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Exhibit 10.1
RGCO 10Q - Q1 2020

THE NONQUALIFIED DEFERRED COMPENSATION PLAN  
PLAN DOCUMENT 

THE NONQUALIFIED DEFERRED COMPENSATION PLAN 

Section 1.  Purpose 
By execution of the Adoption Agreement, the Company has adopted the Plan set forth herein, and in the Adoption Agreement, to provide a means by which certain management Employees or Independent Contractors of the Employer may elect to defer receipt of current Compensation from the Employer in order to provide retirement and other benefits on behalf of such Employees or Independent Contractors of the Employer, as selected in the Adoption Agreement. The Plan is intended to be a nonqualified deferred compensation plan that complies with the provisions of Section 409A of the Internal Revenue Code (the "Code"). The Plan is also intended to be an unfunded plan maintained primarily for the purpose of providing deferred compensation benefits for a select group of management or highly compensated employees under Sections 201(2), 301(a)(3) and 401(a)(l) of the Employee Retirement Income Security Act of 1974 (“ERISA”) or independent contractors. Notwithstanding any other provision of this Plan, this Plan shall be interpreted, operated and administered in a manner consistent with these intentions.  

Section 2.  Definitions 
2.0    “401(k) Refund Offset” means a deferral of the Participant’s base salary equal to the gross amount of a 401(k)-refund caused by Average Deferral Percentage (ADP) testing failures in the qualified plan.  The 401(k) refund itself shall be paid to the Participant from the 401(k) plan and reported on Form 1099-R. This deferral shall not apply to Roth 401(k) refunds or any other refund not generated due to failed testing. 
2.1    "Active Participant" means, with respect to any day or date, a Participant who is in Service on such day or date; provided, that a Participant shall cease to be an Active 

Participant (i) immediately upon a determination by the Committee that the Participant has ceased to be an Employee or Independent Contractor, or (ii) at the end of the Plan Year that the committee determines the Participant no longer meets the eligibility requirements of the Plan. 
2.2    "Adoption Agreement" means the written agreement pursuant to which the Company adopts the Plan. The Adoption Agreement is a part of the Plan as applied to the Company. 
2.3    "Beneficiary" means the person, persons, entity or entities designated or determined pursuant to the provisions of Section 13 of the Plan. 
2.4    "Board" means the Board of Directors of the Company, if the Company is a corporation. If the Company is not a corporation, "Board" shall mean the Company. 
2.5     "Change in Control Event" means an event described in Section 409A(a)(2)(A)(v) of the Code (or any successor provision thereto) and the regulations thereunder. 
2.6    "Committee" means the Employer, an administrative committee appointed by the Board to serve at the pleasure of the Board, the Board itself, any other person or persons as determined in the Employer’s discretion, or any other person or persons noted in the Adoption Agreement. The Recordkeeper is not the Committee. 
2.7    "Company" means the company designated in the Adoption Agreement. 
2.8    "Compensation" shall have the meaning designated in the Adoption Agreement. 
2.9    "Crediting Date" means the date any corresponding asset payment used to informally finance the Plan, if applicable, is credited to the Employer’s corporate owned investment account or any other day directed by the Employer.  Otherwise, all Credits shall be credited on any business day as specified by the Employer. 

2.10    "Deferred Compensation Account" means the account maintained with respect to each Participant under the Plan. The Deferred Compensation Account shall be credited with Participant Deferral Credits and Employer Credits, credited or debited for deemed investment gains or losses, and adjusted for payments in accordance with the rules and elections in effect under Section 8. As permitted in the Adoption Agreement, the Deferred Compensation Account of a Participant may consist of one or more accounts. A Participant may elect payment options for each account as described in Section 7.1 and deemed investments for each account as described in Section 8.2. 
2.11    "Disabled or Disability" means Disabled or Disability within the meaning of Section 409A of the Code and the regulations thereunder. Generally, this means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering Employees of the Employer. 
2.12    “Education Account” is an In-Service Account which will be used by the Participant for educational purposes. 
2.13    "Effective Date" shall be the date designated in the Adoption Agreement. 
2.14    "Employee" means an individual in the Service of the Employer if the relationship between the individual and the Employer is the legal relationship of employer and employee. An individual shall cease to be an Employee upon the Employee's Separation from Service. 

2.15    "Employer" means the Company, as identified in the Adoption Agreement, and any Participating Employer which adopts this Plan. An Employer may be a corporation, a limited liability company, a partnership or sole proprietorship. 
2.16    "Employer Credits" means the amounts credited to the Participant's Deferred Compensation Account by the Employer pursuant to the provisions of Section 4.2. 
2.17    "Grandfathered Amounts" means, if applicable, the amounts that were deferred under the Plan and were earned and vested within the meaning of Section 409A of the Code and regulations thereunder as of December 31, 2004. Grandfathered Amounts shall be subject to the terms designated in the Plan which were in effect as of October 3, 2004. 
2.18    "Independent Contractor" means an individual in the Service of the Employer if the relationship between the individual and the Employer is not the legal relationship of employer and employee. An individual shall cease to be an Independent Contractor upon the termination of the Independent Contractor's Service. An Independent Contractor shall include a director of the Employer who is not an Employee. 
2.19    "In-Service Account" means a separate account to be kept for each Participant that has elected to take in-service distributions as described in Section 5.4. The In-Service Account shall be adjusted in the same manner and at the same time as the Deferred Compensation Account under Section 8 and in accordance with the rules and elections in effect under Section 8. 
2.20    "Normal Retirement Age", which may also be called “Full Vesting Age”, of a Participant means the age designated in the Adoption Agreement. 
2.21    "Participant" means with respect to any Plan Year an Employee or Independent Contractor who has been designated by the Committee as a Participant and who has entered the Plan or who has a Deferred Compensation Account under the Plan; provided 

that if the Participant is an Employee, the individual must be a member of a select group of management or highly compensated employee of the Employer within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. 
2.22    "Participant Deferral Credits" means the amounts credited to the Participant's Deferred Compensation Account by the Employer pursuant to the provisions of Section 4.1. 
2.23    "Participating Employer" means any trade or business (whether or not incorporated) which adopts this Plan with the consent of the Company identified in the Adoption Agreement. 
2.24    "Participation Agreement" means a written agreement, including electronic submissions by the Participant or at the Participant’s direction, entered into between a Participant and the Employer pursuant to the provisions of Section 4.1 
2.25    "Performance-Based Compensation" means compensation where the amount of, or entitlement to, the compensation is contingent on the satisfaction of preestablished organizational or individual performance criteria relating to a performance period of at least twelve months. Organizational or individual performance criteria are considered preestablished if established in writing within 90 days after the commencement of the period of service to which the criteria relates, provided that the outcome is substantially uncertain at the time the criteria are established. Performance-based compensation may include payments based upon subjective performance criteria as provided in regulations and administrative guidance promulgated under Section 409A of the Code. 
2.26    "Plan" means the name of the Plan as designated in the Adoption Agreement. 
2.27     "Plan-Approved Domestic Relations Order" shall mean a judgment, decree, or order (including the approval of a settlement agreement) which is: 
               2.27.1  Issued pursuant to a State's domestic relations law; 

2.27.2    Relates to the provision of child support, alimony payments or marital property rights to a Spouse, former Spouse, child or other dependent of the Participant; 

2.27.3    Creates or recognizes the right of a Spouse, former Spouse, child or other dependent of the Participant to receive all or a portion of the Participant's benefits under the Plan; 

2.27.4    Requires payment to such person of an interest in the Participant's benefits in a lump sum payment or any other form of payment allowed under the Plan at a specific time; and 

2.27.5    Meets such other requirements established by the Committee. 

2.28    "Plan Year" means the twelve-month period ending on the last day of December, unless otherwise noted in the Adoption Agreement, provided, that the initial Plan Year may have fewer than twelve months. 
2.28.1 “Recordkeeper” means the individual or entity responsible for keeping records of Plan activity including the tracking of Participant Deferred Compensation Account balances.  As to applicable tax and regulatory rules, the actions of the Recordkeeper are limited to executing the decisions and directions of the Committee. The Recordkeeper does not make plan administration decisions. 
2.29    "Qualifying Distribution Event"  means (i) the Separation from Service   of the Participant, (ii) the date the Participant becomes Disabled, (iii) the death of the Participant, (iv) the time specified by the Participant for an In-Service Distribution, (v) a Change in Control Event, or (vi) an Unforeseeable Emergency, each to the extent provided in Section 5.  
2.30    "Seniority Date" which may also be called “Installment Eligibility Date” shall have the meaning designated in the Adoption Agreement and shall apply to both the initial deferral election described in Section 4 and the Subsequent deferral election described in Section 7.5. 

2.31    "Separation from Service" or "Separates from Service" means a "separation from service" within the meaning of Section 409A of the Code. 
2.32    "Service" as an Employee means employment by the Employer. For purposes of the Plan, the employment relationship is treated as continuing intact while the Employee is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six months, or if longer, so long as the Employee's right to reemployment is provided either by statute or contract. If the Participant is an Independent Contractor, "Service" shall mean the period during which the contractual relationship exists between the Employer and the Participant. The contractual relationship is not terminated if the Participant anticipates a renewal of the contract or becomes an Employee. A Participant who has a Deferred Compensation Account which contains amounts deferred or contributed as an Employee and a member of the Board (Dual Status), Services performed in those capacities will be looked at independently when determining if a Separation from Service has occurred.  Services as a member of the Board and Independent Contractor (in a capacity not on the Board) will be looked collectively when determining if a Separation from Service has occurred.
2.33    "Service Bonus" means any bonus that does not meet the definition of Performance-Based Compensation that is paid to a Participant by the Employer as noted in the Adoption Agreement. 
2.34    "Specified Employee" means an Employee who meets the requirements for key employee treatment under Section 416(i)(l)(A)(i), (ii) or (iii) of the Code (applied in accordance with the regulations thereunder and without regard to Section 416(i)(5) of the Code) at any time during the twelve month period ending on December 31 of each year (the "identification date"). If the person is a key employee as of any identification date, the 

person is treated as a Specified Employee for the twelve-month period beginning on the first day of the fourth month following the identification date. Unless binding corporate action is taken to establish different rules for determining Specified Employees for all plans of the Company and its controlled group members that are subject to Section 409A of the Code, the foregoing rules and the other default rules under the regulations of Section 409A of the Code shall apply. 
2.35    "Spouse" or ''Surviving Spouse" means, except as otherwise provided in the Plan, a person who is the legally married spouse or surviving spouse of a Participant. 
2.36    "Unforeseeable Emergency" means an "unforeseeable emergency" within the meaning of Section 409A of the Code. 
2.37    "Years of Service" means each Plan Year of Service completed by the Participant. For vesting purposes, Years of Service shall be calculated from the date designated in the Adoption Agreement and Service shall be based on service with the Company and all Participating Employers. 

Section 3.  Participation
The Committee in its discretion shall designate each Employee or Independent Contractor who is eligible to participate in the Plan. A Participant who Separates from Service with the Employer and who later returns to Service may be eligible consistent with Section 409A of the Code and upon satisfaction of such terms and conditions as the Committee shall establish. 

Section 4.  Credits to Deferred Compensation Account

4.1    Participant Deferral Credits. To the extent provided in the Adoption Agreement, each Active Participant may elect, by entering into a Participation Agreement with the Employer, to defer the receipt of Compensation from the Employer by a dollar amount or percentage specified in the Participation Agreement. The amount of Compensation the Participant elects to defer, the Participant Deferral Credit, shall be credited by the Employer to the Deferred Compensation Account maintained for the Participant pursuant to Section 8. The following special provisions shall apply with respect to the Participant Deferral Credits of a Participant:
4.1.1  The Employer shall credit to the Participant's Deferred Compensation Account on each Crediting Date an amount equal to the total Participant Deferral Credit for the period ending on such Crediting Date.

4.1.2  An election pursuant to this Section 4.1 shall be made by the Participant by executing and delivering a Participation Agreement to the Committee. Except as otherwise provided in this Section 4.1, the Participation Agreement shall become effective with respect to such Participant as of the first day of January following the date such Participation Agreement is received by the Committee. A Participant's election may be changed at any time prior to the last permissible date for making the election as permitted in this Section 4.1, and shall thereafter be irrevocable. Any election of a Participant shall continue in effect for the time period as set forth in the Adoption Agreement.

4.1.3  A Participant may execute and deliver a Participation Agreement to the Committee within 30 days after the date the Participant first becomes eligible to participate in the Plan. After the 30-day period expires, or after any shorter time period as agreed to by the Participant and the Committee, the latest election made by the Participant during that period becomes irrevocable. Such election shall then be effective as of the first payroll period commencing following the date the Participation Agreement becomes irrevocable. Whether a Participant is treated as newly eligible for participation under this Section shall be determined in accordance with Section 409A of the Code and the regulations thereunder, including (i) rules that treat all elective deferral account balance plans as one plan, and (ii) rules that treat a previously eligible Employee as newly eligible if the Participant’s benefits had been previously distributed or if the Participant has been ineligible for 24 months. For Compensation that is earned based upon a specified 

performance period (for example, an annual bonus), where a deferral election is made under this Section but after the beginning of the performance period, the election will only apply to the portion of the Compensation equal to the total amount of the Compensation for the service period multiplied by the ratio of the number of days remaining in the performance period after the date the election becomes irrevocable over the total number of days in the performance period.

4.1.4  A Participant may unilaterally modify a Participation Agreement (either to terminate, increase or decrease future Compensation which is subject to deferral within the percentage limits set forth in Section 4.1 of the Adoption Agreement) by providing a written modification of the Participation Agreement to the Committee. The modification shall become effective as of the first day of January following the date such written modification is received by the Committee, or at such later date as required under Section 409A of the Code.

4.1.5  If the Participant performed services continuously from the later of the beginning of the performance period or the date upon which the performance criteria are established through the date upon which the Participant makes an initial deferral election, a Participation Agreement relating to the deferral of Performance- Based Compensation may be executed and delivered to the Committee no later than the date which is 6 months prior to the end of the performance period, provided that in no event may an election to defer Performance-Based Compensation be made after such Compensation has become readily ascertainable.

4.1.6  If the Employer has a fiscal year other than the calendar year, Compensation relating to Service in the fiscal year of the Employer (such as a bonus based on the fiscal year of the Employer), of which no amount is paid or payable during the fiscal year, may be deferred at the Participant's election if the election to defer is made not later than the close of the Employer's fiscal year next preceding the first fiscal year in which the Participant performs any services for which such Compensation is payable.

4.1.7  Compensation payable after the last day of the Participant's taxable year solely for services provided during the final payroll period containing the last day of the Participant's taxable year (i.e., generally December 31) is treated for purposes of this Section 4.1 as Compensation for services performed in the subsequent taxable year.

4.1.8  The Committee may from time to time establish policies or rules consistent with the requirements of Section 409A of the Code to govern the manner in which Participant Deferral Credits may be made.

4.1.9  If a Participant becomes Disabled all currently effective deferral elections for such Participant shall be cancelled. At the time the participant is no longer Disabled, subsequent elections to defer future compensation will be permitted under this Section 4.

4.1.10  If a Participant applies for and receives a distribution on account of an Unforeseeable Emergency, all currently effective deferral elections for such Participant shall be cancelled. Subsequent elections to defer future compensation will be permitted under this Section 4. Furthermore, a Participant may apply to the Committee to cancel all deferral elections due to an Unforeseeable Emergency.

4.2    Employer Credits. If designated by the Employer in the Adoption Agreement, the Employer shall cause the Committee to credit to the Deferred Compensation Account of each Active Participant an Employer Credit as determined in accordance with the Adoption Agreement. A Participant must make distribution elections with respect to any Employer Credits credited to the Deferred Compensation Account by the deadline that would apply under Section 4.1 for distribution elections with respect to Participant Deferral Credits credited at the same time, on a Participation Agreement that is timely executed and delivered to the Committee pursuant to Section 4.1. If no distribution election is made, vested amounts in the Deferred Compensation Account will be distributed in a lump sum upon the earliest of any Qualifying Distribution Event limited to Separation from Service, Disability, Death or Change in Control.
4.3.    Deferred Compensation Account. All Participant Deferral Credits and Employer Credits shall be credited to the Deferred Compensation Account of the Participant as provided in Section 8.  

Section 5.  Qualifying Distribution Events
5.1     Separation from Service. If the Participant Separates from Service with the Employer, the vested balance in the Deferred Compensation Account shall be paid to the Participant by the Employer as provided in Section 7. Notwithstanding the foregoing, no distribution shall be made earlier than six months after the date of Separation from Service 

(or, if earlier, the date of death) with respect to a Participant who as of the date of Separation from Service is a Specified Employee of a corporation (or a member of such corporation's controlled group) the stock in which is traded on an established securities market (either foreign or domestic) or otherwise. Any payments to which such Specified Employee would be entitled during the first six months following the date of Separation from Service shall be accumulated and paid on the first day of the seventh month following the date of Separation from Service, and shall be adjusted for deemed investment gain and loss incurred during the six month period.
 5.2    Disability. If the Employer designates in the Adoption Agreement that distributions are permitted under the Plan when a Participant becomes Disabled, and the Participant becomes Disabled while in Service, the vested balance in the Deferred Compensation Account shall be paid to the Participant by the Employer as provided in Section 7.
5.3    Death. If the Participant dies while in Service, the Employer shall pay a benefit to the Participant's Beneficiary in the amount of the vested balance in the Deferred Compensation Account and any additional amount designated in the Adoption Agreement.  Payment of such benefit shall be made by the Employer as provided in Section 7.
5.4    In-Service Distributions. If the Employer designates in the Adoption Agreement that in-service distributions are permitted under the Plan, a Participant may designate in the Participation Agreement to have a specified amount credited to the Participant's In-Service Account for in-service distributions at the date specified by the Participant. In no event may an in- service distribution of an amount be made before the date that is two years after the first day of the year in which any deferral election to such In-Service Account became effective. Notwithstanding the foregoing, if a Participant incurs a Qualifying Distribution 

Event prior to the date on which the entire balance in the In-Service Account has been distributed, then the vested balance in the In-Service Account on the date of the Qualifying Distribution Event shall be paid as provided under Section 7.1 for payments on such Qualifying Distribution Event.
5.5    Change in Control Event. If the Employer designates in the Adoption Agreement that distributions are permitted under the Plan upon the occurrence of a Change in Control Event, the Participant may designate in the Participation Agreement to have the vested balance in the Deferred Compensation Account paid to the Participant upon a Change in Control Event by the Employer as provided in Section 7.
5.6    Unforeseeable Emergency. If the Employer designates in the Adoption Agreement that distributions are permitted under the Plan upon the occurrence of an Unforeseeable Emergency event, a distribution from the Deferred Compensation Account may be made to a Participant in the event of an Unforeseeable Emergency, subject to the following provisions:
5.6.1  A Participant may, make an application to the Committee to cancel all active deferral elections or to cancel deferral elections and receive a distribution in a lump sum of all or a portion of the vested balance in the Deferred Compensation Account (determined as of the date the distribution, if any, is made under this Section 5.6) because of an Unforeseeable Emergency. A distribution because of an Unforeseeable Emergency shall not exceed the amount required to satisfy the Unforeseeable Emergency plus amounts necessary to pay taxes reasonably anticipated as a result of such distribution, after taking into account the extent to which the Unforeseeable Emergency may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant's assets (to the extent the liquidation of such assets would not itself cause severe financial hardship) or by stopping current deferrals under the Plan pursuant to Section 4.1.10.

5.6.2  The Participant's request for a distribution on account of Unforeseeable Emergency must be made in writing to the Committee. The request must specify the nature of the financial hardship, the total amount requested to be distributed from the Deferred Compensation Account, and the total amount of the actual expense incurred or to be incurred on account of the Unforeseeable Emergency.

5.6.3  If a cancellation of deferral elections is approved such cancellation will be effective as soon as practicable.  If a distribution under this Section 5.6 is approved by the Committee, such distribution will be made as soon as practicable following the date it is approved. The processing of the request shall be completed as soon as practicable from the date on which the Committee receives the properly completed written request for a distribution on account of an Unforeseeable Emergency. If a Participant's Separation from Service occurs after a request is approved in accordance with this Section 5.6.3, but prior to distribution of the full amount approved, the approval of the request shall be automatically null and void and the benefits which the Participant is entitled to receive under the Plan shall be distributed in accordance with the applicable distribution provisions of the Plan.

5.6.4  The Committee may from time to time adopt additional policies or rules consistent with the requirements of Section 409A of the Code to govern the manner in which such distributions may be made so that the Plan may be conveniently administered.

Section 6.  Vesting
A Participant shall be fully vested in the portion of the Deferred Compensation Account attributable to Participant Deferral Credits, and all income, gains and losses attributable thereto. A Participant shall become fully vested in the portion of the Deferred Compensation Account attributable to Employer Credits, and income, gains and losses attributable thereto, in accordance with the vesting schedule and provisions designated by the Employer in the Adoption Agreement.  Once a Participant achieves vesting on an Employer Credit, it cannot be reduced or eliminated.  If Change in Control was elected as a vesting event in the Adoption Agreement participants accounts shall be fully vested upon a Change in Control, however new vesting schedules may be applied to future Employer Credits. If a Participant's Deferred Compensation Account is not fully vested upon Separation from Service, the portion of the Deferred Compensation Account that is not fully vested shall be forfeited. 

Section 7.  Distribution Rules
7.1    Payment Options. The Employer shall designate in the Adoption Agreement the payment options which may be elected by the Participant.  The Participant may at such time elect a method of payment for Qualifying Distribution Events as specified in the Adoption Agreement. If the Participant is permitted by the Employer in the Adoption Agreement to elect different payment options and does not make a valid election, the vested balance in the Deferred Compensation Account will be distributed as a lump sum upon the Qualifying Distribution Event.
Notwithstanding the foregoing, if certain Qualifying Distribution Events occur prior to the date on which the vested balance of a Participant's Deferred Compensation Account is completely paid pursuant to this Section 7.1 following the occurrence of certain Qualifying Distribution Events, the following rules apply:
7.1.1    If the currently effective Qualifying Distribution Event is a Separation from Service or Disability, and the Participant subsequently dies, the remaining unpaid vested balance of a Participant's Deferred Compensation Account shall be paid as a lump sum.

7.1.2    If the currently effective Qualifying Distribution Event is a Change in Control Event, and any subsequent Qualifying Distribution Event occurs (except an In-Service Distribution described in Section 2.29(iv)), the remaining unpaid vested balance of a Participant's Deferred Compensation Account shall be paid as provided under Section 7.1 for payments on such subsequent Qualifying Distribution Event.

7.2    Timing of Payments. Payment shall be made in the manner elected by the Participant and shall commence as soon as practicable after the distribution date specified for the Qualifying Distribution Event. Distribution shall be no later than within 60 days following the day after the Qualifying Distribution Event. Such payment shall not be deemed late if the payment is made on or before the later of (i) December 31 of the calendar year in which the Qualifying Distribution Event occurs, or (ii) the date that is 2-1/2 months after the 

Qualifying Distribution Event occurs. Participants shall not have any influence as to the tax year or timing of the distribution.  For each payment, the Committee must specify a date for the Deferred Compensation Account(s) to be valued. In the event the Participant fails to make a valid election of the payment method, the distribution will be made in a single lump sum payment as soon as practicable after the Qualifying Distribution Event. A payment may be further delayed to the extent permitted in accordance with regulations and guidance under Section 409A of the Code. 
7.3    Installment Payments. If the Participant elects to receive installment payments upon a Qualifying Distribution Event, the payment of each installment shall be made on the anniversary of the date of the first installment payment, and the amount of the installment shall be adjusted on such anniversary for credits or debits to the Participant's account pursuant to Section 8 of the Plan. Such adjustment shall be made by dividing the balance in the Deferred Compensation Account on such date by the number of installments remaining to be paid hereunder; provided that the last installment due under the Plan shall be the entire amount credited to the Participant's account on the date of payment.
7.4    De Minimis Amounts. Notwithstanding any payment election made by the Participant, if the Employer designates a pre-determined de minimis amount in the Adoption Agreement, the vested balance in all Deferred Compensation Accounts of the Participant will be distributed in a single lump sum payment if at the time of a permitted Qualifying Distribution Event the vested balance does not exceed such pre-determined de minimis amount; provided, however, that such distribution will be made only where the Qualifying Distribution Event is a Separation from Service, death, Disability, or Change in Control Event. In addition, the Employer may distribute a Participant's vested balance in all of the Participant’s Deferred Compensation Accounts at any time if the balance does not exceed 

the limit in Section 402(g)(1)(B) of the Code and results in the termination of the Participant's entire interest in the Plan as provided under Section 409A of the Code.
7.5    Subsequent Elections. With the consent of the Committee, a Participant may delay or change the method of payment of the Deferred Compensation Account subject to the following requirements:
7.5.1  The new election may not take effect until at least 12 months after the date on which the new election is made.

7.5.2  If the new election relates to a payment for a Qualifying Distribution Event other than the death of the Participant, the Participant becoming Disabled, or an Unforeseeable Emergency, the new election must provide for the deferral of the payment for a period of at least five years from the date such payment would otherwise have been made.

7.5.3  If the new election relates to a payment from the In-Service Account, the new election must be made at least 12 months prior to the date of the first scheduled payment from such account.

For purposes of this Section 7.5 and Section 7.6, a payment is each separately identified amount to which the Participant is entitled under the Plan; provided, that entitlement to a series of installment payments is treated as the entitlement to a single payment.
7.6     Acceleration Prohibited. The acceleration of the time or schedule of any payment due under the Plan is prohibited except as expressly provided in regulations and administrative guidance promulgated under Section 409A of the Code (such as accelerations for domestic relations orders and employment taxes). It is not an acceleration of the time or schedule of payment if the Employer waives or accelerates the vesting requirements applicable to a benefit under the Plan.
 7.7    Residual Distributions. If calculation of the amount of any credit to a Participant’s Deferred Compensation Account is not administratively practicable due to events beyond the control of the Employer, payments may be made to the Participant for 

residual amounts contributed to or remaining in a Deferred Compensation Account after payments under the provisions of this Section 7 have commenced or been completed. The residual amount shall be credited to the Deferred Compensation Account when the calculation of the amount becomes administratively practicable. Examples of residual amounts include, but are not limited to, additional investment returns credited after payment (due to dividends or pricing changes) or additional contributions made after payment (such as an annual bonus deferral or an Employer Credit). Payments that would have been made had the residual amount been calculable at the benefit commencement date shall be made up as soon as practicable after crediting to the Deferred Compensation Account, in no case later than the end of the year in which calculation of the amount becomes administratively practicable.
7.8    Ineffective Deferrals. If a Participant deferral election under Section 4 to contribute to an In-Service Account carries over to a subsequent year (an evergreen election) and the deferral election is ineffective (i.e., the distribution election would cause payment in the current or prior years), the amount deferred will be credited to a Deferred Compensation Account that is not an In-Service Account. If the Participant only has one account of this type, the amount deferred will be credited to that account. If the Participant has multiple accounts of this type, and one of the accounts has a lump sum at Separation from Service distribution election, the amount deferred will be credited to that account. If the Participant has multiple accounts of this type and does not have an account with a lump sum at Separation from Service distribution election, one will be established with a lump sum at Separation from Service distribution election and the amount deferred will be credited to this account.

Section 8.  Accounts; Deemed Investment; Adjustments to Account
8.1    Accounts. The Committee shall establish a book reserve account, entitled the "Deferred Compensation Account," on behalf of each Participant. The Committee shall also establish an In-Service Account as a part of the Deferred Compensation Account of each Participant, if applicable. The amount credited to the Deferred Compensation Account shall be adjusted pursuant to the provisions of Section 8.3.
8.2    Deemed Investments. The Deferred Compensation Account of a Participant shall be credited with an investment return determined as if the account were invested in one or more investment funds made available by the Committee. The Participant shall elect the investment funds in which the Participant’s Deferred Compensation Account shall be deemed to be invested. Such election shall be made in the manner prescribed by the Committee and shall take effect upon the entry of the Participant into the Plan. The investment election of the Participant shall remain in effect until a new election is made by the Participant. In the event the Participant fails for any reason to make an effective election of the investment return to be credited to the account, the investment return shall be determined by the Committee.
8.3    Adjustments to Deferred Compensation Account. With respect to each Participant who has a Deferred Compensation Account under the Plan, the amount credited to such account shall be adjusted by the following debits and credits, at the times and in the order stated:
8.3.1     The Deferred Compensation Account shall be debited each business day with the total amount of any payments made from such account since the last preceding business day. Unless otherwise specified by the Employer, each deemed investment fund will be debited pro-rata based on the value of the investment funds as of the end of the preceding business day.

8.3.2     The Deferred Compensation Account shall be credited on each Crediting Date with the total amount of any Participant Deferral Credits and Employer Credits to such account since the last preceding Crediting Date.

8.3.3     The Deferred Compensation Account shall be credited or debited on each day securities are traded on a national stock exchange with the amount of deemed investment gain or loss resulting from the performance of the deemed investment funds elected by the Participant in accordance with Section 8.2. The amount of such deemed investment gain or loss shall be determined by the Committee and such determination shall be final and conclusive upon all concerned.

Section 9.  Administration by Committee
9.1    Membership of Committee. If the Committee consists of individuals appointed by the Board, they will serve at the pleasure of the Board. Any member of the Committee may resign, and any successor shall be appointed by the Board.
9.2    General Administration. The Committee shall be responsible for the operation and administration of the Plan and for carrying out its provisions. The Committee shall have the full authority and discretion to make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Plan and decide or resolve any and all questions, including interpretations of this Plan, as may arise in connection with this Plan. Any such action taken by the Committee shall be final and conclusive on any party. To the extent the Committee has been granted discretionary authority under the Plan, the Committee’s prior exercise of such authority shall not obligate it to exercise its authority in a like fashion thereafter. The Committee shall be entitled to rely conclusively upon all tables, valuations, certificates, opinions and reports furnished by any actuary, accountant, controller, counsel or other person employed or engaged by the Employer with respect to the Plan. The Committee may, from time to time, employ agents and delegate to such agents, including Employees of the Employer, such administrative or other duties as it sees fit.

9.3        Indemnification. To the extent not covered by insurance, the Employer shall indemnify the Committee, each Employee, officer, director, and agent of the Employer, and all persons formerly serving in such capacities, against any and all liabilities or expenses, including all legal fees relating thereto, arising in connection with the exercise of duties and responsibilities with respect to the Plan, provided however that the Employer shall not indemnify any person for liabilities or expenses due to that person’s own gross negligence or willful misconduct.
Section 10.  Contractual Liability, Trust
10.1    Contractual Liability. Unless otherwise elected in the Adoption Agreement, the Company shall be obligated to make all payments hereunder. This obligation shall constitute a contractual liability of the Company to the Participants, and such payments shall be made from the general funds of the Company. The Company shall not be required to establish or maintain any special or separate fund, or otherwise to segregate assets to assure that such payments shall be made, and the Participants shall not have any interest in any particular assets of the Company by reason of its obligations hereunder. To the extent that any person acquires a right to receive payment from the Company under the Plan, such right shall be no greater than the right of an unsecured creditor of the Company.  
10.2    Trust. The Employer may establish a trust to assist it in meeting its obligations under the Plan. Any such trust shall conform to the requirements of a grantor trust under Revenue Procedures 92-64 and 92-65 and at all times during the continuance of the trust the principal and income of the trust shall be subject to claims of general creditors of the Employer under federal and state law. The establishment of such a trust would not be intended to cause Participants to realize current income on amounts contributed thereto, and the trust would be so interpreted and administered.

Section 11.  Allocation of Responsibilities
The persons responsible for the Plan and the duties and responsibilities allocated to each are as follows:
11.1    Board.
(i)    To amend the Plan;
(ii)    To appoint and remove members of the Committee; and
(iii)    To terminate the Plan as permitted in Section 14.
11.2    Committee.
(i)    To designate Participants;
(ii)    To interpret the provisions of the Plan and to determine the rights of the Participants under the Plan, except to the extent otherwise provided in Section 16 relating to claims procedure;

(iii)    To administer the Plan in accordance with its terms, except to the extent powers to administer the Plan are specifically delegated to another person or persons as provided in the Plan;

(iv)    To account for the amount credited to the Deferred Compensation Account of a Participant;

(v)    To direct the Employer in the payment of benefits;

(vi)    To file such reports as may be required with the United States Department of Labor, the Internal Revenue Service and any other government agency to which reports may be required to be submitted from time to time; and  

(vii)    To administer the claims procedure to the extent provided in Section 16.

Section 12.  Benefits Not Assignable; Facility of Payments
12.1    Benefits Not Assignable. No portion of any benefit credited or paid under the Plan with respect to any Participant shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt so 

to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall be void, nor shall any portion of such benefit be in any manner payable to any assignee, receiver or any one trustee.
12.2    Plan-Approved Domestic Relations Orders. The Committee shall establish procedures for determining whether an order directed to the Plan is a Plan- Approved Domestic Relations Order. If the Committee determines that an order is a Plan- Approved Domestic Relations Order, the Committee shall cause the payment of amounts pursuant to or segregate a separate account as provided by (and to prevent any payment or act which might be inconsistent with) the Plan-Approved Domestic Relations Order notwithstanding Section 12.1.
12.3    Payments to Minors and Others. If any individual entitled to receive a payment under the Plan shall be physically, mentally or legally incapable of receiving or acknowledging receipt of such payment, the Committee, upon the receipt of satisfactory evidence of incapacity and satisfactory evidence that another person or institution is maintaining custody of that person and that no guardian or committee has been appointed, may cause any payment otherwise payable to that person to be made to such person or institution so maintaining custody. Payment to such person or institution shall be in full satisfaction of all claims by or through the Participant to the extent of the amount thereof.
Section 13.  Beneficiary
The Participant's Beneficiary shall be the person, persons, entity or entities designated by the Participant on the Beneficiary designation form provided by and filed with the Committee or its designee. If the Participant does not designate a Beneficiary, the Beneficiary shall be the Surviving Spouse. If the Participant does not designate a Beneficiary and has no Surviving Spouse, the Beneficiary shall be the Participant's estate. 

The designation of a Beneficiary may be changed or revoked only by filing a new Beneficiary designation form with the Committee or its designee. If a Beneficiary (the "primary Beneficiary") is receiving or is entitled to receive payments under the Plan and dies before receiving all of the payments due, the balance to which the Beneficiary is entitled shall be paid to the contingent Beneficiary, if any, named in the Participant's current Beneficiary designation form. If there is no contingent Beneficiary, the balance shall be paid to the estate of the primary Beneficiary. Any Beneficiary may disclaim all or any part of any benefit to which such Beneficiary shall be entitled hereunder by filing a written disclaimer with the Committee before payment of such benefit is to be made. Such a disclaimer shall be made in a form satisfactory to the Committee and shall be irrevocable when filed. Any benefit disclaimed shall be payable from the Plan in the same manner as if the Beneficiary who filed the disclaimer had predeceased the Participant.
Section 14.  Amendment and Termination of Plan
The Employer may amend any provision of the Plan or terminate the Plan at any time; provided, that in no event shall such amendment or termination reduce the balance in any Participant's Deferred Compensation Account, including reduction in vesting percentage, as of the date of such amendment or termination, nor shall any such amendment materially adversely affect the Participant relating to the payment of such Deferred Compensation Account. Notwithstanding the foregoing, the following special provisions shall apply:
14.1    Termination and liquidation of the Plan in the Discretion of the Employer. The Employer in its discretion may terminate the Plan and distribute vested benefits in a single lump sum to Participants subject to the following requirements and any others specified under Section 409A of the Code:

14.1.1    All arrangements sponsored by the Employer that would be aggregated with the Plan under Section 1.409A-l(c) of the Treasury Regulations are terminated.

14.1.2    No payments other than payments that would be payable under the terms of the Plan if the termination had not occurred are made within 12 months of the termination date.

14.1.3    All benefits under the Plan are paid within 24 months of the termination date.

14.1.4    The Employer does not adopt a new arrangement that would be aggregated with the Plan under Section 1.409A-1(c) of the Treasury Regulations providing for the deferral of compensation at any time within 3 years following the date of termination of the Plan.

14.1.5    The termination does not occur proximate to a downturn in the financial health of the Employer.

Distribution of benefits shall occur in the same tax year for all Participants.

14.2    Termination and liquidation of the Plan Upon Change in Control Event. If the Employer terminates the Plan within thirty days preceding or twelve months following a Change in Control Event, the vested Deferred Compensation Account of each Participant shall become payable to the Participant in a lump sum within twelve months following the date of termination, subject to the requirements of Section 409A of the Code. Distribution of benefits shall occur in the same tax year for all Participants.
14.3    Termination and liquidation of the Plan upon Corporate Dissolution.  The Plan may be terminated within 12 months of a corporate dissolution taxed under Section 331, or with the approval of a bankruptcy court provided the amounts deferred under the plan are included in the Participant’s gross income as required under Section 409A of the Code.
Section 15.  Communication to Participants
The Employer shall make a copy of the Plan available for inspection by Participants and Beneficiaries during reasonable hours at the principal office of the Employer.

Section 16.  Claims Procedure
The following claims procedure shall apply with respect to the Plan:
16.1    Filing of a Claim for Benefits. If a Participant or Beneficiary (the "claimant") believes there is an entitlement to benefits by the claimant under the Plan which is not being paid or which is not being accrued for the claimant’s benefit, the claimant shall file a written claim therefore with the Committee.
16.2    Notification to Claimant of Decision. Within 90 days after receipt of a claim by the Committee (or within 180 days if special circumstances require an extension of time), the Committee shall notify the claimant of the decision with regard to the claim. In the event of such special circumstances requiring an extension of time, there shall be furnished to the claimant prior to expiration of the initial 90-day period written notice of the extension, which notice shall set forth the special circumstances and the date by which the decision shall be furnished. If such claim shall be wholly or partially denied, notice thereof shall be in writing and worded in a manner calculated to be understood by the claimant, and shall set forth: (i) the specific reason or reasons for the denial; (ii) specific reference to pertinent provisions of the Plan on which the denial is based; (iii) a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and (iv) an explanation of the procedure for review of the denial and the time limits applicable to such procedures, including a statement of the claimant's right to bring a civil action under ERISA following an adverse benefit determination on review.
16.3    Procedure for Review. Within 60 days following receipt by the claimant of notice of denying a claim, in whole or in part, or, if such notice shall not be given, within 60 days 

following the latest date on which such notice could have been timely given, the claimant may appeal denial of the claim by filing a written application for review with the Committee. Following such request for review, the Committee shall fully and fairly review the decision denying the claim. Prior to the decision of the Committee, the claimant shall be given an opportunity to review pertinent documents and to submit issues and comments in writing.
16.4    Decision on Review. The decision on review of a claim denied in whole or in part by the Committee shall be made in the following manner:
16.4.1    Within 60 days following receipt by the Committee of the request for review (or within 120 days if special circumstances require an extension of time), the Committee shall notify the claimant in writing of its decision with regard to the claim. In the event of such special circumstances requiring an extension of time, written notice of the extension shall be furnished to the claimant prior to the commencement of the extension.

16.4.2    With respect to a claim that is denied in whole or in part, the decision on review shall set forth specific reasons for the decision, shall be written in a manner calculated to be understood by the claimant, and shall set forth:

(i)    the specific reason or reasons for the adverse determination;

(ii)    specific reference to pertinent Plan provisions on which the adverse determination is based;

(iii)    a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant’s claim for benefits; and

(iv)    a statement describing any voluntary appeal procedures offered by the Plan and the claimant’s right to obtain the information about such procedures, as well as a statement of the claimant’s right to bring an action under ERISA section 502(a).

16.4.3    The decision of the Committee shall be final and conclusive.

16.5    Action by Authorized Representative of Claimant.  All actions set forth in this Section 16 to be taken by the claimant may likewise be taken by a representative of the claimant duly authorized by the claimant to act on the claimant’s behalf on such matters. 

The Committee may require such evidence of the authority to act of any such representative as it may reasonably deem necessary or advisable.
16.6    Disability Claims.  Notwithstanding any provision of the Plan to the contrary, if a claim for benefits is based on Disability, the following claims procedures shall apply: The Committee shall maintain a procedure under which any Participant or Beneficiary can file a claim for benefits under this Plan based on Disability.
16.6.1    After receiving a claim for benefits, the Committee will notify the Participant or Beneficiary of its claim determination within 45 days of the receipt of the claim. This period may be extended by 30 days if an extension is necessary to process the claim due to matters beyond the control of the Committee. A written notice of the extension, the reason for the extension and when the Committee expects to decide the claim, will be furnished to the Participant or Beneficiary within the initial 45-day period. This period may be extended for an additional 30 days beyond the original extension. A written notice of the additional extension, the reason for the additional extension and when the Committee expects to decide the claim, will be furnished to the Participant or Beneficiary within the first 30-day extension period if an additional extension of time is needed. However, if a period of time is extended due to a Participant or Beneficiary’s failure to submit information necessary to decide a claim, the period for making the benefit determination by the Committee will be tolled from the date on which the notification of the extension is sent to the Participant or Beneficiary until the date on which the Participant or Beneficiary responds to the request for additional information.

16.6.2    If a claim for benefits is denied, in whole or in part, a Participant or Beneficiary or an authorized representative, will receive a written notice of the denial. The notice will follow the rules of 29 C.F.R. § 2560.503-1(o) for     culturally and linguistically appropriate notices and will be written in a manner calculated to be understood by the Participant or Beneficiary. The notice will include:

(i)    the specific reason(s) for the denial,

(ii)     references to the specific Plan provisions on which the benefit determination was based,

(iii)     a description of any additional material or information necessary to perfect a claim and an explanation of why such information is necessary,

(iv)     a description of the Committee’s appeals procedures and applicable time limits, including, to the extent applicable, a statement of the right to bring a civil action under section 502(a) of ERISA following an adverse benefit determination on review,

(v)    a discussion of the decision, including an explanation of the basis for disagreeing with or not following: (i) the views presented by the claimant to the Committee of health care professionals treating the claimant and vocational professionals who evaluated the claimant; (ii) the views of medical or vocational experts whose advice was obtained on behalf of the Committee in connection with a claimant’s adverse benefit determination, without regard to whether the advice was relied upon in making the benefit determination; and (iii) a disability determination regarding the claimant presented by the claimant to the Committee made by the Social Security Administration,

(vi)     if the determination is based on medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical judgment for the determination, applying the terms of the Plan to the relevant medical circumstances, or a statement that such explanation will be provided free of charge upon request,

(vii)    either the specific internal rules, guidelines, protocols, standards or other similar criteria of the Plan relied upon in making the adverse benefit determination, or a statement that such rules, guidelines, protocols, standards, or other similar criteria of the Plan do not exist, and

(viii)    a statement that the Participant or Beneficiary is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim for benefits.

16.6.3    If a claim for benefits is denied, a Participant, Beneficiary, or representative, may appeal the denied claim in writing within 180 days of receipt of the written notice of denial. The Participant or Beneficiary may submit any written comments, documents, records and any other information relating to the claim. Upon request, the Participant or Beneficiary will also have access to, and the right to obtain copies of, all documents, records and information relevant to the claim free of charge.

16.6.4    A full review of the information in the claim file and any new information submitted to support the appeal will be conducted. The claim decision will be made by a first review appeals committee appointed by the Employer. This committee will consist of individuals who were not involved in the initial benefit determination, nor will such individuals be subordinate to any person involved in the initial benefit determination. This review will not afford any deference to the initial benefit determination.

16.6.5    If the initial adverse decision was based in whole or in part on a medical judgment, the first review appeals committee will consult with a healthcare professional who has appropriate training and experience in the field of medicine involved in the medical judgment, was not consulted in the initial adverse benefit 

determination and is not a subordinate of the healthcare professional who was consulted in the initial adverse benefit determination.

16.6.6    Before an adverse benefit determination on review is issued, the first review appeals committee will provide the Participant or Beneficiary, free of charge, with any new or additional evidence considered, relied upon, or generated by the committee or other person making the benefit determination (or at the direction of the committee or such other person) in connection with the claim. Such evidence will be provided as soon as possible and sufficiently in advance of the date on which the notice of adverse benefit determination on review is required to be provided to give the Participant or Beneficiary a reasonable opportunity to respond prior to that date.

16.6.7    Before the first review appeals committee issues an adverse benefit determination on review based on a new or additional rationale, the committee will provide the Participant or Beneficiary, free of charge, with the rationale. The rationale will be provided as soon as possible and sufficiently in advance of the date on which the notice of adverse benefit determination on review is required to be provided to give the Participant or Beneficiary a reasonable opportunity to respond prior to that date.

16.6.8    The first review appeals committee will make a determination on an appealed claim within 45 days of the receipt of an appeal request. This period may be extended for an additional 45 days if the committee determines that special circumstances require an extension of time. A written notice of the extension, the reason for the extension and the date that the committee expects to render a decision will be furnished to the Participant or Beneficiary within the initial 45-day period. However, if the period of time is extended due to a Participant’s or Beneficiary’s failure to submit information necessary to decide the appeal, the period for making the benefit determination will be tolled from the date on which the notification of the extension is sent until the date on which the Participant or Beneficiary responds to the request for additional information.

16.6.9    If the claim on appeal is denied in whole or in part, a Participant or Beneficiary will receive a written notification of the denial. The notice will follow the rules of 29 C.F.R. § 2560.503-1(o) for culturally and linguistically appropriate notices and will be written in a manner calculated to be understood by the claimant. The notice will include:

(i)    the specific reason(s) for the adverse determination,

(ii)    references to the specific Plan provisions on which the determination was based,

(iii)    a statement regarding the right to receive upon request and free of charge reasonable access to, and copies of, all records, documents and other information relevant to the benefit claim,

(iv)    a description of the first review appeals committee’s review procedures and applicable time limits, including a statement of the right to bring a civil action under section 502(a) of ERISA following an adverse benefit determination on review,

(v)    a discussion of the decision, including an explanation of the basis for disagreeing with or not following: (i) the views presented by the claimant to the committee of health care professionals treating the claimant and vocational professionals who evaluated the claimant; (ii) the views of medical or vocational experts whose advice was obtained by or on behalf of the committee in connection with a claimant’s adverse benefit determination, without regard to whether the advice was relied upon in making the benefit determination; and (iii) a disability determination regarding the claimant presented by the claimant to the committee made by the Social Security Administration,

(vi)    if the determination is based on medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical judgment for the determination, applying the terms of the Plan to the relevant medical circumstances, or a statement that such explanation will be provided free of charge upon request, and

(vii)    either the specific internal rules, guidelines, protocols, standards or other similar criteria of the Plan relied upon in making the adverse benefit determination, or a statement that such rules, guidelines, protocols, standards, or other similar criteria of the Plan do not exist.

16.6.10    If the appeal of the benefit claim denial is denied, a Participant, Beneficiary, or representative, may make a second appeal of the denial in writing to the Committee within 180 days of the receipt of the written notice of denial. The Participant or Beneficiary may submit with the second appeal any written comments, documents, records and any other information relating to the claim. Upon request, the Participant or Beneficiary will also have access to, and the right to obtain copies of, all documents, records and information relevant to the claim free of charge.

16.6.11    Upon receipt of the second appeal, a full review of the information in the claim file and any new information submitted to support the appeal will be conducted. The claim decision will be made by a second review appeals committee appointed by the Employer. This committee will consist of individuals who were not involved in the initial benefit determination or the first review appeals committee, nor will such individuals be subordinate to any person involved in the initial benefit or first appeal determination.

16.6.12    If the first appeal was based in whole or in part on a medical judgment, the second appeals review committee will consult with a healthcare professional who has appropriate training and experience in the field of medicine involved in the medical judgment, was not consulted in the initial adverse benefit 

determination nor in the first appeal and is not a subordinate of the healthcare professional(s) consulted in the initial adverse benefit determination and first appeal.

16.6.13    Before the second appeals review committee issues a denial of the second claim appeal, the committee will provide the Participant or Beneficiary, free of charge, with any new or additional evidence considered, relied upon, or generated by the committee or other person making the benefit determination (or at the direction of the committee or such other person) in connection with the claim. Such evidence will be provided as soon as possible and sufficiently in advance of the date on which the notice of adverse benefit determination on review is required to be provided to give the Participant or Beneficiary a reasonable opportunity to respond prior to that date.

16.6.14    Before the second review appeals committee issues a denial of the second claim appeal based on a new or additional rationale, the committee will provide the Participant or Beneficiary, free of charge, with the rationale. The rationale will be provided as soon as possible and sufficiently in advance of the date on which the notice of adverse benefit determination on review is required to be provided to give the Participant or Beneficiary a reasonable opportunity to respond prior to that date.

16.6.15    The second appeals review committee will make a determination on the second claim appeal within 45 days of the receipt of the appeal request. This period may be extended for an additional 45 days if the committee determines that special circumstances require an extension of time. A written notice of the extension, the reason for the extension and the date that the committee expects to render a decision will be furnished to the Participant or Beneficiary within the initial 45-day period. However, if the period of time is extended due to the Participant’s or Beneficiary’s failure to submit information necessary to decide the appeal, the period for making the benefit determination will be tolled from the date on which the notification of the extension is sent until the date on which the Participant or Beneficiary responds to the request for additional information.

16.6.16    If the claim on appeal is denied in whole or in part for a second time, the Participant or Beneficiary will receive a written notification of the denial. The notice will follow the rules of 29 C.F.R. § 2560.503-1(o) for culturally and linguistically appropriate notices and will be written in a manner calculated to be understood by the applicant. The notice will include the same information that was included in the first adverse determination letter and will identify the contractual limitations period that applies to the Participant’s or Beneficiary’s right to bring an action under section 502(a) of ERISA including the calendar date on which the contractual limitations period expires for the claim.

16.6.17    A claimant may not commence a judicial proceeding against any person, including the Committee, the Employer, the Board, the first or second appeals review committee(s), or any other person or committee, with respect to a 

claim for benefits without first exhausting the claims procedures set forth in the preceding paragraphs. No suit or legal action contesting in whole or in part any denial of benefits under the Plan shall be commenced later than the earlier of (i) the first anniversary of (A) the date of the notice of the Committee’s final decision on appeal, or (B) if the claimant fails to request any level of administrative review within the timeframe permitted under this Section 16.6, the deadline for requesting the next level of administrative review, and (ii) the last date on which such legal action could be commenced under the applicable statute of limitations under ERISA (including, for this purpose, any applicable state statute of limitations that applies under ERISA to such legal action).

16.6.18    A claimant has the right to request a written explanation of any violation of these claims procedures. The Committee will provide an explanation within 10 days of the request. 

Section 17.  Miscellaneous Provisions
17.1    Set off. The Employer may at any time offset a Participant's Deferred Compensation Account by an amount up to $5,000 to collect the amount of any loan, cash advance, extension of other credit or other obligation of the Participant to the Employer that is then due and payable in accordance with the requirements of Section 409A of the Code.
17.2    Notices. Each Participant who is not in Service and each Beneficiary shall be responsible for furnishing the Committee or its designee with the current address, and direct deposit information if desired, for the mailing of notices and benefit payments. Any notice required or permitted to be given to such Participant or Beneficiary shall be deemed given if directed to such address and mailed by regular United States mail, first class, postage prepaid. If any benefit distribution is rejected or returned to the Employer, benefit payments will be suspended until the Participant or Beneficiary furnishes the proper information. This provision shall not be construed as requiring the mailing of any notice or notification otherwise permitted to be given by posting or by other publication.
17.3    Lost Distributees. A benefit shall be deemed forfeited if the Committee is unable to locate the Participant or Beneficiary to whom payment is due by the fifth anniversary of 

the date payment is to be made or commence; provided, that the deemed investment rate of return pursuant to Section 8.2 shall cease to be applied to the Participant's account following the first anniversary of such date; provided further, however, that such benefit shall be reinstated if a valid claim is made by or on behalf of the Participant or Beneficiary for all or part of the forfeited benefit.  The Employer and Committee will be responsible for determining whether unclaimed property laws are applicable to forfeited benefits.
17.4    Reliance on Data. The Employer and the Committee shall have the right to rely on any data provided by the Participant or by any Beneficiary. Representations of such data shall be binding upon any party seeking to claim a benefit through a Participant, and the Employer and the Committee shall have no obligation to inquire into the accuracy of any representation made at any time by a Participant or Beneficiary.
17.5    Headings. The headings and subheadings of the Plan have been inserted for convenience of reference and are to be ignored in any construction of the provisions hereof.
17.6    Continuation of Employment. The establishment of the Plan shall not be construed as conferring any legal or other rights upon any Employee or any persons for continuation of employment, nor shall it interfere with the right of the Employer to discharge any Employee without regard to the effect thereof under the Plan.
17.7    Merger or Consolidation; Assumption of Plan. No Employer shall consolidate or merge into or with another corporation or entity, or transfer all or substantially all of its assets to another corporation, partnership, trust or other entity (a "Successor Entity") unless such Successor Entity shall assume the rights, obligations and liabilities of the Employer under the Plan and upon such assumption, the Successor Entity shall become obligated to perform the terms and conditions of the Plan. Nothing herein shall prohibit the assumption of the obligations and liabilities of the Employer under the Plan by any Successor Entity.

17.8    Construction. The Employer shall designate in the Adoption Agreement the state or commonwealth according to whose laws the provisions of the Plan shall be construed and enforced, except to the extent that such laws are superseded by ERISA and the applicable requirements of the Code.
17.9    Taxes. The Employer or other payor may withhold a benefit payment under the Plan or a Participant's wages, or the Employer may reduce a Participant's Deferred Compensation Account balance, in order to meet any federal, state, or local or employment tax withholding obligations with respect to Plan benefits, as permitted under Section 409A of the Code. The Employer or other payor shall report Plan payments and other Plan-related information to the appropriate governmental agencies as required under applicable laws.
          17.10    Administration Fees.  Any Plan or Plan related fees related to the administration of the Plan shall be paid by the Employer.       
17.11    Savings Clause.  To the extent that any of the provisions of the Plan are found by a court of competent jurisdiction to be illegal, invalid, or unenforceable for any reason, such provision shall be deleted, and the balance of the Plan shall not be affected.

THE NONQUALIFIED DEFERRED COMPENSATION PLAN 
ADOPTION AGREEMENT

THIS AGREEMENT is the adoption of the Nonqualified Deferred Compensation Plan ("Plan") by RGC Resources, Inc. (the "Company") with an EIN of 54-1909697. 

W I T N E S S E T H:

WHEREAS, the Company desires to adopt the Plan as an unfunded, nonqualified deferred compensation plan for members of a select group of management or highly compensated employees and under Sections 201(2), 301(a)(3) and 401(a)(l) of the Employee Retirement Income Security Act of 1974 (“ERISA”) or independent contractors; and

WHEREAS, the provisions of the Plan are intended to comply with the requirements of Section 409A of the Code and the regulations thereunder and shall apply to amounts subject to Section 409A; and

WHEREAS, the Company has been advised by Principal Life Insurance Company (“the Recordkeeper”) to obtain legal and tax advice from its professional advisors before adopting the Plan,

NOW, THEREFORE, the Company hereby adopts the Plan in accordance with the terms and conditions set forth in this Adoption Agreement:

ARTICLE I

Terms used in this Adoption Agreement shall have the same meaning as in the Plan, unless some other meaning is expressly herein set forth. The Company hereby represents and warrants that the Plan has been adopted by the Company upon proper authorization and the Company hereby elects to adopt the Plan for the benefit of its Participants as referred to in the Plan. By the execution of this Adoption Agreement, the Company hereby agrees to be bound by the terms of the Plan.

ARTICLE II

The Company hereby makes the following designations or elections for the purpose of the Plan:

2.13    Effective Date: This is a newly established Plan, and the Effective Date of the Plan is    December 1, 2020.

2.26    Plan: The name of the Plan is

RGC Resources, Inc. & Subsidiaries Nonqualified Deferred Compensation Plan.

4.1    Participant Deferral Credits: Subject to the limitations in Section 4.1 of the Plan, a Participant may elect to have their Compensation, as elected below, deferred within the annual limits below by the following percentage or amount as designated in writing to the Committee:

Base Salary:

☒    (a)    Base salary:
                      
                maximum deferral:  80 %

☐    (b)    Base salary deferral in an amount equal to a 401(k) refund (“401(k) Refund         
                       Offset”) as defined in Section 2.0 of the Plan:

                mandatory deferral:  100 %

Bonus:

☒    (c)    Service Bonus:

☒       Service Bonus: earned from 10/1-9/30, paid on or around first quarter of the following Plan Year.
    
                maximum deferral:  80 %

☒    (d)    Performance-Based Compensation:

☒    Performance Based Bonus: earned from 10/1-9/30, paid on or around the first quarter of the following Plan Year and whose election must be no later than six months prior to the end of the earnings period. 

                maximum deferral:  80 %
                
☐     (e)    Participant deferrals not allowed.

4.1.2     Participant Deferral Credits and Employer Credits – Election Period (Evergreen Elections):  

An election made by the Participant shall continue in effect for subsequent years until modified by the Participant as permitted in Section 4.1 and Section 4.2 of the Plan.

4.2    Employer Credits (Section 4.2 of the Plan) and Vesting (Section 6 of the Plan): Employer Credits will be made in the following manner:

☐     (a)    Employer Credits not allowed. 

☒    (b)    Employer Discretionary Credits: The Employer may make discretionary credits to the Deferred Compensation Account of each Active Participant in an amount determined each Plan Year by the Employer.

☐     (i)    Immediate 100% vesting.

☒    (ii)    Number of Years                    Vested
of Service                        Percentage

Less than    1    0    %
    1    25    %
    2    50    %
    3    75    %
    4    100    %
    5        %
    6        %
    7        %
    8        %
    9        %
    10 or more    %

For this purpose, Years of Service of a Participant shall be calculated from the date designated below:

☐    (1)    First day the Participant begins to provide services to the Employer and all Participating Employers          

☒     (2)    Each Crediting Date. Under this option (2), each Employer Credit shall vest based on the Years of Service of a Participant from the Crediting Date on which each Employer Discretionary Credit is made to the Deferred Compensation Account.

Further, an Active Participant shall be fully vested in ALL Employer Credits, as noted above, upon the first to occur of the following events:

☒    (a)    Full Vesting Age (as defined in Section 2.20 of the Plan) shall mean age 60.

☒    (b)    Death.

☒    (c)    Disability.

☒     (d)    Change in Control Event.

If Change in Control or Disability is not a Vesting event, amounts not vested at the time payments due under this Section cease will be:
☐    Forfeited
☐     Distributed upon a Qualifying Distribution Event if vested at that time

4.3     Deferred Compensation Account:   A Participant may establish multiple accounts to be distributed upon Separation from Service.  Each account may have one set of payment options as permitted in Section 7.1 of the Plan.  Additional In-Service accounts may be established as permitted in Section 5.4 of the Plan. The Participant will also be required to elect Separation from Service payment options for each In-Service account established.

5.2  Disability of a Participant: A Participant's becoming Disabled shall be a Qualifying Distribution Event and the Deferred Compensation Account shall be paid by the Employer as provided in Section 7.1 of the Plan.

5.3  Death of a Participant: A Participant's death shall be a Qualifying Distribution Event and the Deferred Compensation Account shall be paid by the Employer as provided in Section 7.1 of the Plan.

5.4  In-Service Distributions: In-Service Accounts are permitted under the Plan:

☒    (a)    In-Service Accounts are allowed with respect to:

☒    Participant Deferral Credits only.
☐     Employer Credits only.
☐     Participant Deferral and Employer Credits.

In-service distributions may be made in the following manner:

☒    Single lump sum payment.
☒    Annual installments over a term certain not to exceed 4 years.

If applicable, amounts not vested at the time in-service payments are distributed will be distributed at Separation from Service if vested at that time.

☐     (b)    No In-Service Distributions permitted.

5.5  Change in Control Event: 

☒    (a)    A Change in Control shall not be a Qualifying Distribution Event.

☐     (b)    Participants may elect upon initial enrollment to have accounts distributed upon a Change in Control Event.

5.6 Upon an Unforeseeable Emergency (as defined in Section 2.36 of the Plan) Participants may apply to cancel deferral elections and\or have vested accounts distributed upon an Unforeseeable Emergency event.

7.1  Payment Options: If permitted by the plan design, any benefit payable under the Plan upon a permitted Qualifying Distribution Event may be made to the Participant or the Beneficiary (as applicable) in any of the following payment forms, as selected by the Participant, or mandated by the plan provisions in the Participation Agreement: 

(a)    Separation from Service

☒    (i)    A lump sum.

☒    (ii)    Annual installments over a term certain as elected by the Participant not to exceed 10 years.

(b)    Death shall be paid in a lump sum

(c)    Disability shall be paid in a lump sum

(d)     Unforeseeable Emergency shall be paid in a lump sum

7.4  De Minimis Amounts.   The Employer may distribute a Participant's vested balance in all Deferred Compensation Account(s) of the Participant at any time, whether or not a Qualifying Distribution Event  has occurred if the balance does not exceed the limit in Section 402(g)(1)(B) of the Code and results in the termination of the Participant's entire interest in the Plan and any other Employer plan subject to aggregation under Section 409A of the Code.

Notwithstanding any payment election made by the Participant, the vested balance in all Deferred Compensation Account(s) of the Participant shall be distributed in a single lump sum payment if at the time of a permitted Qualifying Distribution Event that is either a Separation from Service, death, Disability, or Change in Control Event the vested balance does not exceed:

☒  $100,000.

              ☐   Not Applicable

14.  Amendment and Termination of Plan: Notwithstanding any provision in this Adoption Agreement or the Plan to the contrary, Section ______ of the Plan shall be amended to read as provided in attached Exhibit _____________

☒    There are no amendments to the Plan.

17.8  Construction: The provisions of the Plan shall be construed and enforced according to the laws of the State/Commonwealth of Virginia, except to the extent that such laws are superseded by ERISA and the applicable provisions of the Code.

IN WITNESS WHEREOF, this Agreement has been executed as of the day and year stated below.

RGC Resources, Inc.
Name of Company

By: /s/ Randall Burton            
Authorized Person        
Date: 12/23/2020Exhibit 4.3

   

  INDENTURE

   

  DATED AS OF                 ,
    20

   

  BETWEEN

   

  AMERICAN PUBLIC EDUCATION, INC.,

   

  as Issuer,

   

  AND

   

  as Trustee

   

  

  
  
     

  

  
   

  Providing for Issuance of

   

  Debt Securities

   

  in Series

   

  
  
     

  

  
   

  
     

    
      

    

  

  
   

  TABLE OF
    CONTENTS

   

  	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	 	 
	Section 1.01	Definitions.	1
	Section 1.02	Compliance Certificates and Opinions.	6
	Section 1.03	Form of Documents Delivered to Trustee.	6
	Section 1.04	Acts of Holders; Record Dates.	7
	Section 1.05	Notices, Etc., to Trustee and Company.	8
	Section 1.06	Notice to Holders; Waiver.	9
	Section 1.07	Conflict with Trust Indenture Act.	9
	Section 1.08	Effect of Headings and Table of Contents.	9
	Section 1.09	Successors and Assigns.	9
	Section 1.10	Separability Clause.	9
	Section 1.11	Benefits of Indenture.	9
	Section 1.12	Governing Law.	9
	Section 1.13	Legal Holidays.	10
	Section 1.14	Incorporators, Equityholders, Directors, Members, Managers, Officers and Employees of the Company Exempt from Individual Liability.	10
	Section 1.15	WAIVER OF JURY TRIAL.	10
	 	 	 
	ARTICLE II SECURITY FORM	10
	 	 
	Section 2.01	Forms Generally.	10
	Section 2.02	Form of Legend for Global Securities.	11
	Section 2.03	Form of Trustee’s Certificate of Authentication.	11
	 	 	 
	ARTICLE III THE SECURITIES	12
	 	 
	Section 3.01	Amount Unlimited; Issuable in Series.	12
	Section 3.02	Denominations.	15
	Section 3.03	Execution, Authentication, Delivery and Dating.	15
	Section 3.04	Temporary Securities.	16
	Section 3.05	Registration; Registration of Transfer and Exchange.	16
	Section 3.06	Mutilated, Destroyed, Lost and Stolen Securities.	18
	Section 3.07	Payment of Interest; Interest Rights Preserved.	19
	Section 3.08	Persons Deemed Owners.	20
	Section 3.09	Cancellation.	20
	Section 3.10	Computation of Interest.	20
	Section 3.11	CUSIP Numbers	20
	 	 	 
	ARTICLE IV SATISFACTION AND DISCHARGE	21
	 	 
	Section 4.01	Satisfaction and Discharge of Indenture.	21
	Section 4.02	Application of Trust Money.	21
	 	 	 
	ARTICLE V REMEDIES	22
	 	 
	Section 5.01	Events of Default.	22
	Section 5.02	Acceleration of Maturity; Rescission and Annulment.	23
	Section 5.03	Collection of Indebtedness and Suits for Enforcement by Trustee.	23
	Section 5.04	Trustee May File Proofs of Claim.	24
	Section 5.05	Trustee May Enforce Claims Without Possession of Securities.	24

   

  
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  	Section 5.06	Application of Money Collected.	24
	Section 5.07	Limitation on Suits.	25
	Section 5.08	Unconditional Right of Holders to Receive Principal Premium and Interest and to Convert Securities.	25
	Section 5.09	Restoration of Rights and Remedies.	25
	Section 5.10	Rights and Remedies Cumulative.	26
	Section 5.11	Delay or Omission Not Waiver.	26
	Section 5.12	Control by Holders.	26
	Section 5.13	Waiver of Past Defaults.	26
	Section 5.14	Undertaking for Costs.	26
	Section 5.15	Waiver of Usury, Stay or Extension Laws.	27
	 	 	 
	ARTICLE VI THE TRUSTEE	27
	 	 
	Section 6.01	Certain Duties and Responsibilities.	27
	Section 6.02	Notice of Defaults.	28
	Section 6.03	Certain Rights of Trustee.	28
	Section 6.04	Not Responsible for Recitals or Issuance of Securities.	29
	Section 6.05	May Hold Securities.	29
	Section 6.06	Money Held in Trust.	29
	Section 6.07	Compensation and Reimbursement.	30
	Section 6.08	Conflicting Interests.	30
	Section 6.09	Corporate Trustee Required, Eligibility.	30
	Section 6.10	Resignation and Removal, Appointment of Successor.	30
	Section 6.11	Acceptance of Appointment by Successor.	32
	Section 6.12	Merger, Conversion, Consolidation or Succession to Business.	32
	Section 6.13	Preferential Collection of Claims Against Company.	33
	Section 6.14	Appointment of Authenticating Agent.	33
	 	 	 
	ARTICLE VII HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	34
	 	 
	Section 7.01	Company to Furnish Trustee Names and Addresses of Holders.	34
	Section 7.02	Preservation of Information; Communications to Holders.	34
	Section 7.03	Reports by Trustee.	34
	Section 7.04	Reports by Company.	35
	 	 	 
	ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	35
	 	 
	Section 8.01	Company May Consolidate, Etc., Only on Certain Terms.	35
	Section 8.02	Successor Substituted.	35
	 	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES	36
	 	 
	Section 9.01	Supplemental Indentures Without Consent of Holders.	36
	Section 9.02	Supplemental Indentures With Consent of Holders.	37
	Section 9.03	Execution of Supplemental Indentures.	38
	Section 9.04	Effect of Supplemental Indentures.	38
	Section 9.05	Conformity with Trust Indenture Act.	38
	Section 9.06	Reference in Securities to Supplemental Indentures.	38
	 	 	 
	ARTICLE X COVENANTS	38
	 	 
	Section 10.01	Payment of Principal, Premium and Interest.	38
	Section 10.02	Maintenance of Office or Agency.	39
	Section 10.03	Money for Securities Payments to Be Held in Trust.	39

   

  
    ii

    
      

    

  

   

  	Section 10.04	Statement by Officers as to Default.	40
	Section 10.05	Existence.	40
	Section 10.06	Waiver of Certain Covenants.	40
	 	 	 
	ARTICLE XI REDEMPTION OF SECURITIES	40
	 	 
	Section 11.01	Applicability of Article.	40
	Section 11.02	Election to Redeem; Notice to Trustee.	40
	Section 11.03	Selection by Trustee of Securities to Be Redeemed.	41
	Section 11.04	Notice of Redemption.	41
	Section 11.05	Deposit of Redemption Price.	42
	Section 11.06	Securities Payable on Redemption Date.	42
	Section 11.07	Securities Redeemed in Part.	43
	 	 	 
	ARTICLE XII SINKING FUNDS	43
	 	 
	Section 12.01	Applicability of Article.	43
	Section 12.02	Satisfaction of Sinking Fund Payments with Securities.	43
	Section 12.03	Redemption of Securities for Sinking Fund.	43
	 	 	 
	ARTICLE XIII DEFEASANCE AND COVENANT DEFEASANCE	44
	 	 
	Section 13.01	Company’s Option to Effect Defeasance or Covenant Defeasance.	44
	Section 13.02	Defeasance and Discharge.	44
	Section 13.03	Covenant Defeasance.	44
	Section 13.04	Conditions to Defeasance or Covenant Defeasance.	45
	Section 13.05	Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions.	46
	Section 13.06	Reinstatement.	46
	Section 13.07	Counterparts.	47

   

  Note: This table of contents shall not, for
    any purpose, be deemed to be a part of the Indenture.

   

  
    iii

    
      

    

  

   

  AMERICAN PUBLIC EDUCATION, INC.

   

  Certain Sections of this Indenture relating
    to Sections 310 - 318, inclusive,

    of the Trust Indenture Act of 1939, as amended

   

  	
          Trust Indenture Act Section

        	 	
          Indenture

          Section

        
	310(a)(1)	 	6.09
	(a)(2)	 	6.09
	(a)(3)	 	N.A.
	(a)(4)	 	N.A.
	(a)(5)	 	6.09
	(b)	 	6.08, 6.10
	(c)	 	N.A.
	311(a)	 	6.13
	(b)	 	6.13
	(c)	 	N.A.
	312(a)	 	7.01, 7.02
	(b)	 	7.02
	(c)	 	7.02
	313(a)	 	7.03
	(b)(1)	 	N.A.
	(b)(2)	 	7.03
	(c)	 	7.03
	(d)	 	7.03
	314(a)	 	7.04
	(a)(4)	 	1.04, 10.04
	(b)	 	N.A.
	(c)(1)	 	1.02
	(c)(2)	 	1.02
	(c)(3)	 	N.A.
	(d)	 	N.A.
	(e)	 	1.02
	(f)	 	N.A.
	315(a)	 	6.01
	(b)	 	6.02
	(c)	 	6.01
	(d)	 	6.01
	(e)	 	5.14
	316(a)(last sentence)	 	1.06
	(a)(1)(A)	 	5.02, 5.12
	(a)(1)(B)	 	5.13
	(a)(2)	 	N.A.
	(b)	 	5.08
	(c)	 	1.04
	317(a)(1)	 	5.03
	(a)(2)	 	5.04
	(b)	 	10.03
	318(a)	 	1.07
	(b)	 	N.A.
	(c)	 	1.07

  		*	N.A. means inapplicable.

   

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

   

  
    iv

    
      

    

  

  
   

  INDENTURE

   

  THIS INDENTURE, dated as of                 , 20     , between American
    Public Education, Inc., a Delaware corporation (herein called the “Company”), and                 , as trustee (herein
    called the “Trustee”).

   

  RECITALS

   

  The Company has duly authorized the execution and
    delivery of this Indenture to provide for the issuance from time to time of the Company’s debentures, notes or other evidences
    of indebtedness (herein called the “Securities”), to be issued in one or more series as provided in this
    Indenture.

   

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

   

  NOW, THEREFORE, THIS INDENTURE WITNESSETH:

   

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

   

  Article
      I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

   

  Section 1.01          Definitions.

   

  For all purposes of this Indenture, except as otherwise
    expressly provided or unless the context otherwise requires:

   

  (a)       the
    terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular
    and the masculine gender shall include the feminine and neuter, and vice versa, unless the context otherwise requires;

   

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

   

  (c)       all
    accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
    principles in the United States of America (including, if applicable, International Financial Reporting Standards) as in effect
    from time to time;

   

  (d)       unless
    the context otherwise requires, any reference to an “Article” or a “Section” refers
    to an Article or a Section, as the case may be, of this Indenture;

   

  (e)       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;

   

  (f)       “or”
    is not exclusive, and “including” means “including without limitation”, “including
        but not limited to” or words of similar import;

   

  (g)       when
    used with respect to any Security, the words “convert,” “converted” and “conversion” are intended
    to refer to the right of the Holder or the Company to convert or exchange such Security into or for securities or other property
    in accordance with such terms, if any, as may hereafter be specified for such Security as contemplated by Section 3.01,
    and these words are not intended to refer to any right of the Holder or the Company to exchange such Security for other Securities
    of the same series and like tenor pursuant to Section 3.04, Section 3.05, Section 3.06, Section 9.06
    or Section 11.07 or another similar provisions of this Indenture, unless the context otherwise requires; and references
    herein to the terms of any Security that may be converted mean such terms as may be specified for such Security as contemplated
    in Section 3.01; and

   

  
    1

    
      

    

  

   

  (h)       unless
    otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and other modifications
    to such agreements and instruments, but only to the extent such amendments and other modifications are not prohibited by the terms
    of this Indenture.

   

  “Act”, when used with
    respect to any Holder, has the meaning specified in Section 1.04.

   

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

   

  “Applicable Procedures”
    of a Depositary means, with respect to any matter at any time, the policies and procedures of such Depositary, if any, that are
    applicable to such matter at such time.

   

  “Authenticating Agent”
    means any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate Securities
    of one or more series.

   

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

   

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

   

  “Business Day”, when used
    with respect to any Place of Payment, means, except as otherwise provided or contemplated by Section 3.01 with respect to
    any series of Securities, each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions
    in that Place of Payment are authorized or obligated by law or executive order or regulation to close.

   

  “Commission” means the
    Securities and Exchange Commission, from time to time constituted, created under the Exchange Act, or, if at any time after the
    execution 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 at such time.

   

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

   

  “Company Request” or “Company
        Order” means a written request or order signed in the name of the Company by its Chief Executive Officer, its President,
    its Chief Financial Officer, its Chief Legal Officer or a Vice President, and by its Treasurer, an Assistant Treasurer, its Secretary
    or an Assistant Secretary of the Company, or any other officer or officers of the Company designated in writing by or pursuant
    to authority of the Board of Directors, and delivered to the Trustee.

   

  “Corporate Trust Office”
    means the principal office of the Trustee (currently at                 ) at which at any particular time its corporate trust business shall be
    administered, or at any other time at such other address as the Trustee may designate from time to time by notice to the Holders.

   

  “corporation” means a
    corporation, association, limited liability company, company, joint-stock company or business trust.

   

  “Covenant Defeasance”
    has the meaning specified in Section 13.03.

   

  “Defaulted Interest” has
    the meaning specified in Section 3.07.

   

  
    2

    
      

    

  

   

  “Defeasance” has the meaning
    specified in Section 13.02.

   

  “Depositary” means, with
    respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing agency
    registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 3.01.

   

  “Event of Default” has
    the meaning specified in Section 5.01.

   

  “Exchange Act” means the
    Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time.

   

  “Executed Documentation”
    has the meaning specified in Section 13.07.

   

  “Expiration Date” has
    the meaning specified in Section 1.04.

   

  “Global Security” means
    a Security that evidences all or part of the Securities of any series and bears the legend set forth in Section 2.04 (or
    such legend as may be specified as contemplated by Section 3.01 for such Securities).

   

  “Holder” means a Person
    in whose name a Security is registered in the Security Register.

   

  “Indenture” means this
    instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental
    hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental
    indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental
    indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established
    as contemplated by Section 3.01.

   

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

   

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

   

  “Internal Revenue Code”
    means the U.S. Internal Revenue Code of 1986, as amended from time to time.

   

  “mandatory sinking fund payment”
    has the meaning specified in Section 12.01.

   

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

   

  “Notice of Default” means
    a written notice of the kind specified in Section 5.01(d).

   

  “Officer’s Certificate”
    means a certificate signed by the Chief Executive Officer, President, Chief Financial Officer, Chief Legal Officer, a Vice President,
    the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company or any other officer or officers
    of the Company designated in writing by or pursuant to authority of the Board of Directors and delivered to the Trustee.

   

  “Opinion of Counsel” means
    a written opinion of counsel, who may be an employee of, or outside counsel to, but does not have to be counsel for, the Company,
    and who shall be acceptable to the Trustee, which acceptance shall not be unreasonably withheld. Opinions of Counsel required to
    be delivered under this Indenture may have qualifications customary for opinions of the type required.

   

  “optional sinking fund payment”
    has the meaning specified in Section 12.01.

   

  
    3

    
      

    

  

   

  “Original Issue Discount Security”
    means any Security which 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 5.02.

   

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

   

  (1) Securities theretofore cancelled and delivered
    to the Trustee or delivered to the Trustee for cancellation;

   

  (2) Securities for whose payment or redemption money
    in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or
    set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities;
    provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture
    or provision therefor has been made;

   

  (3) Securities, except to the extent provided in
    Sections 13.02 and 13.03 respectively, as to which the Company has effected Defeasance pursuant to Section 13.02
    or Covenant Defeasance pursuant to Section 13.03;

   

  (4) Securities which have been paid pursuant to
    Section 3.06 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this
    Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory
    to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company;
    and

   

  (5) Securities as to which any property deliverable
    upon conversion thereof has been delivered (or such delivery has been made available), or as to which any other particular conditions
    have been satisfied, in each case as may be provided for such Securities as contemplated in Section 3.01; provided, however,
    that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken
    any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) the principal
    amount of an Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the principal thereof
    which would be due and payable as of such date upon acceleration of the Maturity thereof to such date pursuant to Section 5.02,
    (B) if, as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal amount
    of such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section
      3.01, (C) the principal amount of a Security denominated in one or more foreign currencies, composite currencies or currency
    units which shall be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided
    as contemplated by Section 3.01, of the principal amount of such Security (or, in the case of a Security described in Clause
    (A) or (B) above, of the amount determined as provided in such Clause), and (D) Securities owned by the Company or any other obligor
    upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding,
    except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction,
    notice, consent, waiver or other action, only Securities which the Trustee knows to be so owned shall be so disregarded. The Trustee
    shall be protected in relying on an Officer’s Certificate or other evidence satisfactory to it in determining ownership.
    Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction
    of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any
    other obligor upon the Securities or any Affiliate of the Company or of such other obligor.

   

  “Paying Agent” means any
    Person authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of the Company.

   

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

   

  
    4

    
      

    

  

   

  “Place of Payment”, when
    used with respect to the Securities of any series, means the place or places where the principal of and any premium and interest
    on the Securities that series are payable as specified or contemplated by Section 3.01.

   

  “Predecessor Security”
    of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such
    particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06
    in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the
    mutilated, destroyed, lost or stolen Security.

   

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

   

  “Redemption Price”, when
    used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

   

  “Regular Record Date”
    for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose
    as contemplated by Section 3.01.

   

  “Responsible Officer”,
    when used with respect to the Trustee, means the chairman or any vice-chairman of the board of directors, the chairman or any vice-chairman
    of the executive committee of the board of directors, the chairman of the trust committee, the president, any Vice President, the
    secretary, any assistant secretary, the treasurer, any assistant treasurer, the cashier, any assistant cashier, any trust officer
    or assistant trust officer, the controller or any assistant controller or any other officer of the Trustee customarily performing
    functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate
    trust matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with
    the particular subject and who shall have direct responsibility for the administration of this Indenture.

   

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

   

  “Securities Act” means
    the Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time.

   

  “Security Register” and
    “Security Registrar” have the respective meanings specified in Section 3.05.

   

  “Special Record Date”
    for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.07.

   

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

   

  “Subsidiary” means any
    Person a majority of the combined voting power of the total outstanding ownership interests in which is, at the time of determination,
    beneficially owned or held, directly or indirectly, by the Company or one or more other Subsidiaries. For this purpose, “voting
    power” means power to vote in an ordinary election of directors (or, in the case of a Person that is not a corporation, ordinarily
    to appoint or approve the appointment of Persons holding similar positions), whether at all times or only as long as no senior
    class of ownership interests has such voting power by reason of any contingency.

   

  “Trust Indenture Act”
    means the Trust Indenture Act of 1939 as in force at the date as of which this Indenture was executed, except as otherwise provided
    in Section 9.05; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust
    Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.

   

  
    5

    
      

    

  

   

  “Trustee” means the Person
    named as the “Trustee” in the first paragraph of this Indenture until a successor Trustee shall have become such pursuant
    to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then
    a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to the Securities
    of any series shall mean the Trustee with respect to Securities of that series.

   

  “U.S. Government Obligation”
    has the meaning specified in Section 13.04.

   

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

   

  Section 1.02          Compliance Certificates and Opinions.

   

  Upon any application or request by the Company to
    the Trustee to take or refrain from taking any action under any provision of this Indenture, the Company shall furnish to the Trustee
    such certificates and opinions as may be required under the Trust Indenture Act; provided, however, that no opinion shall be required
    in connection with the issuance of Securities that are part of any series as to which such an opinion has been furnished. Each
    such certificate and opinion shall be given in the form of an Officer’s Certificate, if to be given by an officer of the
    Company and an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act
    and any other requirements set forth in this Indenture.

   

  Every certificate or opinion with respect to compliance
    with a condition or covenant provided for in this Indenture (except for certificates provided for in Section 10.04) shall
    include,

   

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

   

  (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 each such
    individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether
    or not such covenant or condition has been complied with; and

   

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

   

  Section 1.03          Form of Documents Delivered to
      Trustee.

   

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

   

  Any certificate or opinion of an officer of the
    Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel,
    unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
    with respect to the matters upon which such officer’s certificate or opinion is based are erroneous. Any such certificate
    or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations
    by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession
    of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or
    representations with respect to such matters are erroneous. Counsel delivering an Opinion of Counsel may also rely as to factual
    matters on certificates of governmental or other officials customary for opinions of the type required.

   

  
    6

    
      

    

  

   

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

   

  Section 1.04          Acts of Holders; Record Dates.

   

  Any request, demand, authorization, direction, notice,
    consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders may be embodied in
    and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed
    in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments
    are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the
    action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders
    signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall
    be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Trustee and the
    Company, if made in the manner provided in this Section.

   

  Without limiting the generality of the foregoing,
    a Holder, including a Depositary that is a Holder of a Global Security, may make, give or take, by a proxy or proxies, duly appointed
    in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to
    be made, given or taken by Holders, and a Depositary that is a Holder of a Global Security may provide its proxy or proxies to
    the beneficial owners of interests in any such Global Security.

   

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

   

  The ownership, principal amount and serial numbers
    of Securities held by any Person, and the date of commencement of such Person’s holding the same, shall be proved by the
    Security Register.

   

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

   

  The Company may set any day as a record date for
    the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request, demand,
    authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or
    taken by Holders of Securities of such series, but the Company shall have no obligation to do so; provided that the Company may
    not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice,
    declaration, request or direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the
    Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the
    relevant action, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective
    hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding
    Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Company from setting
    a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record
    date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph
    shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities
    of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the
    Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration
    Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in Section
      1.05 or Section 1.06.

   

  
    7

    
      

    

  

   

  The Trustee may set any day as a record date for
    the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making of (i)
    any Notice of Default, (ii) any declaration of acceleration referred to in Section 5.02, (iii) any request to institute
    proceedings referred to in Section 5.07(b) or (iv) any direction referred to in Section 5.12, in each case with respect
    to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such
    series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction,
    whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless
    taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such
    series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date
    for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously
    set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be
    construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the
    relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee,
    at the Company’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration
    Date to be given to the Company in writing and to each Holder of Securities of the relevant series in the manner set forth in Section
      1.05 or Section 1.06.

   

  With respect to any record date set pursuant to
    this Section, the party hereto which sets such record date may designate any day as the “Expiration Date”
    and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective
    unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each Holder of Securities
    of the relevant series in the manner set forth in Section 1.06, on or prior to the then existing Expiration Date. If an
    Expiration Date is not designated with respect to any record date set pursuant to this Section, the party hereto which set such
    record date shall be deemed to have initially designated the 180th day following such record date as the Expiration Date with respect
    thereto, subject to its right to change the Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration
    Date shall be later than the 180th day following the applicable record date.

   

  Without limiting the foregoing, a Holder entitled
    hereunder to take any action hereunder with regard to any particular Security may do so with regard to all or any part of the principal
    amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard
    to all or any part of such principal amount.

   

  Section 1.05          Notices, Etc., to Trustee and
      Company.

   

  Any request, demand, authorization, direction, notice,
    consent, waiver, Opinion of Counsel or Act of Holders or other document provided or permitted by this Indenture to be made upon,
    given or furnished to, or filed with,

   

  (1) the Trustee by any Holder or by the Company
    shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing (which may be by overnight courier
    service, facsimile or electronic transmission) to or with the Trustee at its Corporate Trust Office at the location specified in
    Section 1.01, or

   

  (2) the Company by the Trustee or by any Holder
    shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and transmitted by mail,
    first-class postage prepaid, overnight courier service, facsimile or electronic transmission to the Company addressed to it at
    the address of the Company’s principal office specified in the first paragraph of this Indenture or at any other address
    previously furnished in writing to the Trustee by the Company.

   

  
    8

    
      

    

  

   

  Section 1.06          Notice to Holders; Waiver.

   

  Where this Indenture provides for notice to Holders
    of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class
    postage prepaid, to each Holder affected by such event, at its address as it appears in the Security Register, not later than the
    latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. 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. Any notice when mailed to a Holder in the aforesaid
    manner shall be conclusively deemed to have been received by such Holder whether or not actually received by such Holder. Where
    this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice,
    either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be
    filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon
    such waiver.

   

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

   

  Where this Indenture provides for notice of any
    event to a Holder of a Global Security, such notice shall be sufficiently given if given to the Depositary for such Security (or
    its designee), pursuant to the Applicable Procedures of the Depositary, not later than the latest date, if any, and not earlier
    than the earliest date, if any, prescribed for the giving of such notice.

   

  Section 1.07          Conflict with Trust Indenture
      Act.

   

  This Indenture is subject to the provisions of the
    Trust Indenture Act that are required to be a part of this Indenture and, to the extent applicable, shall be governed by such provisions.
    If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act or with another provision hereof
    which is required under the Trust Indenture Act to be a part of and govern this Indenture, the latter provision shall control.
    If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded,
    the latter provision shall be deemed to apply to this Indenture as so modified or excluded, as the case may be.

   

  Section 1.08          Effect of Headings and Table
      of Contents.

   

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

   

  Section 1.09          Successors and Assigns.

   

  All covenants and agreements in this Indenture by
    the Company shall bind its successors and assigns, whether so expressed or not. All agreements of the Trustee in this Indenture
    shall bind its successors and assigns, whether so expressed or not.

   

  Section 1.10          Separability Clause.

   

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

   

  Section 1.11          Benefits of Indenture.

   

  Nothing in this Indenture or in the Securities,
    express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any
    benefit or any legal or equitable right, remedy or claim under this Indenture, except as may otherwise be expressly provided pursuant
    to Section 3.01 with respect to any specific Securities.

   

  Section 1.12          Governing Law.

   

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

   

  
    9

    
      

    

  

   

  Section 1.13          Legal Holidays.

   

  In any case where any Interest Payment Date, Redemption
    Date or Stated Maturity of any Security, or any date on which a Holder has the right to convert such Holder’s Security, shall
    not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities
    (other than a provision of any Security which specifically states that such provision shall apply in lieu of this Section)) payment
    of interest or principal (and premium, if any), or the Redemption Price or conversion of such Security, need not be made at such
    Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force
    and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, or on such conversion date. No
    interest shall accrue for the period from and after any such Interest Payment Date, Redemption Date, Stated Maturity or conversion
    date, as the case may be, to the date of such payment.

   

  Section 1.14          Incorporators, Equityholders,
      Directors, Members, Managers, Officers and Employees of the Company 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 equityholder, director, member, manager, officer or employee,
    as such, of the Company or of any successor, either directly or through the Company or any successor, under any rule of law, statute
    or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such
    liability being expressly waived and released by the acceptance of the Securities by the Holders thereof and as part of the consideration
    for the issue of the Securities.

   

  Section 1.15          WAIVER OF JURY TRIAL.

   

  EACH OF THE COMPANY, THE HOLDERS AND THE TRUSTEE
    HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
    ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES, ANY GUARANTEES OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY.

   

  Article
      II SECURITY FORM

   

  Section 2.01          Forms Generally.

   

  The Securities of each series and the Trustee’s
    certificate of authentication shall be in substantially the forms set forth in this Article, or in such other form as shall be
    established by or pursuant to a Board Resolution and, subject to Section 3.03, to the extent established in an Officer’s
    Certificate or Company Order setting forth, or determining the manner of, such establishment, or in one or more indentures supplemental
    hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted
    by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed
    thereon as may be required to comply with applicable laws or the rules of any securities exchange or automated quotation system
    on which the Securities of such series may be listed or traded or of any Depositary therefor or as may, consistently herewith,
    be determined by the officers executing such Securities, as evidenced by their execution thereof. If the form of Securities of
    any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall
    be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery
    of the Company Order contemplated by Section 3.03 for the authentication and delivery of such Securities. If all of the
    Securities of any series established by action taken pursuant to a Board Resolution are not to be issued at one time, it shall
    not be necessary to deliver a record of such action at the time of issuance of each Security of such series, but an appropriate
    record of such action shall be delivered at or before the time of issuance of the first Security of such series.

   

  The definitive Securities shall be printed, lithographed
    or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers executing such
    Securities, as evidenced by their execution of such Securities.

   

  
    10

    
      

    

  

   

  Section 2.02          Form of Legend for Global Securities.

   

  Unless otherwise specified as contemplated by Section
      3.01 for the Securities evidenced thereby or as required by Applicable Procedures, every Global Security authenticated and
    delivered hereunder shall bear a legend in substantially the following form:

   

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

   

  TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
    TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS
    OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
    REFERRED TO ON THE REVERSE HEREOF.]

   

  [Insert, if applicable — THIS SECURITY IS
    A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR
    A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY
    IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE
    LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF,
    OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.]

   

  If Securities of a series are issuable in whole
    or in part in the form of one or more Global Securities, as contemplated by Section 3.01, then, notwithstanding Clause (i)
    of Section 3.01 and the provisions of Section 3.02, any Global Security shall represent such of the Outstanding Securities
    of such series as shall be specified therein and may provide that it shall represent the aggregate amount of Outstanding Securities
    from time to time endorsed thereon and that the aggregate amount of Outstanding Securities represented thereby may from time to
    time be reduced or increased, as the case may be, to reflect exchanges. Any endorsement of a Global Security to reflect the amount,
    or any reduction or increase in the amount, of Outstanding Securities represented thereby shall be made in such manner and upon
    instructions given by such Person or Persons as shall be specified therein or in a Company Order. Subject to the provisions of
    Sections 3.03, 3.04, 3.05 and 3.06, the Trustee shall deliver and redeliver any Global Security in the manner
    and upon instructions given by the Person or Persons specified therein or in the applicable Company Order. Any instructions by
    the Company with respect to endorsement or delivery or redelivery of a Global Security shall be in a Company Order (which need
    not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel).

   

  The provisions of the last sentence of Section
      3.03 shall apply to any Security represented by a Global Security if such Security was never issued and sold by the Company
    and the Company delivers to the Trustee the Global Security together with a Company Order (which need not comply with Section
      1.02 and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount of Securities
    represented thereby, together with the written statement contemplated by the last sentence of Section 3.03.

   

  Section 2.03          Form of Trustee’s Certificate
      of Authentication.

   

  The Trustee’s certificates of authentication
    shall be in substantially the following form:

   

  
    11

    
      

    

  

   

  TRUSTEE’S CERTIFICATE OF AUTHENTICATION

   

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

   

  	 	[                                         ],
	 	As Trustee
	 	By:
	 	 
	 	Authorized Signatory

   

  Article
      III THE SECURITIES

   

  Section 3.01          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, subject to Section 3.03, to the extent established
    pursuant to rather than set forth in a Board Resolution, in an Officer’s Certificate or Company Order setting forth, or determining
    the manner of, such establishment, or established in one or more indentures supplemental hereto, prior to the issuance of Securities
    of any series:

   

  (a)       the
    form and title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other
    series);

   

  (b)       any
    limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture
    (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
    of the series pursuant to Section 3.04, 3.05, 3.06, 9.06 or 11.07 and except for any Securities
    which, pursuant to Section 3.03, are deemed never to have been authenticated and delivered hereunder); provided, however,
    that the authorized aggregate principal amount of such series may from time to time be increased above such amount by a Board Resolution
    to such effect;

   

  (c)       the
    issue price or prices of originally issued Securities, expressed as a percentage of the principal amount, and the original issue
    date;

   

  (d)       the
    Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security
    (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest;

   

  (e)       the
    date or dates on which the Securities will be issued and on which principal of, and premium, if any, on, any Securities of the
    series is payable or the method of determination thereof;

   

  (f)       the
    rate or rates (which may be fixed or variable, or combination thereof) at which any Securities of the series shall bear interest,
    if any, or the method of determination thereof, the date or dates from which any such interest shall accrue, or the method of determination
    thereof, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any such interest
    payable on any Interest Payment Date, or the method by which such date or dates shall be determined, and the basis upon which interest
    shall be calculated if other than that of a 360-day year of twelve 30-day months, the right, if any, to extend or defer interest
    payments and the duration of such extension or deferral;

   

  (g)       the
    place or places where, subject to the provisions of Section 10.02, the principal of and any premium and interest on any
    Securities of the series shall be payable, Securities of the series may be surrendered for registration or transfer, Securities
    of the series may be surrendered for exchange, and notices and demands to or upon the Company in respect of the Securities of the
    series and this Indenture may be served;

   

  
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  (h)       the
    period or periods, if any, within which, the price or prices at which and the terms and conditions upon which any Securities of
    the series may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner
    in which any election by the Company to redeem the Securities shall be evidenced;

   

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

   

  (j)       if
    other than a minimum denomination equal to $2,000 or an integral multiple of $1,000 in excess thereof, the denominations in which
    any Securities of the series shall be issuable;

   

  (k)       if
    the debt Securities will be issued in registered or bearer form or both and, if in bearer form, the related terms and conditions
    and any limitations on issuance of such bearer debt Securities (including exchange for registered debt Securities of the same series);

   

  (l)       if
    the amount of principal of or any premium or interest on any Securities of the series may be determined with reference to an index
    including an index based on a currency or currencies other than in which the Securities of that series are payable or pursuant
    to a formula, the manner in which such amounts shall be determined;

   

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

   

  (n)       if
    the principal of or any premium or interest on any Securities of the series is to be payable, redeemable or purchasable, at the
    election of the Company or the Holder thereof, in one or more currencies or currency units other than that or those in which such
    Securities are stated to be payable, redeemable, or purchasable, the currency, currencies or currency units in which the principal
    of or any premium or interest on such Securities as to which such election is made shall be payable, redeemable or purchasable,
    the periods within which and the terms and conditions upon which such election is to be made and the amount so payable, redeemable
    or purchasable (or the manner in which such amount shall be determined);

   

  (o)       if
    other than the entire principal amount thereof, the portion of the principal amount of any Securities of the series which shall
    be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02 or provable in bankruptcy pursuant
    to Section 5.04 or the method of determination thereof;

   

  (p)       if
    the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or more
    dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such
    date for any purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable upon any Maturity
    other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any
    such case, the manner in which such amount deemed to be the principal amount shall be determined);

   

  (q)       if
    applicable, that the Securities of the series, in whole or any specified part, shall be defeasible pursuant to Section 13.02
    or Section 13.03 or both such Sections or if other than as provided in Sections 13.02 or 13.03, the terms
    and conditions upon which and the manner in which such series of Securities may be defeased or discharged, and, if other than by
    a Board Resolution, the manner in which any election by the Company to defease or discharge such Securities shall be evidenced;

   

  
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  (r)       if
    applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities
    and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne
    by any such Global Security in addition to or in lieu of that set forth in Section 2.04, information with respect to book-entry
    procedures, and any circumstances in addition to or in lieu of those set forth in Section 3.05 in which any such Global
    Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole or in
    part may be registered, in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof;

   

  (s)       if
    the debt Security is issued as an original issue discount debt Security, and if so, the yield to maturity;

   

  (t)       any
    deletion from, addition to or change in the Events of Default which applies to any Securities of the series and any change in the
    right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant
    to Section 5.02;

   

  (u)       any
    addition to or change in the covenants set forth in Article X which applies to Securities of the series or in any defined term
    used in Article X;

   

  (v)       the
    right, if any, of the Company to defer payments of interest by extending the interest payment periods and specify the duration
    of such extension, the Interest Payment Dates on which such interest shall be payable and whether and under what circumstances
    additional interest on amounts deferred shall be payable;

   

  (w)       if
    other than the Trustee, the identity of any other trustee, the Security Registrar and any Paying Agent;

   

  (x)       if
    other than as set forth in Article IV, provisions relating to the satisfaction and discharge of this Indenture;

   

  (y)       whether
    the Securities of the series will be guaranteed by any Person or Persons and, if so, the identity of such Person or Persons, the
    terms and conditions upon which such Securities shall be guaranteed and, if applicable, the terms and conditions upon which such
    guarantees may be subordinated to other indebtedness of the respective guarantors;

   

  (z)       whether
    the Securities of the series will be secured by any collateral and, if so, the terms and conditions upon which such Securities
    shall be secured and, if applicable, upon which such liens may be subordinated to other liens securing other indebtedness of the
    Company or any guarantor;

   

  (aa)     whether the Securities will be issued in
    a transaction exempt from registration under the Securities Act and any restriction or condition on the transferability of the
    Securities of such series;

   

  (bb)     the exchanges, if any, on which the Securities
    may be listed;

   

  (cc)     the terms of any right to convert or exchange
    Securities of such series into any other securities or property of the Company or of any other corporation or Person, and the additions
    or changes, if any, to this Indenture with respect to the Securities of such series to permit or facilitate such conversion or
    exchange; and

   

  (dd)     any other terms of the Securities of the
    series (which terms shall not be prohibited by 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 the Board Resolution referred to
    above and (subject to Section 3.03) set forth, or determined in the manner provided, in the Officer’s Certificate
    referred to above or in any such supplemental indenture hereto. Accordingly, the terms of any Security of a series may differ from
    the terms of other Securities of the same series, if and to the extent provided pursuant to this Section. The matters referenced
    in any or all of Clauses (a) through (dd) above may be established and set forth or determined as aforesaid with respect to all
    or any specific Securities of a series (in each case to the extent permitted by the Trust Indenture Act).

   

  
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  Any such Board Resolution or Officer’s Certificate
    referred to above with respect to Securities of any series filed with the Trustee on or before the initial issuance of the Securities
    of such series shall be incorporated herein by reference with respect to Securities of such series and shall thereafter be deemed
    to be a part of this Indenture for all purposes relating to Securities of such series as fully as if such Board Resolution or Officer’s
    Certificate were set forth herein in full.

   

  All Securities of any one series need not be issued
    at the same time and, unless otherwise provided, a series may be reopened, without the consent of the Holders, for increases in
    the aggregate principal amount of such series of Securities and issuances of additional Securities of such series or for the establishment
    of additional terms with respect to the Securities of such series.

   

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

   

  Section 3.02          Denominations.

   

  The Securities of each series shall be issuable
    only in registered form without coupons and only in such denominations as shall be specified as contemplated by Section 3.01.
    In the absence of any such specified denomination with respect to the Securities of any series, the Securities of such series shall
    be issuable in a denomination equal to $2,000 or an integral multiple of $1,000 in excess thereof.

   

  Section 3.03          Execution, Authentication, Delivery
      and Dating.

   

  The Securities shall be executed on behalf of the
    Company by its Chief Executive Officer, President, Chief Financial Officer, Chief Legal Officer, one of its Vice Presidents, its
    Treasurer, one of its Assistant Treasurers, its Secretary or one of its Assistant Secretaries (or any other officer of the Company
    designated in writing by or pursuant to authority of the Board of Directors and delivered to the Trustee from time to time). The
    signature of any of these officers on the Securities may be manual, facsimile or electronic.

   

  Securities bearing the manual, facsimile or electronic
    signatures of individuals who were at any time the proper officers of the Company shall bind the Company notwithstanding that such
    individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did
    not hold such offices at the date of such Securities.

   

  At any time and from time to time after the execution
    and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication,
    together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company
    Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have been established
    by or pursuant to one or more Board Resolutions as permitted by Sections 2.01 and 3.01, 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 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating,

   

  (a)       if
    the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 2.01, that such
    form has been established in conformity with the provisions of this Indenture;

   

  (b)       if
    the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 3.01, that
    such terms have been established in conformity with the provisions of this Indenture; and

   

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

   

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

   

  Notwithstanding the provisions of Section 3.01
    and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary,
    unless the Trustee reasonably determines otherwise, for the Company to deliver the Board Resolution, Officer’s Certificate
    or supplemental indenture otherwise required pursuant to Section 3.01 or the Company Order and Opinion of Counsel otherwise
    required pursuant to the third paragraph of this Section at or prior to the authentication of each Security of such series if such
    documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued.

   

  Each Security shall be dated the date of its authentication.

   

  No Security shall be entitled to any benefit under
    this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication
    substantially in the form provided for herein executed by the Trustee by manual, facsimile or electronic signature, and such certificate
    upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered
    hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated
    and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for
    cancellation as provided in Section 3.09, for all purposes of this Indenture such Security shall be deemed never to have
    been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.

   

  Section 3.04          Temporary Securities.

   

  Pending the preparation of definitive Securities
    of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities
    which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially
    of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions
    and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities.

   

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

   

  Section 3.05          Registration; Registration of
      Transfer and Exchange.

   

  The Company shall cause to be kept at the Corporate
    Trust Office or other designated office of the Trustee a register (the register maintained in such office being herein sometimes
    collectively, referred to as the “Security Register”) in which, subject to such reasonable regulations
    as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities entitled to registration
    or transfer as provided herein. The Trustee is hereby appointed “Security Registrar” for the purpose of registering
    Securities and transfers of Securities as herein provided. The Company may at any time replace such Security Registrar, change
    such office or agency or act as its own Security Registrar. The Company will give prompt written notice to the Trustee of any change
    of the Security Registrar or of the location of such office or agency. At all reasonable times the Security Register shall be available
    for inspection by the Trustee.

   

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

   

  At the option of the Holder, Securities of any series
    (except a Global Security) may be exchanged for other Securities of the same series, of any authorized denominations and of like
    tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities
    are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which
    the Holder making the exchange is entitled to receive.

   

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

   

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

   

  No service charge shall be made for any registration
    of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental
    charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant
    to Section 3.04, 9.06 or 11.07 not involving any transfer.

   

  If the Securities of any series (or of any series
    and specified tenor) are to be redeemed in part, neither the Company nor the Trustee shall be required (A) to issue, register the
    transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period
    beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of any such Securities selected
    for redemption under Section 11.03 and ending at the close of business on the day of such mailing, or (B) to register the
    transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security
    being redeemed in part.

   

  The provisions of Clauses (a), (b), (c) and (d)
    below shall apply only to Global Securities:

   

  (a)       Each
    Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global
    Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global
    Security shall constitute a single Security for all purposes of this Indenture.

   

  (b)       Notwithstanding
    any other provision in this Indenture, and subject to such applicable provisions, if any, as may be specified as contemplated by
    Section 3.01, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer of a Global
    Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Security or
    a nominee thereof unless (1) such Depositary has notified the Company that it is unwilling or unable to continue as Depositary
    for such Global Security or has ceased to be a clearing agency registered under the Exchange Act, and a successor Depositary is
    not appointed by the Company within 90 days after the Company’s receipt of such notice, (2) there shall have occurred and
    be continuing an Event of Default with respect to such Global Security and the Security Registrar has received a request from the
    Depositary to issue certificated securities in lieu of the Global Security, (3) the Company shall determine in its sole discretion
    that Securities of a series issued in global form shall no longer be represented by a Global Security, or (4) there shall exist
    such circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated
    by Section 3.01, then in any such case, such Global Security may be exchanged by such Depositary for definitive Securities
    of the same series, of any authorized denomination and of a like aggregate principal amount and tenor, registered in the names
    of, and the transfer of such Global Security or portion thereof may be registered to, such Persons as such Depositary shall direct.
    If the Company designates a successor Depositary pursuant to Clause (1) above, such Global Security shall promptly be exchanged
    in whole for one or more other Global Securities registered in the name of the successor Depositary, whereupon such designated
    successor shall be the Depositary for such successor Global Security or Global Securities and the provisions of Clauses (a), (b),
    (c) and (d) of this Section shall continue to apply thereto.

   

  
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  (c)       Subject
    to Clause (b) above and to such applicable provisions, if any, as may be specified as contemplated by Section 3.01, any
    exchange of a Global Security for other Securities may be made in whole or in part, and all Securities issued in exchange for a
    Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct.

   

  (d)       Every
    Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any
    portion thereof, whether pursuant to this Section, Section 3.04, 3.06, 9.06 or 11.07 or otherwise,
    shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the
    name of a Person other than the Depositary for such Global Security or a nominee thereof.

   

  Section 3.06          Mutilated, Destroyed, Lost and
      Stolen Securities.

   

  If any mutilated Security is surrendered to the
    Trustee, together with such security or indemnity as may be required by the Company or the Trustee to save each of them and any
    agent of either of them harmless, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor
    a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding
    and shall cancel and dispose of such mutilated security in accordance with its customary procedures.

   

  If there shall be delivered to the Company and the
    Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity
    as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the
    Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and the Trustee
    shall authenticate and deliver, in lieu of any such mutilated, destroyed, lost or stolen Security, a new Security of the same series
    and of like tenor and principal amount and bearing a number not contemporaneously Outstanding. If, after the delivery of such new
    Security, a bona fide purchaser of the original Security in lieu of which such new Security was issued presents for payment or
    registration such original Security, the Trustee shall be entitled to recover such new Security from the party to whom it was delivered
    or any party taking therefrom, except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided
    therefor to the extent of any loss, damage, cost or expense incurred by the Company and the Trustee in connection therewith.

   

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

   

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

   

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

   

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

   

  Section 3.07          Payment of Interest; Interest
      Rights Preserved.

   

  Except as otherwise provided as contemplated by
    Section 3.01 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid
    or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor
    Securities) is registered at the close of business on the Regular Record Date for such interest.

   

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

   

  (a)       The
    Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their
    respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted
    Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted
    Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company
    shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted
    Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such
    money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided.
    Thereupon the Company shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15
    days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee
    of the notice of the proposed payment. The Trustee shall, in the name and at the expense of the Company, cause notice of the proposed
    payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities of such series
    in the manner set forth in Section 1.06, not less than 10 days prior to such Special Record Date. Notice of the proposed
    payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be
    paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at
    the close of business on such Special Record Date and shall no longer be payable pursuant to the following Clause (b).

   

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

   

  Subject to the foregoing provisions of this Section
    and Section 3.05, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in
    lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other
    Security.

   

  For each series of Securities, the Company shall,
    prior to Noon, New York City time, on each payment date for principal and premium, if any, and interest, if any, deposit with the
    Trustee money in immediately available funds sufficient to make cash payments due on the applicable payment date.

   

  In the case of any Security which is converted after
    any Regular Record Date and on or prior to the next succeeding Interest Payment Date (other than any Security whose Maturity is
    prior to such Interest Payment Date), interest whose Stated Maturity is on such Interest Payment Date shall be payable on such
    Interest Payment Date notwithstanding such conversion, and such interest (whether or not punctually paid or made available for
    payment) shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close
    of business on such Regular Record Date. Except as otherwise expressly provided in the immediately preceding sentence, in the case
    of any Security which is converted, interest whose Stated Maturity is after the date of conversion of such Security shall not be
    payable. Notwithstanding the foregoing, the terms of any Security that may be converted may provide that the provisions of this
    paragraph do not apply, or apply with such additions, changes or omissions as may be provided thereby, to such Security.

   

  
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  Section 3.08          Persons Deemed Owners.

   

  Except as otherwise contemplated by Section 3.01
    with respect to any series of Securities, prior to due presentment of a Security for registration of transfer, the Company, the
    Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered as the owner
    of such Security for the purpose of receiving payment of principal of and any premium and (subject to Sections 3.05 and
    3.07) any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and
    neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

   

  No holder of any beneficial interest in any Global
    Security held on its behalf by a Depositary shall have any rights under this Indenture with respect to such Global Security, and
    such Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the owner of such Global
    Security for all purposes whatsoever. None of the Company, the Trustee nor any agent of the Company or the Trustee will have any
    responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests
    of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

   

  Section 3.09          Cancellation.

   

  All Securities surrendered for payment, redemption,
    registration of transfer or exchange or conversion or for credit against any sinking fund payment shall, if surrendered to any
    Person other than the Trustee, be delivered to the Trustee and, if not already cancelled, shall be promptly cancelled by it. The
    Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder
    which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery
    to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and
    all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be authenticated in lieu of or in exchange
    for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Securities
    held by the Trustee shall be disposed of in accordance with its customary procedures as directed by a Company Order, and the Trustee
    shall thereafter deliver to the Company a certificate with respect to such disposition.

   

  Section 3.10          Computation of Interest.

   

  Except as otherwise specified as contemplated by
    Section 3.01 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a
    360-day year of twelve 30-day months.

   

  Section 3.11          CUSIP Numbers

   

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

   

  
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  Article
      IV SATISFACTION AND DISCHARGE

   

  Section 4.01          Satisfaction and Discharge of
      Indenture.

   

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

   

  (a)           either

   

  (1)           all such
    Securities theretofore authenticated and delivered (other than (i) such Securities which have been mutilated, destroyed, lost or
    stolen and which have been replaced or paid as provided in Section 3.06 and (ii) such Securities for whose payment money has theretofore
    been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from
    such trust, as provided in Section 10.03) have been delivered to the Trustee cancelled or for cancellation; or

   

  (2)           all such
    Securities not theretofore delivered to the Trustee as cancelled or for cancellation

   

  (i)         have
    become due and payable, or

   

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

   

  (iii)       are
    to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
    by the Trustee in the name, and at the expense, of the Company, and the Company in the case of (i), (ii) or (iii) above, has deposited
    or caused to be deposited with the Trustee, as trust funds in trust for such purpose, an amount of money in the currency or currency
    units in which such Securities are payable sufficient to pay and discharge the entire indebtedness on such Securities not theretofore
    delivered to the Trustee as cancelled or for cancellation, for principal and any premium and interest to the date of such deposit
    (in the case of such Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may
    be;

   

  (b)           the
    Company has paid or caused to be paid, or otherwise made provision for the payment of, all other sums payable hereunder by the
    Company with respect to such Securities; and

   

  (c)           the
    Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each stating that all conditions
    precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to such Securities have
    been complied with.

   

  Notwithstanding the satisfaction and discharge of
    this Indenture with respect to Securities of any series, the obligations of the Company to the Trustee under Section 6.07,
    the obligations of the Trustee to any Authenticating Agent under Section 6.14 and the right of the Trustee to resign under
    Section 6.10 shall survive, and, if money shall have been deposited with the Trustee pursuant to subclause (2) of Clause
    (a) of this Section, the obligations of the Trustee under Section 4.02 and the last paragraph of Section 10.03 shall
    survive such satisfaction and discharge.

   

  Section 4.02          Application of Trust Money.

   

  Subject to the provisions of the last paragraph
    of Section 10.03, all money deposited with the Trustee pursuant to Section 4.01 shall be held in trust and applied
    by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying
    Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of
    the principal and any premium and interest for whose payment such money has been deposited with the Trustee. All money deposited
    with the Trustee pursuant to Section 4.01 (and held by it or any Paying Agent) for the payment of such Securities subsequently
    converted into other property shall be returned to the Company upon Company Request. The Company may direct by a Company Order
    the investment of any money deposited with the Trustee pursuant to Section 4.01, without distinction between principal and
    income, in (1) United States Treasury Securities with a maturity of one year or less or (2) a money market fund that invests solely
    in short term United States Treasury Securities (including money market funds for which the Trustee or an affiliate of the Trustee
    serves as investment advisor, administrator, shareholder, servicing agent and/or custodian or sub-custodian, notwithstanding that
    (a) the Trustee charges and collects fees and expenses from such funds for services rendered and (b) the Trustee charges and collects
    fees and expenses for services rendered pursuant to this Indenture at any time), and from time to time the Company may direct the
    reinvestment of all or a portion of such money in other securities or funds meeting the criteria specified in Clause (1) or (2)
    of this Section.

   

  
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  Article
      V REMEDIES

   

  Section 5.01          Events of Default.

   

  Except as may otherwise be provided pursuant to
    Section 3.01 for Securities of any series, an “Event of Default”, wherever used herein or in a Security
    issued hereunder with respect to Securities of any series, means any one of the following events (whatever the reason for such
    Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
    decree or order of any court or any order, rule or regulation of any administrative or governmental body):

   

  (a)       default
    in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such default
    for a period of 30 days; or

   

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

   

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

   

  (d)       default
    in the performance, or breach, of any covenant of the Company in this Indenture (other than a default in the performance or the
    breach of a covenant which is specifically dealt with elsewhere in this Section or which has expressly been included in this Indenture
    solely for the benefit of series of Securities other than that series), and continuance of such default or breach for a period
    of 90 days after there has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least
    25% in aggregate principal amount of the Outstanding Securities of that series a written notice specifying such default or breach
    and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

   

  (e)       the
    entry by a court having jurisdiction in the premises of (1) a decree or order for relief in respect of the Company in an involuntary
    case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (2) a decree
    or order adjudging the Company bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement,
    adjustment or composition of or in respect of the Company under any applicable Federal or State law, or appointing a custodian,
    receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its
    property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief
    or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or

   

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

   

  
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  (g)          any
    other Event of Default provided as contemplated by Section 3.01 with respect to Securities of that series.

   

  Section 5.02          Acceleration of Maturity; Rescission
      and Annulment.

   

  If an Event of Default (other than an Event of Default
    specified in Section 5.01(e) or 5.01(f)) with respect to Securities of any series at the time Outstanding occurs
    and is continuing, then in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the
    Outstanding Securities of that series may declare the principal amount of all the Securities of that series (or, if any Securities
    of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified
    by the terms thereof) to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by
    Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable. If
    an Event of Default specified in Section 5.01(e) or 5.01(f) with respect to Securities of any series at the time
    Outstanding occurs, the principal amount of all the Securities of that series (or, if any Securities of that series are Original
    Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof) shall
    automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and
    payable. Upon payment of such amount, all obligations of the Company in respect of the payment of principal and interest of the
    Securities of such series shall terminate.

   

  Except as may otherwise be provided pursuant to
    Section 3.01 for all or any specific Securities of any series, at any time after such a declaration of acceleration with respect
    to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the
    Trustee as hereinafter in this Article provided, the Holders of a majority in aggregate principal amount of the Outstanding Securities
    of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if

   

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

   

  (1)       overdue
    interest on all Securities of that series,

   

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

   

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

   

  (4)       all sums
    paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
    its agents and counsel; and

   

  (b)          all
    Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that
    series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13.

   

  No such rescission shall affect any subsequent default
    or impair any right consequent thereon.

   

  Section 5.03          Collection of Indebtedness and
      Suits for Enforcement by Trustee.

   

  The Company covenants that if

   

  (a)          default
    is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for
    a period of 30 days, or

   

  
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  (b)       default
    is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof, then the Company will,
    upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of such Securities, the whole amount then due and
    payable on such Securities for principal and any premium and interest and, to the extent that payment of such interest shall be
    legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed
    therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses
    of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

   

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

   

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

   

  Section 5.04          Trustee May File Proofs of Claim.

   

  In case of any judicial proceeding relative to the
    Company (or any other obligor upon the Securities), its property or its creditors, the Trustee (irrespective of whether the principal
    of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether
    the Trustee shall have made any demand for overdue principal or interest) shall be entitled and empowered, by intervention in such
    proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders
    and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys
    or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee,
    trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder
    to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to
    the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the
    Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.07.

   

  No provision of this Indenture shall be deemed to
    authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
    adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect
    of the claim of any Holder in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders, vote for
    the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee.

   

  Section 5.05          Trustee May Enforce Claims Without
      Possession of Securities.

   

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

   

  Section 5.06          Application of Money Collected.

   

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

   

  
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  First: To the payment of all amounts due the Trustee
    under Section 6.07;

   

  Second: To the payment of the amounts then due and
    unpaid for principal of and any premium and interest on the Securities in respect of which or for the benefit of which such money
    has been collected, ratably, without preference or priority of any kind (other than contractual subordination agreements pursuant
    to the Indenture), according to the amounts due and payable on such Securities for principal and any premium and interest, respectively;
    and

   

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

   

  Section 5.07          Limitation on Suits.

   

  No Holder of any Security of any series shall have
    any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver,
    assignee, trustee, liquidator or sequestrator (or similar official) or for any other remedy hereunder, unless

   

  (a)       such
    Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that
    series;

   

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

   

  (c)       such
    Holder or Holders have offered, and if requested, provided to the Trustee reasonable security or indemnity against the costs, expenses
    and liabilities to be incurred in compliance with such request;

   

  (d)       the
    Trustee for 60 days after its receipt of such notice, request and offer and, if requested, provision of security or indemnity,
    has failed to institute any such proceeding; and

   

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

   

  Section 5.08          Unconditional Right of Holders
      to Receive Principal Premium and Interest and to Convert Securities.

   

  Notwithstanding any other provision in this Indenture,
    the Holder of any Security shall have the right, which is absolute and unconditional to receive payment of the principal of and
    any premium and (subject to Sections 3.05 and 3.07) interest on such Security on the respective Stated Maturities
    expressed in such Security (or, in the case of redemption, on the Redemption Date or, if the terms of such Security so provide,
    to convert such Security in accordance with its terms) and to institute suit for the enforcement of any such payment and, if applicable,
    any such right to convert, and such rights shall not be impaired without the consent of such Holder.

   

  Section 5.09          Restoration of Rights and Remedies.

   

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

   

  
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  Section 5.10          Rights and Remedies Cumulative.

   

  Except as otherwise provided with respect to the
    replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.06, no right
    or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
    remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
    remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
    or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

   

  Section 5.11          Delay or Omission Not Waiver.

   

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

   

  Section 5.12          Control by Holders.

   

  Subject to Section 6.03, the Holders of not
    less than a majority in aggregate principal amount of the Outstanding Securities of any series shall have the right to direct the
    time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
    on the Trustee, with respect to the Securities of such series, provided that:

   

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

   

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

   

  Section 5.13          Waiver of Past Defaults.

   

  The Holders of not less than a majority in aggregate
    principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series
    waive any past default hereunder with respect to such series and its consequences, except a default

   

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

   

  (b)       in
    respect of a covenant or provision hereof which under Article IX cannot be modified or amended without the consent of the Holder
    of each Outstanding Security of such series affected.

   

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

   

  Section 5.14          Undertaking for Costs.

   

  In any suit for the enforcement of any right or
    remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court
    may require any party litigant in such suit to file an undertaking to pay the costs of such suit (including the reasonable compensation,
    expenses and disbursements of its agents and counsel), and may assess reasonable costs against any such party litigant, in the
    manner and to the extent provided in the Trust Indenture Act; provided that neither this Section nor the Trust Indenture Act shall
    be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Company
    or the Trustee, a suit by a Holder under Section 5.08, or a suit by Holders of more than 10% in aggregate principal amount of the
    Outstanding Securities.

   

  
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  Section 5.15          Waiver of Usury, Stay or Extension
      Laws.

   

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

   

  Article
      VI THE TRUSTEE

   

  Section 6.01          Certain Duties and Responsibilities.

   

  (a)           Except
    during the continuance of an Event of Default with respect to any series of Securities,

   

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

   

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

   

  (b)           In
    case an Event of Default with respect to any series of Securities has occurred and is continuing, the Trustee shall exercise with
    respect to the Securities of such series such of the rights and powers vested in it by this Indenture, and use the same degree
    of care and skill in their exercise, as a prudent man would exercise under the circumstances in the conduct of his own affairs.

   

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

   

  (1)       this
    Subsection shall not be construed to limit the effect of Subsection (a) of this Section;

   

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

   

  (3)       the Trustee
    shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction
    of the Holders of a majority in aggregate principal amount of the Outstanding Securities of any Series relating to the time, method
    and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon
    the Trustee, under this Indenture with respect to the Securities of such series; and

   

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

   

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

   

  Section 6.02          Notice of Defaults.

   

  Within 90 days after the occurrence, and during
    the continuance, of any default with respect to the Securities of any series which is known to the Trustee, the Trustee shall transmit,
    in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, notice of all such uncured or unwaived defaults;
    provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on
    Securities of any series or in the payment of any sinking or purchase fund installment with respect to such Securities, 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 and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests
    of the Holders of Securities of such series; and provided, further, however, that in the case of any default of the character specified
    in Section 5.01(d) with respect to the Securities of such series, no such notice to Holders of Securities shall be given
    until at least 60 days after the occurrence thereof. For the purpose of this Section, the term “default” means any
    event which is, or after notice or lapse of time or both would become, an Event of Default.

   

  Section 6.03          Certain Rights of Trustee.

   

  Subject to the provisions of Section 6.01:

   

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

   

  (b)       any
    request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company
    Order, and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution;

   

  (c)       whenever
    in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
    suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence
    of bad faith on its part, rely upon an Officer’s Certificate;

   

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

   

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

   

  (f)       the
    Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
    instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
    or other paper or document, but the Trustee, in its discretion, may, without obligation to do so, make such further inquiry or
    investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
    investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney;

   

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

   

  (h)       the
    rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
    are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and to its agents;

   

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

   

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

   

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

   

  (l)       the
    Trustee shall not be deemed to have notice of any Default or Event of Default unless written notice of any event which is in fact
    such a default shall have been received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, and
    such notice references the Securities and this Indenture; and

   

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

   

  Section 6.04          Not Responsible for Recitals
      or Issuance of Securities.

   

  The recitals contained herein and in the Securities,
    except the Trustee’s certificates of authentication, shall be taken as the statements of the Company and neither the Trustee
    nor any Authenticating Agent assumes any responsibility for their correctness. Neither the Trustee nor any Authenticating Agent
    makes any representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor any
    Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof.

   

  Section 6.05          May Hold Securities.

   

  The Trustee, any Authenticating Agent, any Paying
    Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner
    or pledgee of Securities and, subject to Sections 6.08 and 6.13, may otherwise deal with the Company with the same
    rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.

   

  Section 6.06          Money Held in Trust.

   

  Money held by the Trustee in trust hereunder need
    not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on
    any money received by it hereunder except as otherwise agreed with the Company.

   

  
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  Section 6.07          Compensation and Reimbursement.

   

  The Company agrees:

   

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

   

  (2)       except
    as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and
    advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
    and the reasonable expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may
    be attributable to its own negligence or willful misconduct, and the Trustee shall provide the Company reasonable notice of any
    expenditure not in the ordinary course of business; and

   

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

   

  The Trustee shall notify the Company promptly of
    any claim for which it may seek indemnity.

   

  Without limiting any rights available to the Trustee
    under applicable law, when the Trustee incurs expenses or renders services in connection with an Event of Default specified in
    Section 5.01(e) or Section 5.01(f), the expenses (including the reasonable charges and expenses of its counsel) and
    the compensation for such services are intended to constitute expenses of administration under any applicable Federal or State
    bankruptcy, insolvency, reorganization or other similar law.

   

  The provisions of this Section shall survive the
    satisfaction and discharge of this Indenture and the defeasance of the Securities.

   

  Section 6.08          Conflicting Interests.

   

  If the Trustee has or shall acquire a conflicting
    interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent
    and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted
    by the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this
    Indenture with respect to Securities of more than one series.

   

  Section 6.09          Corporate Trustee Required, Eligibility.

   

  There shall at all times be one (and only one) Trustee
    hereunder with respect to the Securities of each series, which may be Trustee hereunder for Securities of one or more other series.
    Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and
    surplus of at least $50,000,000. If any such Person publishes reports of condition at least annually, pursuant to law or to the
    requirements of its supervising or examining authority, then for the purposes of this Section and to the extent permitted by the
    Trust Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as
    set forth in its most recent report of condition so published. If at any time the Trustee with respect to the Securities of any
    series shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner
    and with the effect hereinafter specified in this Article.

   

  Section 6.10          Resignation and Removal, Appointment
      of Successor.

   

  No resignation or removal of the Trustee and no
    appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor
    Trustee in accordance with the applicable requirements of Section 6.11.

   

  
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  The Trustee may resign at any time with respect
    to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor
    Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving of such notice
    of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee
    with respect to the Securities of such series.

   

  The Trustee may be removed at any time with respect
    to the Securities of any series by Act of the Holders of a majority in aggregate principal amount of the Outstanding Securities
    of such series, by written notice delivered to the Trustee and to the Company. If an instrument of acceptance by a successor Trustee
    shall not have been delivered to the Trustee within 30 days after giving of such notice of removal, the removed Trustee may petition
    any court of competent jurisdiction for the appointment of a successor Trustee.

   

  If at any time:

   

  (a)       the
    Trustee shall fail to comply with Section 6.08 after written request therefor by the Company or by any Holder who has been
    a bona fide Holder of a Security for at least six months, or

   

  (b)       the
    Trustee shall cease to be eligible under Section 6.09 and shall fail to resign after written request therefor by the Company
    or by any such Holder, or

   

  (c)       the
    Trustee shall become incapable of acting or shall be adjudged bankrupt or insolvent or a receiver of the Trustee or of its property
    shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose
    of rehabilitation, conservation or liquidation, then, in any such case, (1) the Company by a Board Resolution may remove the Trustee
    with respect to all Securities of which such Trustee acts as trustee, or (2) subject to Section 5.14, Holders of 10% in
    aggregate principal amount of Securities of any series who have been bona fide Holders of such Securities for at least six months
    may, on behalf of themselves and all others similarly situated, petition any court of competent jurisdiction for the removal of
    the Trustee with respect to all Securities of which such Trustee acts as trustee and the appointment of a successor Trustee or
    Trustees.

   

  If the Trustee shall resign, be removed or become
    incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one
    or more series, the Company shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those
    series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all
    of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and
    shall comply with the applicable requirements of Section 6.11. If, within one year after such resignation, removal or incapability,
    or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of
    the Holders of a majority in aggregate principal amount of the Outstanding Securities of such series delivered to the Company and
    the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance
    with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of such series
    and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities
    of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section
      6.11, Holders of 10% in aggregate principal amount of Securities of any series who have been bona fide Holders of such Securities
    of such series for at least six months or the Trustee may, on behalf of themselves and all others similarly situated, petition
    any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

   

  The Company shall give notice of each resignation
    and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect
    to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 1.06. Each
    notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate
    Trust Office.

   

  
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  Section 6.11          Acceptance of Appointment by
      Successor.

   

  In case of the appointment hereunder of a successor
    Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the
    Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring
    Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with
    all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee,
    such retiring Trustee shall, upon payment of its charges and reimbursement of its expenses (including reasonable fees and expenses
    of counsel and agents), if any, to which such retiring Trustee is otherwise legally entitled, execute and deliver an instrument
    transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer
    and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.

   

  In case of the appointment hereunder of a successor
    Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor
    Trustee with respect to the Securities of one or more series shall execute and deliver a supplemental indenture hereto wherein
    each successor Trustee shall accept such appointment and which (a) shall contain such provisions as shall be necessary or desirable
    to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee
    with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (b) if the retiring
    Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable
    to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those
    series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (c) shall add
    to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the
    trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute
    such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate
    and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such
    supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein
    and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers,
    trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such
    successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer
    and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities
    of that or those series to which the appointment of such successor Trustee relates.

   

  Upon request of any such successor Trustee, the
    Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee
    all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be.

   

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

   

  Section 6.12          Merger, Conversion, Consolidation
      or Succession to Business.

   

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

   

  
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  Section 6.13          Preferential Collection of Claims
      Against Company.

   

  If and when the Trustee shall be or become a creditor
    of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture
    Act regarding the collection of claims against the Company (or any such other obligor).

   

  Section 6.14          Appointment of Authenticating
      Agent.

   

  The Trustee may appoint an Authenticating Agent
    or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of and subject to the direction
    of the Trustee to authenticate and deliver Securities of such series issued upon original issue and upon exchange, registration
    of transfer or partial redemption thereof or pursuant to Section 3.06, and Securities so authenticated shall be entitled
    to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder.
    Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s
    certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by
    an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each
    Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under
    the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating
    Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal
    or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements
    of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating
    Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
    If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating
    Agent shall resign immediately in the manner and with the effect specified in this Section.

   

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

   

  An Authenticating Agent may resign at any time by
    giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating
    Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation
    or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the
    provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and
    shall give notice of such appointment in the manner provided in Section 1.06 to all Holders of Securities of the series
    with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment
    hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally
    named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of
    this Section.

   

  Except with respect to an Authenticating Agent appointed
    at the request of the Company, the Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation
    for its services under this Section.

   

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

   

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

   

  	 	[                     ], as Trustee
	 	By:	, as
	 	 	Authenticating Agent
	 	 	By:	 
	 	 	 	Authorized Signatory

   

  Article
      VII HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

   

  Section 7.01          Company to Furnish Trustee Names
      and Addresses of Holders.

   

  The Company will furnish or cause to be furnished
    to the Trustee:

   

  (a)       semi-annually,
    not more than 15 days after each Regular Record Date, a list for each series of Securities, in such form as the Trustee may reasonably
    require, of the names and addresses of the Holders of Securities of such series as of such Regular Record Date, and

   

  (b)       at
    such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a
    list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, however,
    that if and so long as the Trustee shall be the Security Registrar for the Securities of a series, no such list need be furnished
    with respect to such series of Securities.

   

  Section 7.02          Preservation of Information;
      Communications to Holders.

   

  Subject to compliance with its obligations pursuant
    to Section 312 of the Trust Indenture Act, the Trustee (i) 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 7.01 and
    the names and addresses of Holders received by the Trustee in its capacity as Security Registrar and (ii) may destroy any list
    furnished to it as provided in Section 7.01 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 the Securities, and the corresponding rights and privileges of the
    Trustee shall be as provided by the Trust Indenture Act.

   

  Every Holder of Securities, by receiving and holding
    the same, agrees with the Company and the Trustee that none of the Company, the Trustee nor any agent of any 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.

   

  Section 7.03          Reports by 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. As promptly as practicable after each May 15 beginning with the May 15 following the
    date of this Indenture, and in any event prior to July 15 in each year, the Trustee shall deliver to each Holder a brief report
    dated as of May 15 that complies with Trust Indenture Act Section 313(a). The Trustee also shall comply with Trust Indenture Act
    Section 313(b). Prior to delivery to the Holders, the Trustee shall deliver to the Company a copy of any report it delivers to
    Holders pursuant to this Section.

   

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

   

  
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  Section 7.04          Reports by Company.

   

  The Company shall file with the Trustee and the
    Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof as may be required
    pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to the Trust Indenture Act; provided that
    any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange
    Act shall be filed with the Trustee within 15 days after the Company files the same with the Commission.

   

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

   

  Such information, documents, reports and summaries
    shall be deemed to have been (i) filed by the Company with the Trustee and (ii) transmitted by the Company to Holders, as the case
    may be, if the Company has filed such information, documents, reports and summaries with the Commission using the EDGAR filing
    system (or any successor filing system) and such reports are publicly available, in each case to the extent such filing with the
    EDGAR filing system (or any successor filing system) and the foregoing effect thereof, is not prohibited by the Act.

   

  Article
      VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

   

  Section 8.01          Company May Consolidate, Etc.,
      Only on Certain Terms.

   

  The Company shall not consolidate with or merge
    into any other Person or convey, transfer or lease (as lessor) its properties and assets as, or substantially as, an entirety to
    any Person, unless:

   

  (a)       (i)
    in the case of a merger, (1) the Company is the surviving or continuing Person, or (2) the Person formed by such consolidation
    or into which the Company is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and
    assets of the Company as, or substantially as, an entirety shall be a corporation or partnership (or if such Person is not a corporation
    or partnership, then the successor Person shall include any corporate co-issuer of the Securities), shall be organized and validly
    existing under the laws of the United States of America, any State thereof or the District of Columbia and shall expressly assume,
    by a supplemental indenture hereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, the
    due and punctual payment of the principal of and any premium and interest on all the Securities and the performance or observance
    of every covenant of this Indenture on the part of the Company to be performed or observed;

   

  (b)       immediately
    after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would
    become an Event of Default, shall exist; and

   

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

   

  Section 8.02          Successor Substituted.

   

  Upon any consolidation of the Company with, or merger
    of the Company into, any other Person or any conveyance, transfer or lease (as lessor) of the properties and assets of the Company
    as, or substantially as, an entirety in accordance with Section 8.01, the successor Person formed by such consolidation
    or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted
    for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person
    had been named as the Company herein, and thereafter, except in the case of a lease (where the Company is the lessor), the predecessor
    Person shall be relieved of all liabilities, obligations and covenants under this Indenture and the Securities.

   

  
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  Article
      IX SUPPLEMENTAL INDENTURES

   

  Section 9.01          Supplemental Indentures Without
      Consent of Holders.

   

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

   

  (a)       to
    evidence the succession of another Person to the Company under this Indenture and the Securities and the assumption by such successor
    of the obligations of the Company hereunder;

   

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

   

  (c)       to
    add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional
    Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default
    are expressly being included solely for the benefit of such series);

   

  (d)       to
    add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance
    of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit
    or facilitate the issuance of Securities in uncertificated form;

   

  (e)       to
    add to, change or eliminate any of the provisions of this Indenture in respect of all or any series of Securities (and if such
    addition, change or elimination is to apply to less than all series of Securities, stating that it is expressly being made to apply
    solely with respect to such series); provided that any such addition, change or elimination (1) shall neither (i) 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 (ii) modify the rights of the Holder of any such Security with respect to such provision or (2) shall become effective only
    when there is no such Security Outstanding;

   

  (f)       to
    secure the Securities or any guarantee with respect to any Securities;

   

  (g)       to
    establish the form or terms of Securities of any series hereunder;

   

  (h)       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 6.11;

   

  (i)       to
    cure any ambiguity or to correct or supplement any provision herein which may be defective or inconsistent with any other provision
    herein;

   

  (j)       to
    make any other provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant
    to this Clause (j) shall not adversely affect the interests of the Holders of any Securities of any Outstanding series in any material
    respect;

   

  (k)       to
    add one or more guarantors with respect to the Securities as parties to this Indenture or to release guarantors in accordance with
    the provisions of any supplemental indenture;

   

  (l)       to
    qualify this Indenture under the Trust Indenture Act;

   

  
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  (m)       to
    supplement any provisions of this Indenture necessary to permit or facilitate the defeasance and discharge of any series of Securities;
    provided that such action does not adversely affect the interests of the Holders of Securities of such series or any other series;

   

  (n)       to
    comply with the rules or regulations of any securities exchange or automated quotation system on which any of the Securities may
    be listed or traded;

   

  (o)       to
    comply with the rules of any applicable Depositary;

   

  (p)       subject
    to any limitations established pursuant to Section 3.01, to provide for the issuance of additional Securities of any series;
    or

   

  (q)       to
    conform any provision of this Indenture, any supplemental indenture, one or more series of Securities or any related guarantees
    or security documents, if any, to the description of such Securities contained in the Company’s prospectus, prospectus supplement,
    offering memorandum or similar document with respect to the offering of the Securities of such series.

   

  Section 9.02          Supplemental Indentures With
      Consent of Holders.

   

  With the consent of the Holders of not less than
    a majority in aggregate principal amount of the Outstanding Securities of each series affected by such supplemental indenture (including
    consents obtained in connection with a tender offer or exchange for Securities), by Act of said Holders delivered to the Company
    and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures
    supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions
    of, this Indenture, or modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided,
    however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security of such
    series affected thereby:

   

  (a)       change
    the Stated Maturity of the principal of, or any installment of principal of or interest, if any, on, any Security, or reduce the
    principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount
    of the principal of an Original Issue Discount Security or any other Security which would be due and payable upon a declaration
    of acceleration of the Maturity thereof pursuant to Section 5.02, or change the Company’s obligation to maintain an
    office or agency for payment of Securities and the other matters specified herein, or the coin or currency in which any Security
    is payable, or impair the right of any Holder to institute suit for the enforcement of any such payment on or after the Stated
    Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or alter the method of computation of interest;

   

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

   

  (c)       modify
    any of the provisions of this Section, Section 5.13 and Section 10.06 except to increase any such percentage or to
    provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each
    Outstanding Security affected thereby; provided, however, that this Clause shall not be deemed to require the consent of any Holder
    with respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 10.06,
    or the deletion of this proviso, in accordance with the requirements of Sections 6.11 and 9.01(h); or

   

  (d)       if
    the Securities of any series are convertible into or for any other securities or property of the Company, make any change that
    adversely affects in any material respect the right to convert any Security of such series (except as permitted by Section 9.01)
    or decrease the conversion rate or increase the conversion price of any such Security of such series, unless such decrease or increase
    is permitted by the terms of such Security.

   

  
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  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.

   

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

   

  Section 9.03          Execution of Supplemental Indentures.

   

  In executing, or accepting the additional trusts
    created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture,
    the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Officer’s
    Certificate and Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this
    Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s
    own rights, duties or immunities under this Indenture or otherwise.

   

  Section 9.04          Effect of Supplemental Indentures.

   

  Upon the execution of any supplemental indenture
    under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part
    of this Indenture, for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder
    shall be bound thereby.

   

  Section 9.05          Conformity with Trust Indenture
      Act.

   

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

   

  Section 9.06          Reference in Securities to Supplemental
      Indentures.

   

  Securities of any series authenticated and delivered
    after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation
    in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine,
    new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental
    indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding
    Securities of such series. Failure to make a notation or issue a new Security shall not affect the validity and effect of any amendment,
    supplement or waiver.

   

  Article
      X COVENANTS

   

  Section 10.01          Payment of Principal, Premium
      and Interest.

   

  The Company covenants and agrees for the benefit
    of each series of Securities that it will duly and punctually pay the principal of and premium, if any, and interest on the Securities
    of that series in accordance with the terms of the Securities and this Indenture. Principal, premium, if any, and interest will
    be considered paid on the date due if the Trustee or Paying Agent, if other than the Company or a Subsidiary thereof, holds as
    of Noon, New York City time, on the due date, money deposited by the Company in immediately available funds and designated for
    and sufficient to pay all principal, premium, if any, and interest on the Notes then due.

   

  Notwithstanding anything to the contrary contained
    in this Indenture, the Company or the Paying Agent may, to the extent it is required to do so by law, deduct or withhold income
    or other similar taxes imposed by the United States of America or other domestic or foreign taxing authorities from principal or
    interest payments hereunder.

   

  
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  Section 10.02          Maintenance of Office or Agency.

   

  The Company will maintain in each Place of Payment
    for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment, where
    Securities of that series may be surrendered for registration of transfer or exchange, where Securities may be surrendered for
    conversion, and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture
    may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such
    office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish
    the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate
    Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders,
    notices and demands.

   

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

   

  Except as otherwise specified with respect to a
    series of Securities as contemplated by Section 3.01, the Company hereby initially designates as the Place of Payment for
    each series of Securities The City of New York, and initially appoints the Trustee as Paying Agent at its Corporate Trust Office
    as the Company’s office or agency for each such purpose in such city; provided that with respect to a Global Security, and
    except as may otherwise be specified for such Global Security as contemplated by Section 3.01, any payment, presentation,
    surrender of delivery effected pursuant to the Applicable Procedures of the Depositary for such Global Security shall be deemed
    to have been effected at the Place of Payment for such Global Securities in accordance with the provisions of this Indenture.

   

  Section 10.03          Money for Securities Payments
      to Be Held in Trust.

   

  If the Company shall at any time act as its own
    Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or any premium or
    interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a
    sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons
    or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act.

   

  Whenever the Company shall have one or more Paying
    Agents for any series of Securities, it will, on or prior to Noon, New York City time, on each due date of the principal of or
    any premium or interest on any Securities of that series, deposit (or, if the Company has deposited any trust funds with a trustee
    pursuant to Section 13.04(a), cause such trustee to deposit) with a Paying Agent a sum sufficient to pay such amount, such
    sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly
    notify the Trustee of its action or failure so to act.

   

  The Company will cause each Paying Agent for any
    series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall
    agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) hold all sums held by it for
    the payment of the principal of (and premium, if any) or interest, if any, on Securities of that series in trust for the benefit
    of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; (2)
    give the Trustee notice of any default by the Company (or any other obligor upon the Securities of that series) in the making of
    any payment of principal (and premium, if any) or interest, if any, on the Securities of that series; and (3) during the continuance
    of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying
    Agent for payment in respect of the Securities of that series.

   

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

   

  
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  Subject to any applicable abandoned property law,
    any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal
    of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium
    or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall
    be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to
    the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all
    liability of the Company as trustee thereof, shall thereupon cease.

   

  Section 10.04          Statement by Officers as to
      Default.

   

  The Company will deliver to the Trustee, within
    120 days after the end of each of its fiscal years ending after the date hereof, an Officer’s Certificate, stating whether
    or not to the best knowledge of the signer thereof the Company is in default in the performance and observance of any of the terms,
    provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder)
    and, if the Company shall be in default, specifying all such defaults and the nature and status thereof of which they may have
    knowledge.

   

  Section 10.05          Existence.

   

  Subject to Article VIII, the Company will
    do or cause to be done all things necessary to preserve and keep in full force and effect its corporate (or equivalent) existence.

   

  Section 10.06          Waiver of Certain Covenants.

   

  Except as otherwise specified as contemplated by
    Section 3.01 for Securities of such series, the Company may, with respect to the Securities of any series, omit in any particular
    instance to comply with any term, provision or condition set forth in any covenant provided pursuant to Section 3.01(u),
    9.01(b) or 9.01(g) for the benefit of the Holders of such series or in Article VIII or Sections 10.04
    or 10.05, if before the time for such compliance the Holders of at least a majority in aggregate principal amount of the
    Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally
    waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition
    except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the
    duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect.

   

  Article
      XI REDEMPTION OF SECURITIES

   

  Section 11.01          Applicability of Article.

   

  Securities of any series which are redeemable before
    their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by
    Section 3.01 for such Securities) in accordance with this Article.

   

  Section 11.02          Election to Redeem; Notice to
      Trustee.

   

  The election of the Company to redeem any Securities
    shall be established in or pursuant to a Board Resolution or an Officer’s Certificate or in another manner specified as contemplated
    by Section 3.01 for such Securities. In case of any redemption at the election of the Company of the Securities of any series
    (including any such redemption affecting only a single Security), the Company shall, not less than 35 days prior to the Redemption
    Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption
    Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to
    be redeemed. In the case of any redemption of Securities (a) prior to the expiration of any restriction on such redemption provided
    in the terms of such Securities or elsewhere in this Indenture, or (b) pursuant to an election of the Company which is subject
    to a condition specified in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee
    with an Officer’s Certificate evidencing compliance with such restriction or condition.

   

  
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  Section 11.03          Selection by Trustee of Securities
      to Be Redeemed.

   

  If less than all the Securities of any series are
    to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed or unless such redemption
    affects only a single Security), the particular Securities to be redeemed shall be selected not more than 45 days prior to the
    Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by such method
    as the Trustee shall deem fair and appropriate and which complies with any securities exchange or other Applicable Procedures;
    provided that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination (which shall
    not be less than the minimum authorized denomination) for such Security. If less than all the Securities of such series and of
    a specified tenor are to be redeemed (unless such redemption affects only a single Security), the particular Securities to be redeemed
    shall be selected not more than 45 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series
    and specified tenor not previously called for redemption in accordance with the preceding sentence.

   

  If any Security selected for partial redemption
    is converted in part before termination of the conversion right with respect to the portion of the Security so selected, the converted
    portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities which have been
    converted during a selection of securities to be redeemed shall be treated by the Trustee as Outstanding for the purpose of such
    selection.

   

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

   

  The provisions of the three preceding paragraphs
    shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole
    or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be
    in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security.

   

  For all purposes of this Indenture, unless the context
    otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed
    or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.
    If the Company shall so direct, Securities registered in the name of the Company, any Affiliate or any Subsidiary thereof shall
    not be included in the Securities selected for redemption.

   

  Section 11.04          Notice of Redemption.

   

  Unless specified otherwise in a supplemental indenture
    or Officer’s Certificate, notice of redemption shall be given by first-class mail, postage prepaid, mailed or otherwise in
    accordance with the Applicable Procedures not less than 10 nor more than 60 days prior to the Redemption Date (or within such period
    as otherwise specified as contemplated by Section 3.01 for the relevant Securities), to each Holder of Securities to be
    redeemed, at such Holder’s address appearing in the Security Register.

   

  All notices of redemption shall identify the Securities
    to be redeemed (including CUSIP numbers, if any) and shall state:

   

  (a)       the
    Redemption Date;

   

  (b)       the
    Redemption Price (or the method of calculating such price);

   

  (c)       if
    less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the identification
    (and, in the case of partial redemption of any such Securities, the principal amounts) of the particular Securities to be redeemed
    and, if less than all the Outstanding Securities of any series consisting of a single Security are to be redeemed, the principal
    amount of the particular Security to be redeemed;

   

  
    41

    
      

    

  

   

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

   

  (e)       the
    place or places where each such Security is to be surrendered for payment of the Redemption Price;

   

  (f)       that
    the redemption is for a sinking fund, if such is the case; and

   

  (g)       for
    any Securities that by their terms may be converted, the terms of conversion, the date on which the right to convert the Security
    to be redeemed will terminate and the place or places where such Securities may be surrendered for conversion.

   

  Notice of redemption of Securities to be redeemed
    at the election of the Company shall be given by the Company or, at the Company’s request (which may be rescinded or revoked
    at any time prior the time at which the Trustee shall have given such notice to the Holders), by the Trustee in the name and at
    the expense of the Company. The notice, if sent in the manner herein provided, shall be conclusively presumed to have been given,
    whether or not the Holder receives such notice. In any case, failure to give such notice by mail or otherwise in accordance with
    the Applicable Procedures or any defect in the notice to the Holder of any Security designated for redemption as a whole or in
    part shall not affect the validity of the proceedings for the redemption of any other Securities.

   

  Section 11.05          Deposit of Redemption Price.

   

  On or prior to Noon, New York City time, on any
    Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
    Agent, segregate and hold in trust as provided in Section 10.03) an amount of money sufficient to pay the Redemption Price
    of, and (except if the Redemption Date shall be an Interest Payment Date or the Securities of the series provide otherwise) accrued
    interest on, all the Securities which are to be redeemed on that date, other than Securities or portions of Securities called for
    redemption which are owned by the Company or a Subsidiary and have been delivered by the Company or such Subsidiary to the Trustee
    for cancellation. All money, if any, earned on funds held by the Paying Agent shall be remitted to the Company. In addition, the
    Paying Agent shall promptly return to the Company any money deposited with the Paying Agent by the Company in excess of the amounts
    necessary to pay the Redemption Price of, and accrued interest, if any, on, all Securities to be redeemed.

   

  If any Security called for redemption is converted,
    any money deposited with the Trustee or with any Paying Agent or so segregated and held in trust for the redemption of such Security
    shall (subject to any right of the Holder of such Security or any Predecessor Security to receive interest as provided in the last
    paragraph of Section 3.07 or in the terms of such Security) be paid to the Company upon Company Request or, if then held
    by the Company, shall be discharged from such trust.

   

  Section 11.06          Securities Payable on Redemption
      Date.

   

  Notice of redemption having been given as aforesaid,
    the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified,
    and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such
    Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such
    Security shall be paid by the Company at the Redemption Price, together, if applicable, with accrued interest to the Redemption
    Date; provided, however, that, unless otherwise specified as contemplated by Section 3.01, installments of interest whose
    Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor
    Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions
    of Section 3.07; provided further that, unless otherwise specified as contemplated by Section 3.01, if the Redemption
    Date is after a Regular Record Date and on or prior to the Interest Payment Date, the accrued and unpaid interest shall be payable
    to the Holder of the redeemed Securities registered on the relevant Regular Record Date.

   

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

   

  Section 11.07          Securities Redeemed in Part.

   

  Any Security which is to be redeemed only in part
    shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a
    written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such
    Holder’s attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver
    to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any
    authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed
    portion of the principal of the Security so surrendered.

   

  Article
      XII SINKING FUNDS

   

  Section 12.01          Applicability of Article.

   

  The provisions of this Article shall be applicable
    to any sinking fund for the retirement of Securities of any series except as otherwise specified as contemplated by Section
      3.01 for such Securities.

   

  The minimum amount of any sinking fund payment provided
    for by the terms of any series of Securities 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 such Securities is herein referred to as an “optional sinking
    fund payment”. If provided for by the terms of any series of Securities, the cash amount of any sinking fund payment may
    be subject to reduction as provided in Section 12.02. Each sinking fund payment shall be applied to the redemption of Securities
    of the series as provided for by the terms of such Securities.

   

  Section 12.02          Satisfaction of Sinking Fund
      Payments with Securities.

   

  The Company (a) may deliver Outstanding Securities
    of a series (other than any previously called for redemption) and (b) may apply as a credit Securities of a series which have been
    redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted
    optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any
    sinking fund payment with respect to any Securities of such series required to be made pursuant to the terms of such Securities
    as and to the extent provided for by the terms of such Securities; provided that the Securities to be so credited have not been
    previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee at the
    Redemption Price, as specified in the Securities so to be redeemed, for redemption through operation of the sinking fund and the
    amount of such sinking fund payment shall be reduced accordingly.

   

  Section 12.03          Redemption of Securities for
      Sinking Fund.

   

  Not less than 45 days (or shorter period as shall
    be satisfactory to the Trustee) prior to each sinking fund payment date for any Securities, the Company will deliver to the Trustee
    an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the
    terms of such Securities, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if
    any, which is to be satisfied by delivering and crediting Securities pursuant to Section 12.02 and will also deliver to
    the Trustee any Securities to be so delivered. Not less than 30 days prior to each such sinking fund payment date, the Trustee
    shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.03
    and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided
    in Section 11.04. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and
    in the manner stated in Sections 11.06 and 11.07.

   

  
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  Article
      XIII DEFEASANCE AND COVENANT DEFEASANCE

   

  Section 13.01          Company’s Option to Effect
      Defeasance or Covenant Defeasance.

   

  The Company may elect, at its option at any time,
    to have Section 13.02 or Section 13.03 apply to any Securities or any series of Securities, as the case may be, designated
    pursuant to Section 3.01 as being defeasible pursuant to such Section 13.02 or 13.03, in accordance with any
    applicable requirements provided pursuant to Section 3.01 and upon compliance with the conditions set forth below in this
    Article. Any such election shall be evidenced by a Board Resolution, Officer’s Certificate or in another manner specified
    as contemplated by Section 3.01 for such Securities.

   

  Section 13.02          Defeasance and Discharge.

   

  Upon the Company’s exercise of its option
    (if any) to have this Section apply to any Securities or any series of Securities, as the case may be, the Company shall be deemed
    to have been discharged from its obligations with respect to such Securities as provided in this Section on and after the date
    the conditions set forth in Section 13.04 are satisfied (hereinafter called “Defeasance”). For
    this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented
    by such Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities
    are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject
    to the following which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of such Securities
    to receive, solely from the trust fund described in Section 13.04 and as more fully set forth in Section 13.05, payments
    in respect of the principal of and any premium and interest on such Securities when payments are due, (b) the Company’s obligations
    with respect to such Securities under Sections 3.04, 3.05, 3.06, 10.02 and 10.03, (c) the rights,
    powers, trusts, duties and immunities of the Trustee hereunder and (d) this Article. Subject to compliance with this Article, the
    Company may exercise its option (if any) to have this Section applied to any Securities notwithstanding the prior exercise of its
    option (if any) to have Section 13.03 applied to such Securities.

   

  Section 13.03          Covenant Defeasance.

   

  Upon the Company’s exercise of its option
    (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, (a) the Company shall
    be released from its obligations under Sections 7.04, 8.01, 10.04, 10.05 and any covenants provided
    pursuant to Section 3.01(u), 9.01(b) or 9.01(g) for the benefit of the Holders of such Securities and (b)
    the occurrence of any event specified in Section 5.01(d) or 5.01(g) shall be deemed not to be or result in an Event
    of Default, in each case with respect to such Securities as provided in this Section on and after the date the conditions set forth
    in Section 13.04 are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such
    Covenant Defeasance means that, with respect to such Securities, the Company may omit to comply with and shall have no liability
    in respect of any term, condition or limitation set forth in any such specified Section, whether directly or indirectly by reason
    of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision
    herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby.

   

  
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  Section 13.04          Conditions to Defeasance or
      Covenant Defeasance.

   

  The following shall be the conditions to the application
    of Section 13.02 or 13.03 to any Securities or any series of Securities, as the case may be:

   

  (a)       The
    Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee which satisfies the requirements
    contemplated by Section 6.09 and agrees to comply with the provisions of this Article applicable to it) as trust funds in
    trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefits
    of the Holders of such Securities, (A) money in an amount, or (B) in the case of any series of Securities the payment on which
    may only be made in legal coin or currency of the United States, U.S. Government Obligations which through the scheduled payment
    of principal and interest in respect thereof in accordance with their terms will provide, not later than Noon, New York City time,
    on the due date of any payment, money in an amount, or (C) such other obligations or arrangements as may be specified as contemplated
    by Section 3.01 with respect to such Securities, or (D) a combination thereof, in each case sufficient, in the opinion of
    an independent public accountant or financial advisor, in either case expressed in a written certification thereof to be delivered
    to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee) to pay and
    discharge, (1) the principal of and any premium and interest on such Securities on the respective Stated Maturities, in accordance
    with the terms of this Indenture and such Securities or any Redemption Date established pursuant to Clause (i) below, and (2) any
    mandatory sinking fund payments on the dates on which such payments are due and payable in accordance with the terms of this Indenture
    and such Securities. As used herein, “U.S. Government Obligation” means (x) any security which is (i) a direct obligation
    of the United States of America for the payment of which the full faith and credit of the United States of America is pledged or
    (ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America
    the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which,
    in either case (i) or (ii), is not callable or redeemable at the option of the issuer thereof and (y) any depositary receipt issued
    by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation which
    is specified in Clause (x) above and held by such bank for the account of the holder of such depositary receipt, or with respect
    to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held, 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 U.S. Government Obligation or the specific
    payment of principal or interest evidenced by such depositary receipt.

   

  (b)       In
    the event of an election to have Section 13.02 apply to any Securities or any series of Securities, as the case may be,
    the Company shall have delivered to the Trustee an Opinion of Counsel stating that (A) the Company has received from, or there
    has been published by, the Internal Revenue Service a ruling or (B) since the date of this Indenture, there has been a change in
    the applicable Federal income tax law, in either case (A) or (B) to the effect that, and based thereon such opinion shall confirm
    that, the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit,
    Defeasance and discharge to be effected with respect to such Securities and will be subject to Federal income tax on the same amount,
    in the same manner and at the same times as would be the case if such deposit, Defeasance and discharge were not to occur.

   

  (c)       In
    the event of an election to have Section 13.03 apply to any Securities or any series of Securities, as the case may be,
    the Company shall have delivered to the Trustee an Opinion of Counsel that shall confirm that the Holders of such Securities will
    not recognize gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with
    respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times
    as would be the case if such deposit and Covenant Defeasance were not to occur.

   

  (d)       The
    Company shall have delivered to the Trustee an Officer’s Certificate to the effect that neither such Securities nor any other
    Securities of the same series, if then listed on any securities exchange, will be delisted as a result of such deposit.

   

  (e)       No
    event which is, or after notice or lapse of time or both would become, an Event of Default shall have occurred and be continuing
    at the time of such deposit (other than such event or Event of Default (if any) resulting from the incurrence of indebtedness or
    the grant of liens securing such indebtedness, all or a portion of the proceeds of which will be applied to such deposit) or, with
    regard to any such event specified in Sections 5.01(e) and (f), at any time on or prior to the 90th day after the date of
    such deposit (it being understood that this condition shall not be deemed satisfied until after such 90th day).

   

  (f)       Such
    deposit shall not result in a breach of, or constitute a default under, any material agreement or instrument (other than this Indenture)
    to which the Company is a party or by which it is bound, or if such breach or default would occur, which is not waived as of, and
    for all purposes, on and after, the date of such deposit.

   

  (g)       The
    Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
    precedent with respect to such Defeasance or Covenant Defeasance have been complied with (in each case, subject to the satisfaction
    of the condition in Clause (e)).

   

  
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  Before or after a deposit, the Company may make arrangements
    satisfactory to the Trustee for the redemption of Securities at a future date in accordance with Article XI.

   

  Section 13.05          Deposited Money and U.S. Government
      Obligations to Be Held in Trust; Miscellaneous Provisions.

   

  Subject to the provisions of the last paragraph
    of Section 10.03, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee
    or other qualifying trustee (solely for purposes of this Section and Section 13.06, the Trustee and any such other trustee
    are referred to collectively as the “Trustee”) pursuant to Section 13.04 in respect of any Securities shall
    be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment,
    either directly or through any such Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
    to the Holders of such Securities, of all sums, due and to become due thereon in respect of principal and any premium and interest,
    but money so held in trust need not be segregated from other funds except to the extent required by law.

   

  The Company shall pay and indemnify the Trustee
    against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section
      13.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is
    for the account of the Holders of Outstanding Securities; provided that the Trustee shall be entitled to charge any such tax, fee
    or other charge to such Holder’s account.

   

  Anything in this Article to the contrary notwithstanding,
    the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Government Obligations
    held by it as provided in Section 13.04 with respect to any Securities which are in excess of the amount thereof which would
    then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect to such Securities.

   

  Section 13.06          Reinstatement.

   

  If the Trustee or the Paying Agent is unable to
    apply any money in accordance with this Article with respect to any Securities by reason of any order or judgment of any court
    or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture,
    such Securities from which the Company has been discharged or released pursuant to Section 13.02 or 13.03 shall be
    revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until such time
    as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 13.05 with respect to such
    Securities in accordance with this Article; provided, however, that (a) if the Company makes any payment of principal of or any
    premium or interest on any such Security following such reinstatement of its obligations, the Company shall be subrogated to the
    rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust and (b) unless otherwise
    required by any legal proceeding or any order or judgment of any court or governmental authority, the Trustee or Paying Agent shall
    return all such money and U.S. Government Obligations to the Company promptly after receiving a written request therefor at any
    time, if such reinstatement of the Company’s obligations has occurred and continues to be in effect.

   

  
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  Section 13.07          Counterparts.

   

  This Indenture may be executed in any number of
    counterparts, and by each party hereto on separate counterparts, each of which so executed shall be deemed to be an original, but
    all such counterparts shall together constitute but one and the same instrument. Facsimile, documents executed, scanned and transmitted
    electronically and electronic signatures, including those created or transmitted through a software platform or application, shall
    be deemed original signatures for purposes of this Indenture and all other related documents and all matters and agreements related
    thereto, with such facsimile, scanned and electronic signatures having the same legal effect as original signatures. The parties
    agree that this Indenture or any other related document or any instrument, agreement or document necessary for the consummation
    of the transactions contemplated by this Indenture or the other related documents or related hereto or thereto (including, without
    limitation, addendums, amendments, notices, instructions, communications with respect to the delivery of securities or the wire
    transfer of funds or other communications) (“Executed Documentation”) may be accepted, executed or agreed
    to through the use of an electronic signature in accordance with applicable laws, rules and regulations in effect from time to
    time applicable to the effectiveness and enforceability of electronic signatures. Any Executed Documentation accepted, executed
    or agreed to in conformity with such laws, rules and regulations will be binding on all parties hereto to the same extent as if
    it were physically or manually executed and each party hereby consents to the use of any third party electronic signature capture
    service providers as may be reasonably chosen by a signatory hereto or thereto. The party providing Executed Documentation through
    electronic transmission or otherwise with electronic signatures agrees to assume all risks arising out of such electronic methods.

   

  [Signature pages follow]

   

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

   

  	 	AMERICAN PUBLIC EDUCATION, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	[ 	], as Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

   

   48

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