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Exhibit 10.1

MARATHON PETROLEUM CORPORATION
2021 INCENTIVE COMPENSATION PLAN

ARTICLE 1.    PURPOSE OF THE PLAN
The purpose of the Marathon Petroleum Corporation 2021 Incentive Compensation Plan (the “Plan”) is to permit Marathon Petroleum Corporation (the “Company”) to grant Awards to employees, directors, and/or certain consultants of the Company and its Subsidiaries and to provide to such persons incentives and rewards for performance and/or service.
ARTICLE 2.     DEFINITIONS
2.1.  “Award” shall mean any Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Other Share-Based Award, Performance Award or any other right, interest or option relating to Shares or other property (including cash) granted pursuant to the provisions of the Plan.
2.2.  “Award Agreement” shall mean any agreement, contract or other instrument, document or other type or form of writing approved or provided for by the Committee evidencing any Award hereunder, whether in writing or through an electronic medium.
2.3.  “Board” shall mean the board of directors of the Company.
2.4.  “Code” shall mean the Internal Revenue Code of 1986, as amended, and the regulations thereunder, as such law and regulations may be amended from time to time.
2.5.  “Committee” shall mean the Compensation and Organization Development Committee of the Board (or its successor) or a subcommittee thereof formed by the Compensation and Organization Development Committee (or its successor) to act as the Committee hereunder.
2.6.  “Consultant” shall mean any consultant or advisor who is a natural person and who provides services to the Company or any Subsidiary, so long as such person (a) renders bona fide services that are not in connection with the offer and sale of the Company's securities in a capital‐raising transaction, (b) does not directly or indirectly promote or maintain a market for the Company's securities and (c) otherwise qualifies as a consultant under the applicable rules of the SEC for registration of shares of stock on a Form S-8 registration statement.
2.7.  “Director” shall mean a member of the Board who is not an employee.
2.8.  “Dividend Equivalents” shall have the meaning set forth in Section 12.6.
2.9.  “Employee” shall mean any employee of the Company or any Subsidiary and any prospective employee conditioned upon, and effective not earlier than, such person becoming an employee of the Company or any Subsidiary.
2.10.  “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, as such law, rules and regulations may be amended from time to time.
2.11.  “Fair Market Value” shall mean, with respect to Shares as of any date, (a) the closing price of the Shares as reported on the principal U.S. national securities exchange on which the Shares are listed and traded on such date, or, if there is no closing price on that date, then on the last preceding date on which such a closing price was reported; (b) if the Shares are not listed on any U.S. national securities exchange but are quoted in an inter-dealer quotation system on a last sale basis, the final ask price of the Shares reported on the inter-dealer quotation system for such date, or, if there is no such sale on such date, then on the last preceding date on which a sale was reported; or (c) if the Shares are neither listed on a U.S. national securities exchange nor quoted on an inter-dealer quotation system on a last sale basis, the amount determined in good faith by the Committee to be the fair market value of the Shares as determined by the Committee in its sole discretion. The Committee is authorized to adopt another fair market value pricing method provided such method is stated in the applicable Award Agreement and is in compliance with the fair market value pricing rules set forth in Section 409A of the Code. The Fair Market Value of any property other than Shares shall mean the market value of such property determined by such methods or procedures as shall be established from time to time by the Committee.
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2.12.  “Incentive Stock Option” shall mean an Option which when granted is intended to qualify as an incentive stock option for purposes of Section 422 of the Code (or any successor provisions).
2.13.  “Option” shall mean any right granted to a Participant under the Plan allowing such Participant to purchase Shares at such price or prices and during such period or periods as the Committee shall determine.
2.14.  “Other Share-Based Award” shall have the meaning set forth in Article 8.
2.15.  “Participant” shall mean an Employee, Director or Consultant who is selected by the Committee to receive an Award under the Plan.
2.16.  “Performance Award” shall mean any Award of Performance Cash, Performance Shares or Performance Units granted pursuant to Article 9.
2.17.  “Performance Cash” shall mean any cash award granted pursuant to Article 9 payable to the Participant upon the achievement of such performance goals as the Committee shall establish.
2.18.  “Performance Period” shall mean the period established by the Committee during which any performance goals specified by the Committee with respect to a Performance Award are to be measured.
2.19.  “Performance Share” shall mean any grant pursuant to Article 9 of a unit valued by reference to a designated number of Shares, which value may be paid to the Participant upon achievement of such performance goals as the Committee shall establish.
2.20.  “Performance Unit” shall mean any grant pursuant to Article 9 of a unit valued by reference to a designated amount of cash or property other than Shares, which value may be paid to the Participant upon achievement of such performance goals as the Committee shall establish.
2.21  “Permitted Assignee” shall have the meaning set forth in Section 12.3.
2.22.  “Prior Plan” shall mean the Marathon Petroleum Corporation 2012 Incentive Compensation Plan, as amended or amended and restated from time to time.
2.23.  “Restricted Stock” shall mean any Shares issued with the restriction that the holder may not sell, transfer, pledge or assign such Shares and with such other restrictions as the Committee, in its sole discretion, may impose, which restrictions may lapse separately or in combination at such time or times, in installments or otherwise, as the Committee may deem appropriate.
2.24.  “Restricted Stock Award” shall have the meaning set forth in Article 7. 
2.25.  “Restricted Stock Unit” means an Award that is valued by reference to a Share, which value may be paid to the Participant in Shares or cash, or a combination of both, as determined by the Committee in its sole discretion upon the satisfaction of vesting restrictions as the Committee may establish, which restrictions may lapse separately or in combination at such time or times, in installments or otherwise, as the Committee may deem appropriate.
2.26.  “Restricted Stock Unit Award” shall have the meaning set forth in Article 7.
2.27.  “SEC” means the Securities and Exchange Commission.
2.28.  “Shares” shall mean the shares of common stock of the Company, par value $0.01 per share, or any security into which such common stock may be changed by reason of any transaction or event of the type referred to in Section 12.2 of the Plan.
2.29.  “Stock Appreciation Right” shall mean the right granted to a Participant pursuant to Article 6.
2.30.  “Subsidiary” shall mean a corporation, company or other entity (a) more than 50% of whose outstanding stock or securities (representing the right to vote for the election of directors or other managing authority) are, or (b) which does not have outstanding stock or securities (as may be the case in a partnership, joint venture, limited liability company, unincorporated association or other similar entity), but more than 50% of whose ownership interest representing the right generally to make decisions for such other entity is, now or hereafter, owned or controlled, directly or indirectly, by the Company; provided, however, that for purposes of determining whether any person may be a Participant for purposes of any grant of Incentive Stock Options, “Subsidiary” means 
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any corporation in which the Company at the time owns or controls, directly or indirectly, more than 50% of the total combined voting power of the then-outstanding securities of such corporation entitled to vote generally in the election of members of the board of directors of such corporation.
2.31.  “Substitute Awards” shall mean Awards granted or Shares issued by the Company in assumption or conversion of, or in substitution or exchange for, awards previously granted, or the right or obligation to make future awards, in each case by a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines. Substitute Awards may reflect the original terms of the awards being assumed, converted, substituted or exchanged, and need not comply with other specific terms of the Plan, and may account for Shares substituted for the securities covered by the original awards and the number of shares subject to the original awards, as well as any exercise or purchase prices applicable to the original awards, adjusted to account for differences in stock prices in connection with the applicable combination transaction.
ARTICLE 3.    SHARES SUBJECT TO THE PLAN
3.1  Number of Shares.
(a)  As of the effective date of the Plan, and subject to adjustment as provided in Section 12.2 and the Share counting rules in this Article 3, a total of 20,500,000 Shares shall be authorized and available for Awards granted under the Plan, less one Share for every one Share that was subject to an award granted under the Amended and Restated Marathon Petroleum Corporation 2012 Incentive Compensation Plan, as amended, after December 31, 2020 and prior to the effective date of the Plan.  Subject to the Share counting rules in this Article 3, each Share that is subject to an Award granted under the Plan shall be counted against this limit as one Share.  After the effective date of the Plan (as provided in Section 13.13), no awards may be granted under the Prior Plan.
(b)  If after the effective date of the Plan (i) any Shares subject to an Award are forfeited, an Award expires, is canceled, or an Award is settled for cash or is unearned (in each case in whole or in part), or (ii) any Shares subject to an award under the Prior Plan are forfeited, an award under the Prior Plan expires, is canceled, or an award under the Prior Plan is settled for cash or is unearned (in each case in whole or in part), then in each such case the Shares subject to such Award or award under the Prior Plan shall, to the extent of such forfeiture, expiration, cancellation, cash settlement or unearned amount, be added (or added back, as applicable) to the Shares available for Awards under the Plan, in accordance with Section 3.1(d) below.  In the event that withholding tax liabilities arising from an Award other than an Option or Stock Appreciation Right or, after the effective date of the Plan, an award other than an option or stock appreciation right under the Prior Plan are satisfied by the tendering or other use of Shares (either actually or by attestation) or by the withholding of Shares by the Company, the Shares so tendered, otherwise used or withheld shall be added to the Shares available for Awards under the Plan in accordance with Section 3.1(d) below (provided, however, that such adding back of such Shares related to withholding tax purposes will be limited to 10 years from the date of the most recent stockholder approval of the Plan if such recycling involves Shares that have actually been issued by the Company).  Notwithstanding anything to the contrary contained herein, after the effective date of the Plan the following Shares shall not be added (or added back, as applicable) to the Shares authorized and available for Awards under paragraph (a) of this Article 3: (1) Shares tendered or otherwise used by the Participant or withheld by the Company in payment of the purchase price of an Option or an option under the Prior Plan; (2) Shares tendered or otherwise used by the Participant or withheld by the Company to satisfy any tax withholding obligation with respect to an Award of Options or Stock Appreciation Rights or options or stock appreciation rights under the Prior Plan; (3) Shares subject to a Stock Appreciation Right or a stock appreciation right under the Prior Plan that are not issued in connection with its stock settlement on exercise thereof; and (4) Shares reacquired by the Company on the open market or otherwise using cash proceeds from the exercise of Options or options under the Prior Plan.  If, outside of the Plan and under a Company approved program or policy, an Employee elects and the Committee approves, for such Employee to give up the right to receive compensation in exchange for Shares based on fair market value, such Shares shall not count against the aggregate limit under paragraph (a) of this Article 3.
(c)  Substitute Awards shall not reduce the Shares authorized and available for Awards under the Plan, nor shall Shares subject to a Substitute Award be added to the Shares available for Awards under the Plan as provided in paragraph (b) above.  Additionally, in the event that a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary merges or combines has shares available under a pre-
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existing plan approved by stockholders and not adopted in contemplation of such acquisition, merger or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition, merger or combination to determine the consideration payable to the holders of securities of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized and available for Awards under the Plan (and Shares subject to such Awards shall not be added to the Shares available for Awards under the Plan as provided in paragraph (b) above); provided, however, that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition, merger or combination, and shall only be made to individuals who were not Employees or Directors prior to such acquisition, merger or combination.  
(d)  Any Shares that again become available for Awards under the Plan pursuant to this Section shall be added as one Share for every one Share subject to Awards granted under the Plan or awards granted under the Prior Plan.
3.2.  Character of Shares.  Any Shares issued hereunder may consist, in whole or in part, of authorized and unissued shares, treasury shares or shares purchased in the open market or otherwise.
3.3.  Limit on Awards to Directors.  Notwithstanding any other provision of the Plan to the contrary, the aggregate grant date fair value (computed as of the date of grant in accordance with applicable financial accounting rules) of all Awards granted to any Director during any single calendar year, plus the total cash and other compensation paid to such Director, in each case for Director services rendered to the Company for such calendar year, shall not exceed $800,000 (except that this amount shall be increased by an additional $400,000 in the case of any non-executive chairman of the Board or lead director); provided, however, that the following items shall not be taken into account in applying the limitation described in this Section: (i) amounts paid to a Director during any period in which such individual was an Employee or Consultant (other than grants of awards paid for service in their capacity as a Director), (ii) any amounts paid or payable for director services for any Subsidiary; and (iii) any severance and other payments such as consulting fees paid to a Director for such Director’s prior or current service to the Company or any Subsidiary other than serving as a Director.  For the avoidance of doubt, any compensation that is deferred shall be counted toward this limit for the year in which it was first earned, and not when paid or settled if later.
ARTICLE 4.    ELIGIBILITY AND ADMINISTRATION
4.1.  Eligibility.  Any Employee, Director or Consultant shall be eligible to be selected as a Participant.
4.2.  Administration.
(a)  The Plan shall be administered by the Committee; provided, however, that, at the discretion of the Board, the Plan may be administered by the Board, including with respect to the administration of any responsibilities and duties held by the Committee hereunder.  The Committee shall have full power and authority, subject to the provisions of the Plan and subject to such orders or resolutions not inconsistent with the provisions of the Plan as may from time to time be adopted by the Board, to: (i) select the Employees, Directors and Consultants to whom Awards may from time to time be granted hereunder; (ii) determine the type or types of Awards to be granted to each Participant hereunder; (iii) determine the number of Shares (or dollar value) to be covered by each Award granted hereunder; (iv) determine the terms and conditions, not inconsistent with the provisions of the Plan, of any Award granted hereunder; (v) determine whether, to what extent and under what circumstances Awards may be settled in cash, Shares or other property; (vi) determine whether, to what extent, and under what circumstances cash, Shares, other property and other amounts payable with respect to an Award made under the Plan shall be deferred either automatically or at the election of the Participant; (vii) determine whether, to what extent and under what circumstances any Award shall be canceled or suspended, or vesting terms or other restrictions continued, waived or accelerated; (viii) interpret and administer the Plan and any instrument or agreement entered into under or in connection with the Plan, including any Award Agreement; (ix) correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent that the Committee shall deem desirable to carry it into effect; (x) establish such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (xi) determine whether any Award, other than an Option or 
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Stock Appreciation Right, will have Dividend Equivalents; and (xii) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan.  
(b)  Decisions of the Committee shall be final, conclusive and binding on all persons or entities, including the Company, any Participant, and any Subsidiary.  A majority of the members of the Committee may determine its actions, including fixing the time and place of its meetings.  In addition, the Committee is authorized to take any action it determines in its sole discretion to be appropriate subject only to the express limitations contained in the Plan, and no authorization in any Plan section or other provision of the Plan is intended or may be deemed to constitute a limitation on the authority of the Committee.
(c)  To the extent not inconsistent with applicable law, or the rules and regulations of the principal U.S. national securities exchange on which the Shares are traded, the Committee may (i) delegate to a committee or subcommittee of one or more Directors any of the authority of the Committee under the Plan, including the right to grant, cancel or suspend Awards and (ii) authorize one or more officers to do one or more of the following with respect to Employees who are not members of the Board or executive officers of the Company (in each case for purposes of Section 16 of the Exchange Act):  (A) designate Employees to be recipients of Awards; (B) determine the number of Shares subject to (or otherwise the size of) such Awards to be received by such Employees; and (C) cancel or suspend Awards to such Employees; provided that (x) any resolution of the Committee authorizing such officer(s) must specify the total number of Shares subject to Awards that such officer(s) may so award and (y) the Committee may not authorize any officer to designate himself or herself as the recipient of an Award. To the extent permitted by law, the Committee may delegate to one or more of its members, to one or more officers of the Company, or to one or more agents or advisors, such administrative duties or powers as it may deem advisable, and the Committee, the subcommittee, or any person to whom duties or powers have been delegated as aforesaid, may employ one or more persons to render advice with respect to any responsibility the Committee, the subcommittee or such person may have under this Plan.
ARTICLE 5.    OPTIONS
5.1.  Grant.  Options may be granted hereunder to Participants either alone or in addition to other Awards granted under the Plan.  Any Option shall be subject to the terms and conditions of this Article and to such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall deem desirable.
5.2.  Award Agreements.  All Options shall be evidenced by an Award Agreement in such form and containing such terms and conditions as the Committee shall determine which are not inconsistent with the provisions of the Plan.  The terms and conditions of Options need not be the same with respect to each Participant.  Granting an Option pursuant to the Plan shall impose no obligation on the recipient to exercise such Option.  Any individual who is granted an Option pursuant to this Article may hold more than one Option granted pursuant to the Plan at the same time.
5.3.  Option Price.  Other than in connection with Substitute Awards, the option price per each Share purchasable under any Option granted pursuant to this Article shall not be less than 100% of the Fair Market Value of one Share on the date of grant of such Option; provided, however, that in the case of an Incentive Stock Option granted to a Participant who, at the time of the grant, owns stock representing more than 10% of the voting power of all classes of stock of the Company or any Subsidiary, the option price per share shall be no less than 110% of the Fair Market Value of one Share on the date of grant.  Other than pursuant to Section 12.2, the Committee shall not without the approval of the Company’s stockholders (a) lower the option price per Share of an Option after it is granted, (b) cancel an Option when the option price per Share exceeds the Fair Market Value of one Share in exchange for cash or another Award (other than in connection with a Change in Control as defined in Section 11.3), or (c) take any other action with respect to an Option that would be treated as a repricing under the rules and regulations of the principal U.S. national securities exchange on which the Shares are listed.
5.4.  Option Term.  The term of each Option shall be fixed by the Committee in its sole discretion; provided that no Option shall be exercisable on or after the tenth anniversary of the date the Option is granted; provided, however, that the term of the Option shall not exceed five years from the date the Option is granted in the case of an Incentive Stock Option granted to a Participant who, at the time of the grant, owns stock representing more than 10% of the voting power of all classes of stock of the Company or any Subsidiary.  An Award Agreement may provide that if on the last business day of the term of an Option (other than an Incentive Stock Option) (a) the 
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exercise of the Option is prohibited by applicable law or (b) Shares may not be purchased or sold by certain employees or Directors of the Company due to the “blackout period” of a Company policy or a “lock-up” agreement undertaken in connection with an issuance of securities by the Company, the term of the Option shall be extended for a period of thirty (30) days following the end of the legal prohibition, blackout period or lock-up agreement, to the extent permissible under Section 409A.
5.5.  Exercise of Options.
(a)  The Award Agreement shall specify when Options vest and become exercisable.  Vested Options granted under the Plan shall be exercised by the Participant (or by a Permitted Assignee thereof or the Participant’s executors, administrators, guardian or legal representative, to the extent provided in an Award Agreement) as to all or part of the Shares covered thereby, by giving notice of exercise to the Company or its designated agent, specifying the number of Shares to be purchased.  The notice of exercise shall be in such form, made in such manner, and shall comply with such other requirements consistent with the provisions of the Plan as the Committee may prescribe from time to time.
(b)  Unless otherwise provided in an Award Agreement, full payment of such purchase price shall be made at the time of exercise and shall be made (i) in cash or cash equivalents (including certified check or bank check or wire transfer of immediately available funds), (ii) by tendering previously acquired Shares (either actually or by attestation) valued at their then fair market value, (iii) with the consent of the Committee, by delivery of other consideration having a fair market value on the exercise date equal to the total purchase price, (iv) with the consent of the Committee, by withholding Shares otherwise issuable in connection with the exercise of the Option, (v) through any other method specified in an Award Agreement or provided for by the Committee (including same-day sales through a broker, to the extent permitted by law), or (vi) any combination of any of the foregoing; provided, however, to the extent required by applicable law, that the Participant must pay in cash an amount not less than the aggregate par value (if any) of the Shares being acquired.  In no event may any Option granted hereunder be exercised for a fraction of a Share.
(c)  Notwithstanding the foregoing, an Award Agreement may provide that if on the last day of the term of an Option the Fair Market Value of one Share exceeds the option price per Share by some particular (or any) amount, the Participant has not exercised the Option (or a tandem Stock Appreciation Right, if applicable) and the Option has not expired, the Option shall be deemed to have been exercised by the Participant on such day with payment made by withholding Shares otherwise issuable in connection with the exercise of the Option.  In such event, the Company shall deliver to the Participant the number of Shares for which the Option was deemed exercised, less the number of Shares required to be withheld for the payment of the total purchase price and required withholding taxes (subject to Section 13.2); provided, however, any fractional Share shall be settled in cash.
5.6.  Form of Settlement.  In its sole discretion, the Committee may provide that the Shares to be issued upon an Option's exercise shall be in the form of Restricted Stock or other similar securities.
5.7.  Incentive Stock Options.  The Committee may grant Incentive Stock Options to any employee of the Company or any Subsidiary, subject to the requirements of Section 422 of the Code.  Solely for purposes of determining whether Shares are available for the grant of Incentive Stock Options under the Plan, the maximum aggregate number of Shares that may be issued pursuant to Incentive Stock Options granted under the Plan shall be 20,500,000 Shares, subject to adjustment as provided in Section 12.2.
ARTICLE 6.    STOCK APPRECIATION RIGHTS
6.1.  Grant.  The Committee may grant Stock Appreciation Rights (a) in tandem with all or part of any Option granted under the Plan or at any subsequent time during the term of such Option, (b) in tandem with all or part of any Award (other than an Option) granted under the Plan or at any subsequent time during the term of such Award, or (c) without regard to any Option or other Award in each case upon such terms and conditions as the Committee may establish in its sole discretion.
6.2.  Terms and Conditions.  Stock Appreciation Rights shall be subject to such terms and conditions, not inconsistent with the provisions of the Plan, as shall be determined from time to time by the Committee, including the following: 
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(a)  When Stock Appreciation Rights vest and become exercisable.
(b)  Upon the exercise of a Stock Appreciation Right, the holder shall have the right to receive the excess of (i) the Fair Market Value of one Share on the date of exercise (or such amount less than such Fair Market Value as the Committee shall so determine at any time during a specified period before the date of exercise) over (ii) the grant price of the Stock Appreciation Right.
(c)  The Committee shall determine in its sole discretion whether payment on exercise of a Stock Appreciation Right shall be made in cash, in whole Shares or other property, or any combination thereof.
(d)  The terms and conditions of Stock Appreciation Rights need not be the same with respect to each recipient.
(e)  The Committee may impose such other terms and conditions on the exercise of any Stock Appreciation Right, as it shall deem appropriate.  A Stock Appreciation Right shall (i) have a grant price per Share of not less than the Fair Market Value of one Share on the date of grant or, if applicable, on the date of grant of an Option with respect to a Stock Appreciation Right granted in exchange for or in tandem with, but subsequent to, the Option (subject to the requirements of Section 409A of the Code) except in the case of Substitute Awards or in connection with an adjustment provided in Section 12.2, and (ii) have a term not greater than ten years.  An Award Agreement may provide that if on the last business day of the term of a Stock Appreciation Right (x) the exercise of the Stock Appreciation Right is prohibited by applicable law or (y) Shares may not be purchased or sold by certain employees or Directors of the Company due to the “blackout period” of a Company policy or a “lock-up” agreement undertaken in connection with an issuance of securities by the Company, the term shall be extended for a period of thirty (30) days following the end of the legal prohibition, blackout period or lock-up agreement, to the extent permissible under Section 409A.
(f)  An Award Agreement may provide that if on the last day of the term of a Stock Appreciation Right the Fair Market Value of one Share exceeds the grant price per Share of the Stock Appreciation Right by some particular (or any) amount, the Participant has not exercised the Stock Appreciation Right or the tandem Option (if applicable), and the Stock Appreciation Right has not otherwise expired, the Stock Appreciation Right shall be deemed to have been exercised by the Participant on such day.  In such event, the Company shall make payment to the Participant in accordance with this Section, reduced by the number of Shares (or cash) required for withholding taxes (subject to Section 13.2); provided, however, any fractional Share shall be settled in cash.
(g)  Other than pursuant to Section 12.2, the Committee shall not without the approval of the Company’s stockholders (i) reduce the grant price of any Stock Appreciation Right after the date of grant, (ii) cancel any Stock Appreciation Right when the grant price per Share exceeds the Fair Market Value of one Share in exchange for cash or another Award (other than in connection with a Change in Control as defined in Section 11.3), or (iii) take any other action with respect to a Stock Appreciation Right that would be treated as a repricing under the rules and regulations of the principal U.S. national securities exchange on which the Shares are listed.

ARTICLE 7.    RESTRICTED STOCK AND RESTRICTED STOCK UNITS
7.1.  Grants.  Awards of Restricted Stock and of Restricted Stock Units may be granted hereunder to Participants either alone or in addition to other Awards granted under the Plan (a “Restricted Stock Award” or “Restricted Stock Unit Award,” respectively), and such Restricted Stock Awards and Restricted Stock Unit Awards shall also be available as a form of payment of Performance Awards and other earned cash-based incentive compensation.  The Committee has absolute discretion to determine whether any consideration (other than services) is to be received by the Company or any Subsidiary as a condition precedent to the grant of Restricted Stock or Restricted Stock Units, subject to such minimum consideration as may be required by applicable law.  The Award Agreement shall specify the vesting period for the Restricted Stock or Restricted Stock Units.
7.2.  Award Agreements.  The terms of any Restricted Stock Award or Restricted Stock Unit Award granted under the Plan shall be set forth in an Award Agreement which shall contain provisions determined by the Committee and not inconsistent with the Plan.  The terms of Restricted Stock Awards and Restricted Stock Unit Awards need not be the same with respect to each Participant.
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7.3.  Rights of Holders of Restricted Stock and Restricted Stock Units.  Unless otherwise provided in the Award Agreement, beginning on the date of grant of the Restricted Stock Award and subject to execution of the Award Agreement, the Participant shall become a stockholder of the Company with respect to all Shares subject to the Restricted Stock Award and shall have all of the rights of a stockholder, including the right to vote such Shares and the right to receive distributions made with respect to such Shares, except as otherwise provided in this Section.  A Participant who holds a Restricted Stock Unit Award shall only have those rights specifically provided for in the Award Agreement; provided, however, in no event shall the Participant have voting rights with respect to such Award.  Any Shares or any other property distributed as a dividend or otherwise with respect to any Restricted Stock Award or Restricted Stock Unit Award as to which the restrictions have not yet lapsed shall be subject to the same restrictions as such Restricted Stock Award or Restricted Stock Unit Award.
7.4.  Issuance of Shares.  Any Restricted Stock granted under the Plan may be evidenced in such manner as the Board may deem appropriate, including book-entry registration or issuance of a stock certificate or certificates, which certificate or certificates shall be held by the Company.  Any such certificate or certificates shall be registered in the name of the Participant and shall bear an appropriate legend referring to the restrictions applicable to such Restricted Stock.
ARTICLE 8.    OTHER SHARE-BASED AWARDS
8.1.  Grants.  Other Awards of Shares and other Awards that are valued in whole or in part by reference to, or are otherwise based on, Shares or other property (“Other Share-Based Awards”), including deferred stock units or Dividend Equivalents payable in Shares, may be granted hereunder to Participants either alone or in addition to other Awards granted under the Plan.  Other Share-Based Awards shall also be available as a form of payment of other Awards granted under the Plan and other earned cash-based compensation. Cash awards, as an element of or supplement to Other Share-Based Awards, may also be granted hereunder to Participants.
8.2.  Award Agreements.  The terms of Other Share-Based Awards granted under the Plan shall be set forth in an Award Agreement which shall contain provisions determined by the Committee and not inconsistent with the Plan.  The terms of such Awards need not be the same with respect to each Participant.  Other Share-Based Awards may be subject to vesting restrictions during a vesting period as specified by the Committee. Any Shares or any other property distributed as a dividend or otherwise with respect to any Other Share-Based Award as to which any applicable restrictions have not yet lapsed shall be subject to the same restrictions as such Other Share-Based Award.
8.3.  Payment.  Except as may be provided in an Award Agreement, Other Share-Based Awards may be paid in cash, Shares, other property, or any combination thereof, in the sole discretion of the Committee.  Other Share-Based Awards may be paid in a lump sum or in installments or, in accordance with procedures established by the Committee, on a deferred basis subject to the requirements of Section 409A of the Code.
8.4.  Deferral of Director Fees.  Directors may, if determined by the Board, receive Other Share-Based Awards in the form of deferred stock units in lieu of all or a portion of their annual retainer.  In addition, if determined by the Board, Directors may elect to receive Other Share-Based Awards in the form of deferred stock units in lieu of all or a portion of their annual and committee retainers and annual meeting fees, provided that such election is made in accordance with the requirements of Section 409A of the Code.  The Committee shall, in its absolute discretion, establish such rules and procedures as it deems appropriate for such elections and for payment in deferred stock units.

ARTICLE 9.    PERFORMANCE AWARDS
9.1.  Grants.  Performance Awards in the form of Performance Cash, Performance Shares or Performance Units, as determined by the Committee in its sole discretion, may be granted hereunder to Participants, for no consideration or for such minimum consideration as may be required by applicable law, either alone or in addition to other Awards granted under the Plan. The performance goals to be achieved for each Performance Period shall be 
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conclusively determined by the Committee and may be based upon the criteria set forth in Section 10.1 or such other criteria as determined by the Committee in its discretion.
9.2.  Award Agreements.  The terms of any Performance Award granted under the Plan shall be set forth in an Award Agreement (or, if applicable, in a resolution duly adopted by the Committee) which shall contain provisions determined by the Committee and not inconsistent with the Plan, including whether such Awards shall have Dividend Equivalents. The terms of Performance Awards need not be the same with respect to each Participant.
9.3.  Terms and Conditions.  The performance criteria to be achieved during any Performance Period and the length of the Performance Period shall be determined by the Committee upon the grant of each Performance Award.  The amount of the Award to be distributed shall be conclusively determined by the Committee.
9.4.  Payment.  Except as provided by the Committee or as may be provided in an Award Agreement, Performance Awards will be distributed only after the end of the relevant Performance Period.  Performance Awards may be paid in cash, Shares, other property, or any combination thereof, in the sole discretion of the Committee.  Performance Awards may be paid in a lump sum or in installments following the close of the Performance Period or, in accordance with procedures established by the Committee, on a deferred basis subject to the requirements of Section 409A of the Code.
ARTICLE 10.    PERFORMANCE GOALS
10.1.  Performance Goals.   The Committee may determine that the distribution of cash, Shares or other property pursuant to an Award shall be subject to the achievement of one or more performance goals established by the Committee, which may be based on achievement with respect to one or more (or any combination) of the following: sales (including net sales); return on sales; revenue, net revenue, product revenue or system-wide revenue (including growth of such revenue measures); operating income (before or after taxes); pre- or after-tax income or loss (before or after allocation of corporate overhead and bonus); earnings or loss per share; net income or loss (before or after taxes); return on equity; total stockholder return; return on assets or net assets; appreciation in and/or maintenance of the price of the Shares or any other publicly traded securities of the Company; market share; gross profits; gross or net profit margin; gross profit growth; net operating profit (before or after taxes); operating earnings; earnings or losses or net earnings or losses (including earnings or losses before taxes, before interest and taxes, or before interest, taxes, depreciation and amortization); economic value-added models or equivalent metrics; comparisons with various stock market indices; reductions in costs; cash flow (including operating cash flow and free cash flow) or cash flow per share (before or after dividends); return on capital (including return on total capital or return on invested capital); cash flow return on investment; cash flow return on capital; improvement in or attainment of expense levels or working capital levels, including cash, inventory and accounts receivable; general and administrative expense savings; inventory control; operating margin; gross margin; year-end cash; cash margin; debt reduction; stockholders equity; operating efficiencies; cost reductions or savings; market share; customer satisfaction; customer growth; employee satisfaction; productivity or productivity ratios; regulatory achievements (including submitting or filing applications or other documents with regulatory authorities or receiving approval of any such applications or other documents and passing pre-approval inspections (whether of the Company or the Company’s third-party manufacturer) and validation of manufacturing processes (whether regarding the Company or the Company’s third-party manufacturers)); strategic partnerships or transactions (including in-licensing and out-licensing of intellectual property; establishing relationships with commercial entities with respect to the marketing, distribution and sale of the Company’s products (including with group purchasing organizations, distributors and other vendors); supply chain achievements (including establishing relationships with manufacturers or suppliers of component materials and manufacturers of the Company’s products); co-development, co-marketing, profit sharing, joint venture or other similar arrangements); financial ratios, including those measuring liquidity, activity, profitability or leverage; cost of capital or assets under management; financing and other capital raising transactions (including sales of the Company’s equity or debt securities; debt level year-end cash position; book value; factoring transactions; competitive market metrics; timely completion of new product roll-outs; timely launch of new facilities (such as new store openings, gross or net); sales or licenses of the Company’s assets, including its intellectual property, whether in a particular jurisdiction or territory or globally; or through partnering transactions); bookings; royalty income; implementation, completion or attainment of measurable objectives with respect to research, development, manufacturing, commercialization, products or projects, production volume levels, acquisitions and divestitures, succession and hiring projects, reorganization and 
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other corporate transactions, expansions of specific business operations and meeting divisional or project budgets; safety, environmental, social, health or governance objectives; recruiting and maintaining personnel; and any other metric as approved by the Committee.  Such performance goals also may be based solely by reference to the Company’s performance or the performance of a Subsidiary, division, business segment or business unit of the Company or a Subsidiary, or based upon performance relative to performance of other companies or upon comparisons of any of the indicators of performance relative to performance of other companies.
10.2.  Adjustments.  If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company, or the manner in which it conducts its business, or other events or circumstances render the applicable performance goals unsuitable or requires an adjustment to the performance goals or achievement with respect to the performance goals, the Committee may in its discretion modify such performance goals or the actual levels of achievement regarding the performance goals, in whole or in part, as the Committee deems appropriate and equitable.  Without limiting the foregoing, in calculating performance outcomes for an Award subject to performance goals, the Committee may provide for exclusion of the impact of an event or occurrence which the Committee determines should appropriately be excluded, including (a) restructurings, discontinued operations, extraordinary items, and other unusual, infrequently occurring or non-recurring charges or events, (b) asset write-downs, (c) litigation or claim judgments or settlements, (d) acquisitions or divestitures, (e) reorganization or change in the corporate structure or capital structure of the Company, (f) an event either not directly related to the operations of the Company, Subsidiary, division, business segment or business unit or not within the reasonable control of management, (g) foreign exchange gains and losses, (h) a change in the fiscal year of the Company, (i) the refinancing or repurchase of bank loans or debt securities, (j), unbudgeted capital expenditures, (k) the issuance or repurchase of equity securities and other changes in the number of outstanding shares, (l) conversion of some or all of convertible securities to common stock, (m) any business interruption event (n) the cumulative effects of tax or accounting changes in accordance with U.S. generally accepted accounting principles, or (o) the effect of changes in other laws or regulatory rules affecting reported results.
10.3.  Certification.  The Committee may adjust upwards or downwards the amount payable pursuant to performance-based Awards, and the Committee may waive the achievement of the applicable performance goals in its discretion or under special circumstances.  The Committee must certify, or provide for the certification of, in writing, the amount of any performance-based Award earned for each Participant for an applicable performance period, before payment of the performance-based Award is made.
ARTICLE 11.    CHANGE IN CONTROL PROVISIONS
11.1.  General Impact on Certain Awards.  Subject to applicable law and the other terms of the Plan, for any particular Award, the Award Agreement (or the Committee) may provide for continued vesting or accelerated vesting (or other vesting modification) for the Award, or a change in the applicable exercisability provisions of the Award, in the event of a Change in Control (as defined in Section 11.3), as determined by the Committee.  Unless otherwise provided in an Award Agreement, the Committee shall have the right to provide that in the event of a Change in Control (as defined in Section 11.3): Options and Stock Appreciation Rights outstanding as of the date of the Change in Control shall be canceled and terminated without payment if the Fair Market Value of one Share as of the date of the Change in Control is less than the per Share Option exercise price or Stock Appreciation Right grant price (or if the consideration offered in connection with the Change in Control is less than the per Share Option exercise price or Stock Appreciation Right grant price).
11.2.  Potential Change in Control Impacts on Certain Awards.
(a)  In an Award Agreement, the Committee may provide (among other potential choices) for the following treatment in the event of a Change in Control (as defined in Section 11.3):  a Performance Award shall be either (i) considered to be earned and payable based on achievement of performance goals or based on target performance (either in full or pro rata based on the portion of Performance Period completed as of the date of the Change in Control or another date reasonably proximate thereto), and any limitations or other restrictions shall lapse and such Performance Awards shall be immediately settled or distributed, or (ii) converted into Restricted Stock or one or more Restricted Stock Unit Awards based on achievement of performance goals or based on target performance (either in full or pro rata based on the portion of Performance Period completed as of the date of the Change in Control or another date reasonably proximate thereto).
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(b)  In an Award Agreement, the Committee may also provide (among other potential choices) for the following treatment in the event of a Change in Control (as defined in Section 11.3):  if the successor company continues, replaces, assumes or substitutes for an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Share-Based Award (or in which the Company is the ultimate parent corporation and continues the Award), if a Participant’s employment with such successor company (or the Company) or a subsidiary thereof experiences a qualifying termination of employment or service within 24 months following such Change in Control (or such other period set forth in the Award Agreement, including prior thereto if applicable) and under the circumstances specified in the Award Agreement: (i) Options and Stock Appreciation Rights outstanding as of the date of such termination of employment or service will immediately vest, become fully exercisable, and may thereafter be exercised for 24 months (or the period of time set forth in the Award Agreement), (ii) the restrictions, limitations and other conditions applicable to Restricted Stock and Restricted Stock Units outstanding as of the date of such termination of employment or service shall lapse and the Restricted Stock and Restricted Stock Units shall become free of all restrictions, limitations and conditions and become fully vested, and (iii) the restrictions, limitations and other conditions applicable to any Other Share-Based Awards shall lapse, and such Other Share-Based Awards shall become free of all restrictions, limitations and conditions and become fully vested and transferable to the full extent of the original grant.  For the purposes of this Section 11.2, or as otherwise described in the applicable Award Agreement, an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Share-Based Award shall be considered replaced, assumed or substituted for if following the Change in Control the Award confers the right to purchase or receive, for each Share subject to the Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Share-Based Award immediately prior to the Change in Control, the consideration (whether stock, cash or other securities or property) received in the transaction constituting the Change in Control by holders of Shares for each Share held on the effective date of such transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the transaction constituting a Change in Control is not solely common stock of the successor company, the Committee may, with the consent of the successor company, provide that the consideration to be received upon the exercise or vesting of an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Share-Based Award, for each Share subject thereto, will be solely common stock of the successor company with a fair market value substantially equal to the per Share consideration received by holders of Shares in the transaction constituting a Change in Control.  The determination of whether fair market value is substantially equal shall be made by the Committee in its sole discretion and its determination shall be conclusive and binding.
(c)  In an Award Agreement, the Committee may also provide (among other potential choices) for the following treatment in the event of a Change in Control (as defined in Section 11.3):  if the successor company does not continue, replace, assume or substitute for an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Share-Based Award (or in which the Company is the ultimate parent corporation and does not continue the Award), then immediately prior to the Change in Control: (i) those Options and Stock Appreciation Rights outstanding as of the date of the Change in Control that are not replaced, assumed or substituted for (or continued) shall immediately vest and become fully exercisable; (ii) restrictions, limitations and other conditions applicable to Restricted Stock and Restricted Stock Units that are not replaced, assumed or substituted for (or continued) shall lapse and the Restricted Stock and Restricted Stock Units shall become free of all restrictions, limitations and conditions and become fully vested; (iii) the restrictions, other limitations and other conditions applicable to any Other Share-Based Awards that are not replaced, assumed or substituted for (or continued) shall lapse, and such Other Share-Based Awards shall become free of all restrictions, limitations and conditions and become fully vested and transferable to the full extent of the original grant; and (iv) any performance-based Award shall be treated in accordance with the terms of the Award Agreement.
(d)  In an Award Agreement, the Committee may also provide (among other potential choices) for the following treatment in the event of a Change in Control (as defined in Section 11.3):  upon the occurrence of a Change in Control, each Option and Stock Appreciation Right outstanding shall terminate within a specified number of days after notice to the Participant, and/or that each Participant shall receive, with respect to each Share subject to such Option or Stock Appreciation Right, an amount equal to the excess of the Fair Market Value of such Share immediately prior to the occurrence of such Change in Control over the exercise price per Share of such Option and/or Stock Appreciation Right; such amount to be payable in cash, in one or more kinds of stock or property 
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(including the stock or property, if any, payable in the transaction) or in a combination thereof, as the Committee, in its discretion, shall determine.
11.3.  Change in Control.  For purposes of the Plan, unless otherwise provided in an Award Agreement, “Change in Control” means the occurrence (after the effective date of the Plan) of any of the following events (provided, however, that except with respect to paragraph (d) below, any definition of “Change in Control” in an Award Agreement may not provide that a Change in Control will occur prior to consummation or effectiveness of an actual change in control of the Company and may not provide that a “Change in Control” will occur solely upon the announcement, commencement, stockholder approval or other potential occurrence of any event or transaction that, if completed, would result in a change in control of the Company):
(a)  Individuals who, as of the effective date of the Plan, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a member of the Board subsequent to such date whose election or nomination for election to the Board was approved by a vote of at least a majority of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee to the Board, without written objection to such nomination) shall be an Incumbent Director; provided, however, that, for this purpose, no individual initially elected or nominated as a member of the Board as a result of an actual or threatened election contest with respect to Board membership or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director;
(b)  Any “person” (as such term is defined in the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) becomes a “beneficial owner” (as defined in Rule 13d‐3 under the Exchange Act), directly or indirectly, of securities of the Company representing 35% or more of the combined voting power of the Company’s then outstanding securities eligible to vote for the election of the Board (the “Company Voting Securities”); provided, however, that the event described in this paragraph (b) shall not be deemed to be a Change in Control by virtue of any of the following acquisitions:  (i) by the Company or any Subsidiary; (ii) by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary; (iii) by any underwriter temporarily holding securities pursuant to an offering of such securities; (iv) pursuant to a Non-Qualifying Transaction, as defined in paragraph (c), or (v) by any person of Company Voting Securities from the Company, if a majority of the Incumbent Board approves in advance the acquisition of beneficial ownership of 35% or more of Company Voting Securities by such person;
(c)  The consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company or any of its Subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or securities of another entity by the Company or any of its Subsidiaries (each, a “Business Combination”), unless, immediately following such Business Combination:  (i) all or substantially all of the individuals and entities that were the beneficial owners of the Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination (the “Surviving Corporation”) (including an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries (such entity, the “Parent Corporation”)) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Company Voting Securities, as the case may be, (ii) no person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation or the Parent Corporation), is or becomes the beneficial owner, directly or indirectly, of 35% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) and (iii) at least a majority of the members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the Business Combination were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination (any Business Combination which satisfies all of the criteria specified in (i), (ii) and (iii) above shall be deemed to be a “Non-Qualifying Transaction”); or
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(d)  The stockholders of the Company approve a plan of complete liquidation or dissolution of the Company.
Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any person acquires beneficial ownership of more than 35% of the Company Voting Securities as a result of the acquisition of Company Voting Securities by the Company which reduces the number of Company Voting Securities outstanding; provided, that if after such acquisition by the Company such person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control of the Company shall then occur.
ARTICLE 12.    GENERALLY APPLICABLE PROVISIONS
12.1.  Amendment and Termination of the Plan.  The Board may, from time to time, alter, amend, suspend or terminate the Plan as it shall deem advisable, subject to any requirement for stockholder approval imposed by applicable law, including (except as permitted under Section 12.2) the rules and regulations of the principal U.S. national securities exchange on which the Shares are traded; provided that the Board may not amend the Plan in any manner that would result in noncompliance with Rule 16b-3 under the Exchange Act; and further provided that the Board may not, without the approval of the Company's stockholders, amend the Plan to (a) increase the number of Shares that may be the subject of Awards under the Plan (except for adjustments pursuant to Section 12.2), (b) expand the types of awards available under the Plan, (c) materially expand the class of persons eligible to participate in the Plan, (d) amend Section 5.3 or Section 6.2(g) to eliminate the requirements relating to minimum exercise price, minimum grant price and stockholder approval, or (e) increase the maximum permissible term of any Option specified by Section 5.4 or the maximum permissible term of a Stock Appreciation Right specified by Section 6.2(e).  In addition, except as permitted under Section 12.2, no amendments to, or termination of, the Plan shall impair the rights of a Participant in any material respect under any Award previously granted without such Participant's consent.
12.2.  Adjustments.  In the event of any merger, reorganization, consolidation, recapitalization (or other change in the capital structure of the Company), dividend or distribution (whether in cash, shares or other property, other than a regular cash dividend), stock split, combination of shares, reverse stock split, spin-off, split-off, spin-out, split-up, partial or complete liquidation or other distribution of assets, issuance of rights or warrants to purchase securities, or similar transaction or event or other change in corporate structure affecting the Shares or the value thereof, such adjustments and other substitutions shall be made to the Plan and to Awards in a manner the Committee deems equitable or appropriate to prevent dilution or enlargement of the rights of Participants that otherwise would result from such event or transaction, including such adjustments in the aggregate number, class and kind of securities that may be delivered under the Plan or an Award, the limitations in Section 3.3, the maximum number of Shares that may be issued pursuant to Incentive Stock Options and, in the aggregate or to any Participant, in the number, class, kind and option or exercise price of securities subject to (and any other term/provision of) outstanding Awards granted under the Plan (including, if the Committee deems appropriate, the substitution of similar options to purchase the shares of, or other awards denominated in the shares of, another company or entity); provided, however, that the number of Shares subject to any Award shall always be a whole number.  Moreover, in the event of any such transaction or event or in the event of a Change in Control, the Committee may provide in substitution for any or all outstanding Awards such alternative consideration (including cash), if any, as it, in good faith, may determine to be equitable in the circumstances and shall require in connection therewith the surrender of all Awards so replaced in a manner that complies with Section 409A of the Code.
12.3.  Transferability of Awards.  Except as provided below or as otherwise determined by the Committee, no Award and no related Shares that have not been issued or as to which any applicable restriction, performance or deferral period has not lapsed, may be sold, assigned, transferred, pledged or otherwise encumbered, other than by will or the laws of descent and distribution, and such Award may be exercised during the life of the Participant only by the Participant or the Participant’s guardian or legal representative.  To the extent and under such terms and conditions as explicitly consented to by the Committee, a Participant may assign or transfer an Award without consideration (each transferee thereof, a “Permitted Assignee”) (a) to the Participant’s spouse, children or grandchildren (including any adopted and step children or grandchildren), parents, grandparents or siblings, (b) to a trust for the benefit of one or more of the Participant or the persons referred to in clause (a), (c) to a partnership, limited liability company or corporation in which the Participant or the persons referred to in clause (a) are the only 
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partners, members or shareholders or (d) for charitable donations; provided that such Permitted Assignee shall be bound by and subject to all of the terms and conditions of the Plan and the Award Agreement relating to the transferred Award and shall execute an agreement satisfactory to the Company evidencing such obligations; and provided further that such Participant shall remain bound by the terms and conditions of the Plan.  The Company shall cooperate with any Permitted Assignee and the Company’s transfer agent in effectuating any transfer permitted under this Section.  No Award shall be transferred for value.
12.4.  Termination of Employment or Services.  The Committee shall determine and set forth in each Award Agreement, or otherwise provide, whether any Awards evidenced by such Award Agreement will continue to be exercisable, accelerate or continue to vest or be earned and/or the terms of such exercise, continued or accelerated vesting or earning, including on and after the date that a Participant ceases to be employed by or to provide services to the Company or any Subsidiary (including as a Director), whether by reason of death, disability, voluntary or involuntary termination of employment or services, or otherwise.  The date of termination of a Participant’s employment or services will be determined by the Committee, which determination will be final. Unless provided otherwise in an Award Agreement or by the Committee, the change in status of providing service to the Company or a Subsidiary from one category of eligibility under the Plan to another (for example, the change in status from an Employee to a Director or Consultant) shall not by itself be considered a termination of employment for purposes of an Award and shall not, without the existence of a separate trigger, cause an Award to cease vesting according to its original terms.
12.5.  Deferral.  The Committee shall be authorized to establish procedures pursuant to which the payment of any eligible Award may be deferred.
12.6.  Dividend Equivalents.  Subject to the provisions of the Plan and any Award Agreement, the recipient of an Award other than an Option or Stock Appreciation Right may, if so determined by the Committee, be entitled to receive amounts equivalent to cash, stock or other property dividends on Shares (“Dividend Equivalents”) with respect to the number of Shares covered by the Award, as determined by the Committee, in its sole discretion.  The Committee may provide that the Dividend Equivalents (if any) shall be deemed to have been reinvested in additional Shares or otherwise reinvested or accumulated and credited to a bookkeeping account.  Notwithstanding the foregoing, any dividends (including payable in connection with Restricted Stock) or Dividend Equivalents (payable in connection with Awards other than Options or Stock Appreciation Rights) shall in all events be subject to the same restrictions and risk of forfeiture as the underlying Award and shall not be paid unless and until the underlying Award is vested or earned.
ARTICLE 13.    MISCELLANEOUS
13.1.  Award Agreements.  Each Award Agreement shall either be (a) in writing in a form approved by the Committee and executed by the Company by an officer duly authorized to act on its behalf, or (b) an electronic notice in a form approved by the Committee and recorded by the Company (or its designee) in an electronic recordkeeping system used for the purpose of tracking one or more types of Awards as the Committee may provide; in each case, and if required by the Committee, the Award Agreement shall be executed or otherwise electronically accepted by the recipient of the Award in such form and manner as the Committee may require.  The Committee may authorize any officer of the Company to execute any or all Award Agreements on behalf of the Company.  The Award Agreement shall set forth or provide for the material terms and conditions of the Award as established by the Committee consistent with the provisions of the Plan.
13.2.  Tax Withholding.  The Company shall have the right to make all payments or distributions pursuant to the Plan to a Participant (or a Permitted Assignee thereof) net of any applicable federal, state and local (or other) taxes required to be paid or withheld as a result of (a) the grant of any Award, (b) the exercise of an Option or Stock Appreciation Right, (c) the delivery of Shares or cash, (d) the lapse of any restrictions in connection with any Award or (e) any other event occurring pursuant to the Plan.  Subject to applicable law and compliance with Section 409A of the Code, the Company or any Subsidiary shall have the right to withhold from wages or other amounts otherwise payable to a Participant (or Permitted Assignee) such withholding taxes as may be required by law, or to otherwise require the Participant (or Permitted Assignee) to pay such withholding taxes.  If the Participant (or Permitted Assignee) shall fail to make such tax payments as are required, the Company or its Subsidiaries shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to such 
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Participant (or Permitted Assignee) or to take such other action as may be necessary to satisfy such withholding obligations.  The Committee shall be authorized to establish procedures for election by Participants (or Permitted Assignees) to satisfy such obligation for the payment of such taxes by tendering previously acquired Shares (either actually or by attestation, valued at their then Fair Market Value), or by directing the Company to retain Shares (up to the minimum required tax withholding rate for the Participant (or Permitted Assignee) or such other rate that will not cause an adverse accounting consequence or cost, in accordance with Company policy as authorized by the Committee) otherwise deliverable in connection with the Award.
13.3.  Right of Discharge Reserved; Claims to Awards.  Nothing in the Plan nor the grant of an Award hereunder shall confer upon any Employee, Director or Consultant the right to continue in the employment or service of the Company or any Subsidiary or affect any right that the Company or any Subsidiary may have to terminate the employment or service of (or to demote or to exclude from future Awards under the Plan) any such Employee, Director or Consultant at any time for any reason.  The Company shall not be liable for the loss of existing or potential profit from an Award granted in the event of termination of an employment or other relationship.  No Employee, Director or Consultant shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Employees, Directors or Consultants under the Plan.
13.4.  Substitute Awards.  Notwithstanding any other provision of the Plan, the terms of Substitute Awards may vary from the terms set forth in the Plan to the extent the Committee deems appropriate to conform, in whole or in part, to the provisions of the awards in substitution for which they are granted.
13.5.  Cancellation of Award; Forfeiture of Gain.
(a)       Notwithstanding anything to the contrary contained herein, an Award Agreement may provide that, if the Participant, without the consent of the Company, while employed by or providing services to the Company or any Subsidiary or after termination of such employment or service, violates a non-competition, non-solicitation or non-disclosure covenant or agreement or otherwise engages in activity that is in conflict with or adverse to the interest of the Company or any Subsidiary, as determined by the Committee in its sole discretion, then (i) any outstanding, vested or unvested, earned or unearned portion of the Award may, at the Committee’s discretion, be canceled and (ii) the Committee, in its discretion, may require the Participant or other person to whom any payment has been made or Shares or other property have been transferred in connection with the Award to forfeit and pay over to the Company, on demand, all or any portion of the gain (whether or not taxable) realized upon the exercise of any Option or Stock Appreciation Right and the value realized (whether or not taxable) on the vesting or payment of any other Award during the time period specified in the Award Agreement.
(b)         All Awards granted under the Plan will be subject to recoupment in accordance with the Company’s clawback policy, as may be adopted and/or amended from time to time, and any future clawback policy that the Company is required to adopt (and/or amend) pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. In addition, the Board may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Board determines necessary or appropriate. No recovery of compensation under such a clawback policy will be an event giving rise to a right to voluntary terminate employment upon a “resignation for good reason,” or for a “constructive termination” or any similar term under any plan of or agreement with the Company.
13.6.  Stop Transfer Orders.  All certificates for Shares delivered under the Plan pursuant to any Award shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the SEC, any stock exchange upon which the Shares are then listed, and any applicable federal or state securities law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.
13.7.  Nature of Payments.  All Awards made pursuant to the Plan are in consideration of services performed or to be performed for the Company or any Subsidiary, division or business unit of the Company or a Subsidiary.  Any income or gain realized pursuant to Awards under the Plan constitutes a special incentive payment to the Participant and shall not be taken into account, to the extent permissible under applicable law, as compensation for purposes of any of the employee benefit plans of the Company or any Subsidiary except as may 
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be determined by the Committee or by the Board or board of directors of the applicable Subsidiary (or as may be required by the terms of such plan).
13.8.  Other Plans.  Nothing contained in the Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to stockholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases.
13.9.  Severability.  The provisions of the Plan shall be deemed severable.  If any provision of the Plan shall be held unlawful or otherwise invalid or unenforceable in whole or in part by a court of competent jurisdiction or by reason of change in a law or regulation, such provision shall (a) be deemed limited to the extent that such court of competent jurisdiction deems it lawful, valid and/or enforceable and as so limited shall remain in full force and effect, and (b) not affect any other provision of the Plan or part thereof, each of which shall remain in full force and effect.  If the making of any payment or the provision of any other benefit required under the Plan shall be held unlawful or otherwise invalid or unenforceable by a court of competent jurisdiction or any governmental regulatory agency, or impermissible under the rules of any securities exchange on which the Shares are listed, such unlawfulness, invalidity, unenforceability or impermissibility shall not prevent any other payment or benefit from being made or provided under the Plan, and if the making of any payment in full or the provision of any other benefit required under the Plan in full would be unlawful or otherwise invalid or impermissible, then such unlawfulness, invalidity or impermissibility shall not prevent such payment or benefit from being made or provided in part, to the extent that it would not be unlawful, invalid or impermissible and the maximum payment or benefit that would not be unlawful, invalid or impermissible shall be made or provided under the Plan.
13.10.  Construction.  As used in the Plan, the words “include” and “including,” and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed by the words “without limitation.”  Notwithstanding anything in the Plan or an Award Agreement to the contrary, nothing in the Plan or in an Award Agreement prevents a Participant from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations, and for purpose of clarity a Participant is not prohibited from providing information voluntarily to the SEC pursuant to Section 21F of the Exchange Act.
13.11.  Unfunded Status of the Plan.  The Plan is intended to constitute an “unfunded” plan for incentive compensation.  With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general creditor of the Company.  In its sole discretion, the Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver the Shares or payments in lieu of or with respect to Awards hereunder; provided, however, that the existence of such trusts or other arrangements is consistent with the unfunded status of the Plan.
13.12.  Governing Law.  The Plan and all determinations made and actions taken thereunder, to the extent not otherwise governed by the Code or the laws of the United States, shall be governed by the laws of the State of Delaware, without reference to principles of conflict of laws, and construed accordingly.
13.13.  Effective Date of Plan; Termination of Plan.  The Plan shall be effective on the date of the approval of the Plan by the holders of the Shares entitled to vote at a duly constituted meeting of the stockholders of the Company.  Awards may be granted under the Plan at any time and from time to time prior to the tenth anniversary of the effective date of the Plan, on which tenth anniversary date the Plan will expire except as to Awards then outstanding under the Plan; provided, however, in no event may an Incentive Stock Option be granted more than ten years after the earlier of (a) the date of the adoption of the Plan by the Board or (b) the effective date of the Plan as provided in the first sentence of this Section.  Such outstanding Awards shall remain in effect until they have been exercised or terminated, or have expired.
13.14.  Foreign Employees and Consultants.  Awards may be granted to Participants who are not nationals of the United States of America or employed or providing services outside the United States, or both, on such terms and conditions different from those applicable to Awards to Employees or Consultants providing services in the United States as may, in the judgment of the Committee, be necessary or desirable in order to recognize differences in local law or tax policy.  The Committee also may impose conditions on the exercise or vesting of Awards in order to minimize the Company's obligation with respect to tax equalization for Employees or Consultants on assignments 
16

outside their home country. Moreover, the Committee may approve such supplements to or amendments, restatements or alternative versions of the Plan (including sub-plans) (to be considered part of the Plan) as it may consider necessary or appropriate for such purposes, without thereby affecting the terms of the Plan as in effect for any other purpose, and the Secretary or other appropriate officer of the Company may certify any such document as having been approved and adopted in the same manner as the Plan.  No such special terms, supplements, amendments or restatements, however, will include any provisions that are inconsistent with the terms of the Plan as then in effect unless the Plan could have been amended to eliminate such inconsistency without further approval by the Company’s stockholders.
13.15.  Compliance with Section 409A of the Code.  To the extent applicable, this Plan and Awards granted hereunder are intended to comply and shall be administered in a manner that is intended to comply with Section 409A of the Code, and they shall be construed and interpreted in accordance with such intent.  To the extent that an Award or the payment, settlement or deferral thereof is subject to Section 409A of the Code, the Award shall be granted, paid, settled or deferred in a manner that will comply with Section 409A of the Code, including regulations or other guidance issued with respect thereto, except as otherwise determined by the Committee.  Any provision of this Plan that would cause the grant of an Award or the payment, settlement or deferral thereof to fail to satisfy Section 409A of the Code shall be amended to comply with Section 409A of the Code on a timely basis, which may be made on a retroactive basis, in accordance with regulations and other guidance issued under Section 409A of the Code.
Neither a Participant nor any of a Participant’s creditors or beneficiaries will have the right to subject any deferred compensation (within the meaning of Section 409A of the Code) payable under the Plan and Awards hereunder to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment.  Except as permitted under Section 409A of the Code, any deferred compensation (within the meaning of Section 409A of the Code) payable to a Participant or for a Participant’s benefit under the Plan and Awards hereunder may not be reduced by, or offset against, any amount owed by a Participant to the Company or any of its Subsidiaries.
Should any payments made in accordance with the Plan to a “specified employee” (as defined under Section 409A of the Code) be determined to be payments from a nonqualified deferred compensation plan and are payable in connection with a Participant’s “separation from service” (as defined under Section 409A of the Code), that are not exempt from Section 409A of the Code as a short-term deferral or otherwise, these payments, to the extent otherwise payable within six months after the Participant’s separation from service, and to the extent necessary to avoid the imposition of taxes under Section 409A of the Code, will be paid in a lump sum on the earlier of the date that is the fifth business day of the seventh month after the Participant’s date of separation from service or the date of the Participant’s death.
Solely with respect to any Award that constitutes nonqualified deferred compensation subject to Section 409A of the Code and that is payable on account of a Change in Control (including any installments or stream of payments that are accelerated on account of a Change in Control), a Change in Control shall occur only if such event also constitutes a “change in the ownership,” “change in effective control,” and/or a “change in the ownership of a substantial portion of assets” of the Company as those terms are defined under Treasury Regulation §1.409A-3(i)(5), but only to the extent necessary to establish a time and form of payment that complies with Section 409A of the Code, without altering the definition of Change in Control for any purpose in respect of such Award.
Notwithstanding any provision of the Plan and Awards hereunder to the contrary, in light of the uncertainty with respect to the proper application of Section 409A of the Code, the Company reserves the right to make amendments to the Plan and Awards hereunder as the Company deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A of the Code.  In any case, a Participant will be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on a Participant or for a Participant’s account in connection with the Plan and Awards hereunder (including any taxes and penalties under Section 409A of the Code), and neither the Company nor any of its affiliates will have any obligation to indemnify or otherwise hold a Participant harmless from any or all of such taxes or penalties.
13.16.  No Registration Rights; No Right to Settle in Cash.  The Company has no obligation to register with any governmental body or organization (including, without limitation, the SEC) any of (a) the offer or issuance of any 
17

Award, (b) any Shares issuable upon the exercise of any Award, or (c) the sale of any Shares issued upon exercise of any Award, regardless of whether the Company in fact undertakes to register any of the foregoing.  In particular, in the event that any of (x) any offer or issuance of any Award, (y) any Shares issuable upon exercise of any Award, or (z) the sale of any Shares issued upon exercise of any Award are not registered with any governmental body or organization (including, without limitation, the SEC), the Company will not under any circumstance be required to settle its obligations, if any, under this Plan in cash. The Company will not be required to issue any fractional Shares pursuant to the Plan.  The Committee may provide for the elimination of fractions or for the settlement of fractions in cash.
13.17.  Limitation of Liability; Indemnity.  No member of the Board or the Committee or any person to whom the Board or the Committee has delegated any of its authority under the Plan shall be liable for anything done or omitted to be done by him or her by any member of the Board or the Committee or by any delegate in connection with the performance of any duties under this Plan, except for his or her own willful misconduct or as expressly provided by statute. In accordance with the preceding sentence, to the extent allowable pursuant to applicable law, each member of the Committee or of the Board and any person to whom the Committee has delegated any of its authority under the Plan shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such person in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding against him or her; provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf.  The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s certificate of incorporation or by-laws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.
13.18.  Captions.  The captions in the Plan are for convenience of reference only, and are not intended to narrow, limit or affect the substance or interpretation of the provisions contained herein.
18EXHIBIT 4.3

  

Douglas
Dynamics, Inc.

 

to

 

[*],

 

Trustee

 

INDENTURE

Dated
as of [*], 20__

 

Debt
Securities

     

     

    

TABLE
OF CONTENTS*

 

	 	 	Page
	Parties	 	1
	Recitals	 	1
	 	 	 
	ARTICLE 1. DEFINITIONS	1
	SECTION 1.01.	Definitions	1
	 	 	 
	ARTICLE 2. DEBT SECURITY FORMS	9
	SECTION 2.01.	Forms Generally	9
	SECTION 2.02.	Forms of Debt Securities	9
	SECTION 2.03.	Form of Trustee’s Certificate of Authentication	10
	SECTION 2.04.	Debt Securities in Global Form	10
	 	 	 
	ARTICLE 3. THE DEBT SECURITIES	12
	SECTION 3.01.	Title and Terms	12
	SECTION 3.02.	Denominations	14
	SECTION 3.03.	Payment of Principal and Interest	14
	SECTION 3.04.	Execution of Debt Securities	15
	SECTION 3.05.	Temporary Debt Securities	16
	SECTION 3.06.	Exchange and Registration of Transfer of Debt
    Securities	17
	SECTION 3.07.	Mutilated, Destroyed, Lost or Stolen Debt Securities	18
	SECTION 3.08.	Payment of Interest; Interest Rights Preserved	19
	SECTION 3.09.	Persons Deemed Owners	20
	SECTION 3.10.	Cancellation of Debt Securities Paid, etc	20
	SECTION 3.11.	Currency and Manner of Payments	21
	 	 	 
	ARTICLE 4. REDEMPTION OF DEBT SECURITIES;
    SINKING FUNDS	22
	SECTION 4.01.	Applicability of Article	22
	SECTION 4.02.	Notice of Redemption; Selection of Debt Securities	22
	SECTION 4.03.	Payment of Debt Securities Called for Redemption	24
	SECTION 4.04.	Exclusion of Certain Debt Securities from Eligibility
    for Selection for Redemption	24
	SECTION 4.05.	Provisions with Respect to any Sinking Funds	24
	 	 	 
	ARTICLE 5. PARTICULAR COVENANTS
    OF THE COMPANY	26
	SECTION 5.01.	Payment of Principal, Premium and Interest	26
	SECTION 5.02.	Offices for Notices and Payments, etc.	26
	SECTION 5.03.	Appointments to Fill Vacancies in Trustee’s
    Office	27
	SECTION 5.04.	Provisions as to Paying Agent	27
	SECTION 5.05.	Certificate to Trustee	27

 

 

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

     i

     

    

	SECTION 5.06.	Waivers of Covenants	28
	 	 	
	ARTICLE 6. HOLDERS’ LISTS
    AND REPORTS BY THE COMPANY AND THE TRUSTEE	28
	SECTION 6.01.	Holders’ Lists	28
	SECTION 6.02.	Preservation and Disclosure of Lists	28
	SECTION 6.03.	Reports by the Company	29
	SECTION 6.04.	Reports by the Trustee	29
	 	 	 
	ARTICLE 7. REMEDIES OF THE TRUSTEE
    AND HOLDERS ON EVENT OF DEFAULT	30
	SECTION 7.01.	Events of Default	30
	SECTION 7.02.	Payment of Debt Securities Upon Default; Suit
    Therefor	32
	SECTION 7.03.	Application of Moneys Collected by Trustee	34
	SECTION 7.04.	Proceedings by Holders	34
	SECTION 7.05.	Proceedings by Trustee	35
	SECTION 7.06.	Remedies Cumulative and Continuing	35
	SECTION 7.07.	Direction of Proceedings and Waiver of Defaults
    by Majority of Holders	35
	SECTION 7.08.	Notice of Defaults	36
	SECTION 7.09.	Undertaking to Pay Costs	36
	SECTION 7.10.	Unconditional Right of Holders to Receive Principal,
    Premium and Interest	36
	 	 	 
	ARTICLE 8. CONCERNING THE TRUSTEE	37
	SECTION 8.01.	Duties and Responsibilities of Trustee	37
	SECTION 8.02.	Reliance on Documents, Opinions, etc.	38
	SECTION 8.03.	No Responsibility for Recitals, etc.	39
	SECTION 8.04.	Trustee and Agents May Own Debt Securities	39
	SECTION 8.05.	Moneys to be Held in Trust	40
	SECTION 8.06.	Compensation and Expenses of Trustee	40
	SECTION 8.07.	Officers’ Certificate as Evidence	41
	SECTION 8.08.	Conflicting Interest of Trustee	41
	SECTION 8.09.	Eligibility of Trustee	41
	SECTION 8.10.	Resignation or Removal of Trustee	41
	SECTION 8.11.	Acceptance by Successor Trustee	42
	SECTION 8.12.	Succession by Merger, etc.	43
	SECTION 8.13.	Limitation on Rights of Trustee as a Creditor	44
	SECTION 8.14.	Authenticating Agents	44
	SECTION 8.15.	Trustee's Application for Instructions from
    the Company	46
	 	 	 
	ARTICLE 9. CONCERNING THE HOLDERS	47
	SECTION 9.01.	Action by Holders	47
	SECTION 9.02.	Proof of Execution by Holders	47
	SECTION 9.03.	Who Are Deemed Absolute Owners	47
	SECTION 9.04.	Company-Owned Debt Securities Disregarded	47
	SECTION 9.05.	Revocation of Consents; Future Holders Bound	48

     ii

     

    

	ARTICLE 10. HOLDERS’ MEETINGS	48
	SECTION 10.01.	Purposes of Meetings	48
	SECTION 10.02.	Call of Meetings by Trustee	49
	SECTION 10.03.	Call of Meetings by Company or Holders	49
	SECTION 10.04.	Qualifications for Voting	49
	SECTION 10.05.	Regulations	49
	SECTION 10.06.	Voting	50
	SECTION 10.07.	No Delay of Rights by Meeting	50
	 	 	 
	ARTICLE 11. SUPPLEMENTAL INDENTURES	51
	SECTION 11.01.	Supplemental Indentures without Consent of Holders	51
	SECTION 11.02.	Supplemental Indentures with Consent of Holders	52
	SECTION 11.03.	Effect of Supplemental Indentures	53
	SECTION 11.04.	Notation on Debt Securities	53
	SECTION 11.05.	Evidence of Compliance of Supplemental Indenture
    to be Furnished Trustee	53
	 	 	 
	ARTICLE 12. CONSOLIDATION, MERGER,
    SALE AND CONVEYANCE	54
	SECTION 12.01.	Company May Consolidate, etc., on Certain Terms	54
	SECTION 12.02.	Successor Entity to be Substituted	54
	SECTION 12.03.	Opinion of Counsel to Be Given Trustee	54
	 	 	 
	ARTICLE 13. SATISFACTION AND DISCHARGE
    OF INDENTURE	55
	SECTION 13.01.	Satisfaction, Discharge and Defeasance of Debt
    Securities of any Series	 55
	SECTION 13.02.	Defeasance of Debt Securities of any Series	57
	SECTION 13.03.	Application of Trust Funds; Indemnification	57
	SECTION 13.04.	Return of Unclaimed Moneys	58
	SECTION 13.05.	Reinstatement	58
	 	 	 
	ARTICLE 14. IMMUNITY OF INCORPORATORS,
    STOCKHOLDERS, OFFICERS AND DIRECTORS	58
	SECTION 14.01.	Indenture and Debt Securities Solely Obligations
    of the Company	58
	 	 	 
	ARTICLE 15. MISCELLANEOUS PROVISIONS	59
	SECTION 15.01.	Provisions Binding on Successors of the Company	59
	SECTION 15.02.	Indenture for Sole Benefit of Parties and Holders
    of Debt Securities	59
	SECTION 15.03.	Addresses for Notices, etc	59
	SECTION 15.04.	New York Contract; Waiver of Jury Trial	60
	SECTION 15.05.	Evidence of Compliance with Conditions Precedent	60
	SECTION 15.06.	Legal Holidays	60
	SECTION 15.07.	Trust Indenture Act of 1939 to Control	60
	SECTION 15.08.	Table of Contents, Headings, etc.	61
	SECTION 15.09.	Determination of Principal Amount	61
	SECTION 15.10.	Execution in Counterparts	61

     iii

     

    

	SECTION 15.11.	U.S.A. Patriot Act	61
	SECTION 15.12.	Force Majeure	61
	 	 	 
	Signatures	 	62

     iv

     

    

CROSS
REFERENCE SHEET

 

Between

 

Provisions
of Sections 310 through 318(a) inclusive of Trust Indenture Act of 1939 and the Indenture dated as of [*], 20__, between Douglas
Dynamics, Inc. and [*], a [*], as trustee.

 

	Section
    of Act	 	Section
    of Indenture
	310(a)(1) and (2)	 	8.09
	310(a)(3) and (4)	 	*
	310(b)	 	8.08 and 8.10
	310(c)	 	*
	311(a)	 	8.13
	311(b)	 	8.13
	311(c)	 	*
	312(a)	 	6.01 and 6.02(a)
	312(b)	 	6.02(b)
	312(c)	 	6.02(c)
	313(a)(1), (2), (3), (4), (6) and (7)	 	6.04(a)
	313(a)(5)	 	*
	313(b)(1)	 	*
	313(b)(2)	 	6.04
	313(c)	 	6.04
	313(d)	 	6.04
	314(a)(1)	 	6.03
	314(a)(2)	 	6.03
	314(a)(3)	 	6.03
	314(b)	 	*
	314(c)(1)	 	5.05
	314(c)(2)	 	15.05
	314(c)(3)	 	*
	314(d)	 	*
	314(e)	 	15.05
	314(f)	 	*
	315(a), (c) and (d)	 	8.01
	315(b)	 	7.08
	315(e)	 	7.09
	316(a)(1)	 	7.07
	316(a)(2)	 	*
	316(a) last para.	 	9.04
	316(b)	 	7.10
	317(a)	 	7.02
	317(b)	 	5.04
	318(a)	 	15.07

 

*
Not Applicable.

 

This
cross reference sheet shall not, for any purpose, be considered part of the Indenture. 

     v

     

    

THIS
INDENTURE, dated as of [*], 20___, between Douglas Dynamics, Inc., a Delaware corporation (the “Company”), and
[*], a [*], as trustee (the “Trustee”).

 

RECITALS
OF THE COMPANY

 

The
Company has duly authorized the execution and delivery of this Indenture to provide for the issue from time to time of its unsecured
debentures, notes, bonds or other evidences of indebtedness to be issued in one or more series as in this Indenture provided,
up to such principal amount or amounts as may from time to time be authorized in or pursuant to one or more resolutions of the
Board of Directors.

 

All
things necessary to make this Indenture a valid and binding 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 or acceptance of the Debt Securities by the Holders thereof, it is mutually
covenanted and agreed, for the equal and proportionate benefit of the respective Holders from time to time of the Debt Securities
or of any series thereof as follows:

 

Article
1.

Definitions

 

Section
1.01.            Definitions.
The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires)
for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this
Section 1.01. All other terms used in this Indenture which are defined in the Trust Indenture Act of 1939 or which are by reference
therein defined in the Securities Act of 1933, as amended, shall have (except as herein otherwise expressly provided or unless
the context otherwise requires) the meanings assigned to such terms in said Trust Indenture Act of 1939 and in said Securities
Act as in force at the date of the execution of this Indenture. All accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein expressly provided,
the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder
shall mean such accounting principles as are generally accepted in the United States for domestic companies at the date of such
computation. All references to such terms herein shall be both to the singular or the plural, as the context so requires. Unless
the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or Section,
as the case may be, of this Indenture. The words “herein,” “hereof” and “hereunder” and other
words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The
words “including,” “includes” and “include” shall be deemed to be followed by the words “without
limitation.”

 

Affiliate:

 

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

     

     

    

Authenticating
Agent:

 

The
term “Authenticating Agent” means the agent of the Trustee, if any, which at the time shall be appointed and acting
pursuant to Section 8.14.

 

Board
of Directors:

 

The
term “Board of Directors” means the Board of Directors of the Company or any authorized committee of such Board designated
by the Board of Directors or the by-laws or the articles of incorporation of the Company to act for such Board for purposes of
this Indenture.

 

Board
Resolution:

 

The
term “Board Resolution” means a copy of a resolution certified by a Vice President, 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:

 

The
term “Business Day”, when used with respect to any Place of Payment or any other particular location, means each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions or trust companies in that Place of Payment
or other location are authorized or obligated by law, regulation or executive order to close.

 

Commission:

 

The
term “Commission” means the U.S. Securities and Exchange Commission.

 

Company:

 

“Company”
means the party named as the “Company” in the first paragraph of this Indenture until a successor replaces it pursuant
to the applicable provisions of this Indenture and, thereafter, shall mean such successor. The forgoing sentence shall likewise
apply to any subsequent such successor or successors.

 

Company
Request and Company Order:

 

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

     2

     

    

Conversion
Date:

 

The
term “Conversion Date” has the meaning set forth in Section 3.11:

 

Corporate
Trust Office:

 

The
term “Corporate Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust
business shall principally be administered, which office at the date hereof is located at [*], Attn: [*], [*], or such other address
as the Trustee may designate from time to time by notice to the Company, or the principal corporate trust office of any successor
Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Company).

 

Currency
Determination Agent:

 

The
term “Currency Determination Agent” means the financial institution, if any, from time to time selected by the Company
for purposes of Section 3.11.

 

Debt
Security or Debt Securities:

 

The
terms “Debt Security” or “Debt Securities” means any unsecured notes, debentures or other indebtedness
of any series, as the case may be, issued by the Company from time to time, and authenticated and delivered under this Indenture.

 

Debt
Security Register:

 

The
term “Debt Security Register” has the meaning set forth in Section 3.06.

 

Debt
Security Registrar:

 

The
term “Debt Security Registrar” has the meaning set forth in Section 3.06.

 

Depository:

 

The
term “Depository” means, unless otherwise specified by the Company pursuant to Section 3.01, with respect to Debt
Securities of any series issuable or issued as a Global Debt Security, The Depository Trust Company, New York, New York, or any
successor thereto registered as a clearing agency pursuant to the provisions of Section 17A of the Securities Exchange Act of
1934, as amended, or other applicable statute or regulation.

 

Dollar:

 

The
term “Dollar” means the coin or currency of the United States of America which as of the time of payment is legal
tender for the payment of public and private debts. 

     3

     

    

Dollar
Equivalent of the Foreign Currency: 

 

The
term “Dollar Equivalent of the Foreign Currency” shall have the meaning set forth in Section 3.11.

 

Event
of Default:

 

The
term “Event of Default” has the meaning specified in Section 7.01.

 

Foreign
Currency:

 

The
term “Foreign Currency” means a currency issued by the government of any country other than the United States of America.

 

Global
Debt Security:

 

The
term “Global Debt Security” means a Debt Security issued in global form pursuant to Section 2.04 hereof to evidence
all or part of a series of Debt Securities.

 

Government
Obligations:

 

The
term “Government Obligations” means securities which are (i) direct obligations of the government which issued the
currency in which the Debt Securities of a series are denominated or (ii) obligations of a person controlled or supervised by
and acting as an agency or instrumentality of the government which issued the currency in which the Debt Securities of such series
are denominated, the payment of which obligations is unconditionally guaranteed by such government, and which, in either case,
are full faith and credit obligations of such government, are denominated in the currency in which the Debt Securities of such
series are denominated and which are not callable or redeemable at the option of the issuer thereof.

 

Holder:

 

The
term “Holder” means any Person in whose name a Debt Security of any series is registered in the Debt Security Register
applicable to Debt Securities of such series.

 

Indenture:

 

The
term “Indenture” means this instrument as originally executed and delivered or, if amended or supplemented as herein
provided pursuant to the applicable provisions hereof, as so amended or supplemented.

 

Indexed
Debt Security:

 

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

     4

     

    

Interest:

 

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

 

Interest
Payment Date:

 

The
term “Interest Payment Date”, when used with respect to any series of Debt Securities, means the Stated Maturity of
an installment of interest on such Debt Securities.

 

Market
Exchange Rate:

 

The
term “Market Exchange Rate” shall have the meaning set forth in Section 3.11.

 

Officers’
Certificate:

 

The
term “Officers’ Certificate”, when used with respect to the Company, means a certificate signed by its Chairman
of the Board, Vice Chairman of the Board, Chief Executive Officer, President, Chief Operating Officer, Chief Financial Officer
or a Vice President and by its Treasurer, Secretary, Assistant Secretary or Assistant Treasurer and delivered to the Trustee.
Each such certificate shall include the statements provided for in Section 15.05 to the extent required by the provisions of such
Section.

 

Opinion
of Counsel:

 

The
term “Opinion of Counsel” means an opinion in writing signed by legal counsel who may be an employee of or counsel
to the Company and such opinion shall be reasonably acceptable to the Trustee. Each such opinion shall include the statements
provided for in Sections 2.02, 3.04 and 15.05 to the extent required by the provisions of such Sections.

 

Original
Issue Discount Debt Security:

 

The
term “Original Issue Discount Debt Security” means any Debt 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 7.01.

 

Outstanding:

 

The
term “Outstanding”, when used with respect to Debt Securities or Debt Securities of any series, means, as of the date
of determination, all such Debt Securities theretofore authenticated and delivered under this Indenture, except:

 

(i)           such
Debt Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

 

(ii)          such
Debt Securities for whose payment or redemption money in the necessary amount and in the specified currency 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 Debt Securities, provided, however, that if such Debt
Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor
satisfactory to the Trustee has been made; 

     5

     

    

(iii)         such
Debt Securities in exchange for or in lieu of which other such Debt Securities have been authenticated and delivered pursuant
to this Indenture, or such Debt Securities which have been paid, pursuant to this Indenture, unless proof satisfactory to the
Trustee is presented that any such Debt Securities are held by Persons in whose hands any of such Debt Securities are a legal,
valid and binding obligation of the Company, and

 

(iv)         such
Debt Securities the indebtedness in respect to which has been discharged in accordance with Section 13.02.

 

provided,
however, that in determining whether the Holders of the requisite principal amount of such Outstanding Debt Securities have
given any request, demand, authorization, direction, notice, consent or waiver hereunder, such Debt Securities owned by the Company
or any other obligor upon such Debt Securities or any Affiliate of the Company or such other obligor (except in the case in which
the Company or such other obligor or Affiliate owns all Debt Securities Outstanding under the Indenture, or all Outstanding Debt
Securities of each such series, as the case may be, without regard to this proviso) shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only such Debt Securities which a Responsible Officer of the Trustee actually knows to be
so owned shall be so disregarded. Such Debt 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 Debt Securities
and that the pledgee is not the Company or any other such obligor upon such Debt Securities or any Affiliate of the Company or
such other obligor. In case of a dispute as to such right, the decision of the Trustee upon the advice of counsel shall be full
protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officers’ Certificate
listing and identifying all such Debt Securities, if any, known by the Company to be owned or held by or for the account of any
of the above described Persons; and, subject to the provisions of Section 8.01, the Trustee shall be entitled to accept such Officers’
Certificate as conclusive evidence of the facts therein set forth and of the fact that all such Debt Securities not listed therein
are Outstanding for the purpose of any such determination.

 

Person:

 

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

     6

     

    

Place
of Payment: 

 

The
term “Place of Payment”, when used with respect to the Debt Securities of any series, means the place or places where
the principal of (premium, if any) and interest on the Debt Securities of that series are payable as specified in accordance with
Section 3.01.

 

Predecessor
Debt Security: 

 

The
term “Predecessor Debt Security” of any particular Debt Security means every previous Debt Security evidencing all
or a portion of the same debt as that evidenced by such particular Debt Security, and for the purposes of this definition, any
Debt Security authenticated and delivered under Section 3.07 in lieu of a mutilated, lost, destroyed or stolen Debt Security shall
be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Debt Security.

 

Redemption
Date: 

 

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

 

Redemption
Price: 

 

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

 

Regular
Record Date: 

 

The
term “Regular Record Date” for the interest payable on any Debt Security on any Interest Payment Date means the date
specified in such Debt Security as the “Regular Record Date” as contemplated by Section 3.01.

 

Responsible
Officer: 

 

The
term “Responsible Officer”, when used with respect to the Trustee, means any officer of the Trustee assigned to the
Corporate Trust Administration unit (or any successor division or unit) of the Trustee located at the Corporate Trust Office of
the Trustee, who shall have direct responsibility for the administration of this Indenture and, shall also include any other officer
of the Trustee to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity with
the particular subject.

 

The
term “Responsible Officer”, when used with respect to the Company, means the Chairman of the Board, Vice Chairman
of the Board, Chief Executive Officer, President, Chief Operating Officer, Chief Financial Officer, Treasurer or Secretary, or
any Vice President, Assistant Secretary or Assistant Treasurer, in each case, of the Company. 

     7

     

    

Special
Record Date: 

 

The
term “Special Record Date” for the payment of any Defaulted Interest (as defined in Section 3.08) means a date fixed
by the Trustee pursuant to Section 3.08.

 

Stated
Maturity: 

 

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

 

Subsidiary:

 

The
term “Subsidiary” means any Person of which the Company, or the Company and one or more Subsidiaries, or any one or
more Subsidiaries, directly or indirectly own more than 50% of the Voting Stock.

 

Trustee:

 

“Trustee”
means the party named as the “Trustee” in the first paragraph of this Indenture until a successor replaces it pursuant
to the applicable provisions of this Indenture and, thereafter, shall mean such successor. The foregoing sentence shall likewise
apply to any subsequent such successor or successors.

 

Trust
Indenture Act of 1939: 

 

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

 

Valuation
Date: 

 

The
term “Valuation Date” shall have the meaning set forth in Section 3.11.

 

Voting
Stock: 

 

The
term “Voting Stock” means outstanding shares of capital stock or similar equity interests having under ordinary circumstances
voting power for the election of directors, managers or the substantial equivalent thereof whether at all times or only so long
as no senior class of stock or similar equity interest has such voting power by reason of the happening of any contingency. 

     8

     

    

Article
2.

Debt Security Forms.

 

Section
2.01.             Forms
Generally. The Debt Securities of each series and the
certificates of authentication thereon shall have such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture (the provisions of which shall be appropriate to reflect the terms of each
series of Debt Securities, including the currency or denomination, which may be Dollars or Foreign Currency), and may have
such letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may be required to
comply with the rules of any securities exchange, or as may, consistently herewith, be determined by the officers executing
such Debt Securities, as evidenced by their signing of such Debt Securities. Any portion of the text of any Debt Security may
be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Debt Security.

 

The
definitive Debt Securities shall be printed, lithographed or engraved or produced by any combination of these methods or may be
produced in any other manner, all as determined by the officers executing such Debt Securities, as evidenced by their signing
of such Debt Securities.

 

Section
2.02.             Forms
of Debt Securities. The Debt Securities of each series
shall be in such form or forms (including global form) as shall be established by or pursuant to a Board
Resolution.

 

Prior
to the delivery of a Debt Security of any series in any such form to the Trustee for the Debt Securities of such series for authentication,
the Company shall deliver to the Trustee the following:

 

(a)          The
Board Resolution by or pursuant to which such form of Debt Security has been approved;

 

(b)          An
Officers’ Certificate dated the date such Certificate is delivered to the Trustee stating that all conditions precedent
provided for in this Indenture relating to the authentication and delivery of Debt Securities in such form have been complied
with;

 

(c)          An
Opinion of Counsel stating that Debt Securities in such form, together with any coupons appertaining thereto, when (i) completed
by appropriate insertions and executed and delivered by the Company to the Trustee for authentication in accordance with this
Indenture, (ii) authenticated and delivered by such Trustee in accordance with this Indenture within the authorization as to aggregate
principal amount established from time to time by the Board of Directors, and (iii) sold in the manner specified in such Opinion
of Counsel, will be the legal, valid and binding obligations of the Company, subject to applicable bankruptcy, reorganization,
insolvency and other similar laws generally affecting creditors’ rights, to general equitable principles and to such other
qualifications as such counsel shall conclude do not materially affect the rights of Holders of such Debt Securities; and

 

(d)          A
Company Order requesting the authentication and delivery of the Debt Securities. 

     9

     

    

The
definitive Debt Securities and coupons, if any, shall be printed, lithographed or engraved or produced by any combination of these
methods or may be produced in any other manner, all as determined by the officers executing such Debt Securities or coupons, as
evidenced by their execution thereof.

 

Section
2.03.             Form
of Trustee’s Certificate of Authentication. The
following is the form of the Certificate of Authentication of the Trustee to be endorsed on the face of all Debt Securities
substantially as follows:

 

This
is one of the Debt Securities of the series designated herein issued under the within-mentioned Indenture.

 

Dated:
______________________

	 	[*],	 
	 	as Trustee	 
	 	 	 
	 	 	 	 
	 	By:	 	,
	 	Authorized Signatory	 

 

Section
2.04.             Debt
Securities in Global Form. (a) If the Company shall
establish pursuant to Section 3.01 that the Debt Securities of a particular series are to be issued in whole or in part in
the form of one or more Global Debt Securities, then the Company shall execute and the Trustee or its agent shall, in
accordance with Section 3.04 and the Company Order delivered to the Trustee or its agent thereunder, authenticate and deliver
such Global Debt Security or Global Debt Securities, which (i) shall represent, and shall be denominated in an amount equal
to the aggregate principal amount of, the Outstanding Debt Securities of such series to be represented by such Global Debt
Security or Global Debt Securities, or such portion thereof as the Company shall specify in a Company Order, (ii) shall be
registered in the name of the Depository for such Global Debt Security or Global Debt Securities or its nominee, (iii) shall
be delivered by the Trustee or its agent to the Depository or pursuant to the Depository’s instruction and (iv) shall
bear a legend substantially to the following effect: “Unless this certificate is presented by an authorized
representative of the Depository to the Company or its agent for registration of transfer, exchange, or payment, and any
certificate issued is registered in the name of the nominee of the Depository or in such other name as is requested by an
authorized representative of the Depository (and any payment is made to the nominee of the Depository or to such other entity
as is requested by an authorized representative of the Depository), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, the nominee of the Depository, has an
interest herein.” 

     10

     

    

Holders
shall have no rights either under this Indenture with respect to any Global Debt Securities held on their behalf by the Depository
or by the custodian of the Global Debt Security, or under such Global Debt Security, and the Depository may be treated by the
Company, the Trustee and any agent of the Company or the Trustee as the owner of such Global Debt Security for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any Agent or other agent of the Company
or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair,
as between the Depository and its Holders, the operation of customary practices of the Depository governing the exercise of the
rights of an owner of a beneficial interest in any Global Debt Security.

 

The
Trustee shall have no responsibility or obligation to any Holder, any member of (or participant in) the Depository or any other
Person with respect to the accuracy of the records of the Depository (or its nominee), with respect to any ownership interest
in a Debt Security, with respect to the delivery by the Depository of any notice (including any notice of redemption) or the payment
by the Depository of any amount or delivery by the Depository of any Debt Security under or with respect to the Debt Security
or with respect to any other action taken or not taken by the Depository. The Trustee may conclusively rely (and shall be fully
protected in relying) upon information furnished by the Depository with respect to its members, participants and any Holders of
Debt Securities.

 

(b)          Notwithstanding
any other provision of this Section 2.04 or of Section 3.06, and subject to the provisions of paragraph (c) below, unless the
terms of a Global Debt Security expressly permit such Global Debt Security to be exchanged in whole or in part for individual
certificates representing Debt Securities, a Global Debt Security may be transferred, in whole but not in part and in the manner
provided in Section 3.06, only to a nominee of the Depository for such Global Debt Security, or to the Depository, or a successor
Depository for such Global Debt Security selected or approved by the Company, or to a nominee of such successor Depository.

 

(c)          (1)
If at any time the Depository for a Global Debt Security notifies the Company that it is unwilling or unable to continue as Depository
for such Global Debt Security or if at any time the Depository for the Global Debt Securities for such series shall no longer
be eligible or in good standing under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation,
the Company shall appoint a successor Depository with respect to such Global Debt Security. If a successor Depository for such
Global Debt Security is not appointed by the Company within 90 days after the Company receives notice or becomes aware of such
ineligibility, the Company will execute, and the Trustee or its agent, upon receipt of a Company Request for the authentication
and delivery of certificates representing Debt Securities of such series in exchange for such Global Debt Security, will authenticate
and deliver, certificates representing Debt Securities of such series of like tenor and terms in an aggregate principal amount
equal to the principal amount of the Global Debt Security in exchange for such Global Debt Security.

 

(2)          The
Company may at any time and in its sole discretion determine that the Debt Securities of any series or portion thereof issued
or issuable in the form of one or more Global Debt Securities shall no longer be represented by such Global Debt Security or Global
Debt Securities. In such event the Company will execute, and the Trustee, upon receipt of a Company Request for the authentication
and delivery of certificates representing Debt Securities of such series in exchange in whole or in part for such Global Debt
Security, will authenticate and deliver certificates representing Debt Securities of such series of like tenor and terms in definitive
form in an aggregate principal amount equal to the principal amount of such Global Debt Security or Global Debt Securities representing
such series or portion thereof in exchange for such Global Debt Security or Global Debt Securities. 

     11

     

    

(3)          If
specified by the Company pursuant to Section 3.01 with respect to Debt Securities issued or issuable in the form of a Global Debt
Security, the Depository for such Global Debt Security may surrender such Global Debt Security in exchange in whole or in part
for certificates representing Debt Securities of such series of like tenor and terms in definitive form on such terms as are acceptable
to the Company and such Depository. Thereupon the Company shall execute, and the Trustee or its agent shall authenticate and deliver,
without a service charge, (A) to each Holder specified by the Debt Security Registrar or the Depository a certificate or certificates
representing Debt Securities of the same series of like tenor and terms and of any authorized denomination as requested by such
person in an aggregate principal amount equal to and in exchange for such Holder’s beneficial interest as specified by the
Debt Security Registrar or the Depository in the Global Debt Security; and (B) to such Depository a new Global Debt Security of
like tenor and terms and in an authorized denomination equal to the difference, if any, between the principal amount of the surrendered
Global Debt Security and the aggregate principal amount of certificates representing Debt Securities delivered to Holders thereof.

 

(4)          In
any exchange provided for in any of the preceding three paragraphs, the Company will execute and the Trustee or its agent will
authenticate and deliver certificates representing Debt Securities in definitive registered form in authorized denominations for
Debt Securities of the same series or any integral multiple thereof. Upon the exchange of the entire principal amount of a Global
Debt Security for certificates representing Debt Securities, such Global Debt Security shall be cancelled by the Trustee or its
agent. Except as provided in the preceding paragraph, certificates representing Debt Securities issued in exchange for a Global
Debt Security pursuant to this Section shall be registered in such names and in such authorized denominations for Debt Securities
of that series or any integral multiple thereof, as the Debt Security Registrar or Depository shall instruct the Trustee or its
agent. The Trustee or the Debt Security Registrar shall deliver at its Corporate Trust Office such certificates representing Debt
Securities to the Holders in whose names such Debt Securities are so registered.

 

Article
3.

The Debt Securities.

 

Section
3.01.             Title
and Terms. The aggregate principal amount of Debt
Securities which may be authenticated and delivered under this Indenture is unlimited. The Debt Securities may be issued up
to the aggregate principal amount of Debt Securities from time to time authorized by or pursuant to a Board
Resolution. 

     12

     

    

The
Debt Securities may be issued in one or more series. All Debt Securities of each series issued under this Indenture shall in all
respects be equally and ratably entitled to the benefits hereof with respect to such series without preference, priority or distinction
on account of the actual time or times of the authentication and delivery or maturity of the Debt Securities of such series. There
shall be established in or pursuant to a Board Resolution, and set forth in an Officers’ Certificate to the extent not established
in a Board Resolution, or established in one or more indentures supplemental hereto, prior to the issuance of Debt Securities
of any series:

 

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

 

(b)          any
limit upon the aggregate principal amount of the Debt Securities of the series which may be authenticated and delivered under
this Indenture (except for Debt Securities authenticated and delivered upon registration of transfer of, or in exchange for, or
in lieu of, other Debt Securities of that series pursuant to this Article Three, the second paragraph of Section 4.03, or Section
11.04);

 

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

 

(d)          the
rate or rates (or the manner of calculation thereof) at which the Debt Securities of the series shall bear interest, if any, the
date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and the
Regular Record Date for the interest payable on any Interest Payment Date;

 

(e)          the
Place of Payment;

 

(f)           the
period or periods within which, the price or prices at which, the currency or currency units in which, and the terms and conditions
upon which Debt Securities of the series may be redeemed, in whole or in part, at the option of the Company;

 

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

 

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

 

(i)           if
other than Dollars, the currencies in which payments of interest or principal of (and premium, if any, with respect to) the Debt
Securities of the series are to be made;

 

(j)           if
the interest on or principal of (or premium, if any, with respect to) the Debt Securities of the series are to be payable, at
the election of the Company or a Holder thereof or otherwise, in a currency other than that in which such Debt Securities are
payable, the period or periods within which, and the other terms and conditions upon which, such election may be made, and the
time and manner of determining the exchange rate between the currency in such Debt Securities are denominated or stated to be
payable and the currency in which such Debt Securities or any of them are to be so payable; 

     13

     

    

(k)          whether
the amount of payments of interest on or principal of (or premium, if any, with respect to) the Debt Securities of such series
may be determined with reference to an index, formula or other method (which index, formula or method or method may be based,
without limitation, on one or more currencies, commodities, equity indices or other indices), and, if so, the terms and conditions
upon which and the manner in which such amounts shall be determined and paid or payable;

 

(l)           the
extent to which any Debt Securities will be issuable in permanent global form, the manner in which any payments on a permanent
global Debt Security will be made, and the appointment of any Depository relating thereto;

 

(m)         any
deletions from, modifications of or additions to the Events of Default or covenants with respect to the Debt Securities of such
series, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth herein;

 

(n)          if
any of the Debt Securities of such series are to be issuable upon the exercise of warrants, this shall be so established as well
as the time, manner and place for such Debt Securities to be authenticated and delivered;

 

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

 

(p)          any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture).

 

All
Debt Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided
in or pursuant to such Board Resolution and set forth in such Officers’ Certificate or in any such indenture supplemental
hereto.

 

Section
3.02.             Denominations.
The Debt Securities of each series shall be issuable in registered form without coupons in such denominations as shall be
specified as contemplated in Section 3.01. In the absence of any specification with respect to the Debt Securities of any
series, the Debt Securities of such series shall be issuable in denominations of $1,000 and any integral multiple thereof,
which may be in Dollars or any Foreign Currency.

 

Section
3.03.             Payment
of Principal and Interest. The principal of, premium, if any,
and interest on the Debt Securities shall be payable at the office or agency of the Company designated for that purpose in the
Place of Payment, as provided in Section 5.02; provided, however, that interest may be payable at the option of the Company by
check mailed to the address of the Person entitled thereto as such address shall appear on the Debt Security Register on the Regular
Record Date for such interest payment. 

     14

     

    

Section
3.04.             Execution
of Debt Securities. The Debt Securities shall be executed
manually or by facsimile in the name and on behalf of the Company by its Chairman of the Board of Directors, its President,
one of its Vice Presidents or its Treasurer and by its Secretary or one of its Assistant Secretaries. Only such Debt
Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore recited, manually
executed by the Trustee, shall be entitled to the benefits of this Indenture or be valid or become obligatory for any
purpose. Such certificate by the Trustee upon any Debt Security executed by the Company shall be conclusive evidence that the
Debt Security so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the
benefits of this Indenture.

 

In
case any officer of the Company who shall have executed any of the Debt Securities shall cease to be such officer before the Debt
Securities so executed shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Debt Securities
nevertheless shall be valid and binding and may be authenticated and delivered or disposed of as though the Person who executed
such Debt Securities had not ceased to be such officer of the Company; and any Debt Securities may be executed on behalf of the
Company by such Persons as, at the actual date of the execution of such Debt Security, shall be the proper officers of the Company,
although at the date of such Debt Security or of the execution of this Indenture any such Person was not such an officer.

 

At
any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Debt Securities of
any series, properly created in accordance with Section 3.01 and executed by the Company, to the Trustee for authentication; and
the Trustee shall authenticate and deliver such Debt Securities upon receipt of a Company Order. In the event that any other Person
performs the Trustee’s duties as Authenticating Agent pursuant to a duly executed agreement, the Company shall notify the
Trustee in writing of the issuance of any Debt Securities hereunder, such notice to be delivered in accordance with the provisions
of Section 15.03 on the date such Debt Securities are delivered by the Company for authentication to such other Person.

 

Prior
to any such authentication and delivery, the Trustee shall receive, and shall be fully protected in relying upon, in addition
to the Opinion of Counsel to be furnished to the Trustee pursuant to Sections 2.02 and 15.05 and the Officers’ Certificate
relating to the issuance of any series of Debt Securities pursuant to Sections 15.05 and 3.01, Opinions of Counsel stating that:

 

(a)          all instruments furnished to the Trustee conform to the requirements of this Indenture and constitute sufficient authority hereunder
for the Trustee to authenticate and deliver such Debt Securities;

 

(b)          all
laws and requirements with respect to the form and execution by the Company of the supplemental indenture, if any, have been complied
with, the execution and delivery of the supplemental indenture, if any, will not violate the terms of this Indenture, the supplemental
indenture has been duly qualified under the Trust Indenture Act of 1939, the Company has corporate or company power to execute
and deliver any such supplemental indenture and has taken all necessary corporate action for those purposes and any such supplemental
indenture has been executed and delivered and constitutes the legal, valid and binding obligation of the Company enforceable in
accordance with its terms (subject, as to enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium
or other laws affecting creditors’ rights generally from time to time in effect); 

     15

     

    

(c)          the form and terms of such Debt Securities have been established in conformity with the provisions of this Indenture; and

 

(d)          all laws and requirements with respect to the execution and delivery by the Company of such Debt Securities have been complied
with, the authentication and delivery of the Debt Securities by the Trustee will not violate the terms of this Indenture, the
Company has the corporate or company power to issue such Debt Securities and such Debt Securities, assuming due authentication
and delivery by the Trustee, constitute legal, valid and binding obligations of the Company in accordance with their terms (subject,
as to enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’
rights generally from time to time in effect) and are entitled to the benefits of this Indenture, equally and ratably with all
other Outstanding Debt Securities, if any, of such series.

 

The
Trustee shall not be required to authenticate such Debt Securities if the issue thereof will adversely affect the Trustee’s
own rights, duties or immunities under the Debt Securities and this Indenture or otherwise in a manner which is not reasonably
acceptable to the Trustee or such action would expose the Trustee to personal liability to existing Holders.

 

Unless
otherwise provided in the form of Debt Security for any series, all Debt Securities shall be dated the date of their authentication.

 

No
Debt Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears
on such Debt Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by
manual signature, and such certificate upon any Debt Security shall be conclusive evidence, and the only evidence, that such Debt
Security has been duly authenticated and delivered hereunder.

 

Section
3.05.             Temporary
Debt Securities. Pending the preparation of definitive
Debt Securities of any series, the Company may execute, and upon receipt of the documents required by Sections 2.02, 3.01 and
3.04, together with a Company Order, the Trustee shall authenticate and deliver, such temporary Debt Securities which may be
printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denominations, substantially of the
tenor of such definitive Debt Securities in lieu of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such temporary Debt Securities may determine, as evidenced by
their execution of such temporary Debt Securities.

 

If
temporary Debt Securities of any series are issued, the Company will cause definitive Debt Securities of such series to be prepared
without unreasonable delay. After the preparation of definitive Debt Securities of any series, the temporary Debt Securities of
such series shall be exchangeable for definitive Debt Securities of such series, upon surrender of the temporary Debt Securities
of such series at any office or agency maintained by the Company for such purposes as provided in Section 5.02, without charge
to the Holder. Upon surrender for cancellation of any one or more temporary Debt Securities of any series, the Company shall execute
and the Trustee shall authenticate and deliver in exchange therefore a like principal amount of definitive Debt Securities of
such series having the same interest rate and Stated Maturity and bearing interest from the same date of any authorized denominations.
Until so exchanged the temporary Debt Securities of such series shall in all respects be entitled to the same benefits under this
Indenture as definitive Debt Securities of such series. 

     16

     

    

Section
3.06.             Exchange
and Registration of Transfer of Debt Securities. Debt
Securities may be exchanged for a like aggregate principal amount of Debt Securities of such series that are of other
authorized denominations. Debt Securities to be exchanged shall be surrendered at any office or agency to be maintained for
such purpose by the Company, as provided in Section 5.02, and the Company shall execute and the Trustee shall authenticate
and deliver in exchange therefore the Debt Security or Debt Securities of authorized denominations which the Debt Security
Holder making the exchange shall be entitled to receive. Each agent of the Company appointed pursuant to Section 5.02 as a
person authorized to register and register transfer of Debt Securities is sometimes herein referred to as a “Debt
Security Registrar.”

 

The
Company shall keep, at each such office or agency of the Company maintained for such purpose, as provided in Section 5.02, a register
for each series of Debt Securities hereunder (the registers of all Debt Security Registrars being herein sometimes collectively
referred to as the “Debt Security Register”) in which, subject to such reasonable regulations as it may prescribe,
the Company shall provide for the registration of Debt Securities and shall register the transfer of Debt Securities as provided
in this Article Three. At all reasonable times, such Debt Security Register shall be open for inspection by the Trustee and any
Debt Security Registrar other than the Trustee. The Holder transferring Debt Securities shall provide or cause to be provided
to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including,
without limitation, any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may rely on such
information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. Upon due presentment
for registration of transfer of any Debt Security at any such office or agency, the Company shall execute and register and the
Trustee shall authenticate and deliver in the name of the transferee or transferees a new Debt Security or Debt Securities of
authorized denominations for an equal aggregate principal amount. Registration or registration of transfer of any Debt Security
by any Debt Security Registrar in the registry books maintained by such Debt Security Registrar, and delivery of such Debt Security,
duly authenticated, shall be deemed to complete the registration or registration of transfer of such Debt Security.

 

The
Company will at all times designate one Person (who may be the Company and who need not be a Debt Security Registrar) to act as
repository of a master list of names and addresses of Holders of the Debt Securities. The Trustee shall act as such repository
unless and until some other Person is, by written notice from the Company to the Trustee and each Debt Security Registrar, designated
by the Company to act as such. The Company shall cause each Debt Security Registrar to furnish to such repository, on a current
basis, such information as such repository may reasonably request as to registrations, transfers, exchanges and other transactions
effected by such registrar, as may be necessary or advisable to enable such repository to maintain such master list on as current
a basis as is reasonably practicable. 

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No
Person shall at any time be appointed as or act as a Debt Security Registrar unless such Person is at such time empowered under
applicable law to act as such and duly registered to act as such under and to the extent required by applicable law and regulations.

 

All
Debt Securities presented to a Debt Security Registrar for registration of transfer shall be duly endorsed by, or be accompanied
by a written instrument or instruments of transfer in form satisfactory to the Company and such Debt Security Registrar duly executed
by the registered Holder or such Holder’s attorney duly authorized in writing.

 

Except
as provided in Section 3.01 pursuant to a Board Resolution, an Officers’ Certificate or an indenture supplemental hereto,
no service charge shall be made for any exchange or registration of transfer of Debt Securities or conversion or exchange of less
than the entire principal amount of a Debt Security, but the Company or the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection therewith.

 

The
Company shall not be required to issue, exchange or register a transfer of (a) any Debt Securities of any series for a period
of 15 days next preceding the sending of a notice of redemption of Debt Securities of such series and ending at the close of business
on the day of the sending of a notice of redemption of Debt Securities of such series so selected for redemption, or (b) any Debt
Securities selected, called or being called for redemption except, in the case of any Debt Security to be redeemed in part, the
portion thereof not so to be redeemed. In addition, the Company shall not be required to register the transfer of or to exchange
a Debt Security between a record date and the next succeeding Interest Payment Date.

 

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

 

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

 

Section
3.07.             Mutilated,
Destroyed, Lost or Stolen Debt Securities. In case any temporary
or definitive Debt Security shall become mutilated or be destroyed, lost or stolen, the Company in its discretion may execute,
and upon its request the Trustee shall authenticate and deliver, a new Debt Security, bearing a number, letter or other distinguishing
mark not contemporaneously Outstanding, in exchange and substitution for the mutilated Debt Security, or in lieu of and in substitution
for the Debt Security so destroyed, lost or stolen. In every case the applicant for a substituted Debt Security shall furnish
to the Company and to the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in
every case of destruction, loss or theft, the applicant shall also furnish to the Company and to the Trustee evidence to their
satisfaction of the destruction, loss or theft, of such Debt Security and of the ownership thereof. 

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In
the absence of notice to the Trustee or the Company that such Debt Security has been acquired by a bona fide purchaser, the Trustee
shall authenticate any such substituted Debt Security and deliver the same upon any Company Request. Upon the issuance of any
substituted Debt 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 connected therewith. In case any Debt Security which has matured
or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substituted
Debt Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Debt Security)
if the applicant for such payment shall furnish to the Company and to the Trustee such security or indemnity as may be required
by them to save each of them harmless and, in case of destruction, loss or theft, evidence satisfactory to the Company and to
the Trustee of the destruction, loss or theft of such Debt Security and of the ownership thereof.

 

Every
substituted Debt Security issued pursuant to the provisions of this Section 3.07 by virtue of the fact that any Debt Security
is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed,
lost or stolen Debt Security shall be found at any time, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Debt Securities duly issued hereunder. All Debt Securities shall be held and owned upon
the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Debt Securities and shall preclude (to the extent permitted by law) any and all other rights or remedies with respect
to the replacement or payment of negotiable instruments or other securities without their surrender.

 

Section
3.08.             Payment of Interest; Interest Rights Preserved.
Interest which is payable, and is punctually paid or duly provided for, on any Interest Payment Date, on any Debt Security, shall
unless otherwise provided in such Debt Security be paid to the Person in whose name the Debt Security (or one or more Predecessor
Debt Securities) is registered at the close of business on the Regular Record Date for such interest.

 

Unless
otherwise stated in the form of Debt Security of a series, interest on the Debt Securities of any series shall be computed on
the basis of a 360 day year comprised of twelve 30 day months.

 

Any
interest on any Debt Security 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 registered 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 any such Debt Securities (or their respective
Predecessor Debt 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 Debt Security and the date of the proposed payment, and at the same time the Company shall
deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest
or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money
when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided.
Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than
15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the
Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and,
in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefore to be mailed, first-class postage prepaid, to each Holder of such Debt Securities, at such Holder’s
address as it appears in the Debt Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefore having been mailed as aforesaid, such Defaulted Interest
shall be paid to the Persons in whose names such Debt Securities (or their respective Predecessor Debt Securities) are registered
on such Special Record Date and shall no longer be payable pursuant to the following Clause (b). 

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(b)          The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Debt Securities of that series 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 payment
shall be deemed practicable by the Trustee.

 

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

 

Section
3.09.             Persons Deemed Owners.
The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name any Debt Security is registered
as the owner of such Debt Security for the purpose of receiving payment of principal of, premium, if any, and (subject to Section
3.08) interest on, such Debt Security and for all other purposes whatsoever whether or not such Debt 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.

 

Section
3.10.             Cancellation
of Debt Securities Paid, etc. All Debt Securities surrendered
for the purpose of payment, redemption, conversion, exchange or registration of transfer or delivered in satisfaction in whole
or in part of any sinking fund obligation shall, if surrendered to the Company or any agent of the Trustee or the Company under
this Indenture, be delivered to the Trustee and promptly cancelled by it, or, if surrendered to the Trustee, shall be promptly
cancelled by it, and no Debt Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions
of this Indenture. The Trustee shall dispose of cancelled Debt Securities in accordance with its customary procedures, and certification
of their cancellation by the Trustee shall be delivered to the Company by the Trustee promptly upon receipt by the Trustee of
a Company Order. 

     20

     

    

Section
3.11.             Currency and Manner of Payments.
(a) With respect to Debt Securities denominated in Dollars or a Foreign Currency, the following payment provisions shall apply:

 

(1)          Except as provided in subparagraph (a)(2) or in paragraph (c) of this Section 3.11, payment of principal of and premium, if any,
on any Debt Securities will be made at the offices established pursuant to Section 5.02 by delivery of a check in the currency
in which the Debt Security is denominated on the payment date against surrender of such Debt Security, and any interest on any
Debt Security will be paid at such office by mailing a check in the currency in which the Debt Securities were issued to the Person
entitled thereto at the address of such Person appearing on the Debt Security Register.

 

(2)          Payment of the principal of and premium, if any, and interest on such Debt Security may also, subject to applicable laws and regulations,
be made at such other place or places as may be designated by the Company by any appropriate method.

 

(b)          Not later than the fourth Business Day after the Regular Record Date for such Interest Payment Date, the paying agent will deliver
to the Company a written notice specifying, in the currency in which each series of the Debt Securities are denominated, the respective
aggregate amounts of principal of and premium, if any, and interest on the Debt Securities to be made on such payment date, specifying
the amounts so payable in respect of the Debt Securities. The failure of the paying agent to deliver such notice shall not relieve
the Company from its obligation to make all payments with respect to any Debt Security when due.

 

(c)          If the Foreign Currency in which any of the Debt Securities are denominated ceases to be used both by the government of the country
which issued such currency and for the settlement of transactions by public institutions of or within the international banking
community, then with respect to each date for the payment of Foreign Currency occurring after the last date on which the Foreign
Currency was so used (the “Conversion Date”), the Dollar shall be the currency of payment for use on each such Interest
Payment Date. The Dollar amount to be paid by the Company to the Trustee and by the Trustee or any paying agent to the Holder
of such Debt Securities with respect to such payment date shall be the Dollar Equivalent of the Foreign Currency as determined
by the Currency Determination Agent as of the second Business Day preceding the applicable payment date (the “Valuation
Date”) in the manner provided in paragraph (d).

 

(d)          The “Dollar Equivalent of the Foreign Currency” shall be determined by the Currency Determination Agent as of each
Valuation Date and shall be obtained by converting the specified Foreign Currency into Dollars at the Market Exchange Rate on
the Valuation Date.

 

(e)          The
 “Market Exchange Rate” shall mean, for any currency, the highest firm bid quotation for U.S. dollars received by the
Currency Determination Agent at approximately 11:00 a.m., New York City time, on the second Business Day preceding the applicable
payment date (or, if no such rate is quoted on such date, the last date on which such rate was quoted), from three recognized
foreign exchange dealers in the City of New York selected by the Currency Determination Agent and approved by the Company (one
of which may be the Currency Determination) for the purchase by the quoting dealer, for settlement on such payment date, of the
aggregate amount of such currency payable on such payment in respect of all Notes denominated in such currency. 

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(f)           All decisions and determinations of the Currency Determination Agent regarding the Dollar Equivalent of the Foreign Currency and
the Market Exchange Rate shall be in its sole discretion and shall, in the absence of manifest error, be conclusive for all purposes
and irrevocably binding upon the Company and all Holders of the Debt Securities. In the event that the Foreign Currency ceases
to be used both by the government of the country which issued such currency and for the settlement of transactions by public institutions
of or within the international banking community, the Company, after learning thereof, will promptly give notice thereof to the
Trustee (and the Trustee will promptly thereafter give notice in the manner provided in Section 15.03 to the Holders) specifying
the Conversion Date.

 

(g)          The Trustee shall be fully justified and protected in relying on and acting upon the information so received by it from the Company
or the Currency Determination Agent and shall not otherwise have any duty or obligation to determine such information independently.
If the principal of (and premium, if any) and interest on any Debt Securities is payable in a Foreign Currency and such Foreign
Currency is not available for payment due to the imposition of exchange controls or other circumstances beyond the control of
the Company, then the Company shall be entitled to satisfy its obligations to Holders under this Indenture by making such payment
in Dollars on the basis of the Market Exchange Rate for such Foreign Currency on the latest date for which such rate was established
on or before the date on which payment is due. Any payment made pursuant to this Section 3.11 in Dollars where the required payment
is in a Foreign Currency shall not constitute a default or Event of Default under this Indenture.

 

Article
4.

Redemption of Debt Securities; Sinking Funds.

 

Section
4.01.              Applicability of Article.
The Company may reserve the right to redeem and pay before Stated Maturity all or any part of the Debt Securities of any series,
either by optional redemption, sinking fund (mandatory or optional) or otherwise, by provision therefor in the form of Debt Security
for such series on such terms as are specified in such form or the Board Resolution or Officers’ Certificate delivered pursuant
to Section 3.01 or the indenture supplemental hereto as provided in Section 3.01 with respect to Debt Securities of such series.
Redemption of Debt Securities of any series shall be made in accordance with the terms of such Debt Securities and, to the extent
that this Article does not conflict with such terms, in accordance with this Article.

 

Section
4.02.              Notice
of Redemption; Selection of Debt Securities. In case the Company
shall desire to exercise the right to redeem all, or, as the case may be, any part of a series of Debt Securities pursuant to
Section 4.01, the Company shall fix a date for redemption and the Company, or, at the Company’s request and provision of
such notice information, the Trustee in the name of and at the expense of the Company, shall send a notice of such redemption
at least 30 and not more than 60 days prior to the date fixed for redemption to the Holders of Debt Securities so to be redeemed
as a whole or in part at their last addresses as the same appear on the Debt Securities Register. The notice, if sent in the manner
herein provided, shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any
case, failure to give such notice or any defect in the notice to the Holder of any Debt Security designated for redemption as
a whole or in part shall not affect the validity of the proceedings for the redemption of any other Debt Security. 

     22

     

    

Notice
of redemption shall be given in the name of the Company and shall specify the date fixed for redemption, the Redemption Price
at which Debt Securities of any series are to be redeemed, the place of payment (which shall be at the offices or agencies to
be maintained by the Company pursuant to Section 5.02), that payment of the Redemption Price will be made upon presentation and
surrender of such Debt Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice
that on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue, and the Section of
this Indenture pursuant to which Debt Securities will be redeemed. In case less than all Debt Securities of any series are to
be redeemed, the notice of redemption shall also identify the particular Debt Securities to be redeemed as a whole or in part
and shall state that the redemption is for the sinking fund, if such is the case. In case any Debt Security is to be redeemed
in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state
that on and after the date fixed for redemption, upon surrender of such Debt Security, a new Debt Security or Debt Securities
of such series in aggregate principal amount equal to the unredeemed portion thereof will be issued without charge to the Holder.

 

If
less than all the Debt Securities of any series are to be redeemed, the Company shall give the Trustee notice, at least 45 days
(or such shorter period acceptable to the Trustee) in advance of the date fixed for redemption, as to the aggregate principal
amount of Debt Securities to be redeemed. Debt Securities may be redeemed in part in multiples equal to the minimum authorized
denomination for Debt Securities of such series or any multiple thereof. Thereupon the Trustee shall select, in such manner as
in its sole discretion it shall deem appropriate and fair, the Debt Securities or portions thereof to be redeemed, and shall as
promptly as practicable notify the Company of the Debt Securities or portions thereof so selected. For all purposes of this Indenture,
unless the context otherwise requires, all provisions relating to the redemption of Debt Securities of any series shall relate,
in the case of any Debt Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Debt
Security which has been or is to be redeemed.

 

On
or prior to the date fixed for redemption specified in the notice of redemption given as provided in this Section 4.02, the Company
will deposit with the Trustee or with the paying agent an amount of money in the currency in which the Debt Securities of such
series are payable sufficient to redeem on the date fixed for redemption all the Debt Securities so called for redemption at the
appropriate Redemption Price, together with accrued interest to the date fixed for redemption.

 

The
Trustee shall not send any notice of redemption of any series of Debt Securities during the continuation of any default in payment
of interest on any series of Debt Securities when due or of any Event of Default, except that where notice of redemption with
respect to any series of Debt Securities shall have been sent prior to the occurrence of such default or Event of Default, the
Trustee shall redeem such Debt Securities provided funds are deposited with it for such purpose. 

     23

     

    

Section
4.03.             Payment
of Debt Securities Called for Redemption. If notice of
redemption has been given as herein provided, the Debt Securities or portions of Debt Securities with respect to which such
notice has been given shall become due and payable on the date and at the place stated in such notice at the applicable
Redemption Price, together with interest accrued to the date fixed for redemption, and on and after said date (unless the
Company shall default in the payment of such Debt Securities or portions thereof at the Redemption Price, together with
interest accrued to said date) interest on the Debt Securities or portions of Debt Securities so called for redemption shall
cease to accrue, and such Debt Securities and portions of Debt Securities shall be deemed not to be Outstanding hereunder and
shall not be entitled to any benefit under this Indenture except to receive payment of the Redemption Price, together with
accrued interest to the date fixed for redemption. On presentation and surrender of such Debt Securities at the place of
payment in said notice specified, the said Debt Securities or the specified portions thereof shall be paid and redeemed by
the Company at the applicable Redemption Price, together with interest accrued thereon to the date fixed for redemption;
provided, however, that any installments of interest becoming due on the date fixed for redemption shall be payable to the
Holders of such Debt Securities, or one or more previous Debt Securities evidencing all or a portion of the same debt as that
evidenced by such particular Debt Securities, registered as such on the relevant record dates according to their terms
and the provisions of Section 3.08.

 

Upon
presentation and surrender of any Debt Security redeemed in part only, with, if the Company or the Trustee so required, 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, the Company shall execute and the Trustee shall authenticate and deliver
to the Holder thereof, at the expense of the Company, a new Debt Security or Debt Securities of the same series having the same
interest rate and Stated Maturity and bearing interest from the same date, of any authorized denominations as requested by such
Holder, in aggregate principal amount equal to the unredeemed portion of the Debt Security so presented and surrendered.

 

Section
4.04.             Exclusion of Certain Debt Securities from
Eligibility for Selection for Redemption. Debt Securities shall
be excluded from eligibility for selection for redemption if they are identified by registration and certificate number in a written
statement signed by a Responsible Officer of the Company and delivered to the Trustee at least 45 days prior to the last date
on which notice of redemption may be given as being owned of record and beneficially by, and not pledged or hypothecated by, either
(a) the Company or (b) an entity specifically identified in such written statement directly or indirectly controlling or controlled
by or under direct or indirect common control with the Company.

 

Section
4.05.             Provisions
with Respect to any Sinking Funds. Unless the form or terms
of any series of Debt Securities shall provide otherwise, in lieu of making all or any part of any mandatory sinking fund payment
with respect to such series of Debt Securities in cash, the Company may at its option (a) deliver to the Trustee for cancellation
any Debt Securities of such series theretofore acquired by the Company, or (b) receive credit for any Debt Securities of such
series (not previously so credited) acquired by the Company and theretofore delivered to the Trustee for cancellation, then Debt
Securities so delivered or credited shall be credited at the applicable sinking fund Redemption Price with respect to the Debt
Securities of such series. 

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On
or before the 45th day next preceding each sinking fund Redemption Date, the Company will deliver to the Trustee a certificate
signed by the Chief Financial Officer, any Vice President, the Treasurer or any Assistant Treasurer of the Company specifying
(i) the portion of the mandatory sinking fund payment to be satisfied by deposit of cash in the currency in which the Debt Securities
of such series are payable, by delivery of Debt Securities theretofore purchased or otherwise acquired by the Company (which Debt
Securities shall accompany such certificate) and by credit for Debt Securities acquired by the Company and theretofore delivered
to the Trustee for cancellation redeemed by the Company and stating that the credit to be applied has not theretofore been so
applied and (ii) whether the Company intends to exercise its right, if any, to make an optional sinking fund payment, and, if
so, the amount thereof. Such certificate shall also state that no Event of Default has occurred and is continuing. Such certificate
shall be irrevocable and upon its delivery the Company shall be obligated to make the payment or payments therein referred to,
if any, on or before the next succeeding sinking fund payment date. In case of the failure of the Company on or before the 45th
day next preceding each sinking fund Redemption Date to deliver such certificate (or to deliver the Debt Securities specified
in this paragraph), the sinking fund payment due on the next succeeding sinking fund payment date shall be paid entirely in cash
(in the currency described above) and shall be sufficient to redeem the principal amount of Debt Securities as a mandatory sinking
fund payment, without the option to deliver or credit Debt Securities as provided in the first paragraph of this Section 4.05
and without the right to make an optional sinking fund payment as provided herein.

 

If
the sinking fund payment or payments (mandatory or optional) with respect to any series of Debt Securities made in cash (in the
currency described above) shall exceed the minimum authorized denomination set forth in an Officers’ Certificate pursuant
to Section 3.01 or the equivalent in the currency in which the Debt Securities of such series are payable (or a lesser sum if
the Company shall so request), unless otherwise provided by the terms of such series of Debt Securities, said cash shall be applied
by the Trustee on the sinking fund Redemption Date with respect to Debt Securities of such series at the applicable sinking fund
Redemption Price with respect to Debt Securities of such series, together with accrued interest, if any, to the date fixed for
redemption, with the effect provided in Section 4.03. The Trustee shall select, in the manner provided in Section 4.02, for redemption
on such sinking fund Redemption Date a sufficient principal amount of Debt Securities of such series to utilize said cash and
shall thereupon cause notice of redemption of the Debt Securities of such series for the sinking fund to be given in the manner
provided in Section 4.02 (and with the effect provided in Section 4.03) for the redemption of Debt Securities in part at the option
of the Company. Debt Securities of any series which are identified by registration and certificate number in an Officers’
Certificate at least 45 days prior to the sinking fund Redemption Date as being beneficially owned by, and not pledged or hypothecated
by, the Company or an entity directly or indirectly controlling or controlled by or under direct or indirect common control with
the Company shall be excluded from Debt Securities of such series eligible for selection for redemption. Any sinking fund moneys
not so applied or allocated by the Trustee to the redemption of Debt Securities of such series shall be added to the next cash
sinking fund payment with respect to Debt Securities of such series received by the Trustee and, together with such payment, shall
be applied in accordance with the provisions of this Section 4.05. Any and all sinking fund moneys with respect to Debt Securities
of any series held by the Trustee at the maturity of Debt Securities of such series, and not held for the payment or redemption
of particular Debt Securities of such series, shall be applied by the Trustee, together with other moneys, if necessary, to be
deposited sufficient for the purpose, to the payment of the principal of the Debt Securities of such series at maturity. 

     25

     

    

The
Trustee shall not convert any currency in which the Debt Securities of such series are payable for the purposes of such sinking
fund application unless a Company Request is made, and any such conversion agreed to by the Trustee in response to such request
shall be for the account and at the expense of the Company and shall not affect the Company’s obligation to pay the Holders
in the currency to which such Holder is entitled.

 

On
or before each sinking fund Redemption Date provided with respect to Debt Securities of any series, the Company shall pay to the
Trustee in cash in the currency described above a sum equal to all accrued interest, if any, to the date fixed for redemption
on Debt Securities to be redeemed on such sinking fund Redemption Date pursuant to this Section 4.05.

 

Article
5.

Particular Covenants of the Company.

 

Section
5.01.             Payment of Principal, Premium and Interest.
The Company will duly and punctually pay or cause to be paid (in the currency in which the Debt Securities of such series are
payable) the principal of and premium, if any, and interest on each of the Debt Securities at the place (subject to Section 3.03),
at the respective times and in the manner provided in each series of Debt Securities and in this Indenture.

 

Section
5.02.             Offices for Notices and Payments, etc.
(a) So long as the Debt Securities of any series remain Outstanding,
the Company will maintain at the Place of Payment, an office or agency where the Debt Securities may be presented for payment,
an office or agency where the Debt Securities may be presented for registration of transfer and for exchange as provided in this
Indenture, and an office or agency where notices and demands to or upon the Company in respect of the Debt Securities or of this
Indenture may be served and shall give the Trustee written notice thereof and any changes in the location thereof. In case the
Company shall at any time fail to maintain any such office or agency, or shall fail to give notice to the Trustee of any change
in the location thereof, presentation and demand may be made and notice may be served in respect of the Debt Securities or of
this Indenture at said office of the Trustee.

 

(b)          In
addition to the office or agency maintained by the Company pursuant to Section 5.02(a), the Company may from time to time designate
one or more other offices or agencies where the Debt Securities may be presented for payment and presented for registration of
transfer and for exchange in the manner provided in this Indenture, and the Company may from time to time rescind such designations,
as the Company may deem desirable or expedient; provided, however, that no such designation or rescission shall
in any manner relieve the Company of its obligation to maintain such office and agency at the Place of Payment, for the purposes
abovementioned. The Company will give to the Trustee prompt written notice of (i) any such designation or rescission thereof,
and (ii) the location of any such office or agency outside the Place of Payment and of any change of location thereof. 

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Section
5.03.             
Appointments to Fill Vacancies in Trustee’s Office.
The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in
Section 8.10, a Trustee, so that there shall at all times be a Trustee hereunder.

 

Section
5.04.             Provisions as to Paying Agent.
(a) (1) If the Company shall elect the Trustee to initially act as its paying agent or Debt Security Registrar, it will appoint
the Trustee, in writing; provided that the Company may change any paying agent or Debt Security Registrar without notice to any
Holder. The Company or any of its subsidiaries may act in any such capacity. The Company hereby appoints the Trustee to act as
initial paying agent and Debt Security Registrar and the Trustee accepts such appointment. Whenever the Company shall have one
or more paying agents for any series of Debt Securities other than the Trustee, it will, on or before each due date of the principal
of (and premium, if any) or interest on any Debt Securities of such series, deposit with a paying agent a sum sufficient to pay
such amount becoming due, such sum to be held as provided by the Trust Indenture Act of 1939, and (unless such paying agent is
the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.

 

(2)          The Company will cause each paying agent 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: (i) comply
with the provisions of the Trust Indenture Act of 1939 applicable to it as a paying agent and (ii) during the continuance of any
default by the Company (or any other obligor upon any series of Debt Securities) in the making of any payment in respect of the
Debt Securities of such series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by
such paying agent as such.

 

(b)          If the Company shall act as its own paying agent, it will, on or prior to each due date of the principal of and premium, if any,
or interest on Debt Securities of any series, set aside, segregate and hold in trust for the benefit of the Holders of such Debt
Securities a sum sufficient to pay such principal and premium, if any, or interest so becoming due and will notify the Trustee
of any failure to take such action and of any failure by the Company (or by any other obligor on such series of Debt Securities)
to make any payment of the principal of and premium, if any, or interest on the Debt Securities when the same shall become due
and payable.

 

(c)          Anything in this Section 5.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction
and discharge of this Indenture with respect to any or all series of Debt Securities then Outstanding, or for any other reason,
pay or cause to be paid to the Trustee all sums held in trust by the Company, or any paying agent hereunder, as required by this
Section 5.04, such sums to be held by the Trustee upon the trusts herein contained.

 

(d)          Anything in this Section 5.04 to the contrary notwithstanding, the agreement to hold sums in trust provided in this Section 5.04
is subject to Section 13.04.

 

Section
5.05.             Certificate
to Trustee. So long as the Debt Securities of any series remain
Outstanding, the Company will deliver to the Trustee on or before 120 days after the end of each fiscal year an Officers’
Certificate stating that in the course of the performance by the signers of their duties as officers of the Company, they would
normally have knowledge of any default by the Company in the performance or fulfillment or observance of any covenants or agreements
contained herein during the preceding fiscal year, stating whether or not they have knowledge of any such default and, if so,
specifying each such default of which the signers have knowledge and the nature thereof. The Officers’ Certificate need
not comply with Section 15.05. The Company shall deliver to the Trustee, as soon as possible and in any event, within five Business
Days after the Company becomes aware of the occurrence of any Event of Default or an event which, with notice or the lapse of
time or both, would constitute an Event of Default, an Officers’ Certificate setting forth the details of such Event of
Default or default and the action which the Company proposes to take with respect thereto. 

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Section
5.06.             Waivers of Covenants.
Anything in this Indenture to the contrary notwithstanding, the Company may fail or omit, in respect of any series of Debt Securities,
and in any particular instance, to comply with a covenant, agreement or condition contained in Sections 5.02, 5.04 (other than
in 5.04(a)(1) and (2)) or 5.05, or with any additional covenant, agreement or condition contained in a Board Resolution or Officers’
Certificate establishing such series of Debt Securities, any indenture supplemental hereto applicable to such series of any Debt
Security of such series if the Company shall have obtained and filed with the Trustee before or after the time for such compliance
the consent in writing of the Holders of more than 50% in aggregate principal amount of the Debt Securities of the series affected
by such waiver at the time Outstanding, either waiving such compliance in such instance or generally waiving compliance with such
covenant or condition, but no such waiver shall extend to or affect any obligation not expressly waived nor impair any right consequent
thereon and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect
of any such covenant or condition shall remain in full force and effect.

 

Article
6.

Holders’ Lists and Reports by the Company

and the Trustee.

 

Section
6.01.             Holders’ Lists.
The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee, not more than 15 days after each
Regular Record Date with respect to the Debt Securities of any series, and at such other times as the Trustee may request in writing,
within 30 days after receipt by the Company of any such request, a list in such form as the Trustee may reasonably require of
the names and addresses of the Holders of Debt Securities of such series as of a date not more than 15 days prior to the time
such information is furnished; provided, however, that no such list with respect to any particular series of Debt Securities
need be furnished at any such time if the Trustee is in possession thereof by reason of its acting as the Debt Security Registrar
for such series designated under Section 3.06 or otherwise.

 

Section
6.02.             Preservation
and Disclosure of Lists. (a) The Trustee shall preserve, in
as current a form as is reasonably practicable, all information as to the names and addresses of the Holders of Debt Securities
contained in the most recent list furnished to it as provided in Section 6.01 or received by the Trustee in the capacity of the
Debt Security Registrar (if so acting) under Section 3.06. The Trustee may destroy any list furnished to it as provided in Section
6.01 upon receipt of a new list so furnished. 

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(b)          The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Debt Securities
of any series or of all Debt Securities, and the corresponding rights and duties of the Trustee, shall be as provided by the Trust
Indenture Act of 1939.

 

(c)          Every Holder of Debt Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company
nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names
and addresses of Holders made pursuant to the Trust Indenture Act of 1939.

 

Section
6.03.             Reports by the Company.
So long as the Debt Securities of any series are outstanding, the Company shall:

 

(a)          furnish
to the Trustee, within 15 days after the Company files the same with the Commission, copies of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules
and regulations prescribe) which the Company files with the Commission pursuant to Section 13 or Section 15(d) of the Securities
Exchange Act of 1934, as amended; provided, however, that any such information, document or report filed with the Commission pursuant
to its Electronic Data Gathering, Analysis and Retrieval (or EDGAR) system or any successor thereto shall be deemed to be filed
with the Trustee, it being understood that the Trustee shall have no responsibility whatsoever to determine whether such filing
has occurred; and

 

(b)          comply
with the other provisions of Section 314(a) of the Trust Indenture Act of 1939.

 

Section
6.04.                    
Reports by the Trustee.
(a) 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 of 1939 at the times and in the manner provided pursuant thereto. The interval between transmissions
of reports to be transmitted at intervals shall be twelve months or such shorter time required by the Trust Indenture Act of 1939.
If the Trust Indenture Act of 1939 does not specify the date on which a report is due, such report shall be dated as of May 15,
and due on July 15 of each year, commencing in 2019.

 

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

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Article
7.

Remedies of the Trustee and Holders

on Event of Default.

 

Section
7.01.              Events
of Default. “Event of Default”, with respect to
any series of Debt Securities, wherever used herein, 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), unless
such event is either inapplicable to such series or it is specifically deleted or modified in the Board
Resolution, Officers’ Certificate or supplemental indenture under which such series of Debt Securities is issued or in
the form of Debt Security for such series:

 

(a)          default in the payment of any installment of interest upon any Debt Security of such series as and when the same shall become
due and payable, and continuance of such default for a period of 30 days;

 

(b)          default in the payment of the principal of and premium, if any, on any Debt Security of such series as and when the same shall
become due and payable either at maturity, upon redemption, by declaration of acceleration or otherwise;

 

(c)          default in the payment or satisfaction of any sinking fund payment or analogous obligation, if any, with respect to the Debt Securities
of such series as and when the same shall become due and payable by the terms of the Debt Securities of such series, and continuance
of such default for a period of 30 days;

 

(d)          failure on the part of the Company duly to observe or perform any of the covenants, warranties or agreements on the part of the
Company in respect of the Debt Securities of such series in this Indenture (other than a covenant, warranty or agreement a default
in whose performance or whose breach is specifically dealt with elsewhere in this Section) continued for a period of 90 days after
the date on which written notice of such failure, specifying such failure and requiring the same to be remedied, shall have been
given to the Company by the Trustee, by registered mail, or to the Company and the Trustee by the Holders of at least 25% in aggregate
principal amount of the Outstanding Debt Securities of such series;

 

(e)          a decree or order by a court having jurisdiction in the premises shall have been entered adjudging the Company a bankrupt or insolvent,
or approving as properly filed a petition seeking reorganization of the Company under the Federal bankruptcy laws or any other
similar applicable Federal or state law, and such decree or order shall have continued undischarged and unstayed for a period
of 60 days; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver or liquidator
or trustee or assignee or other similar official in bankruptcy or insolvency of the Company or of all or substantially all of
its property, or for the winding up or liquidation of its affairs, shall have been entered, and such decree or order shall have
continued undischarged and unstayed for a period of 60 days;

 

(f)           the
Company shall institute proceedings to be adjudicated a voluntary bankrupt, or shall consent to the filing of a bankruptcy proceeding
against it, or shall file a petition or answer or consent seeking an arrangement or a reorganization under the Federal bankruptcy
laws or any other similar applicable Federal or state law, or shall consent to the filing of any such petition, or shall consent
to the appointment of a receiver or liquidator or trustee or assignee or other similar official in bankruptcy or insolvency of
it or of all or substantially all of its property, or shall make an assignment for the benefit of creditors, or shall admit in
writing its inability to pay its debts generally as they become due; or 

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(g)          any other Event of Default provided in the Board Resolution, Officers’ Certificate or the supplemental indenture under which
such series of Debt Securities is issued or in the form of Debt Security for such series;

 

then
and in each and every such case, so long as such Event of Default with respect to any series of Debt Securities for which there
are Debt Securities Outstanding occurs and is continuing (other than an Event of Default specified in clause (e) or (f) of Section
7.01) and shall not have been remedied or waived to the extent permitted by the terms of this Indenture, unless the principal
of all of the Debt Securities of such series shall have already become due and payable, either the Trustee or the Holders of not
less than 25% in aggregate principal amount of the Outstanding Debt Securities of such series, by notice in writing to the Company
(and to the Trustee if given by Holders), may declare the principal (or, if the Debt Securities of that series are Original Issue
Discount Debt Securities, such portion of the principal amount as may be specified in the terms of that series) of all the Debt
Securities of such series and the interest accrued thereon to be due and payable immediately, and upon any such declaration the
same shall become and shall be immediately due and payable, anything in this Indenture or in the Debt Securities of such series
contained to the contrary notwithstanding. If an Event of Default specified in clause (e) or (f) of Section 7.01 occurs and is
continuing, then the principal amount of (or, if the Debt Securities of that series are Original Issue Discount Debt Securities,
such portion of the principal amount as may be specified in the terms thereof as due and payable upon acceleration) and any accrued
and unpaid interest on that series shall immediately become due and payable without any declaration or other act on the part of
the Trustee or any Holder. This provision, however, is subject to the condition that if, at any time after the principal of the
Debt Securities of such series shall have been so declared due and payable, and before any judgment or decree for the payment
of the moneys due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the
Trustee a sum sufficient to pay in the currency in which the Debt Securities of such series are payable all matured installments
of interest upon all of the Debt Securities and the principal of and premium, if any, on any and all Debt Securities of such series
which shall have become due otherwise than by such declaration (with interest on overdue installments of interest to the extent
that payment of such interest is enforceable under applicable law and on such principal and premium, if any, at the rate borne
by the Debt Securities of such series or as otherwise provided in the form of Debt Security for such series, to the date of such
payment or deposit) and the expenses of the Trustee (subject to Section 8.06), and any and all defaults under this Indenture,
other than the nonpayment of principal of and accrued interest on Debt Securities of such series which shall have become due by
such declaration, shall have been cured or shall have been waived in accordance with Section 7.07 or provision deemed by the Trustee
to be adequate shall have been made therefor — then and in every such case the Holders of at least a majority in aggregate
principal amount of the Debt Securities of such series then Outstanding, by written notice to the Company and to the Trustee,
may rescind and annul such declaration and its consequences; but no such rescission and annulment shall extend to or shall affect
any subsequent default, or shall impair any right consequent thereon.

 

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

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Section
7.02.              Payment
of Debt Securities Upon Default; Suit Therefor. The Company
covenants that (a) in case default shall be made in the payment of any installment of interest upon any Debt Security of any
series as and when the same shall become due and payable, and such default shall have continued for a period of 30 days, or
(b) in case default shall be made in the payment of the principal of and premium, if any, on any Debt Security of any series
as and when the same shall have become due and payable, whether at maturity of the Debt Security or upon redemption or by
declaration or otherwise or (c) in case default shall be made in the making or satisfaction of any sinking fund payment or
analogous obligation with respect to the Debt Securities of any series when the same becomes due by the terms of the Debt
Securities of any series, and such default shall have continued for a period of 30 days—then, upon demand of the
Trustee, the Company will pay to the Trustee, for the benefit of the Holders of any such series, the whole amount that then
shall have become due and payable on any such Debt Securities for principal and premium, if any, or interest, or both, as the
case may be, with interest upon the overdue principal and premium, if any, and (to the extent that payment of such interest
is enforceable under applicable law) upon the overdue installments of interest at the rate borne by the Debt Securities of
such series or as otherwise provided in the form of Debt Security of such series; and, in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of collection, including a reasonable compensation to the
Trustee, its agents, attorneys and counsel, and any expenses or liabilities incurred and advances made by the Trustee, except
compensation or advances arising, or expenses or liabilities incurred, as a result of the Trustee’s gross negligence or
willful misconduct.

 

Until
such demand is made by the Trustee, the Company may pay the principal of and premium, if any, and interest on the Debt Securities
of any series to the Persons entitled thereto, whether or not the principal of and premium, if any, and interest on the Debt Securities
of such series are overdue.

 

In
case the Company shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an
express trust, shall be entitled and empowered to institute any actions or proceedings at law or in equity for the collection
of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any
such judgment or final decree against the Company or any other obligor on such Debt Securities and collect, in the manner provided
by law out of the property of the Company or any other obligor on such Debt Securities wherever situated, the moneys adjudged
or decreed to be payable. If any Event of Default with respect to any series of Debt Securities occurs and is continuing, the
Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Debt 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. 

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In
case there shall be pending proceedings for the bankruptcy or for the reorganization of the Company or any other obligor on the
Debt Securities of any series under the Federal bankruptcy laws or any other applicable law, or in case a receiver or trustee
shall have been appointed for the property of the Company or such other obligor, or in the case of any other similar judicial
proceedings relative to the Company or other obligor upon the Debt Securities of any series, or to the creditors or property of
the Company or such other obligor, the Trustee, irrespective of whether the principal of the Debt Securities of such series shall
then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have
made any demand pursuant to the provisions of this Section 7.02, shall be entitled and empowered by intervention in such proceedings
or otherwise, (a) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect
of the Debt Securities of such series, and, in case of any judicial proceedings, to file such proofs of claim and other papers
or documents as may be necessary or advisable in order to have the claims of the Trustee and of the Holders of the Debt Securities
of such series allowed in such judicial proceedings relative to the Company or any other obligor on such Debt Securities, its
or their creditors, or its or their property, (b) unless prohibited by applicable law and regulations, to vote on behalf of the
Holders of any Debt Securities of any series in any election of a trustee or a standby trustee in arrangement, reorganization,
liquidation or other bankruptcy or insolvency proceedings or person performing similar functions in comparable proceedings, and
(c) to collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute the same
after the deduction of its charges and expenses; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby
authorized by each of the Holders of the Debt Securities of such series to make such payments to the Trustee, and, in the event
that the Trustee shall consent to the making of such payments directly to such Holders, to pay to the Trustee such amount as shall
be sufficient to cover reasonable compensation to the Trustee, its agents, attorneys and counsel, and all other expenses and liabilities
incurred and advances made by the Trustee except compensation or advances arising, or expenses or liabilities incurred, as a result
of the Trustee’s gross negligence or willful misconduct.

 

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

 

All
rights of action and of asserting claims under this Indenture, or under any of the Debt Securities of any series, may be enforced
by the Trustee without the possession of any of such Debt Securities, or the production thereof on any trial or other proceeding
relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall be for the ratable benefit of the Holders of the Debt Securities of such series
in respect of which such judgment has been recovered.

 

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

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Section
7.03.              Application of Moneys Collected by Trustee.
Any moneys collected by the Trustee pursuant to Section 7.02 and any other money or property distributed in respect of the Company’s
obligations under this Indenture after an Event of Default shall be applied in the order following, at the date or dates fixed
by the Trustee for the distribution of such moneys, upon presentation of the Debt Securities of such series, and stamping thereon
the payment, if only partially paid, and upon surrender thereof, if fully paid:

 

First: 
  To the Trustee for payment of amounts owed
to the Trustee, including payment of all compensation agreed in writing between the Company and the Trustee, and of all other
expenses and liabilities incurred (including, in each case, reasonable attorneys’ fees and expenses), and all advances made,
by the Trustee, and the costs and expenses of collection (including, in each case, reasonable attorneys’ fees and expenses)
except compensation or advances arising, or expenses or liabilities incurred, as a result of its gross negligence or willful misconduct,
and any other amounts owing the Trustee under Section 8.06;

 

Second:          In case the principal of the Debt Securities
of such series shall not have become due and be unpaid, to the payment of interest on such Debt Securities, in the order of the
maturity of the installments of such interest, with interest (to the extent that such interest has been collected by the Trustee)
upon the overdue installments of interest at the rate borne by such Debt Securities, such payments to be made ratable to the Persons
entitled thereto;

 

Third:              In case the principal of the Debt Securities
of such series shall have become due, by declaration or otherwise, to the payment of the whole amount then owing and unpaid upon
such Debt Securities for principal and premium, if any, and interest, with interest on the overdue principal and premium, if any,
and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest at the rate borne
by such Debt Securities; and in case such moneys shall be insufficient to pay in full the whole amounts so due and unpaid upon
such Debt Securities, then, to the payment of such principal and premium, if any, and interest without preference or priority
of principal and premium, if any, over interest, or of interest over principal and premium, if any, or of any installment of interest
over any other installment of interest, or of any Debt Security of such series over any other such Debt Security, ratably to the
aggregate of such principal and premium, if any, and accrued and unpaid interest;

 

Fourth:          To the payment of any surplus then remaining
to the Company, its successors or assigns, or to such party as a court of competent jurisdiction shall direct.

 

Section
7.04.             Proceedings
by Holders. No Holder of any Debt Security of any series shall
have any right by virtue of or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity
or at law or in bankruptcy or otherwise upon or under or with respect to this Indenture or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless such Holder previously shall have given to the Trustee written notice of default
and of the continuance thereof, as hereinbefore provided, and unless also the Holders of not less than 25% in aggregate principal
amount of the Debt Securities of such series then Outstanding shall have made written request upon the Trustee to institute such
action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable indemnity
as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee for 60 days after
its receipt of such notice, request and offer of indemnity, shall have neglected or refused to institute any such action, suit
or proceeding (and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section
7.07), it being understood and intended, and being expressly covenanted by the taker and Holder of every Debt Security of every
series with every other taker and Holder and the Trustee, that no one or more Holders of Debt Securities shall have any right
in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb or prejudice the rights
of any other Holder of such Debt Securities, or to obtain or seek to obtain priority over or preference to any other such Holder,
or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit
of all Holders of Debt Securities. 

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

 

Section
7.06.             Remedies Cumulative and Continuing.
All powers and remedies given by this Article Seven to the Trustee or to the Holders shall, to the extent permitted by law, be
deemed cumulative and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the Holders,
by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this
Indenture, and no delay or omission of the Trustee or of any Holder to exercise any right or power accruing upon any default occurring
and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or
an acquiescence therein; and, subject to the provisions of Section 7.04, every power and remedy given by this Article Seven or
by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the
Trustee or by the Holders.

 

Section
7.07.             Direction
of Proceedings and Waiver of Defaults by Majority of Holders.
The Holders of a majority in aggregate principal amount of the Outstanding Debt 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 Debt Securities by this Indenture; provided, however, that (subject
to the provisions of Section 8.01) the Trustee shall have the right to decline to follow any such direction if the Trustee shall
determine upon advice of counsel that the action or proceeding so directed may not lawfully be taken or would be materially and
unjustly prejudicial to the rights of Holders not joining in such direction or if the Trustee in good faith by its board of directors
or trustees, executive committee, or a trust committee of directors or trustees and/or Responsible Officers shall determine that
the action or proceeding so directed would involve the Trustee in personal liability or if the Trustee in good faith shall so
determine that the actions or forebearances specified in or pursuant to such direction would be unduly prejudicial to the interests
of Holders of the Debt Securities of all series not joining in the giving of said direction, it being understood that (subject
to Section 8.01) the Trustee shall have no duty to ascertain whether or not such actions or forebearances are duly prejudicial
to such Holders. The Trustee may take any other action deemed proper by the Trustee not inconsistent with such direction. Subject
to Section 7.01, the Holders of a majority in aggregate principal amount of the Outstanding Debt Securities of any series may
on behalf of the Holders of all the Debt Securities of such series waive any past default or Event of Default hereunder and its
consequences except a default in the payment of principal of or premium, if any, or interest on such Debt Securities, or a default
in the making of any sinking fund payment with respect to such Debt Securities. Upon any such waiver the Company, the Trustee
and the Holders of such Debt Securities shall be restored to their former positions and rights hereunder, respectively; but no
such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. Whenever
any default or Event of Default shall have been waived as permitted by this Section 7.07, said default or Event of Default shall
for all purposes of the Debt Securities and this Indenture be deemed to have been cured and to be not continuing. 

     35

     

    

This
Section 7.07 shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act of 1939 and such Sections 316(a)(1)(A)
and Section 316(a)(1)(B) are hereby expressly excluded from this Indenture, as permitted by the Trust Indenture Act of 1939.

 

Section
7.08.             Notice
of Defaults. Within 90 days after the occurrence of any
default hereunder with respect to the Debt Securities of any series, the Trustee shall transmit first-class by mail, postage
prepaid, to all Holders of Debt Securities of such series, as their names and addresses appear in the Debt Security Register,
notice of such default hereunder actually known to the Trustee, unless such default shall have been cured or waived;
provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest
on any Debt Security of such series or in the payment of any sinking fund installment with respect to Debt Securities of such
series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive
committee or a trust committee of directors or Responsible Officers of the Trustee in good faith determines that the
withholding of such notice is in the interest of the Holders of Debt Securities of such series; and provided, further,
that in the case of any default of the character specified in Section 7.01(d) with respect to Debt Securities of such series,
no such notice to Holders 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 with respect to Debt Securities of such series.

 

Section
7.09.             Undertaking to Pay 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, and may assess costs against any such party litigant, in the manner and to the extent provided in the
Trust Indenture Act of 1939; provided that neither this Section nor the Trust Indenture Act of 1939 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, and
any provision of the Trust Indenture Act of 1939 to such effect is hereby expressly excluded from this Indenture, as permitted
by the Trust Indenture Act of 1939.

 

Section
7.10.             Unconditional
Right of Holders to Receive Principal, Premium and Interest.
Notwithstanding any other provision in this Indenture, the Holder of any Debt Security shall have the rights, which are absolute
and unconditional, to receive payment of the principal of, premium, if any, and (subject to Section 3.08) interest on such Debt
Security on the respective Stated Maturities expressed in such Debt Security (or in the case of redemption or repayment, on the
date for redemption or repayment, as the case may be) and to institute suit for the enforcement of any such payment, and such
rights shall not be impaired without the consent of such Holder. 

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Article
8.

Concerning the Trustee.

 

Section
8.01.              Duties
and Responsibilities of Trustee

 

(a)          
Except during the continuance of an Event of Default, the Trustee undertakes to perform such duties and only such duties as
are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture
against the Trustee.

 

(b)          
Except during the continuance of an Event of Default, 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 thereof 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 (but need not
confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

 

(c)          
In case an Event of Default has occurred and is continuing, the Trustee shall exercise 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 person would exercise or
use under the circumstances in the conduct of his or her own affairs.

 

(d)          
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 (c) shall not be construed to limit the effect of Subsections (a) or (d) of this Section 8.01;

 

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

 

(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 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. 

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(e)          No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it 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.

 

(f)           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 8.01.

 

Section
8.02.             Reliance on Documents, Opinions, etc..
Subject to the provisions of Section 8.01,

 

(a)          the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, bond, debenture, note or other paper 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 Company Request or
Company Order (unless otherwise evidence in respect thereof be herein specifically prescribed); and any resolution of the Board
of Directors may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company;

 

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

 

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

 

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

 

(f)           the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note, or other paper or document, unless
requested in writing to do so by the Holders of not less than a majority in principal amount of such Debt Securities then Outstanding;
provided, however, that the reasonable expenses of every such investigation shall be paid by the Company or, if
paid by the Trustee, shall be repaid by the Company upon demand; and provided, further, that if the payment within
a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation
is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture,
the Trustee may require reasonable indemnity against such expenses or liabilities as a condition to so proceeding; 

     38

     

    

(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 liable or responsible for any misconduct (whether willful or unintentional),
or negligence on the part of any agent or attorney appointed with due care by it hereunder;

 

(h)          the Trustee shall not be deemed to have notice or be charged with knowledge of any default or Event of Default unless written
notice of such default or Event of Default from the Company or any Holder is received by a Responsible Officer of the Trustee
at the Corporate Trust Office of the Trustee, and such notice references the Debt Securities and this Indenture;

 

(i)           the rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other
Person employed to act hereunder; and

 

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

 

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

 

(l)           the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder;
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
8.03.             No Responsibility for Recitals, etc.
The recitals contained herein and in the Debt Securities (except in the Trustee’s certificate of authentication) shall be
taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee
makes no representations as to the validity or sufficiency of this Indenture or of the Debt Securities of any series. The Trustee
represents that it is duly authorized to execute and deliver this Indenture. Neither the Trustee nor the Authenticating Agent
shall be accountable for the use or application by the Company or any Debt Securities or the proceeds of any Debt Securities authenticated
and delivered by the Trustee in conformity with the provisions of this Indenture.

 

Section
8.04.             Trustee
and Agents May Own Debt Securities. The Trustee, any paying
agent, or any agent of the Trustee or the Company under this Indenture, in its individual or any other capacity, may become the
owner or pledgee of Debt Securities of any series with the same rights it would have if it were not Trustee or such agent and,
subject to Sections 8.08 and 8.13, if operative, may otherwise deal with the Company and receive, collect, hold, and retain collections
from the Company with the same rights it would have if it were not the Trustee or such agent. 

     39

     

    

Section
8.05.             Moneys to be Held in Trust.
Subject to the provisions of Section 13.04, all moneys received by the Trustee shall, until used or applied as herein provided,
be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent
required by law. Neither the Trustee nor any paying agent shall be under any liability for interest on, or to invest, any moneys
received by it hereunder except such as it may agree with the Company to pay thereon. So long as no Event of Default with respect
to the Debt Securities of any series shall have occurred and be continuing, all interest allowed on any such moneys shall be paid
from time to time upon the receipt of a Company Order.

 

Section
8.06.             Compensation and Expenses of Trustee.
The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, reasonable compensation
(which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust), and the Company
will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by
the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses
and disbursements of its counsel and all persons not regularly in its employ and any amounts paid by the Trustee to any Authenticating
Agent pursuant to Section 8.14) except any such expense, disbursement or advance as may arise from its gross negligence or willful
misconduct. The Company also covenants to indemnify the Trustee for, and to hold it harmless against, any loss, damage, claims,
liability or expense incurred without gross negligence or willful misconduct on the part of the Trustee and arising out of or
in connection with this Indenture, including the acceptance or administration of this trust, or the performance of its duties
hereunder, including the current payment of all costs and expenses of defending itself against any claim of liability in the premises
and the reasonable costs and expenses of enforcing this Indenture against the Company (including this Section). The obligations
of the Company under this Section 8.06 to compensate and indemnify the Trustee and to pay or reimburse the Trustee for expenses,
disbursements and advances shall constitute additional indebtedness hereunder. Such additional indebtedness shall be secured by
a lien prior to that of the Debt Securities upon all property and funds held or collected by the Trustee as such, except funds
held in trust for the benefit of the Holders of particular Debt Securities. In addition to, but without prejudice to its other
rights under this indenture, when the Trustee incurs expenses or renders services in connection with an Event of Default specified
in Section 7.01(e) or Section 7.01(f), the expenses (including the reasonable charges and expenses of its counsel) and the compensation
for the services are intended to constitute expenses of administration under any applicable Federal or state bankruptcy, insolvency
or other similar law.

 

“Trustee”
for purposes of this Section shall include any predecessor Trustee; provided, however, that the gross negligence or willful misconduct
of any Trustee hereunder shall not affect the rights of any other Trustee hereunder.

 

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

     40

     

    

Section
8.07.             Officers’ Certificate as Evidence.
Subject to the provisions of Section 8.01, whenever in the administration of the provisions of this Indenture the Trustee shall
deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, such matter
(unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of gross negligence or willful
misconduct on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate conforming
to the requirements of this Indenture delivered to the Trustee, and such Certificate, in the absence of gross negligence or willful
misconduct on the part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted by it under the provisions
of this Indenture upon the reliance thereof.

 

Section
8.08.             Conflicting Interest of Trustee.
If the Trustee has or shall acquire any conflicting interest within the meaning of the Trust Indenture Act of 1939, the Trustee
shall either eliminate such conflicting interest or resign in the manner provided by, and subject to the provisions of, the Trust
Indenture Act of 1939 and this Indenture.

 

Section
8.09.             Eligibility of Trustee.
There shall at all times be a Trustee with respect to each series of Debt Securities hereunder which shall be a Person organized
and doing business under the laws of the United States or any state or territory thereof or of the District of Columbia authorized
under such laws to exercise trust powers, having a combined capital and surplus of at least $50,000,000, subject to supervision
or examination by Federal, state, territorial, or District of Columbia authority and willing to act as Trustee hereunder. If such
Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purposes of this Section 8.09, 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. In case at any time the
Trustee with respect to any series of Debt Securities shall cease to be eligible in accordance with the provisions of this Section
8.09, such Trustee shall resign immediately in the manner and with the effect specified in Section 8.10.

 

Section
8.10.             Resignation
or Removal of Trustee. (a) The Trustee may at any time resign
with respect to any series of Debt Securities by giving written notice by first class mail of such resignation to the Company
and to the Holders of such series of Debt Securities at their addresses as they shall appear on the Debt Security Register. Upon
receiving such notice of resignation, the Company shall promptly appoint a successor trustee with respect to such series by written
instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the
resigning Trustee and one copy to the successor trustee. If no successor trustee with respect to such series shall have been so
appointed and have accepted appointment within 60 days after the mailing of such notice of resignation to the Holders, the resigning
Trustee may, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor trustee,
or any Holder of such series of Debt Securities who has been a bona fide Holder of a Debt Security or Debt Securities of such
series for at least six months may, subject to the provisions of Section 7.09, on behalf of such Holder and all others similarly
situated, petition any such court for the appointment of a successor trustee with respect to such series. Such court may thereupon,
after such notice, if any, as it may deem proper and prescribe, appoint such successor trustee. 

     41

     

    

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

 

(1)          the Trustee shall fail to comply with the provisions of Section 8.08 after written request therefor by the Company or by any Holder
who has been a bona fide Holder of a Debt Security or Debt Securities of such series for at least six months, unless the Trustee’s
duty to resign is stayed in accordance with the provisions of Section 310(b) of the Trust Indenture Act of 1939,

 

(2)          the Trustee shall cease to be eligible in accordance with the provisions of Section 8.09 and shall fail to resign after written
request therefor by the Company or by any such Holder of a note of such series, or

 

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

 

then,
in any such case, the Company may remove the Trustee with respect to such series and appoint a successor trustee for such series
by Company Order, one copy of which Company Order shall be delivered to the Trustee so removed and one copy to the successor trustee,
or, subject to the provisions of Section 7.09, any Holder who has been a bona fide Holder of a Debt Security or Debt Securities
of such series for at least six months may, on behalf of such Holder and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee with respect to such series.
Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove such Trustee and appoint such
successor trustee.

 

(c)          The Holders of a majority in aggregate principal amount of the Outstanding Debt Securities of any series may at any time remove
the Trustee with respect to such series by delivering to the Trustee so removed, to the successor trustee so appointed and to
the Company the evidence provided for in Section 9.01 of the action in that regard taken by the Holders, and nominate a successor
Trustee which shall be deemed appointed as successor Trustee unless within ten days after such nomination the Company objects
thereto, in which case the Trustee so removed or any Holder of a Debt Security or Debt Securities of such series, upon the terms
and conditions and otherwise as in subsection (a) of this Section 8.10 provided, may petition any court of competent jurisdiction
for an appointment of a successor Trustee with respect to such series.

 

(d)          Any resignation or removal of the Trustee with respect to all or any series of Debt Securities and any appointment of a successor
Trustee pursuant to any of the provisions of this Section 8.10 shall become effective upon acceptance of appointment by the successor
Trustee as provided in Section 8.11.

 

Section
8.11.             Acceptance
by Successor Trustee. Any successor Trustee appointed as provided
in Section 8.10 shall execute, acknowledge and deliver to the Company and to its predecessor Trustee an instrument accepting such
appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee shall become effective with respect
to all or any series as to which it is resigning as Trustee, and such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder with respect to all or any
such series, with like effect as if originally named as Trustee herein with respect to all or any such series; nevertheless, on
the written request of the Company or of the successor Trustee, the Trustee ceasing to act shall, upon payment of any amounts
then due it pursuant to the provisions of Section 8.06, execute and deliver an instrument transferring to such successor Trustee
all the rights and powers of the Trustee with respect to all or any such series so ceasing to act. Upon request of any such successor
Trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to
such successor Trustee all such rights and powers. Any Trustee ceasing to act shall, nevertheless, retain a lien upon all property
or funds held or collected by such Trustee with respect to all or any series as to which it is resigning as Trustee, to secure
any amounts and shall be entitled to any indemnities then due it pursuant to the provisions of Section 8.06. 

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No
successor Trustee shall accept appointment as provided in this Section 8.11 unless at the time of such acceptance such successor
Trustee shall be qualified under the provisions of Section 8.08 and eligible under the provisions of Section 8.09.

 

Upon
acceptance of appointment by a successor Trustee with respect to all or any series of Debt Securities as provided in this Section
8.11, the Company shall mail notice of the succession of such Trustee hereunder to the Holders of Debt Securities of such series
at their addresses as they shall appear on the Debt Security Register. If the Company fails to mail such notice within ten days
after acceptance of appointment by the successor Trustee, the successor Trustee shall cause such notice to be mailed at the expense
of the Company.

 

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

 

Section
8.12.             Succession
by Merger, etc. Subject to Sections 8.08 and 8.09, any Person
into which the Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any Person succeeding to all or substantially all the corporate
trust business of the Trustee, shall be the successor of the Trustee hereunder without the execution or filing of any paper or
any further act on the part of any of the parties hereto. 

     43

     

    

In
case at the time any successor to the Trustee shall succeed to the trusts created by this Indenture any of the Debt Securities
shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication
of any predecessor Trustee, and deliver such Debt Securities so authenticated; and in case at that time any of the Debt Securities
shall not have been authenticated, any successor to the Trustee may authenticate such Debt Securities in the name of such successor
Trustee; and in all such cases such certificate shall have the full force which it is anywhere in the Debt Securities or in this
Indenture provided that the certificate of the Trustee shall have.

 

Section
8.13.             Limitation on Rights of Trustee as a Creditor.
If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Debt Securities), the Trustee
shall be subject to the provisions of the Trust Indenture Act of 1939 regarding the collection of claims against the Company (or
any such other obligor).

 

Section
8.14.             Authenticating Agents.
There may be an Authenticating Agent or Authenticating Agents appointed by the Trustee from time to time with power to act on
its behalf and subject to its direction in the authentication and delivery of any series of Debt Securities issued upon original
issuance, exchange, conversion, transfer or redemption thereof as fully to all intents and purposes as though such Authenticating
Agent (or Authenticating Agents) had been expressly authorized to authenticate and deliver such Debt Securities, and Debt Securities
so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as though
authenticated by the Trustee hereunder. For all purposes of this Indenture, the authentication and delivery of Debt Securities
by any Authenticating Agent pursuant to this Section 8.14 shall be deemed to be the authentication and delivery of such Debt Securities
 “by the Trustee”, and whenever this Indenture provides that “the Trustee shall authenticate and deliver”
Debt Securities or that Debt Securities “shall have been authenticated and delivered by the Trustee”, such authentication
and delivery by any Authenticating Agent shall be deemed to be authentication and delivery by the Trustee. Any such Authenticating
Agent shall at all times be a Person organized and doing business under the laws of the United States of America or of any state
or territory thereof or the District of Columbia, with a combined capital and surplus of at least $50,000,000 and authorized under
such laws to act as an authenticating agent, duly registered to act as such, if and to the extent required by applicable law and
subject to supervision or examination by Federal or state authority. If such Person publishes reports of its condition at least
annually pursuant to law or the requirements of such authority, then for the purposes of this Section 8.14 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 an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section
8.14, or to be duly registered if and to the extent required by applicable law and regulations, it shall resign immediately in
the manner and with the effect herein specified in this Section 8.14.

 

Whenever
reference is made in this Indenture to the authentication and delivery of Debt Securities of any series 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 its Authenticating Agent appointed with respect to the Debt Securities of such series and a certificate of authentication
executed on behalf of the Trustee by its Authenticating Agent appointed with respect to the Debt Securities of such series. 

     44

     

    

Any
Person into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting
from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any Person succeeding to the
authenticating agency business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, if
such successor Person is otherwise eligible under this Section 8.14, without the execution or filing of any paper or any further
act on the part of the parties hereto or such Authenticating Agent or such successor Person.

 

In
case at the time such successor to any such agency shall succeed to such agency any of the Debt Securities shall have been authenticated
but not delivered, any such successor to such Authenticating Agent may adopt the certificate of authentication of any predecessor
Authenticating Agent and deliver such Debt Securities so authenticated; and in case at that time any of the Debt Securities shall
not have been authenticated, any successor to any Authenticating Agent may authenticate such Debt Securities either in the name
of any predecessor hereunder or in the name of the successor Authenticating Agent; and in all cases such certificate shall have
the full force which it has anywhere in the Debt Securities or in this Indenture provided that the certificate of the predecessor
Authenticating Agent shall have had such force; provided, however, that the right to adopt the certificate of authentication
of any predecessor Authenticating Agent or to authenticate Debt Securities in the name of any predecessor Authenticating Agent
shall apply only to its successor or successors by merger, conversion or consolidation.

 

Any
Authenticating Agent may at any time resign as Authenticating Agent with respect to any series of Debt Securities by giving written
notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any Authenticating
Agent with respect to any series of Debt Securities by giving written notice of termination 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 Authenticating Agent
shall cease to be eligible under this Section 8.14, the Trustee may, and shall, upon request of the Company, promptly use its
best efforts to appoint a successor Authenticating Agent.

 

Upon
the appointment, at any time after the original issuance of any of the Debt Securities, of any successor, additional or new Authenticating
Agent, the Trustee shall give written notice of such appointment to the Company and shall at the expense of the Company mail notice
of such appointment to all Holders of Debt Securities of such series as the names and addresses of such Holders appear on the
Debt Security Register.

 

Any
successor Authenticating Agent with respect to any series of Debt Securities upon acceptance of its appointment hereunder shall
become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as though originally named
as an Authenticating Agent herein with respect to such series. No successor Authenticating Agent shall be appointed unless eligible
under the provisions of this Section 8.14 and duly registered if and to the extent required under applicable law and regulations.

 

Any
Authenticating Agent by the acceptance of its appointment with respect to any series of Debt Securities shall be deemed to have
agreed with the Trustee that: (a) it will perform and carry out the duties of an Authenticating Agent as herein set forth with
respect to such series, including the duties to authenticate and deliver Debt Securities when presented to it in connection with
exchanges, registrations of transfer or redemptions thereof; (b) it will keep and maintain, and furnish to the Trustee from time
to time as requested by the Trustee appropriate records of all transactions carried out by it as Authenticating Agent and will
furnish the Trustee such other information and reports as the Trustee may reasonably require; (c) it is eligible for appointment
as Authenticating Agent under this Section 8.14 and will notify the Trustee promptly if it shall cease to be so qualified; and
(d) it will indemnify the Trustee against any loss, liability or expense incurred by the Trustee and will defend any claim asserted
against the Trustee by reason of any acts or failures to act of the Authenticating Agent with respect to such series but it shall
have no liability for any action taken by it at the specific written direction of the Trustee. 

     45

     

    

The
Company agrees to pay to each Authenticating Agent from time to time reasonable compensation and expenses for its services, and
the Trustee shall have no liability for such payments.

 

The
provisions of Sections 8.02(a), (b), (c), (e) and (f), 8.03, 8.04, 8.06 (insofar as it pertains to indemnification), 9.01, 9.02
and 9.03 shall bind and inure to the benefit of each Authenticating Agent to the same extent that they bind and inure to the benefit
of the Trustee.

 

If
an appointment with respect to one or more series is made pursuant to this Section 8.14, the Debt Securities of such series may
have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication
in the following form:

 

This
is one of the Debt Securities of the series designated herein issued under the within-mentioned Indenture.

 

	 	,	 	,
	As Trustee	 	As Trustee	 
	 	 	 	 	 	 	 
	-OR-	 	 	 	 
	 	 	 	 	 	 	 
	 By:	 		 	By:	 	, 
	 	Authorized Officer		 	 	as Authenticating Agent	 
	 	 	 	 	 	 	 
	 	 	 	 	By:	 	 
	 	 	 	 	 	Authorized Officer	 

 

Section
8.15.             Trustee's
Application for Instructions from the Company. Any application
by the Trustee for written instructions from the Company may, at the option of the Trustee, set forth in writing any action proposed
to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such
omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance
with a proposal included in such application on or after the date specified in such application (which date shall not be less
than three Business Days after the date any officer of the Company actually receives such application, unless any such officer
shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case
of an omission), the Trustee shall have received written instructions in response to such application specifying the action to
be taken or omitted. 

     46

     

    

Article
9.

Concerning the Holders.

 

Section
9.01.             Action by Holders.
Whenever in this Indenture it is provided that the Holders of a specified percentage in aggregate principal amount of the Debt
Securities of any series may take any action (including the making of any demand or request, the giving of any notice, consent
or waiver or the taking of any other action) the fact that at the time of taking any such action the Holders of such specified
percentage of such series have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor
executed by Holders of such series in person or by agent or proxy appointed in writing, or (b) by the record of the Holders of
such series voting in favor thereof at any meeting of such Holders duly called and held in accordance with the provisions of Article
Ten, or (c) by a combination of such instrument or instruments and any such record of such a meeting of Holders of such series.

 

Section
9.02.             Proof of Execution by Holders.
Subject to the provisions of Sections 8.01, 8.02 and 10.05, proof of the execution of any instrument by a Holder or such Holder’s
agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the
Trustee or in such manner as shall be satisfactory to the Trustee. The ownership of Debt Securities shall be provided by the Debt
Security Register or by a certificate of the Debt Security Registrar with respect to a series of Debt Securities.

 

The
record of any Holders’ meeting shall be proved in the manner provided in Section 10.06.

 

Section
9.03.             Who Are Deemed Absolute Owners.
The Company, the Trustee with respect to a series of Debt Securities, and any agent of the Trustee or the Company under this Indenture
may deem the Person in whose name such Debt Security shall be registered upon the Debt Security Register to be, and may treat
such Person as, the absolute owner of such Debt Security (whether or not such Debt Security shall be overdue and notwithstanding
any notation of ownership or other writing thereon made by anyone other than the Company, the Trustee or any such agent) for the
purpose of receiving payment of or on account of the principal of and premium, if any, and interest on such Debt Security and
for all other purposes; and neither the Company nor the Trustee nor any such agent shall be affected by any notice to the contrary.

 

Section
9.04.             Company-Owned
Debt Securities Disregarded. In determining whether the Holders
of the requisite aggregate principal amount of Debt Securities of any series have concurred in any direction or consent under
this Indenture, Debt Securities of such series which are owned by the Company or any other obligor upon such Debt Securities or
any Affiliate of the Company or such other obligor (except in the case in which the Company or such other obligor or affiliate
owns all Debt Securities Outstanding under the Indenture, or all Outstanding Debt Securities of each such series, as the case
may be, without regard to this proviso) shall be disregarded and deemed not to be Outstanding for the purpose of any such determinations;
provided, however, that for the purposes of determining whether the Trustee shall be protected in relying on any
such direction or consent only such Debt Securities which a Responsible Officer of the Trustee actually knows are so owned shall
be so disregarded. Debt Securities so owned which have been pledged in good faith may be regarded as Outstanding notwithstanding
this Section 9.04 if the pledgee shall establish to the satisfaction of the Trustee the right of the pledgee to vote such Debt
Securities and that the pledgee is not a Person directly or indirectly controlling or controlled by or under direct or indirect
common control with the Company or any such other obligor. Upon request of the Trustee, the Company shall furnish to the Trustee
promptly an Officers’ Certificate listing and identifying all Debt Securities of a series, if any, known by the Company
to be owned or held by or for the account of the Company or any other obligor on such Debt Securities or by any Person directly
or indirectly controlling or controlled by or under direct or indirect common control with the Company or any other obligor on
such Debt Securities; and, subject to the provisions of Section 8.01, the Trustee shall be entitled to accept such Officers’
Certificates as conclusive evidence of the facts therein set forth and of the fact that all such Debt Securities not listed therein
are Outstanding for the purpose of any such determination. 

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Section
9.05.             Revocation of Consents; Future Holders
Bound. At any time prior to (but not after) the evidencing to
the Trustee, as provided in Section 9.01, of the taking of any action by the Holders of the percentage in aggregate principal
amount of the Debt Securities of any series specified in this Indenture in connection with such action, any Holder of a Debt Security
which is shown by the evidence to be included in the Debt Securities the Holders of which have consented to or are bound by consents
to such action, may, by filing written notice with the Trustee at the Corporate Trust Office and upon proof of holding as provided
in Section 9.02, revoke such action so far as concerns such Debt Security. Except as aforesaid any such action taken by the Holder
of any Debt Security shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Debt Security
and of any Debt Security issued on transfer thereof or in exchange or substitution therefor, irrespective of whether or not any
notation in regard thereto is made upon any such Debt Security. Any action taken by the Holders of the percentage in aggregate
principal amount of the Debt Securities specified in this Indenture in connection with such action shall be conclusively binding
upon the Company, the Trustee and the Holders of all of the Debt Securities affected by such action.

 

Article
10.

Holders’ Meetings.

 

Section
10.01.           Purposes
of Meetings. A meeting of Holders of the Debt Securities of
all or any series may be called at any time and from time to time pursuant to the provisions of this Article Ten for any of the
following purposes:

 

(a)          to give any notice to the Company or to the Trustee with respect to such series, or to give any directions to the Trustee, or
to consent to the waiving of any default hereunder and its consequences, or to take any other action authorized to be taken by
Holders pursuant to any of the provisions of Article Seven;

 

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

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(c)          to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 11.02; or

 

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

 

Section
10.02.           Call
of Meetings by Trustee. The Trustee may at any time call a meeting
of Holders of Debt Securities of all or any series to take any action specified in Section 10.01, to be held at such time and
at such place as the Trustee shall determine. Notice of every meeting of the Holders of Debt Securities of all or any series,
setting forth the time and place of such meeting and in general terms the action proposed to be taken at such meeting, shall be
mailed by the Trustee to Holders of Debt Securities of each series that may be affected by the action proposed to be taken at
such meeting at their addresses as they shall appear on the Debt Security Register. Such notice shall be mailed not less than
20 nor more than 90 days prior to the date fixed for the meeting.

 

Section
10.03.           Call
of Meetings by Company or Holders. In case at any time the Company,
pursuant to a resolution by the Board of Directors, or the Holders of at least 10% in aggregate principal amount of the Debt Securities
then Outstanding of each series that may be affected by the action proposed to be taken shall have requested the Trustee to call
a meeting of such Holders, by written request setting forth in reasonable detail the action proposed to be taken at the meeting,
and the Trustee shall not have mailed the notice of such meeting within 20 days after receipt of such request, then the Company
or such Holders may determine the time and place for such meeting and may call such meeting to take any action authorized in Section
10.01, by mailing notice thereof as provided in Section 10.02.

 

Section
10.04.           Qualifications
for Voting. To be entitled to vote at any meeting of Holders
of Debt Securities a person shall (a) be a Holder of one or more Debt Securities of a series affected by the action proposed to
be taken or (b) be a Person appointed by an instrument in writing as proxy by a Holder of one or more such Debt Securities. The
rights of Holders of Debt Securities to have their votes counted shall be subject to the provision in the definition of “Outstanding”
in Section 1.01. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Debt Securities
shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and
any representatives of the Company and its counsel.

 

Section
10.05.           Regulations.
Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable
for any meeting of Holders of Debt Securities, in regard to proof of the holding of Debt Securities and of the appointment of
proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit. Except
as otherwise permitted or required by any such regulation, the holding of Debt Securities shall be proved in the manner specified
in Section 9.02 and the appointment of any proxy shall be proved in the manner specified in said Section 9.02 or by having the
signature of the Person executing the proxy witnessed or guaranteed by any bank, broker or trust company. 

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The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called
by the Company or by Holders of Debt Securities as provided in Section 10.03, in which case the Company or the Holders of Debt
Securities calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and
a secretary of the meeting shall be elected by vote of the Holders of a majority in aggregate principal amount of the Debt Securities
represented at the meeting and entitled to vote.

 

Subject
to the provisions of Section 9.04, at any meeting each Holder of a Debt Security of a series entitled to vote at such meeting
or proxy shall be entitled to one vote for each $1,000 principal amount of Debt Securities of such series held or represented
by such Holder; provided, however, that no vote shall be cast or counted at any meeting in respect of any Debt Security
challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall
have no right to vote except as a Holder of Debt Securities of such series or proxy therefor. Any meeting of Holders of Debt Securities
duly called pursuant to the provisions of Section 10.02 or 10.03 may be adjourned from time to time and the meeting may be held
as so adjourned without further notice.

 

At
any meeting of Holders of Debt Securities, the presence of Persons holding or representing Debt Securities in an aggregate principal
amount sufficient to take action upon the business for the transaction of which such meeting was called shall be necessary to
constitute a quorum; but, if less than quorum be present, the Persons holding or representing a majority of the Debt Securities
represented at the meeting may adjourn such meeting with the same effect, for all intents and purposes, as though a quorum had
been present.

 

Section
10.06.           Voting.
The vote upon any resolution submitted to any meeting of Holders of Debt Securities shall be by written ballots on which shall
be subscribed the signatures of the Holders of Debt Securities entitled to vote at such meeting or of their representatives by
proxy, and the letter or letters, serial number or numbers or other distinguishing marks of the Debt Securities held or represented
by each such Holder. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast
at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written
reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders of
Debt Securities shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports
of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts
setting forth a copy of the notice of the meeting and showing that said notice was mailed as provided in Section 10.02. The record
shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates
shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto
the ballots voted at the meeting.

 

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

 

Section
10.07.           No
Delay of Rights by Meeting. Nothing in this Article Ten contained
shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Holders of Debt Securities of any or
all series or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise
of any right or rights conferred upon or reserved to the Trustee or to the Holders of Debt Securities under any of the provisions
of this Indenture or of the Debt Securities. 

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Article
11.

Supplemental Indentures.

 

Section
11.01.           Supplemental
Indentures without Consent of Holders. The Company, when authorized
by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental
hereto (which shall conform to the provisions of the Trust Indenture Act of 1939 as in force at the date of the execution thereof)
for one or more of the following purposes:

 

(a)          to evidence the succession of another Person to the Company, or successive successions, and the assumption by the successor Person
of the covenants, agreements and obligations of the Company pursuant to Articles Five and Twelve hereof;

 

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

 

(c)          to cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be
defective or inconsistent with any other provision contained herein or in any supplemental indenture or to make any changes hereto
that are required by law;

 

(d)          to convey, transfer, assign, mortgage or pledge any property to or with the Trustee;

 

(e)          to make such other provisions in regard to matters or questions arising under this Indenture as shall not adversely affect the
interests of the Holders of the Debt Securities and to make any change that would provide additional rights or benefits to the
Holders of Debt Securities of any or all series or that does not adversely affect the legal rights under this Indenture of any
such Holder of Debt Securities;

 

(f)           to
evidence and provide for the acceptance of appointment by another Person as a successor Trustee hereunder with respect to one
or more series of Debt Securities 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 Section 8.11; 

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(g)          to modify, amend or supplement this Indenture in such a manner as to permit the qualification of any indenture supplemental hereto
under the Trust Indenture Act of 1939 as then in effect, except that nothing herein contained shall permit or authorize the inclusion
in any indenture supplemental hereto of the provisions referred to in Section 316(a)(2) of the Trust Indenture Act of 1939;

 

(h)          to provide for the issuance under this Indenture of Debt Securities in coupon form (including Debt Securities registrable as to
principal only) and to provide for exchangeability of such Debt Securities with Debt Securities of the same series issued hereunder
in fully registered form and to make all appropriate changes for such purpose;

 

(i)           to change or eliminate any of the provisions of this Indenture, provided, however, that any such change or elimination
shall become effective only when there is no Debt Security Outstanding of any series created prior to the execution of such supplemental
indenture which is entitled to the benefit of such provision; or

 

(j)           to establish any additional form of Debt Security, as permitted by Section 2.02, and to provide for the issuance of any additional
series of Debt Securities, as permitted by Section 3.01, and to set forth the terms thereof.

 

The
Trustee is hereby required to join with the Company in the execution of any such supplemental indenture, to make any further appropriate
agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge
of any property thereunder, but the Trustee shall not be obligated to enter into any such supplemental indenture which affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Any
supplemental indenture authorized by the provisions of this Section 11.01 may be executed by the Company and the Trustee without
the consent of the Holders of any of the Debt Securities at the time Outstanding, notwithstanding any of the provisions of Section
11.02.

 

Section
11.02.           Supplemental
Indentures with Consent of Holders. With the consent (evidenced
as provided in Section 9.01) of the Holders of greater than 50% in aggregate principal amount of the Outstanding Debt Securities
of each series affected by such supplemental indenture (all such Holders voting as a single class), by act of said Holders delivered
to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may from time to time and
at any time enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner
the rights of the Holders of the Debt Securities of each series under this Indenture; provided, however, that no
such supplemental indenture shall, without the consent of the Holders all of the Outstanding Debt Securities of each series affected,
(a) extend the fixed maturity of any Debt Security of such series, or reduce the rate or extend the time of payment of interest
thereon, or reduce the principal amount thereof or any premium thereon, or make the principal thereof or interest or premium thereon
payable in any coin or currency other than that provided in the Debt Securities of such series or (b) reduce the aforesaid percentage
of Debt Securities of a series, the Holders of which are required to consent (1) to any such supplemental indenture, (2) to rescind
and annul a declaration that any Debt Securities of such series are due and payable as a result of the occurrence of an Event
of Default, (3) to waive any past default under the Indenture and its consequences or (4) to waive compliance with Sections 5.02,
5.04 (other than 5.04(a)(1) and (2)) or 5.05, or with any additional covenant, agreement or condition contained in a Board Resolution
or Officers’ Certificate establishing such series of Debt Securities, any indenture supplemental hereto applicable to such
series or any Debt Security of such series. 

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

 

It
shall not be necessary for the consent of the Holders of Debt Securities under this Section 11.02 to approve the particular form
of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.

 

Section
11.03.           Effect
of Supplemental Indentures. Upon the execution of any supplemental
indenture pursuant to the provisions of this Article Eleven, this Indenture shall be and be deemed to be modified and amended
in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture
of the Trustee, the Company and the Holders of Debt Securities shall thereafter be determined, exercised and enforced hereunder
subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture
shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

 

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

 

Section
11.05.           Evidence
of Compliance of Supplemental Indenture to be Furnished Trustee.
The Trustee, subject to the provisions of Sections 8.01 and 8.02, shall receive, and shall be fully protected in relying upon,
an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that the execution of such amendment or supplemental
indenture is authorized or permitted by this Indenture (including, but not limited to this Article Eleven), that all conditions
precedent thereto have been met or waived, that such amendment or supplemental indenture is not inconsistent herewith, and that
it will be valid and binding upon the Company in accordance with its terms. 

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Article
12.

Consolidation, Merger, Sale and Conveyance.

 

Section
12.01.           Company
May Consolidate, etc., on Certain Terms. Nothing contained in
this Indenture or in any of the Debt Securities shall prevent any consolidation or merger of the Company with or into any other
Person (whether or not affiliated with the Company), or successive consolidations or mergers in which the Company or its successor
or successors shall be a party or parties, or shall prevent any sale, conveyance or lease of all or substantially all of the property
of the Company to any other Person (whether or not affiliated with the Company) authorized to acquire and operate the same; provided,
however, and the Company hereby covenants and agrees, that any such consolidation, merger, sale, conveyance or lease shall be
upon the condition that (a) immediately after such consolidation, merger, sale, conveyance or lease the Person (whether the Company
or such other Person) formed by or surviving any such consolidation or merger, or to which such sale, conveyance or lease shall
have been made, shall not be in default in the performance or observance of any of the terms, covenants and conditions of this
Indenture to be kept or performed by the Company; (b) the Person (if other than the Company) formed by or surviving any such consolidation
or merger or to which such sale, conveyance or lease shall have been made, shall be a Person organized under the laws of the United
States of America or any state thereof; and (c) the due and punctual payment of the principal of and premium, if any, and interest
on all of the Debt Securities, according to their tenor, and the due and punctual performance and observance of all of the covenants
and conditions of this Indenture to be performed or observed by the Company, shall be expressly assumed, by supplemental indenture
satisfactory in form to the Trustee, executed and delivered to the Trustee by the Corporation (if other than the Company) formed
by such consolidation, or into which the Company shall have been merged, or by the Person which shall have acquired or leased
such property.

 

Section
12.02.           Successor
Entity to be Substituted. In case of any such consolidation,
merger, sale, conveyance or lease and upon the assumption by the successor Person, by supplemental indenture, executed and delivered
to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal of and premium, if any,
and interest on all of the Debt Securities and the due and punctual performance and observance of all of the covenants and conditions
of this Indenture to performed or observed by the Company, such successor Person shall succeed to and be substituted for the Company,
with the same effect as if it had been named herein as the party of the first part, and (except in the event of a conveyance by
way of lease) the predecessor Person shall be relieved of any further obligation under this Indenture and the Debt Securities.

 

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

 

Section
12.03.           Opinion
of Counsel to Be Given Trustee. The Trustee, subject to Sections
8.01 and 8.02, shall receive an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale conveyance
or lease and any such assumption complies with the provisions of this Article Twelve and that all conditions precedent herein
provided relating to such transactions have been complied with. 

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Article
13.

Satisfaction and Discharge of Indenture.

 

Section
13.01.           Satisfaction,
Discharge and Defeasance of Debt Securities of any Series. The
Company shall be deemed to have paid and discharged the entire indebtedness on all the Debt Securities of a series, the provisions
of this Indenture (except as to (x) the rights of Holders of Debt Securities of such series to receive, from the money, in the
currency required, and Government Obligations deposited with the Trustee pursuant to Section 13.02(a) or the interest and principal
received by the Trustee in respect of such Government Obligations, payment of the principal of (and premium, if any) and any installment
of principal of (and premium, if any) or interest on such Debt Securities on the Stated Maturities thereof or upon the Redemption
Dates for Debt Securities required to be redeemed pursuant to any mandatory sinking fund or analogous provisions relating to Debt
Securities of that series or pursuant to any call for redemption relating to Debt Securities of that series, (y) the Company’s
rights and obligations with respect to such Debt Securities under Sections 3.06, 3.07, 13.03 and 13.04, 5.02, 5.04, 6.01, 8.06,
8.10, 8.11 and, to the extent applicable to such series, Article Four, so long as the principal of (and premium, if any) and interest
on the Debt Securities of such series remain unpaid and, thereafter, only the Company’s rights and obligations under Sections
5.04, 8.06, 13.03 and 13.04, and (z) the rights, powers, trusts, duties and immunities of the Trustee with respect to the Debt
Securities of such series) as it relates to such Debt Securities shall no longer be in effect, and the Trustee, at the expense
of the Company, shall, upon Company Request, execute proper instruments acknowledging the same if:

 

(a)          (1) all Debt Securities of such series therefore authenticated and delivered (other than (A) Debt Securities which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section 3.07 and (B) Debt 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 Sections 13.03 and 13.04) have been delivered to the Trustee for cancellation;

 

(2)          the Company has paid or caused to be paid in the currency required all other sums payable under this Indenture in respect of the
Debt Securities of such series; and

 

(3)          the Company has delivered to the Trustee an Officers’ Certificate, an Opinion of Counsel and a written opinion of independent
public accountants, each stating that all conditions precedent herein provided for relating to the satisfaction of the entire
indebtedness of all Debt Securities of any such series and the discharge of the Indenture as it relates to such Debt Securities
have been complied with; or

 

(b)          (1) all Debt Securities of such series not theretofore delivered to the Trustee for cancellation (A) have become due and payable,
or (B) will become due and payable at their Stated Maturity within one year, or (C) 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;

 

(2)          the
condition described in paragraph (a) of Section 13.02 has been satisfied; and 

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(3)          the conditions described in paragraphs (a)(2) and (a)(3) of this Section 13.01 have been satisfied; or

 

(c)          (1) the conditions referred to in paragraphs (b)(2) and (b)(3) of this Section 13.01 have been satisfied;

 

(2)          no Event of Default or event which with notice or lapse of time would become an Event of Default shall have occurred and be continuing
on the date of the deposit referred to in paragraph (a) of Section 13.02 or on the ninety-first day after the date of such deposit;
provided, however, that should that condition fail to be satisfied on or before such ninety-first day, the Trustee
shall promptly, upon satisfactory receipt of evidence of such failure, return such deposit to the Company;

 

(3)          the Company has either (A) delivered to the Trustee an opinion of counsel of a nationally-recognized independent tax counsel to
the effect that Holders of the Debt Securities of such series will not recognize income, gain or loss for Federal income tax purposes
as a result of such deposit and the satisfaction, discharge and defeasance contemplated by this paragraph (c) of this Section
13.01 and will be subject to Federal income tax on the same amounts and in the same manner and at the same times as would have
been the case if such deposit and defeasance had not occurred or (B) the Company shall have received from, or there shall have
been published by, the United States Internal Revenue Service a ruling to the effect stated in subsection (A) of this Section
13.01(c)(3); and

 

(4)          the
Company has received an Opinion of Counsel to the effect that the satisfaction, discharge and defeasance contemplated by this
Section 13.01 will not result in the delisting of the Debt Securities of that series from any nationally-recognized securities
exchange on which they are listed. 

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Section
13.02.           Defeasance
of Debt Securities of any Series. The provisions of this Indenture
(except as to (x) the rights of Holders of Debt Securities of any series to receive, from the money, in the currency required,
and Government Obligations deposited with the Trustee pursuant to paragraph (a) below or the interest and principal received by
the Trustee in respect of such Government Obligations, payment of the principal of (and premium, if any) and any installment of
principal of (and premium, if any) or interest on such Debt Securities on the Stated Maturities thereof or upon the Redemption
Dates for Debt Securities required to be redeemed pursuant to any mandatory sinking or analogous provisions relating to Debt Securities
of that series or pursuant to any call for redemption relating to Debt Securities of that series, (y) the Company’s rights
and obligations with respect to such Debt Securities under Sections 3.06, 3.07, 13.03, 13.04, Article Seven (other than subsection
(d) of Section 7.01), Sections 5.01, 5.02, 5.04, 6.01, 8.06, 8.10, 8.11 and, to the extent applicable to such series, Article
Four, so long as the principal of (and premium, if any) and interest on the Debt Securities of such series remain unpaid and,
thereafter, only the Company’s rights and obligations under Sections 5.04, 8.06, 13.03 and 13.04, and (z) the rights, powers,
trusts, duties and immunities of the Trustee with respect to the Debt Securities of such series) as it relates to Debt Securities
of any series shall no longer be in effect, and the Trustee, at the expense of the Company shall, upon Company Request, execute
proper instruments acknowledging the same if:

 

(a)          the Company has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose (1) the Dollars of
Foreign Currency, as applicable, in an amount, or (2) Government Obligations which through the payment of interest and principal
in respect thereof in accordance with their terms will provide on or before the due date of any payment in respect of such series
of Debt Securities in an amount, or (3) a combination thereof, sufficient, after payment of all Federal, state and local taxes
in respect thereof payable by the Trustee, in the opinion of a nationally-recognized firm of independent public accountants expressed
in a written certification thereof delivered to the Trustee, to pay and discharge (A) the principal of (and premium, if any) and
each installment of principal (and premium, if any) and interest on the Outstanding Debt Securities of that series on the Stated
Maturity of such principal or installment of principal or interest and (B) any mandatory sinking fund payments or analogous payments
or payments pursuant to any call for redemption applicable to Debt Securities of such series on the day on which such payments
are due and payable in accordance with the terms of the Indenture and such Debt Securities;

 

(b)          no Event of Default or event which with notice or lapse of time would become an Event of Default shall have occurred and be continuing
on the date of such deposit;

 

(c)          the interest of the Holders in such deposit shall have been duly perfected under the applicable provisions of the Uniform Commercial
Code; and

 

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

 

Section
13.03.           Application
of Trust Funds; Indemnification. (a) Subject to the provisions
of Section 13.04, all money and Government Obligations deposited with the Trustee pursuant to Section 13.01 or 13.02 and all money
received by the Trustee in respect of Government Obligations deposited with the Trustee, shall be held in trust and applied by
it, in accordance with the provisions of the Debt 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 premium, if any) and interest for whose payment such money and Government Obligations have been deposited
with or received by the Trustee as contemplated by Section 13.01 or 13.02.

 

(b)          The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against Government
Obligations deposited pursuant to Section 13.01 or 13.02 or the interest and principal received in respect of such obligations,
other than any such tax, fee or other charge payable by or on behalf of Holders. The Company shall be entitled to prompt notice
of an assessment or the commencement of any proceeding for which indemnification may be sought hereunder and, at its election,
to contest such assessment or to participate in, assume the defense of, or settle such proceeding.

 

(c)          The
Trustee shall deliver or pay to the Company from time to time upon Company Request any Government Obligations or money held by
it as provided in Section 13.01 or 13.02 which, in the opinion of a nationally-recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would
have been required to be deposited for the purpose for which such obligations or money were deposited or received. 

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(d)          If the Trustee is unable to apply any money or Government Obligations in accordance with this Section 13.03 by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Company’s obligations under this Indenture and the Debt Securities, if any, of such series shall be
revived and reinstated as though no deposit had occurred pursuant to Section 13.01 or Section 13.02, as the case may be, until
such time as the Trustee is permitted to apply all such money or Government Obligations in accordance with this Section 13.03;
provided, however, that if the Company has made any payment of interest on or principal of (and premium, if any) on any Debt Securities,
if any, of such series because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders
of such series of Debt Securities, if any, to receive such payment from the money or Government Obligations held by the Trustee.

 

Section
13.04.           Return
of Unclaimed Moneys. Any moneys deposited with or paid to the
Trustee or any paying agent for payment of the principal of and premium, if any, or interest on Debt Securities and not applied
but remaining unclaimed by the Holders of Debt Securities for two years after the date upon which the principal of and premium,
if any, or interest on such Debt Securities, as the case may be, shall have become due and payable, shall be repaid to the Company
by the Trustee or such paying agent on demand; and the Holder of any of the Debt Securities entitled to receive such payment shall
thereafter look only to the Company for any payment thereof.

 

Section
13.05.           Reinstatement.
If the Trustee is unable to apply any money or Government Obligations in accordance with Sections 13.01 or 13.02 by reason of
any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the Company’s obligations under this Indenture and the Debt Securities shall be revived and
reinstated as though no deposit had occurred pursuant to Sections 13.01 or 13.02 until such time as the Trustee is permitted to
apply all such money or Government Obligations in accordance with Sections 13.01 or 13.02; provided that, if the Company has made
any payment of principal of or interest on the Debt Securities because of the reinstatement of its obligations, the Company shall
be subrogated to the rights of the Holders of such Debt Securities to receive such payment from the money or Government Obligations
held by the Trustee.

 

Article
14.

Immunity of Incorporators, Stockholders,

Officers and Directors.

 

Section
14.01.           Indenture
and Debt Securities Solely Obligations of the Company. No recourse
under or upon any obligation, covenant or agreement of this Indenture, any supplemental indenture, or of any Debt Security, or
for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, organizer, stockholder, member,
owner, officer, director, manager or employee, as such, past, present or future, of the Company or any Subsidiary or of any predecessor
or successor Person, either directly or through the Company, whether by virtue of any constitution, statute or rule of law, or
by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations
issued hereunder are solely obligations of the Company, and that no such personal liability whatever shall attach to, or is or
shall be incurred by, any incorporator, organizer, stockholder, member, owner, officer, director, manager or employee, as such,
of the Company or of any predecessor or successor Person, or any of them, because of the creation of the indebtedness hereby authorized,
or under or by reason of the obligations, covenants or agreements contained in this Indenture, or in any of the Debt Securities
or implied thereby; and that any and all such personal liability, either at common law or in equity or by constitution or statute
of, and any and all such rights and claims against, every such incorporator, organizer, stockholder, member, owner, officer, director,
manager or employee, as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations,
covenants or agreements contained in this Indenture or in any of the Debt Securities or implied thereby, are hereby expressly
waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of such Debt
Securities. 

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Article
15.

Miscellaneous Provisions.

 

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

 

Section
15.02.           Indenture
for Sole Benefit of Parties and Holders of Debt Securities.
Nothing in this Indenture or in the Debt Securities, expressed or implied, shall give or be construed to give to any Person, firm
or corporation, other than the parties hereto, any agent of the Trustee or the Company under this Indenture and the Holders of
the Debt Securities, any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant,
condition or provision herein contained; all such covenants, conditions and provisions being, subject to the provisions of Articles
Twelve and Fourteen, for the sole benefit of the parties hereto, any agent of the Trustee or the Company under this Indenture
and the Holders of the Debt Securities.

 

Section
15.03.           Addresses
for Notices, etc. Any notice or demand which by any provision
of this Indenture is required or permitted to be given or served by the Trustee or by the Holders of Debt Securities on the Company
may be given or served by being deposited, registered or certified mail postage prepaid, in a post office letter box in the United
States addressed (until another address is filed by the Company with the Trustee) to the Company, Douglas Dynamics, Inc., [*],
Telecopier No.: [*], Attention: [*], with a copy to Douglas Dynamics, Inc., [*], Telecopier No.: [*], Attention: General Counsel.
Any notice, direction, request or demand by any Holder of a Debt Security or the Company to or upon the Trustee shall be deemed
to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee,
addressed to the attention of its Corporate Trust Department. Any notice, report or other instrument required by any of the provisions
of this Indenture to be given by the Trustee to the Holders of Debt Securities of any or all series shall be deemed to have been
sufficiently given, for all purposes, when mailed by first class mail. 

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Section
15.04.           New
York Contract; Waiver of Jury Trial. This Indenture and the
Debt Securities shall for all purposes be construed in accordance with and governed by the laws of the State of New York. EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE DEBT SECURITIES, OR THE TRANSACTIONS CONTEMPLATED
THEREBY.

 

Section
15.05.           Evidence
of Compliance with Conditions Precedent. Upon any Company request
to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officers’
Certificate stating that all conditions precedent, if any (including any covenant, compliance with which constitutes a condition
precedent) provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating
that, in the opinion of such counsel, all such conditions precedent have been complied with, except that in the case of any such
application or demand as to which the furnishing of such document is specifically required by any provision of this Indenture
relating to such particular application or demand, no additional certificate or opinion need be furnished.

 

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

 

Section
15.06.           Legal
Holidays. In any case where the date of maturity of interest
on or principal of or premium, if any, on any series of Debt Securities or the date fixed for redemption of any Debt Security
or Debt Securities will be a legal holiday or a day on which banking institutions are legally authorized or obligated to close
in New York or any other location where a paying agent appointed pursuant to Section 5.02 is located, then payment of such interest
on or principal of and premium, if any, on such Debt Securities need not be made by such paying agent on such date but may be
made by such paying agent on the next succeeding business day that is not a day in such location that is either a legal holiday
or a day on which banking institutions are legally authorized or obligated to close, with the same force and effect as if made
on such date of maturity or the date fixed for redemption and no interest shall accrue for the period from and after such prior
date.

 

Section
15.07.           Trust
Indenture Act of 1939 to Control. If any provision hereof limits,
qualifies or conflicts with the duties imposed by any of Sections 310 through 317 of the Trust Indenture Act of 1939, by the operation
of Section 318(c) thereof, such imposed duties shall control, except as, and to the extent, expressly excluded from this Indenture,
as permitted by the Trust Indenture Act of 1939. If any provision of this Indenture modifies or excludes any provision of the
Trust Indenture Act of 1939 that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture
as so modified or to be excluded, as the case may be. 

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Section
15.08.           Table
of Contents, Headings, etc. The table of contents and the titles
and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not to be
considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

 

Section
15.09.           Determination
of Principal Amount. In determining whether the Holders of the
requisite principal amount of Outstanding Debt Securities of any series have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, or whether sufficient funds are available for redemption or for any other purpose, (a) the
principal amount of an Original Issue Discount Debt Security that shall be deemed to be Outstanding for such purposes shall be
the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration
of the maturity thereof pursuant to Section 7.01, (b) the principal amount of any Debt Securities denominated in a Foreign Currency
that shall be deemed to be Outstanding for such purposes shall be determined by converting the Foreign Currency into Dollars at
the Market Exchange Rate as of the date of such determination and (c) the principal amount of any Indexed Debt Security that shall
be deemed to be Outstanding for such purposes shall be the amount of the principal face amount of such Indexed Debt Security at
original issuance, unless otherwise provided in or pursuant to this Indenture.

 

Section
15.10.           Execution
in Counterparts. This Indenture may be executed in any number
of counterparts, each of which shall be an original and such counterparts shall together constitute but one and the same instrument.
[__________________________] hereby accepts the trusts in this Indenture declared and provided, upon the terms and conditions
hereinabove set forth.

 

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

 

Section
15.12.           Force
Majeure. 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 to the extent beyond its control, strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications
or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

[Signature
Page Follows] 

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

 

	 	Douglas
    Dynamics, Inc.
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title	 
	 	 	 	 
	 	[*], as Trustee

 

	 	By:	 
	 	 	Name:	 
	 	 	Title	 

 

[Signature
Page to Indenture] 

     62

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