository in
exchange for all or a portion of the Global Security. Promptly after any such exchange of Securities in definitive form for all
or a portion of the Global Security pursuant to this paragraph, the Company shall promulgate regulations governing registration
of transfers and exchanges of Securities in definitive form, which regulations shall be reasonably satisfactory to the Trustee
and shall thereafter bind every Holder of such Securities.

 

    	27

    	 

    

 

Section
312. Extension of Interest Payment. The Company shall have the right at any time, so long as the Company is not in
default in the payment of interest on the Securities of any series hereunder, to extend interest payment periods on all
Securities of one or more series, if so specified as contemplated by Section 301 with respect to such Securities and
upon such terms as may be specified as contemplated by Section 301 with respect to such Securities. If the Company
ever so extends any such interest payment period, the Company shall promptly notify the Trustee.

 

ARTICLE
IV

 

SATISFACTION
AND DISCHARGE

 

Section
401. Satisfaction and Discharge of Indenture. (a) This Indenture shall upon Company Request cease to be of further
effect (except as to any surviving rights of registration of transfer or exchange of Securities herein expressly provided
for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture, when

 

(1)
either

 

(A)
all Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and
which have been replaced or paid as provided in Section 306 and (ii) Securities that are deemed paid and discharged pursuant
to Section 403) have been delivered to the Trustee for cancellation; or

 

(B)
all such Securities not theretofore delivered to the Trustee for cancellation

 

(i)
have become due and payable, or

 

(ii)
will become due and payable at their Stated Maturity within one year, or

 

(iii)
are to be called for redemption pursuant to Article XI hereof under arrangements satisfactory to the Trustee for the giving
of notice of redemption by the Trustee in the name, and at the expense, of the Company, or

 

(iv)
are deemed paid and discharged pursuant to Section 403, as applicable,

 

and
the Company, in the case of clause (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust
funds in trust for such purpose an amount of (a) money, or (b) (I) Eligible Obligations which through the payment of interest
and principal in respect thereof in accordance with their terms will provide on or before the Stated Maturity or Redemption Date,
as the case may be, money in an amount, or (II) a combination of money or Eligible Obligations as provided in clause (I) above,
in each case sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed
in a written certification thereof delivered to the Trustee, to pay and discharge the entire indebtedness on such Securities not
theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest, if any, to the date of
such deposit (in the case of Securities that have become due and payable) or to the Stated Maturity or Redemption Date, as the
case may be;

 

    	28

    	 

    

 

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

 

(3)
the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been met.

 

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607, the
obligations of the Trustee to any Authenticating Agent under Section 614 and, if money or Eligible Obligations have been
deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section or if money or Eligible Obligations shall have
been deposited with or received by the Trustee pursuant to Section 403, the obligations of the Trustee under Section
402 and the last paragraph of Section 1003 shall survive.

 

(b)
Upon satisfaction and discharge of this Indenture as provided in this Section 401, the Trustee shall assign, transfer and
turn over to the Company, subject to the lien provided by Section 607, any and all money, securities and other property
then held by the Trustee for the benefit of the Holders of the Securities other than money and Eligible Obligations held by the
Trustee pursuant to Section 402.

 

Section
402. Application of Trust Money. (a) Neither the Eligible Obligations nor the money deposited with the Trustee
pursuant to Section 403(e), nor the principal or interest payments on any such Eligible Obligations, shall be
withdrawn or used for any purpose other than, and shall be held in trust for, the payment of the principal of and premium, if
any, and interest, if any, on the Securities or portions of principal amount thereof in respect of which such deposit was
made, all subject, however, to the provisions of Section 1003; provided, however, that, so long as there shall
not have occurred and be continuing an Event of Default, any cash received from such principal or interest payments on such
Eligible Obligations deposited with the Trustee, if not then needed for such purpose, shall, to the extent practicable, be
invested in Eligible Obligations of the type described in Section 403(e)(2)(A) maturing at such times and in such
amounts as shall be sufficient to pay when due the principal of and premium, if any, and interest, if any, due and to become
due on such Securities or portions thereof on and prior to the Maturity thereof, and interest earned from such reinvestment
shall be paid over to the Company as received by the Trustee, free and clear of any trust, lien or pledge under this
Indenture except the lien provided by Section 607; and provided, further, that, so long as there shall not have
occurred and be continuing an Event of Default, any moneys held by the Trustee in accordance with this Section on the
Maturity of all such Securities in excess of the amount required to pay the principal of and premium, if any, and interest,
if any, then due on such Securities shall be paid over to the Company free and clear of any trust, lien or pledge under this
Indenture except the lien provided by Section 607.

 

    	29

    	 

    

 

(b)
The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against Eligible
Obligations deposited pursuant to Section 401, 403 or 1007 or the interest and principal received in respect
of such obligations other than any payable by or on behalf of Holders.

 

Section
403. Satisfaction, Discharge and Defeasance of Securities of Any Series. The Company shall be deemed to have paid and
discharged the entire indebtedness on all the Outstanding Securities of any series or Tranche, or any portion of the
principal amount thereof, on the 91st day after the date of the deposit referred to in subparagraph (e) hereof, and the
provisions of this Indenture, as it relates to such Outstanding Securities of such series, shall be satisfied and discharged
and shall no longer be in effect (and the Trustee, at the expense of the Company, shall at Company Request execute proper
instruments acknowledging the same), except as to:

 

(a)
the rights of Holders of Securities of such series to receive, solely from the trust funds described in subparagraph (e) hereof,
(i) payment of the principal of (and premium, if any) and each installment of principal of (and premium, if any) or interest,
if any, on the Outstanding Securities of such series, or portions thereof, on the Stated Maturity of such principal or installment
of principal or interest or to and including the Redemption Date irrevocably designated by the Company pursuant to subparagraph
(k) hereof and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such series on the day
on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such series;

 

(b)
the obligations of the Company and the Trustee with respect to such Securities of such series under Sections 304, 305,
306, 614, 1002, 1003 and 1203 and, if the Company shall have irrevocably designated a Redemption Date pursuant to subparagraph
(k) hereof, Sections 1104 and 1106; and

 

(c)
the Company’s obligations with respect to the Trustee under Section 607;

 

provided
that, the following conditions shall have been satisfied:

 

(d)
the Company has deposited or caused to be irrevocably deposited (except as provided in Section 402) with the Trustee as
trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities
of such series, (i) money in an amount, or (ii) (A) Eligible Obligations which through the payment of interest and principal in
respect thereof in accordance with their terms will provide on or before the due date of any payment referred to in clause (x)
or (y) of this subparagraph (e) money in an amount or (B) a combination thereof, sufficient, in the opinion of a nationally recognized
firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay
and discharge (x) the principal of (and premium, if any) and each installment of principal (and premium, if any) and interest,
if any, on such Securities on the Stated Maturity of such principal or installment of principal or interest or to and including
the Redemption Date irrevocably designated by the Company pursuant to subparagraph (k) hereof and (y) any mandatory sinking fund
payments applicable to the Securities of such series on the day on which such payments are due and payable in accordance with
the terms of this Indenture and of the Securities of such series;

 

    	30

    	 

    

 

(e)
such deposit will 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;

 

(f)
such provision would not cause any Outstanding Securities of such series then listed on the New York Stock Exchange or other securities
exchange to be delisted as a result thereof;

 

(g)
no Event of Default or event that with notice or lapse of time would become an Event of Default with respect to the Securities
of such series has occurred and is continuing on the date of such deposit or during the period ending on the 91st day after such
date;

 

(h)
the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that (x) the Company
has received from, or there has been published by, the Internal Revenue Service a ruling or (y) there has been a change in law
or regulation occurring after the date hereof, to the effect that Holders of the Securities of such series will not recognize
income, gain or loss for federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject
to federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit,
defeasance and discharge had not occurred;

 

(i)
the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the defeasance contemplated by this Section have been complied with; and

 

(j)
if the Company has deposited or caused to be deposited money or Eligible Obligations to pay or discharge the principal of (and
premium, if any) and interest on the Outstanding Securities of a series to and including a Redemption Date pursuant to subparagraph
(e) hereof, such Redemption Date shall be irrevocably designated by a Board Resolution delivered to the Trustee on or prior to
the date of deposit of such money or Eligible Obligations, and such Board Resolution shall be accompanied by an irrevocable Company
Request that the Trustee give notice of such redemption in the name and at the expense of the Company not less than 30 nor more
than 60 days prior to such Redemption Date in accordance with Section 1104.

 

    	31

    	 

    

 

ARTICLE
V

 

REMEDIES

 

Section
501. Events of Default. “Event of Default”, wherever used herein with respect to Securities
of any series, means any one of the following events:

 

(1)
default in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such
default for a period of 30 days; provided, however, that a valid extension of the interest payment period by the Company
as contemplated in Section 312 shall not constitute a failure to pay interest for this purpose; or

 

(2)
default in the payment of the principal of (or premium, if any, on) any Security of that series at its Maturity; or

 

(3)
default in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series; or

 

(4)
default in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or
warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly
been included in this Indenture solely for the benefit of one or more series of Securities other than that series), and continuance
of such default or breach for a period of 60 days after there has been given, by registered or certified mail, 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 Outstanding
Securities of such series a written notice specifying such default or breach and requiring it to be remedied and stating that
such notice is a “Notice of Default” hereunder; or

 

(5)
the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a
decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company under any applicable federal or state law, or appointing
a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial
part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order
for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; or

 

(6)
the commencement by the Company of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency,
reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent
by it to the entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable
federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency
case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any
applicable federal or state law, or the consent by it to the filing of such petition or to the appointment of or taking possession
by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company or of any substantial
part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of
its inability to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of
any such action; or

 

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(7)
any other Event of Default provided with respect to Securities of such series as contemplated by Sections 301 and 901(3).

 

Section
502. Acceleration of Maturity; Rescission and Annulment. If an Event of Default with respect to any series or Tranche
of Senior Securities at the time Outstanding occurs and is continuing, then, unless the principal of and interest on such
series or Tranche of Senior Securities has already become due and payable, either the Trustee or the Holders of a majority in
aggregate principal amount of such series or Tranche of Senior Securities then outstanding, by notice in writing to the
Company (and to the Trustee if given by such Holders), may declare the principal of and interest on all the Senior Securities
of such series or Tranche (or if any of the Senior Securities are Original Issue Discount Securities or Indexed Securities,
such portion of the principal amount of such Securities as may be specified in the terms thereof) to be due and payable
immediately and upon any such declaration the same shall become immediately due and payable, anything in this Indenture or in
the Senior Securities of such series or Tranche contained to the contrary notwithstanding; provided, however,
that if an Event of Default has occurred and is continuing with respect to more than one series or Tranche of Senior
Securities, the Trustee or the Holders of a majority in aggregate principal amount of the Outstanding Senior Securities (or
if any of the Senior Securities are Original Issue Discount Securities or Indexed Securities, such portion of the principal
amount of such Securities as may be specified in the terms thereof) of all such series or Tranches (voting as one class) may
make such declaration of acceleration, and not the Holders of the Senior Securities of any one of such series or
Tranches.

 

If
an Event of Default with respect to any series or Tranche of Subordinated Securities at the time Outstanding occurs and is continuing,
then, unless the principal of and interest on such series or Tranche of Subordinated Securities has already become due and payable,
either the Trustee or the Holders of a majority in aggregate principal amount of the Subordinated Securities of such series or
Tranche then outstanding, by notice in writing to the Company (and to the Trustee if given by such Holders), may declare the principal
of and interest on all the Subordinated Securities of such series or Tranche (or if any of the Subordinated Securities are Original
Issue Discount Securities or Indexed Securities, such portion of the principal amount of such Securities as may be specified in
the terms thereof) to be due and payable immediately and upon any such declaration the same shall become immediately due and payable,
anything in this Indenture or in the Subordinated Securities of such series contained to the contrary notwithstanding; provided,
however, that if an Event of Default has occurred and is continuing with respect to more than one series or Tranche of
Subordinated Securities, the Trustee or the Holders of a majority in aggregate principal amount of the Outstanding Subordinated
Securities (or if any of the Subordinated Securities are Original Issue Discount Securities or Indexed Securities, such portion
of the principal amount of such Securities as may be specified in the terms thereof) of all such series or Tranche (voting as
one class) may make such declaration of acceleration, and not the Holders of the Subordinated Securities of any one of such series
or Tranches.

 

In
the case of any declaration of acceleration of the Stated Maturity of any Original Issue Discount Securities or Indexed Securities
of a series, the Company shall furnish the Trustee with an Officer’s Certificate stating the amount of principal to be paid
to a Holder of $1,000 principal amount of such Securities.

 

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At
any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment
or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Event or
Events of Default giving rise to such declaration of acceleration shall, without further act, be deemed to have been waived, and
such declaration and its consequences shall, without further act, be deemed to have been rescinded and annulled, if

 

(1)
the Company has paid or deposited with the Trustee a sum sufficient to pay

 

(A)
all overdue interest on all Securities of any such series,

 

(B)
the principal of (and premium, if any, on) any Securities of such series that have become due otherwise than by such declaration
of acceleration and interest thereon at the rate or rates prescribed therefor in such Securities,

 

(C)
to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor
in such Securities, and

 

(D)
all amounts due to the Trustee under Section 607;

 

and

 

(2)
all Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of
that series that have become due solely by such declaration of acceleration, have been cured or waived as provided in Section
513.

 

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

 

Section
503. Collection of Indebtedness and Suits for Enforcement by Trustee. If an Event of Default described in clause (1)
or (2) of Section 501 has occurred and is continuing, the Company shall, upon demand of the Trustee, pay to it, for
the benefit of the Holders of the Securities of the series with respect to which such Event of Default has occurred, the
whole amount then due and payable on such Securities for principal (and premium, if any) and interest, if any, and, to the
extent that payment of such interest shall be legally enforceable, interest on any overdue principal (and premium, if any)
and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such
further amount as shall be sufficient to cover any amounts due to the Trustee under Section 607.

 

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, may prosecute such proceeding to judgment
or final decree and may enforce the same against the Company or any other obligor upon such 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 such
Securities, wherever situated.

 

    	34

    	 

    

 

If
an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed
to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings
as the Trustee deems 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.

 

Section
504. Trustee May File Proofs of Claim. In case of the pendency of any 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 of 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,

 

(i)
to file and prove a claim for the whole amount of principal (and premium, if any) and interest, if any, 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 amounts due to the Trustee under Section 607 and of the Holders allowed in such judicial
proceeding, and

 

(ii)
to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;

 

and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Holder to make such payments to the Trustee and, if the Trustee consents to the making of such payments
directly to the Holders, to pay to the Trustee any amount due it under Section 607.

 

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

 

Section
505. Trustee May Enforce Claims Without Possession of Securities or Coupons. All rights of action and claims under
this Indenture or the Securities or coupons may be prosecuted and enforced by the Trustee without the possession of any of
the Securities or coupons 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 amounts due to the Trustee under Section 607, be for the ratable benefit of the
Holders of the Securities and coupons in respect of which such judgment has been recovered.

 

    	35

    	 

    

 

Section
506. 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 interest, if any, upon presentation of the Securities in respect of which or for the
benefit of which such money shall have been collected 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 607;

 

SECOND:
To the payment of the amounts then due and unpaid for principal of (and premium, if any) and interest, if any, 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 premium, if any) and interest, if any, respectively;
and

 

THIRD:
The balance, if any, to the Company.

 

The
Trustee may fix a record date (with respect to Registered Securities) and payment date for any such payment to Holders of Securities.

 

Section
507. 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 with respect to the Securities
of that series;

 

(2)
the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of all series of Senior Securities
in respect of which an Event of Default has occurred and is continuing, considered as one class, 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 if such holder
is a Holder of Senior Securities or the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities
of all series of Subordinated Securities in respect of which an Event of Default has occurred and is continuing, considered as
one class, 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 if such Holder is a Holder of Subordinated Securities;

 

(3)
such Holder or Holders have offered to the Trustee indemnity against the reasonable 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 proceeding;
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 aggregate principal amount of the Outstanding Securities of all series;

 

    	36

    	 

    

 

it
being understood and intended that (subject to Section 508) no one or more of such Holders shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of
any other of such Holders, 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 of such Holders.

 

Section
508. Unconditional Right of Holders to Receive Principal, Premium 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 307) interest, if any, on such Security on the Stated
Maturity or Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date, or, in the case of
repayment at the option of the Holder, on the Repayment Date) and to institute suit for the enforcement of any such payment,
and such rights shall not be impaired without the consent of such Holder.

 

Section
509. Restoration of Rights and Remedies. If the Trustee or any Holder 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, subject to any determination in such
proceeding, the Company, the Trustee and such Holder shall be restored severally and respectively to their former positions
hereunder and thereafter all rights and remedies of the Trustee and such Holder shall continue as though no such proceeding
had been instituted.

 

Section
510. Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, no right or remedy herein
conferred upon or reserved to the Trustee or to the Holders 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.

 

Section
511. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Securities to exercise
any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any
such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to
the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as
the case may be.

 

Section
512. Control by Holders. If an Event of Default shall have occurred and be continuing in respect of a series of
Securities, the Holders of a majority in aggregate principal amount of the Outstanding Securities of such 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, with respect to the Securities of such series or Tranche; provided,
however, that if an Event of Default has occurred and is continuing with respect to more than one series of Senior
Securities, the Holders of a majority in aggregate principal amount of the Outstanding Securities of all such series,
considered as one class, shall have the right to make such direction, an not the Holders of the Senior Securities of any one
of such series, and if an Event of Default has occurred and is continuing with respect to more than one series of
Subordinated Securities, the Holders of a majority in aggregate principal amount of all such series, considered as one class,
shall have the right to make such direction, and not the Holders of the Subordinated Securities of any one of such series; provided,
further that

 

    	37

    	 

    

 

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

 

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

 

Section
513. Waiver of Past Defaults. The Holders of not less than a majority in aggregate principal amount of the Outstanding
Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder
with respect to such series and its consequences; provided that if any such past default has occurred with respect to
more than one series of Senior Securities, the Holders of a majority in aggregate principal amount of the Outstanding
Securities of all such series, considered as one class, may make such waiver, and not the Holders of any one of such series; provided
further that if any such past default has occurred with respect to more than one series of Subordinated Securities, the
Holders of a majority in aggregate principal amount of the Outstanding Securities of all such series, considered as one
class, may make such waiver, and not the Holders of any one of such series, in each case except a default

 

(1)
in the payment of the principal of (or premium, if any) or interest, if any, on any Security of such series, or

 

(2)
in respect of a covenant or provision hereof that under Section 902 cannot be modified or amended without the consent of
the Holder of each Outstanding Security of such series affected.

 

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

 

Section
514. 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 Company, 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 aggregate principal amount
of the Outstanding Securities of all series in respect of which such suit may be brought, considered as one class, or to any
suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest, if
any, on any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption,
on or after the Redemption Date, or, in the case of repayment at the option of the Holder, on or after the Repayment
Date).

 

    	38

    	 

    

 

Section
515. 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 law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of
this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage
of any such law and 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
VI

THE TRUSTEE

 

Section
601. Certain Duties and Responsibilities. (a) Except during the continuance of an Event of Default with respect to
Securities of any series,

 

(1)
the Trustee undertakes to perform, with respect to Securities of such series, such duties and only such duties as are specifically
set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

(2)
in the absence of bad faith on its part, the Trustee may, with respect to Securities of such series, conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to
the Trustee and conforming to the requirements of this Indenture; 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 to the requirements of this Indenture.

 

(b)
If an Event of Default with respect to Securities of any series has occurred and is continuing, the Trustee shall exercise, with
respect to Securities of 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 provision 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 wilful misconduct, except that

 

    	39

    	 

    

 

(1)
this subsection shall not be construed to limit the effect of sub-section (a) of this Section;

 

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

 

(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 a majority in aggregate principal amount of the Outstanding Securities of any one or more series,
as provided herein, 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 with respect to the Securities of such series;
and

 

(4)
no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it has reasonable grounds
for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

 

(d)
Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of this Section.

 

Section
602. Notice of Defaults. Within 90 days after the occurrence of any default hereunder with respect to the Securities
of any series, the Trustee shall transmit by mail to all Holders of Securities of such series entitled to receive reports
pursuant to Section 704(3) (and, if Unregistered Securities of that series are outstanding, shall cause to be
published at least once in an Authorized Newspaper in The City of New York and, if Securities of that series are listed on
any stock exchange outside of the United States, in the city in which such stock exchange is located) notice of such default
hereunder known to the Trustee, unless such default shall have been cured or waived; provided, however, that,
except in the case of a default in the payment of the principal of (or premium, if any) or interest, if any, on any Security
of such series or in the payment of any sinking fund installment with respect to Securities of such series, the Trustee shall
be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust
committee of directors or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is
in the interest of the Holders of Securities of such series; and provided, further, that in the case of any default of
the character specified in Section 501(4) with respect to Securities of such series, no such notice to Holders shall
be given until at least 75 days after the occurrence thereof. For the purpose of this Section, the term
“default” means any event that is, or after notice or lapse of time or both would become, an Event
of Default with respect to Securities of such series.

 

    	40

    	 

    

 

Section
603. Certain Rights of Trustee. Subject to the provisions of Section 601 and to the applicable provisions of the
Trust Indenture Act:

 

(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, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper
or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

(b)
any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order,
or as otherwise expressly provided herein, and any resolution of the Board of Directors may be sufficiently evidenced by a Board
Resolution;

 

(c)
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 or a certificate of an officer or officers delivered
pursuant to Section 301 and such Officer’s Certificate or certificate of an officer or officers, 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;

 

(d)
the Trustee may consult with counsel and the written 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;

 

(e)
the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities that might be incurred by it in compliance with such request
or direction;

 

(f)
the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall (subject
to applicable legal requirements) be entitled to examine, during normal business hours, the books, records and premises of the
Company, personally or by agent or attorney; and

 

(g)
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; no Depository or Paying Agent shall be deemed an agent of the Trustee and the Trustee
shall not be responsible for any act or omission by any of them.

 

    	41

    	 

    

 

Section
604. Not Responsible for Recitals or Issuance of Securities. The recitals contained herein and in the Securities, except
the Trustee’s certificate of authentication, shall be taken as the statements of the Company, and the Trustee or any Authenticating
Agent assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency
of this Indenture or of the Securities of any series or any coupons. The Trustee or any Authenticating Agent shall not be accountable
for the use or application by the Company of Securities or the proceeds thereof. The Trustee shall not be responsible for and
makes no representations as to the Company’s ability or authority to issue the Unregistered Securities or the lawfulness
thereof.

 

Section
605. May Hold Securities. The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other
agent of the Company or the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and,
subject to Sections 608 and 613, may otherwise deal with the Company with the same rights it would have if it were
not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.

 

Section
606. Money Held in Trust. Money held by the Trustee or by any Paying Agent (other than the Company if the Company shall
act as Paying Agent) in trust hereunder need not be segregated from other funds except to the extent required by law. Neither
the Trustee nor any Paying Agent shall be liable for interest on any money received by it hereunder except as expressly provided
herein or otherwise agreed with the Company.

 

Section
607. Compensation and Reimbursement. The Company agrees

 

(1)
to pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation
shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 

(2)
except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable
to its negligence, wilful misconduct or bad faith; and

 

(3)
to indemnify the Trustee for, and to hold it harmless against, any loss, liability or expense reasonably incurred without negligence,
wilful misconduct or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust
or trusts hereunder or performance of its duties hereunder, including the costs and expenses of defending itself against any claim
or liability in connection with the exercise or performance of any of its powers or duties hereunder.

 

As
security for the performance of the obligations of the Company under this Section, the Trustee shall have a claim prior to the
Securities and any coupons upon all property and funds held or collected by the Trustee as such, except property and funds held
in trust for the payment of principal of (and premium, if any) or interest, if any, on particular Securities or any coupons.

 

    	42

    	 

    

 

Section
608. Disqualification; Conflicting Interests. If the Trustee has or acquires any conflicting interest within the meaning
of the Trust Indenture Act with respect to the Securities of any series, it shall either eliminate such conflicting interest or
resign to the extent, in the manner and with the effect, and subject to the conditions, provided in the Trust Indenture Act and
this Indenture. For purposes of Section 310(b)(1) of the Trust Indenture Act and to the extent permitted thereby, the Trustee,
in its capacity as trustee in respect of the equally ranked and unsecured Securities of any series, shall not be deemed to have
a conflicting interest arising from its capacity as trustee in respect of the equally ranked and unsecured Securities of any other
series under this Indenture or any securities issued under the Indenture dated as of [ ] between the Company and the Trustee [specifically
describe other outstanding indentures with the Trustee].

 

Section
609. Corporate Trustee Required; Eligibility. There shall at all times be a Trustee hereunder that shall be a corporation
organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia (or
such other Person as may be permitted to act as Trustee by the Commission), authorized under such laws to exercise corporate trust
powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state
authority and qualified and eligible under this Article, provided that, neither the Company nor any Affiliate of the Company
may serve as Trustee of any Securities. If such corporation 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 corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report
of condition so published. If at any time the Trustee ceases to be eligible in accordance with the provisions of this Section,
it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

 

Section
610. Resignation and Removal; Appointment of Successor. (a) No resignation or removal of the Trustee and no appointment
of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee
in accordance with the applicable requirements of Section 611.

 

(b)
The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the
Company. If the instrument of acceptance by a successor Trustee required by Section 611 has not been delivered to the Trustee
within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction
for the appointment of a successor Trustee with respect to the Securities of such series.

 

(c)
The Company may at any time by a Board Resolution remove the Trustee with respect to the Securities of any or all series.

 

(d)
The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in aggregate
principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company.

 

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(e)
If at any time:

 

(1)
the Trustee fails to comply with Section 608 with respect to the Securities of any series, after written request therefor
by the Company or by any Holder who has been a bona fide Holder of a Security of such series for at least six months, or

 

(2)
the Trustee ceases to be eligible under Section 609 and fails to resign after written request therefor by the Company or
by any such Holder, or

 

(3)
the Trustee becomes incapable of acting or becomes adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
is appointed or any public officer takes 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, subject to Section 514, any Holder who has been a bona fide Holder of a Security 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 with respect to all Securities and the appointment of a successor Trustee or Trustees.

 

(f)
If the Trustee resigns, is removed or becomes incapable of acting, or if a vacancy shall occur in the office of Trustee for any
cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee
may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only
one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section
611. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee
with respect to the Securities of any series is appointed by Act of the Holders of a majority in aggregate principal amount of
the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed
shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 611,
become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee
appointed by the Company. If no successor Trustee with respect to the Securities of any series has been so appointed by the Company
or the Holders and accepted appointment in the manner required by Section 611, any Holder who has been a bona fide Holder
of a Security of such series for at least six months may, subject to Section 514, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities
of such series.

 

(g)
The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series
and each appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such event
by first-class mail, postage prepaid, to all Holders of Securities of such series entitled to receive reports pursuant to Section
704(3) and, if any Unregistered Securities are outstanding, by publishing notice of such event once in an Authorized Newspaper
in The City of New York and, if any Unregistered Securities are listed on any stock exchange outside of the United States, in
the city in which such stock exchange is located. Each notice shall include the name of the successor Trustee with respect to
the Securities of such series and the address of its Corporate Trust Office.

 

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(h)
All provisions of this Section except subparagraph (d) and Section 611(b) (except for the last clause, after omitting the
words “after deducting all amounts owed to the retiring Trustee pursuant to Section 607,” which shall apply)
shall apply also to any Paying Agent located outside the United States and its possessions.

 

Section
611. Acceptance of Appointment by Successor. (a) In case of the appointment hereunder of a successor Trustee with respect
to the Securities of all series, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company
and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring
Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee,
such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee
all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee
all property and money held by such retiring Trustee hereunder, subject nevertheless to its lien provided for in Section 607.

 

(b)
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 retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute
and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall
contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee
all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities,
shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring
shall continue to be vested in the retiring Trustee, and (3) 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; and upon the execution and delivery of such supplemental indenture the resignation or
removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without
any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee
with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request
of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee,
after deducting all amounts owed to the retiring Trustee pursuant to Section 607, all property and money held by such retiring
Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates.

 

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(c)
Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting
in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section,
as the case may be.

 

(d)
No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified
and eligible under this Article.

 

Section
612. Merger, Conversion, Consolidation or Succession to Business. 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 the corporate trust business of
the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and
eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties
hereto. 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. In case any Securities
shall not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Securities,
in either its own name or that of its predecessor Trustee, with the full force and effect which this Indenture provides for the
certificate of authentication of the Trustee.

 

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

 

Section
614. Appointment of Authenticating Agent. At any time when any of the Securities remain Outstanding the Trustee may appoint
an Authenticating Agent or Agents (which may include any Person that owns, directly or indirectly, all of the capital stock of
the Trustee or a corporation that is a wholly-owned subsidiary of the Trustee or of such other Person) with respect to one or
more series of Securities, or any Tranche thereof, that shall be authorized to act on behalf of the Trustee to authenticate Securities
of such series or Tranche issued upon original issuance, exchange, registration of transfer or partial redemption thereof or pursuant
to Section 306, 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. The Trustee shall mail written notice of such appointment
by first-class mail, postage prepaid, to all Holders of Securities of the series or Tranche with respect to which such Authenticating
Agent will serve, and which are entitled to receive reports pursuant to Section 704(3) and, if any Unregistered Securities
are outstanding, by publishing notice of such event once in an Authorized Newspaper in The City of New York and, if any Unregistered
Securities are listed on any stock exchange outside of the United States, in the city in which such stock exchange is located.
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, any state thereof or the District of Columbia, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of not less than $1,000,000 and subject to supervision or examination
by federal or state authority. 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 ceases 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.

 

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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 an 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 the Authenticating Agent.

 

An
Authenticating Agent may resign with respect to one or more series of Securities 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 with respect to
one or more series of Securities 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 ceases to be eligible
in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent that is acceptable
to the Company and shall provide notice of such appointment to all Holders of Securities of the series or Tranche with respect
to which such Authenticating Agent will serve, as provided in paragraph (a) of this Section. 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. An Authenticating Agent appointed pursuant to this Section shall be entitled to
rely on Sections 111, 308, 604 and 605 hereunder.

 

The
Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section,
and the Trustee shall be entitled to be reimbursed for such payments, subject to the provisions of Section 607.

 

    	47

    	 

    

 

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

 

This
is one of the Securities of the series designated pursuant to and issued under the within-mentioned Indenture.

 

	 	[                         ]
	 	      As Trustee
	 	 	 
	 	By	 
	 	 	As
    Authenticating Agent on behalf of the Trustee

 

	 	By	 
	 	 	Authorized
    Officer of Authenticating Agent

 

	Dated:	 	 	 

 

If
all of the Securities of a series may not be originally issued at one time, and if 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 (which writing need
not comply with Section 102 and need not be accompanied by an Opinion of Counsel), shall appoint, in accordance with this
Section and in accordance with such procedures as shall be acceptable to the Trustee, an Authenticating Agent (which, if so requested
by the Company, may be an Affiliate of the Company) having an office in a Place of Payment designated by the Company with respect
to such series of Securities.

 

ARTICLE
VII

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

Section
701. Company to Furnish Trustee Names and Addresses of Holders. The Company will furnish or cause to be furnished to the
Trustee

 

(a)
semi-annually, not later than the 15th day after each Regular Record Date for each series of Registered Securities at the time
Outstanding or on June 30 and December 31 of each year with respect to each series of Securities for which there are no Regular
Record Dates, a list, in such form as the Trustee may reasonably require, containing all the information in the possession or
control of the Company, or any of its Paying Agents other than the Trustee, of the names and addresses of the Holders of Registered
Securities of such series, including Holders of interests in Global Securities, as of such preceding Regular Record Date or on
June 15 or December 15, as the case may be, or, in the case of a series of non-interest bearing Securities, on a date to be determined
as contemplated pursuant to Section 301, and

 

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(b)
at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request,
a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished;

 

excluding
from any such list names and addresses received by the Trustee in its capacity as Security Registrar for Registered Securities
other than Global Securities.

 

Section
702. Preservation of Information; Communications to Holders. (a) The Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of Holders of Registered Securities contained in the most recent list furnished
to the Trustee as provided in Section 701 and the names and addresses of Holders of Registered Securities received by the
Trustee in its capacity as Security Registrar or Paying Agent. The Trustee may destroy any list furnished to it as provided in
Section 701 upon receipt of a new list so furnished.

 

(b)
If three or more Holders (herein referred to as “applicants”) apply in writing to the Trustee, and furnish to the
Trustee reasonable proof that each such applicant has owned a Security for a period of at least six months preceding the date
of such application, and such application states that the applicants desire to communicate with other Holders with respect to
their rights under this Indenture or under the Securities and is accompanied by a copy of the form of proxy or other communication
that such applicants propose to transmit, then the Trustee shall, within five business days after the receipt of such application,
at its election, either

 

(i)
afford such applicants access to the information preserved at the time by the Trustee in accordance with Section 702(a),
or

 

(ii)
inform such applicants as to the approximate number of Holders whose names and addresses appear in the information preserved at
the time by the Trustee in accordance with Section 702(a), and as to the approximate cost of mailing to such Holders the
form of proxy or other communication, if any, specified in such application.

 

If
the Trustee elects not to afford such applicants access to such information, the Trustee shall, upon the written request of such
applicants, mail to each Holder whose name and address appear in the information preserved at the time by the Trustee in accordance
with Section 702(a) a copy of the form of proxy or other communication that is specified in such request, with reasonable
promptness after a tender to the Trustee by the applicants of the material to be mailed and of payment, or provision for the payment,
of the reasonable expenses of mailing, unless within five days after such tender the Trustee shall mail to such applicants and
file with the Commission, together with a copy of the material to be mailed, a written statement to the effect that, in the opinion
of the Trustee, such mailing would be contrary to the best interest of the Holders or would be in violation of applicable law.
Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections
specified in the written statement so filed, enters an order refusing to sustain any of such objections or if, after the entry
of an order sustaining one or more of such objections, the Commission finds, after notice and opportunity for hearing, that all
the objections so sustained have been met and enters an order so declaring, the Trustee shall mail copies of such material to
all such Holders with reasonable promptness after the entry of such order and the renewal of such tender by such applicants; otherwise
the Trustee shall be relieved of any obligation or duty to such applicants respecting their application.

 

    	49

    	 

    

 

(c)
Every Holder of Securities or coupons, by receiving and holding the same, agrees with the Company and the Trustee that neither
the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of the disclosure of any such
information as to the names and addresses of the Holders in accordance with Section 702(b), regardless of the source from
which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant
to a request made under Section 702(b).

 

Section
703. Reports by Trustee. (a) Within 60 days after May 15 of each year commencing with the year 20__, the Trustee shall
transmit by mail to all Holders of Registered Securities of any series, as their names and addresses appear in the Security Register
and to all other Holders who are entitled to receive reports pursuant to Section 704(3), a brief report dated as of such
May 15 with respect to any of the following events which may have occurred within the previous 12 months (but if no such event
has occurred within such period no report need be transmitted):

 

(1)
any change to its eligibility under Section 609 and its qualifications under Section 608;

 

(2)
the creation of or any material change to a relationship specified in paragraphs (1) through (10) of Section 310(b) of
the Trust Indenture Act;

 

(3)
the character and amount of any advances (and if the Trustee elects so to state, the circumstances surrounding the making thereof)
made by the Trustee (as such) which remain unpaid on the date of such report, and for the reimbursement of which it claims or
may claim a lien or charge, prior to that of the Securities of such series or any related coupons, on any property or funds held
or collected by it as Trustee, except that the Trustee shall not be required (but may elect) to report such advances if such advances
so remaining unpaid aggregate not more than one-half of 1% of the principal amount of the Securities of such series Outstanding
on the date of such report;

 

(4)
the amount, interest rate and maturity date of all other indebtedness owing by the Company (or by any other obligor on the Securities
of such series) to the Trustee in its individual capacity, on the date of such report, with a brief description of any property
held as collateral security therefor, except an indebtedness based upon a creditor relationship arising in any manner described
in paragraphs (2), (3), (4) or (6) of Section 311(b) of the Trust Indenture Act;

 

(5)
any change to the property and funds, if any, physically in the possession of the Trustee as such on the date of such report;

 

(6)
any additional issue of Securities which the Trustee has not previously reported; and

 

(7)
any action taken by the Trustee in the performance of its duties hereunder which it has not previously reported and which in its
opinion materially affects the Securities of such series, except action in respect of a default, notice of which has been or is
to be withheld by the Trustee in accordance with Section 602.

 

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(b)
The Trustee shall transmit by mail to all Holders of Registered Securities of any series, as their names and addresses appear
in the Security Register and to all Holders who are entitled to receive reports pursuant to Section 704(3), a brief report
with respect to the character and amount of any advances (and if the Trustee elects so to state, the circumstances surrounding
the making thereof) made by the Trustee (as such) since the date of the last report transmitted pursuant to subsection (a) of
this Section (or if no such report has yet been so transmitted, since the date of execution of this instrument) for the reimbursement
of which it claims or may claim a lien or charge, prior to that of the Securities of such series, on property or funds held or
collected by it as Trustee and which it has not previously reported pursuant to this subsection, except that the Trustee shall
not be required (but may elect) to report such advances if such advances remaining unpaid at any time aggregate 10% or less of
the principal amount of the Securities of such series Outstanding at such time, such report to be transmitted within 90 days after
such time.

 

(c)
A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange
upon which any Securities are listed, with the Commission and with the Company. The Company will notify the Trustee in writing
when any Securities are listed on any stock exchange.

 

Section
704. Reports by Company. The Company shall:

 

(1)
file with the Trustee, within 45 days after the Company is required to file the same with the Commission, copies of the annual
reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission
may from time to time by rules and regulations prescribe) that the Company may be required to file with the Commission pursuant
to Section 13 or Section 15(d) of the Securities Exchange Act of 1934; or, if the Company is not required to file information,
documents or reports pursuant to either of said Sections, then it shall file with the Trustee and the Commission, in accordance
with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information,
documents and reports that may be required pursuant to Section 13 of the Securities Exchange Act of 1934 in respect of a security
listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations;

 

(2)
file with the Trustee and the Commission, in accordance with rules and regulations prescribed by the Commission, such additional
information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture
as may be required from time to time by such rules and regulations; and

 

(3)
transmit by mail to all Holders of Registered Securities, as their names and addresses appear in the Security Register, to such
Holders of Unregistered Securities as have, within the two years preceding such transmission, filed their names and addresses
with the Trustee for that purpose and to each Holder whose name and address is then preserved on the Trustee’s list pursuant
to the first sentence of Section 702(a), within 30 days after the filing thereof with the Trustee, such summaries of any
information, documents and reports required to be filed by the Company pursuant to paragraphs (1) and (2) of this Section as may
be required by rules and regulations prescribed from time to time by the Commission.

 

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ARTICLE
VIII

CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

 

Section
801. Company May Consolidate, Etc. Only on Certain Terms. The Company shall not consolidate with or merge into any other
corporation or convey, transfer or lease all or substantially all of its properties and assets to any Person, unless:

 

(1)
the corporation formed by such consolidation or into which the Company is merged or the Person that acquires by conveyance, transfer
or lease the properties and assets of the Company substantially as an entirety shall be a Person organized and existing under
the laws of the United States of America, any State thereof or the District of Columbia and shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment
of the principal of (and premium, if any) and interest, if any, on all the Outstanding Securities and the performance of every
covenant of this Indenture on the part of the Company to be performed or observed;

 

(2)
immediately after giving effect to such transaction, no Event of Default and no event that, after notice or lapse of time or both,
would become an Event of Default, shall have occurred and be continuing;

 

(3)
the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, conveyance, transfer or lease and such supplemental indenture comply with this Article and that all conditions precedent
herein provided for relating to such transaction have been met.

 

Section
802. Successor Corporation Substituted. Upon any consolidation or merger or any conveyance, transfer or lease of all or
substantially all the properties and assets of the Company in accordance with Section 801, the successor corporation formed
by such consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed
to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as
if such successor corporation had been named as the Company herein and thereafter, in the case of a conveyance, transfer or lease
of properties and assets of the Company substantially as an entirety, such conveyance, transfer or lease shall have the effect
of releasing the Person named as the “Company” in the first paragraph of this instrument or any successor corporation
which shall theretofore have become such in the manner prescribed in this Article from its liability as obligor and maker on any
of the Securities.

 

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ARTICLE
IX

SUPPLEMENTAL INDENTURES

 

Section
901. Supplemental Indentures Without Consent of Holders. Without the consent of any Holders, the Company and the Trustee,
at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee,
for any of the following purposes:

 

(1)
to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company
herein and in the Securities; or

 

(2)
to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities, or any Tranche thereof
(and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly
being included solely for the benefit of such series), or to surrender any right or power herein conferred upon the Company; or

 

(3)
to add any additional Events of Default with respect to all or any series of Securities Outstanding hereunder; or

 

(4)
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 in bearer form, registrable or not registrable as to principal, and with or without interest coupons; or

 

(5)
to change or eliminate any of the provisions of this Indenture, or to add any new provision to this Indenture, in respect of one
or more series or Tranches of Securities; provided, however, that any such change, elimination or addition (A) shall
neither (i) apply to any Security Outstanding on the date of such indenture supplemental hereto nor (ii) modify the rights of
the Holder of any such Security with respect to such provision in effect prior to the date of such indenture supplemental hereto
or (B) shall become effective only when no Security of such series or Tranche remains Outstanding; or

 

(6)
to secure the Securities pursuant to the requirements of any covenant on liens in respect of such series of Securities or otherwise;
or

 

(7)
to establish for the issuance of and establish the form or terms and conditions of Securities of any series or Tranche as permitted
by Section 301, and to establish the form of any certificates required to be furnished pursuant to the terms of this Indenture
or any series of Securities; or

 

(8)
to provide for uncertificated Securities in addition to or in place of all, or any series or Tranche of, certificated Securities;
or

 

    	53

    	 

    

 

(9)
to evidence and provide for the acceptance of appointment hereunder by a separate or successor Trustee or co-trustee with respect
to the Securities of one or more series and to 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, pursuant to the requirements
of Section 611(b); or

 

(10)
to change any place or places where (a) the principal of or premium, if any, or interest, if any, on all or any series of Securities,
or any Tranche thereof, shall be payable, (b) all or any series of Securities, or any Tranche thereof, may be surrendered for
registration or transfer, (c) all or any series of Securities, or any Tranche thereof, may be surrendered for exchange and (d)
notices and demands to or upon the Company in respect of all or any series of Securities, or any Tranche thereof, and this Indenture
may be served;

 

(11)
to cure any ambiguity, to correct or supplement any provision herein that may be defective or inconsistent with any other provision
herein, provided such action shall not adversely affect the interests of the Holders of Securities of any series or Tranche
in any material respect; or

 

(12)
to make any other provisions with respect to matters or questions arising under this Indenture, provided such action shall
not adversely affect the interests of the Holders of any Securities of any series or Tranche Outstanding on the date of such indenture
supplemental hereto.

 

Without
limiting the generality of the foregoing, if the Trust Indenture Act as in effect at the date of the execution and delivery of
this Indenture or at any time thereafter becomes amended and

 

(x)
if any such amendment requires one or more changes to any provisions hereof or the inclusion herein of any additional provisions,
or by operation of law is deemed to effect such changes or incorporate such provisions by reference or otherwise, this Indenture
shall be deemed to have been amended so as to conform to such amendment to the Trust Indenture Act, and the Company and the Trustee
may, without the consent of any Holders, enter into an indenture supplemental hereto to effect or evidence such changes or additional
provisions; or

 

(y)
if any such amendment permits one or more changes to, or the elimination of, any provisions hereof that, at the date hereof or
at any time thereafter, are required by the Trust Indenture Act to be contained herein (or if it is no longer required by the
TIA for the Indenture to contain one or more provisions), this Indenture shall be deemed to have been amended to effect such changes
or elimination, and the Company and the Trustee may, without the consent of any Holders, enter into an indenture supplemental
hereto to evidence such amendment hereof; or

 

(z)
if, by reason of any such amendment, it shall be no longer necessary for this Indenture to contain one or more provisions that,
at the date of the execution and delivery hereof, are required by the Trust Indenture Act to be contained herein, the Company
and the Trustee may, without the consent of any Holders, enter into an indenture supplemental hereto to effect the elimination
of such provisions.

 

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Section
902. Supplemental Indentures With Consent of Holders. (a) Except as set forth in paragraph (c) below, with the consent
of the Holders of not less than a majority in aggregate principal amount of the Senior Securities of all series then Outstanding
(considered as one class), the Company, when authorized by a resolution of its Board of Directors (which resolution may provide
general terms or parameters for such action and may provide that the specific terms of such action may be determined in accordance
with or pursuant to a Company Order), and the Trustee may, from time to time and at any time, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Securities of
each such series or Tranche or of the Coupons appertaining to such Securities or of modifying in any manner the rights of the
Holders of Securities of such series or Tranche under this Indenture; provided, however, that if there are Senior Securities
of more than one series Outstanding hereunder and if a proposed supplemental indenture shall directly affect the rights of the
Holders of Senior Securities of one or more, but less than all, of such series, then the consent only of the Holders of a majority
in aggregate principal amount of the Outstanding Securities of all series so directly affected, considered as one class, shall
be required; and provided, further, that if the Securities of any series have been issued in more than one Tranche and
if the proposed supplemental indenture shall directly affect the rights of the Holders of Senior Securities of one or more, but
less than all, of such Tranches, then the consent only of the Holders of a majority in aggregate principal amount of the Outstanding
Securities of all Tranches so directly affected, considered as one class, shall be required.

 

(b)
Except as set forth in paragraph (c) below, with the consent of the Holders of not less than a majority in aggregate principal
amount of the Subordinated Securities of all series then Outstanding (considered as one class), the Company, when authorized by
a resolution of its Board of Directors (which resolution may provide general terms or parameters for such action and may provide
that the specific terms of such action may be determined in accordance with or pursuant to a Company Order), and the Trustee may,
from time to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying
in any manner the rights of the Holders of the Securities of each such series or of the Coupons appertaining to such Securities
or of modifying in any manner the rights of the Holders of Securities of such series or Tranche under this Indenture; provided,
however, that if there are Subordinated Securities of more than one series Outstanding hereunder and if a proposed supplemental
indenture shall directly affect the rights of the Holders of Subordinated Securities of one or more, but less than all, of such
series, then the consent only of the Holders of a majority in aggregate principal amount of the Outstanding Securities of all
series so directly affected, considered as one class, shall be required; and provided, further, that if the Securities
of any series have been issued in more than one Tranche and if the proposed supplemental indenture shall directly affect the rights
of the Holders of Subordinated Securities of one or more, but less than all, of such Tranches, then the consent only of the Holders
of a majority in aggregate principal amount of the Outstanding Securities of all Tranches so directly affected, considered as
one class, shall be required.

 

(c)
No such supplemental indenture or waiver shall, without the consent of the Holder of each Outstanding Security affected thereby,

 

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(1)
change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon (or the amount of any installment of interest thereon) or any premium
payable upon the redemption thereof, or change the method of calculating the rate of interest thereon, or reduce the amount of
the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity
thereof pursuant to Section 502, or change the coin or currency (or other property) in which, any Security or any premium
or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after
the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date, or, in the case of repayment at the
option of the Holders, on or after the Repayment Date), or modify any provisions of this Indenture with respect to the conversion
or exchange of the Securities into Securities of another series or into any other debt or equity securities in a manner adverse
to the Holders, or

 

(2)
reduce the percentage in principal amount of the Outstanding Securities of any series, or any Tranche thereof, the consent of
whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver of compliance
with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this indenture,
or

 

(3)
modify any of the provisions of this Section, Section 513 or Section 1007, except to increase any such percentage
or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of
each Outstanding Security affected thereby, provided, however, that this clause shall not be deemed to require the
consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section
and Section 1007, or the deletion of this proviso, in accordance with the requirements of Sections 611(b) and 901(9).

 

A
supplemental indenture that changes or eliminates any covenant or other provision of this Indenture that has expressly been included
solely for the benefit of one or more particular series of Securities, or one or more Tranches thereof, or that modifies the rights
of the Holders of Securities of such series or Tranches with respect to such covenant or other provision, shall be deemed not
to affect the rights under this Indenture of the Holders of Securities of any other series or Tranche.

 

It
shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof. A waiver by a Holder of such Holder’s rights
to consent under this Section shall be deemed to be a consent of such Holder.

 

Section
903. Execution of Supplemental Indentures. In executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be
entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating
that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not
be obligated to, enter into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise.

 

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Section
904. Effect of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article, this Indenture
shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes;
and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. Any supplemental
indenture permitted by this Article may restate this Indenture in its entirety, and, upon the execution and delivery thereof,
any such restatement shall supersede this Indenture as theretofore in effect for all purposes.

 

Section
905. Conformity With Trust Indenture Act. Every supplemental indenture executed pursuant to this Article shall conform
to the requirements of the Trust Indenture Act as then in effect.

 

Section
906. Reference in Securities to Supplemental Indentures. Securities of any series, or any Tranche thereof, authenticated
and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee,
bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company so
determines, new Securities of any series, or any Tranche thereof, and any appertaining coupons so modified as to conform, in the
opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated
and delivered by the Trustee in exchange for Outstanding Securities of such series or Tranche and any appertaining coupons.

 

Section
907. Revocation and Effect of Consents. Until an amendment or waiver becomes effective, a consent to it by a Holder of
a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences
the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However,
any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives
the notice of revocation before the date on which the Trustee receives an Officer’s Certificate certifying that the Holders
of the requisite principal amount of Securities have consented to the amendment or waiver. After an amendment or waiver becomes
effective, it shall bind every Holder of each series of Securities affected by such amendment or waiver.

 

The
Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to
any amendment or waiver. If a record date is fixed, then notwithstanding the provisions of the immediately preceding paragraph,
those persons who were Holders at such record date (or their duly designated proxies), and only those persons, shall be entitled
to consent to such amendment or waiver or to revoke any consent previously given, whether or not such persons continue to be Holders
after such record date.

 

After
an amendment or waiver becomes effective it shall bind every Holder, unless it is of the type described in any of clauses (1)
through (3) of Section 902(c). In such case, the amendment or waiver shall bind each Holder of a Security who has consented
to it and every subsequent Holder of a Security that evidences the same debt as the consenting Holder’s Security.

 

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Section
908. Modification Without Supplemental Indenture. If the terms of any particular series of Securities have been established
in a Board Resolution or an Officer’s Certificate as contemplated by Section 301, and not in an indenture supplemental
hereto, additions to, changes in or the elimination of any of such terms may be effected by means of a supplemental Board Resolution
or Officer’s Certificate, as the case may be, delivered to, and accepted by, the Trustee; provided, however, that
such supplemental Board Resolution or Officer’s Certificate shall not be accepted by the Trustee or otherwise be effective
unless all conditions set forth in this Indenture that would be required to be satisfied if such additions, changes or elimination
were contained in a supplemental indenture shall have been appropriately satisfied. Upon the acceptance thereof by the Trustee,
any such supplemental Board Resolution or Officer’s Certificate shall be deemed to be a “supplemental indenture”
for purposes of Sections 904 and 906.

 

ARTICLE
X

COVENANTS

 

Section
1001. Payment of Principal, Premium and Interest. Subject to the following provisions, the Company will pay to the Trustee
the amounts, in such coin or currency as is at the time legal tender for the payment of public or private debt, in the manner,
at the times and for the purposes set forth herein and in the text of the Securities for each series, and the Company hereby authorizes
and directs the Trustee from funds so paid to it to make or cause to be made payment of the principal of and premium, if any,
and interest, if any, on the Securities and coupons of each series as set forth herein and in the text of such Securities and
coupons. Unless otherwise provided in the Securities of a series, the Trustee will arrange directly with any Paying Agents for
the payment, or the Trustee will make payment, from funds furnished by the Company, of the principal of and premium, if any, and
interest, if any, on the Securities and coupons of each series by check or draft.

 

Unless
otherwise provided in the Securities of a series, interest, if any, on Registered Securities of a series shall be paid by check
or draft on each Interest Payment Date for such series to the Holder thereof at the close of business on the relevant record dates
specified in the Securities of such series. The Company may pay such interest by check or draft mailed to such Holder’s
address as it appears on the register for Securities of such series. Unless otherwise provided in the Securities of a series,
principal of Registered Securities shall be payable by check or draft and only against presentation and surrender of such Registered
Securities at the office of the Paying Agent, unless the Company shall have otherwise instructed the Trustee in writing.

 

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Unless
otherwise provided in the Securities of a series, (i) interest, if any, on Unregistered Securities shall be paid by check or draft
and only against presentation and surrender of the coupons for such interest installments as are evidenced thereby as they mature
and (ii) original issue discount (as defined in Section 1273 of the Code), if any, on Unregistered Securities shall be paid by
check or draft and only against presentation and surrender of such Securities, in either case at the office of a Paying Agent
located outside of the United States and its possessions, unless the Company has otherwise instructed the Trustee in an Officer’s
Certificate. Unless otherwise provided in the Securities of a series, principal of and premium, if any, of Unregistered Securities
shall be paid by check or draft and only against presentation and surrender of such Securities as provided in the Securities of
a series. If at the time a payment of principal of and premium, if any, or interest, if any, or original issue discount, if any,
on an Unregistered Security or coupon becomes due and the payment of the full amount so payable at the office or offices of all
the Paying Agents outside the United States and its possessions is illegal or effectively precluded because of the imposition
of exchange controls or other similar restrictions on the payment of such amount in United States currency, then the Company may
instruct the Trustee in an Officer’s Certificate to make such payments at the office of a Paying Agent located in the United
States. The Company hereby covenants and agrees that it shall not so instruct the Trustee with respect to payment in the United
States if such payment would cause such Unregistered Security to be treated as a “registration-required obligation”
under United States law and regulations.

 

At
the election of the Company, any payments by the Company provided for in this Indenture or in any of the Securities may be made
by electronic funds transfer.

 

Section
1002. Maintenance of Office or Agency. The Company will maintain in each Place of Payment for any series of Securities,
or any Tranche thereof, an office or agency where Registered Securities, or any Tranche thereof, of that series may be surrendered
for registration of transfer or exchange and a Place of Payment where (subject to Sections 305 and 307) Securities
may be presented for payment 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. Unless otherwise specified pursuant to Section 301 with respect to any such
series, the Company shall maintain such offices or agencies in connection with each series in the Borough of Manhattan, The City
of New York, State of New York. With respect to any series of Securities issued in whole or in part as Unregistered Securities,
the Company shall maintain one or more Paying Agents located outside the United States and its possessions and shall maintain
such Paying Agents for a period of one year after the principal of such Unregistered Securities has become due and payable. During
any period thereafter for which it is necessary in order to conform to United States tax law or regulations, the Company will
maintain a Paying Agent outside the United States and its possessions to which the Unregistered Securities or coupons appertaining
thereto may be presented for payment and will provide the necessary funds therefor to such Paying Agent upon reasonable notice.
The Security Registrar shall keep a register with respect to each series of Securities issued in whole or in part as Registered
Securities and to their transfer and exchange. The Company may appoint one or more co-Security Registrars acceptable to the Trustee
and one or more additional Paying Agents for each series of Securities, and the Company may terminate the appointment of any co-Security
Registrar or Paying Agent at any time upon written notice. The term “Security Registrar” includes any co-Security
Registrar. The term “Paying Agent” includes any additional Paying Agent. The Company shall notify the Trustee of the
name and address of any Agent not a party to this Indenture. Subject to Section 305, if the Company fails to maintain a
Security Registrar or Paying Agent, the Trustee shall act as such. The Company will give prompt written notice to the Trustee
of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such
required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its
agent to receive all such 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,
however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an
office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written
notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

 

In
the case of Original Issue Discount Securities of a series, the Company shall, prior to any Redemption Date or any Repayment Date
applicable thereto, furnish the Trustee with an Officer’s Certificate stating the amount of principal to be paid to a Holder
of $1,000 principal amount of such Securities.

 

Anything
herein to the contrary notwithstanding, any office or agency required by this Section may be maintained at any office of the Company
in which event the Company shall perform all functions to be performed at such office or agency.

 

Section
1003. Money for Securities Payments to Be Held in Trust. If the Company at any time acts as its own Paying Agent with respect
to any series of Securities, or any Tranche thereof, it will, on or before each due date of the principal of (and premium, if
any) or interest, if any, on any of such Securities, segregate and hold in trust for the benefit of the Persons entitled thereto
a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums are paid to such Persons
or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act.

 

Whenever
the Company has one or more Paying Agents for any series of Securities, it will, on or prior to (and if on, then before 11:00
a.m. (New York City time)) each due date of the principal of (and premium, if any) or interest, if any, on such Securities, deposit
with a Paying Agent a sum sufficient (in immediately available funds, if payment is made on the due date) to pay the principal
(and premium, if any) or 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.

 

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The
Company will cause each Paying Agent for any series of Securities, or any Tranche thereof, other than the Trustee, to execute
and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of
this Section, that such Paying Agent will:

 

(1)
hold all sums held by it for the payment of the principal of (and premium, if any) or interest, if any, on Securities of such
series or Tranche in trust for the benefit of the Persons entitled thereto until such sums are paid to such Persons or otherwise
disposed of as herein provided;

 

(2)
give the Trustee notice of any default by the Company (or any other obligor upon the Securities of such series or Tranche) in
the making of any payment of principal (and premium, if any) or interest, if any, on the Securities of such series or Tranche;
and

 

(3)
at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee
all sums so held in trust by such Paying Agent.

 

The
Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose,
pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent,
such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying
Agent; 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.

 

Any
money deposited with the Trustee or any Paying Agent, or received by the Trustee in respect of Eligible Obligations deposited
with the Trustee pursuant to Section 401, 403 or 1007, or then held by the Company, in trust for the payment
of the principal of (and premium, if any) or interest, if any, on any Security of any series and remaining unclaimed for two years
(or such shorter period for the return of such moneys to the Company under applicable abandoned property laws) after such principal
(and premium, if any) or interest has become due and payable shall be paid to the Company on Company Request, or (if then held
by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general
creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to
such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however,
that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause
to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general
circulation in the Borough of Manhattan, The City of New York, notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money
then remaining will be repaid to the Company.

 

Section
1004. Corporate Existence. Subject to Article VIII, 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; provided,
however, that the Company shall not be required to preserve any such right or franchise if, in the judgment of the Company,
the preservation thereof is no longer desirable in the conduct of the business of the Company and the loss thereof is not disadvantageous
in any material respect to the Holders of Securities of any series or Tranche in any material respect.

 

Section
1005. Defeasance of Certain Obligations. The Company may omit to comply with its obligations under the covenants contained
in Sections 1002, 1004 (except with respect to maintaining its corporate existence), 1006, 1008 and Article VIII
with respect to any Security or Securities of any series or Tranche or any portion of the principal amount thereof (and in
respect of any term, provision or condition set forth in the covenants or restrictions specified for such Securities pursuant
to Section 301, in any supplemental indenture, Board Resolution or Officer’s Certificate establishing such Security),
provided that the following conditions shall have been satisfied:

 

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(1)
With reference to this Section, the Company has deposited or caused to be irrevocably deposited (except as provided in Section
402) with the Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit
of the Holders of such Securities or portions thereof, (i) money in an amount, or (ii) if Securities of such series are not subject
to repayment at the option of Holders, (A) Eligible Obligations which through the payment of interest and principal in respect
thereof in accordance with their terms will provide not later than one day before the due date of any payment referred to in clause
(x) or (y) of this subparagraph (1) money in an amount, or (B) a combination thereof, sufficient, in the opinion of a nationally
recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee,
to pay and discharge (x) the principal of (and premium, if any) and each installment of principal (and premium, if any) and interest,
if any, on the Outstanding Securities of such series or portions thereof on the Stated Maturity of such principal or installment
of principal or premium or interest or to and including the Redemption Date irrevocably designated by the Company pursuant to
subparagraph (7) of this Section and (y) any mandatory sinking fund payments applicable to the Securities of such series or portions
thereof on the day on which such payments are due and payable in accordance with the terms of the Indenture and of such Securities
or portions thereof;

 

(2)
Such deposit shall not, as specified in an Opinion of Counsel, cause the Trustee with respect to the Securities of such series
to have a conflicting interest as defined in Section 608 and for purposes of the Trust Indenture Act with respect to the
Securities of such series;

 

(3)
Such deposit will 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;

 

(4)
No Event of Default or event which with notice or lapse of time would become an Event of Default with respect to the Securities
of such series shall have occurred and be continuing on the date of such deposit and no Event of Default specified in Section
501(6) or (7) shall have occurred at any time from the date of such deposit to the 91st calendar day thereafter (it
being understood that this condition to defeasance may not be satisfied until such 91st calendar day after the date of deposit);

 

(5)
The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such series
will not realize income, gain or loss for federal income tax purposes as a result of such deposit and defeasance of certain obligations
and will be subject to federal income tax on the same amount and in the same manner and at the same times, as would have been
the case if such deposit and defeasance had not occurred;

 

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(6)
The Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the defeasance contemplated by this Section have been met; and

 

(7)
If the Company has deposited or caused to be deposited money or Eligible Obligations to pay or discharge the principal of (and
premium, if any) and interest, if any, on the Outstanding Securities of such series or portion thereof to and including a Redemption
Date pursuant to subparagraph (1) of this Section, such Redemption Date shall be irrevocably designated by a Board Resolution
delivered to the Trustee on or prior to the date of deposit of such money or Eligible Obligations, and such Board Resolution shall
be accompanied by an irrevocable Company Request that the Trustee give notice of such redemption in the name and at the expense
of the Company not less than 30 nor more than 60 days prior to such Redemption Date in accordance with Section 1104.

 

Section
1006. Statement by Officers as to Default. The Company will deliver to the Trustee, within 120 days after the end of each
fiscal year of the Company ending after the date hereof, a written statement, which need not comply with Section 102, signed
by the principal executive officer, the principal financial officer or the principal accounting officer of the Company stating,
as to each signer thereof, that

 

(1)
a review of the activities of the Company during such year and of performance under this Indenture has been made under his supervision,
and

 

(2)
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
1007. Waiver of Certain Covenants. (a) The Company may omit in any particular instance to comply with any term, provision
or condition set forth in (i) any additional covenants or restrictions specified with respect to the Senior Securities of any
series, or any Tranche thereof, as contemplated by Section 301 if before the time for such compliance the Holders of not
less than a majority in aggregate principal amount (or such larger proportion as may be required in respect of waiving a past
default of any such additional covenant or restriction) of the Outstanding Securities of all series and Tranches with respect
to which such covenant or restriction was so specified, considered as one class, by Act of such Holders, either waives such compliance
in such instance or generally waive compliance with such term, provision or condition and (ii) Sections 1002, 1004, 1006
and 1008 and Article VIII if before the time for such compliance the Holders of at least a majority in principal
amount of Senior Securities Outstanding under this Indenture by Act of such Holders, either waives such compliance in such instance
or generally waive compliance with such term, provision or condition; but, in the case of (i) or (ii) of this paragraph (a), no
such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such
waiver becomes effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision
or condition shall remain in full force and effect.

 

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(b)
The Company may omit in any particular instance to comply with any term, provision or condition set forth in (i) any additional
covenants or restrictions specified with respect to the Subordinated Securities of any series, or any Tranche thereof, as contemplated
by Section 301 if before the time for such compliance the Holders of not less than a majority in aggregate principal amount
(or such larger proportion as may be required in respect of waiving a past default of any such additional covenant or restriction)
of the Outstanding Securities of all series and Tranches with respect to which such covenant or restriction was so specified,
considered as one class, by Act of such Holders, either waives such compliance in such instance or generally waive compliance
with such term, provision or condition and (ii) Sections 1002, 1004, 1006 and 1008 and Article VIII if before
the time for such compliance the Holders of at least a majority in principal amount of Subordinated Securities Outstanding under
this Indenture by Act of such Holders, either waives such compliance in such instance or generally waive compliance with such
term, provision or condition; but, in the case of (i) or (ii) of this paragraph (b), no such waiver shall extend to or affect
such term, provision or condition except to the extent so expressly waived, and, until such waiver becomes effective, the obligations
of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and
effect.

 

Section
1008. Maintenance of Properties. The Company shall cause (or, with respect to property owned in common with others, make
reasonable effort to cause) all its properties used or useful in the conduct of its business to be maintained and kept in good
condition, repair and working order and shall cause (or, with respect to property owned in common with others, make reasonable
effort to cause) to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as, in the
judgment of the Company, may be necessary so that the business carried on in connection therewith may be properly conducted; provided,
however, that nothing in this Section shall prevent the Company from discontinuing, or causing the discontinuance of, the
operation and maintenance of any of its properties if, in the judgment of the Company, such discontinuance (i) is desirable in
the conduct of its business and (ii) will not adversely affect the interests of the Holders of Securities of any series or Tranche
in any material respect.

 

ARTICLE
XI

REDEMPTION OF SECURITIES

 

Section
1101. Applicability of Article. Securities of any series, or any Tranche thereof, that are redeemable before their Stated
Maturity (or, if the principal of the Securities of any series is payable in installments, the Stated Maturity of the final installment
of the principal thereof) shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated
by Section 301 for Securities of any series or Tranche) in accordance with this Article.

 

Section
1102. Election to Redeem; Notice to Trustee. The election of the Company to redeem any Securities shall be evidenced by
a Board Resolution or an Officer’s Certificate. In case of any redemption at the election of the Company of less than all
the Securities of any series, the Company shall, at least 45 days prior to the Redemption Date fixed by the Company (unless a
shorter notice is satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Securities
of such series or Tranche to be redeemed. In the case of any redemption of Securities (a) prior to the expiration of any restriction
on such redemption provided in the terms of such Securities or elsewhere in this Indenture, or (b) pursuant to an election of
the Company that is subject to a condition specified in the terms of such Securities the Company shall furnish the Trustee with
an Officer’s Certificate evidencing compliance with such restriction.

 

    	64

    	 

    

 

Section
1103. Selection by Trustee of Securities to Be Redeemed. If less than all the Securities of any series, or any Tranche
thereof, are to be redeemed, the particular Securities to be redeemed shall be selected by the Trustee not more than 45 days prior
to the Redemption Date by the Trustee, from the Outstanding Securities of such series or Tranche not previously called for redemption,
by such method as is provided for any particular series, or, in the absence of any such provision, by such method as the Trustee
deems fair and appropriate and which may provide for the selection for redemption of portions (equal to the minimum authorized
denomination for Securities of that series or Tranche or any integral multiple thereof) of the principal amount of Securities
of such series or Tranche of a denomination larger than the minimum authorized denomination for Securities of that series or Tranche;
provided, however, that if, as indicated in an Officer’s Certificate, the Company has offered to purchase
all or any principal amount of the Securities then Outstanding of any series, or any Tranche thereof, and less than all of such
Securities as to which such offer was made have been tendered to the Company for such purchase, the Trustee, if so directed by
Company Order, shall select for redemption all or any principal amount of such Securities that have not been so tendered.

 

The
Trustee shall promptly notify the Company and the Security Registrar in writing of the Securities selected for redemption and,
in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed.

 

For
all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities
shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of
such Securities that has been or is to be redeemed.

 

Section
1104. Notice of Redemption. Unless otherwise specified as contemplated by Section 301 with respect to any series
of Securities, notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more than
60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security Register.

 

If
Unregistered Securities are to be redeemed, notice of redemption shall be published in an Authorized Newspaper in The City of
New York and, if such Securities to be redeemed are listed on any stock exchange outside of the United States, in the city in
which such stock exchange is located, or in such other city or cities as may be specified in the Securities, once in each of two
different calendar weeks, the first publication to be not less than 30 nor more than 90 days before the redemption date.

 

    	65

    	 

    

 

All
notices of redemption shall state:

 

(1)
the Redemption Date,

 

(2)
the Redemption Price, or the formula pursuant to which the Redemption Price is to be determined if the Redemption Price cannot
be determined at the time of notice is given,

 

(3)
if less than all the Outstanding Securities of any series or Tranche are to be redeemed, the identification (and, in the case
of partial redemption, the principal amounts) of the particular Securities to be redeemed, and the portion of the principal amount
of any Security to be redeemed in part and, in the case of any such Security of such series to be redeemed in part, that, on and
after the Redemption Date, upon surrender of such Security, a new Security or Securities of such series in principal amount equal
to the remaining unpaid principal amount thereof will be issued as provided in Section 1106,

 

(4)
that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable,
that interest thereon will cease to accrue on and after said date,

 

(5)
the place or places where such Securities and all unmatured coupons are to be surrendered for payment of the Redemption Price
and accrued interest, if any,

 

(6)
that the redemption is for a sinking fund, if such is the case,

 

(7)
the CUSIP numbers, if any, assigned to such Securities; provided however, that such notice may state that no representation
is made as to the correctness of CUSIP numbers, and the redemption of such Securities shall not be affected by any defect in or
omission of such number, and

 

(8)
such other matters as the Company shall deem desirable or appropriate.

 

Unless
otherwise specified with respect to any Securities in accordance with Section 301, with respect to any notice of redemption
of Securities at the election of the Company, unless, upon the giving of such notice, such Securities are deemed to have been
paid in accordance with Section 401, such notice may state that such redemption shall be conditional upon the receipt by
the Paying Agent or Agents for such Securities, on or prior to the date fixed for such redemption, of money sufficient to pay
the principal of and premium, if any, and interest, if any, on such Securities and that if such money has not been so received
such notice shall be of no force or effect and the Company shall not be required to redeem such Securities. In the event that
such notice of redemption contains such a condition and such money is not so received, the redemption shall not be made and within
a reasonable time thereafter notice shall be given, in the manner in which the notice of redemption was given, that such money
was not so received and such redemption was not required to be made, and the Paying Agent or Agents for the Securities otherwise
to have been redeemed shall promptly return to the Holders thereof any of such Securities that had been surrendered for payment
upon such redemption.

 

    	66

    	 

    

 

Notice
of redemption of Securities to be redeemed at the election of the Company, and any notice of non-satisfaction of a condition for
redemption as aforesaid, shall be given by the Company or, at the Company’s request, by the Security Registrar in the name
and at the expense of the Company. Notice of mandatory redemption of Securities shall be given by the Security Registrar in the
name and at the expense of the Company.

 

Section
1105. Securities Payable on Redemption Date. Notice of redemption having been given as aforesaid, and the conditions, if
any, set forth in such notice having been satisfied, the Securities or portions thereof so to be redeemed shall, on the Redemption
Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company defaults
in the payment of the Redemption Price and accrued interest, if any) such Securities, or portions thereof, if interest-bearing,
shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security
or portion thereof together with all unmatured coupons, if any, shall be paid by the Company at the Redemption Price, together
with accrued interest, if any, to the Redemption Date but in the case of Unregistered Securities installments of interest due
on or prior to the Redemption Date will be payable to the bearers of the coupons for such interest by check or draft upon surrender
of such coupons; provided, however, that installments of interest whose Stated Maturity is on or prior to the Redemption
Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close
of business on the relevant Regular Record Dates according to their terms and the provisions of Section 307.

 

If
any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if
any) shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security.

 

Section
1106. Securities Redeemed in Part. 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 his or her attorney duly authorized in
writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without
service charge, a new Security or Securities of the same series, of any authorized denomination as requested by such Holder, and
of like tenor and in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security
so surrendered.

 

ARTICLE
XII

SINKING FUNDS

 

Section
1201. Applicability of Article. The provisions of this Article shall be applicable to any sinking fund for the retirement
of Securities of any series, or any Tranche thereof, except as otherwise specified as contemplated by Section 301 for Securities
of such series or Tranche.

 

The
minimum amount of any sinking fund payment provided for by the terms of Securities of any series, or any Tranche thereof, is herein
referred to as a “mandatory sinking fund payment”, and any payment in excess of such minimum amount provided for by
the terms of Securities of any series, or any Tranche thereof, is herein referred to as an “optional sinking fund payment”.
If provided for by the terms of Securities of any series, or any Tranche thereof, the cash amount of any sinking fund payment
may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied to the redemption of
Securities of the series or Tranche in respect of which it was made as provided for by the terms of Securities of such series.

 

    	67

    	 

    

 

Section
1202. Satisfaction of Sinking Fund Payments With Securities. The Company (1) may deliver Outstanding Securities of a series
or Tranche (other than any previously called for redemption) together, in the case of Unregistered Securities, with all unmatured
coupons appertaining thereto, in respect of which a mandatory sinking fund payment is to be made and (2) may apply as a credit
Securities of such series or Tranche that have been redeemed either at the election of the Company pursuant to the terms of such
Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in
each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required
to be made pursuant to the terms of such Securities as provided for by the terms of such series, provided that such Securities
have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption
Price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment
shall be reduced accordingly.

 

Section
1203. Redemption of Securities for Sinking Fund. Not less than 45 days prior to each sinking fund payment date for any
series of Securities, or any Tranche thereof, the Company will deliver to the Trustee an Officer’s Certificate specifying
the amount of the next ensuing sinking fund payment for that series or Tranche pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering
and crediting Securities of that series pursuant to Section 1202 and will also deliver to the Trustee any Securities to
be so delivered. If the Company has not delivered such Officer’s Certificate and, to the extent applicable, all such Securities,
the next succeeding sinking fund payment for such series or Tranche shall be made entirely in cash in the amount of the mandatory
sinking fund payment. Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities
to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the redemption
thereof to be given in the name of and at the expense of the Company in the manner provided in Section 1104. Such notice
having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections
1105 and 1106.

 

ARTICLE
XIII

REPAYMENT OF SECURITIES AT OPTION OF HOLDERS

 

Section
1301. Applicability of Article. Securities of any series or Tranche that are repayable before their Stated Maturity at
the option of the Holders shall be repayable in accordance with their terms and (except as otherwise specified as contemplated
by Section 301 for Securities of any series) in accordance with this Article.

 

    	68

    	 

    

 

Section
1302. Notice of Repayment Date. Notice of any Repayment Date with respect to Securities of any series or Tranche thereof
shall be given by the Company not less than 45 nor more than 60 days prior to such Repayment Date (or at such other times as may
be specified for such repayment or repurchase pursuant to Section 301 of this Indenture) to each Holder of Securities of
such series in accordance with Section 106.

 

The
notice as to the Repayment Date shall state (unless otherwise specified for such repayment or repurchase pursuant to Section
301 of this Indenture):

 

(1)
the Repayment Date, which date shall be no earlier than 30 days and no later than 60 days from the date on which such notice is
mailed;

 

(2)
the principal amount of the Securities required to be repaid or repurchased and the Repayment Price (or the formula pursuant to
which the Repayment Price is to be determined if the Repayment Price cannot be determined at the time the notice is given);

 

(3)
the place or places where such Securities are to be surrendered for payment of the Repayment Price, and accrued interest, if any,
and the date by which Securities must be so surrendered in order to be repaid or repurchased;

 

(4)
that any Security not tendered or accepted for payment shall continue to accrue interest;

 

(5)
that, unless the Company defaults in making such payment or the Paying Agent is prohibited from paying such money to the Holders
on that date pursuant to the terms of this Indenture, Securities accepted for payment pursuant to any such offer of repayment
or repurchase shall cease to accrue interest after the Repayment Date;

 

(6)
that Holders electing to have a Security repaid or purchased pursuant to such offer may elect to have all or any portion of such
Security purchased;

 

(7)
that Holders electing to have a Security repaid or repurchased pursuant to any such offer shall be required to surrender the Security,
with such customary documents of surrender and transfer as the Company may reasonably request, duly completed, or transfer by
book-entry transfer, to the Company or the Paying Agent at the address specified in the notice at least two Business Days prior
to the Repayment Date;

 

(8)
that Holders shall be entitled to withdraw their election if the Company or the Paying Agent, as the case may be, receives, not
later than the expiration of the offer to repay or repurchase, a telegram, facsimile transmission or letter setting forth the
name of the Holder, the principal amount of the Security the Holder delivered for purchase and a statement that such Holder is
withdrawing its election to have such Security purchased;

 

(9)
that, in the case of a repayment or repurchase of less than all Outstanding Securities of a series or Tranche thereof, the method
of selection of Securities to be repaid or repurchased to be applied by the Trustee if the principal amount of properly tendered
Securities exceeds the principal amount of the Securities to be repaid or repurchased;

 

(10)
that Holders whose Securities are purchased only in part shall be issued new Securities of the same series or Tranche thereof
equal in principal amount to the unpurchased portion of the Securities surrendered (or transferred by book-entry transfer); and

 

    	69

    	 

    

 

(11)
the CUSIP or other identification number, if any, printed on the Securities being repurchased and that no representation is made
as to the correctness or accuracy of the CUSIP or other identification number, if any, listed in such notice or printed on the
Securities.

 

Section
1303. Securities Payable on Repayment Date. The form of option to elect repurchase or repayment having been delivered as
specified in the form of Security for such series, the Securities of such series or Tranche so to be repaid (after application
of the method of selection described pursuant to clause (9) of Section 1302, if the principal amount of properly tendered
Securities exceeds the principal amount of the Securities to be repaid or repurchased) shall, on the Repayment Date, become due
and payable at the Repayment Price applicable thereto and from and after such date (unless the Company defaults in the payment
of the Repayment Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security
for repayment in accordance with said notice, such Security shall be paid by the Company at the Repayment Price together with
accrued interest, if any, to the Repayment Date; provided, however, that if a Security is repaid or repurchased on or after
a Record Date but on or prior to the Stated Maturity of any installments of interest, then any accrued and unpaid interest due
on such Stated Maturity shall be payable to the Holders of such 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 307.

 

If
any Security is not paid upon surrender thereof for repayment, the principal (and premium, if any) shall, until paid, bear interest
from the Repayment Date at the rate prescribed therefor in such Security.

 

Section
1304. Securities Repaid in Part. Any Security that by its terms may be repaid in part at the option of the Holder and that
is to be repaid only in part shall be surrendered at any office or agency of the Company designated for that purpose pursuant
to Section 1002 (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 his or her attorney duly authorized
in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without
service charge, a new Security or Securities of the same series, as provided in Section 305, of any authorized denomination
as requested by such Holder, in aggregate principal amount equal to and in exchange for the unrepaid portion of the principal
of the Security so surrendered.

 

 

 

This
instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all
such counterparts shall together constitute but one and the same instrument.

 

    	70

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, and their respective corporate seals to be
hereunto affixed and attested, all as of the date first above written.

 

	 	 	TAOPING,
    INC.
	 	 	 	 
	[CORPORATE
    SEAL]	 	 	 
	 	 	 	 
	 	 	By	 
	 	 	 	Chief
    Executive Officer
	 	 	 	 
	Attest:	 	 	 
	 	 	 	 
	 	 	 	 	 
	Secretary	 	 	 
	 	 	 	 
	 	 	[                         ]
	 	 	 	 
	 	 	By	 

 

    	 

    	 

    

 

	STATE
    OF [         ]	                               )	 
	 	                               )
    ss:	 
	CITY
    OF [       ] AND COUNTY OF [       ])	 

 

On
the day of [               ] 20__, before me personally came _______, to me known, who, being by me duly sworn, did depose and say that he is
a director of TAOPING INC., one of the companies described in and which executed the foregoing instrument; that he knows the seal
of said corporation; that the seal affixed to said instruments is such corporate seal; that it was so affixed by authority of
the By-Laws of said corporation, and that he signed his name thereto by authority of the Board of Directors of said corporation.

 

	 	 

 

    	 

    	 

    

 

TAOPING
INC.

Reconciliation
and tie between Trust Indenture Act of 1939 and

Indenture,
dated as of __, 20__

 

	Trust Indenture Act Section	 	Indenture Sections
	 	 	 
	§ 310(a)(1)	 	609
	 (a)(2)	 	609
	 (a)(3)	 	Not Applicable
	 (a)(4)	 	Not Applicable
	 (a)(5)	 	609
	 (b)	 	608
	 	 	610
	§ 311(a)	 	613(a)
	 (b)	 	613(b)
	 (b)(2)	 	703(a)(2)
	 	 	703(b)
	§ 312(a)	 	701
	 	 	702(a)
	 (b)	 	702(b)
	 (c)	 	702(c)
	§ 313(a)	 	703(a)
	 (b)	 	703(b)
	 (c)	 	703(a), 703(b)
	 (d)	 	703(c)
	§ 314(a)	 	704
	 (b)	 	Not Applicable
	 (c)(1)	 	102
	 (c)(2)	 	102
	 (c)(3)	 	Not Applicable
	 (d)	 	Not Applicable
	 (e)	 	102
	§ 315(a)	 	601(a)
	 (b)	 	602
	 	 	703(a)(7)
	 (c)	 	601(b)
	 (d)	 	601(c)
	 (d)(l)	 	601(a)(1)
	 (d)(2)	 	601(c)(2)
	 (d)(3)	 	601(c)(3)
	 (e)	 	514
	§ 316(a)	 	101
	 (a)(1)(A)	 	502
	 	 	512
	 (a)(1)(B)	 	513
	 (a)(2)	 	Not Applicable
	 (b)	 	508
	 (c)	 	104(g)
	§ 317(a)(l)	 	503
	 (a)(2)	 	504
	 (b)	 	1003
	§ 318(a)	 	107

 

 

 

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

 

    	2

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