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augustmackcomstock-asset

72520263v19    EXECUTION VERSION    ASSET PURCHASE AGREEMENT    THIS ASSET PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of  March 31, 2022, by and among August Mack Environmental, Inc., an Indiana corporation (the “Buyer”),  Comstock Environmental Services, LLC, a Virginia limited liability company (the “Seller”), and Comstock  Holding Companies, Inc., a Delaware corporation  (the “CHCI” and, together with the Seller, the “Seller  Parties”).  The Buyer, the Seller and CHCI sometimes are collectively referred to as the “Parties” and  sometimes are individually referred to as a “Party”.      WITNESSETH THAT:    WHEREAS, the Seller is in the business of providing environmental engineering, environmental  consulting services and tank construction services (the “Business”);    WHEREAS, the Seller owns all of the assets (real, personal, tangible, intangible and mixed) used,  useful or held for use in the operation of the Business;     WHEREAS, CHCI is the sole owner and manager of the entity that directly owns all of the issued  and outstanding equity interests of Seller; and    WHEREAS, the Seller desires to sell, and the Buyer desires to buy, substantially all of the assets  (and assume certain of the liabilities) of the Seller used or useful in the operation of the Business, on the  terms and subject to the conditions set forth in this Agreement.    NOW THEREFORE, in consideration of the premises and for other good and valuable  consideration, the receipt and sufficiency of which hereby are acknowledged, the Parties agree as follows:    ARTICLE 1  ASSETS PURCHASED; LIABILITIES ASSUMED    1.1 Acquired Assets.  On the terms and subject to the conditions set forth in this Agreement,  at the Closing, the Seller shall sell to the Buyer and the Buyer shall buy from the Seller, free and clear of  any liens, restrictions, restrictions on transfer, options, pledges, rights of first refusal, mortgages, licenses,  easements, security interests, claims, charges or encumbrances of any kind or nature whatsoever  (collectively, “Liens”), substantially all of the assets of the Seller used or held for use by the Seller in or for  the operation of the Business (whether personal, tangible, intangible or mixed) (collectively, the “Acquired  Assets”), including without limitation the assets listed on Schedule 1.1 (but excluding the Excluded Assets).     1.2 Excluded Assets.  Notwithstanding the foregoing, the Seller shall not be obligated to sell,  and the Buyer shall not be obligated to purchase or acquire from the Seller, any assets of the Seller other  than the Acquired Assets, including any of the Seller’s assets listed on Schedule 1.2 (collectively, the  “Excluded Assets”).    1.3 Assumed Liabilities.  On the terms and subject to the conditions set forth in this Agreement,  at the Closing, the Buyer shall assume the liabilities and obligations of the Seller solely with respect to  (collectively, the “Assumed Liabilities”):     (a) the obligations of the Seller for the future performance after the Closing pursuant  to the Assumed Contracts (as defined on Schedule 1.1), other than for any act or omission (i)  occurring prior to the Closing that resulted in or could result in any breach or default thereunder or  violation of any law or (ii) that could obligate any party to indemnify, defend or hold the other  

 

72520263v19      2    party thereto harmless from any claim, loss, obligation or expense in connection with any work  performed on or prior to the Closing;    (b) all trade accounts payable (other than trade accounts payable owed to Persons that  are Affiliates of the Seller) and accrued expenses of the Seller that were incurred in the ordinary  course of business, in all cases solely to the extent included in the Purchase Price adjustment set  forth in Section 2.2 and that remain unpaid as of the Closing Date; and    (c) any accrued but unused vacation or other paid time off (“PTO”) for each  Transferred Employee.    1.4 Excluded Liabilities.  The Buyer expressly does not assume and does not and shall not  agree to assume any liability or obligation of the Seller or any owner thereof not expressly defined in this  Agreement as an Assumed Liability (collectively, the “Excluded Liabilities”), including, but not limited to,  the liabilities listed on Schedule 1.4.  The Seller shall promptly pay, discharge and perform in full all  Excluded Liabilities when and as the same become due.      ARTICLE 2  PURCHASE PRICE     2.1 Purchase Price.  The purchase price (the “Purchase Price”) for the Acquired Assets shall  be the assumption of the Assumed Liabilities, plus an amount equal to (i) the amount of Actual Net Working  Capital (as defined and ultimately determined in Section 2.2(a) below), plus (ii) $288,341.00.  The Purchase  Price shall be subject to adjustment in accordance with Section 2.2 below and shall be payable by the Buyer  on the Closing Date as follows:     (a) $150,000.00 in immediately available funds (the “Indemnity Escrow Amount”)  will be delivered to U.S. Bank (the “Escrow Agent”), to be held or disbursed in accordance with  the terms of an Escrow Agreement in substantially the form of Exhibit A (the “Escrow Agreement”)  for the purposes of securing the Seller’s obligations under Article 7;     (b) $250,000.00 in immediately available funds (the “Adjustment Escrow Amount”  and, together with the Indemnity Escrow Amount and all earnings thereon, the “Escrow Fund”)  will be delivered to the Escrow Agent, to be held or disbursed in accordance with the terms of the  Escrow Agreement for the purposes of securing the Seller’s obligations under Section 2.2; and     (c) an amount equal to $1,017,317.00 (the “Closing Payment”), which represents (i)  the amount of Estimated Net Working Capital (as defined in Section 2.2(a) below), plus (ii)  $288,341.00 minus (iii) the Escrow Fund, minus (iv) any debt, expenses, or other items directed by  the Seller in writing to be paid by Buyer on the Seller’s behalf, will be delivered by wire transfer  of immediately available funds to an account designated in writing by the Seller.    2.2 Purchase Price Adjustment.      (a) The Seller shall deliver to the Buyer at the Closing its Net Working Capital as of  the close of business on the Closing Date (the “Actual Net Working Capital”).  The Parties estimate  that Actual Net Working Capital is $1,128,976.00 (the “Estimated Net Working Capital”) for  purposes of the Closing and the Purchase Price will be adjusted after the Closing on a dollar for  dollar basis.  The Seller shall deliver to the Buyer all requested work papers and other details for  the Buyer and its advisors to agree upon the Estimated Net Working Capital.  After the Closing,  the Parties will true-up the amount equal to the Actual Net Working Capital minus the Estimated  

 

72520263v19      3    Net Working Capital (the “Post-Closing Adjustment”) in accordance with the terms set forth in  Section 2.2(b).  Within thirty (30) days after Closing, the Buyer shall prepare in accordance with  United States generally accepted accounting principles consistently applied (the “Commonly  Accepted Accounting Principles”) and deliver to the Seller a report of the Actual Net Working  Capital as of the Closing Date.  Upon receipt of the Actual Net Working Capital, the Seller shall  have thirty (30) days from receipt of the Actual Net Working Capital (the “Review Period”) to  review the Actual Net Working Capital and have reasonable access to the books and records  necessary to enable the Seller to verify the information and computations therein.  If the Seller  accepts the Actual Net Working Capital by written notice to the Buyer prior to the expiration of the  Review Period, then the Actual Net Working Capital as delivered by the Buyer shall be final and  binding upon the Parties and shall be deemed the “Actual Net Working Capital” as referenced  herein.  If the Seller disagrees with the Buyer’s delivery of the Actual Net Working Capital, the  Seller shall provide written notice to the Buyer of such disagreement within the Review Period,  which written notice must set forth in reasonable detail the nature of the Seller’s disagreement and  its proposed resolution of such disagreement.  If the Seller delivers written notice of disagreement,  the Seller and the Buyer shall use commercially reasonable efforts to agree in writing as to the  “Actual Net Working Capital” as referenced hereunder.  If the Parties are unable to reach such  agreement within thirty (30) days following the receipt by the Buyer of the Seller’s written notice  of disagreement, then the matter shall be submitted to a mutually agreeable independent regional- based accounting firm (the “Settlement Accountant”).  The Settlement Accountant shall determine  all matters in dispute and establish the “Actual Net Working Capital”, which in no event shall be  more favorable to either the Seller or the Buyer than what they had originally proposed, within  thirty (30) days following the submission of the matter to the Settlement Accountant, which  determination shall be final, non-appealable, binding and conclusive on the Parties, absent manifest  calculation error.  The fees and expenses of the Settlement Accountant shall be allocated ratably  between the Seller, on one part, and the Buyer, on one part, in the same proportion that the aggregate  dollar amount of items unsuccessfully disputed by each such party bears to the aggregate dollar  amount of all disputed items submitted to the Settlement Accountant.      (b) For purposes of clarity, within five (5) business days of the Post-Closing  Adjustment being finally determined, either the Buyer or the Seller will pay to the other party an  amount equal to the Post-Closing Adjustment in accordance with this Section 2.2(b).  If the amount  of the Post-Closing Adjustment is a positive number, then (i) the Buyer shall pay to the Seller an  amount equal to the Post-Closing Adjustment; and (ii) the parties shall jointly instruct the Escrow  Agent to release to the Seller such funds available in the escrow account relating to the Adjustment  Escrow Amount.  If the amount of the Post-Closing Adjustment is a negative number, then (y) the  parties shall jointly instruct the Escrow Agent to release to the Buyer an amount equal to the Post- Closing Adjustment from the escrow account holding the Adjustment Escrow Amount; provided,  however, that if the amount of the Post-Closing Adjustment that is owed to the Buyer exceeds the  Adjustment Escrow Amount, then the Seller shall pay to the Buyer any remaining Post-Closing  Adjustment in excess of the Adjustment Escrow Amount in wire transfer of immediately available  funds to an account designated in writing by the Buyer; and (z) the parties shall jointly instruct the  Escrow Agent to release to the Seller such funds remaining in the escrow account relating to the  Adjustment Escrow Amount, if any, after payment of the Adjustment Escrow Amount to the Buyer.    (c) For purposes of this Agreement, “Net Working Capital” means (x) only the current  assets of the Business as of the close of business on the Closing Date that are Acquired Assets and  are set forth on Schedule 2.2(c)(x), less (y) only the current liabilities of the Business as of the close  of business on the Closing Date that are Assumed Liabilities and are set forth on Schedule 2.2(c)(y)  and shall include amounts attributable to customer deposit liabilities and deferred revenue.   Notwithstanding anything to the contrary set forth herein, if, prior to Closing, any accounts  

 

72520263v19      4    receivable are deemed by the Buyer as uncollectible or otherwise impaired, such accounts  receivable shall not be credited to the Seller for purposes of calculating Net Working Capital,  Estimated Net Working Capital or Actual Net Working Capital (the “Impaired Accounts  Receivable”).  Seller shall retain the rights to any such Impaired Accounts Receivable and may  pursue collection of such Impaired Accounts Receivable after the Closing; provided, however, that  collection efforts shall be consistent with the past practices of the Seller, which include, among  other things, commercially reasonable efforts not to injure any ongoing customer relationships of  the Business as it relates to the Buyer after the Closing.    (d) Notwithstanding the foregoing provisions of this Section 2.2, if any accounts  receivable (or portion thereof) constituting part of the Actual Net Working Capital that are not  retainage receivables are not collected within one hundred eighty (180) days after the Closing or if  any accounts receivable (or portion thereof) constituting part of the Actual Net Working Capital  that are retainage receivables are not collected within one year after the Closing, then the Buyer  shall, at the Buyer’s sole discretion, have the right to:    (i) require the Seller, and the Seller shall have an obligation with fifteen (15)  days of any such request, to purchase all such uncollected accounts receivable at face value  against assignment of such accounts receivable back to the Seller; and/or     (ii) make a claim against the Indemnity Escrow Amount in accordance with  the Escrow Agreement for the amount of any such uncollected accounts receivable.     A list of the retainage receivables will be included in the calculation of Estimated Net Working  Capital.  With respect to any payments received after the Closing from an account debtor that had  an accounts receivable constituting part of the Actual Net Working Capital, any such payments  shall be first applied to any invoice as directed by such account debtor and, if not so directed, then  against the oldest accounts receivable of such account debtor.  Buyer shall use commercially  reasonable efforts to collect all accounts receivable that are included in the Actual Net Working  Capital; provided that Buyer shall have no obligation to file a complaint or pursue litigation against  any account debtor.  Once Seller has indemnified Buyer for any such uncollectible accounts  receivable, Buyer shall assign such rights to the uncollectible receivable to the Seller, and Seller  may pursue collection of such uncollectible receivable; provided, however, that collection efforts  shall be consistent with the past practices of the Seller, which include, among other things,  commercially reasonable efforts not to injure any customer relationships of the Business as it relates  to the Buyer after the Closing.     2.3 Allocation of the Purchase Price.  The Purchase Price (and any amount of Assumed  Liabilities required to be treated as consideration for U.S. federal income tax purposes and any other  relevant items) shall be allocated, including the Escrow Fund once paid to the Seller to the extent actually  paid, among the Acquired Assets as set forth in Exhibit B.  Seller and Buyer agree to report the allocation  as provided in the applicable sections of the Internal Revenue Code of 1986, as amended (the “Code” and  the regulations issued thereunder, the “Treasury Regulations”) and the rules and regulations promulgated  thereunder and in accordance with such allocation and agree to prepare and file all income Tax Returns in  a manner consistent with such allocation (including on Form 8594 of the United States Internal Revenue  Service (“IRS”), or any successor to such form).  Seller and Buyer shall make their respective IRS Forms  8594 (and any amendments thereof) filed or to be filed with the IRS available for inspection by the other  party for the purpose of verifying compliance with this Section 2.4.  For purposes of this Agreement, “Tax  Return” shall mean any return, declaration, report, claim for refund, information return or statement or other  document relating to Taxes, including any schedule or attachment thereto, and including any amendment  thereof.  

 

72520263v19      5      ARTICLE 3  CLOSING      3.1 Closing.  The consummation of the transactions contemplated by this Agreement (the  “Closing”) shall be deemed to have taken place at 11:59 p.m. Pennsylvania time on the date of this  Agreement (the “Closing Date”).  Notwithstanding anything to the contrary set forth herein, the Closing  will take place by facsimile, email or other electronic communication.    3.2 Seller’s Closing Deliveries.  In addition to any other documents to be delivered under the  provisions of this Agreement, the Seller shall deliver the following to the Buyer at the Closing, all of which  shall be in form and substance reasonably satisfactory to the Buyer and its counsel:     (a) a Bill of Sale and Assignment in substantially the form of Exhibit C, duly executed  by the Seller;       (b) an Assignment and Assumption Agreement in substantially the form of Exhibit D,  duly executed by the Seller;    (c) the Escrow Agreement in substantially the form of Exhibit A, duly executed by the  Seller;     (d) a certificate of the Secretary or Assistant Secretary of the Seller, certifying (i) the  resolutions duly adopted by the Board of Managers, authorizing and approving the execution,  delivery and performance of this Agreement by the Seller and the transactions contemplated by this  Agreement, and (ii) the Articles of Organization and Operating Agreement of the Seller, as  amended as of the Closing Date;     (e) a Certificate of Good Standing (or its equivalent) of the Seller, certified by the  Virginia State Corporation Commission, dated no earlier than ten (10) days prior to the Closing  Date;     (f) an Assignment and Assumption of lease agreement for the leased property at 806  Fayette Street, Conshohocken PA 19428, duly executed by the Seller;      (g) an IRS Form W-9, duly executed by the Seller;     (h) all necessary consents of third parties to the assignment of any Material Contracts  that are included in the Assumed Contracts;     (i) (i) payoff letters evidencing the payment and satisfaction in full of all indebtedness  of the Seller related to the Business (including capital leases), and (as applicable) the release of the  respective Liens of each holder’s portion of such indebtedness, and (ii) without limiting in any  respect the foregoing, evidence of the release of any and all other Liens against the Acquired Assets;      (j) a SUTA Account Termination or Transfer Request for the Pennsylvania  Department of Labor and Industry reflecting that 100% of the Business is transferred, duly executed  by the Seller;     (k) originals of all certificates of titles of all vehicles or other equipment owned by the  Seller and set forth on Schedule 4.6; and  

 

72520263v19      6      (l) Employment Agreements and other employment documentation with employees  of the Business listed in Schedule 3.2(l), in form and substance satisfactory to the Buyer.       3.3 Buyer’s Closing Deliveries.  In addition to any other documents to be delivered under the  provisions of this Agreement, the Buyer shall deliver the following to the Seller at the Closing, all of which  shall be in form and substance reasonably satisfactory to the Seller and its counsel:     (a) the Closing Payment, as set forth in Section 2.1 above;     (b) counterparts to the agreements set forth in Section 3.2 above to which it is a party;     (c) an Officer’s certificate of the Buyer certifying the resolutions duly adopted by the  Board of Directors, authorizing and approving the execution, delivery and performance of this  Agreement by Buyer and the transactions contemplated by this Agreement; and    (d) a Certificate of Good Standing of the Buyer, certified by the Indiana Secretary of  State, dated no earlier than ten (10) days prior to the Closing Date.    ARTICLE 4  REPRESENTATIONS AND WARRANTIES OF THE SELLER     The Seller Parties jointly and severally represent and warrant the following to the Buyer as of the  Closing:    4.1 Organization and Good Standing.  The Seller is a limited liability company duly organized,  validly existing and in good standing under the laws of Virginia.  CHCI is a corporation duly incorporated,  validly existing and in good standing under the laws of the State of Delaware. The Seller is duly qualified  to do business as a foreign entity and is in existence or good standing (where such concept has meaning)  under the laws of Pennsylvania and each state or other jurisdiction in which either the ownership or use of  the properties owned or used by it, or the nature of the activities conducted by it, requires such qualification.    4.2 Authorization.  The Seller Parties have full power and authority to execute and deliver this  Agreement and to perform their obligations hereunder, and have full power and authority to own and  operate their assets, properties and business and carry on their businesses as presently conducted.  The  execution, delivery and performance of this Agreement (and all related agreements hereto) has been duly  authorized by all necessary corporate action on the part of the Seller Parties.     4.3 Validity; Binding Effect.  This Agreement has been duly and validly executed and  delivered by the Seller Parties.  This Agreement constitutes a valid and legally binding obligation of the  Seller Parties, enforceable against the Seller Parties in accordance with its terms (subject to applicable  bankruptcy, insolvency, moratorium, reorganization or similar laws affecting the rights of creditors  generally and the availability of equitable remedies).    4.4 Noncontravention.  Except as set forth in Schedule 4.4, the execution, delivery and  performance of this Agreement by the Seller Parties, the consummation of the transactions contemplated  by this Agreement and the compliance with or fulfillment of the terms and provisions hereof or of any other  agreement or instrument contemplated hereby, does not and shall not (a) conflict with or result in a breach  of any of the provisions of the Articles of Organization or Operating Agreement of the Seller; (b) contravene  any Law which affects or binds the Seller Parties; (c) result in a breach of, constitute a default under or give  rise to a right of termination or acceleration under any Material Contract; or (d) require the Seller Parties to  

 

72520263v19      7    obtain the approval, consent or authorization of, or to make any declaration, filing or registration with, any  third party or any federal, state, local, municipal, foreign or other governmental authority (“Governmental  Authority”) which has not been obtained in writing prior to the Closing Date.    4.5 Financial Statements; Absence of Changes.    (a) Attached hereto as Schedule 4.5(a) are true, accurate and complete copies of the  following: (i) the internally prepared balance sheets of the Seller as of December 31, 2020, and  December 31, 2021, and the related statements of income for the fiscal years then ended; and (ii)  the internally prepared balance sheet of the Seller as of January 31, 2022 (the “Interim Balance  Sheet”), and the related statement of income for the time period then ended (items in clauses (i) and  (ii), collectively, the “Financial Statements”).    (b) The Financial Statements (i) fairly present in all material respects the operating  results and the financial condition on the dates and for the periods indicated; (ii) are correct and  complete in all material respects; (iii) are consistent with the books and records of the Seller (which  books and records are correct and complete in all material respects); and (iv) were prepared in  accordance with the Commonly Accepted Accounting Principles.  No financial statements of any  person or entity other than the Seller are required to be included in the Financial Statements.  The  Seller has no liabilities or obligations of any nature (whether absolute, accrued, contingent or  otherwise), except for (x) liabilities or obligations reflected or reserved against in the Interim  Balance Sheet, (y) liabilities or obligations incurred since the date of the Interim Balance Sheet in  the ordinary course of business and (z) liabilities or obligations set forth in Schedule 4.5(b).    (c) Except as set forth in Schedule 4.5(c), since January 31, 2022, (i) there has not  been any material adverse change in the business, operations, assets, prospects or condition of the  Seller, and to the Knowledge of the Seller Parties, no event has occurred or circumstance exists that  could reasonably be expected to result in such a change; (ii) the Seller has operated only in the  ordinary course of business; (iii) no party has accelerated, terminated, modified or cancelled any  material agreement, contract, lease or license to which the Seller is a party or by which the Seller  is bound; (iv) the Seller has not experienced any material damage, destruction or loss (whether or  not covered by insurance) to any of its material assets; and (v) the Seller has not changed its  accounting, invoicing or collection practices.    4.6 Title to and Sufficiency of Acquired Assets.  Except as set forth on Schedule 4.6, the Seller  has good and marketable title to all of the Acquired Assets, free and clear of any and all Liens and other  than the Excluded Assets and such assets set forth on Schedule 4.6, the Acquired Assets constitute all of  the assets used by the Seller in the Business and constitute all of the assets necessary for the Buyer to  continue the operations of the Business after the Closing as it has been conducted prior to the Closing.  The  Acquired Assets are in good operating condition and repair, in all material respects, ordinary wear and tear  excepted.  Except for the vehicles or equipment set forth on Schedule 4.6, none of the Acquired Assets  have, or are required by applicable Law to have, a certificate of title.    4.7 Real Estate.  The Seller leases the properties described and set forth on Schedule 4.7 (the  “Real Estate”) pursuant to those certain lease agreements set forth and described on Schedule 4.7.  The  Real Estate is the only real property used in the operation of the Business.  There are no other leases,  agreements, or understandings between the Seller and the applicable landlords relating to the Real Estate.      

 

72520263v19      8    4.8 Taxes.    (a) For purpose of this Agreement, “Taxes” means all income, gross receipts, license,  payroll, employment, excise, severance, stamp, occupation, premium, property, franchise, profits,  withholding, social security (or similar), unemployment, disability, real property, personal  property, sales, use, transfer, registration, value added, alternative, add-on minimum, estimated, or  other tax, fee, assessment, levy, tariff, charge or duty of any kind whatsoever.  The Seller has filed  or caused to be filed all Tax Returns required to have been filed by the Seller, including with respect  to the Acquired Assets or the Business.  All such Tax Returns and reports were true, accurate,  correct and complete in all material respects and all Taxes shown as due and owing on such Tax  Returns and reports have been paid.  All Taxes due and owing by the Seller (whether or not shown  on any Tax Return), including with respect to the Acquired Assets or the Business, have been timely  and fully paid.  All Taxes due and owing by any Affiliate of the Seller with respect to the business,  assets or activities of the Seller have been timely and fully paid (whether or not shown on any Tax  Return).  The Seller is not the beneficiary of any extension of time within which to file any Tax  Return.  “Affiliate” means, with respect to any person or entity, any other person or entity that  directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under  common control with, such person or entity; with the term “control” including the power to direct  the management and policies of a person or entity.    (b) The Seller, and each Affiliate of Seller, have withheld, deducted, collected and  paid all Taxes required to have been withheld, deducted, collected or paid by the Seller.  No claim  has ever been made by a Governmental Authority in a jurisdiction where the Seller does not file  Tax Returns that they are or may be subject to taxation by such jurisdiction.  No Tax Return of the  Seller has been audited or is currently under audit or examination.  There is no current dispute  between the Seller and any Governmental Authority with respect to Taxes.  There are no Liens for  Taxes (other than for Taxes not yet due and payable) upon any of the assets of the Seller.    (c) There is no Tax sharing agreement, Tax allocation agreement, Tax indemnity  obligation or similar written or unwritten agreement, arrangement, statutory or regulatory  obligation, understanding or practice with respect to Taxes (including any advance pricing  agreement, closing agreement or other arrangement relating to Taxes) that will require any payment  by the Seller.  The Seller is classified as a pass-through entity for U.S. federal income Tax purposes.    (d) The Seller has not, nor has any Affiliate of the Seller with respect to the Seller,  waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect  to a Tax assessment or deficiency.  The Seller has never been a party to any “listed transaction,” as  defined in Section 6707A(c)(2) of the Code and Treasury Regulations Section 1.6011-4(b)(2).    (e) The Seller has maintained adequate records and documentation with respect to  customer exemptions from any applicable sales Tax.      4.9 Compliance with Law.  The Seller is in compliance and at all times has been in compliance  in all material respects with all applicable laws (including statutes, ordinances, requirements, rules,  regulations, codes, plans, injunctions, judgments, orders, decrees, rulings and charges thereunder) of  federal, state, local, municipal and foreign governments (and all agencies thereof) (the “Laws”), and no  claims, actions, suits, proceedings, demands, charges, complaints, investigations, inquiries, notices,  hearings, litigation, arbitration, or governmental or regulatory investigations, proceedings or audits (the  “Actions”) have been filed or commenced against the Seller alleging any failure so to comply.  To the  Knowledge of the Seller, no event has occurred or circumstance exists that (with or without notice or lapse  

 

72520263v19      9    of time) may constitute or result in a violation by the Seller of, or a failure on the part of the Seller to comply  with, any Law.      4.10 Permits.  Schedule 4.10 hereto sets forth a complete and accurate list of each authorization,  license, certificate, certification, registration or permit issued, granted, given or otherwise made available  by or under the authority of any Governmental Authority, pursuant to any Law or any business certification  or licensing organization (the “Permits”) that is held by the Seller or that otherwise relates to the Business  or the Acquired Assets.  Each Permit listed or required to be set forth in Schedule 4.10 is valid and in full  force and effect.  The Seller is, and at all times has been, in material compliance with all of the terms and  requirements of each Permit.  The Permits set forth in Schedule 4.10 collectively constitute all of the Permits  necessary or advisable to permit the Buyer to lawfully conduct and operate the Business in the manner in  which the Seller currently conducts and operates the Business.     4.11 Litigation.  There is no pending or, to the Knowledge of the Seller, threatened Actions by  or against the Seller or that otherwise relates to or may affect the Business or the Acquired Assets, and  except as set forth on Schedule 4.11, no such Litigation existed at any time within the past three (3) years.   No event has occurred or circumstance exists that is reasonably likely to give rise to or serve as a basis for  the commencement of any such Action.  There is no Action that could have a material adverse effect on the  business, operations, assets, condition, or prospects of the Seller or upon the Acquired Assets.    4.12 Material Contracts.  Schedule 4.12 hereto sets forth all (i) customer contracts and  agreements (whether oral or written) to which the Seller is a party and which the gross amounts invoiced  by the Seller exceed $5,000.00 per annum and all Material Supplier agreements; and (ii) all agreements  between the Seller and any employee, officer, manager or director (collectively, the “Material Contracts”).   With respect to each Assumed Contract, (a) the agreement is legal, valid, binding, enforceable and in full  force and effect, (b) other than the failure to obtain any consent to assignment that may be required in  connection with the transactions contemplated by this Agreement, the Seller is in full compliance with all  applicable terms and requirements of such agreement, (c) to the Seller’s Knowledge, each other person or  entity that has or has had any obligation or liability under such agreement is, and at all times has been, in  full compliance with all applicable terms and requirements of such agreement, (d) other than the failure to  obtain any consent to assignment that may be required in connection with the transactions contemplated by  this Agreement, no party is in breach or default thereof, and no event has occurred which with notice or  lapse of time, or both, would constitute a breach or default thereof, or permit termination, modification or  acceleration thereunder, and (e) no party has repudiated any provision of the agreement.  The Seller has  delivered to the Buyer a correct and complete copy of each Material Contract.      4.13 Labor and Employment Matters.      (a) Schedule 4.13 hereto sets forth a complete and accurate list of the following  information for each employee, manager, officer and director of the Seller, including each  employee on leave of absence or layoff status: name; job title; date of hiring or engagement; date  of commencement of employment or engagement; current compensation paid or payable; any  bonuses payable or otherwise related to such person; sick and vacation leave that is accrued but  unused; if such individual is employed in the Business; and service credited for purposes of vesting  and eligibility to participate under any benefit plan of the Seller or that is made available to  employees of the Seller.  Except as set forth in Schedule 4.13 hereto, (i) the Seller is not, nor has  ever been, a party to any collective bargaining agreement or other labor contract; (ii) there has not  been, there is not presently pending or existing and, to the Knowledge of the Seller there is not  threatened, any strike, slowdown, picketing, work stoppage, lock out or employee grievance  process involving the Seller; (iii) there is no organizational activity or other labor dispute against  or affecting the Seller and has not been any in the past three (3) years; (iv) no application or petition  

 

72520263v19      10    for an election of or for certification of a collective bargaining agent is pending with respect to the  Seller; and (v) there has been no charge of discrimination filed against or, to the Knowledge of the  Seller, threatened against the Seller with the Equal Employment Opportunity Commission or  similar Governmental Authority.    (b) The Seller has complied in all material respects with all Laws and contracts and  agreements relating to employment practices, terms and conditions of labor, employment, equal  employment opportunity, nondiscrimination, immigration, wages, hours, benefits, worker  classification (including proper classification of employees as exempt or non-exempt and of  independent contractors as such and not employees), overtime and collective bargaining and labor  relations.  The Seller is not materially delinquent in payments to any of its employees for any wages,  salaries, commissions, bonuses or other direct compensation for any services performed for the  Seller as of the date hereof or amounts required to be reimbursed to such employees.  All  agreements or contracts between the Seller and any employee, officer, manager, or director of the  Seller are set forth on Schedule 4.13 and all such agreements.       4.14 Benefit Plans.      (a) Schedule 4.14(a) contains a true and complete list of each pension, benefit,  retirement, profit-sharing, deferred compensation, welfare, employment, severance, termination,  bonus, incentive, retention, change in control, equity, equity-linked, fringe-benefit or other  compensation, benefit or perquisite agreement, plan, policy, or program, whether or not written,  including each “employee benefit plan” within the meaning of Section 3(3) of the Employee  Retirement Income Security Act of 1974, as amended (“ERISA”), whether or not subject to ERISA,  which is maintained, sponsored, contributed to, or required to be contributed to by the Seller for  the benefit of any current or former employee or other service provider of the Seller or any spouse  or dependent of such individual or as to which the Seller has any obligation or liability, contingent  or otherwise (each, a “Benefit Plan”).       (b) Each Benefit Plan and related trust agreement, annuity contract or other funding  instrument complies with, and has been established, administered, operated and maintained in  material compliance with its terms and any applicable Laws.  There are no pending or, to the  Seller’s Knowledge, threatened: (i) Actions, by or on behalf of any of the Benefit Plans, by any  employee or beneficiary covered under any such Benefit Plans, or otherwise involving any such  Benefit Plans or the assets thereof (other than routine claims for benefits) or (ii) Actions by any  Governmental Authority with respect to any Benefit Plan.  All benefits accrued under any unfunded  Benefit Plan have been paid, accrued or otherwise adequately reserved to the extent required by,  and in accordance with, the Commonly Accepted Accounting Principles.  Each Benefit Plan that is  intended to meet the requirements of a “qualified plan” under Section 401(a) of the Code has  received a favorable determination letter from the Internal Revenue Service (or, if it is a prototype  plan, is the subject of a favorable opinion letter issued by the Internal Revenue Service) to the effect  that such Benefit Plan meets the requirements of Section 401(a) of the Code, and no events have  occurred that could reasonably be expected to adversely affect such qualified status.  The Seller has  no liability with respect to any “employee benefit plan” (as defined in Section 3(3) of ERISA)  subject to Title IV of ERISA, including by reason of being treated as a single employer under  Section 414 of the Code with any person or entity other than the Seller.  The Seller has no current  or potential obligation to provide postemployment health, life or other welfare benefits other than  as required under Section 4980B of the Code or any similar applicable Law.  Except as set forth on  Schedule 4.14(b), the consummation of the transactions contemplated by this Agreement and any  other transfer instrument, certificate, document, agreement, writing or instrument delivered  pursuant to this Agreement (collectively, “Ancillary Documents”) will not (A) entitle any current  

 

72520263v19      11    or former employee or officer of the Seller to severance pay, unemployment compensation or any  other payment, (B) accelerate the time of payment or vesting, or increase the amount of,  compensation due any such employee or officer, or (C) result in the forfeiture of compensation or  benefits under any Benefit Plan.  Schedule 4.14(b) sets forth each Benefit Plan that is subject to  Section 409A of the Code. Each such Benefit Plan has, since January 1, 2005, complied in all  material respects in operation and form with Section 409A of the Code and the Treasury  Regulations promulgated thereunder.     4.15 Customers and Suppliers.  Schedule 4.15 lists the Seller’s top twenty-five (25) customers  and top ten (10) suppliers by dollar volume of sales or purchases during the calendar year ended December  31, 2021, and year to date through February 28, 2022 (each, a “Material Customer or Supplier”).  Except  as set forth on Schedule 4.15, no Material Customer or Supplier has terminated, or, to the Knowledge of  the Seller Parties, intends to terminate, its business relationship with the Seller or has materially reduced,  or, to the Knowledge of the Seller Parties, intends to materially reduce, the dollar volume of business it  does or intends to do with the Seller from historic levels.        4.16 Intellectual Property.      (a) “Intellectual Property” means any and all of the following in any jurisdiction  throughout the world: (i) trademarks and service marks, whether registered or unregistered,  including all applications and registrations and the goodwill connected with the use of and  symbolized by the foregoing; (ii) copyrights, whether registered or unregistered, including all  applications and registrations related to the foregoing; (iii) trade secrets and confidential know- how; (iv) patents and patent applications; (v) internet domain name registrations; and (vi) other  intellectual property and related proprietary rights, interests and protections (including all rights to  sue and recover and retain damages, costs and attorneys’ fees for past, present and future  infringement and any other rights relating to any of the foregoing).    (b) Schedule 4.16(b) lists all Intellectual Property included in the Acquired Assets  (“Acquired IP”).  The Seller owns or has adequate, valid and enforceable rights to use all the  Acquired IP, free and clear of all Liens.  The Seller is not bound by any outstanding judgment,  injunction, order or decree restricting the use of the Acquired IP, or restricting the licensing thereof  to any person or entity.  With respect to the registered Intellectual Property that is Acquired IP, (i)  all such Intellectual Property is valid, subsisting and in full force and effect and (ii) the Seller has  paid all maintenance fees and made all filings required to maintain the Seller’s ownership thereof.   For all such registered Intellectual Property, Schedule 4.16(b) lists (A) the jurisdiction where the  application or registration is located, (B) the application or registration number, and (C) the  application or registration date.  Notwithstanding anything herein or Schedule 4.16(b), Acquired  IP shall not include any software ownership or licenses including, but not limited to, software  programs commonly known and utilized as QuickBooks, Big Time and Salesforce.    (c) The Seller’s prior and current use of the Acquired IP has not and does not infringe,  violate, dilute or misappropriate the Intellectual Property of any person or entity and there are no  claims pending or threatened by any person or entity with respect to the ownership, validity,  enforceability, effectiveness or use of the Acquired IP.  No person or entity is infringing,  misappropriating, diluting or otherwise violating any of the Acquired IP, and neither the Seller nor  any Affiliate of the Seller has made or asserted any claim, demand or notice against any person or  entity alleging any such infringement, misappropriation, dilution or other violation.     4.17 Insurance.  Schedule 4.17 hereto sets forth a summary of all insurance policies maintained  by the Seller or that provide coverage for the Seller’s assets or the Business, including their coverages,  

 

72520263v19      12    expiration dates, deductibles and limits.  To the Knowledge of the Seller, all such insurance policies are  valid, outstanding and enforceable and are sufficient for compliance with all Material Contracts and the  operation of the Business as currently conducted.  All premiums due and payable with respect to any such  insurance policy have been paid.  The Seller has not received any written notice of cancellation or  termination or other indication that any insurance policy is no longer in full force or effect or will not be  renewed.  Schedule 4.17 sets forth, for the current policy year and each of the three (3) preceding policy  years, claims loss or loss runs history for each such insurance policy (or equivalent that was then in effect).       4.18 Environmental Matters.  Except as set forth on Schedule 4.18(a), the Seller is, and at all  times in the past five (5) years has been, in compliance, in all material respects, with all environmental  Laws and has not received any: (i) environmental claims or notices; or (ii) written requests for information  pursuant to environmental Law, which, in each case, either remains pending or unresolved, or is the source  of ongoing obligations or requirements as of the Closing.  The Seller has obtained and is in material  compliance with all federal, state, and local environmental Permits and approvals (each of which is listed  on Schedule 4.18(b)) necessary for the ownership, lease, operation or use of the Business or assets of the  Seller and all such environmental Permits and approvals are in full force and effect.  No real property  owned, operated or leased by the Seller in the past five (5) years is listed on, or has been proposed for listing  on, the National Priorities List (or CERCLIS) under the Comprehensive Environmental Response,  Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization  Act of 1986, 42 U.S.C. §§ 9601 et seq, or any similar state list (“CERCLA”).  The Seller is not and has not  been an arranger, handler, owner, operator, treater, storer, transporter, generator or disposer of hazardous  waste under the Resource Conservation and Recovery Act, CERCLA, or any other Law.  The Seller has  removed and properly disposed of any and all hazardous, infectious, radioactive, asbestos, industrial and  manufacturing, and construction demolition waste and debris stored at or associated with the business along  with any equipment that is contaminated with the aforementioned waste or materials prior to the Closing.   Except as set forth on Schedule 4.18(a), in the past five (5) years there has been no release of any hazardous  materials in contravention of environmental Law with respect to the Business or assets of the Seller or any  real property owned, operated or leased by the Seller during such period, and the Seller has not received an  environmental notice that any real property owned, operated or leased during such period in connection  with the Business (including soils, groundwater, surface water, buildings and other structure located on any  such real property) has been contaminated with any hazardous material which would reasonably be  expected to result in an environmental claim against, or a material violation of environmental Law or term  of any environmental Permit by, the Seller.  The Seller has made available to the Buyer true and complete  copies of all sampling results, environmental or safety audits or inspections, or other written reports or  documents concerning environmental, health or safety issues pertaining to the Real Estate, to the extent the  same are in the Seller’s or its Affiliates’ possession.    4.19 Affiliate Transactions.  Neither the Seller nor any of its shareholders, affiliates, directors  or officers or their family members (collectively, “Affiliates”) owns or has owned, of record or as a  beneficial owner, an equity interest or any other financial or profits interest in any person or entity that has:  (a) had business dealings with the Seller (and each such business dealing has been conducted in the ordinary  course of business at substantially prevailing market prices and on substantially prevailing market terms)  or (b) engaged in competition with the Seller.  The Seller does not have, and in the past three (3) years has  not had, any contractual relationship (other than with employees solely for the purposes of employment  with the Seller) with any equity holder of the Seller or any of its Affiliates.     4.20 Broker’s Fees.  The Seller Parties do not, nor do any of their Affiliates, have any liability  or obligation to pay any fees or commissions to any broker, finder or agent with respect to the transactions  contemplated by this Agreement for which the Buyer could become liable or obligated.    

 

72520263v19      13    4.21 Disclosure.  Except as set forth in this Article 4, neither the Seller nor any of its agents,  employees, Affiliates, or other representatives have made, nor are any of them making any representation  or warranty, express or implied, in respect of the Seller or the Business, and any other representations or  warranties are hereby expressly disclaimed.    ARTICLE 5  REPRESENTATIONS AND WARRANTIES OF BUYER     The Buyer represents and warrants to the Seller that the following statements are true and correct  as of the Closing:     5.1 Organization and Good Standing.  The Buyer is a corporation duly organized and validly  existing under the laws of the State of Indiana.    5.2 Authorization.  The Buyer has full corporate power and company authority to execute and  deliver this Agreement and to perform its obligations hereunder.  The execution, delivery and performance  of this Agreement have been duly authorized by all necessary corporate action on the part of the Buyer.    5.3 Validity; Binding Effect.  This Agreement has been duly and validly executed and  delivered by the Buyer.  This Agreement constitutes a valid and legally binding obligation of the Buyer,  enforceable against the Buyer in accordance with its terms.    5.4 Noncontravention.  The execution, delivery and performance of this Agreement by the  Buyer, the consummation of the transactions contemplated by this Agreement and the compliance with or  fulfillment of the terms and provisions hereof or of any other agreement or instrument contemplated hereby,  do not and shall not (a) conflict with or result in a breach of any of the provisions of the Articles of  Incorporation or the Bylaws of the Buyer; (b) contravene any Law which affects or binds the Buyer or any  of its properties; or (c) require the Buyer to obtain the approval, consent or authorization of, or to make any  declaration, filing or registration with, any third party or any Governmental Authority which has not been  obtained in writing.    5.5 Broker’s Fees.  The Buyer does not, nor does any of its Affiliates, have any liability or  obligation to pay any fees or commissions to any broker, finder or agent with respect to the transactions  contemplated by this Agreement for which the Seller could become liable or obligated.    ARTICLE 6  COVENANTS    6.1  Employees and Employee Benefits.    (a) Employment of Employees by Buyer.  The Buyer may (in its sole discretion), but  is not obligated to, offer to hire each person employed by the Seller in the Business on the Closing  Date (each a “Transferred Employee”).  Subject to applicable Law, the Buyer will have reasonable  access to personnel records (including performance appraisals, disciplinary actions and grievances)  of the Seller for all such persons.  Effective immediately before Closing, the Seller will terminate  the employment of all such persons that the Buyer agrees to hire.  Any employment offered by the  Buyer is “at will” and may be terminated by the Buyer or by an employee at any time for any reason  (subject to any written commitments to the contrary made by the Buyer or an employee and  applicable Law).  Nothing in this Agreement shall be deemed to prevent or restrict in any way the  right of the Buyer to terminate, reassign, promote or demote any such person after the Closing or  to change adversely or favorably the title, powers, duties, responsibilities, functions, locations,  

 

72520263v19      14    salaries, employee benefits, other compensation or terms or conditions of employment of such  persons.    (b) Salaries and Benefits.  The Seller shall be responsible for the payment of, and shall  pay, all wages and other remuneration and/or compensation due to its employees with respect to  their services as employees of the Seller through the close of business on the Closing Date, bonus  payments (including without limitation any stay bonuses), the payment of any termination,  severance or stay-bonus payments, and the provision of health plan continuation coverage in  accordance with the requirements of the Consolidated Omnibus Budget Reconciliation Act of 1985,  as amended (and the regulations and other guidance promulgated thereunder), and Sections 601  through 608 of ERISA.  The Seller shall remain solely responsible for all workers’ compensation  claims of any current or former employees, directors, independent contractors or consultants which  relate to events occurring on or prior to the Closing Date.  The Seller shall also be liable for any  claims made or incurred by their employees, directors, independent contractors or consultants or  the spouses, dependents or beneficiaries thereof through the Closing Date under the benefit plans  of Seller.  For purposes of the immediately preceding sentence, a charge will be deemed incurred,  in the case of hospital, medical or dental benefits, when the services that are the subject of the  charge are performed and, in the case of other benefits (such as disability or life insurance), when  an event has occurred or when a condition has been diagnosed that entitles the employee to the  benefit.  The Seller shall pay, or cause to be paid, all such amounts to the appropriate persons as  and when due.     6.2  Customer and Other Business Relationships.  Following the Closing, the Seller and its  officers, employees, and agents will (a) reasonably cooperate with the Buyer to obtain any consents required  under the Assumed Contracts and (b) refer to the Buyer all inquiries relating to the Business.  Following  the Closing: (i) the Buyer shall have the right to receive all payments related to the Acquired Assets or  under the Assumed Contracts, and the Seller shall promptly deliver to the Buyer any and all payments  received by the Seller related to the Acquired Assets or under the Assumed Contracts or otherwise related  to the Business as operated by the Buyer after the Closing; and (ii) the Seller shall be required to pay, settle  and discharge all accounts payable or other liabilities that are Excluded Liabilities.    6.3  Restrictive Covenants.  In consideration of the sale of the Acquired Assets and in order to  protect the value of the Business after the Closing, the Seller Parties hereby acknowledge, covenant and  agree as follows:    (a) During the Restricted Period, the Seller Parties shall not (and shall cause their  Affiliates, not to) directly or indirectly, invest in, own, manage, operate, finance, control, advise,  render services to, provide financial assistance to or guarantee the obligations of any person or  entity engaged in or planning to become engaged in the Business anywhere in the Restricted  Territory; provided, however, that the Seller Parties may purchase or otherwise acquire up to (but  not more than) five percent (5%) of any class of the securities of any entity (but may not otherwise  participate in the activities of such entity) engaged in the Business if such securities are listed on  any national or regional securities exchange or have been registered under Section 12(g) of the  Securities Exchange Act of 1934, as amended.    For purposes of this Section 6.3, (i) “Restricted Period” means the period commencing on  the Closing Date and expiring on the second (2nd) anniversary of this Agreement (which shall be  extended by the length of any period during which a Restricted Party is in violation of this Section  6.3), and (ii) “Restricted Territory” means anywhere in the areas described on Exhibit E hereto.    

 

72520263v19      15    (b) During the Restricted Period, the Seller Parties shall not (and shall cause their  Affiliates, not to) directly or indirectly (i) solicit any customer that was a party to an Assumed  Contract for the purpose of selling or providing any competitive Business products or services, or  (ii) sell or provide any products or services, that are competitive Business’s products or services,  to any such customer.      (c) During the Restricted Period, the Seller Parties shall not (and shall cause their  Affiliates, not to), directly or indirectly, hire, employ, engage or solicit the employment or  engagement of any individual that was employed by Seller immediately prior to the Closing and  who is employed in the Business by Buyer after the Closing.    (d) The Seller Parties shall not (and it shall cause their Affiliates, not to), directly or  indirectly, disparage, denigrate or make any inaccurate, untruthful or incorrect statement (whether  verbally, in writing, electronically, through social media, by word or by gesture, or through any  other means of communication) about Buyer, the Business or any of its employees, agents,  Affiliates or representatives.     6.4 Confidentiality.  The Seller hereby (a) acknowledges and agrees that prior to the  consummation of the transactions contemplated by this Agreement that it has had access to trade secrets  and other information which is confidential with respect to the Acquired Assets and valuable to the  operation of the Business (the “Confidential Information”), and (b) understands the necessity of keeping  the Confidential Information confidential and secret.  The Seller will hold the Confidential Information in  confidence, unless required to disclose such Confidential Information by judicial or administrative process  or by other legal requirement, including, without limitation, any disclosures required by the rules of the  U.S. Securities and Exchange Commission or any United States stock exchange.      6.5 Remedies.  Without limiting the right of the Buyer to pursue all other legal or equitable  remedies available for any violation of Section 6.3 or Section 6.4 and to recover its legal fees and expenses,  the Parties agree that monetary damages are inadequate for such violation given the unique nature of the  Business, and that the Buyer shall be entitled to injunctive relief to prevent violation or continuing violation  thereof and that no bond or other security shall be required in connection therewith.  It is the intent and  understanding of each Party hereto that if, in any action before any court or agency legally empowered to  enforce Section 6.3 or Section 6.4 any term, restriction, covenant or promise is found to be unreasonable  and for that reason unenforceable, then such term, restriction, covenant or promise shall be deemed  modified to the minimum extent necessary to make it enforceable by such court or agency.  Nothing herein  shall be construed as prohibiting the Buyer from pursuing any other remedies at Law or in equity which it  may have.  The Seller acknowledges and agrees that the existence of any claim or cause of action by any  of them against the Buyer shall not relieve any of the Seller Parties of their obligations under this Agreement  and otherwise shall not operate as a defense to the enforcement of this Agreement.    6.6 Books and Records.  Following the Closing, each Party will afford the other Party, and the  other Party’s counsel and accountants, during normal business hours, reasonable access to and assistance  from each Party’s accountants, accounting firm, or other financial advisors, and to the books, records and  other data in each Party’s possession or control (including without limitation accounting, Tax and financial  records) relating to the Business with respect to periods prior to the Closing and the right to make copies  and extracts therefrom, to the extent that such access may be reasonably desired by a Party in connection  with: (a) the preparation of Tax Returns; (b) the determination or enforcement of rights and obligations  under this Agreement, including by any Buyer Indemnified Person or Seller Indemnified Person; (c)  compliance with the requirements of any Governmental Authority; or (d) in connection with any actual or  threatened Action.    

 

72520263v19      16    6.7 Information Technology and Digital Records.  Following the Closing, the Seller will afford  the Buyer and its counsel, during normal business hours, reasonable access at the Seller’s expense to Seller’s  digital books, records and other data in the Seller’s possession or control relating to electronically stored  data, information and systems (including without limitation records of the Seller’s data collection and  security policies) of the Business with respect to periods prior to the Closing and the right to make copies  and extracts therefrom.  The Seller shall, or at the Seller’s expense engage a third party technology  consultant, to transfer all of Seller’s digital books, records, and other data to the Buyer (the “IT Transition”).   In connection with the IT Transition, the Seller shall provide the Buyer with access to the Seller’s website  (to have website traffic directed to the Buyer’s website and to the extent the Seller’s website is viewed by  the public containing a disclosure that Buyer purchased the assets of Seller) for a period of one (1) year and  the use of Seller’s email accounts for a period of six (6) months following the Closing.  Notwithstanding  the foregoing, (i) the Seller shall not be obligated to pay for the IT Transition for a period longer than six  (6)months after the Closing and (ii) Buyer may not utilize the ‘Comstock’ name after Closing for any public,  marketing, or advertising purposes excepting disclosures that Buyer purchased the assets of Seller.  For a  period of two (2) years following the Closing, Seller shall forward all e-mails sent on Seller’s e-mail  accounts to Buyer.     6.8 Cease Using Name.  After the Closing, the Seller shall not operate any business under the  name “Comstock Environmental Services”.       6.9 Cooperation.  If any further action is necessary or desirable to carry out the purposes of  this Agreement, each of the Parties will take such further action (including the execution and delivery of  such further instruments and documents) as any other Party reasonably may request, all at the sole cost and  expense of the requesting Party (unless the requesting Party is entitled to indemnification therefor under  Article 7 below).  After the Closing, in the event and for so long as any Party actively is contesting or  defending against any third-party action, suit, proceeding, hearing, investigation, charge, complaint, claim,  or demand in connection with (a) any transaction contemplated under this Agreement or (b) any fact,  situation, circumstance, status, condition, activity, practice, plan, occurrence, event, incident, action, failure  to act, or transaction that existed on or prior to the Closing Date involving the Seller, the other Party(ies)  will reasonably cooperate with such Party and such Party’s counsel in the contest or defense, make available  their personnel, and provide such testimony and access to their books and records as is reasonably necessary  in connection with the contest or defense, all at the sole cost and expense of the contesting or defending  Party (unless the contesting or defending Party is entitled to indemnification therefor under Article 7).  This  provision will be inapplicable to any direct claims between Seller and the Buyer.         6.10 Operation of Business After the Closing.  The Parties hereto acknowledge that certain  Permits required or desirable for the operation of the Business after the Closing may not be transferable by  the Seller to the Buyer at the Closing, or may not be obtainable by the Buyer until after the Closing, and  that transfer of or application for any such Permits may require the Seller to sign certain documents,  affidavits and certifications.  As and when requested from time to time by the Buyer until any such Permits  are transferred to or obtained by the Buyer, the Seller shall, in accordance with applicable Laws, use  commercially reasonable efforts (a) to provide all necessary and lawful cooperation for the voluntary  transfer or surrender of any such Permits, assets or contracts or the use of any such Permits for the operation  of the Business by the Buyer after the Closing; and (b) to facilitate the Buyer’s successful application for  any such Permit.  In the event Seller seeks to recover amounts due under Contracts consistent with the terms  of this Agreement and through the course of Seller’s final audits, Buyer shall provide reasonable  cooperation efforts to Seller in coordination with such activities including, but not limited to, access to and  coordination efforts with employees listed in Schedule 3.2(m) of this Agreement.     

 

72520263v19      17    ARTICLE 7  INDEMNIFICATION AND REMEDIES    7.1 Indemnification and Reimbursement by Seller.  Subject to the limitations and other  provisions of this Agreement, the Seller Parties jointly and severally shall indemnify, defend and hold  harmless the Buyer, and its officers, directors, managers, employees, equity holders, representatives, agents,  subsidiaries and Affiliates (collectively, the “Buyer Indemnified Persons”), and will reimburse the Buyer  Indemnified Persons for any loss, liability, claim, damage, expense whatsoever (including reasonable costs  of investigation and defense and reasonable professional and attorney fees and expenses) and whether  direct, between, or among the Parties or with respect to any third party (collectively, “Damages”), arising  from, related to or in connection with: (a) any inaccuracy or breach of any representation or warranty made  by any of the Seller Parties in this Agreement; (b) any breach of any covenant or obligation of the Seller in  this Agreement; (c) the Seller’s ownership or operation of the Acquired Assets and the Business prior to  the Closing; (d) the Excluded Assets; (e) the Excluded Liabilities; (f) any failure of the Seller to comply  with, or any other liability arising under or in connection with, the Worker Adjustment Retraining and  Notification Act, or any similar Laws; and (g) any and all Actions, claims, demands, assessments,  judgments, costs and expenses (including interest, penalties, reasonable legal fees and accounting fees)  related to the foregoing clauses (a) through (f), inclusive, and the enforcement of the provisions of this  Section 7.1.    7.2 Indemnification and Reimbursement by Buyer.  Subject to the limitations and other  provisions of this Agreement, the Buyer will indemnify, defend and hold harmless the Seller and its officers,  directors, managers, employees, equity holders, representatives, agents, subsidiaries and Affiliates  (collectively, the “Seller Indemnified Persons”), and will reimburse the Seller Indemnified Persons for any  Damages arising from, related to or in connection with: (a) any inaccuracy or breach of any representation  or warranty made by the Buyer in this Agreement; (b) any breach of any covenant or obligation of the Buyer  in this Agreement; (c) the Assumed Liabilities; and (d) any and all Actions, claims, demands, assessments,  judgments, costs and expenses (including interest, penalties, reasonable legal fees and accounting fees)  related to the foregoing clauses (a) through (c), inclusive, and the enforcement of the provisions of this  Section 7.2.    7.3 Limitations.  All representations and warranties made by any Party in this Agreement shall  survive the Closing for eighteen (18) months, at which time they shall expire and be of no further force and  effect, other than the representations and warranties set forth in Sections 4.1, 4.2, 4.3, 4.4, the first sentence  of 4.6, 4.8, 4.14, 4.18, 4.20, 5.1, 5.2, 5.3, 5.4, and 5.5, which shall survive the Closing until the date that is  sixty (60) days after the expiration of the applicable statute of limitations, at which time they shall expire  and be of no further force and effect (representations and warranties listed in the immediately forgoing  exceptions clause, each a “Fundamental Representation and Warranty”).  Notwithstanding the foregoing  sentence, if a written notice regarding the inaccuracy or breach of any representation or warranty shall have  been timely delivered as required by this Article 7 on or prior to the applicable expiration date, such  representation and warranty shall survive with respect to such claim until the related claim for  indemnification has been satisfied or otherwise resolved as provided in this Article 7.  The covenants  contained in this Agreement shall survive until fully performed.  In no event shall the Buyer Indemnified  Persons be entitled to indemnification under Section 7.1(a) (other than with respect to claims for the  inaccuracy or breach of a Fundamental Representation and Warranty to which the following limitation shall  not apply) until the aggregate amount of all Damages in respect of the matters described in Section 7.1(a)  exceeds $35,000.00 (the “Basket”).  Once the Basket is exceeded, then the Buyer Indemnified Persons shall  be entitled to pursue recovery of all such Damages in excess of the Basket; provided that, in no event shall  the Buyer Indemnified Persons be entitled to indemnification under Section 7.1(a) for the inaccuracy or  breach of a representation or warranty (other than with respect to claims for the inaccuracy or breach of a  Fundamental Representation and Warranty to which the following limitation shall not apply) if the  

 

72520263v19      18    aggregate amount of all Damages in respect of the matters described in Section 7.1(a) (other than with  respect to claims for the inaccuracy or breach of a Fundamental Representation and Warranty) exceeds  $300,000.00.  The aggregate amount required to be paid by the Seller Indemnified Persons pursuant to  Section 7.1(a) as a result of Damages from Seller’s breach of or inaccuracy in Fundamental Representations  and Warranties and as a result of Damages arising under Sections 7.1(b) through (f) shall not exceed the  Purchase Price.  For purposes of determining the amount of Damages and for determining whether a  representation or warranty has been breached or is inaccurate, in connection with a claim under Section  7.1(a), for the inaccuracy or breach of a representation or warranty containing any material or materiality  or other similar qualification, such material or materiality or similar qualifier shall not be considered.  The  Parties acknowledge and agree that their sole and exclusive remedy with respect to any and all claims for  any breach of any representation, warranty, covenant, agreement or obligation set forth herein, shall be  pursuant to the indemnification provisions set forth in this Article 7; provided that, for purposes of clarity,  the foregoing shall not apply to any of the Ancillary Documents.  Notwithstanding the foregoing sentence,  nothing in this Article 7 shall limit any person or entity’s right to seek and obtain any equitable relief to  which it shall be entitled.  Notwithstanding anything else to the contrary, (a) nothing in this Article 7 shall  limit in any way any Party’s ability to make, or recover for, any claim for fraud, willful misconduct or  intentional misrepresentation related to this Agreement or the transactions contemplated hereby; and (b) no  adjustments, if any, required to be paid by the Seller under Section 2.2 of this Agreement shall be counted  against, or taken into account with respect to, the Basket or indemnification caps set forth in this Section  7.3.      7.4 Effect of Investigation.  Each Buyer Indemnified Person’s right to indemnification or other  remedy based on the representations, warranties, covenants and agreements of the Seller contained in this  Agreement will not be affected by any investigation conducted by the Buyer with respect to, or any  knowledge acquired by the Buyer at any time, with respect to the accuracy or inaccuracy of or compliance  with, any such representation, warranty, covenant or agreement.    7.5 Tax Treatment of Indemnification Payments.  All indemnification payments made by the  Seller Parties under this Agreement shall be treated by the Parties as an adjustment to the Purchase Price  for Tax purposes, unless otherwise required by Law.    7.6 Mitigation.  Each Indemnified Party shall use commercially reasonable efforts to mitigate  any Damages which are the subject of claims under this Agreement upon and after becoming aware of any  facts or circumstances that would reasonably be expected to result in any Damages that are indemnifiable  hereunder.    7.7 No Double Recovery.  Notwithstanding any provision of this Agreement to the contrary,  no Indemnified Party shall be entitled to double recovery for any Damages resulting from a state of facts  or circumstances constituting the breach of more than one of the representations, warranties, covenants,  agreements and obligations of the Indemnifying Party in this Agreement.  The Seller shall not have any  liability or obligation with respect to any claim for indemnification to the extent that the Damages related  to such matter actually served to reduce the amount of Actual Net Working Capital pursuant to Section 2.2  of this Agreement.  7.8 Insurance Proceeds.  Payments by an Indemnifying Party pursuant to this Article 7 in  respect of any Damages shall be limited to the amount that remains after deducting therefrom any insurance  proceeds paid to and actually received by the Indemnified Party (or its Affiliates) and any indemnity,  contribution or other similar payment paid to and actually received by the Indemnified Party (or its  Affiliates) in respect of any such claim to the extent specifically identifiable to an indemnification  obligation of the Indemnifying Party (net of costs of collection resulting from making any claim thereunder  and taking into account any deductible or retention amount paid or payable).  The Indemnified Party shall  

 

72520263v19      19    not be required to pursue recovery of such amounts prior to seeking indemnification under this Article 7,  but shall use its commercially reasonable efforts to recover under insurance policies or indemnity,  contribution or other similar agreements for any Damage specifically identifiable to an indemnification  obligation of the Indemnifying Party.       7.9 Recourse First against Indemnity Escrow Amount.  In the case of any indemnification  claim by a Buyer Indemnified Person against the Seller, the Buyer Indemnified Person shall, to the extent  there are sufficient amounts in the Escrow Fund, be required to first seek recourse against the Indemnity  Escrow Amount, with the balance of any claim for Damages being satisfied directly by the Seller Parties.  7.10 Right to Defend.  Promptly after acquiring knowledge of any loss, action, suit,  investigation, proceeding, demand, assessment, audit, judgment, or claim brought by a person or entity that  is not a party to this Agreement (each a “Third Party Claim”) to which it may be liable, any party entitled  to indemnification hereunder (the “Indemnified Party”) shall give to the party obligated to indemnify  hereunder (the “Indemnifying Party”) prompt written notice thereof; provided, that the failure to so notify  such Indemnifying Party will not relieve such Indemnifying Party of its obligations under this Article 7,  except to the extent that the Indemnifying Party demonstrates that the defense of such Third Party Claim is  prejudiced by the Indemnified Party’s failure to give such claim notice.  Each Indemnifying Party shall, at  its own expense, promptly defend, contest or otherwise protect against any Third Party Claim against which  it has agreed to indemnify any Indemnified Party, and each Indemnifying Party shall receive from the  Indemnified Party all necessary and reasonable cooperation in said defense, including, but not limited to,  the services of employees of the Indemnified Party who are familiar with the transactions out of which any  such damage, loss, deficiency, liability, claim, encumbrance, penalty, cost, expense, action, suit,  investigation, proceeding, demand, assessment, audit, judgment or claim may have arisen.  The  Indemnifying Party shall have the right to control the defense of any such third party proceeding unless it  is relieved of its liability hereunder with respect to such defense by the Indemnified Party, and except for  claims involving (i) non-monetary Damages sought against the Indemnified Party; or (ii) criminal  allegations.  The Indemnifying Party shall have the right, at its option, and, unless so relieved, to  compromise or defend, at its own expense by its own counsel, any such matter involving the asserted  liability to a third party of the Indemnified Party involving monetary damages but may not compromise or  settle any matter involving equitable or injunctive recourse against the Indemnified Party without such  party’s written consent.  In the event that the Indemnifying Party shall undertake to compromise or defend  any such asserted liability, it shall promptly notify the Indemnified Party of its intention to do so.  In the  event that an Indemnifying Party, after written notice of a Third Party Claim from an Indemnified Party,  fails to take timely action to defend the same, the Indemnified Party shall have the right to defend the same  by counsel of its own choosing, but at the cost and expense of the Indemnifying Party.  In such an event,  the Indemnified Party shall not compromise any such asserted liability without the written consent of the  Indemnifying Party, such consent not to be unreasonably withheld, conditioned, or delayed.     ARTICLE 8  GENERAL PROVISIONS    8.1 Expenses.  Except as provided for in Section 6.5 and Article 7, each Party will bear its  respective expenses incurred in connection with the preparation, execution, and performance of this  Agreement, including all fees and expenses of agents, representatives, counsel and accountants.  The Buyer  shall timely and fully pay any and all transfer and sales Taxes resulting from the sale of the Acquired Assets  from the Seller to the Buyer, or the assumption of the Assumed Liabilities by the Buyer, as contemplated  by this Agreement; provided, however, that Seller agrees to promptly reimburse the Buyer for 50% of any  such transfer and sales Taxes but only up to a maximum Seller reimbursement amount of $10,000.00.    

 

72520263v19      20     8.2 Public Announcements.  Any public announcement or similar publicity with respect to this  Agreement will be issued, if at all at such time and in such manner as the Buyer and the Seller mutually  determine.  Unless consented to by the Parties in writing, the Parties shall keep this Agreement and the  transactions consummated hereby strictly confidential and may not make any disclosure of this Agreement  to any person or entity; provided, however, that the (x) Parties may disclose the terms of this Agreement to  their accountants, attorneys and similar professionals, who have an obligation to maintain the  confidentiality of such information, as necessary for tax returns, to enforce their rights under this Agreement  or the Ancillary Documents, and for similar purposes, and (y) Seller and its Affiliates may make any  disclosures necessary to comply with the SEC disclosure obligations or the rules of any United States stock  exchange.  The Seller and the Buyer shall consult with each other concerning the means by which the  Seller’s employees, customers, and suppliers and others persons or entities having dealings with the Seller  will be informed of the transactions contemplated herein.     8.3 Notices.  All notices, requests, demands, claims, and other communications hereunder will  be in writing.  Any notice, request, demand, claim, or other communication hereunder shall be deemed duly  given (a) when delivered personally to the recipient, (b) when sent by electronic mail or facsimile, on the  date of transmission to such recipient (with, in the case of electronic mail, the sender not receiving an  undeliverable message in connection with sending such electronic mail message or with, in the case of  facsimile, receipt by the sender thereof of a confirmation of transmission), (c) one (1) Business Day after  being sent to the recipient by reputable overnight courier service (charges prepaid), or (d) four (4) Business  Days after being mailed to the recipient by certified mail, return receipt requested and postage prepaid, and  addressed to the intended recipient, and in the case of clauses (b) through (d) above when sent or mailed to  the recipient pursuant to the contact information for such recipient set forth on the signature pages of this  Agreement, which contact information may be modified by a party hereto providing written notice of such  modification to all other Parties pursuant to this Section 8.3.  “Business Day” means any day except  Saturday, Sunday or any other day on which commercial banks located in Conshohocken, Pennsylvania are  authorized or required by Law to be closed for business.     8.4 Governing Law.  This Agreement shall be governed by and construed under the laws of  the Commonwealth of Pennsylvania without regard to conflict of law principles.       8.5 Waiver.  The rights and remedies of the Parties are cumulative and not alternative.  Neither  the failure nor any delay by any Party in exercising any right, power, or privilege under this Agreement or  the other documents and instruments referred to in this Agreement will operate as a waiver of such right,  power, or privilege, and no single or partial exercise of any such right, power, or privilege will preclude  any other or further exercise of such right, power, or privilege.  To the maximum extent permitted by  applicable Law, (a) no claim or right arising out of this Agreement or the documents referred to in this  Agreement can be discharged by one Party, in whole or in part, by a waiver or renunciation of the claim or  right unless in writing signed by the other Party; (b) no waiver that may be given by a Party will be  applicable except in the specific instance for which it is given; and (c) no notice to or demand on one Party  will be deemed to be a waiver of any obligation of such Party or of the right of the Party giving such notice  or demand to take further action without notice or demand as provided in this Agreement or the other  documents and instruments referred to in this Agreement.     8.6 Entire Agreement; Modification.  This Agreement (together with the Schedules, Exhibits  and the other documents, agreements and instruments referenced herein) supersedes all prior agreements  between the Parties with respect to its subject matter (including that certain Term Sheet, dated December  1, 2021, by and between the Seller and Buyer), and constitutes a complete and exclusive statement of the  terms of the agreement between the Parties with respect to the subject matter contained herein.  This  Agreement may not be amended except by a written agreement executed by all Parties that will be burdened  by such amendment.  

 

72520263v19      21       8.7 Assignments, Successors, and No Third Party Rights.  No Party may assign any of its rights  under this Agreement without the prior written consent of the other Party, except that the Buyer may so  long as it remains liable for its obligations under this Agreement (a) collaterally assign this Agreement to  any of its lenders; (b) assign its rights and obligations under this Agreement to a wholly-owned subsidiary;  and (c) assign its rights and obligations under this Agreement to any successor-in-interest, whether by  merger, sale of assets or otherwise.  Subject to the preceding sentence, this Agreement will apply to, be  binding in all respects upon, and inure to the benefit of the permitted successors and assigns of the Parties.   Other than with respect to the Buyer Indemnified Persons and Seller Indemnified Persons as contemplated  by Article 7, who are expressly intended to be, and hereby are made, third party beneficiaries of the  provisions of Article 7, nothing expressed or referred to in this Agreement will be construed to give any  person or entity other than the Parties any legal or equitable right, remedy, or claim under or with respect  to this Agreement or any provision of this Agreement.     8.8 Severability.  The provisions of this Agreement are severable and shall be separately  construed.  If any provision of this Agreement is held invalid or unenforceable by any court of competent  jurisdiction, the other provisions of this Agreement will remain full force and effect.  Any provision of this  Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the  extent not held invalid or unenforceable.     8.9 Section Headings; Construction.  The headings of the Articles and Sections in this  Agreement are provided for convenience only and will not affect the construction or interpretation of this  Agreement.  All references to “Section” or “Sections” refer to the corresponding Section or Sections of this  Agreement.  All words used in this Agreement will be construed to be of such gender or number as the  circumstances require.  Unless otherwise expressly provided, the word “including” does not limit the  preceding words or terms.  If any payment is required to be made, or other action (including the giving of  notice) is required to be taken, pursuant to this Agreement on a day which is not a Business Day, then such  payment or action shall be considered to have been made or taken in compliance with this Agreement if  made or taken on the next succeeding Business Day.  In this Agreement, a period of days shall be deemed  to begin on the first day after the event that began the period and to end at 5:00 p.m. (local time, Indianapolis,  Indiana) on the last day of the period.  If any period of time is to expire hereunder on any day that is not a  Business Day, the period shall be deemed to expire at 5:00 p.m. (local time, Conshohocken, Pennsylvania)  on the next succeeding Business Day.  Each Party represents and agrees that: it has had the opportunity to  be represented by independent counsel of its own choosing, it or its authorized officers or directors (as  applicable) have carefully read and fully understand this Agreement in its entirety, it is fully aware of the  contents of this Agreement and its meaning, intent and legal effect.  This Agreement is the product of  negotiations between the Parties and any rules of construction relating to interpretation against the drafter  of an agreement shall not apply to this Agreement and are expressly waived by each Party.  The terms  “Knowledge of the Seller”, “Knowledge of the Seller Parties”, or words of similar import mean the actual  knowledge of David White, Chris Guthrie, Jon Buzan, John Krinis, and Robert Scott after reasonable due  inquiry.     8.10 Counterparts.  This Agreement may be executed in one or more counterparts, each of which  will be deemed to be an original copy of this Agreement and all of which, when taken together, will be  deemed to constitute one and the same agreement.  Facsimile or electronic transmission of a counterpart  hereto shall be deemed an original hereof.      [Signature Page Follows] 

 

 

 

 

 

      Exhibit A    Escrow Agreement     See attached.     

 

ESCROW AGREEMENT THIS ESCROW AGREEMENT (the “Agreement”) dated effective as of March 31, 2022 (the “Effective Date”), is by and among August Mack Environmental, Inc., an Indiana corporation  (“Purchaser”), Comstock Environmental Services, LLC, a Virginia limited liability company  (“Seller”), and U.S. Bank National Association, a national banking association, as escrow agent  hereunder (“Escrow Agent”). BACKGROUND A.  Purchaser and Seller have entered into that certain Asset Purchase Agreement dated as of March 30, 2022 (the “Purchase Agreement”), pursuant to which Purchaser is purchasing  substantially all of the assets and certain liabilities of Seller used in the operation of Seller’s  environmental engineering, environmental consulting, and tank construction business.  The  Purchase Agreement provides that Purchaser shall deposit on behalf of Seller the Escrow Fund  (defined below) in a segregated escrow account to be held by Escrow Agent for the purpose of post-closing working capital adjustments and indemnifications that may become due to Purchaser pursuant to the Purchase Agreement. B.  Escrow Agent has agreed to accept, hold, and disburse the funds deposited with it and  any earnings thereon in accordance with the terms of this Agreement. C.  Purchaser and Seller have appointed the Representatives (as defined below) to represent them for all purposes in connection with the funds to be deposited with Escrow Agent and this  Agreement. D.  Purchaser and Seller acknowledge that (i) Escrow Agent is not a party to and has no duties or obligations under the Purchase Agreement, (ii) all references in this Agreement to the  Purchase Agreement are solely for the convenience of Purchaser and Seller, and (iii) Escrow Agent  shall have no implied duties beyond the express duties set forth in this Agreement. NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, for themselves, their successors and assigns,  hereby agree as follows: 1. Definitions.  The following terms shall have the following meanings when used herein: “Adjustment Escrow Amount” means Two Hundred Fifty Thousand and No/100 Dollars  ($250,000.00). “Business Day” means any day, other than a Saturday, Sunday or legal holiday, on which  Escrow Agent at its location identified in Section 15 is open to the public for general banking  purposes. “Claim Notice” has the meaning set forth in Section 6(a). 1 7 2602403v32602403v7  

 

“Escrow Fund” means the Adjustment Escrow Amount and the Indemnity Escrow  Amount, together with any interest and other income thereon. “Escrow Period” means the period commencing on the date hereof and ending at the close of Escrow Agent’s Business Day on the second (2nd) anniversary of the Effective Date unless earlier terminated pursuant to this Agreement. “Final Order” means a final and nonappealable order of a court of competent jurisdiction (an “Order”), which Order is delivered to Escrow Agent accompanied by a written instruction from  Purchaser or Seller given to effectuate such Order and confirming that such Order is final,  nonappealable and issued by a court of competent jurisdiction, and Escrow Agent shall be entitled  to conclusively rely upon any such confirmation and instruction and shall have no responsibility  to review the Order to which such confirmation and instruction refers. “Indemnified Party” has the meaning set forth in Section 11. “Indemnity Claim” has the meaning set forth in Section 6(a). “Indemnity Escrow Amount” means One Hundred Fifty Thousand and No/100 Dollars  ($150,000.00). “Joint Written Direction” means a written direction executed by a Purchaser Representative and a Seller Representative, delivered to Escrow Agent in accordance with Section 15 and directing Escrow Agent to disburse all or a portion of the Escrow Fund or to take or refrain from  taking any other action pursuant to this Agreement. “Purchaser Representative” means the person(s) so designated on Schedule B hereto or any other person designated in a writing signed by Purchaser and delivered to Escrow Agent and a  Seller Representative in accordance with the notice provisions of this Agreement, to act as its  representative under this Agreement. “Representatives” means a Purchaser Representative and a Seller Representative. “Seller Representative” means the person(s) so designated on Schedule B hereto or any other person designated in a writing signed by Seller and delivered to Escrow Agent and a  Purchaser Representative in accordance with the notice provisions of this Agreement, to act as its  representative under this Agreement. 2. Appointment of and Acceptance by Escrow Agent.  Purchaser and Seller hereby appoint Escrow Agent to serve as escrow agent hereunder.  Escrow Agent hereby accepts such  appointment and, upon receipt by wire transfer of the Escrow Fund in accordance with Section 3,  shall hold, invest and disburse the Escrow Fund in accordance with this Agreement. 3. Deposit of Escrow Fund.  Simultaneously with the execution and delivery of this Agreement, Purchaser will transfer the Escrow Fund, by wire transfer of immediately available 2 7 2602403v32602403v7  

 

funds, to an account designated by Escrow Agent (the “Escrow Account”).  Escrow Fund will  remain uninvested. 4. Disbursements of Escrow Fund. (a) Escrow Agent shall disburse Escrow Fund, or a portion thereof, at any time and from time to time, upon receipt of, and in accordance with, a Joint Written Direction substantially  in the form of Attachment 1 hereto and received by Escrow Agent as set forth in Section 15.  Such  Joint Written Direction must contain the amount of the Escrow Fund to be so released and complete  payment instructions, including funds transfer instructions or an address to which a check should  be sent. (b) Purchaser and Seller, as between themselves, hereby agree that if Purchaser makes a claim for any uncollected accounts receivable pursuant to Section 2.2(d)(ii) of the Purchase  Agreement, Purchaser and Seller shall execute and deliver to Escrow Agent a Joint Written  Direction, authorizing Escrow Agent to disburse the Indemnity Escrow Amount to Purchaser in  the amount of such uncollected accounts receivable. (c) Purchaser and Seller, as between themselves, hereby agree that Purchaser and Seller shall execute and deliver to Escrow Agent a Joint Written Direction, authorizing Escrow Agent to  disburse the Adjustment Escrow Amount to Seller or Purchaser, as applicable, pursuant to the  terms of Section 2.2(b) of the Purchase Agreement. (d) Upon the expiration of the Escrow Period, Escrow Agent shall distribute to Seller pursuant to the funds transfer instruction set forth in this Section 4(c), as promptly as practicable, any remaining Indemnity Escrow Amount not subject to a Claim Notice as provided in Section 6.  Purchaser and Seller each acknowledges that the Escrow Agent is authorized to use the following  funds transfer instructions to disburse any funds due to Seller: Bank Name: Eagle Bank Bank Address: 7815 Woodmont Avenue Bethesda, MD 20814 ABA No.: 055003298 Account Name: Comstock Real Estate Services, L. C. Account No.: 020-017-7905 (e) Prior to any disbursement, Escrow Agent must receive reasonable identifying information regarding the recipient so that Escrow Agent is able to comply with its regulatory  obligations and reasonable business practices, including without limitation a completed United  States Internal Revenue Service (“IRS”) Form W-9 or Form W-8, as applicable.  All disbursements  of Escrow Fund will be subject to the fees and claims of Escrow Agent and the Indemnified Parties  pursuant to Section 11 and Section 12. (f) Purchaser and Seller may each deliver written notice to Escrow Agent in accordance with Section 15 changing their respective funds transfer instructions, which notice will 3 7 2602403v32602403v7  

 

be effective only upon receipt by Escrow Agent and after Escrow Agent has had reasonable time  to act upon such notice. 5. Suspension of Performance; Disbursement into Court.  If, at any time, (a)  a dispute exists with respect to any obligation of Escrow Agent under this Agreement, (b) Escrow Agent is unable to determine, to Escrow Agent’s sole satisfaction, Escrow Agent’s proper actions with  respect to its obligations hereunder, or (c) the Representatives have not, within 10 days of receipt  of a notice of resignation, appointed a successor escrow agent to act under this Agreement, then  Escrow Agent may, in its sole discretion, take either or both of the following actions: (i) suspend the performance of any of its obligations (including without limitation any disbursement obligations) under this Agreement until such dispute or  uncertainty is resolved to the sole satisfaction of Escrow Agent or until a successor escrow  agent is appointed. (ii) petition (by means of an interpleader action or any other appropriate method) any court of competent jurisdiction, in any venue convenient to Escrow Agent,  for instructions with respect to such dispute or uncertainty and, to the extent required or  permitted by law, pay into such court, for holding and disposition by such court, the Escrow  Fund, after deduction and payment to Escrow Agent of all fees and expenses (including  court costs and attorneys’ fees) payable to, incurred by, or expected to be incurred by  Escrow Agent in connection with the performance of its duties and the exercise of its rights  hereunder. Escrow Agent will have no liability to Purchaser or Seller for any such suspension of performance  or disbursement into court, specifically including any liability or claimed liability that may arise  due to any delay in any other action required or requested of Escrow Agent. 6. Resolutions & Disbursement of Claims.  If during the Escrow Period Purchaser elects to make a claim for indemnity against Seller pursuant to Article 7 of the Purchase  Agreement, then the procedure for administering and resolving such claims is as follows: (a) If Purchaser elects to assert a claim for indemnity as contemplated by the Purchase Agreement (an “Indemnity Claim”), it must give written notice of such claim (a “Claim Notice”) to Escrow Agent and Seller prior to the expiration of the Escrow Period.  Such Claim Notice must  include a description of the claim and the basis therefor and the amount, if known, asserted by  Purchaser for such claim (including, if appropriate, an estimate of all costs and expenses  reasonably expected to be incurred by Purchaser by reason of such claim). (b) Escrow Agent shall pay an Indemnity Claim to Purchaser from the Indemnity Escrow Amount only pursuant to (i) Seller’s written direction, (ii) a Joint Written Direction, or  (iii) a Final Order. 7. Investment of Funds.  Based upon Purchaser’s and Seller’s prior review of investment alternatives, Escrow Agent is directed to leave the Escrow Fund uninvested.  To the 4 7 2602403v32602403v7  

 

extent applicable regulations grant rights to receive brokerage confirmations for certain security  transactions, Purchaser and Seller waive receipt of such confirmations. 8. Tax Reporting. (a) Escrow Agent has no responsibility for the tax consequences of this Agreement and Purchaser and Seller shall consult with independent counsel concerning any and all tax matters.  Purchaser and Seller jointly and severally agree to (i) assume all obligations imposed now or  hereafter by any applicable tax law or regulation with respect to payments or performance under  this Agreement and (ii) request and direct the Escrow Agent in writing with respect to withholding  and other taxes, assessments or other governmental charges, and advise the Escrow Agent in  writing with respect to any certifications and governmental reporting that may be required under  any applicable laws or regulations.  Except as otherwise agreed by Escrow Agent in writing,  Escrow Agent has no tax reporting or withholding obligation except to the Internal Revenue  Service with respect to Form 1099-B reporting on payments of gross proceeds under Internal  Revenue Code Section 6045 and Form 1099 and Form 1042-S reporting with respect to investment  income earned on the Escrow Fund, if any.  Escrow Agent shall have no responsibility for Form  1099-MISC reporting with respect to disbursements that Escrow Agent makes in an administrative  or ministerial function to vendors or other service providers and shall have no tax reporting or  withholding duties with respect to the Foreign Investment in Real Property Tax Act (FIRPTA). (b) To the extent that U.S. federal imputed interest regulations apply, Purchaser and Seller shall so inform the Escrow Agent, provide the Escrow Agent with all imputed interest  calculations and direct the Escrow Agent to disburse imputed interest amounts as Purchaser and  Seller deem appropriate.  The Escrow Agent will rely solely on such provided calculations and  information and will have no responsibility for the accuracy or completeness of any such  calculations or information.  Purchaser and Seller shall provide Escrow Agent a properly  completed IRS Form W-9 or Form W-8, as applicable, for each payee.  If requested tax  documentation is not so provided, Escrow Agent is authorized to withhold taxes as required by the  United States Internal Revenue Code and related regulations. (c) Except as otherwise directed by Purchaser and Seller in writing, Escrow Agent will report, on an accrual basis, all interest or income on the Escrow Fund as being owned by Seller for federal income tax purposes.  If any accrued interest income attributed to Seller is subsequently  disbursed by Escrow Agent to Purchaser, Purchaser and Seller shall jointly direct Escrow Agent  in writing with respect to the appropriate tax treatment and reporting of such disbursements. 9. Resignation or Removal of Escrow Agent.  Escrow Agent may resign and be discharged from the performance of its duties hereunder at any time by giving ten (10) days’ prior  written notice to Purchaser and Seller specifying a date when such resignation will take effect and,  after the date of such resignation notice, notwithstanding any other provision of this Agreement,  Escrow Agent’s sole obligation will be to hold the Escrow Fund pending appointment of a  successor Escrow Agent.  Similarly, Escrow Agent may be removed at any time by Purchaser and  Seller giving at least thirty (30) days’ prior written notice to Escrow Agent specifying the date  when such removal will take effect.  If Purchaser and Seller fail to jointly appoint a successor 5 7 2602403v32602403v7  

 

Escrow Agent prior to the effective date of such resignation or removal, Escrow Agent may  petition a court of competent jurisdiction to appoint a successor escrow agent, and all costs and  expenses related to such petition shall be paid jointly and severally by Purchaser and Seller.  The  retiring Escrow Agent shall transmit all records pertaining to the Escrow Fund and shall pay all  Escrow Fund to the successor Escrow Agent, after making copies of such records as the retiring  Escrow Agent deems advisable and after deduction and payment to the retiring Escrow Agent of  all fees and expenses (including court costs and attorneys’ fees) payable to, incurred by, or  expected to be incurred by the retiring Escrow Agent in connection with the performance of its  duties and the exercise of its rights hereunder.  After any retiring Escrow Agent’s resignation or  removal, the provisions of this Agreement will inure to its benefit as to any actions taken or omitted  to be taken by it while it was Escrow Agent under this Agreement. 10. Duties and Liability of Escrow Agent. (a) Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no duties will be implied.  Escrow Agent has no fiduciary or discretionary duties of any  kind.  Escrow Agent’s permissive rights will not be construed as duties.  Escrow Agent has no  liability under and no duty to inquire as to the provisions of any document other than this  Agreement, including without limitation any other agreement between any or all of the parties  hereto or any other persons even though reference thereto may be made herein and whether or not  a copy of such document has been provided to Escrow Agent.  Escrow Agent’s sole responsibility  is to hold the Escrow Fund in accordance with Escrow Agent’s customary practices and  disbursement thereof in accordance with the terms of this Agreement.  Escrow Agent shall not be  responsible for or have any duty to make any calculations under this Agreement, or to determine  when any calculation required under the provisions of this Agreement should be made, how it  should be made or what it should be, or to confirm or verify any such calculation.  Escrow Agent  will not be charged with knowledge or notice of any fact or circumstance not specifically set forth  herein.  This Agreement will terminate upon the distribution of all the Escrow Fund pursuant to  any applicable provision of this Agreement, and Escrow Agent will thereafter have no further  obligation or liability whatsoever with respect to this Agreement or the Escrow Fund. (b) Escrow Agent will not be liable for any action taken or omitted by it in good faith except to the extent that a court of competent jurisdiction determines, which determination is not subject to appeal, that Escrow Agent’s gross negligence or willful misconduct in connection with  its material breach of this Agreement was the sole cause of any loss to Purchaser or Seller.  Escrow  Agent may retain and act hereunder through agents, and will not be responsible for or have any  liability with respect to the acts of any such agent retained by Escrow Agent in good faith. (c) Escrow Agent may conclusively rely upon any notice, instruction, request or other instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained therein, which Escrow Agent believes to be genuine and to  have been signed or presented by the person purporting to sign it and shall have no responsibility  or duty to make inquiry as to or to determine the truth, accuracy or validity thereof (or any signature  appearing thereon).  In no event will Escrow Agent be liable for (i) acting in accordance with or  conclusively relying upon any instruction, notice, demand, certificate or document believed by 6 7 2602403v32602403v7  

 

Escrow Agent to have been created by or on behalf of Purchaser or Seller, (ii) incidental, indirect,  special, consequential or punitive damages or penalties of any kind (including, but not limited to  lost profits), even if Escrow Agent has been advised of the likelihood of such damages or penalty  and regardless of the form of action or (iii) any amount greater than the value of the Escrow Fund  as valued upon deposit with Escrow Agent. (d) Escrow Agent will not be responsible for delays or failures in performance resulting from acts of God, strikes, lockouts, riots, acts of war or terror, epidemics, governmental  regulations, fire, communication line failures, computer viruses, attacks or intrusions, power  failures, earthquakes or any other circumstance beyond its control.  Escrow Agent will not be  obligated to take any legal action in connection with the Escrow Fund, this Agreement or the  Purchase Agreement or to appear in, prosecute or defend any such legal action or to take any other  action that in Escrow Agent’s sole judgment may expose it to potential expense or liability.  Purchaser and Seller are aware that under applicable state law, property which is presumed  abandoned may under certain circumstances escheat to the applicable state.  Escrow Agent will  have no liability to Purchaser or Seller, their respective heirs, legal representatives, successors and  assigns, or any other party, should any or all of the Escrow Fund escheat by operation of law. (e) Escrow Agent may consult, at Purchaser’s and Seller’s cost, legal counsel selected by it in the event of any dispute or question as to the construction of any of the provisions hereof  or of any other agreement or of its duties hereunder, or relating to any dispute involving this  Agreement, and will incur no liability and must be fully indemnified from any liability whatsoever  in acting in accordance with the advice of such counsel.  Purchaser and Seller agree to perform or  procure the performance of all further acts and things, and execute and deliver such further  documents, as may be required by law or as Escrow Agent may reasonably request in connection  with its duties hereunder.  When any action is provided for herein to be done on or by a specified  date that falls on a day other than a Business Day, such action may be performed on the following  Business Day. (f) If any portion of the Escrow Fund is at any time attached, garnished or levied upon, or otherwise subject to any writ, order, decree or process of any court, or in case disbursement of  Escrow Fund is stayed or enjoined by any court order, Escrow Agent is authorized, in its sole  discretion, to respond as it deems appropriate or to comply with all writs, orders, decrees or process  so entered or issued, including but not limited to those which it is advised by legal counsel of its  own choosing is binding upon it, whether with or without jurisdiction; and if Escrow Agent relies  upon or complies with any such writ, order, decree or process, it will not be liable to any of the  parties hereto or to any other person or entity by reason of such compliance even if such order is  reversed, modified, annulled, set aside or vacated. (g) Escrow Agent and any stockholder, director, officer or employee of Escrow Agent may buy, sell and deal in any of the securities of any other party hereto and contract and lend  money to any other party hereto and otherwise act as fully and freely as though it were not Escrow  Agent under this Agreement.  Nothing herein will preclude Escrow Agent from acting in any other  capacity for any other party hereto or for any other person or entity. 7 7 2602403v32602403v7  

 

(h) In the event instructions, including funds transfer instructions, address change or change in contact information are given to Escrow Agent (other than in writing at the time of  execution of this Agreement), whether in writing, by facsimile or otherwise, Escrow Agent is  authorized, but not required, to seek confirmation of such instructions by telephone call-back to  any person designated by the instructing party on Schedule B hereto, and Escrow Agent may rely  upon the confirmation of anyone purporting to be the person so designated.  The persons and telephone numbers for call-backs may be changed only in writing actually received and acknowledged by Escrow Agent and will be effective only after Escrow Agent has a reasonable  opportunity to act on such changes.  If Escrow Agent is unable to contact any of the designated  representatives identified in Schedule B, Escrow Agent is hereby authorized but will be under no  duty to seek confirmation of such instructions by telephone call-back to any one or more of  Purchaser’s or Seller’s executive officers (“Executive Officers”), as the case may be, which will  include the titles of Chief Executive Officer, President and Vice President, as Escrow Agent may  select.  Such Executive Officer must deliver to Escrow Agent a fully executed incumbency  certificate, and Escrow Agent may rely upon the confirmation of anyone purporting to be any such  officer.  Purchaser and Seller agree that Escrow Agent may at its option record any telephone calls  made pursuant to this Section.  Escrow Agent in any funds transfer may rely solely upon any  account numbers or similar identifying numbers provided by Purchaser or Seller to identify (i) the  beneficiary, (ii) the beneficiary’s bank, or (iii) an intermediary bank, even when its use may result  in a transfer of funds to a person other than the intended beneficiary or to a bank other than the  intended beneficiary’s bank or intermediary bank.  Purchaser and Seller acknowledge that these  optional security procedures are commercially reasonable. 11. Indemnification of Escrow Agent.  Purchaser and Seller, jointly and severally, shall indemnify and hold harmless Escrow Agent and each director, officer, employee and affiliate of Escrow Agent (each, an “Indemnified Party”) upon demand against any and all claims, actions and  proceedings (whether asserted or commenced by Purchaser, Seller or any other person or entity  and whether or not valid), losses, damages, liabilities, penalties, costs and expenses of any kind or  nature (including without limitation reasonable attorneys’ fees, costs and expenses) (collectively,  “Losses”)  arising from this Agreement or Escrow Agent’s actions hereunder, except to the extent  such Losses are finally determined by a court of competent jurisdiction, which determination is  not subject to appeal, to have been directly caused solely by the gross negligence or willful  misconduct of such Indemnified Party in connection with Escrow Agent’s material breach of this  Agreement.  Purchaser and Seller further agree, jointly and severally, to indemnify each  Indemnified Party for all costs, including without limitation reasonable attorneys’ fees, incurred  by such Indemnified Party in connection with the enforcement of Purchaser’s and Seller’s  obligations to Escrow Agent under this Agreement.  Each Indemnified Party shall, in its sole  discretion, have the right to select and employ separate counsel with respect to any action or claim  brought or asserted against it, and the reasonable fees of such counsel shall be paid upon demand  by Purchaser and Seller jointly and severally.  The obligations of Purchaser and Seller under this  Section shall survive any termination of this Agreement and the resignation or removal of Escrow  Agent. 12. Compensation of Escrow Agent. 8 7 2602403v32602403v7  

 

(a) Fees and Expenses.  Purchaser and Seller agree, jointly and severally, to compensate Escrow Agent upon demand for its services hereunder in accordance with Schedule  A attached hereto.  Without limiting the joint and several nature of their obligations to Escrow  Agent, Purchaser and Seller agree between themselves that each will be responsible to the other  for one-half of Escrow Agent’s compensation.  The obligations of Purchaser and Seller under this  Section shall survive any termination of this Agreement and the resignation or removal of Escrow  Agent. (b) Disbursements from Escrow Fund to Pay Escrow Agent.  Escrow Agent is authorized to, and may disburse to itself from the Escrow Fund, from time to time, the amount of any compensation and reimbursement of expenses due and payable hereunder (including any  amount to which Escrow Agent or any other Indemnified Party is entitled to seek indemnification  hereunder).  Escrow Agent shall notify Purchaser and Seller of any such disbursement from the  Escrow Fund to itself or any other Indemnified Party and shall furnish Purchaser and Seller copies  of related invoices and other statements. (c) Security and Offset.  Purchaser and Seller hereby grant to Escrow Agent and the other Indemnified Parties a first priority security interest in, lien upon and right of sale and offset  against the Escrow Fund with respect to any compensation or reimbursement due any of them  hereunder (including any claim for indemnification hereunder).  If for any reason the Escrow Fund  are insufficient to cover such compensation and reimbursement, Purchaser and Seller shall  promptly pay such amounts upon receipt of an itemized invoice. 13. Representations and Warranties.  Purchaser and Seller each respectively make the following representations and warranties to Escrow Agent: (a) it has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder; and this Agreement has been duly approved by all necessary action and  constitutes its valid and binding agreement enforceable in accordance with its terms. (b) each of the applicable persons designated on Schedule B attached hereto has been duly appointed to act as its authorized representative hereunder and individually has full power  and authority on its behalf to execute and deliver any instruction or direction, to amend, modify or  waive any provision of this Agreement and to take any and all other actions as its authorized  representative under this Agreement and no change in designation of such authorized  representatives will be effective until written notice of such change is delivered to each other party  to this Agreement pursuant to Section 15 and Escrow Agent has had reasonable time to act upon  it. (c) the execution, delivery and performance of this Agreement by Escrow Agent does not and will not violate any applicable law or regulation and no printed or other material in any  language, including any prospectus, notice, report, and promotional material that mentions “U.S.  Bank” or any of its affiliates by name or the rights, powers, or duties of Escrow Agent under this  Agreement will be issued by any other parties hereto, or on such party’s behalf, without the prior  written consent of Escrow Agent. 9 7 2602403v32602403v7  

 

(d) it will not claim any immunity from jurisdiction of any court, suit or legal process, whether from service of notice, injunction, attachment, execution or enforcement of any judgment  or otherwise. (e) there is no security interest in the Escrow Fund or any part thereof and no financing statement under the Uniform Commercial Code is on file in any jurisdiction claiming a security  interest in or describing (whether specifically or generally) the Escrow Fund or any part thereof. 14. Identifying Information.  To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.  For a non-individual person  such as a business entity, a charity, a trust or other legal entity, Escrow Agent requires  documentation to verify its formation and existence as a legal entity.  Escrow Agent may require  financial statements, licenses or identification and authorization documents from individuals  claiming authority to represent the entity or other relevant documentation.  Purchaser and Seller  agree to provide all information requested by Escrow Agent in connection with any legislation or  regulation to which Escrow Agent is subject, in a timely manner.  Escrow Agent’s appointment  and acceptance of its duties under this Agreement is contingent upon verification of all regulatory  requirements applicable to Purchaser, Seller and any of their permitted assigns, including  successful completion of a final background check.  These conditions include, without limitation,  requirements under the USA PATRIOT Act, the USA FREEDOM Act, the Bank Secrecy Act, and  the U.S. Department of the Treasury Office of Foreign Assets Control.  If these conditions are not  met, Escrow Agent may at its option promptly terminate this Agreement in whole or in part and  refuse any otherwise permitted assignment by Purchaser or Seller, without any liability or  incurring any additional costs. 15. Notices.  All notices, approvals, consents, requests and other communications hereunder (each, a “Notice”) must be in writing, in English, and may only be delivered (a) by  personal delivery, or (b) by national overnight courier service, or (c) by certified or registered mail,  return receipt requested, or (d) by email.  Notice will be effective upon receipt except for notice  via email, which will be effective on the date and time it is sent only if a copy is issued on the  same day by any other method provided for in this Section.  Notices may only be sent to the  applicable party or parties at the address specified below: If to Purchaser or Purchaser Representative, at: August Mack Environmental, Inc. 1302 North Meridian Street, Suite 300  Indianapolis, Indiana 46202 Attn: Geoffrey A. Glanders Telephone: (317) 916-8000 E-mail: gglanders@augustmack.com If to Seller or Seller Representative, at: Comstock Environmental Services, LLC 10 7 2602403v32602403v7  

 

Attn: Christopher Clemente  Reston Station 1900 Reston Metro Plaza, 10th Floor Reston VA 20190  Telephone: (703)230-1985 E-mail: cclemente@comstockcompanies.com With a copy to: Comstock Companies Attn: Jubal Thompson, General Counsel Reston Station 1900 Reston Metro Plaza, 10th Floor Reston VA 20190  Telephone: (703)230-1985 E-mail: jthompson@comstockcompanies.com If to Escrow Agent, at: U.S. Bank National Association ATTN: Laura Stabley and Brian J. Kabbes One U.S. Bank Plaza, 3rd Floor St. Louis, Missouri 63101 Telephone: 314-418-3935 & 314-418-3943 E-mail: laura.stabley@usbank.com & brian.j.kabbes@usbank.com and to: U.S. Bank National Association  ATTN: Russel Otzenberger  Trust Finance Management 60 Livingston Avenue, EP-MN-WS3T St. Paul MN 55107  Telephone:651-466-6101 E-mail:russel.otzenberger@usbank.com or to such other address as each party may designate for itself by like notice and unless otherwise  provided herein will be deemed to have been given on the date received.  Escrow Agent shall not  have any duty to confirm that the person sending any Notice by electronic transmission (including  by e-mail, web portal or other electronic methods) is, in fact, a person authorized to do so.  Electronic signatures believed by Escrow Agent to comply with the ESIGN Act of 2000 or other  applicable law (including electronic images of handwritten signatures and digital signatures  provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider acceptable to  Escrow Agent) shall be deemed original signatures for all purposes. Notwithstanding the  foregoing, Escrow Agent may in any instance and in its sole discretion require that an original  document bearing a manual signature be delivered to Escrow Agent in lieu of, or in addition to,  any such electronic Notice. Purchaser and Seller agree to assume all risks arising out of the use of  electronic signatures and electronic methods to submit instructions and directions to Escrow 11 7 2602403v32602403v7  

 

Agent, including without limitation the risk of Escrow Agent acting on unauthorized instructions,  and the risk of interception and misuse by third parties. 16. Amendment and Assignment.  None of the terms or conditions of this Agreement may be changed, waived, modified, terminated or varied in any manner whatsoever unless in  writing duly signed by each party to this Agreement. No course of conduct will constitute a waiver  of any of the terms and conditions of this Agreement, unless such waiver is specified in writing,  and then only to the extent so specified.  No party may assign this Agreement or any of its rights  or obligations hereunder without the written consent of the other parties, provided that if Escrow  Agent consolidates, merges or converts into, or transfers all or substantially all of its corporate  trust business (including the escrow contemplated by this Agreement) to another entity, the  successor or transferee entity without any further act will be the successor Escrow Agent. 17. Governing Law, Jurisdiction and Venue.  This Agreement must be construed and interpreted in accordance with the internal laws of the Commonwealth of Pennsylvania without  giving effect to the conflict of laws principles thereof that would require the application of any  other laws.  Each of the parties hereto irrevocably (a) consents to the exclusive jurisdiction and  venue of the state and federal courts in the Commonwealth of Pennsylvania in connection with  any matter arising out of this Agreement, (b) waives any objection to such jurisdiction or venue,  (c) agrees not to commence any legal proceedings related hereto except in such courts, (d) consents  to and agrees to accept service of process to vest personal jurisdiction over it in any such courts  made as set forth in Section 15, and (e)  waives any right to trial by jury in any action in connection  with this Agreement. 18. Entire Agreement, No Third-Party Beneficiaries.  This Agreement constitutes the entire agreement between the signatory parties hereto relating to the holding, investment and  disbursement of Escrow Fund and sets forth in their entirety the obligations and duties of Escrow  Agent with respect to Escrow Fund.  This Agreement and any Joint Written Direction may be  executed in two or more counterparts, which when so executed will constitute one and the same  agreement or direction.  To the extent any provision of this Agreement is prohibited by or invalid  under applicable law, such provision will be ineffective to the extent of such prohibition or  invalidity, without invalidating the remainder of such provision or the remaining provisions of this  Agreement.  The Section headings have been inserted for convenience only and will be given no  substantive meaning or significance whatsoever in construing the terms and conditions of this  Agreement.  Nothing in this Agreement, express or implied, is intended to or will confer upon any  person other than the signatory parties hereto and the Indemnified Parties any right, benefit or  remedy of any nature whatsoever under or by reason of this Agreement. [signature page follows] 12 7 2602403v32602403v7  

 

 

 

 

 

 

 

SCHEDULE A U.S. BANK NATIONAL ASSOCIATION Schedule of Fees for Services as Escrow Agent A.    Administration Fee, One-Time:                  $2,500 The one-time administration fee covers the routine duties of Escrow Agent associated with the administration of the account. Administration fees are payable in advance. In the event that the  Agreement is not terminated within three years, then an additional administrative fee of $1,000  shall be due for each year or part thereof. This assumes that Escrow Agent will be directed to  leave the funds uninvested. B.    Disbursement Processing Fees (if any):             $100 per disbursement in excess of ten disbursements per year The first ten disbursements per year are included within the administration fee. Disbursement processing fees after ten disbursements per year (if any) will billed in arrears. This includes  payment by check or wire. C.    Out-of-Pocket Expenses (if any):                  At Cost Reimbursement of expenses associated with Escrow Agent’s acceptance, administration of, or performance under the Agreement, including without limitation fees and expenses of legal  counsel, accountants and other agents, tax preparation, reporting and filing, publications, and  filing and recording fees, will be billed at cost. Extraordinary services are responses to requests, inquiries or developments, or the carrying out of  duties or responsibilities of an unusual nature, including termination, which may or may not be  provided for in the governing documents, or are not routine or undertaken in the ordinary course of  business. Payment of fees for extraordinary services is appropriate where particular requests,  inquiries or developments are unexpected, even if the possibility of such things could have been  foreseen at the inception of the transaction. A reasonable charge will be assessed and collected based  on the nature of the extraordinary service. At our option, these charges will be billed at a flat fee or at  Escrow Agent’s hourly rate then in effect. Extraordinary services might include, without limitation,  amendments or supplements, specialized reporting, non-routine calculations, foreign wire transfers,  processing of IRS Form W-8IMY, use investments not automated with Escrow Agent’s trust  accounting system, and actual or threatened litigation or arbitration proceedings. IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person  who opens an account. For a non-individual person such as a business entity, a charity, a trust or  other legal entity we will ask for documentation to verify its formation and existence as a legal entity.  Escrow Agent may also ask to see financial statements, licenses, identification and authorization  documents from individuals claiming authority to represent the entity or other relevant  documentation. 7 2602403v32602403v7  

 

 

 

 

 

ATTACHMENT 1 FORM OF JOINT WRITTEN DIRECTION [To be completed on closing] U.S. Bank National Association, as Escrow Agent ATTN:  Global Corporate Trust Services Address: _______________ RE:  ESCROW AGREEMENT made and entered into as of ___________, 2022 by and among  August Mack Environmental, Inc. (“Purchaser”), Comstock Environmental Services, LLC  (“Seller”) and U.S. Bank National Association, in its capacity as escrow agent (the “Escrow  Agent”). Pursuant to Section 4 of the above-referenced Escrow Agreement, Purchaser and Seller hereby  instruct Escrow Agent to disburse the amount of [$_____] from the Escrow Account to  [Purchaser][Seller], as provided below: Purchaser    Seller Bank Name:   Bank Name: Bank Address:   Bank Address: ABA No.:   ABA No. Account Name:   Account Name: Account No.:   Account No.: [Purchaser] By: ______________________________ Name: Date: ___________________ [Seller] By: ______________________________ Name: Date: ___________________ 7 2602403v32602403v7  

 

    Exhibit B    Allocation of the Purchase Price    Actual Net Working Capital:  $1,128,976.00   Fixed Assets:    $106,000.00   Goodwill:     $182,341.00     Total Purchase Price   $1,417,317.00    

 

      Exhibit C    Bill of Sale and Assignment     See attached.     

 

72577742v7        BILL OF SALE THIS BILL OF SALE is entered into as of March 31, 2022, by Comstock Environmental  Services, LLC, a Virginia limited liability company (“Seller”), in favor of August Mack  Environmental, Inc., an Indiana corporation (“Buyer”), in accordance with that certain Asset  Purchase Agreement, made effective as of March 31, 2022 (the “Purchase Agreement”), by and  among Seller, Buyer, and Comstock Holding Companies, Inc., a Delaware corporation.  Capitalized terms used herein but not otherwise defined shall have the meanings given them in the  Purchase Agreement.  1. Seller hereby grants, sells, assigns, transfers, conveys, and delivers unto Buyer, all  right, title and interest in and to all of the Acquired Assets, free and clear of all Liens.  2. Seller hereby further covenants that it will, at any time and from time to time at the  reasonable request of Buyer, perform, execute, acknowledge and deliver, or cause to be done,  executed, acknowledged or delivered, all such further acts and documents as Buyer may  reasonably request to vest in Buyer full right, title and interest in and to any of the Acquired Assets.  3. This instrument is subject to all of the terms and conditions of the Purchase  Agreement.  If any provision of this instrument is construed to conflict with a provision of the  Purchase Agreement, then the provision of the Purchase Agreement shall be deemed to be  controlling.  This instrument shall be binding upon and inure to the benefit of Seller, Buyer, and  their respective successors and permitted assigns. This instrument shall be governed by, and  construed in accordance with, the internal laws, and not the law of conflicts, of the Commonwealth  of Pennsylvania.   4. A signed copy of this instrument delivered by facsimile, e-mail, or other means of  electronic transmission shall be deemed to have the same legal effect as delivery of an original  signed copy of this instrument.     [Signature Page Follows]     

 

 

 

    Exhibit D    Assignment and Assumption Agreement     See attached.     

 

72577709v7             ASSIGNMENT AND ASSUMPTION AGREEMENT THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Agreement”) is entered  into as of March 31, 2022 (the “Effective Date”), by and between Comstock Environmental  Services, LLC, a Virginia limited liability company (the “Seller”), and August Mack  Environmental, Inc., an Indiana corporation (the “Buyer”), in accordance with that certain Asset  Purchase Agreement, made effective as of March 31, 2022 (the “Purchase Agreement”), by and  among Seller, Buyer, and Comstock Holding Companies, Inc., a Delaware corporation.   Capitalized terms used herein but not otherwise defined shall have the meanings given them in the  Purchase Agreement.    RECITALS:  A. Pursuant to the terms of the Purchase Agreement, Buyer is purchasing the Acquired  Assets from Seller.  B. In connection with the purchase of the Acquired Assets contemplated by the  Purchase Agreement, Seller wishes to transfer and assign to Buyer certain specified liabilities of  Seller and all of Seller’s rights and obligations under certain contractual undertakings, and Buyer  wishes to accept and assume the same, subject to the terms and conditions of this Agreement and  the Purchase Agreement.  NOW, THEREFORE, in light of the foregoing, the parties hereby agree as follows:  1. Assignment.  Subject in all cases to the terms of the Purchase Agreement, Seller  hereby grants, conveys, transfers, and assigns to Buyer and its successors and assigns, all of the  right, title and interest of Seller in and to the Assumed Contracts, free and clear of all Liens.  2. Assumption.  In consideration of the foregoing and the obligations of Seller under  the Purchase Agreement, Buyer hereby assumes and agrees to discharge all of the Assumed  Liabilities in accordance with their respective terms.  3. Excluded Liabilities.  It is understood and agreed that notwithstanding anything  contained herein to the contrary, Buyer is not assuming and shall not assume, or become liable for,  at any time, any Excluded Liabilities.  4. Further Assurances.  Each of the parties hereto covenants and agrees, at its own  expense, to execute and deliver, at the request of the other party hereto, such further instruments  of transfer and assignment and to take such other action as such party nay reasonably request to  more effectively consummate the assignments and assumptions contemplated by this Agreement.  5. Terms of the Purchase Agreement.  In the event of a conflict between the terms and  provisions of this Agreement and the Purchase Agreement, the terms and provisions of the  Purchase Agreement shall govern and control.  6. Binding Effect.  This Agreement shall be binding upon and inure to the benefit of  the parties and their respective successors and permitted assigns.  

 

72577709v7             7. Governing Law.  This Agreement shall be governed by, and construed in  accordance with, the internal laws, and not the law of conflicts, of the Commonwealth of  Pennsylvania.  8. Waivers.  No waiver of any of the provisions of this Agreement shall be valid and  enforceable unless such waiver is in writing and signed by the party to be charged, and, unless  otherwise stated therein, no such waiver shall constitute a waiver of any other provisions hereof  (whether or not similar) or a continuing waiver.  9. No Third Party Rights.  Nothing express or implied in this Agreement is intended  or shall be construed to confer on any person other than Seller and Buyer any rights under this  Agreement.  10. Severability.  In the event that any part of this Agreement is declared by any court  or other judicial or administrative body to be null, void or unenforceable, said provision shall  survive to the extent it is not so declared, and all of the other provisions hereof shall remain in full  force and effect.  11. Counterparts.  This Agreement may be executed in multiple counterparts, and each  counterpart hereof shall be deemed to be an original agreement, but all such counterparts shall  constitute but one agreement.  A signed copy of this Agreement delivered by facsimile, e-mail, or  other means of electronic transmission shall be deemed to have the same legal effect as delivery  of an original signed copy of this Agreement.   [Signature Page Follows]      #5180180v5     

 

 

 

 

 

    Exhibit E    Restricted Territory     Any geographic area located within a radius of two hundred (200) miles from the Real Estate.                   

 

    Schedule 1.1     Acquired Assets     The Acquired Assets shall include the following assets of the Seller used or held for use  by the Seller in or for the operation of the Business:     (a)  the following contracts to which the Seller is a party (collectively, the  “Assumed Contracts”);     i. all agreements or contracts with clients, whether written or verbal;     ii. all agreements set forth on Schedule 4.12(i);    (b) all accounts receivable held by the Seller as of the Closing Date, and any  security, claim, remedy or other right related to the foregoing;    (c) all furniture, fixtures, equipment, machinery, tools, vehicles, office  equipment, supplies, computers, telephones and other tangible personal property;    (d) to the extent assignable, all Permits;    (e)  other than the Former Employee Judgment (as defined in Schedule 1.2),  all claims, deposits (other than security deposits under the real estate lease, if any),  prepayments, refunds (excluding any Tax refunds), causes of action, choses in action,  rights of recovery, rights of set off, insurance benefits, and rights of recoupment (excluding  any such item relating to the payment of taxes);    (f) all files (electronic or otherwise), books, records, ledgers, data,  documents, correspondence, project and proposal information, customer lists, creative  materials, advertising and promotional materials, studies, reports and other printed or  written materials related to the Acquired Assets;     (g)  other than Excluded Intellectual Property, all Intellectual Property,  whether registered or unregistered, including, but not limited to, copyrights, trademarks,  trade names, trade secrets and know-how, patents and all applications therefor or relating  thereto, the goodwill associated therewith, all licenses and sublicenses granted and  obtained with respect thereto, all rights thereunder, all remedies against infringement  thereof, and all rights to protection of interests therein under the laws of all jurisdictions;  and    (h)  other than Excluded Intellectual Property, all other intangible property  (such as going concern value, goodwill, and telephone numbers and listings).            

 

      Schedule 1.2     Excluded Assets     The Excluded Assets shall include the following assets of the Seller:    (a)  cash and cash equivalents and checks, or other payments received by the  Seller prior to the Closing;     (b)  rights to any Impaired Accounts Receivable;    (c) rights to Tax refunds, or credits and current and deferred Tax assets, which  relate to time periods prior to the Closing;     (d)  rights under this Agreement or under any Ancillary Document;     (e)  corporate records, minute book and seal;     (f) any Contracts that are not Assumed Contracts, including, but not limited  to:   i. the Contract between the Seller and Comstock Herndon Ventures LC  related to an environmental services project at 770 Herndon, VA and  related accounts receivable (which had a balance of $14,900 as of January  31, 2022); and    ii. the Contract between the Seller and Spartan or its affiliate related to a tank  construction project at the James E. Van Zandt Medical Hospital Center  and related accounts receivable (which had a balance of $98,000 as of  January 31, 2022);    (g)  any property (whether real, personal, tangible, intangible or mixed) not  used by Seller in or for the operation of the Business;     (h) any rights in connection with and assets of any Benefit Plans;     (i) any rights to any security deposit under the real estate lease;    (j) any rights to any and all Intellectual Property of the Seller containing the  trade name “Comstock” or any derivation thereof, including, without limitation, email  addresses, domain names, marketing materials, trademarks or tradenames (collectively, the  “Excluded Intellectual Property”);     (k) the Seller’s insurance policies and any rights arising thereunder, including  the right to any prepaid insurance premiums; and    (l) any rights under that certain judgment against React Environmental  Services Group, Inc. and Jerry F. Naples, Jr, (the “Former Employee Judgment”).        

 

    Schedule 1.4     Excluded Liabilities     The Excluded Liabilities shall include without limitation the following obligations and  liabilities of the Seller:    (a) for any liability or obligation for Taxes of the Seller or any of its Affiliates;    (b) for costs, fees and expenses incurred in connection with this Agreement  and the transactions contemplated hereby;    (c) resulting from, arising out of, relating to, in the nature of, or caused by any  (i) breach of contract, (ii) tort, (iii) infringement or violation of Law or of any order or  judgment, or (iv) environmental matter;     (d) which relate to any Excluded Assets or to the operation of the Business  prior to the Closing (unless expressly an Assumed Liability);    (e) for unpaid remuneration or compensation due to or in connection with the  Seller’s employees through the Closing, including accrued but unpaid salaries, bonuses,  commissions, union fees, benefits or dues;     (f) under any employment, severance, retention, bonus or termination  agreement with any employee or contractor of the Seller;    (g) arising out of or relating to any employee grievance, the facts or  circumstances of which occurred prior to the Closing, whether or not the affected  employees are hired by the Buyer at or after the Closing;    (h) arising out of any Actions or dispute or workers’ compensation claim  pending or settled as of the Closing;    (i) arising out of any Actions, dispute or workers’ compensation claim  commenced after the Closing relating to any occurrence or event happening prior to or on  the Closing;    (j) for any capital leases, borrowed money, credit cards or other indebtedness  or incurred in connection with any credit facilities;    (k) based on the Seller or its employees’, agents’ and contractors’ acts or  omissions occurring after the Closing;    (l) under this Agreement or under any Ancillary Document;     (m) resulting from, arising out of, or relating to any Benefit Plan;     (n) arising out of change of control agreements and employment agreements  with change of control provisions between the Seller and the Seller’s employees, including,  but not limited to: John Krinis, Brian Donoghue, Jon Buzan, and Robert Scott; and     

 

    (o) any obligations and liabilities of the Seller related to claims or disputes by  Spartan under the Contract between the Seller and Spartan or its affiliate related to a tank  construction project at the James E. Van Zandt Medical Hospital.   

 

    Schedule 2.2(c)(x)    Current Assets         Seller and Buyer agree that subsequent to closing, Buyer will continue to pursue full  collection of all outstanding trade and retainage receivables, related to the Additional  Receivable Reserve (note (3)) and Retainage Receivable Reserve (note (4)). Seller is  entitled to receive the full gross amount of these receivables that are ultimately collected.  To the extent that these receivables are not collected, and Buyer elects to assign them  pursuant to the Asset Purchase Agreement, Seller retains the right at that time to pursue  collection of any uncollected amounts related to those account balances.    Prior to closing, Seller has provided goods and services for 2 customers stated below that  have not been invoiced. There are no amounts recorded in current assets in the books and  records reflected in the table above as Seller is awaiting an executed change order from the  customer. Seller and Buyer agree that subsequent to closing the Buyer will seek to obtain  the executed change order and that subsequent billings for goods and services provided in  periods prior to closing will be remitted to Seller if collected. To the extent that the Buyer  does not receive the executed change orders within 120 days following close, these  contingent assets will be considered to be Excluded Assets pursuant to the Asset Purchase  Agreement.      The 2 specific customers and related amounts are –  Tracey Mechanical (general contractor related to Temple University project) – estimated  change order $40,000 to $45,000  Philadelphia Water Authority – estimated change-order $5,000 to $15,000.  Per Quickbooks  (2/28/2022) Adjustments Estimate of Acquired  Assets For Closing Assets Accounts Receivable 1,839,206$                         (98,000)$                (1) 1,741,206$                      Retainage Receivables 164,442$                            -$                       164,442$                          Bad Debt Reserve (2,323)$                               -$                       (2,323)$                             Accrued Revenue 187,226$                            -$                       187,226$                          Prepaid Expenses 15,904$                              (5,904)$                  (2) 10,000$                            Additional Receivable Reserve -$                                    (143,363)$             (3) (143,363)$                        Retainage Receivable Reserve -$                                    (42,188)$                (4) (42,188)$                           Current Assets Purchased 2,204,455$                         (289,454)$             1,915,000$                      Notes (2) Certain prepaid expenses are either not transferring, have been cleaned up, or are WIP.  These items are: Assets Amounts Nov - Sales Force subscription 11/1/21 - 10/31/22 1,696$                    July - 1410 Doron Dr 1,941$                    Aug - 1410 Doron Dr. 2,267$                    (3) Five Specific receivables are reserved at closing. They are: Projects Amounts    7001 Horrocks Street, Philadelphia, PA 40,806$                     130 East Lancaster Avenue, Shillington, PA 45,051$                     716 Belvoir Road, Plymouth Meeting, PA 33,750$                     Christopher Columbus HOPE, Paterson, NJ 9,380$                       Paterson HOPE, Paterson, NJ 14,375$                  (4) Retainage receivables incurred prior to August 2021 are reserved at 50%. (1) Remove accounts receivable due from James E Van Zandt Medical Center (Spartan) Which Is An Excluded Asset. 

 

      Schedule 2.2(c)(y)    Current Liabilities           Per Quickbooks  (2/28/2022) Adjustments Estimate of Acquired  Assets For Closing Liabilities Accounts Payable 5,383,834$                         (4,646,356)$          (5) 737,479$                          401k Payable 13,286$                              (13,286)$                (6) -$                                  Accrued Expenses 34,680$                              (29,180)$                (7) 5,500$                              Customer Overpayment/Deposit Liability 15,242$                              15,242$                            Accrued Vacaction/PTO -$                                    27,803$                 (8) 27,803$                            -$                                   Loan - Bancorp Bank - ST 5,772$                                (5,772)$                  (9) -$                                  5,452,814$                         (4,666,791)$          786,023$                          Notes (5) Remove accounts payable due to Parent (Comstock) which is not being assumed by Buyer under Article 1.3(b) of the Asset Purchase Agreement. (6) Remove amounts related to benefit plan which is an Excluded Liability per Schedule 1.4 (item (m)) (7) Eliminate accrued Conshohocken Gross Receipts Tax. Buyer is not assuming Taxes per Schedule 1.4 (item (a)) (9) Eliminate liability for Bancorp loan related to 2018 Dodge Ram truck that will be paid off prior to Closing. (8) Represents accrued vacation balance being assumed by AM as of March 30, 2022. Comstock will pay transitioning employees directly for accrued vacation hours  (in excess of 40) not assumed by AM. In addition, Comstock's policy is that upon termination unused sick leave, personal days and volunteer hours are forfeited so  this liability is neither assumed by AM or paid to transitioning employees. 

 

    Schedule 3.2(l)    Cooperation Employees    Tyler Auker  Brandon Bullett  Jon Buzan  Bill Chaykin  Brian Donoghue  Steven Hartman  Chelsea Johnston  Tim Kincaid  John Krinis  Brandon Lawyer  Navjot Mangat  Siena Myrsiades  Andrea Radtke  Stephanie Scott  Robert Scott  Brian Sheaffer  Dan Sheehan  Noah Shreiner  Steve Treschow  Chris WilliamsExhibit 4.2

 

ANGION BIOMEDICA CORP.

Issuer

 

AND

 

[TRUSTEE],

Trustee

 

 

 

INDENTURE

 

Dated as of [•], 20__

 

 

 

Debt Securities

 

     

     

    

 

Table
Of Contents

 

Page

 

	ARTICLE 1   DEFINITIONS	1
	 	Section 1.01	Definitions of Terms	1
	ARTICLE 2   ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	5
	 	Section 2.01	Designation and Terms of Securities	5
	 	Section 2.02	Form of Securities and Trustee’s Certificate	8
	 	Section 2.03	Denominations: Provisions for Payment	8
	 	Section 2.04	Execution and Authentications	10
	 	Section 2.05	Registration of Transfer and Exchange	10
	 	Section 2.06	Temporary Securities	12
	 	Section 2.07	Mutilated, Destroyed, Lost or Stolen Securities	12
	 	Section 2.08	Cancellation	13
	 	Section 2.09	Benefits of Indenture	13
	 	Section 2.10	Authenticating Agent	13
	 	Section 2.11	Global Securities	14
	 	Section 2.12	CUSIP Numbers	15
	ARTICLE 3   REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	15
	 	Section 3.01	Redemption	15
	 	Section 3.02	Notice of Redemption	15
	 	Section 3.03	Payment Upon Redemption	17
	 	Section 3.04	Sinking Fund	17
	 	Section 3.05	Satisfaction of Sinking Fund Payments with Securities	17
	 	Section 3.06	Redemption of Securities for Sinking Fund	18
	ARTICLE 4   COVENANTS	18
	 	Section 4.01	Payment of Principal, Premium and Interest	18
	 	Section 4.02	Maintenance of Office or Agency	18
	 	Section 4.03	Paying Agents	19
	 	Section 4.04	Appointment to Fill Vacancy in Office of Trustee	20
	ARTICLE 5   SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	20
	 	Section 5.01	Company to Furnish Trustee Names and Addresses of Securityholders	20
	 	Section 5.02	Preservation Of Information; Communications With Securityholders	20

 

     i.

     

    

 

Table
Of Contents

(continued)

 

Page

 

	 	Section 5.03	Reports by the Company	21
	 	Section 5.04	Reports by the Trustee	21
	ARTICLE 6   REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	22
	 	Section 6.01	Events of Default	22
	 	Section 6.02	Collection of Indebtedness and Suits for Enforcement by Trustee	23
	 	Section 6.03	Application of Moneys Collected	25
	 	Section 6.04	Limitation on Suits	25
	 	Section 6.05	Rights and Remedies Cumulative; Delay or Omission Not Waiver	26
	 	Section 6.06	Control by Securityholders	26
	 	Section 6.07	Undertaking to Pay Costs	27
	ARTICLE 7   CONCERNING THE TRUSTEE	27
	 	Section 7.01	Certain Duties and Responsibilities of Trustee	27
	 	Section 7.02	Certain Rights of Trustee	28
	 	Section 7.03	Trustee Not Responsible for Recitals or Issuance or Securities	30
	 	Section 7.04	May Hold Securities	31
	 	Section 7.05	Moneys Held in Trust	31
	 	Section 7.06	Compensation and Reimbursement	31
	 	Section 7.07	Reliance on Officer’s Certificate	32
	 	Section 7.08	Disqualification; Conflicting Interests	32
	 	Section 7.09	Corporate Trustee Required; Eligibility	32
	 	Section 7.10	Resignation and Removal; Appointment of Successor	33
	 	Section 7.11	Acceptance of Appointment By Successor	34
	 	Section 7.12	Merger, Conversion, Consolidation or Succession to Business	35
	 	Section 7.13	Preferential Collection of Claims Against the Company	35
	 	Section 7.14	Notice of Default	35
	ARTICLE 8   CONCERNING THE SECURITYHOLDERS	36
	 	Section 8.01	Evidence of Action by Securityholders	36
	 	Section 8.02	Proof of Execution by Securityholders	36
	 	Section 8.03	Who May be Deemed Owners	37
	 	Section 8.04	Certain Securities Owned by Company Disregarded	37
	 	Section 8.05	Actions Binding on Future Securityholders	37

 

     ii.

     

    

 

Table
Of Contents

(continued)

 

Page

 

	ARTICLE 9   SUPPLEMENTAL INDENTURES	38
	 	Section 9.01	Supplemental Indentures Without the Consent of Securityholders	38
	 	Section 9.02	Supplemental Indentures With Consent of Securityholders	39
	 	Section 9.03	Effect of Supplemental Indentures	39
	 	Section 9.04	Securities Affected by Supplemental Indentures	39
	 	Section 9.05	Execution of Supplemental Indentures	40
	ARTICLE 10   SUCCESSOR ENTITY	40
	 	Section 10.01	Company May Consolidate, Etc.	40
	 	Section 10.02	Successor Entity Substituted	41
	ARTICLE 11   SATISFACTION AND DISCHARGE	41
	 	Section 11.01	Satisfaction and Discharge of Indenture	41
	 	Section 11.02	Discharge of Obligations	42
	 	Section 11.03	Deposited Moneys to be Held in Trust	42
	 	Section 11.04	Payment of Moneys Held by Paying Agents	42
	 	Section 11.05	Repayment to Company	42
	ARTICLE 12   IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	43
	 	Section 12.01	No Recourse	43
	ARTICLE 13   MISCELLANEOUS PROVISIONS	43
	 	Section 13.01	Effect on Successors and Assigns	43
	 	Section 13.02	Actions by Successor	43
	 	Section 13.03	Surrender of Company Powers	44
	 	Section 13.04	Notices	44
	 	Section 13.05	Governing Law; Jury Trial Waiver	44
	 	Section 13.06	Treatment of Securities as Debt	44
	 	Section 13.07	Certificates and Opinions as to Conditions Precedent	44
	 	Section 13.08	Payments on Business Days	45
	 	Section 13.09	Conflict with Trust Indenture Act	45
	 	Section 13.10	Counterparts	45
	 	Section 13.11	Separability	45
	 	Section 13.12	Compliance Certificates	46
	 	Section 13.13	U.S.A Patriot Act	46

 

     iii.

     

    

 

Table
Of Contents

(continued)

 

Page

 

	 	Section 13.14	Force Majeure	46
	 	Section 13.15	Table of Contents; Headings	46

 

     iv.

     

    

 

INDENTURE

 

Indenture,
dated as of [•], 20__, among Angion Biomedica Corp., a Delaware corporation (the “Company”), and [Trustee],
as trustee (the “Trustee”):

 

Whereas,
for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance
of debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued
from time to time in one or more series as in this Indenture provided, as registered Securities without coupons, to be authenticated by
the certificate of the Trustee;

 

Whereas,
to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized
the execution of this Indenture; and

 

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

 

Now,
Therefore, in consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted
and agreed as follows for the equal and ratable benefit of the holders of Securities:

 

ARTICLE 1

 

DEFINITIONS

 

Section 1.01    Definitions
of Terms.

 

The terms defined in this
Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise
requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in
this Section and shall include the plural as well as the singular. All other terms used in this Indenture that are defined in the
Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933, as amended (except
as herein or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires), shall have the
meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this
instrument.

 

“Authenticating
Agent” means the Trustee or an authenticating agent with respect to all or any of the series of Securities appointed by
the Trustee pursuant to Section 2.10.

 

“Bankruptcy Law”
means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

“Board of Directors”
means the Board of Directors (or the functional equivalent thereof) of the Company or any duly authorized committee of such Board.

 

     1

     

    

 

“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board
of Directors (or duly authorized committee thereof) and to be in full force and effect on the date of such certification.

 

“Business Day”
means, with respect to any series of Securities, any day other than a day on which federal or state banking institutions in the Borough
of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the Trustee, are authorized or obligated by law, executive
order or regulation to close.

 

“Commission”
means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, 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.

 

“Company”
means Angion Biomedica Corp., a corporation duly organized and existing under the laws of the State of Delaware, and, subject to the provisions
of Article Ten, shall also include its successors and assigns.

 

“Corporate Trust
Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally
administered, which office at the date hereof is located at                                  
                                                                                                 .

 

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

 

“Defaulted Interest”
has the meaning set forth in Section 2.03.

 

“Depositary”
means, with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a Global
Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under the Exchange Act,
or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.01
or 2.11.

 

“Event of Default”
means, with respect to Securities of a particular series, any event specified in Section 6.01, continued for the period of time,
if any, therein designated.

 

“Exchange Act”
means the United States Securities and Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission
thereunder.

 

The term “given”,
 “mailed”, “notify” or “sent” with respect to any notice
to be given to a Securityholder pursuant to this Indenture, shall mean notice (x) given to the Depositary (or its designee) pursuant
to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices or
procedures at the Depositary (in the case of a Global Security) or (y) mailed to such Securityholder by first class mail, postage
prepaid, at its address as it appears on the Security Register (in the case of a definitive Security). Notice so “given” shall
be deemed to include any notice to be “mailed” or “delivered,” as applicable, under this Indenture.

 

     2

     

    

 

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

 

“Governmental
Obligations” means securities that are (a) direct obligations of the United States of America for the payment of which
its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United
States of America that, in either case, are not callable or redeemable at the option of the issuer thereof at any time prior to the stated
maturity of the Securities, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to
any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian
for the account of the holder of such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized
to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect
of the Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary
receipt.

 

“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.

 

“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 in accordance with the terms hereof and shall include the terms of particular series of Securities established as
contemplated by Section 2.01.

 

“Interest Payment
Date”, when used with respect to any installment of interest on a Security of a particular series, means the date specified
in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which
an installment of interest with respect to Securities of that series is due and payable.

 

“Officer”
means, with respect to the Company, the chairman of the Board of Directors, a chief executive officer, a president, a chief financial
officer, a chief operating officer, any executive vice president, any senior vice president, any vice president, the treasurer or any
assistant treasurer, the controller or any assistant controller or the secretary or any assistant secretary.

 

“Officer’s
Certificate” means a certificate signed by any Officer. Each such certificate shall include the statements provided for
in Section 13.07, if and to the extent required by the provisions thereof.

 

“Opinion of Counsel”
means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee of or counsel for the Company, that
is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided for in Section 13.07,
if and to the extent required by the provisions thereof.

 

     3

     

    

 

“Outstanding”,
when used with reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time,
all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities
theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have
previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations
in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall
have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent); provided, however, that
if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have
been given as provided in Article Three, or provision satisfactory to the Trustee shall have been made for giving such notice; and
(c) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant to the
terms of Section 2.07.

 

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

 

“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 2.07 in lieu of a lost,
destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.

 

“Responsible Officer”
when used with respect to the Trustee means any officer within the Corporate Trust Office of the Trustee (or any successor group of the
Trustee) 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 to whom such matter is referred because
of his or her knowledge of and familiarity with the particular subject and in each case who shall have direct responsibility for the administration
of this Indenture.

 

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

 

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

 

“Securityholder”, “holder
of Securities”, “registered holder”, or other similar term, means the Person or Persons in whose
name or names a particular Security is registered on the Security Register kept for that purpose in accordance with the terms of this
Indenture.

 

“Security Register”
and “Security Registrar” shall have the meanings as set forth in Section 2.05.

 

“Subsidiary” means, with
respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power
of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly,
by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of
such Person.

 

     4

     

    

 

“Trustee”
means _________________________, and, subject to the provisions of Article Seven, shall also include its successors and assigns,
and, if at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person.
The term “Trustee” as used with respect to a particular series of the Securities shall mean the trustee with respect to that
series.

 

“Trust Indenture
Act” means the Trust Indenture Act of 1939, as amended.

 

“U.S.A. Patriot
Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001, Pub. L. 107-56, as amended and signed into law October 26, 2001.

 

ARTICLE 2

 

ISSUE,
DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES

 

Section 2.01     Designation
and Terms of Securities.

 

(a)      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 up to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant
to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of Securities of any series,
there shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one
or more indentures supplemental hereto:

 

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

 

(2)            any
limit upon the aggregate principal amount of the Securities of that 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 that series);

 

(3)            the
maturity date or dates on which the principal of the Securities of the series is payable;

 

(4)            the
form of the Securities of the series including the form of the certificate of authentication for such series;

 

(5)            the
applicability of any guarantees;

 

     5

     

    

 

(6)            whether
or not the Securities will be secured or unsecured, and the terms of any secured debt;

 

(7)            whether
the Securities rank as senior debt, senior subordinated debt, subordinated debt or any combination thereof, and the terms of any subordination;

 

(8)            if
the price (expressed as a percentage of the aggregate principal amount thereof) at which such Securities will be issued is a price other
than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity
thereof, or if applicable, the portion of the principal amount of such Securities that is convertible into another security or the method
by which any such portion shall be determined;

 

(9)            the
interest rate or rates, which may be fixed or variable, or the method for determining the rate and the date interest will begin to accrue,
the dates interest will be payable and the regular record dates for interest payment dates or the method for determining such dates;

 

(10)         the
Company’s right, if any, to defer the payment of interest and the maximum length of any such deferral period;

 

(11)         if
applicable, the date or dates after which, or the period or periods during which, and the price or prices at which, the Company may at
its option, redeem the series of Securities pursuant to any optional or provisional redemption provisions and the terms of those redemption
provisions;

 

(12)         the
date or dates, if any, on which, and the price or prices at which the Company is obligated, pursuant to any mandatory sinking fund or
analogous fund provisions or otherwise, to redeem, or at the Securityholder’s option to purchase, the series of Securities and the
currency or currency unit in which the Securities are payable;

 

(13)         the
denominations in which the Securities of the series shall be issuable, if other than denominations of one thousand U.S. dollars ($1,000)
or any integral multiple thereof;

 

(14)         any
and all terms, if applicable, relating to any auction or remarketing of the Securities of that series and any security for the obligations
of the Company with respect to such Securities and any other terms which may be advisable in connection with the marketing of Securities
of that series;

 

(15)         whether
the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities; the terms and conditions,
if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities; and the Depositary
for such Global Security or Securities;

 

     6

     

    

 

(16)          if
applicable, the provisions relating to conversion or exchange of any Securities of the series and the terms and conditions upon which
such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or how it will be calculated
and may be adjusted, any mandatory or optional (at the Company’s option or the holders’ option) conversion or exchange features,
the applicable conversion or exchange period and the manner of settlement for any conversion or exchange, which may, without limitation,
include the payment of cash as well as the delivery of securities;

 

(17)         if
other than the full principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon
declaration of acceleration of the maturity thereof pursuant to Section 6.01;

 

(18)         additions
to or changes in the covenants applicable to the series of Securities being issued, including, among others, the consolidation, merger
or sale covenant;

 

(19)         additions
to or changes in the Events of Default with respect to the Securities and any change in the right of the Trustee or the Securityholders
to declare the principal, premium, if any, and interest, if any, with respect to such Securities to be due and payable;

 

(20)         additions
to or changes in or deletions of the provisions relating to covenant defeasance and legal defeasance;

 

(21)         additions
to or changes in the provisions relating to satisfaction and discharge of this Indenture;

 

(22)         additions
to or changes in the provisions relating to the modification of this Indenture both with and without the consent of Securityholders of
Securities issued under this Indenture;

 

(23)         the
currency of payment of Securities if other than U.S. dollars and the manner of determining the equivalent amount in U.S. dollars;

 

(24)         whether
interest will be payable in cash or additional Securities at the Company’s or the Securityholders’ option and the terms and
conditions upon which the election may be made;

 

(25)         the
terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any and principal
amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal tax purposes;

 

(26)         any
restrictions on transfer, sale or assignment of the Securities of the series; and

 

(27)         any
other specific terms, preferences, rights or limitations of, or restrictions on, the Securities, any other additions or changes in the
provisions of this Indenture, and any terms that may be required by us or advisable under applicable laws or regulations.

 

     7

     

    

 

All Securities of any one
series shall be substantially identical except as may otherwise be provided in or pursuant to any such Board Resolution or in any indentures
supplemental hereto.

 

If any of the terms of the
series are established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate record of such action shall
be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the
Officer’s Certificate of the Company setting forth the terms of the series.

 

Securities of any particular
series may be issued at various times, with different dates on which the principal or any installment of principal is payable, with different
rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest
may be payable and with different redemption dates.

 

Section 2.02     Form of
Securities and Trustee’s Certificate.

 

The Securities of any series
and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport as
set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set forth in an Officer’s Certificate,
and they may have such letters, numbers or other marks of identification or designation and such legends or endorsements printed, lithographed
or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be
required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities
exchange on which Securities of that series may be listed, or to conform to usage.

 

Section 2.03     Denominations:
Provisions for Payment.

 

The Securities shall be issuable
as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.01(a)(13).
The Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series.
Subject to Section 2.01(a)(23), the principal of and the interest on the Securities of any series, as well as any premium thereon
in case of redemption or repurchase thereof prior to maturity, and any cash amount due upon conversion or exchange thereof, shall be payable
in the coin or currency of the United States of America that at the time is legal tender for public and private debt, at the office or
agency of the Company maintained for that purpose. Each Security shall be dated the date of its authentication. Interest on the Securities
shall be computed on the basis of a 360-day year composed of twelve 30-day months.

 

The interest installment on
any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series
shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business
on the regular record date for such interest installment. In the event that any Security of a particular series or portion thereof is
called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date and prior
to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in
Section 3.03.

 

     8

     

    

 

Any interest on any Security
that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series (herein
called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular record date
by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in clause
(1) or clause (2) below:

 

(1)            The
Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective Predecessor
Securities) are registered in the Security Register 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 such Security 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 not be more than 15 nor 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 sent, to each Securityholder 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
sent as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor
Securities) are registered in the Security Register on such special record date.

 

(2)            The
Company may make payment of any Defaulted Interest on any Securities 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.

 

Unless otherwise set forth
in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.01
hereof, the term “regular record date” as used in this Section with respect to a series of Securities and any Interest
Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment
Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the first day of a
month, or the first day of the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof
shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business Day.

 

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

 

     9

     

    

 

Section 2.04    Execution
and Authentications.

 

The Securities shall be signed
on behalf of the Company by one of its Officers. Signatures may be in the form of a manual or facsimile signature.

 

The Company may use the facsimile
signature of any Person who shall have been an Officer (at the time of execution), notwithstanding the fact that at the time the Securities
shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company. The Securities
may contain such notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the
date of its authentication by the Trustee.

 

A Security shall not be valid
until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature shall be conclusive
evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the
benefits of this Indenture. At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver
Securities of any series executed by the Company to the Trustee for authentication, together with a written order of the Company for the
authentication and delivery of such Securities, signed by an Officer, and the Trustee in accordance with such written order shall authenticate
and deliver such Securities.

 

Upon the Company’s delivery
of any such authentication order to the Trustee at any time after the initial issuance of Securities under this Indenture, the Trustee
shall be provided with, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall be fully protected
in relying upon, (1) an Opinion of Counsel or reliance letter and (2) an Officer’s Certificate stating that all conditions
precedent to the execution, authentication and delivery of such Securities are in conformity with the provisions of this Indenture.

 

The Trustee shall not be required
to authenticate such Securities if the issue 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 that is not reasonably acceptable to the Trustee.

 

Section 2.05    Registration
of Transfer and Exchange.

 

(a)      Securities
of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such purpose, for other
Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to
cover any tax or other governmental charge in relation thereto, all as provided in this Section. In respect of any Securities so surrendered
for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the
Security or Securities of the same series that the Securityholder making the exchange shall be entitled to receive, bearing numbers not
contemporaneously outstanding.

 

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(b)            The
Company shall keep, or cause to be kept, at its office or agency designated for such purpose a register or registers (herein referred
to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall register
the Securities and the transfers of Securities as in this Article provided and which at all reasonable times shall be open for inspection
by the Trustee. The registrar for the purpose of registering Securities and transfer of Securities as herein provided shall be appointed
as authorized by Board Resolution or Supplemental Indenture (the “Security Registrar”).

 

Upon surrender for transfer
of any Security at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee shall authenticate
and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series as
the Security presented for a like aggregate principal amount.

 

The Company initially appoints
the Trustee as initial Security Registrar for each series of Securities

 

All Securities presented or
surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so required by the Company
or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar,
duly executed by the registered holder or by such holder’s duly authorized attorney in writing.

 

(c)            Except
as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established
in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer
of Securities, or issue of new Securities in case of partial redemption of any series or repurchase, conversion or exchange of less than
the entire principal amount of a Security, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04 not involving
any transfer.

 

(d)            The
Company and the Security Registrar shall not be required (i) to issue, exchange or register the transfer of any Securities during
a period beginning at the opening of business 15 days before the day of the sending of a notice of redemption of less than all the Outstanding
Securities of the same series and ending at the close of business on the day of such sending, nor (ii) to register the transfer of
or exchange any Securities of any series or portions thereof called for redemption or surrendered for repurchase, but not validly withdrawn,
other than the unredeemed portion of any such Securities being redeemed in part or not surrendered for repurchase, as the case may be.
The provisions of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11 hereof.

 

The Trustee shall have no
obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or
under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depositary
participants or beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other documentation
or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine
the same to determine substantial compliance as to form with the express requirements hereof.

 

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Section 2.06     Temporary
Securities.

 

Pending the preparation of
definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities (printed,
lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive
Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate for temporary Securities,
all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and be authenticated
by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities of such
series. Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and thereupon any or
all temporary Securities of such series may be surrendered in exchange therefor (without charge to the Securityholders), at the office
or agency of the Company designated for the purpose, and the Trustee shall authenticate and such office or agency shall deliver in exchange
for such temporary Securities an equal aggregate principal amount of definitive Securities of such series, unless the Company advises
the Trustee to the effect that definitive Securities need not be executed and furnished until further notice from the Company. Until so
exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture as definitive Securities
of such series authenticated and delivered hereunder.

 

Section 2.07     Mutilated,
Destroyed, Lost or Stolen Securities.

 

In case any temporary or definitive
Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute,
and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series,
bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution
for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company and
the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss
or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft
of the applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver
the same upon the written request or authorization of any officer of the Company. Upon the issuance of any substituted Security, 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.

 

In case any Security that
has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute
Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant
for such payment shall furnish to the Company and the Trustee such security or indemnity as they may require to save them harmless, and,
in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of
such Security and of the ownership thereof.

 

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Every replacement Security
issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the Company whether or
not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled to
all the benefits of this Indenture equally and proportionately with any and all other Securities of the same series duly issued hereunder.
All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights or remedies,
notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable
instruments or other securities without their surrender.

 

Section 2.08     Cancellation.

 

All Securities surrendered
for the purpose of payment, redemption, repurchase, exchange, registration of transfer or conversion shall, if surrendered to the Company
or any paying agent (or any other applicable agent), be delivered to the Trustee for cancellation, or, if surrendered to the Trustee,
shall be cancelled by it, and no Securities shall be issued in lieu thereof except as expressly required or permitted by any of the provisions
of this Indenture. On request of the Company at the time of such surrender, the Trustee shall deliver to the Company canceled Securities
held by the Trustee. In the absence of such request the Trustee may dispose of canceled Securities in accordance with its standard procedures
and deliver a certificate of disposition to the Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition
shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered
to the Trustee for cancellation.

 

Section 2.09     Benefits
of Indenture.

 

Nothing in this Indenture
or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto and the holders
of the Securities any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition
or provision herein contained; all such covenants, conditions and provisions being for the sole benefit of the parties hereto and of the
holders of the Securities.

 

Section 2.10     Authenticating
Agent.

 

So long as any of the Securities
of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which the Trustee shall
have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of
such series issued upon exchange, transfer or partial redemption, repurchase or conversion thereof, 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.
All references in this Indenture to the authentication of Securities by the Trustee shall be deemed to include authentication by an Authenticating
Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital
and surplus, as most recently reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized
or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such business
and is subject to supervision or examination by federal or state authorities. If at any time any Authenticating Agent shall cease to be
eligible in accordance with these provisions, it shall resign immediately.

 

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Any Authenticating Agent may
at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time (and upon request
by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating
Agent and to the Company. Upon resignation, termination or cessation of eligibility of any Authenticating Agent, the Trustee may appoint
an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment
hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating
Agent pursuant hereto.

 

Section 2.11         Global
Securities.

 

(a)            If
the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be issued as a Global Security,
then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security
that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding
Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by
the Trustee to the Depositary or pursuant to the Depositary’s instruction (or if the Depositary names the Trustee as its custodian,
retained by the Trustee), and (iv) shall bear a legend substantially to the following effect: “Except as otherwise provided
in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another nominee of the Depositary
or to a successor Depositary or to a nominee of such successor Depositary.”

 

(b)            Notwithstanding
the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not in part and in the manner provided
in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary for such series selected
or approved by the Company or to a nominee of such successor Depositary.

 

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(c)            If
at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary
for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange
Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within 90 days
after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred
and is continuing and the Company has received a request from the Depositary or from the Trustee, this Section 2.11 shall no longer
be applicable to the Securities of such series and the Company will execute, and subject to Section 2.04, the Trustee will authenticate
and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate
principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. In addition,
the Company may at any time determine that the Securities of any series shall no longer be represented by a Global Security and that the
provisions of this Section 2.11 shall no longer apply to the Securities of such series. In such event the Company will execute and,
subject to Section 2.04, the Trustee, upon receipt of an Officer’s Certificate evidencing such determination by the Company,
will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations,
and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security.
Upon the exchange of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations,
the Global Security shall be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global
Security pursuant to this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary,
pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver
such Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered.

 

Section 2.12         CUSIP
Numbers.

 

The Company in issuing the
Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers
in notices of redemption as a convenience to Securityholders; provided that any such notice may state that no representation is made as
to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance
may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by
any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the “CUSIP” numbers.

 

ARTICLE 3

 

REDEMPTION
OF SECURITIES AND SINKING FUND PROVISIONS

 

Section 3.01         Redemption.

 

The Company may redeem the
Securities of any series issued hereunder on and after the dates and in accordance with the terms established for such series pursuant
to Section 2.01 hereof.

 

Section 3.02         Notice
of Redemption.

 

(a)            In
case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series in
accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall, or shall cause
the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by mailing, first class postage
prepaid (or with regard to any Global Security held in book entry form, by electronic mail in accordance with the applicable procedures
of the Depositary), a notice of such redemption not less than 30 days and not more than 90 days before the date fixed for redemption of
that series to such Securityholders, unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed
in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives the
notice. In any case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole or
in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Securities of such
series or any other series. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s
Certificate evidencing compliance with any such restriction.

 

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Each such notice of redemption
shall identify the Securities to be redeemed (including CUSIP numbers, if any), specify the date fixed for redemption and the redemption
price at which Securities of that series are to be redeemed, and shall state that payment of the redemption price of such Securities to
be redeemed will be made at the office or agency of the Company, upon presentation and surrender of such Securities, that interest accrued
to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue
and that the redemption is from a sinking fund, if such is the case. If less than all the Securities of a series are to be redeemed, the
notice to the holders of Securities of that series to be redeemed in part shall specify the particular Securities to be so redeemed.

 

In case any Security is to
be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount thereof to be redeemed,
and shall state 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 unredeemed portion thereof will be issued.

 

(b)            If
less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice (unless
a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate principal amount
of Securities of the series to be redeemed, and thereupon the Securities to be redeemed shall be selected, by lot, on a pro rata basis,
or in such other manner as the Company shall deem appropriate and fair in its discretion and that may provide for the selection of a portion
or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities
of a denomination larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the
numbers of the Securities to be redeemed, in whole or in part. The Company may, if and whenever it shall so elect, by delivery of instructions
signed on its behalf by an Officer, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular
series for redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the Company
or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the
Trustee or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such
paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient
to enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions of this Section.

 

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Section 3.03         Payment
Upon Redemption.

 

(a)            If
the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the series
to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable
redemption price, together with interest accrued to, but excluding, the date fixed for redemption and interest on such Securities or portions
of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such
redemption price and accrued interest with respect to any such Security or portion thereof. On presentation and surrender of such Securities
on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed
at the applicable redemption price for such series, together with interest accrued thereon to, but excluding, the date fixed for redemption
(but if the date fixed for redemption is an Interest Payment Date, the interest installment payable on such date shall be payable to the
registered holder at the close of business on the applicable record date pursuant to Section 2.03).

 

(b)            Upon
presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate
and the office or agency where the Security is presented shall deliver to the Securityholder thereof, at the expense of the Company, a
new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of the Security so presented.

 

Section 3.04         Sinking
Fund.

 

The provisions of Sections
3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified
as contemplated by Section 2.01 for Securities of such series.

 

The minimum amount of any
sinking fund payment provided for by the terms of Securities of any series 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 is herein referred to as an “optional
sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may
be subject to reduction as provided in Section 3.05. Each sinking fund payment shall be applied to the redemption of Securities of
any series as provided for by the terms of Securities of such series.

 

Section 3.05         Satisfaction
of Sinking Fund Payments with Securities.

 

The Company (i) may deliver
Outstanding Securities of a series and (ii) may apply as a credit Securities of a series 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.

 

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Section 3.06         Redemption
of Securities for Sinking Fund.

 

Not less than 45 days prior
to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee), the Company
will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that series
pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering and crediting Securities of that
series pursuant to Section 3.05 and the basis for such credit and will, together with such Officer’s Certificate, deliver to
the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Securities to be redeemed
upon such sinking fund payment date shall be selected in the manner specified in Section 3.02 and the Company shall 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 3.02. Such
notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03.

 

ARTICLE 4

 

COVENANTS

 

Section 4.01         Payment
of Principal, Premium and Interest.

 

The Company will duly and
punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at the time and
place and in the manner provided herein and established with respect to such Securities. Payments of principal on the Securities may be
made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn on and mailed to the address
of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S.
dollar account if such Securityholder shall have furnished wire instructions to the Trustee no later than 15 days prior to the relevant
payment date. Payments of interest on the Securities may be made at the time provided herein and established with respect to such Securities
by U.S. dollar check mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register,
or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions in writing to the
Security Registrar and the Trustee no later than 15 days prior to the relevant payment date.

 

Section 4.02         Maintenance
of Office or Agency.

 

So long as any series of the
Securities remain Outstanding, the Company agrees to maintain an office or agency with respect to each such series and at such other location
or locations as may be designated as provided in this Section 4.02, where (i) Securities of that series may be presented for
payment, (ii) Securities of that series may be presented as herein above authorized for registration of transfer and exchange, and
(iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be given or served,
such designation to continue with respect to such office or agency until the Company shall, by written notice signed by any officer authorized
to sign an Officer’s Certificate and delivered to the Trustee, designate some other office or agency for such purposes or any of
them. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, 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, notices and demands. The Company initially appoints the Corporate
Trust Office of the Trustee as its paying agent with respect to the Securities.

 

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Section 4.03         Paying
Agents.

 

(a)            If
the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company will
cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject
to the provisions of this Section:

 

(1)            that
it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the Securities
of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for the benefit
of the Persons entitled thereto;

 

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

 

(3)            that
it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and

 

(4)            that
it will perform all other duties of paying agent as set forth in this Indenture.

 

(b)            If
the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date of the
principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of
the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming due on Securities of
that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee
of such action, or any failure (by it or any other obligor on such Securities) to take such action. Whenever the Company shall have one
or more paying agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any) or interest
on any Securities of that series, deposit with the paying agent a sum sufficient 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 this action or failure so to act.

 

(c)            Notwithstanding
anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject
to the provisions of Section 11.05, and (ii) 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 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 terms and conditions as those upon which such sums
were held by the Company or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee, the Company or
such paying agent shall be released from all further liability with respect to such money.

 

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Section 4.04          Appointment
to Fill Vacancy in Office of Trustee.

 

The Company, whenever necessary
to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so that there
shall at all times be a Trustee hereunder.

 

ARTICLE 5

 

SECURITYHOLDERS’
LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

 

Section 5.01          Company
to Furnish Trustee Names and Addresses of Securityholders.

 

The Company will furnish or
cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in Section 2.03) a list,
in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such
regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that the list
shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (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; provided, however, that, in either case, no such list need
be furnished for any series for which the Trustee shall be the Security Registrar.

 

Section 5.02         Preservation
Of Information; Communications With Securityholders.

 

(a)            The
Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders
of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of
holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).

 

(b)            The
Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.

 

(c)            Securityholders
may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights
under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations
under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture
Act.

 

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Section 5.03         Reports
by the Company.

 

(a)            The
Company will at all times comply with Section 314(a) of the Trust Indenture Act. The Company covenants and agrees to provide
(which delivery may be via electronic mail) to the Trustee within 30 days, after the Company files 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 is required to file with the Commission pursuant to Section 13
or Section 15(d) of the Exchange Act; provided, however, the Company shall not be required to deliver to the Trustee any correspondence
filed with the Commission or any materials for which the Company has sought and received confidential treatment by the Commission; and
provided further, that so long as such filings by the Company are available on the Commission’s Electronic Data Gathering, Analysis
and Retrieval System (EDGAR), or any successor system, such filings shall be deemed to have been filed with the Trustee for purposes hereof
without any further action required by the Company. For the avoidance of doubt, a failure by the Company to file annual reports, information
and other reports with the Commission within the time period prescribed thereof by the Commission shall not be deemed a breach of this
Section 5.03.

 

(b)            Delivery
of reports, information and documents to the Trustee under Section 5.03 is for informational purposes only and the information and
the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable
from information contained therein including the Company’s compliance with any of their covenants thereunder (as to which the Trustee
is entitled to rely exclusively on an Officer’s Certificate). The Trustee is under no duty to examine any such reports, information
or documents delivered to the Trustee or filed with the Commission via EDGAR to ensure compliance with the provision of this Indenture
or to ascertain the correctness or otherwise of the information or the statements contained therein. The Trustee shall have no responsibility
or duty whatsoever to ascertain or determine whether the above referenced filings with the Commission on EDGAR (or any successor system)
has occurred.

 

Section 5.04         Reports
by the Trustee.

 

(a)            If
required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after each May 1, shall send
to the Securityholders a brief report dated as of such May 1, which complies with Section 313(a) of the Trust Indenture
Act.

 

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

 

(c)            A
copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company, with each
securities exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company agrees to notify the
Trustee when any Securities become listed on any securities exchange.

 

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ARTICLE 6

 

REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

 

Section 6.01          Events
of Default.

 

(a)            Whenever
used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the following events
that has occurred and is continuing:

 

(1)            the
Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same shall become
due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of an interest payment
period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment
of interest for this purpose;

 

(2)            the
Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the same
shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking
or analogous fund established with respect to that series; provided, however, that a valid extension of the maturity of such Securities
in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal or premium,
if any;

 

(3)            the
Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture or
otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement
that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such series)
for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that such
notice is a “Notice of Default” hereunder, shall have been given to the Company by the Trustee, by registered or certified
mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that series at the time
Outstanding;

 

(4)            the
Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of
an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially
all of its property or (iv) makes a general assignment for the benefit of its creditors; or

 

(5)            a
court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary
case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation
of the Company, and the order or decree remains unstayed and in effect for 90 days.

 

(b)            In
each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal
of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25%
in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company (and to
the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid interest
on all the Securities of that series to be due and payable immediately, and upon any such declaration the same shall become and shall
be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal of
and accrued and unpaid interest on all the Securities of that series shall automatically be immediately due and payable without any declaration
or other act on the part of the Trustee or the holders of the Securities.

 

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(c)            At
any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall have
been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered
as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder,
by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company
has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that series
and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration
(with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon
overdue installments of interest, at the rate per annum expressed in the Securities of that series to the date of such payment or deposit)
and the amount payable to the Trustee under Section 7.06, and (ii) any and all Events of Default under the Indenture with respect
to such series, other than the nonpayment of principal on (and premium, if any, on) and accrued and unpaid interest on Securities of that
series that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.06.

 

No such rescission and annulment
shall extend to or shall affect any subsequent default or impair any right consequent thereon.

 

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

 

Section 6.02          Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

(a)            The
Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities of a series,
or in any payment required by any sinking or analogous fund established with respect to that series as and when the same shall have become
due and payable, and such default shall have continued for a period of 90 days, or (ii) in case it shall default in the payment of
the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable, whether upon
maturity of the Securities of a series or upon redemption or upon declaration or otherwise then, upon demand of the Trustee, the Company
will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall have been become
due and payable on all such Securities for principal (and premium, if any) or interest, or both, as the case may be, with interest upon
the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law) upon
overdue installments of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under Section 7.06.

 

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(b)            If
the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust,
shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid,
and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against
the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner
provided by law or equity out of the property of the Company or other obligor upon the Securities of that series, wherever situated.

 

(c)            In
case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings
affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any action
therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such proofs of claim
and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the holders of Securities
of such series allowed for the entire amount due and payable by the Company under the Indenture at the date of institution of such proceedings
and for any additional amount that may become due and payable by the Company after such date, and to collect and receive any moneys or
other property payable or deliverable on any such claim, and to distribute the same after the deduction of the amount payable to the Trustee
under Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the holders
of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such
payments directly to such Securityholders, to pay to the Trustee any amount due it under Section 7.06.

 

(d)            All
rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities of that
series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other
proceeding relative thereto, and any such suit or 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 payment to the Trustee of any amounts due under Section 7.06,
be for the ratable benefit of the holders of the Securities of such series.

 

In case of an Event of Default
hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate
judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or
in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in the Indenture or in aid of
the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture
or by law.

 

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

 

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Section 6.03          Application
of Moneys Collected.

 

Any moneys collected by the
Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the following order, at the
date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest,
upon presentation of the Securities of that series, and notation thereon of the payment, if only partially paid, and upon surrender thereof
if fully paid:

 

FIRST: To the payment of costs
and expenses of collection and of all amounts payable to the Trustee under Section 7.06;

 

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

 

THIRD: To the payment of the
remainder, if any, to the Company or any other Person lawfully entitled thereto.

 

Section 6.04          Limitation
on Suits.

 

No holder of any Security
of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or proceeding
in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless (i) such Securityholder previously shall have given to the Trustee written notice of an Event of Default
and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided;
(ii) the holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have
made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such
Securityholder or Securityholders shall have offered to the Trustee indemnity satisfactory to it against the costs, expenses and liabilities
to be incurred in compliance with such request; (iv) the Trustee for 90 days after its receipt of such notice, request and offer
of indemnity, shall have failed to institute any such action, suit or proceeding and (v) during such 90 day period, the holders of
a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent with the request.

 

Notwithstanding anything contained
herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security to receive payment of the principal
of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security
(or in the case of redemption, on the redemption date), or to institute suit for the enforcement of any such payment on or after such
respective dates or redemption date, shall not be impaired or affected without the consent of such holder and by accepting a Security
hereunder it is expressly understood, intended and covenanted by the taker and holder of every Security of such series with every other
such taker and holder and the Trustee, that no one or more holders of Securities of such series shall have any right in any manner whatsoever
by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of
such Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this
Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series.
For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled
to such relief as can be given either at law or in equity.

 

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Section 6.05          Rights
and Remedies Cumulative; Delay or Omission Not Waiver.

 

(a)            Except
as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee
or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and
agreements contained in this Indenture or otherwise established with respect to such Securities.

 

(b)            No
delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event of Default
occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or
an acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given by this Article or by
law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee
or by the Securityholders.

 

Section 6.06         Control
by Securityholders.

 

The holders of a majority
in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.04,
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 such series; provided, however, that such direction shall not be in conflict
with any rule of law or with this Indenture or subject the Trustee in its sole discretion to personal liability. Subject to the provisions
of Section 7.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by
a Responsible Officer or officers of the Trustee, determine that the proceeding so directed, subject to the Trustee’s duties under
the Trust Indenture Act, would involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders not involved
in the proceeding. The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding affected
thereby, determined in accordance with Section 8.04, may on behalf of the holders of all of the Securities of such series waive any
past default in the performance of any of the covenants contained herein or established pursuant to Section 2.01 with respect to
such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the
Securities of that series as and when the same shall become due by the terms of such Securities otherwise than by acceleration (unless
such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited
with the Trustee (in accordance with Section 6.01(c)). Upon any such waiver, the default covered thereby shall be deemed to be cured
for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to
their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair
any right consequent thereon.

 

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Section 6.07          Undertaking
to Pay Costs.

 

All parties to this Indenture
agree, and each holder of any Securities by such holder’s 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 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 and expenses,
against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder,
or group of Securityholders, holding more than 10% in aggregate principal amount of the Outstanding Securities of any series, or to any
suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security
of such series, on or after the respective due dates expressed in such Security or established pursuant to this Indenture.

 

ARTICLE 7

 

CONCERNING
THE TRUSTEE

 

Section 7.01          Certain
Duties and Responsibilities of Trustee.

 

(a)            The
Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all Events
of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities
of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants shall be read
into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred (that has
not been cured or waived), the Trustee shall exercise with respect to Securities of that 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 or her own affairs.

 

(b)            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 willful misconduct, except that:

 

(i)            prior
to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such Events
of Default with respect to that series that may have occurred:

 

(1)            the
duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express provisions
of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for the performance of such
duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and

 

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(A)            in
the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to
the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that 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)            the
Trustee shall not be liable to any Securityholder or to any other Person for any error of judgment made in good faith by a Responsible
Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent
facts;

 

(ii)           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 not less than a majority in principal amount of the Securities of any series at the time Outstanding 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 that series;

 

(iii)          none
of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable ground for
believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture or adequate
indemnity against such risk is not reasonably assured to it;

 

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

 

(v)            The
permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a duty of the Trustee; and

 

(vi)           No
Trustee shall have any duty or responsibility for any act or omission of any other Trustee appointed with respect to a series of Securities
hereunder.

 

Section 7.02     Certain
Rights of Trustee.

 

Except as otherwise provided
in Section 7.01:

 

(a)           The
Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed by it to be
genuine and to have been signed or presented by the proper party or parties;

 

(b)           Any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an instrument
signed in the name of the Company by any authorized Officer of the Company (unless other evidence in respect thereof is specifically prescribed
herein);

 

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

 

(d)           The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or
direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered
to the Trustee security or indemnity reasonably acceptable to the Trustee against the costs, expenses and liabilities that may be incurred
therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of
Default with respect to a series of the Securities (that has not been cured or waived), to exercise with respect to Securities of that
series such of the rights and powers vested in it by this Indenture, and to 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 or her own affairs;

 

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

 

(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, consent, order, approval, bond, security, or other papers or documents or inquire as to the performance
by the Company of one of its covenants under this Indenture, unless requested in writing so to do by the holders of not less than a majority
in principal amount of the Outstanding Securities of the particular series affected thereby (determined as provided in Section 8.04);
provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred
by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded
to it by the terms of this Indenture, the Trustee may require security or indemnity reasonably acceptable to the Trustee against such
costs, expenses or liabilities as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the
Company or, if paid by the Trustee, shall be repaid by the Company upon demand;

 

(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;

 

(h)           In
no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out
of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions
of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts
which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances;

 

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

 

(j)            The
Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission
or other similar unsecured electronic methods; provided, however, that such instructions or directions shall be signed by an authorized
representative of the party providing such instructions or directions. If the party elects to give the Trustee e-mail or facsimile instructions
(or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s
understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising
directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions
conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks
arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the
risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. The Trustee may request
that the Company deliver an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at
such time to furnish the Trustee with Officer’s Certificates, Company Orders and any other matters or directions pursuant to this
Indenture.

 

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

 

(l)            The
Trustee shall not be deemed to have knowledge of any Default or Event of Default (other than an Event of Default constituting the failure
to pay the interest on, or the principal of, the Securities if the Trustee also serves the paying agent for such Securities) until the
Trustee shall have received written notification in the manner set forth in this Indenture or a Responsible Officer of the Trustee shall
have obtained actual knowledge.

 

Section 7.03     Trustee
Not Responsible for Recitals or Issuance or Securities.

 

(a)            The
recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility
for the correctness of the same. The Trustee shall not be responsible for any statement in any registration statement, prospectus, or
any other document in connection with the sale of Securities. The Trustee shall not be responsible for any rating on the Securities or
any action or omission of any rating agency.

 

(b)           The
Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.

 

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(c)           The
Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such Securities,
or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established
pursuant to Section 2.01, or for the use or application of any moneys received by any paying agent other than the Trustee.

 

 

Section 7.04     May Hold
Securities.

 

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

 

Section 7.05     Moneys
Held in Trust.

 

Subject to the provisions
of Section 11.05, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes
for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under
no liability for interest on any moneys received by it hereunder except such as it may agree with the Company to pay thereon.

 

Section 7.06     Compensation
and Reimbursement.

 

(a)           The
Company shall pay to the Trustee for each of its capacities hereunder from time to time compensation for its services as the Company and
the Trustee shall from time to time agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation
of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred
by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel.

 

(b)           The
Company shall indemnify each of the Trustee in each of its capacities hereunder against any loss, liability or expense (including the
cost of defending itself and including the reasonable compensation and expenses of the Trustee’s agents and counsel) incurred by
it except as set forth in Section 7.06(c) in the exercise or performance of its powers, rights or duties under this Indenture
as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The Company shall defend
the claim and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel and the Company shall pay the reasonable
fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably
withheld. This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.

 

(c)           The
Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director,
employee, shareholder or agent of the Trustee through negligence or bad faith.

 

(d)           To
ensure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all funds or
property held or collected by the Trustee, except that held in trust to pay principal of or interest on particular Securities. When the
Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 6.01(4) or (5), the
expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection therewith are to
constitute expenses of administration under any bankruptcy law. The provisions of this Section 7.06 shall survive the termination
of this Indenture and the resignation or removal of the Trustee.

 

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Section 7.07     Reliance
on Officer’s Certificate.

 

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

 

Section 7.08     Disqualification;
Conflicting Interests.

 

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

 

Section 7.09     Corporate
Trustee Required; Eligibility.

 

There shall at all times be
a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing business under
the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or other Person
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 fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state, territorial,
or District of Columbia authority.

 

If such corporation or other
Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other Person shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. The Company may not, nor may
any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In case at any
time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in
the manner and with the effect specified in Section 7.10.

 

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Section 7.10     Resignation
and Removal; Appointment of Successor.

 

(a)           The
Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by giving written
notice thereof to the Company and the Securityholders of such series. Upon receiving such notice of resignation, the Company shall promptly
appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by order of the Board
of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor
trustee shall have been so appointed and have accepted appointment within 30 days after the sending 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 Securities
of such series, or any Securityholder of that series who has been a bona fide holder of a Security or Securities for at least six months
may on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court
may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

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

 

(i)            the
Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by any Securityholder
who has been a bona fide holder of a Security or Securities for at least six months; or

 

(ii)           the
Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request
therefor by the Company or by any such Securityholder; or

 

(iii)          the
Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding,
or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control
of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;

 

then, in any such case, the
Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate, executed
by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor
trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six months may, on behalf of that
holder and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment
of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and
appoint a successor trustee.

 

(c)           The
holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove the
Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such series with
the consent of the Company.

 

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

 

(e)           Any
successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all
of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.

 

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Section 7.11     Acceptance
of Appointment By Successor.

 

(a)           In
case of the appointment hereunder of a successor trustee with respect to all Securities, 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 any amounts due to it pursuant to the provisions of Section 7.06,
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.

 

(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 (i) 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,
(ii) 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 (iii) 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, 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 that no Trustee shall be responsible for any act or failure to act on the part of any other Trustee hereunder; 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, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor
trustee relates have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations
vested in the Trustee under this Indenture, 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, to the extent contemplated by such supplemental indenture, the 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.

 

(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.

 

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(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.

 

(e)            Upon
acceptance of appointment by a successor trustee as provided in this Section, the Company shall send notice of the succession of such
trustee hereunder to the Securityholders. If the Company fails to transmit such notice within ten days after acceptance of appointment
by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company.

 

Section 7.12     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, including the administration of the trust created by this Indenture, shall be the successor of the Trustee hereunder,
provided that such corporation shall be qualified under the provisions of Section 7.08 and eligible under the provisions of Section 7.09,
without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated
with the same effect as if such successor Trustee had itself authenticated such Securities.

 

Section 7.13     Preferential
Collection of Claims Against the Company.

 

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

 

Section 7.14     Notice
of Default.

 

If any Event of Default occurs
and is continuing and if such Event of Default is known to a Responsible Officer of the Trustee, the Trustee shall send to each Securityholder
in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Event of Default within
the earlier of 90 days after it occurs and 30 days after it is known to a Responsible Officer of the Trustee or written notice of it is
received by the Trustee, unless such Event of Default has been cured; provided, however, that, except in the case of a default
in the payment of the principal of (or premium, if any) or interest on any Security, the Trustee shall be protected in withholding such
notice if and so long as the Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the
interest of the Securityholders.

 

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ARTICLE 8

 

CONCERNING
THE SECURITYHOLDERS

 

Section 8.01     Evidence
of Action by Securityholders.

 

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

 

If the Company shall solicit
from the Securityholders of any series any request, demand, authorization, direction, notice, consent, waiver or other action, the Company
may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record date for such series for the determination
of Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, 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 action may be given before or after the record date, but only the Securityholders of record at the close of business on the record
date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of Outstanding
Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver
or other action, and for that purpose the Outstanding Securities of that series shall be computed as of the record date; provided, however,
that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall
become effective pursuant to the provisions of this Indenture not later than six months after the record date.

 

Section 8.02     Proof
of Execution by Securityholders.

 

Subject to the provisions
of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his or
her agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner:

 

(a)           The
fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.

 

(b)          The
ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar thereof.

 

The Trustee may require such additional proof
of any matter referred to in this Section as it shall deem necessary.

 

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Section 8.03     Who
May be Deemed Owners.

 

Prior to the due presentment
for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may deem and treat
the Person in whose name such Security shall be registered upon the books of the Security Registrar as the absolute owner of such Security
(whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than
the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.03)
interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any paying agent nor any Security Registrar
shall be affected by any notice to the contrary.

 

Section 8.04     Certain
Securities Owned by Company Disregarded.

 

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

 

Section 8.05     Actions
Binding on Future Securityholders.

 

At any time prior to (but
not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the holders of the majority
or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such
action, any holder of a Security of that series that is shown by the evidence to be included in the Securities the holders of which have
consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.02, revoke
such action so far as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall be conclusive
and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange therefor,
on registration of transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such
Security. Any action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular
series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the
holders of all the Securities of that series.

 

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ARTICLE 9

 

SUPPLEMENTAL
INDENTURES

 

Section 9.01     Supplemental
Indentures Without the Consent of Securityholders.

 

In addition to any supplemental
indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time enter into an indenture
or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent
of the Securityholders, for one or more of the following purposes:

 

(a)           to
cure any ambiguity, defect, or inconsistency herein or in the Securities of any series;

 

(b)           to
comply with Article Ten;

 

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

 

(d)           to
add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders of all or any series
of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series of Securities,
stating that such covenants, restrictions, conditions or provisions are expressly being included solely for the benefit of such series),
to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions, conditions
or provisions an Event of Default, or to surrender any right or power herein conferred upon the Company;

 

(e)           to
add to, delete from, or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue, authentication,
and delivery of Securities, as herein set forth;

 

(f)            to
make any change that does not adversely affect the rights of any Securityholder in any material respect;

 

(g)           to
provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section 2.01,
to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities,
or to add to the rights of the holders of any series of Securities;

 

(h)           to
evidence and provide for the acceptance of appointment hereunder by a successor trustee; or

 

(i)            to
comply with any requirements of the Commission or any successor in connection with the qualification of this Indenture under the Trust
Indenture Act.

 

The Trustee is hereby authorized
to join with the Company in the execution of any such supplemental indenture, and to make any further appropriate agreements and stipulations
that may be therein contained, but the Trustee 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.

 

Any supplemental indenture
authorized by the provisions of this Section may be executed by the Company and the Trustee without the consent of the holders of
any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02.

 

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Section 9.02     Supplemental
Indentures With Consent of Securityholders.

 

With the consent (evidenced
as provided in Section 8.01) of the holders of not less than a majority in aggregate principal amount of the Securities of each series
affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and
the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the
provisions of the Trust Indenture Act as then in effect) 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 not covered by Section 9.01
the rights of the holders of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture
shall, without the consent of the holders of each Security then Outstanding and affected thereby, (a) extend the fixed maturity of
any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon,
or reduce any premium payable upon the redemption thereof or (b) reduce the aforesaid percentage of Securities, the holders of which
are required to consent to any such supplemental indenture.

 

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

 

Section 9.03     Effect
of Supplemental Indentures.

 

Upon the execution of any
supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall, with respect to
such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations,
duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby shall
thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms
and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for
any and all purposes.

 

Section 9.04     Securities
Affected by Supplemental Indentures.

 

Securities of any series affected
by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to the provisions
of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form meets the requirements
of any securities exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture. If the
Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors, to any
modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee
and delivered in exchange for the Securities of that series then Outstanding.

 

    39 

     

    

 

Section 9.05     Execution
of Supplemental Indentures.

 

Upon the request of the Company,
accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee
of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the
execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental
indenture. The Trustee, subject to the provisions of Section 7.01, shall receive an Officer’s Certificate or an Opinion of
Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized or permitted by the
terms of this Article and that all conditions precedent to the execution of the supplemental indenture have been complied with; provided,
however, that such Officer’s Certificate or Opinion of Counsel need not be provided in connection with the execution of a supplemental
indenture that establishes the terms of a series of Securities pursuant to Section 2.01 hereof.

 

Promptly after the execution
by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company shall (or shall direct
the Trustee to) send a notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders of
all series affected thereby .as their names and addresses appear upon the Security Register. Any failure of the Company to send, or cause
the sending of, such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture.

 

ARTICLE 10

 

SUCCESSOR
ENTITY

 

Section 10.01   Company
May Consolidate, Etc.

 

Nothing contained in this
Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated with the Company)
or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent
any sale, conveyance, transfer or other disposition of the property of the Company or its successor or successors as an entirety, or substantially
as an entirety, to any other Person (whether or not affiliated with the Company or its successor or successors); provided, however, the
Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such
transaction) or any such sale, conveyance, transfer or other disposition (other than a sale, conveyance, transfer or other disposition
to a Subsidiary of the Company), the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities
of all series in accordance with the terms of each series, according to their tenor, and the due and punctual performance and observance
of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant
to Section 2.01 to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform
to the provisions of the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered
to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall
have acquired such property.

 

    40 

     

    

 

Section 10.02   Successor
Entity Substituted.

 

(a)           In
case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity
by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth
under Section 10.01 on all of the Securities of all series Outstanding, such successor entity shall succeed to and be substituted
for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be
relieved of all obligations and covenants under this Indenture and the Securities.

 

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

 

(c)           Nothing
contained in this Article shall require any action by the Company in the case of a consolidation or merger of any Person into the
Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or
any part of the property of any other Person (whether or not affiliated with the Company).

 

ARTICLE 11

 

SATISFACTION
AND DISCHARGE

 

Section 11.01   Satisfaction
and Discharge of Indenture.

 

If at any time: (a) the
Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated and not delivered to
the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced
or paid as provided in Section 2.07 and Securities for whose payment money or Governmental Obligations have theretofore been deposited
in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such trust, as provided
in Section 11.05); or (b) all such Securities of a particular series not theretofore delivered to the Trustee for cancellation
shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption
within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit or
cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations or a combination thereof,
sufficient in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered to the Trustee
for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for
redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder with respect to
such series by the Company then this Indenture shall thereupon cease to be of further effect with respect to such series except for the
provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03, 7.10, 11.05 and 13.04, that shall survive until the date of maturity or redemption
date, as the case may be, and Sections 7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the
Company and at the cost and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this
Indenture with respect to such series.

 

    41 

     

    

 

Section 11.02   Discharge
of Obligations.

 

If at any time all such Securities
of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due and payable as described in
Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of
Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities of that series not theretofore delivered
to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity
or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder
by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case may be, are deposited
with the Trustee the obligations of the Company under this Indenture with respect to such series shall cease to be of further effect except
for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4,03, 7.06, 7.10, 11.05 and 13.04 hereof that shall survive until such Securities
shall mature and be paid.

 

Thereafter, Sections 7.06
and 11.05 shall survive.

 

Section 11.03   Deposited
Moneys to be Held in Trust.

 

All moneys or Governmental
Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment as
due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular
series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the Trustee.

 

Section 11.04   Payment
of Moneys Held by Paying Agents.

 

In connection with the satisfaction
and discharge of this Indenture all moneys or Governmental Obligations then held by any paying agent under the provisions of this Indenture
shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all further liability
with respect to such moneys or Governmental Obligations.

 

Section 11.05   Repayment
to Company.

 

Any moneys or Governmental
Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or premium,
if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders of such Securities
for at least two years after the date upon which the principal of (and premium, if any) or interest on such Securities shall have respectively
become due and payable, or such other shorter period set forth in applicable escheat or abandoned or unclaimed property law, shall be
repaid to the Company on May 31 of each year or upon the Company’s request or (if then held by the Company) shall be discharged
from such trust; and thereupon the paying agent and the Trustee shall be released from all further liability with respect to such moneys
or Governmental Obligations, and the holder of any of the Securities entitled to receive such payment shall thereafter, as a general creditor,
look only to the Company for the payment thereof.

 

    42 

     

    

 

ARTICLE 12

 

IMMUNITY
OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND 

DIRECTORS

 

Section 12.01   No
Recourse.

 

No recourse under or upon
any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof,
shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor
or successor corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of
any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood
that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever
shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Company or of any
predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason
of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and that any
and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any
and all such rights and claims against, every such incorporator, stockholder, officer or director as such, because of the creation of
the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in
any of the Securities or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the
execution of this Indenture and the issuance of such Securities.

 

ARTICLE 13

 

MISCELLANEOUS
PROVISIONS

 

Section 13.01   Effect
on Successors and Assigns.

 

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

 

Section 13.02   Actions
by Successor.

 

Any act or proceeding by any
provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and
may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall at
the time be the lawful successor of the Company.

 

    43 

     

    

 

Section 13.03   Surrender
of Company Powers.

 

The Company by instrument
in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved to the
Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation.

 

Section 13.04   Notices.

 

Except as otherwise expressly
provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted to be given, made or served
by the Trustee, the Security Registrar, any paying or other agent under this Indenture or by the holders of Securities or by any other
Person pursuant to this Indenture to or on the Company may be given or served by being deposited in first class mail, postage prepaid,
addressed (until another address is filed in writing by the Company with the Trustee), as follows:                                                                                                                .
Any notice, election, request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon
the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust
Office of the Trustee.

 

Section 13.05   Governing
Law; Jury Trial Waiver.

 

This Indenture and each Security
shall be governed by, and construed in accordance with, the internal laws of the State of New York, except to the extent that the Trust
Indenture Act is applicable.

 

EACH PARTY HERETO, AND EACH
HOLDER OF A SECURITY BY ACCEPTANCE THEREOF, HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE.

 

Section 13.06   Treatment
of Securities as Debt.

 

It is intended that the Securities
will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this Indenture shall be interpreted
to further this intention.

 

Section 13.07   Certificates
and Opinions as to Conditions Precedent.

 

(a)            Upon
any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company
shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture (other
than the certificate to be delivered pursuant to Section 13.12) relating to the proposed action have been complied with and, if requested,
an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in
the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this
Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished.

 

    44 

     

    

 

(b)           Each
certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant
in this Indenture (other than the certificate to be delivered pursuant to Section 13.12 of this Indenture or Section 314(a)(1) of
the Trust Indenture Act) shall include (i) a statement that the Person making such certificate or opinion has read such covenant
or condition; (ii) 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; (iii) a statement that, in the opinion of such Person, he has made
such examination or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or not such covenant
or condition has been complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been complied with.

 

Section 13.08   Payments
on Business Days.

 

Except as provided pursuant
to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures
supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption
of any Security shall not be a Business Day, then payment of interest or principal (and premium, if any) may be made on the next succeeding
Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and no interest shall accrue for
the period after such nominal date.

 

Section 13.09   Conflict
with Trust Indenture Act.

 

If and to the extent that
any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c) of the Trust Indenture
Act, such imposed duties shall control.

 

Section 13.10   Counterparts.

 

This Indenture may be executed
in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same
instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective
execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes.
Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

Section 13.11   Separability.

 

In case any one or more of
the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities,
but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained
herein or therein.

 

    45 

     

    

 

Section 13.12   Compliance
Certificates.

 

The Company shall deliver
to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series were outstanding, an officer’s
certificate stating whether or not the signers know of any Event of Default that occurred during such fiscal year. Such certificate shall
contain a certification from the principal executive officer, principal financial officer or principal accounting officer of the Company
that a review has been conducted of the activities of the Company and the Company’s performance under this Indenture and that the
Company has complied with all conditions and covenants under this Indenture. For purposes of this Section 13.12, such compliance
shall be determined without regard to any period of grace or requirement of notice provided under this Indenture. If the officer of the
Company signing such certificate has knowledge of such an Event of Default, the certificate shall describe any such Event of Default and
its status.

 

Section 13.13   U.S.A
Patriot Act.

 

The parties hereto acknowledge
that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help
fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person
or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will
provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot
Act.

 

Section 13.14   Force
Majeure.

 

In no event shall the Trustee,
the Security Registrar, any paying agent or any other agent under this Indenture be responsible or liable for any failure or delay in
the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including
without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions or utilities, communications or computer (software and hardware) services; it
being understood that the Trustee, the Security Registrar, any paying agent or any other agent under this Indenture shall use reasonable
efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

Section 13.15   Table
of Contents; Headings.

 

The table of contents and
headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered
a part hereof, and will not modify or restrict any of the terms or provisions hereof.

 

    46 

     

    

 

In
Witness Whereof, the parties hereto have caused this Indenture to be duly executed all as of the day and year first above written.

 

	 	Angion
    Biomedica Corp.
	 	 	 
	 	By:	
	 	 	 
	 	Name:	
	 	 	 
	 	Title:	
	 	 	 
	 	[Trustee],
    as Trustee
	 	 	 
	 	By:	
	 	 	 
	 	Name:	
	 	 	 
	 	Title:	

 

    47 

     

    

 

CROSS-REFERENCE TABLE (1)

 

	
    Section of
    Trust Indenture Act of 1939, as Amended
	
    Section of
    Indenture

	310(a)	7.09
	310(b)	7.08
	 	7.10
	310(c)	Inapplicable
	311(a)	7.13
	311(b)	7.13
	311(c)	Inapplicable
	312(a)	5.01
	 	5.02(a)
	312(b)	5.02(c)
	312(c)	5.02(c)
	313(a)	5.04(a)
	313(b)	5.04(b)
	313(c)	5.04(a)
	 	5.04(b)
	313(d)	5.04(c)
	314(a)	5.03
	 	13.12
	314(b)	Inapplicable
	314(c)	13.07(a)
	314(d)	Inapplicable
	314(e)	13.07(b)
	314(f)	Inapplicable
	315(a)	7.01(a)
	 	7.01(b)
	315(b)	7.14
	315(c)	7.01
	315(d)	7.01(b)
	315(e)	6.07
	316(a)	6.06
	 	8.04
	316(b)	6.04
	316(c)	8.01
	317(a)	6.02
	317(b)	4.03
	318(a)	13.09

 

 

 

		(1)	This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on
the interpretation of any of its terms or provisions.

 

    48

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