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Exhibit 4.1    
    

NOKIA
CORPORATION,

as Issuer 

AND

[                        ],

as Trustee 

INDENTURE 

Dated
as of [                        ], 2008 

 

 

 
 

TABLE OF CONTENTS    
    

	 
	 	 
	 	PAGE

	ARTICLE 1
 DEFINITIONS
	 	 	 	 	 
	Section 1.01.	 	Certain Terms Defined	 	1
	

ARTICLE 2
 SECURITIES
	 	 	 	 	 
	Section 2.01.	 	Forms Generally	 	4
	Section 2.02.	 	Form of Trustee's Certificate of Authentication	 	5
	Section 2.03.	 	Amount Unlimited; Issuable in Series	 	5
	Section 2.04.	 	Authentication and Delivery of Securities	 	6
	Section 2.05.	 	Execution of Securities	 	7
	Section 2.06.	 	Certificate of Authentication	 	7
	Section 2.07.	 	Denomination and Date of Securities; Payments of Interest	 	7
	Section 2.08.	 	Registration, Transfer and Exchange	 	8
	Section 2.09.	 	Mutilated, Defaced, Destroyed, Lost and Stolen Securities	 	10
	Section 2.10.	 	Cancellation of Securities; Destruction Thereof	 	11
	Section 2.11.	 	Temporary Securities	 	11
	Section 2.12.	 	CUSIP Numbers	 	11
	

ARTICLE 3
 COVENANTS OF THE ISSUER AND THE TRUSTEE
	 	 	 	 	 
	Section 3.01.	 	Payment of Principal and Interest	 	12
	Section 3.02.	 	Additional Amounts	 	12
	Section 3.03.	 	Offices for Payments, etc.	 	12
	Section 3.04.	 	Appointment to Fill a Vacancy in Office of Trustee	 	12
	Section 3.05.	 	Payment Agents	 	12
	Section 3.06.	 	Compliance Certificates from the Issuer	 	13
	Section 3.07.	 	Securityholders Lists	 	13
	Section 3.08.	 	Preservation of Information; Communication to Holders	 	13
	Section 3.09.	 	Reports by the Issuer	 	14
	Section 3.10.	 	Reports by the Trustee	 	14
	

ARTICLE 4
 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
	 	 	 	 	 
	Section 4.01.	 	Event Of Default Defined; Acceleration Of Maturity; Waiver Of Default	 	14
	Section 4.02.	 	Collection of Indebtedness by Trustee; Trustee May Prove Debt	 	14
	Section 4.03.	 	Application of Proceeds	 	16
	Section 4.04.	 	Suits for Enforcement	 	17
	Section 4.05.	 	Restoration of Rights on Abandonment of Proceedings	 	17
	Section 4.06.	 	Limitations on Suits by Securityholders	 	17
	Section 4.07.	 	Unconditional Right of Securityholders to Institute Certain Suits	 	17
	Section 4.08.	 	Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default	 	17
	Section 4.09.	 	Control by Securityholders	 	18
	Section 4.10.	 	Trustee to Give Notice of Default, but May Withhold in Certain Circumstances	 	18
	Section 4.11.	 	Right of Court to Require Filing of Undertaking to Pay Costs	 	18

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ARTICLE 5
 CONCERNING THE TRUSTEE
	 	 	 	 	 
	Section 5.01.	 	Duties and Responsibilities of the Trustee; During Default; Prior to Default	 	19
	Section 5.02.	 	Certain Rights of the Trustee	 	19
	Section 5.03.	 	Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof	 	20
	Section 5.04.	 	Trustee and Agents May Hold Securities; Collections, Etc	 	20
	Section 5.05.	 	Moneys Held by Trustee	 	21
	Section 5.06.	 	Compensation and Indemnification of Trustee and its Prior Claim	 	21
	Section 5.07.	 	Right of Trustee to Rely on Officer's Certificate, etc	 	21
	Section 5.08.	 	Persons Eligible for Appointment as Trustee	 	22
	Section 5.09.	 	Resignation and Removal; Appointment of Successor Trustee	 	22
	Section 5.10.	 	Acceptance of Appointment by Successor Trustee	 	23
	Section 5.11.	 	Merger, Conversion, Consolidation or Succession to Business of Trustee	 	24
	

ARTICLE 6
 CONCERNING THE SECURITYHOLDERS
	 	 	 	 	 
	Section 6.01.	 	Evidence of Action Taken by Securityholders	 	24
	Section 6.02.	 	Proof of Execution of Instruments and of Holding of Securities; Record Date	 	24
	Section 6.03.	 	Holders to Be Treated as Owners	 	25
	Section 6.04.	 	Securities Owned by Issuer Deemed Not Outstanding	 	25
	Section 6.05.	 	Right of Revocation of Action Taken	 	25
	

ARTICLE 7
 SUPPLEMENTAL INDENTURES
	 	 	 	 	 
	Section 7.01.	 	Supplemental Indentures Without Consent of Securityholders	 	26
	Section 7.02.	 	Supplemental Indentures with Consent of Securityholders	 	27
	Section 7.03.	 	Effect of Supplemental Indenture	 	28
	Section 7.04.	 	Documents to be Given to Trustee	 	28
	Section 7.05.	 	Notation on Securities in Respect of Supplemental Indentures	 	28
	Section 7.06.	 	Conformity with Trust Indenture Act	 	28
	

ARTICLE 8
 CONSOLIDATION, MERGER, SALE OR CONVEYANCE
	 	 	 	 	 
	Section 8.01.	 	Issuer May Consolidate, etc., on Certain Terms	 	28
	

ARTICLE 9
 SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS
	 	 	 	 	 
	Section 9.01.	 	Satisfaction and Discharge of Indenture	 	29
	Section 9.02.	 	Application by Trustee of Funds Deposited for Payment of Securities	 	29
	Section 9.03.	 	Defeasance upon Deposit of Moneys or Government Obligations	 	29
	Section 9.04.	 	Repayment of Moneys Held by Paying Agent	 	30
	Section 9.05.	 	Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years	 	31
	Section 9.06.	 	Reinstatement	 	31

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ARTICLE 10
 MISCELLANEOUS PROVISIONS
	 	 	 	 	 
	Section 10.01.	 	Incorporators, Stockholders, Officers and Directors of Issuer Exempt from Individual Liability	 	31
	Section 10.02.	 	Provisions of Indenture for the Sole Benefit of Parties and Securityholders	 	31
	Section 10.03.	 	Successors and Assigns of Issuer Bound by Indenture	 	31
	Section 10.04.	 	Notices and Demands on Issuer, Trustee and Securityholders	 	31
	Section 10.05.	 	Officer's Certificates and Opinions of Counsel; Statements to be Contained Therein	 	32
	Section 10.06.	 	Payments Due on Saturdays, Sundays and Holidays	 	33
	Section 10.07.	 	Conflict of any Provision of Indenture with Trust Indenture Act	 	33
	Section 10.08.	 	New York Law to Govern	 	33
	Section 10.09.	 	Counterparts	 	33
	Section 10.10.	 	Effect of Headings	 	33
	Section 10.11.	 	Submission to Jurisdiction	 	33
	

ARTICLE 11
 REDEMPTION OF SECURITIES AND SINKING FUNDS
	 	 	 	 	 
	Section 11.01.	 	Applicability of Article	 	33
	Section 11.02.	 	Notice of Redemption; Partial Redemptions	 	34
	Section 11.03.	 	Payment of Securities Called for Redemption	 	34
	Section 11.04.	 	Exclusion of Certain Securities from Eligibility for Selection for Redemption	 	35
	Section 11.05.	 	Mandatory and Optional Sinking Funds	 	35

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        THIS INDENTURE, dated as of [                        ], 2008 between Nokia
Corporation, a corporation organized under the laws of the Republic of Finland (the
"Issuer") and [                        ], as trustee (the "Trustee"), 

W I T N E S S E T H: 

        WHEREAS,
the Issuer may issue from time to time in one or more series its unsecured debentures, notes or other evidences of indebtedness (the
"Securities") represented by one or more Global Securities represented by definitive Securities in registered form without coupons for payments, up to
such principal amount or amounts as may from time to time be authorized in accordance with the terms of this Indenture and to provide, among other things, for the authentication, delivery and
administration thereof, the Issuer has duly authorized the execution and delivery of this Indenture; and 

        WHEREAS,
all things necessary to make this Indenture a valid indenture and agreement according to its terms have been done; 

        NOW,
THEREFORE: 

        In
consideration of the premises and the purchases of the Securities by the Holders thereof, the Issuer and the Trustee mutually covenant and agree for the equal and proportionate
benefit of the respective Holders from time to time of the Securities as follows: 

 
 

ARTICLE 1
DEFINITIONS    

        Section 1.01.    Certain Terms Defined.    The following terms (except as otherwise expressly provided or
unless the context otherwise clearly requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section. All other terms
used in this Indenture that are defined in the Trust Indenture Act or the definitions of which in the Securities Act are referred to in the Trust Indenture Act, including terms defined therein by
reference
to the Securities Act (except as herein otherwise expressly provided or unless the context otherwise clearly 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 this Indenture. All accounting terms used herein and not expressly defined shall have the meanings assigned to such terms in accordance with generally
accepted accounting principles, and the term "generally accepted accounting principles" means such accounting principles as are applicable to the Person
in question and generally accepted at the time of any computation. The words "herein", "hereof" and
"hereunder" and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The
terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular. 

        "Agent Member" means a member of, or participant in, a Depository. 

        "Board of Directors" when used with reference to the Issuer, means either the Board of Directors or any committee or member of such Board
duly authorized to act hereunder of the Issuer. 

        "Board Resolution", when used with reference to the Issuer, means a copy of one or more resolutions, certified by the Secretary to the
Board of Directors or the General Counsel or Assistant General Counsel of the Issuer, to have been duly adopted by the Board of Directors of the Issuer and to be in full force and effect, and
delivered to the Trustee. 

        "Business Day" means, with respect to any Security, a day other than a Saturday or Sunday that (a) in the city (or in any of the
cities, if more than one) in which amounts are payable, as specified in the form of such Security, is not a day on which banking institutions are authorized by law or regulation to close and
(b) if the Security is denominated in a currency other than U.S. dollars (i) is not a day on which banking institutions are required by law, regulation or executive order to close in the
financial center or centers (where applicable) of the country issuing the currency and (ii) is a day 

 

on
which banking institutions in such financial center or centers (where applicable) are carrying out transactions in such currency. 

        "Commission" means the U.S. Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or if at
any time after the execution and delivery of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such
duties on such date. 

        "Company Order" means a written statement, request or order signed in the name of the Issuer by any director or any other Person duly
authorized thereto by Board Resolution. 

        "Corporate Trust Office" means the office of the Trustee at which the corporate trust business of the Trustee shall, at any particular
time, be principally administered, which office is, at the date as of which this Indenture is dated, located at
[                        ]. 

        "Depository" means, with respect to Securities issuable or issued in whole or in part in the form of one or more Global Securities, the
Person designated as Depository by the Issuer pursuant to Section 2.03 hereof which must be a clearing agency registered under the Exchange Act, as amended (or a successor Depository), and if
at any time there is more than one such Person, "Depository" as used with respect to the Securities shall mean the respective Depository with respect to particular Securities. 

        "Event of Default" means any event or condition specified pursuant to Section 4.01. 

        "Global Security" means a global certificate evidencing all or part of a series of Securities, authenticated and delivered to the
Depository and registered in the name of the Depository or its nominee. 

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

        "Holder", "Holder of Securities",
"Securityholder" or other similar terms mean the registered holder of any Security. 

        "Indenture" means this instrument as originally executed and delivered or, if amended or supplemented as herein provided, as so amended or
supplemented or both, including, for all purposes of this instrument, any supplemental or amended indenture, the provisions of the Trust Indenture Act
that are deemed to be a part of, and govern this instrument, and any supplemental or amended indenture. The term "Indenture" shall also include the forms and terms of particular series of Securities
established as contemplated hereunder. 

        "Interest" means, when used with respect to non-interest bearing Securities, interest payable after maturity. 

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        "Issuer" means Nokia Corporation, a corporation organized under the laws of the Republic of Finland and, subject to the terms provided in
any supplemental indenture, its successors and assigns. 

        "Officer's Certificate" means a certificate delivered by the Issuer to the Trustee and signed by the Chief Financial Officer or any other
person authorized to sign by the Board of Directors. Each such certificate shall comply with Section 314 of the Trust Indenture Act and include the statements provided for in
Section 10.05. 

        "Opinion of Counsel" means an opinion in writing signed by legal counsel who may be an employee of or counsel to the Issuer and who shall
be reasonably satisfactory to the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act and include the statements provided for in Section 10.05 if and to
the extent required hereby. 

        "Original Issue Date" of any Security (or portion thereof) means the earlier of (a) the date of such Security or (b) the
date of any Security (or portion thereof) for which such Security was issued (directly or indirectly) on registration of transfer, exchange or substitution. 

        "Original Issue Discount Security" means any Security that provides for an amount less than the principal amount thereof to be due and
payable upon a declaration of acceleration of the maturity thereof pursuant to Section 4.01. 

        "Outstanding", when used with reference to Securities, shall, subject to the provisions of Section 6.04, mean, as of any particular
time, all Securities authenticated and delivered by the Trustee under this Indenture, except 

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

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

        (c)   Securities
in substitution for which other Securities shall have been authenticated and delivered, or which shall have been paid, pursuant to the terms of
Section 2.04 (except with respect to any such Security as to which proof satisfactory to the Trustee is presented that such Security is held by a person in whose hands such Security is a legal,
valid and binding obligation of the Issuer). 

        In
determining whether the Holders of the requisite principal amount of Outstanding Securities of any or all series have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, (i) the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding for such purposes shall be the amount of the principal
thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the maturity thereof pursuant to Section 4.01 and (ii) the principal
amount of a security denominated in one or more foreign currencies or currency units shall be the U.S. dollar equivalent determined in the manner provided or contemplated by Article 1 on the
date of original issuance of such Security of the principal amount (or, in the case of an Original Issue Discount Security, the U.S. dollar equivalent on the date of original issuance of such Security
of the amount determined as provided in (i) above) of such Security. 

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

3

 

        "principal" whenever used with reference to the Securities or any Security or any portion thereof, shall be deemed to include "and
premium, if any". 

        "Responsible Officer" when used with respect to the Trustee means any officer of the Trustee with direct responsibility for the
administration of this Indenture, and also means any officer of the Trustee
to whom any corporate trust matter is referred because of his knowledge of and familiarity with the particular subject. 

        "Security" or "Securities" has the meaning stated in the first recital of this Indenture,
or, as the case may be, Securities that have been authenticated and delivered under this Indenture. 

        "Trustee" means the Person identified as "Trustee" in the first paragraph hereof and, subject to the provisions of Article Five, shall
also include any successor trustee. 

        "Trust Indenture Act" (except as otherwise provided in Sections 7.01 and 7.02) means the U.S. Trust Indenture Act as in force at
the date as of which this Indenture was originally executed; provided, however, that if the Trust Indenture Act is amended after such date, "Trust
Indenture Act" means, to the extent required by any such amendment, the U.S. Trust Indenture Act of 1939, as so amended. 

        "Yield to Maturity" means the yield to maturity on any series of Original Issue Discount Securities, calculated at the time of issuance of
such series, or, if applicable, at the most recent redetermination of interest on such series, and calculated in accordance with either the constant interest method or such other accepted financial
practice as is specified in the terms of such series established pursuant to Section 2.03. 

 
 

ARTICLE 2
SECURITIES

        Section 2.01.    Forms Generally.    The Securities of each series shall be substantially in such form (not
inconsistent with this Indenture) as shall be established by or pursuant to a Board Resolution (and set forth in such Board Resolution or, to the extent established pursuant to (rather than in) such
Board Resolution, in an Officer's Certificate detailing such establishment), or in one or more indentures supplemental hereto, in each case with such insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may
be required to comply with any law or with any rules or regulations pursuant thereto, or with any rules of any securities exchange or to conform to general usage, all as may be determined by the
officers executing such Securities, as evidenced by their execution of the Securities. 

        The
definitive Securities shall be printed as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 

4

 

        Section 2.02. Form of Trustee's Certificate of Authentication. The Trustee's certificate of authentication on all Securities shall
be in substantially the following form: 

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

	

 	
 	

[                        ],

as Trustee
	

 	
 	

By	

 
 Authorized Officer

        Section 2.03.    Amount Unlimited; Issuable in Series.    The aggregate principal amount of Securities which
may be authenticated and delivered under this Indenture is unlimited. 

        The
Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution (and set forth in such Board Resolution or, to the extent established
pursuant to (rather than in) such Board Resolution, in an Officer's Certificate detailing such establishment), and/or established in one or more indentures supplemental hereto, prior to the initial
issuance of Securities of any series, 

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

        (b)   any
limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 2.08, 2.09, 2.11 or 11.03); 

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

        (d)   the
rate or rates at which the Securities of the series shall bear interest, if any, or, if other than on the basis of a 360-day year of twelve
30-day months, the method by which such rate shall be determined, the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be
payable and the record dates for the determination of Holders to whom interest is payable; 

        (e)   the
place or places where the principal of and any interest on Securities of the series shall be payable (if other than as provided in Section 3.03); 

        (f)    the
price or prices at which, the date or dates after which, the period or periods within which and the terms and conditions upon which Securities of the series may be
redeemed, in whole or in part, at the option of the Issuer, pursuant to any sinking fund or otherwise; 

        (g)   the
obligation, if any, of the Issuer to redeem, purchase or repay Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a
Holder thereof and the price or prices at which and the period or periods within which and the terms and conditions upon which Securities of the series shall be redeemed, purchased or repaid, in whole
or in part, pursuant to such obligation; 

        (h)   the
denominations in which Securities of the series shall be issuable; 

5

 

        (i)    if
other than the 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 4.01 or provable in bankruptcy pursuant to Section 4.02; 

        (j)    if
other than such coin or currency of the United States of America as at the time of payment is legal tender for payment of public or private debts, the coin or
currency (including any composite currency) in which payment of the principal and interest on the Securities of the series shall be denominated or payable, the method pursuant to which payment shall
be made and the manner of determining the equivalent thereof in the currency of the United States of America for purposes of the definition of "Outstanding" in Article 1. 

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

        (l)    if
the amounts of payments of principal or interest, if any, on the Securities of the series may be determined with reference to an index or are otherwise not fixed on
the Original Issue Date thereof, the manner in which such amounts shall be determined; 

        (m)  the
forms of the Securities of the series; 

        (n)   any
trustees, authenticating or paying agents, transfer agents or registrars or any other agents with respect to the Securities of such series; 

        (o)   whether
the Securities of the series will be issued in whole or in part in the form of one or more Global Securities and, in such case, the Depositary with respect to
such Global Security or Securities; 

        (p)   to
set forth with respect to a series of Securities the rights of the Issuer to merge, consolidate, amalgamate or otherwise restructure and specify the conditions upon
which such rights are precedented; and 

        (q)   any
other terms of the series (which terms shall not conflict with the provisions of this Indenture). 

        All
Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to such Board Resolution (and set forth
in such Board
Resolution or, to the extent established pursuant to (rather than in) such Board Resolution, in an Officer's Certificate detailing such establishment) or in any such indenture supplemental hereto. 

        Section 2.04.    Authentication and Delivery of Securities.    At any time and from time to time after the
execution and delivery of this Indenture, the Issuer may deliver Securities of any series executed by the Issuer to the Trustee for authentication, and the Trustee shall thereupon authenticate and
deliver such Securities to or upon the written order of the Issuer contained in a Company Order. In authenticating such Securities and accepting the additional responsibilities under this Indenture in
relation to such Securities the Trustee shall be entitled to receive, and (subject to Section 5.01) shall be fully protected in relying upon: 

        (a)   any
Board Resolution, Officer's Certificate and/or executed supplemental indenture referred to in Sections 2.01 and 2.03 specifying the terms of the Securities; 

        (b)   Officer's
Certificates of the Issuer certifying the form and terms of the Securities, stating that the form and terms of the Securities have been established as required
pursuant to Sections 2.01 and 2.03 and comply with the Indenture and covering such other matters as the Trustee may reasonably request; 

6

 

  
        (c)   one or more Opinions of Counsel to the effect that 

        (i)    the
form or forms and terms of such Securities have been established as required pursuant to Sections 2.01 and 2.03 in conformity with the provisions of this
Indenture; 

        (ii)   such
Securities, when authenticated and delivered by the Trustee and issued by the Issuer in the manner and subject to any conditions specified in such Opinion of
Counsel, will constitute valid and binding obligations of the Issuer; 

        (iii)  all
laws and requirements in respect of the execution and delivery by the Issuer of the Securities have been complied with; and 

        (iv)  covering
such other matters as the Trustee may reasonably request. 

        (d)   if
the Securities being issued are Original Issue Discount Securities, an Officer's Certificate of the Issuer setting forth the Yield to Maturity for the Securities and
any other facts required to compute amounts due on acceleration, unless such Yield to Maturity and other facts are specified in the form of the Securities. 

        The
Trustee shall have the right to decline to authenticate and deliver any Securities under this Section if the Trustee, being advised by counsel, determines that such action may not
lawfully be taken by the Issuer or if the Trustee in good faith by its board of directors or board of trustees, executive committee, or a trust committee of directors or trustees or Responsible
Officers shall determine that such action would expose the Trustee to personal liability to existing Holders. 

        Section 2.05.    Execution of Securities.    The Securities shall be signed on behalf of the Issuer by any
officer of the Issuer so authorized by the Board of Directors. Such signatures may be the manual or facsimile signatures of the present or any future such officers. The seal of the Issuer may be in
the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Securities. Typographical and other minor errors or defects in any such reproduction of such
signature shall not
affect the validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee. 

        In
case any officer of the Issuer who shall have signed any of the Securities shall cease to be such officer before the Security so signed shall be authenticated and delivered by the
Trustee or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or disposed of as though the person who signed such Security had not ceased to be such officer of
the Issuer; and any Security may be signed on behalf of the Issuer by such persons as, at the actual date of the execution of such Security, shall be the proper officers of the Issuer, although at the
date of the execution and delivery of this Indenture any such person was not such an officer. 

        Section 2.06.    Certificate of Authentication.    Only such Securities as shall bear thereon a certificate of
authentication substantially in the form hereinbefore recited, executed by the Trustee by the manual signature of one of its authorized officers, shall be entitled to the benefits of this Indenture or
be valid or obligatory for any purpose. Such certificate by the Trustee upon any Security executed by the Issuer 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. 

        Section 2.07.    Denomination and Date of Securities; Payments of Interest.    The Securities shall be issuable
as registered securities without coupons and in denominations as shall be specified as contemplated by Section 2.03. In the absence of any such specification with respect to the Securities of
any series, the Securities of such series shall be issuable in denominations of $2,000 and integral multiples of $1,000. The Securities shall be numbered, lettered, or otherwise distinguished in such
manner or in accordance with such plan as the officers of the Issuer executing the same may determine with the approval of the Trustee as evidenced by the execution and authentication thereof. 

7

 

        Each
Security shall be dated the date of its authentication, shall bear interest, if any, from the date and shall be payable on the dates, in each case, which shall be specified as
contemplated by Section 2.03. 

        The
person in whose name any Security of any series is registered at the close of business on any record date applicable to a particular series with respect to any interest payment date
for such series shall be entitled to receive the interest, if any, payable on such interest payment date notwithstanding any transfer or exchange of such Security subsequent to the record date and
prior to such interest payment date, except if and to the extent the Issuer shall default in the payment of the interest due on such interest payment date for such series, in which case such defaulted
interest shall be paid to the persons in whose names Outstanding Securities for such series are registered at the close of business on a subsequent record date (which shall be not less than five
Business Days prior to the date of payment of such defaulted interest) established by notice given by mail by or on behalf of the Issuer to the
Holders of Securities not less than 15 days preceding such subsequent record date. The term "record date" as used with respect to any interest payment date (except a date for payment of
defaulted interest) shall mean the date specified as such in the terms of the Securities of any particular series, or, if no such date is so specified, if such interest payment date is the first day
of a calendar month, the fifteenth day of the next preceding calendar month or, if such interest payment date is the fifteenth day of a calendar month, the first day of such calendar month, whether or
not such record date is a Business Day. 

        Section 2.08.    Registration, Transfer and Exchange.    

        (a)    Global Securities.    This Section 2.08(a) shall apply only to Global Securities deposited with the
Depository unless otherwise provided as contemplated by Section 2.03. 

        Unless
the Global Security is presented by an authorized representative of the Depository to the Issuer or its agent for registration of transfer, exchange or payment, and any
certificate issued is registered in the name of a nominee of the Depository and any payment is made to such nominee, any transfer, pledge or other use of the Global Security in registered form for
value or otherwise shall be wrongful since the registered owner of such Global Security, the nominee of the Depository, has an interest in such Global Security. 

        Except
as otherwise specified as contemplated by Section 2.03 hereof, any Global Security shall be exchangeable for definitive Securities only as provided in this paragraph. A
Global Security shall be exchangeable pursuant to this Section 2.08 only if 

        (i)    the
Depository notifies the Issuer that it is unwilling or unable to continue to hold such Global Security or if at any time the Depository ceases to be a clearing
agency registered under the Exchange Act, as amended, and a successor Depository is not appointed by the Issuer, 

        (ii)   there
shall have occurred and be continuing an Event of Default with respect to the Securities, or 

        (iii)  at
any time if the Issuer in its sole discretion determines that the Global Securities or any of them should be exchanged for definitive Securities. The Issuer shall
notify the Trustee in writing that such exchange has taken place and that the Depository is no longer the Holder of such Global Security, in whole or in part. Unless and until such notice is received
by the Trustee, the Trustee shall be entitled to assume that no such exchange of Global Security for definitive Securities has occurred, and shall have no liability with respect to any payment in
reliance thereon. Any Global Security that is exchangeable pursuant to this Section 2.08 shall be exchangeable for definitive Securities in registered form, bearing interest (if any) at the
same rate or pursuant to the same formula, having the same date of issuance, redemption provisions, if any, specified currency and other terms and of differing denominations aggregating a like amount
as the Global Security so exchangeable. Definitive Securities shall be
registered in the names of the owners of the beneficial interests in such Global Security as such names are from time to time provided by the relevant Agent Member holding interests in such Global
Security (as such Agent Member is identified from time to time by the Depository). 

8

 

        No
Global Security may be transferred except as a whole by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to
a successor of the Depository or a nominee of such successor. Except as provided above, owners solely of beneficial interests in a Global Security shall not be entitled to receive physical delivery of
Securities in definitive form and will not be considered the holders thereof for any purpose under this Indenture. 

        In
the event that a Global Security is surrendered for redemption in part pursuant to Section 11.02, the Issuer shall execute, and the Trustee shall authenticate and deliver to
the Depository for such Global Security, without service charge, a new Global Security, in a denomination equal to the unredeemed portion of the principal of the Global Security so surrendered. 

        The
Agent Members shall have no rights under this Indenture with respect to any Global Security held on their behalf by a Depository, and such Depository may be treated by the Issuer,
the Trustee, and any agent of the Issuer, or the Trustee as the owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the
Trustee, or any agent of the Issuer, or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by a Depository or impair, as between a Depository and its
Agent Members, the operation of customary practices governing the exercise of the rights of a holder of any Security, including without limitation the granting of proxies or other authorization of
participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under this Indenture. 

        In
connection with any exchange of interests in a Global Security for definitive Securities, as provided in this subsection (a), then without unnecessary delay but in any event
not later than the earliest date on which such interests may be so exchanged, the Issuer shall deliver to the Trustee definitive Securities, in aggregate principal amount equal to the principal amount
of such Global Security executed by the Issuer. On or after the earliest date on which such interests may be so exchanged, such Global Security shall be surrendered by the Depository to the Trustee,
as the Issuer's agent for such purpose, to be exchanged, in whole or from time to time in part, for definitive Securities without charge and the Trustee shall authenticate and deliver, in exchange for
each portion of such Global Security, an equal aggregate principal amount of definitive Securities of authorized denominations as the portion of such Global Security to be exchanged. Any Global
Security that is exchangeable pursuant to this Section 2.08 shall be exchangeable for Securities issuable in the denominations specified as contemplated by Section 2.03 and registered in
such names as the Depository that is the Holder of such Global Security shall direct. If a definitive Security is issued in exchange for any portion of a
Global Security after the close of business at the office or agency where such exchange occurs on any record date and before the opening of business at such office or agency on the relevant payment
date, interest payments will not be payable on such payment date in respect of such definitive Security, but will be payable on such payment date only to the person to whom interest payments in
respect of such portion of such Global Security are payable. 

        The
Depository may grant proxies and otherwise authorize any person, including Agent Members and persons that may hold interests through Agent Members, to take any action which a Holder
is entitled to take under this Indenture with respect to the Securities. 

        (b)   The
Issuer will keep or cause to be kept at each office or agency to be maintained for the purpose as provided in Section 3.03 a register or registers in which,
subject to such reasonable regulations as it may prescribe, it will register, and will register the transfer of, Securities as in this Article provided. Such register shall be in written form in the
English language or in any other form capable of being converted into such form within a reasonable time. At all reasonable times such register or registers shall be open for inspection by the
Trustee. 

9

 

        Upon
due presentation for registration of transfer of any Security of any series at any such office or agency to be maintained for the purpose as provided in Section 3.03, the
Issuer shall execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new Security or Securities of the same series in authorized denominations for a like
aggregate principal amount. 

        Any
Security or Securities of any series may be exchanged for a Security or Securities of the same series in other authorized denominations, in an equal aggregate principal amount.
Securities of any series to be exchanged shall be surrendered at any office or agency to be maintained by the Issuer for the purpose as provided in Section 3.03, and the Issuer shall execute
and the Trustee shall authenticate and deliver in exchange therefor the Security or Securities of the same series which the Securityholder making the exchange shall be entitled to receive and bearing
numbers not contemporaneously outstanding. 

        All
Securities presented for registration of transfer, exchange, redemption or payment shall (if so required by the Issuer or the Trustee) be duly endorsed by, or be accompanied by a
written instrument or instruments of transfer in form reasonably satisfactory to the Issuer and the Trustee duly executed by, the Holder or his attorney duly authorized in writing. 

        The
Issuer or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any exchange or registration of
transfer of Securities. No service charge shall be made for any such transaction. 

        The
Issuer shall not be required to exchange or register a transfer of (a) any Securities of any series for a period of 15 days next preceding the first mailing of notice
of redemption of Securities of such series to be redeemed, or (b) any Securities selected, called or being called for redemption except, in the case of any Security where public notice has been
given that such Security is to be redeemed in part, the portion thereof not so to be redeemed. 

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

        Section 2.09.    Mutilated, Defaced, Destroyed, Lost and Stolen Securities.    In case any temporary or
definitive Security (including any Global Security) shall become mutilated, defaced or be destroyed, lost or stolen, the Issuer in its discretion may execute, and upon the written request of any
officer of the Issuer, the Trustee shall authenticate and deliver, a new Security of the same series and bearing a number not contemporaneously outstanding, in exchange and substitution for the
mutilated or defaced Security, or in lieu of and substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substitute Security shall furnish to the Issuer and to
the Trustee and any agent of the Issuer, or the Trustee such security or indemnity as may be required by them to indemnify and defend and to save each of them harmless and, in every case of
destruction, loss or theft, evidence to their satisfaction of the destruction, loss or theft of such Security and of the ownership thereof. 

        Upon
the issuance of any substitute Security, the Issuer or the Trustee 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 which has matured or is about to mature or has been called for
redemption in full shall become mutilated or defaced or be destroyed, lost or stolen, the Issuer 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 or defaced Security), if the applicant for such payment shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee
such security or indemnity as any of them may require to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer and the Trustee
and any agent of the Issuer, or the Trustee evidence to their satisfaction of the destruction, loss or theft of such Security and of the ownership thereof. 

10

 

        Every
substitute Security of any series issued pursuant to the provisions of this Section 2.09 by virtue of the fact that any such Security is destroyed, lost or stolen shall
constitute an additional contractual obligation of the Issuer whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone and shall be entitled to all the benefits
of (but shall be subject to all the limitations of rights set forth in) this Indenture equally and proportionately with any and all other Securities of such series duly authenticated and delivered
hereunder. All Securities shall be held and owned upon the express condition that, to the extent permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment of
mutilated, defaced or destroyed, lost or stolen Securities and shall preclude 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 2.10.    Cancellation of Securities; Destruction Thereof.    All Securities surrendered for payment,
redemption, registration of transfer or exchange, or for credit against any payment in respect of a sinking or analogous fund, if surrendered to the Issuer, or any agent of the Issuer, or the Trustee,
shall be delivered to the Trustee for cancellation or, if surrendered to the Trustee, shall be cancelled by it in accordance with its customary procedures; and no Securities shall be issued in lieu
thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee shall, subject to the record retention requirements of the Exchange Act, as amended, destroy cancelled
Securities held by it and upon written request of the Issuer deliver a certificate of destruction to the Issuer. If the Issuer shall acquire any of the Securities, 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 2.11.    Temporary Securities.    Pending the preparation of definitive Securities for any series, the
Issuer may execute and the Trustee shall authenticate and deliver temporary Securities for such series, having endorsed thereon Securities duly executed by the Issuer in form reasonably satisfactory
to the Trustee). Temporary Securities of any series shall be issuable as registered Securities without coupons, of any authorized denomination, and substantially in the form of the definitive
Securities of such series but with such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Issuer with the concurrence of the Trustee.
Temporary Securities may contain such reference to any provisions of this Indenture as may be appropriate. Every temporary Security shall be executed by the Issuer and be authenticated by the Trustee
upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities. Without unreasonable delay the Issuer shall execute and shall furnish definitive
Securities of such series and thereupon temporary Securities of such series may be surrendered in exchange therefor without charge at each office or agency to be maintained by the Issuer for that
purpose pursuant to Section 3.03, and the Trustee shall authenticate and deliver in exchange for such temporary Securities of such series a like aggregate principal amount of definitive
Securities of the same series of authorized denominations. Until so exchanged, the temporary Securities of any series shall be entitled to the same benefits under this Indenture as definitive
Securities of such series. 

        Section 2.12.    CUSIP Numbers.    The Issuer in issuing any series of the Securities may use CUSIP numbers, if
then generally in use, and thereafter with respect to such series, the Trustee may use such numbers in any notice of redemption with respect to such series. The Issuer shall promptly notify the
Trustee in writing of any change in the CUSIP numbers. 

11

 

 

 
 

ARTICLE 3
COVENANTS OF THE ISSUER AND THE TRUSTEE    

        Section 3.01.    Payment of Principal and Interest.    The Issuer covenants and agrees for the benefit of the
Holders of each series of Securities that it will duly and punctually pay or cause to be paid the principal of, and interest, if any, on, each of the Securities of such series at the place or places,
at the respective times and in the manner provided in such Securities. Each installment of interest on the Securities of any series may be paid by mailing checks for such interest payable to or upon
the written order of the Holders of Securities entitled thereto as they shall appear on the registry books of the Issuer. 

        Section 3.02.    Additional Amounts.    The Issuer's obligation, if any, to pay additional amounts shall be
specified in any Board Resolution, Officer's Certificate or supplemental indenture establishing the terms of Securities of a series in accordance with Section 2.03. 

        Section 3.03.    Offices for Payments, etc.    So long as any of the Securities of any series remain
Outstanding, the Issuer will maintain in the Borough of Manhattan, The City of New York, the following for the Securities of such series (unless otherwise provided for in the Securities of such
series): an office or agency (a) where the Securities of such series may be presented for payment, (b) where the Securities may be presented for registration of transfer and for exchange
as in this Indenture provided and (c) where notices and demands to or upon the Issuer in respect of the Securities or of this Indenture may be served. The Issuer will give to the Trustee
written notice of the location of any such office or agency and of any change of location thereof. Unless otherwise specified in accordance with Section 2.03 the Issuer hereby initially
designates [the Corporate Trust Office] of [                        ], [address], New York, New York
[            ], as the office to be maintained by it for each such purpose. In case the Issuer shall fail to so designate or maintain any such office or agency or shall fail
to give such notice of the location or of any change in the location thereof, presentations and demands may be made and notices may be served at [the Corporate Trust Office]. 

        The
Issuer may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such
purposes or
where such notices or demands may be served and may from time to time rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Issuer of any obligation to maintain an office or agency in the Borough of Manhattan, The City of New York for Securities of any series for such purposes.
The Issuer will give written notice to the Trustee of any such designation or rescission and of any such change in the location of any other office or agency. 

        Section 3.04.    Appointment to Fill a Vacancy in Office of Trustee.    The Issuer, whenever necessary to avoid
or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 5.09, a Trustee, so that there shall at all times be a Trustee with respect to each series of
Securities hereunder. 

        Section 3.05.    Payment Agents.    Whenever the Issuer shall appoint a paying agent other than the Trustee
with respect to the Securities of any series, it will cause such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the
provisions of this Section, 

        (a)   that
it will comply with the provisions of the Trust Indenture Act applicable to it as a paying agent, 

        (b)   that
it will hold all sums received by it as such agent for the payment of the principal of or interest, if any, on the Securities of such series (whether such sums have
been paid to it by the Issuer or by any other obligor on the Securities of such series) in trust for the benefit of the Holders of the Securities of such series or of the Trustee, 

12

 

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

        (d)   that
it will pay any such sums so held in trust by it to the Trustee upon the Trustee's written request at any time during the continuance of the failure referred to in
clause (c) above. 

        The
Issuer will, prior to 10 a.m. New York time on each due date of the principal of or interest, if any, on the Securities of such series, or at such other time and date as may be
agreed by the Issuer and the Paying Agent, deposit with the paying agent a sum sufficient to pay such principal or interest so becoming due, and (unless such paying agent is the Trustee) the Issuer
will promptly notify the Trustee in writing of any failure to take such action. 

        If
the Issuer shall act as paying agent with respect to the Securities of any series, it will, on or before each due date of the principal of or interest, if any, on the Securities of
such series, set aside, segregate and hold in trust for the benefit of the Holders of the Securities of such series a sum sufficient to pay such principal or interest so becoming due. The
Issuer will promptly notify the Trustee in writing of any failure to take such action. 

        Anything
in this Section to the contrary notwithstanding, the Issuer may at any time, for the purpose of obtaining a satisfaction and discharge with respect to one or more or all series
of Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust for any such series by the Issuer or any paying agent hereunder, as required by this
Section, such sums to be held by the Trustee upon the trusts herein contained. 

        Anything
in this Section to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section is subject to the provisions of Section 9.04 and 9.05. 

        Section 3.06.    Compliance Certificates from the Issuer.    The Issuer will furnish to the Trustee on or
before March 31 in each year (beginning with March 31, 2009), if Securities are then Outstanding, a brief certificate (which need not comply with Section 10.05) from the principal
executive, financial or accounting officer of the Issuer as to his or her knowledge of the Issuer's compliance with all conditions and covenants under the Indenture (such compliance to be determined
without regard to any period of grace or requirement of notice provided under the Indenture). 

        Section 3.07.    Securityholders Lists.    If and so long as the Trustee shall not be the Security registrar
for the Securities of any series, the Issuer will furnish or cause to be furnished to the Trustee a list in such form as the Trustee may reasonably require of the names and addresses of the Holders of
the Securities of such series pursuant to Section 312 of the Trust Indenture Act (a) semi-annually not more than 15 days after each record date for the payment of
interest on such Securities, as hereinabove specified, as of such record date and on dates to be determined pursuant to Section 2.03 for non-interest bearing securities in each
year, and (b) at such other times as the Trustee may request in writing, within thirty days after receipt by the Issuer of any such request as of a date not more than 15 days prior to
the time such information is furnished. 

        Section 3.08. Preservation of Information; Communication to Holders. The Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 3.07 and the names and addresses of Holders received
by the Trustee. The Trustee may destroy any list furnished to it as provided in Section 3.07 upon receipt of a new list so furnished. 

        The
rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges of the
Trustee, shall be as provided by the Trust Indenture Act. 

        Every
Holder, by receiving and holding Securities, agrees with the Issuer and the Trustee that neither the Issuer nor the Trustee nor any agent of either of them shall be held
accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 

13

 

        Section 3.09.    Reports by the Issuer.    The Issuer covenants to file with the Trustee, within 15 days
after the Issuer is required to file the same with the Commission, copies of the annual reports and of the information, documents, and other reports which the Issuer may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. 

        Delivery
of such reports, information and documents to the Trustee is for informational purposes only and the Trustee's receipt of such reports shall not constitute constructive notice
of any information contained therein or determinable from information contained therein, including the Issuer's compliance with any of its covenants hereunder (as to which the Trustee is entitled to
rely exclusively on Officer's Certificates). 

        Section 3.10.    Reports by the Trustee.    The Trustee shall transmit to Holders such reports concerning the
Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. 

        Reports
so required to be transmitted at stated intervals of not more than 12 months shall be transmitted no later than 15 July in each calendar year following the date
hereof, so long as any Securities are Outstanding hereunder, and shall be dated as of a date convenient to the Trustee no more than 60 nor less than 45 days thereto. 

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

 
 

ARTICLE 4
REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT    

        Section 4.01.    Event Of Default Defined; Acceleration Of Maturity; Waiver Of Default.    "Event of Default"
with respect to Securities of any series wherever used herein shall have the meaning provided in the supplemental indenture, Officer's Certificate or Board Resolution specifying the terms of
Securities or in the form of Security for such series. Consequences of an Event of Default and circumstances under which holders shall be able to waive an Event of Default shall also be set out with
respect to Securities of any series in the supplemental indenture, Officer's Certificate or Board Resolution specifying the terms of Securities or in the form of Security for such series. 

        Section 4.02.    Collection of Indebtedness by Trustee; Trustee May Prove Debt.    The Issuer covenants that
(a) in case default shall be made in the payment of any installment of interest on any of the Securities of any series when such interest shall have become due and payable, and such default
shall have continued for a period of 30 days or (b) in case default shall be made in the payment of all or any part of the principal of any of the Securities of any series when the same
shall have become due and payable, whether upon maturity of the Securities of such series or upon any redemption or by declaration or otherwise, then upon demand of the Trustee, the Issuer will pay to
the Trustee for the benefit of the Holders of the Securities of such series the whole amount that then shall have become due and payable on all Securities of such series for principal or interest, as
the case may be (with interest to the date of such payment upon the overdue principal and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of
interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series); and in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of collection, including reasonable compensation to the Trustee and each predecessor Trustee, their respective agents, attorneys
and counsel, and any expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of its negligence or bad faith. 

14

 

        Until
such demand is made by the Trustee, the Issuer may pay the principal of and interest on the Securities of any series to the registered Holders, whether or not the principal of and
interest on the Securities of such series shall be overdue. 

        In
case the Issuer shall fail forthwith to pay such amounts 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 proceedings to judgment or final decree, and may enforce
any such judgment or final decree against the Issuer or other obligor upon such Securities and collect in the manner provided by law out of the property of the Issuer or other obligor upon such
Securities, wherever situated, the moneys adjudged or decreed to be payable. 

        In
case there shall be pending proceedings relative to the Issuer or any other obligor upon the Securities under any applicable bankruptcy, insolvency or other similar law, or in case a
receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or such other obligor on the
property of the Issuer or such other obligor, or in case of any other comparable judicial proceedings relative to the Issuer or other obligor upon the Securities of any series, or to the creditors or
property of the Issuer or such other obligor, the Trustee, irrespective of whether the principal of any Securities shall then be due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section shall be entitled and empowered, by intervention in such proceedings or otherwise: 

        (a)   to
file and prove a claim or claims for the whole amount of principal and interest (or, if the Securities of any series are Original Issue Discount Securities, such
portion of the principal amount as may be specified in the terms of such series) owing and unpaid in respect of the Securities of any series, and to file such other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys
and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of negligence or bad faith) and of
the Securityholders allowed in any judicial proceedings relative to the Issuer or other obligor upon the Securities of any series, or to the creditors or property of the Issuer, or such other obligor, 

        (b)   unless
prohibited by applicable law and regulations, to vote on behalf of the Holders of the Securities of any series in any election of a trustee or a standby trustee
in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or person performing similar functions in comparable proceedings, and 

        (c)   to
collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute all amounts received with respect to the claims of the
Securityholders and of the Trustee on their behalf; and any trustee, receiver, or liquidator, custodian or other similar official is hereby authorized by each of the Securityholders to make payments
to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to the Securityholders, to pay to the Trustee such amounts as shall be sufficient to cover
reasonable compensation to the Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the
Trustee and each predecessor Trustee except as a result of negligence or bad faith and all other amounts due to the Trustee or any predecessor Trustee pursuant to Section 5.06. 

        Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Securityholder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities of any series or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder in
any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person. 

15

 

        All
rights of action and of asserting claims under this Indenture, or under any of the Securities, may be enforced by the Trustee without the possession of any of the Securities or the
production thereof on any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustee shall be brought in its own name as trustee of an express trust, and
any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Trustee, each predecessor Trustee and their respective agents and attorneys, shall be for the
ratable benefit of the Holders of the Securities in respect of which such action was taken. 

        In
any proceedings brought by the Trustee (and also any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee
shall be held to represent all the Holders of the Securities in respect of which such action was taken, and it shall not be necessary to make any Holders of such Securities parties to any such
proceedings. 

        Section 4.03.    Application of Proceeds.    Any moneys collected by the Trustee pursuant to this Article in
respect of any series 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 interest, upon
presentation of the several Securities in respect of which monies have been collected and stamping (or otherwise noting) thereon the payment, or issuing Securities of such series in reduced principal
amounts in exchange for the presented Securities of like series if only partially paid, or upon surrender thereof if fully paid: 

        FIRST:
To the payment of costs and expenses applicable to such series in respect of which monies have been collected, including reasonable compensation to the Trustee and each
predecessor Trustee and their respective agents and attorneys and of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of
negligence or bad faith and all other amounts due to the Trustee or any predecessor Trustee pursuant to Section 5.06. 

        SECOND:
In case the principal of the Securities of such series in respect of which moneys have been collected shall not have become and be then due and payable, to the payment of
interest on the Securities of such series in default in the order of the maturity of the installments of such interest, with
interest (to the extent that such interest has been collected by the Trustee) upon the overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of
Original Issue Discount Securities) specified in such Securities, such payments to be made ratably to the persons entitled thereto, without discrimination or preference; 

        THIRD:
In case the principal of the Securities of such series in respect of which moneys have been collected shall have become and shall be then due and payable, to the payment of the
whole amount then owing and unpaid upon all the Securities of such series for principal and interest, with interest upon the overdue principal, and (to the extent that such interest has been collected
by the Trustee) upon overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of
such series; and in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid upon the Securities of such series, then to the payment of such principal and interest or
yield to maturity, without preference or priority of principal over interest or yield to maturity, or of interest or Yield to Maturity over principal, or of any installment of interest over any other
installment of interest, or of any Security of such series over any other Security of such series, ratably to the aggregate of such principal and accrued and unpaid interest or Yield to Maturity; and 

16

 

 

        FOURTH: To the payment of the remainder, if any, to the Issuer or any other person lawfully entitled thereto. 

        Section 4.04.    Suits for Enforcement.    In case an Event of Default has occurred, has not been waived and is
continuing, 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 this 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. 

        Section 4.05.    Restoration of Rights on Abandonment of Proceedings.    In case the Trustee or any Holder
shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee or
such Holder, then and in every such case the Issuer, the Trustee and such Holder shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of
the Issuer, the Trustee and the Securityholders shall continue as though no such proceedings had been taken. 

        Section 4.06.    Limitations on Suits by Securityholders.    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 action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with respect to this
Indenture, or for the appointment of a trustee, receiver, liquidator, custodian or other similar official or for any other remedy hereunder, unless such Holder previously shall have given to the
Trustee written notice of default and of the continuance thereof, as hereinbefore provided, and unless also 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 or proceedings in its own name as trustee hereunder and shall have offered to the Trustee such
reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby and the Trustee for 60 days after its receipt of such notice, request and
offer of indemnity shall have failed to institute any such action or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant to
Section 4.09; it being understood and intended, and being expressly covenanted by the taker and Holder of every Security with every other taker and Holder and the Trustee, that no one or more
Holders of Securities of any series shall have any right in any manner whatever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other such
Holder of 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 the applicable
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. 

        Section 4.07.    Unconditional Right of Securityholders to Institute Certain Suits.    Notwithstanding any
other provision in this Indenture and any provision of any Security, the right of any Holder of any Security to receive payment of the principal of and interest, if any, on such Security on or after
the respective due dates expressed in such Security, or to institute suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the
consent of such Holder. 

        Section 4.08.    Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default.    Except as provided
in Section 4.06 no right or remedy herein conferred upon or reserved to the Trustee or to the Securityholders is intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

17

 

        No
delay or omission of the Trustee or of any Securityholder 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 Event of Default or an acquiescence therein; and, subject to Section 4.06 every power and remedy given by this Indenture or by
law to the Trustee or to 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 4.09.    Control by Securityholders.    The Holders of a majority in aggregate principal amount of the
Securities of each series affected (with each series voting as a separate class) at the time Outstanding shall have the right to direct the time, method, and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to the Securities of such series by this Indenture;  provided that such direction shall not be
otherwise than in accordance with law and the provisions of this Indenture and  provided further that (subject to the provisions of Section 5.01) the Trustee shall have the right to decline to
follow any such direction if the
Trustee, being advised by counsel, shall determine that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith by its board of directors, the executive
committee, or a trust committee of directors or responsible officers of the Trustee shall determine that the action or proceedings so directed would involve the Trustee in personal liability or if the
Trustee in good faith shall so determine that the actions or forbearances specified in or pursuant to such direction would be unduly prejudicial to the interests of Holders of the Securities of all
series so affected not joining in the giving of said direction, it being understood that (subject to Section 5.01) the Trustee shall have no duty to ascertain whether or not such actions or
forbearances are unduly prejudicial to such Holders. 

        Nothing
in this Indenture shall impair the right of the Trustee in its discretion to take any action deemed proper by the Trustee and which is not inconsistent with such direction or
directions by Securityholders. 

        Section 4.10.    Trustee to Give Notice of Default, but May Withhold in Certain Circumstances.    The Trustee
shall give to the Securityholders of any series, as the names and addresses of such Holders appear on the registry books, notice by mail of all defaults known to the Trustee which have occurred with
respect to such series, such notice to be transmitted within 90 days after the occurrence thereof, unless such defaults shall have been cured before the giving of such notice (the term
"default" or "defaults" for the purposes of this Section being hereby defined to mean any event or condition which is, or with notice or lapse of time or both would become, an Event of Default);  provided that, except in the case of default in the payment of the principal of or interest on any of the Securities of such series, or in the payment
of any sinking or purchase fund installment with respect to the Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the
executive committee, or a trust committee of directors or trustees and/or responsible officers of the Trustee in good faith determines that the withholding of such notice is in the interests of the
Securityholders of such series. 

        Section 4.11.    Right of Court to Require Filing of Undertaking to Pay Costs.    All parties to this Indenture
agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy
under this Indenture or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of
such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys' fees, against any party litigant in such suit, having due regard to the merits and good
faith of the claims or defenses made by such party litigant; but the provisions of this Section may be limited by the supplemental indenture, Officer's Certificate or Board Resolution specifying the
terms of Securities. 

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ARTICLE 5
CONCERNING THE TRUSTEE    

        Section 5.01.    Duties and Responsibilities of the Trustee; During Default; Prior to Default.    With respect
to the Holders of any series of Securities issued hereunder, the Trustee, prior to the occurrence of an Event
of Default with respect to the Securities of a particular series and after the curing or waiving of all Events of Default which may have occurred with respect to such series, undertakes to perform
such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default with respect to the Securities of a series has occurred (which has not been cured or
waived) the Trustee shall exercise such of the rights and powers vested in it by this Indenture with respect to such series, and use the same degree of care and skill in their exercise, as a prudent
individual would exercise or use under the circumstances in the conduct of his or her own affairs. 

        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 

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

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

        (ii)   in
the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon any statements, certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such statements, certificates or
opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the
requirements of this Indenture; 

        (b)   the
Trustee shall not be liable 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; and 

        (c)   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 pursuant to
Section 4.09 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. 

        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 shall be reasonable ground for believing that the repayment of such funds or adequate indemnity against such liability is not
reasonably assured to it. 

        The
provisions of this Section 5.01 are in furtherance of and subject to Sections 315 and 316 of the Trust Indenture Act. 

        Section 5.02.    Certain Rights of the Trustee.    In furtherance of and subject to the Trust Indenture Act,
and subject to Section 5.01: 

        (a)   the
Trustee may rely and shall be protected in acting or refraining from acting upon any Board Resolution, Officer's Certificate or any other certificate, statement,
instrument, opinion, report, notice, request, consent, order, bond, debenture, note, coupon, 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; 

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        (b)   any
request, direction, order or demand of the Issuer mentioned herein shall be sufficiently evidenced by an Officer's Certificate (unless other evidence in respect
thereof be herein specifically prescribed) or a Board Resolution; 

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

        (d)   the
Trustee shall be under no obligation to exercise any of the trusts 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 reasonable security or indemnity against the costs, expenses and liabilities
which might be incurred therein or thereby; 

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

        (f)    prior
to the occurrence of an Event of Default hereunder and after the curing or waiving of all Events of Default, 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, appraisal, bond, debenture, note,
coupon, security, or other paper or document unless requested in writing so to do by the Holders of not less than a majority in aggregate principal amount of the Securities of all series affected then
Outstanding; provided 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
reasonable indemnity against such expenses or liabilities as a condition to proceeding; the reasonable expenses of every such investigation shall be paid by the Issuer or, if paid by the Trustee or
any predecessor trustee, shall be repaid by the Issuer upon demand; and 

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

        (h)   the
Trustee shall not be charged with knowledge of any default or Event of Default with respect to the Securities, unless either (1) a Responsible Officer shall
have actual knowledge of such default or Event of Default or (2) written notice of such default or Event of Default shall have been given to the Trustee by the Issuer or by any Holder of the
Securities; and 

        (i)    the
permissive rights of the Trustee enumerated herein shall not be construed as duties. 

        Section 5.03.    Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds
Thereof.    The recitals contained herein and in the Securities, except the Trustee's certificates of authentication, shall be taken as the statements of the Issuer,
and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representation as to the validity or sufficiency of this Indenture or of the Securities. The Trustee
shall not be accountable for the use or application by the Issuer of any of the Securities or of the proceeds thereof. 

        Section 5.04.    Trustee and Agents May Hold Securities; Collections, Etc.    The Trustee or any agent of the
Issuer, or the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not the Trustee or such agent and may
otherwise deal with the Issuer and receive, collect, hold and retain collections from the Issuer with the same rights it would have if it were not the Trustee or such agent. 

20

 

        Section 5.05.    Moneys Held by Trustee.    Subject to the provisions of Sections 9.04 and 10.04 hereof,
all moneys received by the Trustee or any paying agent 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 mandatory provisions of law. Neither the Trustee nor any agent of the Issuer or the Trustee shall be under any liability for interest on any moneys
received by it hereunder. If and when the Trustee shall be or become a creditor of the Issuer (or any other obligor on the Securities), the Trustee shall be subject to the provisions of the Trust
Indenture Act regarding the collection of claims against the Issuer (or any such other obligor). 

        Section 5.06.    Compensation and Indemnification of Trustee and its Prior Claim.    The Issuer covenants and
agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust) and the Issuer covenant and agree to pay or reimburse the Trustee and each predecessor Trustee upon its request for all reasonable expenses, disbursements and advances
incurred or made by or on behalf of it in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all
agents and other persons not regularly in its employ) except to the extent any such expense, disbursement or advance may arise from its negligence or bad faith and except with respect to any income or
franchise taxes incurred by the Trustee in connection with compensation receivable in respect of performing the Trustee's duties as Trustee. The Issuer also covenant to indemnify the Trustee and each
predecessor Trustee for, and to hold it harmless against, any loss, liability or expense arising out of or in connection with the acceptance or administration of this Indenture or the trusts hereunder
and the performance of its duties hereunder, including the costs and expenses of defending itself against or investigating any claim of liability in the premises, except to the extent such loss
liability or expense is due to the negligence or bad faith of the Trustee or such predecessor Trustee. The obligations of the Issuer under this Section to compensate and indemnify the Trustee and each
predecessor Trustee and to pay or reimburse the Trustee and each predecessor Trustee for expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall survive the
resignation or removal of the Trustee and the satisfaction and discharge of this Indenture. Such additional indebtedness shall be a senior claim to that of the Securities upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the benefit of the Holders of particular Securities, and the Securities are hereby subordinated to such senior claim. 

        When
the Trustee incurs any expenses or renders any services after the occurrence of an Event of Default relating to insolvency or bankruptcy, such expenses and the compensation for such
services are intended to constitute expenses of administration under the United States Bankruptcy Code (Title 11 of the United States Code) or any similar law for the relief of debtors. 

        Section 5.07.    Right of Trustee to Rely on Officer's Certificate, etc.    Subject to Sections 5.01 and
5.02, whenever in the administration of the trusts of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting
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 by it under the provisions of this Indenture upon the faith thereof. 

21

 

 

        Section 5.08.    Persons Eligible for Appointment as Trustee.    The Trustee for each series of Securities
hereunder shall at all times be a corporation organized and doing business under the laws of the United States of America or of any State thereof or the District of Columbia having a combined capital
and surplus of at least $50,000,000, and which is eligible in accordance with the provisions of Section 310(a) of the Trust Indenture Act. If such corporation publishes reports of condition at
least annually, pursuant to law or to the requirements of a Federal, State or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. 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 5.09. 

        Section 5.09.    Resignation and Removal; Appointment of Successor Trustee.    (a) The Trustee, or any
trustee or trustees hereafter appointed, may at any time resign with respect to one or more or all series of Securities by giving written notice of resignation to the Issuer and by mailing notice
thereof by first class mail to Holders of the applicable series of Securities at their last addresses as they shall appear on the Security register. Upon receiving such notice of resignation, the
Issuer shall promptly appoint a successor trustee or trustees with respect to the applicable series by written instrument in duplicate, executed by authority of the Board of Directors of the Issuer,
one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee or trustees. If no successor trustee shall have been so appointed with respect to any
series and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning trustee may petition any court of competent jurisdiction for the appointment
of a successor trustee, or any Securityholder who has been a bona fide Holder of a Security or Securities of the applicable series for at least six months may, subject to the provisions of
Section 4.10, 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 of the following shall occur: 

        (i)    the
Trustee shall fail to comply with the provisions of Section 310(b) of the Trust Indenture Act with respect to any series of Securities after written request
therefor by the Issuer or by any Securityholder who has been a bona fide Holder of a Security or Securities of such series for at least six months; or 

        (ii)   the
Trustee shall cease to be eligible in accordance with the provisions of Section 310(a) of the Trust Indenture Act and shall fail to resign after written
request therefor by the Issuer or by any Securityholder; 

        (iii)  the
Trustee shall become incapable of acting with respect to any series of Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the
Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation; or 

        (iv)  the
Trustee shall fail to perform its obligations to the Issuer under the Indenture in any material respect; 

then,
in any such case, the Issuer may remove the Trustee with respect to any or all series of Securities and appoint a successor trustee for such series by written instrument, in duplicate, executed
by order of the Board of Directors of the Issuer, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, other than in the case of
paragraph (b)(iv) above and subject to Section 315(e) of the Trust Indenture Act, any Securityholder who has been a bona fide Holder of a Security or Securities of the applicable series
for at least six months may on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
trustee with respect to such series. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 

22

 

        (c)   The
Holders of a majority in aggregate principal amount of the Securities of each series at the time Outstanding may at any time remove the Trustee with respect to
Securities of such series and appoint a successor trustee with respect to the Securities of such series by delivering to the Trustee so removed, to the successor trustee so appointed and to the Issuer
the evidence provided for in Section 6.01 of the action in that regard taken by the Securityholders. 

        (d)   Any
resignation or removal of the Trustee with respect to any series and any appointment of a successor trustee with respect to such series pursuant to any of the
provisions of this Section 5.09(b) shall become effective upon acceptance of appointment by the successor trustee as provided in Section 5.10. 

        Section 5.10.    Acceptance of Appointment by Successor Trustee.    Any successor trustee appointed as provided
in Section 5.09 shall execute and deliver to the Issuer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the
predecessor trustee with respect to all or any applicable series shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all rights,
powers, duties and obligations with respect to such series of its predecessor hereunder, with like effect as if originally named as trustee for such series hereunder; but, nevertheless, on the written
request of the Issuer or of the successor trustee, upon payment of any amounts due to it pursuant to Section 5.06, the trustee ceasing to act shall, subject to Section 9.04 pay over to
the successor trustee all moneys at the time held by it hereunder and shall execute and deliver an instrument transferring to such successor trustee all such rights, powers, duties and obligations.
Upon request of any such successor trustee, the Issuer shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights
and powers. Any trustee ceasing to act shall, nevertheless, retain a prior claim upon all property or funds held or collected by such trustee to secure any amounts then due it pursuant to the
provisions of Section 5.06. 

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

        No
successor trustee with respect to any series of Securities shall accept appointment as provided in this Section 5.10 unless at the time of such acceptance such successor
trustee shall be eligible under the provisions of Section 5.08. 

        Upon
acceptance of appointment by any successor trustee as provided in this Section 5.10, the Issuer shall mail notice thereof by first-class mail to the Holders of Securities of
any series for which such successor trustee is acting as trustee at their last addresses as they shall appear in the Security register. If the acceptance of appointment is substantially
contemporaneous with the resignation, then the notice called for by the preceding sentence may be combined with the notice called for by Section 5.09. If the Issuer fails to mail such notice
within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Issuer. 

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        Section 5.11.    Merger, Conversion, Consolidation or Succession to Business of Trustee.    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 the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such
corporation shall be eligible under the provisions of Section 5.08 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 at the time such successor to the Trustee shall succeed to the trusts created by this Indenture any of the Securities of any series shall have been authenticated but not
delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee and deliver such Securities so authenticated; and, in case at that time any of the
Securities of any series shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the
successor Trustee; and in all such cases such certificate shall have the full force which it is anywhere in the Securities of such series or in this Indenture provided that the certificate of the
Trustee shall have; provided, that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities of any
series in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation. 

 
 

ARTICLE 6
CONCERNING THE SECURITYHOLDERS    

        Section 6.01.    Evidence of Action Taken by Securityholders.    Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given or taken by a specified percentage in principal amount of the Securityholders of any or all series of the Securities may
be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such specified percentage of Securityholders in person or by agent duly appointed in writing; and,
except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee. Proof of execution of any instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Sections 5.01 and 5.02) conclusive in favor of the Trustee and the Issuer, if made in the manner
provided in this Article. 

        Section 6.02.    Proof of Execution of Instruments and of Holding of Securities; Record Date.    Subject to
Sections 5.01 and 5.02, the execution of any instrument by a Securityholder or his agent or proxy may be proved in accordance with such reasonable rules and regulations as may be prescribed by
the Trustee or in such manner as shall be reasonably satisfactory to the Trustee. The holding of Securities shall be proved by the Security register or by a certificate of the registrar thereof. The
Issuer may, but shall not be obligated to, set a record date for purposes of determining the identity of Securityholders of any series entitled to vote or consent to any action referred to in
Section 6.01, which record date may be set at any time or from time to time by notice to the Trustee. If a record date is fixed, then
notwithstanding Section 6.01 and Section 6.05, those persons who were Securityholders at such record date (or their duly designated proxies), and only those persons, shall be entitled to
give such consent or to revoke any consent previously given or to take any such action, whether or not such persons continue to be Securityholders after such record date. No such consent shall be
valid or effective for more than 90 days after such record date. 

24

 

        Section 6.03.    Holders to Be Treated as Owners.    The Issuer, the Trustee and any agent of the Issuer or the
Trustee may deem and treat the person in whose name any Security shall be registered upon the Security register for such series as the absolute owner of such Security (whether or not such Security
shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of
this Indenture, interest on such Security and for all other purposes; and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary.
All such payments so made to any such person, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon
any such Security. 

        Section 6.04.    Securities Owned by Issuer Deemed Not Outstanding.    In determining whether the Holders of
the requisite aggregate principal amount of Outstanding Securities of any or all series have concurred in any request, demand, authorization, direction, notice, consent, waiver or other action by
Securityholders under this Indenture, Securities which are owned by the Issuer or any other obligor on the Securities with respect to which such determination is being made or by any person directly
or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any other obligor on the Securities with respect to which such determination is being made
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 action only Securities which a Responsible Officer the Trustee knows are so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding
if the pledgee establishes to the satisfaction of the Trustee the pledgee's right so to act with respect to such Securities and that the pledgee is not the Issuer or any other obligor upon the
Securities or any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any other obligor on the Securities. In case of a dispute as
to such right, the advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such advice. Upon request of the Trustee, the Issuer shall furnish to
the Trustee promptly Officer's Certificates listing and identifying all Securities, if any, known by the Issuer to be owned or held by or for the account of any of the above-described persons; and,
subject to Sections 5.01 and 5.02, the Trustee shall be entitled to accept such Officer's Certificates as conclusive evidence of the facts therein set forth and of the fact that all Securities
not listed therein are Outstanding for the purpose of any such determination. 

        Section 6.05.    Right of Revocation of Action Taken.    At any time prior to (but not after) the evidencing to
the Trustee, as provided in Section 6.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be,
specified in this Indenture in connection with such action, any Holder of a Security the serial number or other distinguishing symbol of which is shown by the evidence to be included among the serial
numbers or other distinguishing symbols of the Securities the Holders of which have consented to such action may, by filing written notice at [the Corporate Trust Office] and
upon proof of holding as provided in this Article, 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 Securities issued in exchange or substitution therefor or on registration of transfer thereof, irrespective
of whether or not any notation in regard thereto is made upon any such Security. Any action taken by the Holders of the percentage in aggregate principal amount of the Securities of any or all series,
as the case may be, specified in this Indenture in connection with such action shall be conclusively binding upon the Issuer, the Trustee and the Holders of all the Securities affected by such action. 

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ARTICLE 7
SUPPLEMENTAL INDENTURES    

        Section 7.01.    Supplemental Indentures Without Consent of Securityholders.    The Issuer when authorized by
or pursuant to a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust
Indenture Act as in force on the date of the execution thereof) for one or more of the following purposes: 

        (a)   to
convey, transfer, assign, mortgage or pledge to the Trustee as security for the Securities of one or more series any property or assets; 

        (b)   to
evidence the succession of another corporation to the Issuer, or successive successions, and the assumption by the successor corporation of the covenants, agreements
and obligations of the Issuer, as the case may be, pursuant to Article Eight; 

        (c)   to
evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to the Securities of one or more series and to add to or change
any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of
Section 5.10; 

        (d)   to
define the term "Event of Default" (and if such defined Events of Default are to be for the benefit of less than all series of Securities, stating that such Events of
Default are expressly being included solely for the benefit of such series); 

        (e)   to
add to the covenants of the Issuer such further covenants, restrictions, conditions or provisions (and if such further 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) as the Board of Directors of the Issuer and the Trustee shall consider to be for the protection of the Holders of Securities, and to make the occurrence, or the occurrence and
continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any of the several remedies provided in this
Indenture as herein set forth; provided, that in respect of any such additional covenant, restriction, condition or provision such supplemental
indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement
upon such an Event of Default or may limit the remedies available to the Trustee upon such an Event of Default or may limit the right of the Holders of a majority in aggregate principal amount of the
Securities of such series to waive such an Event of Default; 

        (f)    to
cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective or inconsistent with any other
provision contained herein or in any supplemental indenture; or to make such other provisions in regard to matters or questions arising under this Indenture or under any supplemental indenture as the
Board of Directors may deem necessary or desirable and which shall not adversely affect the interests of the Holders of the Securities in any material respect; 

        (g)   to
establish the form or terms of Securities of any series as permitted by Section 2.01 and Section 2.03; 

        (h)   to
add or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form,
registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated form,  provided that any such action shall
not adversely affect the interests of the Holders of Securities of any series in any material respect; and 

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        (i)    to
add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities,  provided that any such addition, change or elimination (i) shall neither
(A) apply to any Security of any series created prior to the
execution of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of the Holder of any such Security with respect to such provision or
(ii) shall become effective only when there is no Security Outstanding. 

        The
Trustee is hereby authorized to join with the Issuer in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations which may be
therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee shall not be obligated to enter into any such supplemental
indenture which 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 without the consent of the Holders of any of the Securities at the time outstanding,
notwithstanding any of the provisions of Section 7.02. 

        Section 7.02.    Supplemental Indentures with Consent of Securityholders.    With the consent (evidenced as
provided in Article Six) of the Holders of not less than majority in aggregate principal amount of the Securities at the time Outstanding of all series affected by such supplemental indenture (each
affected series voting as a separate class), the Issuer when authorized by or pursuant to 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 of 1939 as in force at the date of execution thereof) for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Securities of each such
series; provided, that no such supplemental indenture shall 

        (i)    extend
the final maturity of any Security, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest, if any, thereon, or
reduce any amount payable on redemption thereof or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon an acceleration of the maturity thereof
pursuant to Section 4.01 or the amount thereof provable in bankruptcy pursuant to Section 4.02, or impair or affect the right of any Securityholder to institute suit for the payment
thereof or, if the Securities provide therefor, any right of repayment at the option of the Securityholder without the consent of the Holder of each Security so affected, 

        (ii)   reduce
the aforesaid percentage of Securities of any series, the consent of the Holders of which is required for any such supplemental indenture, without the consent of
the Holders of each Security so affected or 

        (iii)  change
in any manner adverse to the Holders of the Securities the terms and conditions of the obligations of the Issuer in respect of the due and punctual payment of
the principal thereof and interest thereon or any sinking fund payments provided in respect thereof, without the consent of the Holder of each Security so affected. 

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

        Upon
the request of the Issuer accompanied by a copy of a Board Resolution authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence
of the consent of Securityholders as aforesaid and other documents, if any, required by Section 6.01 the Trustee shall join with the Issuer 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. 

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

        Promptly
after the execution by the Issuer and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Issuer shall mail a notice thereof by first class
mail to the Holders of Securities of each series affected thereby at their addresses as they shall appear on the Security register setting forth in general terms the substance of such supplemental
indenture. Any failure of the Issuer, to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

        Section 7.03.    Effect of Supplemental Indenture.    Upon the execution of any supplemental indenture pursuant
to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities
under this Indenture of the Trustee, the Issuer and the Holders of Securities of each 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 7.04.    Documents to be Given to Trustee.    The Trustee, subject to the provisions of
Sections 5.01 and 5.02, shall receive Officer's Certificates and Opinions of Counsel, as appropriate, as conclusive evidence that any supplemental indenture executed pursuant to this Article
Seven are authorized and permitted by this Indenture and complies with the applicable provisions of this Indenture. 

        Section 7.05.    Notation on Securities in Respect of Supplemental Indentures.    Securities of any series
authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article may bear a notation in form approved by the Trustee for such series as to any
matter provided for by such supplemental indenture. If the Issuer or the Trustee shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the
Boards of Directors of the Issuer, to any modification of this Indenture contained in any such supplemental indenture may be prepared and executed by the Issuer, authenticated by the Trustee and
delivered in exchange for the Securities of such series then Outstanding. 

        Section 7.06.    Conformity with Trust Indenture Act.    Every supplemental indenture executed pursuant to this
Article shall conform to the requirements of the Trust Indenture Act. 

 
 

ARTICLE 8
CONSOLIDATION, MERGER, SALE OR CONVEYANCE    

        Section 8.01.    Issuer May Consolidate, etc., on Certain Terms.    The rights of the Issuer to effect any
amalgamation, reconstruction, consolidation or merger of the Issuer with or into any other corporation or corporations (whether or not affiliated with the Issuer) and any conditions associated with
such rights shall be set forth in the supplemental indenture, Officer's Certificate or Board Resolution specifying the terms of Securities. 

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ARTICLE 9
SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS    

        Section 9.01.    Satisfaction and Discharge of Indenture.    If at any time (a) the Issuer shall have
paid or caused to be paid the principal of and interest, if any, on all the Securities of any series Outstanding hereunder as and when the same shall have become due and payable, or (b) the
Issuer shall have delivered to the Trustee for cancellation all Outstanding Securities of any series theretofore authenticated or (c) (i) all the Securities of such 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 reasonably satisfactory to the Trustee for the giving of notice of redemption, and (ii) the Issuer shall have irrevocably deposited or caused to be deposited with the Trustee as
trust funds the entire amount in cash (other than moneys repaid by the Trustee or any paying agent to the Issuer in accordance with Section 9.05) or Government Obligations, maturing as to
principal and interest in such amounts and at such times as will insure the availability of cash, sufficient to pay at maturity or upon redemption all Outstanding Securities of such series not
theretofore delivered to the Trustee for cancellation, including principal and interest, if any, due or to become due on or prior to such date of maturity as the case may be, and if, in any such case,
the Issuer shall also pay or cause to be paid all other sums payable hereunder by the Issuer with respect to Securities of such series, then this Indenture shall cease to be
of further effect with respect to Securities of such series (except as to (i) rights of registration of transfer and exchange of Securities of such series, and the Issuer's right of optional
redemption, if any, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Securities, (iii) rights of Holders to receive payments of principal thereof and interest, if any,
thereon, upon the original stated due dates therefor (but not upon acceleration), and remaining rights of the Holders to receive mandatory sinking fund payments, if any, from funds deposited with the
Trustee (iv) the rights, obligations and immunities of the Trustee hereunder and (v) the rights of the Securityholders of such series as beneficiaries hereof with respect to the property
so deposited with the Trustee payable to all or any of them, and the Trustee, on demand of the Issuer accompanied by an Officer's Certificate and an Opinion of Counsel and at the cost and expense of
the Issuer, shall execute proper instruments acknowledging such satisfaction of and discharging this Indenture with respect to such series; provided,
that the rights of Holders of the Securities to receive amounts in respect of principal of and interest, if any, on the Securities held by them shall not be delayed longer than required by
then-applicable mandatory rules or policies of any securities exchange upon which the Securities are listed. The Issuer agrees to reimburse the Trustee for any costs or expenses thereafter
reasonably and properly incurred and to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee in connection with this Indenture or the Securities of such
series. 

        Section 9.02.    Application by Trustee of Funds Deposited for Payment of Securities.    Subject to
Sections 9.04 and 9.05, all moneys deposited with the Trustee pursuant to Section 9.01 shall be held in trust and applied by it to the payment, either directly or through any paying
agent (including the Issuer acting as paying agent), to the Holders of the particular Securities of such series for the payment or redemption of which such moneys have been deposited with the Trustee,
of all sums due and to become due thereon for principal and interest, if any; but such money need not be segregated from other funds except to the extent required by law. 

        Section 9.03.    Defeasance upon Deposit of Moneys or Government Obligations.    At the Issuer's option, either
(a) the Issuer shall be deemed to have been Discharged (as defined below) from its obligations with respect to any series of Securities on the 91st day after the applicable conditions
set forth below have been satisfied or (b) the Issuer shall cease to be under any obligation to comply with any term, provision or condition set forth in Section 3.08, and, insofar as
such Sections require compliance with Section 3.08 and Section 8.01. and non-compliance with such Sections shall not give rise to any Event of Default due to a breach of
covenant or warranty, with respect to any series of Securities at any time after the applicable conditions set forth below have been satisfied: 

29

 

        (i)    the
Issuer shall have deposited or caused to be deposited irrevocably with the Trustee or its agent as trust funds in trust, specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of the Securities of such series (A) money in an amount, or (B) Government Obligations of the government in the currency of which the
Securities of such series are denominated which through the payment of interest thereon and principal thereof in accordance with their terms will provide, not later than the due date of any payment,
money in an amount, or (C) a combination of (A) and (B), sufficient,
in the opinion (with respect to (B) and (C)) of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and
discharge each installment of principal (including mandatory sinking fund payments) of, and interest on, the outstanding Securities of such series on the dates such installments of interest or
principal are due or to and including the redemption date irrevocably designated by the Issuer pursuant to subparagraph (v) hereof; 

        (ii)   no
Event of Default or event which with notice or lapse of time would become an Event of Default relating to insolvency or bankruptcy with respect to the Securities of
such series shall have occurred and be continuing on the date of such deposit; 

        (iii)  in
the case of the Securities of such series being discharged pursuant to clause (a) only, the Issuer shall have delivered to the Trustee either (i) an
Opinion of Counsel to the effect that Holders of the Securities of such series will not recognize income, gain or loss for Federal income tax purposes as a result of the exercise of the option under
clause (a) above and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such option had not been exercised, or
(ii) a ruling to that effect received from or published by the United States Internal Revenue Service; 

        (iv)  if
the Issuer has deposited or caused to be deposited money or Government Obligations to pay or discharge the principal of and interest on the Outstanding Securities of
a series to and including a redemption date pursuant to subparagraph (i) hereof, such redemption date shall be irrevocably designated by a Board Resolution delivered to the Trustee on or prior
to the date of deposit of such money or Government Obligations, and such Board Resolution shall be accompanied by an irrevocable Company Order that the Trustee give notice of such redemption in the
name and at the expense of the Issuer not less than 30 nor more than 60 days prior to such redemption date in accordance with Section 11.02; and 

        (v)   the
Issuer shall have delivered to the Trustee and Officer's Certificate and an Opinion of Counsel each stating that all conditions precedent provided for relating to
the defeasance, have been complied with. 

"Discharged"
means that the Issuer shall be deemed to have paid and discharged the entire indebtedness represented by, and obligations under, the Securities of such series and to have satisfied all
the obligations under this Indenture relating to the Securities of such series (and the Trustee, at the expense of the Issuer, shall execute proper instruments acknowledging the same), except
(A) the rights of Holders of Securities of such series to receive, from the trust fund described in clause (1) above, payment of the principal of and the interest on such Securities when
such payments are due; (B) the Issuer's obligations, as the case may be, with respect to such Securities under Sections 2.08, 2.09, 3.03 and 3.05; and (C) the rights, powers,
trusts, duties and immunities of the Trustee hereunder. 

        Section 9.04.    Repayment of Moneys Held by Paying Agent.    In connection with the satisfaction and discharge
of this Indenture with respect to Securities of any series, all moneys then held by any paying agent under the provisions of this Indenture with respect to such series of Securities shall, upon demand
of the Issuer, be repaid to the Issuer or paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys. 

30

 

        Section 9.05.    Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years.    Any moneys
deposited with or paid to the Trustee or any paying agent for the payment of the principal of or interest, if any, on any Security of any series and not applied but remaining unclaimed for two years
after the date upon which such principal or interest shall have become due and payable, shall, upon the written request of the Issuer and unless otherwise required by mandatory provisions of
applicable escheat or abandoned or unclaimed property law, be repaid to the Issuer by the Trustee for such series or such paying agent, and the Holder of the Security of such series shall, unless
otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property laws, thereafter look only to the Issuer for any payment which such Holder may be entitled to
collect, and all liability of the Trustee or any paying agent with respect to such moneys shall thereupon cease. 

        Section 9.06.    Reinstatement.    If the Trustee is unable to apply any money or Government Obligations in
accordance with Section 9.03 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, the Issuer's obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 9.03, until such time as the
Trustee or Paying Agent is permitted to apply all such money or Government Obligations in accordance with Section 9.03; provided that, if the
Issuer has made any payment of principle of or interest on the Securities of any series because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of
such Securities to receive such payment from the money or Government Obligations held by the Trustee or Paying Agent. 

 
 

ARTICLE 10
MISCELLANEOUS PROVISIONS    

        Section 10.01.    Incorporators, Stockholders, Officers and Directors of Issuer Exempt from Individual Liability.
    No recourse under or upon any obligation, covenant or agreement contained in this Indenture, or in any Security, or because of any indebtedness evidenced thereby, shall be had against
any incorporator, as such, or against any past, present or future stockholder, officer or director, as such, of the Issuer or of any successor of the Issuer, either directly or through the Issuer or
any successor of the Issuer,
under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and
released by the acceptance of the Securities by the Holders thereof and as part of the consideration for the issue of the Securities. Nothing in this Section shall be deemed to alter the obligations
of the Issuer under the Securities. 

        Section 10.02.    Provisions of Indenture for the Sole Benefit of Parties and Securityholders.    Nothing in
this Indenture or in the Securities, expressed or implied, shall give or be construed to give to any Person, other than the parties hereto and their successors and the Holders of the Securities, any
legal or equitable right, remedy or claim under this Indenture or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto
and their successors and of the Holders of the Securities. 

        Section 10.03.    Successors and Assigns of Issuer Bound by Indenture.    All the covenants, stipulations,
promises and agreements in this Indenture contained by or on behalf of the Issuer shall bind its respective successors and assigns, whether so expressed or not. 

        Section 10.04.    Notices and Demands on Issuer, Trustee and Securityholders.    Any notice or demand which by
any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders of Securities to or on the Issuer may be given or served by being deposited postage
prepaid, first-class mail (except as otherwise specifically provided herein) addressed (until another address of the Issuer is filed by the Issuer with the Trustee) to Nokia Corporation,
P.O. Box 226, F1-00045 Nokia Group, Keilalahdentie 2-4, 02150 Espoo, Finland in the case of the Issuer. Any notice, direction, request or demand by the
Issuer or any Securityholder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made at the Corporate Trust Office. 

31

 

        Where
this Indenture provides for notice to Holders, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage
prepaid, to each Holder entitled thereto, at his last address as it appears in the Security register. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor
any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such
notice may be waived in writing by the person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. For so long as the Securities of any series are
represented by Global Securities, notices with respect to such series shall be delivered to the Depository. 

        In
case, by reason of the suspension of or irregularities in regular mail service, it shall be impracticable to mail notice to the Issuer and Securityholders when such notice is required
to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be reasonably satisfactory to the Trustee shall be deemed to be a sufficient giving of such
notice. 

        Section 10.05.    Officer's Certificates and Opinions of Counsel; Statements to be Contained Therein.    Upon
any application or demand by the Issuer to the Trustee to take any action under any of the provisions of this Indenture, the Issuer shall furnish to the Trustee an Officer's Certificate stating that
all conditions precedent provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel such action is
authorized or permitted by the Indenture and that 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. 

        Each
certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture shall
include (a) a statement that the person making such certificate or opinion has read such covenant or condition, (b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based, (c) a statement that, in the opinion of such person, he has made such examination or
investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with and (d) a statement as to whether or not, in
the opinion of such person, such condition or covenant has been complied with. 

        Any
certificate, statement or opinion of an officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of or representations by counsel,
unless such officer knows that the certificate or opinion or representations with respect to the matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in
the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it relates to factual matters, information with
respect to which is in the possession of the Issuer, upon the certificate, statement or opinion of or representations by an officer or officers of the Issuer, unless such counsel knows that the
certificate, statement or opinion or representations with respect to the matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of
reasonable care should know that the same are erroneous. 

        Any
certificate, statement or opinion of an officer of the Issuer or of counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion of or
representations by an accountant or firm of accountants in the employ of the Issuer, unless such officer or counsel, as the case may be, knows that the certificate or opinion or representations with
respect to the accounting matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are
erroneous. 

32

 

 

        Any certificate or opinion of any independent firm of public accountants filed with the Trustee shall contain a statement that such firm is independent. 

        Section 10.06.    Payments Due on Saturdays, Sundays and Holidays.    If the date of maturity of interest on or
principal of the Securities of any series or the date fixed for redemption or repayment of any such Security shall not be a Business Day, then payment of interest or principal need not be made on such
date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption, and no interest shall accrue for the
period after such date. 

        Section 10.07.    Conflict of any Provision of Indenture with Trust Indenture Act.    If and to the extent that
any provision of this Indenture limits, qualifies or conflicts with another provision included in this Indenture by operation of Sections 310 to 317, inclusive, of the Trust Indenture Act (an
"incorporated provision"), such incorporated provision shall control. 

        Section 10.08.    New York Law to Govern.    This Indenture and each Security shall be deemed to be a contract
under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of such State, except as may otherwise be required by mandatory provisions of law. 

        Section 10.09.    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. 

        Section 10.10.    Effect of Headings.    The Article and Section headings herein and the Table of Contents are
for convenience only and shall not affect the construction hereof. 

        Section 10.11.    Submission to Jurisdiction.    The Issuer agrees that any legal suit, action or proceeding
arising out of or relating to the Indenture or the Securities may be instituted in any state or federal court in the State and County of New York, United States of America, waives to the extent it may
effectively do so, any objection which it may have now or hereafter to the laying of the venue of any such suit, action or proceeding, and irrevocably submits to the jurisdiction of any such court in
any such suit, action or
proceeding. The Issuer hereby designates [                        ] as the Issuer's authorized agent to accept and acknowledge on
its behalf service of any and all process which may be
served in any such suit, action or proceeding in any such court and agrees that service of process upon said agent at its office at
[                        ], (or at such other address
in the Borough of Manhattan, The City of New York, as such agent may designate by written notice to the Issuer and the Trustee), and written notice of said service to the Issuer, mailed or delivered
to it, at P.O. Box 226, F1-00045 Nokia Group, Keilalahdentie 2-4, 02150 Espoo, Finland, attention of the Secretary, (until another address of the Issuer is filed
by the Issuer with the Trustee) shall be deemed in every respect effective service of process upon the Issuer in any such suit, action or proceeding and shall be taken and held to be valid personal
service upon the Issuer, whether or not the Issuer shall then be doing, or at any time shall have done, business within the State of New York, and that any such service of process shall be of the same
force and validity as if service were made upon it according to the laws governing the validity and requirements of such service in such state, and waives all claim of error by reason of any such
service. Said designation and appointment shall be irrevocable until the Indenture shall have been satisfied and discharged in accordance with Article Nine. 

 
 

ARTICLE 11
REDEMPTION OF SECURITIES AND SINKING FUNDS    

        Section 11.01.    Applicability of Article.    The provisions of this Article shall be applicable to the
Securities of any series which, pursuant to the terms of such Securities set forth in the supplemental indenture, Officer's Certificate or Board Resolution specifying the terms of Securities, are
redeemable before their maturity or to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 2.03 for Securities of such series. 

33

 

        Section 11.02.    Notice of Redemption; Partial Redemptions.    Notice of redemption to
the Holders of Securities of any series to be redeemed as a whole or in part at the option of the Issuer shall be given by mailing notice of such redemption by first class mail, postage prepaid, at
least 30 days and not more than 60 days prior to the date fixed for redemption to such Holders of Securities of such series at their last addresses as they shall appear upon the registry
books. Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives the notice. Failure to give notice by mail,
or any defect in the notice to the Holder of any Security of a series designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other
Security of such series. 

        The
notice of redemption to each such Holder shall specify the principal amount of each Security of such series held by such Holder to be redeemed, the date fixed for redemption, the
redemption price,
the place or places of payment, that payment will be made upon presentation and surrender of such Securities, that such redemption is pursuant to the mandatory or optional sinking fund, or both, if
such be the case, or, if applicable, that such redemption is optional and is effected pursuant to the terms set forth in the supplemental indenture, Officer's Certificate or Board Resolution
specifying the terms of Securities, that interest accrued to the date fixed for redemption will be paid as specified in such notice and that on and after said date interest thereon or on the portions
thereof to be redeemed will cease to accrue. In case any Security of a series is to be redeemed in part only the notice of redemption shall state the portion of the principal amount thereof to be
redeemed and shall state that on and after the date fixed for redemption, 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. 

        The
notice of redemption of Securities of any series to be redeemed at the option of the Issuer shall be given by the Issuer or, at the Issuer's request, by the Trustee in the name and
at the expense of the Issuer. 

        At
least one Business Day prior to the redemption date specified in the notice of redemption given as provided in this Section, the Issuer will deposit with the Trustee or with one or
more paying agents (or, if the Issuer is acting as its own paying agent, set aside, segregate and hold in trust as provided in Section 3.05) an amount of money sufficient to redeem on the
redemption date all the Securities of such series so called for redemption at the appropriate redemption price, together with accrued interest to the date fixed for redemption. If less than all the
outstanding Securities of a series are to be redeemed, the Issuer will deliver to the Trustee at least 70 days prior to the date fixed for redemption an Officer's Certificate stating the
aggregate principal amount of Securities to be redeemed. 

        If
fewer than all the Securities of a series are to be redeemed, the Trustee shall select the Securities of such series to be redeemed in whole or in part by lot or by any other method
the Trustee considers fair and appropriate, subject to any stock exchange requirements. Securities may be redeemed in part in principal amounts equal to the minimum authorized denomination for
Securities of such series or any multiple thereof. The Trustee shall promptly notify the Issuer in writing of the Securities of such series selected for redemption and, in the case of any Securities
of such series selected for partial redemption, the principal amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the
redemption of Securities of any series shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is
to be redeemed. 

        Section 11.03.    Payment of Securities Called for Redemption.    If notice of redemption has been given as
provided above, the Securities or portions of Securities 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 the date fixed for redemption, and on and after said date (unless the Issuer shall default in the payment of such Securities at the redemption price, together with
interest accrued, if any, to said date) interest on the Securities or portions of Securities so called for redemption shall cease to accrue and, except as provided in Sections 5.05 and 9.05,
such Securities shall cease from and after the date fixed for redemption to be entitled to any benefit or security under this Indenture, and the Holders thereof shall have no right in respect of such
Securities except the right to receive the redemption price thereof and unpaid interest to the date fixed for redemption. On presentation and surrender of such Securities at a place of payment
specified in said notice, said Securities or the specified portions thereof shall be paid and redeemed by the Issuer at the applicable redemption price, together with interest accrued thereon to the
date fixed for redemption; provided that any semiannual payment of interest becoming due on the date fixed for redemption shall be payable to the
Holders of such Securities registered as such on the relevant record date subject to the terms and provisions of Section 2.04 hereof. 

34

 

        If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid or duly provided for, bear
interest from the date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount Security) borne by the Security. 

        Upon
presentation of any Security redeemed in part only, the Issuer shall execute and the Trustee shall authenticate and deliver to or on the order of the Holder thereof, at the expense
of the Issuer, a new Security or Securities of such series, of authorized denominations, in principal amount equal to the unredeemed portion of the Security so presented. 

        Section 11.04.    Exclusion of Certain Securities from Eligibility for Selection for Redemption.    Securities
shall be excluded from eligibility for selection for redemption if they are identified by registration and certificate number in a written statement signed by an authorized officer of the Issuer and
delivered to the Trustee at least 40 days prior to the last date on which notice of redemption may be given as being owned of record and beneficially by, and not pledged or hypothecated by
either (a) the Issuer or (b) an entity specifically identified in such written statement as directly or indirectly controlling or controlled by or under direct or indirect common control
with the Issuer. 

        Section 11.05.    Mandatory and Optional Sinking Funds.    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". The date on which a sinking fund payment is to be made is herein referred to as the "sinking fund payment date". 

        In
lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, the Issuer may at its option (a) deliver to the Trustee
Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by the Issuer or receive credit for Securities of such series (not
previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by the Issuer and delivered to the Trustee for cancellation pursuant to Section 2.10,
(b) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this Section, or (c) receive credit for Securities of such series (not previously so
credited) redeemed by the Issuer through any optional redemption provision contained in the terms of such series. Securities so delivered or credited shall be received or credited by the Trustee at
the sinking fund redemption price specified in such Securities. 

        On
or before the sixtieth day next preceding each sinking fund payment date for any series, the Issuer will deliver to the Trustee a written statement (which need not contain the
statements required by Section 10.05) signed by an authorized officer of the Issuer (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash
and the portion to be satisfied by credit of Securities of such series, (b) stating that none of the Securities of such series has theretofore been so
credited, (c) stating that no defaults in the payment of interest, if any, or Events of Default with respect to such series have occurred (which have not been waived or cured) and are
continuing and (d) stating whether or not the Issuer intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such
optional sinking fund payment which the Issuer intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to
the Trustee in order for the Issuer to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to
Section 2.10 to the Trustee with such written statement (or reasonably promptly thereafter if acceptable to the Trustee). Such written statement shall be irrevocable and upon its receipt by the
Trustee the Issuer shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure of
the Issuer, on or before any such sixtieth day, to deliver such written statement and Securities specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of
such date, the irrevocable election of the Issuer (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash
without the option to deliver or credit Securities of such series in respect thereof and (ii) that the Issuer will make no optional sinking fund payment with respect to such series as provided
in this Section. 

35

 

        If
the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding
sinking fund payments made in cash shall exceed $50,000 (or a lesser sum if the Issuer shall so request) with respect to the Securities of any particular series, such cash shall be applied on the next
succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued interest to the date fixed for redemption. If such amount
shall be $50,000 or less and the Issuer makes no such request then it shall be carried over until a sum in excess of $50,000 is available. The Trustee shall select, in the manner provided in
Sections 11.02 and 11.04, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if
requested in writing by the Issuer) inform the Issuer of the serial numbers of the Securities of such series (or portions thereof) so selected. The Trustee, in the name and at the expense of the
Issuer (or the Issuer, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in
Section 11.02 (and with the effect provided in Section 11.03) for the redemption of Securities of such series in part at the option of the Issuer. The amount of any sinking fund payments
not so applied or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in
accordance with the provisions of this Section. Any and all sinking fund moneys held on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is
accelerated), which are not held for the payment or redemption of particular Securities of such series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the
payment of the principal of, and interest on, the Securities of such series at maturity. 

        At
least one Business Day before each sinking fund payment date, the Issuer shall pay to the Trustee in cash or shall otherwise provide for the payment of all interest accrued to the
date fixed for redemption on Securities to be redeemed on the next following sinking fund payment date. 

        The
Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or mail any notice of redemption of Securities for such series by operation of
the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default except that, where the mailing of notice of redemption of any Securities shall
theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from the Issuer a sum sufficient for such redemption. Except as
aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the
continuance of such default or Event of Default, be deemed to have been collected under Article Four and held for the payment of all such Securities. In case such Event of Default shall have been
waived as provided in the supplemental indenture, Officer's Certificate or Board Resolution specifying the terms of Securities or the default cured on or before the sixtieth day preceding the sinking
fund payment date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section to the redemption of such Securities. 

36

        IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, and their respective corporate seals to be hereunto affixed and attested,
all as of [                        ], 2008. 

	 	 	NOKIA CORPORATION
	

 	
 	

By:	

 Name:

Title:
	

 	
 	

[TRUSTEE]
	

 	
 	

By:	

 Name:

Title:

QuickLinks

Exhibit 4.1

TABLE OF CONTENTS

ARTICLE 1 DEFINITIONS

ARTICLE 2 SECURITIES

ARTICLE 3 COVENANTS OF THE ISSUER AND THE TRUSTEE

ARTICLE 4 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

ARTICLE 5 CONCERNING THE TRUSTEE

ARTICLE 6 CONCERNING THE SECURITYHOLDERS

ARTICLE 7 SUPPLEMENTAL INDENTURES

ARTICLE 8 CONSOLIDATION, MERGER, SALE OR CONVEYANCE

ARTICLE 9 SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS

ARTICLE 10 MISCELLANEOUS PROVISIONS

ARTICLE 11 REDEMPTION OF SECURITIES AND SINKING FUNDSExhibit 4.4

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

MEMORANDUM OF AGREEMENT amended and restated
as of the 26 day of July, 2007.

 

BETWEEN

 

CELESTICA INC., a corporation incorporated under the

laws of the Province of Ontario

(hereinafter called the “Corporation”),

 

OF THE FIRST PART,

 

- and -

 

CELESTICA INTERNATIONAL INC.,

a corporation incorporated under the laws of 

the Province of Ontario, (hereinafter included as the

Corporation),

 

OF THE SECOND PART,

 

- and -

 

CELESTICA CORPORATION, a Delaware

Corporation (hereinafter included as the

Corporation)

 

OF THE THIRD PART,

 

- and -

 

CRAIG H. MUHLHAUSER of Princeton, New Jersey,

(hereinafter called the “Executive”),

 

OF THE FOURTH PART.

 

WHEREAS the Executive has been appointed as
Chief Executive Officer of the Corporation, and the Corporation wishes to
continue to retain the services of the Executive to provide the services
hereinafter described and the Executive wishes to continue to provide the
Executive’s services to the Corporation as hereinafter set forth;

 

AND WHEREAS the Corporation considers the
establishment and maintenance of a sound and vital management to be essential
to protecting and enhancing the best interests of the Corporation and its
shareholders;

 

AND WHEREAS the Executive is a key management
executive of the Corporation and is considered by the Corporation and the Board
of Directors to be a valued employee of the Corporation who has acquired
outstanding and special skills and abilities and an

 

 

extensive background in and
knowledge of the Corporation’s business and industry in which it operates;

 

AND WHEREAS the Corporation recognizes the
valuable services that the Executive has provided and is continuing to provide
to the Corporation and believes that it is reasonable and fair to the
Corporation that the Executive receive fair treatment upon any termination of
the Executive’s employment, in the event of a Change in Control (as hereinafter
defined) and upon any termination of the Executive’s employment during the
Change in Control Period (as hereinafter defined);

 

AND WHEREAS the Executive also acknowledges
that the Executive’s position has given and will give the Executive access to
confidential information of substantial importance to the Corporation, its
subsidiaries and their businesses and that the compensation set out in this
Agreement is, in part, in consideration for the covenants set out in Section
13;

 

AND WHEREAS the Corporation and the Executive
acknowledge that the compensation and benefits payable hereunder are reasonable
having regard to all of the circumstances of the Executive’s employment with
the Corporation and having regard to executives in similar circumstances in
large global companies;

 

AND WHEREAS the Board (as hereinafter
defined) has determined that it would be in the best interests of the
Corporation to induce the Executive to continue in the employ of the
Corporation by indicating, among other things, that in the event of a Change in
Control, the Executive would have certain automatic and guaranteed rights;

 

NOW THEREFORE THIS AGREEMENT WITNESSETH that
in consideration of the mutual covenants and agreements herein contained and
for other good and valuable consideration, the parties agree as follows:

 

1.             Interpretation

 

In this Agreement, unless the context
otherwise requires or unless otherwise indicated, the following terms shall
have the following meanings, respectively:

 

(a)           “Annual Base Salary” shall have the meaning set
out in section 4(a) of this Agreement;

 

(b)           “Board” means the Board of Directors of
Celestica Inc.;

 

(c)           “Cause” means the occurrence of any of the
following:

 

(i)      wilful and continued failure by the Executive
to substantially perform the Executive’s duties (other than any such failure
resulting from the Executive’s incapacity due to physical or mental illness or
the Executive becoming Permanently Disabled) after a demand for substantial
performance is delivered in writing to the Executive from the Board, which
specifically identifies the manner in which the Executive has not substantially
performed the Executive’s duties and specifically identifies

 

2

 

the
manner in which such failure might be corrected, granting the Executive a
period of thirty (30) days in which to effect such correction;

 

(ii)     wilful engaging by the Executive in gross
misconduct which is demonstrably and materially injurious to the Corporation,
monetarily or reputationally;

 

(iii)    the conviction of the Executive of a criminal
offence involving dishonesty, fraud or other moral turpitude;

 

(iv)    the receipt by or on behalf of the Executive or
any member of the Executive’s immediate family (other than in his or her
capacity as a shareholder of the Corporation) of any personal profit arising
out of or in connection with a transaction to which the Corporation is a party
without making disclosure to and obtaining the prior written consent of the
Corporation;

 

(v)     the failure by the Executive to honour the
Executive’s fiduciary duties to the Corporation; or,

 

(vi)    the failure by the Executive to follow the
direct written instructions of the Board, provided that such instructions are
not contrary to applicable law or generally accepted moral standards of
business conduct,

 

provided that for purpose of
subparagraphs (i) and (ii) of this definition, no act or failure to act by the
Executive shall be considered “wilful” unless done or omitted to be done by the
Executive in bad faith and without reasonable belief that the Executive’s
action or omission was in the best interests of the Corporation;

 

(d)           “Change in Control” means the occurrence of any
of the following after the date hereof:

 

(i)      the acquisition by any person or entity of
beneficial ownership of securities of the Corporation which, directly or
following conversion or exercise thereof, would entitle the holder thereof to
cast more than 50% of the votes attaching to all securities of the Corporation
which may be cast to elect directors of the Corporation, other than the
additional acquisition of securities by a person or entity beneficially owning
such number of securities on the date hereof;

 

(ii)     the consummation of an amalgamation,
arrangement, merger or other consolidation of the Corporation with another
corporation or a sale of all or substantially all of the assets of the
Corporation to another corporation pursuant to which, and such that, all the
persons who, immediately prior to such consummation, beneficially owned all of
the securities of the Corporation which could be cast to elect directors of the
Corporation, immediately thereafter do not beneficially own securities of the
successor or continuing corporation or corporation acquiring the assets

 

3

 

which
would entitle such persons, directly or following conversion or exercise
thereof, to cast more than 50% of the votes attaching to all securities of such
corporation which may be cast to elect directors of that corporation (other
than any such amalgamation, arrangement, merger or combination or sale of all
or substantially all of the assets which is proposed or initiated, directly or
indirectly, by the Executive (other than solely in the Executive’s capacity as
an executive or member of the Board acting in the best interests of the
Corporation) or any corporation controlled by the Executive); or

 

(iii)    Incumbent Directors ceasing to constitute a
majority of the Board as a consequence of the solicitation of proxies through a
proxy circular by persons other than management;

 

(e)           “Change in Control Period” means the Potential
Change in Control Period and the three year period after a Change in Control;

 

(f)            “Corporation” shall have the meaning first set
forth above;

 

(g)           “CSUP” means the Celestica Share Unit Plan made
as of December 9, 2004 as amended from time to time;

 

(h)           “Date of Grant” shall have the meaning given to
such term in the LTIP;

 

(i)            “Date of Termination” means the date of
termination of the employment of the Executive by the Corporation or the date
on which the Executive provides notice to the Corporation of the termination of
the Executive’s employment for Good Reason or Good Reason upon Change in
Control and for greater certainty, any such date of termination shall be
considered to be the last date on which the Executive is actively at work and
shall not be considered to extend to a later date by virtue of any statutory,
contractual or common law notice period;

 

(j)            “Employment Period” shall have the meaning set
out in section 12(b) of this Agreement;

 

(k)           “Executive” shall have the meaning first set
forth above;

 

(l)            “Good Reason” for the termination by the
Executive of the Executive’s employment shall mean the occurrence (without the
Executive’s express written consent) of any one of the following acts by the
Corporation, or failure by the Corporation to act, unless, in the case of any
act or failure to act described in subsection (i), (v), (vi) or (viii) below,
such act or failure to act is corrected prior to the Date of Termination:

 

(i)      the assignment to the Executive of any duties
inconsistent in any material adverse respect with the Executive’s position,
authority, duties or responsibilities as they exist immediately prior to the
time of such assignment or the diminution or adverse alteration in any material

 

4

 

adverse
respect of such position, authority, duties or responsibilities, excluding, for
this purpose, an isolated, insubstantial and inadvertent action not taken in
bad faith and which is remedied by the Corporation promptly after receipt of
notice thereof given by Executive;

 

(ii)     any reduction in the Executive’s rate of Annual
Base Salary, or any reduction in the Executive’s total cash and stock
compensation opportunities, including Annual Base Salary and incentives, for
any fiscal year to less than 100% of the total cash and stock compensation
opportunities made available to the Executive immediately prior to the time of
such reduction, except a reduction applicable to all executives as determined
by the Board in good faith and consistent with past practice and current market
conditions or failure by the Corporation to provide the Executive with total
cash and stock compensation opportunities in accordance with any agreement
between the Executive and the Corporation;

 

(iii)    the relocation of the Executive’s principal
place of employment to a location more than 100 kilometres outside the City of
Toronto except for required travel on the Corporation’s business to an extent
substantially consistent with the Executive’s present business travel
obligations;

 

(iv)    the failure by the Corporation to pay to the
Executive any portion of the Executive’s current compensation within seven days
of the date such compensation is due;

 

(v)     the failure by the Corporation to continue to
effect any compensation plan in which the Executive participates immediately
prior to the time of such failure which is material to the Executive’s total
compensation, unless an equitable arrangement (embodied in an ongoing
substitute or alternative plan) has been made with respect to such plan, or the
failure by the Corporation to continue the Executive’s participation therein
(or in such substitute or alternative plan) on a basis not materially less
favourable, both in terms of the amount or timing of payment of benefits
provided and the level of the Executive’s participation relative to other
participants, as existed immediately prior to the time of such failure;

 

(vi)    save and except where the Corporation
implements a change to the benefits referred to in this paragraph that applies
to all of the Corporation’s employees in receipt of the benefit as determined
by the Board in good faith and consistent with past practice and current market
conditions, the failure by the Corporation to continue to provide the Executive
with benefits substantially similar to those enjoyed by the Executive under any
of the Corporation’s pension, life insurance, medical, dental, health and
accident or disability plans, programs or arrangements in which the Executive
is participating immediately prior to the time of such failure or the taking of
any other action by the

 

5

 

Corporation
which would directly or indirectly materially reduce any of such benefits or
deprive the Executive of any material fringe benefit enjoyed by the Executive
immediately prior to the time of the taking of such action, or the failure by
the Corporation to continue to provide the Executive with the number of paid
vacation days to which the Executive is entitled on the basis of years of
service with the Corporation in accordance with the Corporation’s normal
vacation policy in effect immediately prior to the time of such failure;

 

(vii)   the failure by the Corporation to obtain the
assumption of the agreement to perform this Agreement by any successor as
contemplated in Section 27 hereof;

 

(viii)  any other
purported termination by the Corporation of the Executive’s employment other
than for Cause.

 

(m)          “Good Reason Upon A Change in Control” for the
termination by the Executive of the Executive’s employment shall mean:

 

(i)      the occurrence of any of the acts or failure to
act of the Corporation set out in Section 1(l)(i) through (viii) inclusive,
unless, in the case of any act or failure to act described in Section 1(l)(i),
(v), (vi) or (viii), such act or failure to act is corrected prior to the Date
of Termination, where such acts or failure to act occurs during the Change in
Control Period; or

 

(ii)     any breach of this Agreement by the Corporation
during the Change in Control Period;

 

(n)           “Incumbent Director” means any member of the
Board who was a member of the Board immediately prior to the occurrence of a
transaction, transactions or elections giving rise to a Change in Control
(other than a transaction approved by the Board) and any successor to an
Incumbent Director who is recommended or elected or appointed to succeed an
Incumbent Director by the affirmative vote of a majority of the Incumbent
Directors then on the Board;

 

(o)           “LTIP” means the Corporation’s Long-Term
Incentive Plan made as of June 28, 1998, as amended and restated as of October
16, 2002, and as may be further amended from time to time;

 

(p)           “Option” means an option to purchase shares in
the capital of the Corporation granted under the LTIP and/or any other future
plans;

 

(q)           “Performance-Contingent Option” means an option
granted under the LTIP and/or any other future plans, the vesting of which is
determined in accordance with the achievement of performance targets
established by the Board of Directors at the time of the grant of the option;

 

6

 

(r)            “Permanently Disabled” shall have the meaning
set out in section 12(b) of this Agreement;

 

(s)           “Potential Change in Control” shall be deemed
to have occurred if any one of the following occurs:

 

(i)      the Corporation enters into a binding
agreement, the consummation of which would result in the occurrence of a Change
in Control;

 

(ii)     the Corporation publicly announces an intention
to take or to consider taking action which, if consummated, would constitute a
Change in Control; or

 

(iii)    the Board adopts a resolution to the effect
that, for purposes of this Agreement, a Potential Change in Control has
occurred;

 

(t)            “Potential Change in Control Period” shall
commence upon the occurrence of a Potential Change in Control and shall lapse
immediately following the first to occur of:

 

(i)      a Change in Control; or

 

(ii)     the first anniversary of the occurrence of a
Potential Change in Control;

 

(u)           “Right” means a stock appreciation right and
includes stock appreciation rights granted under the LTIP and/or any other
future plans;

 

(v)           “RSUs” means, as applicable in the
circumstances, Performance Units granted under the LTIP or the CSUP, Restricted
Share Units granted under the CSUP and, any share units or similar rights
granted or issued under any other plan providing for equity or equity-based
incentives or compensation other than the ESPO Plan or Options;

 

(w)          “RSU Rights” shall mean the Executive’s
entitlements and rights under and determined in accordance with CSUP, the LTIP,
or other applicable plan or arrangement, or failing such provisions, in
accordance with the terms in respect of the change in control or termination
set out in the Board resolution authorizing the grant of such incentive or
compensation, or such other, more favourable terms, that the Board, acting in
its discretion, may determine;

 

(x)            “Section 409A” shall mean
Section 409A of the United States Internal Revenue Code and all
regulations thereunder;

 

(y)           “Shares” shall have the meaning given to such
term in the LTIP;

 

(z)            “Target Bonus” means one hundred (100%) of the
Executive’s Annual Base Salary or such higher percentage of the Executive’s
Annual Base Salary as may be approved by the Board from time to time;

 

7

 

(aa)         “Trade Secrets” shall have the meaning set out
in section 14(a) of this Agreement;

 

(bb)         “USIRC” means the Internal Revenue Code of 1986
of the United States of America or any successor statute of the United States
of America, as either may be amended from time to time (any reference to a
particular Section of the USIRC includes any comparable provision of the
Internal Revenue Code of 1986 of the United States of America or any such
successor statute that may be enacted after the date of this Agreement); and,

 

(cc)         “Year” shall have the meaning given to such
term in the LTIP.

 

2.             Position - Capacity and Services

 

The Executive shall continue to serve the
Corporation and any subsidiaries of the Corporation in such capacity or
capacities and shall perform such duties and exercise such powers pertaining to
the management and operation of the Corporation and any subsidiaries and
associates of the Corporation (as those terms are defined in the Business
Corporations Act (Ontario)) as may be determined from time to time by the Board
consistent with the office of the Executive. It is acknowledged and agreed that
the duties and responsibilities of the Executive may be adjusted from time to
time by the Board as the Board may determine to be appropriate in light of
growth and other changes in the business and affairs of the Corporation and its
subsidiaries and associates (but not in such a manner as would constitute Good
Reason or Good Reason upon a Change in Control). Without limitation of the
foregoing, the Executive shall occupy the office of Chief Executive Officer and
shall:

 

(a)           devote all of the Executive’s business time and
attention and the Executive’s best efforts to the business and affairs of the
Corporation, provided however, that, in addition to the two boards of directors
on which the Executive serves on the date hereof disclosed to the Corporation,
the Executive may serve as a member of a board of directors of an entity if the
Board, or an appropriate committee thereof, determines in its sole discretion
that such membership is not averse to the interests of the Corporation;

 

(b)           perform those duties that may reasonably be
assigned to the Executive diligently and faithfully to the best of the
Executive’s abilities and in the best interests of the Corporation; and

 

(c)           use the Executive’s best efforts to promote the
interests and goodwill of the Corporation.

 

3.             Reporting Procedures

 

The Executive shall report to the Board. The
Executive shall report fully to the Board on the Executive’s scope of responsibility
and advise to the best of the Executive’s ability and in accordance with
reasonable business standards on business matters that may arise within such
scope of responsibility from time to time.

 

8

 

4.             Remuneration

 

(a)           Annual Base Salary. The annual base salary (the “Annual Base
Salary”) payable to the Executive for the Executive’s services hereunder for
the term of this Agreement shall be as determined by the Board from time to
time, and shall be exclusive of bonuses, benefits and other compensation. The
Annual Base Salary shall be payable in equal bi-monthly instalments in arrears
in accordance with existing practice, or in such other manner as may be
mutually agreed upon, less, in any case, any deductions or withholdings
required by law.

 

(b)           Additional Remuneration and
Benefits. The Corporation
shall provide the Executive with employee benefits comparable to those provided
by the Corporation from time to time to other senior executive officers of the
Corporation and shall permit the Executive to participate in any bonus plan,
incentive plan, share option plan, share purchase plan, retirement plan, or
similar plan offered by the Corporation from time to time to its senior
executive officers in the manner and to the extent authorized by the Board. Such
benefits shall include the lease of a car for the Executive’s use of a type as
is reasonable in the circumstances.

 

(c)           “Most Favoured Nation”. The Executive understands that no employee of
the Corporation has or will have remuneration as described in this section 4
which is greater than or superior to the Executive’s and should the Corporation
decide to commit to better terms with a future executive, it will review and
where necessary to achieve the intent of this section 4(c), adjust the
Executive’s remuneration package.

 

5.             Salary and Bonus Adjustments

 

(a)           The Board shall review the compensation
arrangements relating to the Executive at least once per calendar year,
including the Annual Base Salary, any executive bonus and any incentive plan(s)
applicable to the Executive.

 

6.             Additional Payments

 

(a)           Rental and Commuting Expenses. The Corporation shall either reimburse the
Executive for the reasonable rental costs incurred by the Executive for the
Executive’s rental accommodations in Toronto or lease an apartment for the
Executive’s use. The Corporation shall reimburse the Executive for the
Executive’s reasonable costs incurred by the Executive in travelling to and
from the Executive’s permanent residence. The Executive shall submit an expense
report together with supporting documentation as required under the Corporation’s
normal procedures for the submission of expense reports or such other
documentation as may be requested by the Corporation from time to time. The
Executive shall have the ability to use the Corporation’s chartered airplane
for business purposes.

 

(b)           Tax Equalization.

 

(i)      The Corporation agrees to “equalize” the
Executive’s tax position on an annual basis such that the Executive will not
bear more tax on an annual basis than he would bear if he were earning his
total compensation in the United States. To accomplish such equalization, the
actual combined United States and Canadian tax (including social security and
state and

 

9

 

local
taxes) paid each quarter by the Executive on his total compensation (including
any taxable benefits, such as, for example, any housing or commuting costs and
any tax equalization payments made pursuant to this clause or clause (c) or (d)
below in such year) (the “actual tax”) will be compared to the “theoretical
U.S. tax” (defined below), and the Corporation will reimburse the Executive for
the excess of the actual tax over the theoretical U.S. tax. The parties
acknowledge that the quarterly tax equalization calculation will be an
estimated tax calculation and that a reconciliation tax equalization
calculation will be done on an annual basis. In the event that pursuant to such
reconciliation tax equalization calculation the theoretical U.S. tax is in
excess of the actual tax on an annual basis, the Corporation will be credited
with such excess to be applied by the Corporation against the Corporation’s
future obligations to the Executive, pursuant to this Agreement or otherwise.

 

(ii)     An estimated tax equalization calculation shall
be made within sixty (60) days of any resignation of employment by the
Executive or any termination of the Executive’s employment by the Corporation. In
the event that, pursuant to such estimated equalization tax calculation,  (a) the actual tax is in excess of the
theoretical U.S. tax, the Corporation will reimburse the Executive for such
excess; and (b) if the theoretical tax is in excess of the actual tax, the
Executive shall repay such excess to the Corporation by: (i) the Corporation
deducting such excess from any monies payable to the Executive by the
Corporation pursuant to this Agreement or otherwise; and (ii) if such excess is
not repaid in full under (i), the Executive shall make payment of the remaining
balance within sixty (60) days of the date of the estimated equalization tax
calculation. A final tax equalization calculation shall be made by March 31 in
the year following the year in which the Executive resigned his employment or
the Executive’s employment was terminated by the Corporation. The Executive
will reimburse the Corporation the necessary amount if the estimated tax
equalization calculation is greater than the final tax equalization calculation.
The Corporation will reimburse the Executive the necessary amount if the
estimated tax equalization calculation is less than the final tax equalization
calculation. Any payment required to be made pursuant to the final tax
equalization calculation shall be made on or before April 30 in the year in
which the final tax equalization calculation is made.

 

(iii)    The “theoretical U.S. tax” will be calculated
based on the total compensation (as per the above) received by the Executive,
assuming the Executive is a resident of the U.S. and that his compensation was
earned from services performed there and assuming that the payments provided
for in (a) and (d) in this Section are not taxable benefits to the Executive. Federal,
state and any local taxes will be included in the calculation, as will social
security contributions. The state tax rate will be that applicable in the state
of the Executive’s current residence (or last

 

10

 

residence,
if no longer a resident of any state). For the purposes of determining
exemptions and deductions, this calculation will take into account the
Executive’s actual personal/marital status.

 

(c)           Foreign Exchange Recalculation
and Adjustment.

 

(i)      The Executive’s Annual Base Salary is in
American dollars and shall be paid in Canadian dollars. The Corporation shall
ensure that the amount paid to the Executive in Canadian dollars is equal to
the Executive’s Annual Base Salary in American dollars by conducting, on a
quarterly basis, a foreign exchange recalculation. Such recalculation will be
done on the basis of determining the average daily exchange rate for each month
in the quarter, and applying such rate to the amount of the Annual Base Salary
payable for each month in the quarter. In the event that such a recalculation
results in the Executive having been paid less than his Annual Base Salary for
such quarter year, the Corporation shall make payment to the Executive of the
difference. In the event that such recalculation results in the Executive
having been paid more than his Annual Base Salary for such quarter year, the
Corporation shall be credited with such excess amount to be applied by the
Corporation against the Corporation’s future obligations to the Executive
pursuant to this Agreement or otherwise. A final foreign exchange recalculation
shall be made within sixty (60) days of any resignation of employment by the
Executive or any termination of the Executive’s employment by the Corporation. In
the event that, pursuant to the final foreign exchange recalculation, (a) the
Executive has been paid less than his Annual Base Salary (pro-rated to such
date of resignation or termination), the Corporation shall make payment to the
Executive of the difference; and, (b) the Executive has been paid more than his
Annual Base Salary (pro-rated to such date of resignation or termination), the
Executive shall repay such excess to the Corporation by: (i) the Corporation
deducting such excess from any monies payable to the Executive by the
Corporation pursuant to this Agreement or otherwise; and (ii) if such excess is
not repaid in full under (i), the Executive shall make payment of the remaining
balance within sixty (60) days of the date of the final foreign exchange
recalculation.

 

(ii)     The Corporation shall also ensure that the
amount paid to the Executive in Canadian dollars for payments under sections
13(c)(i) and (d)(i) is equal to the Executive’s entitlement in American
dollars, by recalculating such amount based on the foreign exchange rate on the
seventh business day preceding the normal payroll processing date of the
Corporation and its applicable subsidiary on which such payments are made.

 

(d)           Income Tax Return. The Corporation will pay the fees incurred by
the Executive for the preparation and filing of the Executive’s annual income
tax return and the

 

11

 

calculation
of any quarterly tax instalments for each year of the Executive’s employment
with the Corporation.

 

7.             Vacation

 

The Executive shall be entitled to paid vacation
in each fiscal year of the Corporation in accordance with the Corporation’s
vacation policy for employees of the Corporation (including the Executive) that
is currently in effect, as it may change from time to time, provided such
vacation shall in no event be less than four (4) weeks. In the event that the
Executive decides not to take all the vacation to which the Executive is
entitled in any fiscal year, the Executive’s entitlement to take any such
vacation in the next following fiscal year shall be determined in accordance
with the Corporation’s vacation policy for employees of the Corporation
(including the Executive) in effect from time to time.

 

8.             Expenses

 

The Executive shall be reimbursed for all
reasonable travel and out-of-pocket expenses actually and properly incurred by
the Executive from time to time in connection with carrying out the Executive’s
duties hereunder. For all such expenses the Executive shall furnish to the
Corporation originals of all invoices, receipts or statements in respect of
which the Executive seeks reimbursement as and when required by the Corporation’s
normal procedures for the submission of expense reports by employees of the
Corporation.

 

9.             Relocation

 

The location at which the Executive shall
normally be required to attend for the purposes of performing his employment
duties shall not, without the prior consent of the Executive, be located more
than 100 kilometres outside the City of Toronto, except that this provision
shall not be taken to limit the obligation of the Executive to undertake such
reasonable business travel from time to time as is concomitant with the duties
and office of the Executive.

 

10.          Continuation of Employment upon a Change in
Control

 

Upon a Change in Control, the Corporation
agrees to continue the Executive in its employ, in accordance with the terms
and provisions of this Agreement, on the same terms and conditions which were
in effect immediately prior to the Change in Control or on such other terms as
may be subsequently agreed upon in writing between the Corporation and the
Executive.

 

11.          Vesting of Options, Stock Appreciation Rights,
Performance-Contingent Options and RSU Rights

 

(a)           Options and Stock Appreciation
Rights. Upon a Change in
Control or upon termination of the Executive’s employment without cause during
the Change in Control Period or termination by the Executive of the Executive’s
employment for Good Reason during the Change in Control Period, all unvested
and unexercised Options and Rights granted to the Executive shall vest
immediately and shall become exercisable in accordance with the terms of each
such Option or Right or the plan governing each such Option or Right.

 

12

 

(b)           Performance-Contingent
Options. Upon a Change in Control or upon termination of the
Executive’s employment without cause during the Change in Control Period or
voluntary termination by the Executive of the Executive’s employment for Good
Reason during the Change in Control Period, all unvested and unexercised
Performance-Contingent Options granted to the Executive shall become eligible
for vesting and shall vest immediately, the extent of such vesting to occur in
accordance with the terms governing vesting on Change of Control set out in the
Board resolution authorizing the grant of such Performance Contingent Options
or such other more favourable terms as the Board, acting in its discretion, may
determine and shall become exercisable in accordance with the terms of each
such Performance-Contingent Option or the plan governing each such
Performance-Contingent Options.

 

(c)           RSU
Rights. Upon a Change in Control or upon termination of the
Executive’s employment without cause during the Change in Control Period or
termination by the Executive of the Executive’s employment for Good Reason
during the Change in Control Period, the change of control provisions of the
RSUs shall be deemed to be triggered and the Executive shall be entitled to the
Executive’s RSU Rights in respect thereto.

 

12.                               Termination

 

(a)           Termination
for Cause. The Corporation may terminate the employment of the
Executive for Cause without notice or any payment in lieu of notice.

 

(b)           Termination
on Disability or Death. The Executive’s employment hereunder may
be immediately terminated by the Corporation by notice to the Executive if the
Executive becomes permanently disabled (“Permanently Disabled”). The Executive
shall be deemed to have become Permanently Disabled if in any year during the
period of the Executive’s employment with the Corporation pursuant hereto (the “Employment
Period”), because of ill health, physical or mental disability, or for other
causes beyond the control of the Executive, the Executive has been continuously
unable or unwilling or has failed to perform the Executive’s duties for 120
consecutive days, or if, during any year of the Employment Period, the
Executive has been unable or unwilling or has failed to perform the Executive’s
duties for a total of 180 days, consecutive or not. The term “any year of the
Employment Period” means any period of 12 consecutive months during the
Employment Period. This Agreement shall terminate automatically without notice
upon the death of the Executive.

 

(c)           Resignation
by the Executive. The Executive may resign the Executive’s
employment with the Corporation at any time upon giving sixty (60) days’
written notice to the Corporation. The Corporation may waive such notice in
whole or in part. If the Executive resigns the Executive’s employment, the
Corporation shall have no further obligations or responsibilities hereunder to
the Executive except for any rights accrued or vested prior to the effective
date of resignation.

 

13.                               Severance Payments and Entitlements

 

(a)           Termination
for Cause. Upon termination of the Executive’s employment for
Cause as described in section 12(a), the Executive shall not be entitled to any
payments other than the unpaid Annual Base Salary earned by the Executive
before the Date of Termination

 

13

 

calculated
pro rata up to and including the Date of
Termination together with any payment for notice or severance to which the
Executive is entitled under the applicable employment legislation in force from
time to time. The Executive’s Options, Performance Contingent Options and
Rights granted under the LTIP and any RSUs terminate effective the Date of
Termination and may not be exercised thereafter, except for any rights accrued
or vested prior to the Date of Termination.

 

(b)           Termination
on Disability or Death. Upon termination of the Executive’s
employment by reason of the Executive becoming Permanently Disabled or on the
death of the Executive as described in section 12(b), except as otherwise
provided under the ESPO Plan, the LTIP, the RSU Rights or under the Corporation’s
applicable incentive plans, life insurance, pension plan, medical, dental,
health and accident and disability plans and pension and retiree benefit plans,
the Executive or, in the case of death, the Executive’s family, shall not be
entitled to receive any payments other than the unpaid Annual Base Salary
earned by the Executive to the date of the Executive becoming Permanently
Disabled or the date of the Executive’s death and, in the event of the Executive’s
death or Permanent Disability, the pro-rata portion, of the Executive’s annual
Target Bonus for the year in which the Executive’s death or Permanent
Disability occurs. In the case of Permanent Disability, all such payments shall
be made in a single lump sum thirty (30) days after the Executive’s employment
terminates because of such Permanent Disability. Notwithstanding the foregoing,
nothing in this provision shall affect the Executive’s right to claim or
receive death or disability benefits provided for in section 4(b) of this
Agreement.

 

(c)           Termination
without Cause or for Good Reason. Upon (i) termination of the
Executive’s employment without Cause, or (ii) the Executive’s termination
of his employment for Good Reason:

 

(i)                  the Executive shall be entitled to receive, and
the Corporation shall pay to the Executive, within 60 days of the Date of
Termination, in lieu of notice of termination, the aggregate of the following
amounts (less any deductions required by law):

 

(A)                              if not theretofore paid, that portion of the
Annual Base Salary earned by or payable to the Executive during the then
current fiscal year of the Corporation for the period to and including the Date
of Termination, together with all benefits, excluding the additional payments provided
for in Section 6 of this Agreement, payable to the Executive through to and
including the Date of Termination under the terms of the Corporation’s benefit
plans, programs or arrangements as in effect immediately prior to the Date of
Termination;

 

(B)                                a pro rated portion of the Executive’s annual
bonus, determined on the basis of the expected financial results for the fiscal
year in which the Date of Termination occurs, (without reference to or
inclusion of personal performance factors but with reference to or inclusion of
relative performance factors), calculated by

 

14

 

multiplying
(1) the bonus amount as so determined by (2) a fraction, the numerator of which
is the number of days in the applicable fiscal year through to and including
the Date of Termination and the denominator of which is 365; and

 

(C)                                a lump sum payment in cash equal to two times
the sum of (1) the Annual Base Salary at the Date of Termination, and (2) the
simple average of the annual bonus determined for the Executive for the two
prior completed fiscal years of the Corporation;

 

(ii)     the Executive shall be entitled to receive, and
the Corporation shall pay to the Executive, within 60 days of the Date of
Termination, a cash payment which on an after-tax basis is in an amount equal
to the then estimated net present value (as determined by the Board, acting
reasonably, assuming that the Executive would be employed by the Corporation
for the ensuing two years and using as a discount rate the Corporation’s cost
of funds under its principal bank working capital credit lines) of all life
insurance, medical, dental, health and accident and disability plans, programs
or arrangements in which the Executive was entitled to participate immediately prior
to the Date of Termination, excluding the additional payments provided for in
Section 6 of this Agreement, (or in the case of termination by the
Executive for Good Reason upon or following a Change in Control as a result of
a reduction in benefits, if more favourable to the Executive, such coverage and
terms as were in effect immediately prior to the Change in Control) and
assuming costs paid by the Executive no greater than that which the Executive
would have paid while employed for the two-year period following the Date of
Termination;

 

(iii)    those Options, Performance-Contingent Options
and Rights granted to the Executive that would have otherwise vested and become
exercisable during the twelve-week period following the Date of Termination
shall vest and become exercisable during such twelve-week period in accordance
with their terms and, together with any Options, Performance-Contingent Options
and Rights that vested prior to the Date of Termination, shall terminate and
may not be exercised after the earlier of 30 days after the expiry of such
twelve week period and the original expiry date of such Option,
Performance-Contingent Option or Right;

 

(iv)    RSUs which are not subject to performance
conditions as to vesting shall vest immediately on a pro rata basis based on
the number of full years (with no credit for partial years) of employment
completed between the date of grant and the termination of employment, and
unvested RSUs which are subject to performance conditions as to vesting shall
be forfeited and cancelled; and

 

15

 

(v)                                           the Corporation shall contribute to the
Executive’s defined contribution pension plan and to its Supplementary
Executive Retirement Plan with the Corporation an amount equal to the then
estimated net present value (as determined by the Board acting reasonably,
assuming that the Executive would be employed by the Corporation for the
ensuing three years and using as a discount rate the Corporation’s cost of
funds under its principal bank working capital credit lines) of the Corporation’s
pension contributions for the Executive under each such plan for the three year
period following the Date of Termination.

 

(d)           Termination
During the Change in Control Period or for Good Reason During the Change in
Control Period. Upon (i)
termination of the Executive’s employment by the Corporation during the Change
in Control Period other than for Cause, or (ii) termination by the Executive of
the Executive’s employment for Good Reason upon a Change in Control during the
Change in Control Period:

 

(i)      in lieu of notice, the Corporation shall pay to
the Executive the aggregate of the following amounts (less any deductions
required by law), within 60 days of the Date of Termination:

 

(A)                              if not theretofore paid, that portion of the
Annual Base Salary earned by or payable to the Executive during the then
current fiscal year of the Corporation for the period to and including the Date
of Termination, together with all benefits, including the additional payments
provided for in Section 6 of this Agreement, payable to the Executive through
to and including the Date of Termination under the terms of the Corporation’s
benefit plans, programs or arrangements as in effect immediately prior to the
Date of Termination;

 

(B)                                a pro rated portion of the Executive’s annual
bonus, determined on the basis of the expected financial results for the fiscal
year in which the Date of Termination occurs, (with reference to and inclusion
of personal performance factors but without reference to or inclusion of
relative performance factors), calculated by multiplying (1) the bonus amount
as so determined by (2) a fraction, the numerator of which is the number of
days in the applicable fiscal year through to and including the Date of
Termination and the denominator of which is 365; and

 

(C)                                a lump sum payment in cash equal to three times
the sum of (x) the Annual Base Salary at the Date of Termination, and (y) the
simple average of the annual bonus determined for the Executive for the three
prior completed fiscal years of the Corporation;

 

(ii)     the Executive shall be entitled to receive, and
the Corporation shall pay to the Executive, within 60 days of the Date of
Termination, a cash

 

16

 

payment
which, on an after-tax basis, is in an amount equal to the then estimated net
present value (as determined by the Board, acting reasonably, assuming that the
Executive would be employed by the Corporation for the ensuing three years and
using as a discount rate the Corporation’s cost of funds under its principal
bank working capital credit lines) of all life insurance, medical, dental,
health and accident and disability plans, programs or arrangements in which the
Executive was entitled to participate immediately prior to the Date of
Termination, excluding the additional payments provided for in Section 6
of this Agreement, (or in the case of termination by the Executive for Good
Reason upon or following a Change in Control as a result of a reduction in
benefits, if more favourable to the Executive, such coverage and terms as were
in effect immediately prior to the Change in Control) and assuming costs paid
by the Executive no greater than that which the Executive would have paid while
employed for the three-year period following the Date of Termination;

 

(iii)    all Options and Rights vest pursuant to section
11(a) hereof and shall be exercisable for the remainder of the term to expiry
of each such Option or Right;

 

(iv)    all unvested and unexercised Performance-Contingent
Options vest pursuant to section 11(b) hereof and shall be exercisable for the
remainder of the term to expiry of each such Performance-Contingent Option;

 

(v)     unvested RSUs which are not subject to
performance conditions to vesting shall immediately fully vest in such event,
and RSUs which are subject to performance conditions as to vesting shall vest
at the median (target) level of performance unless the Board resolution
authorizing the grant provides otherwise; and,

 

(vi)    the Corporation shall contribute to the
Executive’s defined contribution pension plan and to its Supplementary
Executive Retirement Plan with the Corporation an amount equal to the then
estimated net present value (as determined by the Board acting reasonably, assuming
that the Executive would be employed by the Corporation for the ensuing three
years and using as a discount rate the Corporation’s cost of funds under its
principal bank working capital credit lines) of the Corporation’s pension
contributions for the Executive under each such plan for the three year period
following the Date of Termination.

 

(e)           Notice of
Termination by the Executive for Good Reason or Good Reason upon a Change in
Control. Any termination of employment by the Executive for Good
Reason or for Good Reason upon a Change in Control shall:  be communicated in writing by the Executive;
indicate the specific termination provision in this Agreement relied upon and
shall set forth in reasonable detail any facts and circumstances claimed to
provide a basis for the

 

17

 

termination
of the Executive’s employment under the provision so indicated; and, be
delivered within sixty (60) days of the Executive becoming aware of the act or
failure to act giving rise to the Good Reason or Good Reason upon a Change in
Control. The Executive shall not be required to report to work or perform
services for the Corporation subsequent to the Corporation’s receipt of the
Executive’s notice of termination.

 

(f)            Executive
Entitlement When Dispute. All amounts payable, benefits due or
owed or amounts payable in lieu of benefits under Section 13 shall, unless
otherwise specifically provided, be paid by the Corporation to the Executive
within thirty days of the Date of Termination, notwithstanding that the
Corporation may dispute the Executive’s entitlement to such amounts. The
Executive is entitled to receive all amounts owing under Section 13, and the
Corporation shall not initiate injunctive proceeding in a court of competent
jurisdiction or any arbitration proceeding pursuant to Section 19 to prevent
the Executive from enforcing his right to receive such amounts, and should the
Corporation initiate any proceeding disputing the Executive’s entitlement to
such amounts, the Corporation agrees to continue to provide such amounts to the
Executive in accordance with the terms of this Agreement, pending final
resolution of the dispute by an arbitrator pursuant to Section 19.

 

(g)           Delay in
Payment. Notwithstanding anything herein to the contrary, in the
event that, at the time the Executive’s employment with the Corporation
terminates, the Corporation remains publicly traded (within the meaning of
Section 409A) and the Executive is a “specified employee” (within the meaning
of Section 409A) any amounts under this Section that are payable during
the first six (6) months following the Executive’s termination of employment
shall be reduced to the maximum amount allowable under Section 409A; any
amounts that are not paid during such six-month period because of the above
limitations shall be paid six months and one day following the Executive’s
termination. All other amounts shall be paid in accordance with their terms.

 

14.                               Confidentiality, Non-Solicitation and
Non-Competition

 

(a)                                  The Executive acknowledges and agrees that:

 

(i)                  in the course of performing the Executive’s
duties and responsibilities as an officer of the Corporation, the Executive has
had and will be entrusted with detailed confidential information and trade
secrets (printed or otherwise) concerning past, present, future, and
contemplated products, services, operations and marketing techniques and
procedures of the Corporation and its subsidiaries, including, without
limitation, business plans, inventions, pending and undisclosed patents and
patent applications, proprietary business methods and proprietary manufacturing
operations, proprietary product and proprietary manufacturing information, know
how, and information relating to addresses, preferences, needs and requirements
of past, present and prospective clients, customers, suppliers and employees of
the Corporation and its subsidiaries (collectively, “Trade Secrets”), the
disclosure of any of which to competitors of the Corporation or to the general
public, or the use of same by the Executive or any competitor of

 

18

 

the
Corporation or any of its subsidiaries, would be highly detrimental to the
interests of the Corporation;

 

(ii)               in the course of performing the Executive’s duties
and responsibilities for the Corporation, the Executive has been and will
continue in the future to be a representative of the Corporation to its
customers, clients and suppliers and as such has had and will continue in the
future to have significant responsibility for maintaining and enhancing the
goodwill of the Corporation with such customers, clients and suppliers and
would not have, except by virtue of the Executive’s  employment with the Corporation, developed a
close and direct relationship with the customers, clients and suppliers of the
Corporation;

 

(iii)            the Executive’s services are extraordinary and
unique;

 

(iv)           the Corporation has a proprietary interest in
its customers and clients;

 

(v)              the Executive, as an officer of the
Corporation, owes fiduciary duties to the Corporation, including the duty to
act in the best interests of the Corporation; and,

 

(vi)           the right to maintain the confidentiality of
the Trade Secrets, the right to preserve the goodwill of the Corporation and
the right to the benefit of any relationships that have developed between the
Executive and the customers, clients and suppliers of the Corporation by virtue
of the Executive’s employment with the Corporation constitute proprietary
rights of the Corporation, that the Corporation is entitled to protect.

 

(b)                                 In acknowledgment of the matters set out in (a)
above, and in consideration of the payments to be received by the Executive
pursuant to this Agreement, the Executive hereby agrees that the Executive will
not, during the term of the Executive’s employment with the Corporation and for
three years from either the Date of Termination or the Executive’s resignation
of the Executive’s employment:

 

(i)                  directly or indirectly disclose to any person
or in any way make use of (other than for the benefit of the Corporation), in
any manner, any of the Trade Secrets, provided that such Trade Secrets shall be
deemed not to include information that is or becomes generally available to the
public other than as a result of disclosure by the Executive or known to the
Executive prior to becoming an employee of the Corporation or a subsidiary of
the Corporation;

 

(ii)               be a party to or abet any solicitation of
customers, clients, or suppliers of the Corporation or any of its subsidiaries
or associates for or with respect to any business that is in competition with
the Business of the Corporation (as defined below), to transfer business from
the Corporation or any of its subsidiaries or associates to any other person,

 

19

 

or
seek in any way to persuade or entice any employee of the Corporation or any of
its subsidiaries or associates to leave that employment or to be a party to or
abet any such action; or,

 

(iii)    either individually or in partnership or
jointly or in conjunction with any person or persons, firm, association,
syndicate, company or corporation, as principal, agent, shareholder (unless
passive investor) or in any other manner whatsoever, be involved with any
business that is in competition with the business of the Corporation which
business means the electronics manufacturing services business (the “Business
of the Corporation”). During the same time period, the Executive will not carry
on or be engaged in or concerned with or interested in, or advise, lend money
to, guarantee the debts or obligations of, or permit the Executive’s name or
any part thereof to be used or employed by or associated with, any person or
persons, firm, association, syndicate, company or corporation in any business
that is involved in any similar business in which the Corporation is involved
during the course of the Executive’s employment.

 

(c)                                  If any court determines that any provision
contained in Section 14 including, without limitation, a restrictive covenant
or any part thereof is unenforceable because of the duration or geographical
scope of the provision or for any other reason, the duration or scope of the
provision, as the case may be, shall be reduced so that the provision becomes
enforceable and, in its reduced form, the provision shall then be enforceable
and shall be enforced;

 

(d)                                 The Executive acknowledges that the Executive’s
employment by the Corporation and all compensation and benefits and potential
compensation and benefits to the Executive from such employment were and will
be conferred by the Corporation upon the Executive in part because and on
condition of the Executive’s willingness to commit the Executive’s best efforts
and loyalty to the Corporation, including protecting the Corporation’s right to
have its Trade Secrets protected from non-disclosure by the Executive and
abiding by the confidentiality, non-competition and other provisions herein. The
Executive understands the Executive’s duties and obligations as set forth in
Section 14 and agrees that such duties and obligations would not unduly
restrict or curtail the Executive’s legitimate efforts to earn a livelihood
following any termination of the Executive’s employment with the Corporation. The
Executive agrees that the restrictions contained in Section 14 are reasonable
and valid and all defences to the strict enforcement thereof by the Corporation
are waived by the Executive. The Executive further acknowledges that
irreparable damage would result to the Corporation if the provisions of
Sections 14 (b)(i) to (iii) are not specifically enforced, and agrees that the
Corporation shall be entitled to any appropriate legal, equitable, or other
remedy, including injunctive relief, in respect of any failure or continuing
failure to comply with the provisions of Sections 14 (b)(i) to (iii);

 

20

 

(e)                                  The preceding covenants do not prohibit
investment, up to a maximum of five percent (5%) of the outstanding shares, in
a corporation whose shares are listed on a recognized stock exchange and which
carries on a business similar to the Business of the Corporation.

 

15.                               Return of Materials

 

All files, forms, brochures, books,
materials, written correspondence, memoranda, documents, manuals, computer disks,
software products and lists (including lists of customers, suppliers, products
and prices) pertaining to the business of the Corporation or any of its
subsidiaries and associates that may come into the possession or control of the
Executive shall at all times remain the property of the Corporation or such
subsidiary or associate, as the case may be. On termination of the Executive’s
employment for any reason, the Executive agrees to deliver promptly to the
Corporation all such property in the possession of the Executive or directly or
indirectly under the control of the Executive. The Executive agrees not to make
for the Executive’s personal or business use or that of any other party,
reproductions or copies of any such property or other property of the Corporation
or any of its subsidiaries or associates.

 

16.                               Duty to Mitigate

 

The Executive shall not be subject to any
duty or obligation to seek alternate employment or other sources of income or
benefits, or to mitigate the Executive’s damages, or to any similar duty or
obligation and any compensation earned by the Executive after the Date of
Termination shall not be deducted from any payments to be made to the Executive
pursuant to this Agreement following or as a result of: (a) voluntary
termination by the Executive of the Executive’s employment for Good Reason or
Good Reason during the Change in Control Period, or, (b) termination of the
employment of the Executive by the Corporation other than for Cause.

 

17.                               Further Assurances

 

Each of the Corporation and the Executive
agrees to execute and deliver all such documents and to do all such acts and
things as the other party may reasonably request and as may be lawful and
within its powers to do or to cause to be done in order to carry out and/or
implement the provisions or intent of this Agreement, including, without
limitation, seeking all such governmental, regulatory and other third party
approvals as may be necessary or desirable. Without limiting the generality of
the foregoing, the Corporation agrees to execute and deliver all such documents
and to do all such acts and things as the Executive may reasonably request and
as may be lawful and within the power of the Corporation to do or cause to be
done in order to minimize any tax consequences to the Executive or his estate
or his legal personal representatives in respect of the payment or performance
by the Corporation of the obligations of the Corporation upon or in respect of
payments or actions required to be made or taken by or on behalf of the Corporation
in the event of termination of the Executive’s employment hereunder; provided
that the Corporation shall in no way be prejudiced thereby.

 

21

 

18.                               Governing Law

 

The Agreement shall be governed by and construed
in accordance with the laws of the Province of Ontario and the laws of Canada
applicable therein and the parties hereto specifically attorn to the
jurisdiction of the courts of the Province of Ontario.

 

19.                               Arbitration Clause

 

(a)           With the exception of
Section 13, where there is any dispute as to any provision of this Agreement
and the Executive and the Corporation are unable to come to a mutual agreement
within a period of 10 days from the date on which one party advises the other
party, in writing, of the dispute, within 10 days after the expiry of such
period, either party may give written notice of the issue on which a mutual
decision has not been made to an arbitrator selected from (c) below, with a
copy of the notice to the other party.

 

Upon receipt of such notice, the arbitrator
will contact each of the parties and attempt to resolve the matter within 5
days of receipt of the notice, failing which the arbitrator shall schedule a
hearing to commence within 90 days thereafter, that hearing to conclude and the
decision to be rendered within 120 days (or such later time as agreed upon
between the parties) thereafter.

 

It is understood and agreed the arbitrator
shall have the sole discretion to establish a procedure for the conduct of the
arbitration, provided only that such procedure shall give to each party an
opportunity to state and argue their respective positions, either in writing or
orally in the presence of the arbitrator and each other party and whether with
or without reply or rejoinder. The decision of the arbitrator shall be final
and binding.

 

Any arbitration pursuant to this clause shall
be in accordance with the Arbitrations Act (Ontario).

 

(b)           It is understood that
the Executive and the Corporation would prefer to avoid litigation due to a
possible breach of Section 14, upon the acceptance of a new position by the
Executive. As a result, the parties agree that where the Executive is
considering a new position, particularly following termination of employment,
the Executive may seek the prior agreement of the Corporation that such new
position is not with a competitor of the Corporation. Where there is a
disagreement as to whether this new position is with a competitor of the
Corporation (and the Executive has not accepted any offer and commenced
employment in respect thereof), the parties agree to have this issue finally
determined on an expedited basis by an agreed upon arbitrator as set out in (c)
below. The process and authority of the arbitrator shall be as described above,
except that in this case only the hearing must be concluded and the decision
rendered within 30 days of the arbitrator receiving notice of the dispute.

 

(c)           For the purpose of
this Agreement, the parties agree that any one of the following can be selected
as the arbitrator:  Mr. Justice George
Adams, William Kaplan, Maureen K. Saltman or Daniel J. Baum, or any other
arbitrator the parties mutually agree upon should none of these arbitrators be
available within the timelines set out herein.

 

22

 

Each party represents to the other each of
these individuals are independent from them.

 

20.                               Severability

 

With the exception of Section 13, if any
provision of the Agreement, including the breadth or scope of such provision,
shall be held by an arbitrator pursuant to Section 19 to be invalid or
unenforceable, in whole or in part, such invalidity or unenforceability shall
not affect the validity or enforceability of the remaining provisions, or part
thereof, of this Agreement and such remaining provisions, or part thereof,
shall remain enforceable and binding.

 

21.                               Representations and Warranties

 

The Executive represents and warrants to the
Corporation that the execution and performance of this Agreement will not
result in or constitute a default, breach, or violation, or an event that, with
notice or lapse of time or both, would be a default, breach, or violation, of
any understanding, agreement or commitment, written or oral, express or
implied, to which the Executive is a party or by which the Executive or the
Executive’s property is bound. The Executive shall defend, indemnify and hold
the Corporation harmless from any liability, expense or claim (including
reasonable solicitor’s fees incurred in respect thereof) by any person in any
way arising out of, relating to, or in connection with any incorrectness of
breach of the representations and warranties in this Section 21.

 

22.                               Rights and Waivers

 

All rights and remedies of the parties are
separate and cumulative, and none of them, whether exercised or not, shall be
deemed to be to the exclusion of any other rights or remedies or shall be
deemed to limit or prejudice any other legal or equitable rights or remedies
which either of the parties may have.

 

23.                               Waiver

 

Any purported waiver of any default, breach
or non-compliance under this Agreement is not effective unless in writing and
signed by the party to be bound by the waiver. No waiver shall be inferred from
or implied by any failure to act or delay in acting by a party in respect of
any default, breach or non-observance or by anything done or omitted to be done
by the other party. The waiver by a party of any default, breach or
non-compliance under this Agreement shall not operate as a waiver of that party’s
rights under this Agreement in respect of any continuing or subsequent default,
breach or non-observance (whether of the same or any other nature).

 

24.                               Time of Essence

 

Time shall be of the essence of this
Agreement in all respects.

 

23

 

25.                               Headings

 

The division of this Agreement into Sections
and the insertion of headings are for convenience of reference only and shall
not affect the construction or interpretation of this Agreement.

 

26.                               Full Satisfaction

 

The terms set out in this Agreement, provided
that such terms are satisfied by the Corporation, are in lieu of (and not in
addition to) and in full satisfaction of any and all other claims or
entitlements which the Executive has or may have upon the termination of the
Executive’s employment and the compliance by the Corporation with these terms
will effect a full and complete release of the Corporation and its parent and
their respective affiliates, associates, subsidiaries and related companies
from any and all claims which the Executive may have for whatever reason or
cause in connection with the Executive’s employment and the termination of it,
other than those obligations specifically set out in this Agreement and other
than the Executive’s right to claim indemnification under corporate law and any
agreement of the Corporation to provide indemnification to the Executive. In
agreeing to the terms set out in this Agreement, the Executive specifically
agrees to execute a formal release document to that effect and will deliver upon
request appropriate resignations from all offices and positions with the
Corporation and its parent and their respective affiliated, associated
subsidiary or affiliated companies if, as and when requested by the Corporation
upon termination of the Executive’s employment within the circumstances
contemplated by this Agreement.

 

27.                               Successors; Binding Agreement

 

The Corporation will require any successor
(whether direct or indirect, by purchase, amalgamation, arrangement, merger,
consolidation or otherwise) to all or substantially all of the business and/or
assets of the Corporation to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Corporation would
be required to perform it if no such succession had taken place. Failure of the
Corporation to obtain such agreement prior to the effectiveness of any such
succession shall be a breach of this Agreement and shall entitle the Executive
to compensation from the Corporation in the same amount and on the same terms
as the Executive would be entitled hereunder if the Executive were terminated
in circumstances giving rise to the payment of benefits pursuant to Section
13(d) hereof except that for purposes of implementing the foregoing, the date
on which any such succession becomes effective shall be deemed the Date of
Termination. The foregoing shall not in any way limit the rights of the
Executive hereunder if such succession constitutes a Change in Control. As used
in this Agreement, “Corporation” shall mean the Corporation as hereinbefore
defined and any successor to its business and/or assets as aforesaid which
executes and delivers the agreement provided for in this paragraph or which
otherwise becomes bound by all the terms and provisions of this Agreement by
operation of law.

 

24

 

28.                               No Assignment

 

The Executive may not assign, pledge or
encumber the Executive’s interest in this Agreement nor assign any of the
rights or duties of the Executive under this Agreement without the prior
written consent of the Corporation.

 

29.                               Statutory Deductions and Withholdings

 

All payments provided to the Executive
pursuant to this Agreement are subject to necessary statutory deductions and
withholdings.

 

30.                               Successors

 

This Agreement shall be binding on and enure
to the benefit of the successors and assigns of the Corporation and the heirs,
executors, personal legal representatives and permitted assigns of the
Executive.

 

31.                               Entire Agreement

 

This Agreement contains the entire
understanding of the Executive and the Corporation with respect to employment
of the Executive and supersedes any and all prior understandings, written or
oral. This Agreement may not be amended, waived, discharged or terminated
orally but only by an instrument in writing executed by both parties.

 

32.                               Notices

 

Any notice or other communication required or
permitted to be given hereunder shall be in writing and either delivered by
hand or sent by facsimile. If delivery by hand or by facsimile, notice shall be
deemed to have been received at the time it is delivered or received. Notices
shall be addressed as follows:

 

(a)           If to the Corporation:

 

Celestica Inc.

1150 Eglinton Avenue East

Toronto, ON

M3C 1H7

 

	
  Attention:

  	
  General Counsel

  
	
  Fax No.:

  	
  (416) 448-2817

  

 

(b)           If to the Executive:

 

Craig H. Muhlhauser

94 Library Place

Princeton, NJ

U.S.A. 08540

 

25

 

	
   

  	
   

  	
  Fax No.:   609-924-1492

  

 

33.                               Legal Advice

 

The Executive hereby represents and warrants
to the Corporation and acknowledges and agrees that the Executive had the
opportunity to seek and was not prevented nor discouraged by the Corporation
from seeking independent legal advice prior to the execution and delivery of
this Agreement and that, in the event that the Executive did not avail himself
or herself of that opportunity prior to signing this Agreement, the Executive
did so voluntarily without any undue pressure and agrees that the Executive’s
failure to obtain independent legal advice shall not be used by the Executive
as a defence to the enforcement of the Executive’s obligations under this
Agreement. The Corporation agrees to reimburse the Executive for the reasonable
legal fees incurred by the Executive in obtaining such legal advice.

 

IN WITNESS WHEREOF the parties hereto have
executed this Agreement effective as of the date first above written.

 

	
   

  	
   

  	
  CELESTICA INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  by

  	
  /s/ Robert Crandall

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CELESTICA INTERNATIONAL INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  by

  	
  /s/ Paul Nicoletti

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CELESTICA CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  by

  	
  /s/ Michael Pashos

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED,
  SEALED & DELIVERED

  in the presence of:

  	
  

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  
 /s/ Craig H. Muhlhauser

  
	
  Witness (name):

  	
   

  	
  CRAIG
  H. MUHLHAUSER

  

 

26

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