Document:

Unassociated Document

    GEOS
COMMUNICATIONS, INC. 

    2009
OMNIBUS LONG TERM INCENTIVE PLAN

     

    ARTICLE
1

    General
Purpose of Plan; Definitions

     

    1.1Name and
Purposes.  The name of this plan is the Geos Communications,
Inc. 2009 Omnibus Long Term Incentive Plan. The purpose of this Plan is to
enable Geos Communications, Inc. and its Affiliates to: (i) attract and
retain skilled and qualified officers, employees and Directors who are expected
to contribute to the Company’s success by providing long-term incentive
compensation opportunities competitive with those made available by other
companies; (ii) motivate participants to achieve the long-term success and
growth of the Company; (iii) facilitate ownership of shares of the Company;
and (iv) align the interests of the participants with those of the
Company’s Shareholders.

     

    1.2Certain
Definitions.  Unless the context otherwise indicates, the
following words shall have the following meanings whenever used in this
Plan:

     

    “Affiliate” means any
corporation, partnership, joint venture or other entity, directly or indirectly,
through one or more intermediaries, controlling, controlled by, or under common
control with the Company within the meaning of Section 414(b) or
(c) of the Code.

     

    “Award” means any Common Share,
Stock Option, Stock Appreciation Right, Restricted Share, Restricted Share Unit
or Performance Share granted pursuant to this Plan.

     

    “Base Value” is defined in
Section 7.3.

     

    “Beneficial Owner” means a
“beneficial owner,” as
such term is defined in Rule 13d-3 under the Exchange Act (or any successor rule
thereto).

     

    “Board” means the Board of
Directors of the Company.

     

    “Change in Control” is defined
in Section 12.1.

     

    “Code” means the Internal
Revenue Code of 1986, as amended from time to time, and lawful regulations and
guidance promulgated thereunder. Whenever reference is made to a specific
Internal Revenue Code section, such reference shall be deemed to be a reference
to any successor Internal Revenue Code section or sections with the same or
similar purpose.

     

    “Committee” means the entity
administering this Plan as provided in Section 2.1.

     

    “Common Shares” means shares of
common stock of the Company, no par value per share.

     

    “Company” means Geos
Communications, Inc., a corporation organized under the laws of the State of
Washington and, except for purposes of determining whether a Change in Control
has occurred, any corporation or entity that is a successor to Geos
Communications, Inc. or substantially all of the assets of Geos Communications,
Inc. and that assumes the obligations of Geos Communications, Inc. under this
Plan by operation of law or otherwise.

     

    “Date of Grant” means the date
on which the Committee grants an Award.

     

    “Director” means a member of
the Board.

     

    “Disability” shall be defined
in the Award agreements, as necessary.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    “Eligible Director” is defined
in Section 4.1.

     

    “Employment” as used herein
shall be deemed to refer to (i) a participant’s employment if the
participant is an employee of the Company or any of its Affiliates, (ii) a
participant’s services as a consultant, if the participant as a consultant to
the Company or its Affiliates and (iii) a participant’s services as a
non-employee director, if the participant is a non-employee member of the Board;
provided that, for any Award that is or becomes subject to Section 409A of
the Code, termination of Employment means a “separation from service” under
Section 409A of the Code.

     

    “Exchange Act” means the
Securities Exchange Act of 1934, as amended from time to time, and any lawful
regulations and guidance promulgated thereunder. Whenever reference is made to a
specific Securities Exchange Act of 1934 section, such reference shall be deemed
to be a reference to any successor section or sections with the same or similar
purpose.

     

    “Exercise Price” means the
purchase price of a Share pursuant to a Stock Option.

     

    “Fair Market Value” means the
last closing price of a Share as reported on The Nasdaq Stock Market, or, if
applicable, on another national securities exchange on which the Common Shares
are principally traded, on the date for which the determination of Fair Market
Value is made or, if there are no sales of Common Shares on such date, then on
the most recent immediately preceding date on which there were any sales of
Common Shares. If the Common Shares are not traded on The Nasdaq Stock Market or
another national securities exchange, the “Fair Market Value” of Common
Shares shall be determined by the Committee in a reasonable manner pursuant to a
reasonable valuation method. Notwithstanding anything to the contrary in the
foregoing, as of any date, the “Fair Market Value” of Common
Shares shall be determined in a manner consistent with avoiding adverse tax
consequences under Code Section 409A. In addition, “Fair Market Value” with
respect to ISOs and related SARs shall be determined in accordance with
Section 6.2(f).

     

    “Full-Value Awards” means
Restricted Share Awards, Restricted Share Unit Awards, Performance Share Awards
and Common Share Awards.

     

    “Incentive Stock Option” and
“ISO” mean a Stock
Option which meets the requirements of Section 422 of the
Code.

     

    “Non-Qualified Stock Option”
and “NQSO” mean a Stock
Option that does not meet the requirements of Section 422 of the
Code.

     

    “Outside Director” means a
Director who meets the definitions of the terms “outside director” used in
Section 162(m) of the Code, “independent director” set
forth in The Nasdaq Stock Market, Inc. rules, and “non-employee director” set
forth in Rule 16b-3, or any successor definitions adopted by the Internal
Revenue Service, The Nasdaq Stock Market, Inc. and Securities and Exchange
Commission, respectively, and similar requirements under any other applicable
laws, rules and regulations.

     

    “Parent” means any corporation
which qualifies as a “parent
corporation” of the Company under Section 424(e) of the
Code.

     

    “Performance Period” is defined
in Section 8.4(g).

     

    “Performance Shares” means any
Shares issued pursuant to an Award granted under Article 9.

     

    “Permitted Holder” means as of
the date of determination, any participant in an employee benefit plan (or trust
forming a part thereof) maintained by (i) the Company or its Affiliates or
(ii) any corporation or other Person of which a majority of its voting
power of its voting equity securities or equity interest is owned, directly or
indirectly, by the Company.

     

    
      
         

      

      
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    “Person” means a “person”, as such term is used
for purposes of Section 13(d) or 14(d) of the Exchange Act.

     

    “Plan” means this Geos
Communications, Inc. 2009 Omnibus Long Term Incentive Plan, as amended from time
to time.

     

    “Plan Year” means the calendar
year.

     

    “Restricted Share Units” means
Shares issued by the Company pursuant to an Award granted under Article 8 that
will be issued to a participant at a future time or times at no cost or at a
purchase price determined by the Committee which may be below their Fair Market
Value if continued Employment, continued directorship and/or other terms and
conditions specified by the Committee are satisfied.

     

    “Restricted Shares” means
Shares which are issued by the Company pursuant to an Award granted under
Article 8 to a participant at no cost or at a purchase price determined by the
Committee which may be below their Fair Market Value but which are subject to
forfeiture and restrictions on their sale or other transfer by the
participant.

     

    “Retirement” shall be defined
in the Award agreements, as necessary.

     

    “Rule 16b-3” is defined in
Article 17.

     

     “Section 162(m) Person” means,
for any taxable year, a person who is a “covered employee” under
Section 162(m)(3) of the Code.

     

    “Share” or “Shares” mean one or more of
the Common Shares.

     

    “Shareholder” means an
individual or entity that owns one or more shares of stock of the Company,
including Common Shares and shares of Series F Preferred Stock.

     

    “Stock Appreciation Rights” and
“SARs” mean any right
pursuant to an Award granted under Article 7.

     

    “Stock Option” means a right to
purchase a specified number of Shares at a specified price which is granted
pursuant to Article 5; such right may be an Incentive Stock Option or a
Non-Qualified Stock Option.

     

    “Stock Power” means a power of
attorney executed by a participant and delivered to the Company which authorizes
the Company to transfer ownership of Restricted Shares, Performance Shares or
Common Shares from the participant to the Company or a third party.

     

    “Subsidiary” means any
corporation which qualifies as a “subsidiary corporation” of the Company under
Section 424(f) of the Code.

     

    “Vested” means, with respect to
a Common Share, when the Common Share has been awarded; with respect to a Stock
Option, when the Stock Option first becomes exercisable; with respect to a Stock
Appreciation Right, when the Stock Appreciation Right first becomes exercisable;
with respect to Restricted Shares, when the Shares are no longer subject to
forfeiture and restrictions on transferability; with respect to Restricted Share
Units and Performance Shares, when the units or Shares are no longer subject to
forfeiture and are convertible to Shares. “Vest” and “Vesting” shall have
correlative meanings.

     

    ARTICLE
2

    Administration

     

    2.1Authority and
Duties of the Committee.

     

    (a)           The
Plan shall be administered by a Committee of at least two Directors who are
appointed by the Board. Unless otherwise determined by the Board, the
Compensation Committee of the Company shall serve as the Committee that will
administer the Plan, and all of the members of the Committee shall be Outside
Directors. Notwithstanding this requirement that the Committee consist
exclusively of Outside Directors, no action or determination by the Committee or
an individual then considered to be an Outside Director shall be deemed void
because it is discovered that a member of the Committee or such individual fails
to satisfy the requirements for being an Outside Director, except to the extent
required by applicable law.

     

    
      
         

      

      
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    (b)           The
Committee has the power and authority to grant Awards pursuant to the terms of
this Plan to officers, employees, consultants and Eligible
Directors.

     

    (c)           The
Committee has the sole and exclusive authority, subject to any limitations
specifically set forth in this Plan, to:

     

    
      	
               
      

            	
              (i)

            	
              select
      the officers, employees, consultants and Eligible Directors to whom Awards
      are granted;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              determine
      the types of Awards granted and the timing of such
  Awards;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              determine
      the number of Shares to be covered by each Award granted
      hereunder;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              determine
      whether an Award is, is intended to be, or shall remain, “performance-based
      compensation” within the meaning of Section 162(m) of the
      Code;

            

    

     

    
      	
               
      

            	
              (v)

            	
              determine
      the other terms and conditions, not inconsistent with the terms of this
      Plan, of any Award granted hereunder; such terms and conditions include,
      but are not limited to, the Exercise Price, the time or times when Stock
      Options or Stock Appreciation Rights may be exercised (which may be based
      on performance objectives), any Vesting, acceleration or waiver of
      forfeiture restrictions, any performance criteria (including any
      performance criteria as described in Section 162(m)(4)(C) of the
      Code) applicable to an Award, and any restriction or limitation regarding
      any Option or Stock Appreciation Right or the Common Shares relating
      thereto, based in each case on such factors as the Committee, in its sole
      discretion, shall determine;

            

    

     

    
      	
               
      

            	
              (vi)

            	
              determine
      whether any conditions or objectives related to Awards have been met,
      including any such determination required for compliance with
      Section 162(m) of the Code;

            

    

     

    
      	
               
      

            	
              (vii)

            	
              subsequently
      modify or waive any terms and conditions of Awards, not inconsistent with
      the terms of this Plan;

            

    

     

    
      	
               
      

            	
              (viii)

            	
              adopt,
      alter and repeal such administrative rules, guidelines and practices
      governing this Plan as it deems advisable from time to
    time;

            

    

     

    
      	
               
      

            	
              (ix)

            	
              promulgate
      such administrative forms as they from time to time deem necessary or
      appropriate for administration of the
Plan;

            

    

     

    
      	
               
      

            	
              (x)

            	
              construe,
      interpret, administer and implement the terms and provisions of this Plan,
      any Award and any related
agreements;

            

    

     

    
      
         

      

      
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              (xi)

            	
              correct
      any defect, supply any omission and reconcile any inconsistency in or
      between the Plan, any Award and any related
  agreements;

            

    

     

    
      	
               
      

            	
              (xii)

            	
              prescribe
      any legends to be affixed to certificates representing Shares or other
      interests granted or issued under the Plan;
and

            

    

     

    
      	
               
      

            	
              (xiii)

            	
              otherwise
      supervise the administration of this
Plan.

            

    

     

    (d)           All
decisions made by the Committee pursuant to the provisions of this Plan are
final and binding on all persons, including the Company, its Shareholders and
participants, but may be made by their terms subject to ratification or approval
by, the Board, another committee of the Board or Shareholders.

     

    (e)           The
Company shall furnish the Committee and its delegates with such clerical and
other assistance as is necessary for the performance of the Committee’s duties
under the Plan.

     

    2.2Delegation of
Duties.  The Committee may delegate ministerial duties to any
other person or persons, and it may employ attorneys, consultants, accountants
or other professional advisers for purposes relating to plan administration at
the expense of the Company.

     

    2.3Limitation of
Liability.  Members of the Board, members of the Committee and
Company employees who are their designees acting under this Plan shall be fully
protected in relying in good faith upon the advice of counsel and shall incur no
liability except for grossly negligent or willful misconduct in the performance
of their duties hereunder.

     

    ARTICLE
3

    Stock
Subject to Plan

     

    3.1Total Shares
Limitation.  Subject to the provisions of this Article, the
maximum number of Shares that may be issued pursuant to Awards granted under
this Plan is 6,000,000, which may be treasury Shares or unissued
Shares.

     

    3.2Other
Limitations.

     

    (a)           Stock Option
Limitations.  The maximum number of Shares available with
respect to all Stock Options granted under this Plan is 6,000,000 Shares. The
maximum number of Shares available with respect to ISOs granted under this Plan
is 6,000,000 Shares.

     

    (b)           Full-Value
Limitations.  The maximum number of Shares available with
respect to Full-Value Awards granted under this Plan is 6,000,000
Shares.

     

    (c)           Participant
Limitation.  The aggregate number of Shares underlying Awards
granted under this Plan to any participant in any Plan Year (including but not
limited to Awards of Options and SARs), regardless of whether such Awards are
thereafter canceled, forfeited or terminated, shall not exceed 500,000 Shares.
The foregoing annual limitation is intended to include the grant of all Awards
including, but not limited to, Awards representing “performance-based
compensation” as described in Section 162(m)(4)(C) of the
Code.

     

    3.3Awards Not
Exercised; Effect of Receipt of Shares.  If any outstanding
Award, or portion thereof, expires, or is terminated, canceled or forfeited, the
Shares that would otherwise be issuable with respect to the unexercised portion
of such expired, terminated, canceled or forfeited Award shall be available for
subsequent Awards under this Plan. If (i) the Exercise Price of a Stock Option
is paid in Shares, (ii) Shares underlying the exercised portion of an SAR are
not issued upon exercise of the SAR, (iii) Shares are withheld to satisfy an
individual participant’s tax obligations or (iv) Shares are repurchased by the
Company on the open market with respect to Awards under this Plan, the Shares
received, not issued, withheld or repurchased by the Company in connection
therewith shall not be added to the maximum aggregate number of Shares which may
be issued under Section 3.1.

     

    
      
         

      

      
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    3.4Dilution and
Other Adjustments.  If the Committee determines that any
dividend or other distribution (whether in the form of cash, Shares, other
securities or other property), recapitalization, stock split, reverse stock
split, reorganization, redesignation, reclassification, merger, consolidation,
liquidation, split-up, reverse split, spin-off, combination, repurchase or
exchange of Shares or other securities of the Company, issuance of warrants or
other rights to purchase Shares or other securities of the Company or other
similar corporate transaction or event affects the Shares such that an
adjustment is determined by the Committee to be appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be
made available under this Plan, then the Committee may, in such manner as it
deems equitable, adjust any or all of (i) the number and type of Shares (or
other securities or other property) which thereafter may be made the subject of
Awards, (ii) the number and type of Shares (or other securities or other
property) subject to outstanding Awards, (iii) the limitations set forth
above and (iv) the purchase or Exercise Price or any performance objective
with respect to any Award; provided, however, that the
number of Shares or other securities covered by any Award or to which such Award
relates is always a whole number. Notwithstanding the foregoing, the foregoing
adjustments shall be made in conformity with: (i) Sections 422 and 424 of
the Code with respect to ISOs; (ii) Treasury Department Regulation
Section 1.424-1 (and any successor) with respect to NQSOs, applied as if
the NQSOs were ISOs; (iii) Section 409A of the Code, to the extent
necessary to avoid its application or avoid adverse tax consequences thereunder;
and (iv) Section 162(m) of the Code with respect to Awards granted to
Section 162(m) Persons that are intended to be “performance-based
compensation,” unless specifically determined otherwise by the
Committee.

     

    ARTICLE
4

    Participants

     

    4.1Eligibility.  Officers,
all other active common law employees of the Company or any of its Affiliates,
consultants and Outside Directors (each an “Eligible Director”) who are
selected by the Committee in its sole discretion are eligible to participate in
this Plan.

     

    4.2Award
Agreements.  Awards are contingent upon the participant’s
execution of a written agreement in a form prescribed by the Committee.
Execution of an Award agreement shall constitute the participant’s irrevocable
agreement to, and acceptance of, the terms and conditions of the Award set forth
in such agreement and of the terms and conditions of the Plan applicable to such
Award. Award agreements may differ from time to time and from participant to
participant.

     

    ARTICLE
5

    Stock
Option Awards

     

    5.1Option
Grant.  Each Stock Option granted under this Plan will be
evidenced by minutes of a meeting, or by a unanimous written consent without a
meeting, of the Committee, and by a written agreement dated as of the Date of
Grant and executed by the Company and by the appropriate
participant.

     

    5.2Terms and
Conditions of Grants.  Stock Options granted under this Plan
are subject to the following terms and conditions and may contain such
additional terms, conditions, restrictions and contingencies with respect to
exercisability and with respect to the Shares acquired upon exercise as may be
provided in the relevant agreement evidencing the Stock Options, as the
Committee deems desirable, so long as such terms and conditions are not
inconsistent with the terms of this Plan:

     

    (a)           Exercise
Price.  Subject to Section 3.4, the Exercise Price will
never be less than 100% of the Fair Market Value of the Shares on the Date of
Grant. Except as otherwise provided in Section 3.4, no subsequent amendment
of an outstanding Stock Option may reduce the Exercise Price to less than 100%
of the Fair Market Value of the Shares on the Date of Grant.

     

    (b)           Option Term.  Any
unexercised portion of a Stock Option granted hereunder shall expire at the end
of the stated term of the Stock Option. The Committee shall determine the term
of each Stock Option at the time of grant, which term shall not exceed ten years
from the Date of Grant. The Committee may extend the term of a Stock Option, in
its discretion, but not beyond the date immediately prior to the tenth
anniversary of the original Date of Grant. If a definite term is not specified
by the Committee at the time of grant, then the term is deemed to be ten
years.

     

    
      
         

      

      
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    (c)           Vesting. Stock Options, or
portions thereof, are exercisable at such time or times and on such conditions
as determined by the Committee in its discretion at or after grant. If the
Committee provides that any Stock Option becomes Vested over a period of time or
on conditions, in its entirety or in installments, the Committee may waive or
accelerate those Vesting provisions at any time.

     

    (d)           Method of Exercise. Vested
portions of any Stock Option may be exercised in whole or in part at any time
during the option term by giving written notice of exercise to the Company
specifying the number of Shares to be purchased. The notice must be given by or
on behalf of a person entitled to exercise the Stock Option, accompanied by
payment in full of the Exercise Price, along with any tax withholding pursuant
to Article 16. Subject to the approval of the Committee, the Exercise Price may
be paid:

     

    
      	
               
      

            	
              (i)

            	
              in
      cash in any manner satisfactory to the
  Committee;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              by
      tendering (by either actual delivery of Shares or by attestation)
      unrestricted Shares that are owned on the date of exercise by the person
      entitled to exercise the Stock Option having an aggregate Fair Market
      Value on the date of exercise equal to the applicable Exercise
      Price;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              by
      a combination of cash and unrestricted Shares that are owned on the date
      of exercise by the person entitled to exercise the Stock
      Option;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              By
      delivery of irrevocable instructions to a broker to sell Shares obtained
      upon exercise of the Stock Option and to deliver promptly to the Company
      an amount out of the proceeds of such sale equal to the Exercise Price for
      the Shares being purchased; and

            

    

     

    
      	
               
      

            	
              (v)

            	
              by
      another method permitted by law and affirmatively approved by the
      Committee which assures full and immediate payment or satisfaction of the
      Exercise Price.

            

    

     

    The
Committee may withhold its approval for any method of payment for any reason, in
its sole discretion, including but not limited to concerns that the proposed
method of payment will result in adverse financial accounting treatment, adverse
tax treatment for the Company or a participant or a violation of the
Sarbanes-Oxley Act of 2002, as amended from time to time, and lawful regulations
and guidance promulgated thereunder.

     

    (e)           Issuance of
Shares.  The Company will issue or cause to be issued Shares as
soon as practicable after exercise of a Stock Option and receipt of full payment
of the Exercise Price. Until the issuance (as evidenced by the appropriate entry
on the books of the Company or of a duly authorized transfer agent of the
Company) of the Shares, in certificated or uncertificated form, no right to vote
or receive dividends or any other rights as a Shareholder will exist with
respect to the Shares, notwithstanding the exercise of the Stock
Option.

     

    (f)           Form.  Unless the
grant of a Stock Option is designated at the time of grant as an ISO, it is
deemed to be an NQSO. ISOs are subject to the additional terms and conditions in
Article 6.

     

    (g)           Special Limitations on Stock Option
Awards.  Unless an Award agreement approved by the Committee
expressly provides otherwise, Stock Options awarded under this Plan are intended
to meet the requirements for exclusion from coverage under Section 409A of
the Code and all Stock Option Awards shall be construed and administered
accordingly.

     

    
      
         

      

      
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    ARTICLE
6

    Special
Rules Applicable to Incentive Stock Options

     

    6.1Eligibility.  Notwithstanding
any other provision of this Plan to the contrary, an ISO may only be granted to
employees (including officers and Directors who are also employees) of the
Company or an Affiliate which is also a Parent or Subsidiary.

     

    6.2Special ISO
Rules.

     

    (a)           Term.  No ISO may
be exercisable on or after the tenth anniversary of the Date of Grant, and no
ISO may be granted under this Plan on or after the tenth anniversary of the
effective date of this Plan.

     

    (b)           Ten Percent
Shareholder.  If a grantee owns (at the time of the Award and
after application of the rules contained in Section 424(d) of the Code)
equity securities possessing more than 10% of the total combined voting power of
all classes of equity securities of the Company, its Parent or any Subsidiary,
the Exercise Price of the ISO will be at least 110% of the Fair Market Value of
the Shares as of the Date of Grant and such ISO shall not be exercisable on or
after the fifth anniversary of the Date of Grant.

     

    (c)           Limitation on
Grants.  The aggregate Fair Market Value (determined with
respect to each ISO at the time of grant) of the Shares with respect to which
ISOs are exercisable for the first time by an optionee during any calendar year
(under this Plan or any other plan adopted by the Company or a Parent or a
Subsidiary) shall not exceed $100,000. If such aggregate Fair Market Value shall
exceed $100,000, such number of ISOs as shall have an aggregate Fair Market
Value equal to the amount in excess of $100,000 shall be treated as
NQSOs.

     

    (d)           Non-Transferability.  Notwithstanding
any other provision herein to the contrary, no ISO (and, if applicable, related
Stock Appreciation Right) may be transferred except by will or by the laws of
descent and distribution, nor may an ISO (or related Stock Appreciation Right)
be exercisable during an optionee’s lifetime other than by him or her (or his or
her guardian or legal representative to the extent permitted by applicable
law).

     

    (e)           Termination of
Employment.  No ISO may be exercised more than three months
following termination of Employment for any reason (including Retirement) other
than death or Disability, nor more than one year following termination of
Employment due to death or Disability (as defined in Section 422 of the
Code), or such option will no longer qualify as an ISO and shall thereafter be,
and receive the tax treatment applicable to, an NQSO. For this purpose, a
termination of Employment is cessation of Employment such that no Employment
relationship exists between the participant and the Company, a Parent or a
Subsidiary.

     

    (f)           Fair Market
Value.  For purposes of any ISO granted hereunder (or, if
applicable, related Stock Appreciation Right), the Fair Market Value of Shares
shall be determined in the manner required by Section 422 of the
Code.

     

    6.3Subject to Code
Amendments.  The foregoing limitations are designed to comply
with the requirements of Section 422 of the Code and shall be automatically
amended or modified to comply with changes to Section 422 of the Code. Any
ISO which fails to meet the requirements of Section 422 of the Code is
automatically treated as an NQSO appropriately granted under this Plan provided
that it otherwise meets the Plan’s requirements for being an NQSO.

     

    
      
         

      

      
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    ARTICLE
7

    Stock
Appreciation Rights

     

    7.1SAR Grant and
Agreement.  Stock Appreciation Rights may be granted under this
Plan, either independently or in conjunction with the grant of a Stock Option.
Each SAR granted under this Plan will be evidenced by minutes of a meeting, or
by a unanimous written consent without a meeting, of the Committee, and by a
written agreement dated as of the Date of Grant and executed by the Company and
by the appropriate participant.

     

    7.2SARs Granted in
Conjunction with Option.  Stock Appreciation Rights may be
granted in conjunction with all or part of any Stock Option granted under this
Plan, at the same time as the grant of the Stock Option, and will be subject to
the following terms and conditions:

     

    (a)           Term.  Each Stock
Appreciation Right, or applicable portion thereof, granted with respect to a
given Stock Option or portion thereof terminates and is no longer exercisable
upon the termination or exercise of the related Stock Option, or applicable
portion thereof.

     

    (b)           Exercisability.  A
Stock Appreciation Right is exercisable only at such time or times and to the
extent that the Stock Option to which it relates is Vested and exercisable in
accordance with the provisions of Article 5 or otherwise as the Committee may
determine.

     

    (c)           Method of
Exercise.  A Stock Appreciation Right may be exercised by the
surrender of the applicable portion of the related Stock Option. Stock Options
which have been so surrendered, in whole or in part, are no longer exercisable
to the extent the related Stock Appreciation Rights have been exercised and are
deemed to have been exercised for the purpose of the limitation set forth in
Article 3 on the number of Shares to be issued under this Plan. Upon the
exercise of a Stock Appreciation Right, subject to satisfaction of tax
withholding requirements, the holder of the Stock Appreciation Right is entitled
to receive cash or Shares equal in value to the excess of the Fair Market Value
of a Share on the exercise date over the Exercise Price per Share specified in
the related Stock Option, multiplied by the number of Shares in respect of which
the Stock Appreciation Right is exercised. Any fractional Shares shall be paid
in cash or, if the Committee determines, rounded downward to the next whole
Share. At any time the Exercise Price per Share of the related Stock Option
exceeds the Fair Market Value of one Share, the holder of the Stock Appreciation
Right shall not be permitted to exercise such right.

     

    7.3Independent
SARs.  Stock Appreciation Rights may be granted without related
Stock Options, and independent Stock Appreciation Rights will be subject to the
following terms and conditions:

     

    (a)           Term.  Any
unexercised portion of an independent Stock Appreciation Right granted hereunder
shall expire at the end of the stated term of the Stock Appreciation Right. The
Committee shall determine the term of each Stock Appreciation Right at the time
of grant, which term shall not exceed ten years from the Date of Grant. The
Committee may extend the term of a Stock Appreciation Right, in its discretion,
but not beyond the date immediately prior to the tenth anniversary of the
original Date of Grant. If a definite term is not specified by the Committee at
the time of grant, then the term is deemed to be ten years.

     

    (b)           Exercisability.  A
Stock Appreciation Right is exercisable, in whole or in part, at such time or
times as determined by the Committee at or after the time of grant.

     

    (c)           Method of
Exercise.  A Stock Appreciation Right may be exercised in whole
or in part during the term by giving written notice of exercise to the Company
specifying the number of Shares in respect of which the Stock Appreciation Right
is being exercised. The notice must be given by or on behalf of a person
entitled to exercise the Stock Appreciation Right. Upon the exercise of a Stock
Appreciation Right, subject to satisfaction of tax withholding requirements, the
holder of the Stock Appreciation Right is entitled to receive cash or Shares
equal in value to the excess of the Fair Market Value of a Share on the exercise
date over the Fair Market Value of a Share on the Date of Grant (the “Base Value”) multiplied by the
number of Stock Appreciation Rights being exercised. Any fractional Shares shall
be paid in cash or, if the Committee determines, rounded downward to the next
whole Share. At any time the Fair Market Value of a Share on a proposed exercise
date does not exceed the Base Value, the holder of the Stock Appreciation Right
shall not be permitted to exercise such right.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

     

    7.4Other Terms and
Conditions of SAR Grants.  Stock Appreciation Rights are
subject to such other terms and conditions, not inconsistent with the provisions
of this Plan, as are determined from time to time by the Committee.

     

    7.5Special
Limitations on SAR Awards.  Unless an Award agreement approved
by the Committee expressly provides otherwise, Stock Appreciation Rights awarded
under this Plan are intended to meet the requirements for exclusion from
coverage under Section 409A of the Code and all Stock Appreciation Rights
Awards shall be construed and administered accordingly.

     

    ARTICLE
8

    Restricted
Share and Restricted Share Unit Awards

     

    8.1Restricted Share
Grants and Agreements.  Restricted Share Awards consist of
Shares which are issued by the Company to a participant at no cost or at a
purchase price determined by the Committee which may be below their Fair Market
Value but which are subject to forfeiture and restrictions on their sale or
other transfer by the participant. Each Restricted Share Award granted under
this Plan will be evidenced by minutes of a meeting, or by a unanimous written
consent without a meeting, of the Committee, and by a written agreement dated as
of the Date of Grant and executed by the Company and by the participant. The
timing of Restricted Share Awards and the number of Shares to be issued (subject
to Section 3.4) are to be determined by the Committee in its discretion. By
accepting a grant of Restricted Shares, the participant consents to any tax
withholding.

     

    8.2Terms and
Conditions of Restricted Share Grants.  Restricted Shares
granted under this Plan are subject to the following terms and conditions,
which, except as otherwise provided herein, need not be the same for each
participant, and may contain such additional terms, conditions, restrictions and
contingencies not inconsistent with the terms of this Plan, as the Committee
deems desirable:

     

    (a)           Purchase
Price.  The Committee shall determine the prices, if any, at
which Restricted Shares are to be issued to a participant, which may vary from
time to time and from participant to participant and which may be below the Fair
Market Value of such Restricted Shares at the Date of Grant.

     

    (b)           Restrictions.  All
Restricted Shares issued under this Plan will be subject to such restrictions as
the Committee may determine, which may include, without limitation, the
following:

     

    
      	
               
      

            	
              (i)

            	
              a
      prohibition against the sale, transfer, pledge or other encumbrance of the
      Restricted Shares, such prohibition to lapse at such time or times as the
      Committee determines (whether in installments, at the time of the death,
      Disability or Retirement of the holder of such shares, or otherwise, but
      subject to the Change in Control provisions in Article 12 and the
      applicable Award agreements);

            

    

     

    
      	
               
      

            	
              (ii)

            	
              a
      requirement that the participant forfeit such Restricted Shares in the
      event of termination of the participant’s Employment or directorship with
      the Company or its Affiliates prior to
Vesting;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              a
      prohibition against Employment or retention of the participant by any
      competitor of the Company or its Affiliates, or against dissemination by
      the participant of any secret or confidential information belonging to the
      Company or an Affiliate;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              any
      applicable requirements arising under the Securities Act of 1933, as
      amended, other securities laws, the rules and regulations of The Nasdaq
      Stock Market or any other stock exchange or transaction reporting system
      upon which such Restricted Shares are then listed or quoted and any state
      laws, rules and regulations, including “blue sky” laws;
  and

            

    

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

     

    
      	
               
      

            	
              (v)

            	
              such
      additional restrictions as are required to avoid adverse tax consequences
      under Section 409A of the
Code.

            

    

     

    The
Committee may at any time waive such restrictions or accelerate the date or
dates on which the restrictions will lapse. However, if the Committee determines
that restrictions lapse upon the attainment of specified performance objectives,
then the provisions of Sections 9.2 and 9.3 will apply. If the written agreement
governing an Award to a Section 162(m) Person provides that such Award is
intended to be “performance-based
compensation,” the applicable provisions of Article 9 implementing
Section 162(m) of the Code will also apply.

     

    (c)           Delivery of
Shares.  Restricted Shares will be certificated and registered
in the name of the participant and deposited, together with a Stock Power, with
the Company. Each such certificate will bear a legend in substantially the
following form:

     

    “The
transferability of this certificate and the Common Shares represented by it are
subject to the terms and conditions (including conditions of forfeiture)
contained in the Geos Communications, Inc. 2009 Omnibus Long Term Incentive Plan
and an agreement entered into between the registered owner and the Company. A
copy of this Plan and agreement are on file in the office of the Secretary of
the Company.”

     

    At the
end of any time period during which the Restricted Shares are subject to
forfeiture and restrictions on transfer, and after any tax withholding, such
Shares will be delivered free of all restrictions (except for any pursuant to
Section 15.2) to the participant or other appropriate person and with the
foregoing legend removed.

     

    (d)           Forfeiture of
Shares.  If a participant who holds Restricted Shares fails to
satisfy the restrictions, Vesting requirements and other conditions relating to
the Restricted Shares prior to the lapse, satisfaction or waiver of such
restrictions and conditions, except as may otherwise be determined by the
Committee, the participant shall forfeit the Shares and transfer them back to
the Company in exchange for a refund of any consideration paid by the
participant or such other amount which may be specifically set forth in the
Award agreement. A participant shall execute and deliver to the Company one or
more Stock Powers with respect to Restricted Shares granted to such
participant.

     

    (e)           Voting and Other
Rights.  Except as otherwise required for compliance with
Section 162(m) of the Code and the terms of the applicable Restricted Share
Agreement, during any period in which Restricted Shares are subject to
forfeiture and restrictions on transfer, the participant holding such Restricted
Shares shall have all the rights of a Shareholder with respect to such Shares,
including, without limitation, the right to vote such Shares and the right to
receive any dividends paid with respect to such Shares; provided that if
restrictions lapse upon the attainment of specified performance objectives, then
the participant will receive any dividends only to the extent performance
objectives are achieved.

     

    8.3Restricted Share
Unit Awards and Agreements.  Restricted Share Unit Awards
consist of Shares that will be issued to a participant at a future time or times
at no cost or at a purchase price determined by the Committee which may be below
their Fair Market Value if continued Employment, continued directorship and/or
other terms and conditions specified by the Committee are satisfied. Each
Restricted Share Unit Award granted under this Plan will be evidenced by minutes
of a meeting, or by a unanimous written consent without a meeting, of the
Committee, and by a written agreement dated as of the Date of Grant and executed
by the Company and the Plan participant. The timing of Restricted Share Unit
Awards and the number of Restricted Share Units to be awarded (subject to
Section 3.2) are to be determined by the Committee in its sole discretion.
By accepting a Restricted Share Unit Award, the participant agrees to remit to
the Company when due any tax withholding as provided in Article 16.

     

    8.4Terms and
Conditions of Restricted Share Unit Awards.  Restricted Share
Unit Awards are subject to the following terms and conditions, which, except as
otherwise provided herein, need not be the same for each participant, and may
contain such additional terms, conditions, restrictions and contingencies not
inconsistent with the terms of this Plan, as the Committee deems
desirable:

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

     

    (a)           Purchase
Price.  The Committee shall determine the prices, if any, at
which Shares are to be issued to a participant after Vesting of Restricted Share
Units, which may vary from time to time and among participants and which may be
below the Fair Market Value of Shares at the Date of Grant.

     

    (b)           Restrictions.  All
Restricted Share Units awarded under this Plan will be subject to such
restrictions as the Committee may determine, which may include, without
limitation, the following:

     

    
      	
               
      

            	
              (i)

            	
              a
      prohibition against the sale, transfer, pledge or other encumbrance of the
      Restricted Share Unit;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              a
      requirement that the participant forfeit such Restricted Share Unit in the
      event of termination of the participant’s Employment or directorship with
      the Company or its Affiliates prior to
Vesting;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              a
      prohibition against Employment of the participant by, or provision of
      services by the participant to, any competitor of the Company or its
      Affiliates, or against dissemination by the participant of any secret or
      confidential information belonging to the Company or an
      Affiliate;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              any
      applicable requirements arising under the Securities Act of 1933, as
      amended, other securities laws, the rules and regulations of The Nasdaq
      Stock Market or any other stock exchange or transaction reporting system
      upon which the Common Shares are then listed or quoted and any state laws,
      rules and interpretations, including “blue sky” laws;
  and

            

    

     

    
      	
               
      

            	
              (v)

            	
              such
      additional restrictions as are required to avoid adverse tax consequences
      under Section 409A of the
Code.

            

    

     

    The
Committee may at any time waive such restrictions or accelerate the date or
dates on which the restrictions will lapse.

     

    (c)           Performance-Based
Restrictions.  The Committee may, in its sole discretion,
provide restrictions that lapse upon the attainment of specified performance
objectives. In such case, the provisions of Sections 9.2 and 9.3 will apply
(including, but not limited to, the enumerated performance objectives). If the
written agreement governing an Award to a Section 162(m) Person provides
that such Award is intended to be “performance-based
compensation,” the applicable provisions of Article 9 implementing
Section 162(m) of the Code will also apply.

     

    (d)           Voting and Other
Rights.  A participant holding Restricted Share Units shall not
be deemed to be a Shareholder solely because of such units. Such participant
shall have no rights of a Shareholder with respect to such units; provided, however, that an
Award agreement may provide for payment of an amount of money (or Shares with a
Fair Market Value equivalent to such amount) equal to the dividends paid from
time to time on the number of Common Shares that would become payable upon
vesting of a Restricted Share Unit Award but if restrictions lapse upon the
attainment of specified performance objectives, then such dividend equivalents
shall be paid only to the extent performance objectives are
achieved.

     

    (e)           Lapse of
Restrictions.  If a participant who holds Restricted Share
Units satisfies the restrictions and other conditions relating to the Restricted
Share Units prior to the lapse or waiver of such restrictions and conditions,
the Restricted Share Units shall be converted to, or replaced with, Shares which
are free of all restrictions except for any restrictions pursuant to
Section 15.2.

     

    (f)           Forfeiture of Restricted Share
Units.  If a participant who holds Restricted Share Units fails
to satisfy the restrictions, Vesting requirements and other conditions relating
to the Restricted Share Units prior to the lapse, satisfaction or waiver of such
restrictions and conditions, except as may otherwise be determined by the
Committee, the participant shall forfeit the Restricted Share
Units.

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    

     

    (g)           Termination.  A
Restricted Share Unit Award or unearned portion thereof will terminate without
the issuance of Shares on the termination date specified on the Date of Grant or
upon the termination of Employment or directorship of the participant during the
time period or periods specified by the Committee during which any performance
objectives must be met (the “Performance Period”). If a
participant’s Employment or directorship with the Company or its Affiliates
terminates by reason of his or her death, Disability or Retirement, the
Committee in its discretion at or after the Date of Grant may determine that the
participant (or the heir, legatee or legal representative of the participant’s
estate) will receive a distribution of Shares in an amount which is not more
than the number of Shares which would have been earned by the participant if
100% of the performance objectives for the current Performance Period had been
achieved prorated based on the ratio of the number of months of active
Employment in the Performance Period to the total number of months in the
Performance Period. However, with respect to Awards intended to be
performance-based compensation (as described in Section 9.4(d)),
distribution of the Shares shall not be made prior to attainment of the relevant
performance objectives.

     

    (h)           Special Limitations on Restricted
Share Unit Awards.  Restricted Share Units awarded under this
Plan are intended to be compliant with, or exempt from, Section 409A of the
Code and all Restricted Share Unit Awards shall be construed and administered
accordingly.

     

    8.5Time Vesting of
Restricted Share and Restricted Share Unit Awards.  Restricted
Shares or Restricted Share Units, or portions thereof, are exercisable at such
time or times as determined by the Committee in its discretion at or after
grant, subject to the restrictions on time Vesting set forth in this Section. If
the Committee provides that any Restricted Shares or Restricted Share Unit
Awards become Vested over time (with or without a performance component), the
Committee may waive or accelerate such Vesting provisions at any time, subject
to the restrictions on time Vesting set forth in this Section.

     

    ARTICLE
9

    Performance
Share Awards

     

    9.1Performance Share
Awards and Agreements.  A Performance Share Award is a right to
receive Shares in the future conditioned upon the attainment of specified
performance objectives and such other conditions, restrictions and contingencies
as the Committee may determine. Each Performance Share Award granted under this
Plan will be evidenced by minutes of a meeting, or by a unanimous written
consent without a meeting, of the Committee, and by a written agreement dated as
of the Date of Grant and executed by the Company and by the Plan participant.
The timing of Performance Share Awards and the number of Shares covered by each
Award (subject to Section 3.2) are to be determined by the Committee in its
discretion. By accepting a grant of Performance Shares, the participant agrees
to remit to the Company when due any tax withholding as provided in Article
16.

     

    9.2Performance
Objectives.  At the time of grant of a Performance Share Award,
the Committee will specify the performance objectives which, depending on the
extent to which they are met, will determine the number of Shares that will be
distributed to the participant. The Committee will also specify the Performance
Period during which the performance objectives must be met. With respect to
Awards to Section 162(m) Persons intended to be “performance based
compensation,” the Committee may use performance objectives based on one
or more of the following: (i) earnings before or after taxes (including
earnings before interest, taxes, depreciation and amortization or earnings
before interest and taxes); (ii) net income; (iii) operating income;
(iv) earnings per share; (v) book value per share; (vi) return on
Shareholders’ equity; (vii) expense management; (viii) return on
investment; (ix) improvements in capital structure or capital expenses;
(x) profitability of an identifiable business unit or product;
(xi) maintenance or improvement of profit margins; (xii) stock price;
(xiii) market share; (xiv) costs; (xv) liquidity or cash flow;
(xvi) working capital and working capital metrics; (xvii) return on
assets; (xviii) assets, debt or net debt; (xix) total return;
(xx) customer satisfaction survey performance; (xxi) quality
improvement performance; (xxii) manufacturing productivity performance; and
(xxiii) such other objective performance criteria as determined by the
Committee in its sole discretion. The Committee may designate a single goal
criterion or multiple goal criteria for performance measurement purposes.
Performance measurement may be based on absolute Company, business unit or
divisional performance and/or on performance as compared with that of other
publicly-traded companies. The performance objectives and periods need not be
the same for each participant nor for each Award.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

     

    9.3Adjustment of
Performance Objective and Evaluations.  The Committee may
modify, amend or otherwise adjust the performance objectives specified for
outstanding Performance Share Awards if it determines that an adjustment would
be consistent with the objectives of this Plan and taking into account the
interests of the participants and the public Shareholders of the Company and
such adjustment complies with the requirements of Section 162(m) of the
Code for Section 162(m) Persons, to the extent applicable, unless the
Committee indicates a contrary intention. The types of events which could cause
an adjustment in the performance objectives include, without limitation,
accounting changes which substantially affect the determination of performance
objectives, changes in applicable laws or regulations which affect the
performance objectives, and divisive corporate reorganizations, including
spin-offs and other distributions of property or stock. The Committee may also
appropriately adjust any performance evaluation under a performance objective or
objectives to reflect any of the following events that may occur during the
Performance Period: (1) asset gains or losses; (2) litigation, claims,
judgments or settlements; (3) the effect of changes in tax law, accounting
principles or other such laws or provisions affecting reported results;
(4) accruals for reorganization and restructuring programs; and
(5) any extraordinary, unusual, non-recurring or non-cash
items.

     

    9.4Other Terms and
Conditions.  Performance Share Awards granted under this Plan
are subject to the following terms and conditions and may contain such
additional terms, conditions, restrictions and contingencies not inconsistent
with the terms of this Plan as the Committee deems desirable:

     

    (a)           Delivery of
Shares.  As soon as practicable after the applicable
Performance Period has ended, the participant will receive a distribution of the
number of Shares earned during the Performance Period, depending upon the extent
to which the applicable performance objectives were achieved. Such Shares will
be registered in the name of the participant and will be free of all
restrictions except for any restrictions pursuant to
Section 15.2.

     

    (b)           Termination.  A
Performance Share Award or unearned portion thereof will terminate without the
issuance of Shares on the termination date specified at the time of grant or
upon the termination of Employment or directorship of the participant during the
Performance Period. If a participant’s Employment or directorship with the
Company or its Affiliates terminates by reason of his or her death, Disability
or Retirement (except with respect to Section 162(m) Persons), the
Committee in its discretion at or after the time of grant may determine,
notwithstanding any Vesting requirements under Section 9.4(a), that the
participant (or the heir, legatee or legal representative of the participant’s
estate) will receive a distribution of a portion of the participant’s
then-outstanding Performance Share Awards in an amount which is not more than
the number of shares which would have been earned by the participant if 100% of
the performance objectives for the current Performance Period had been achieved
prorated based on the ratio of the number of months of active Employment in the
Performance Period to the total number of months in the Performance Period.
However, with respect to Awards intended to be “performance-based
compensation” (as described in Section 9.4(d)), distribution of the
Shares shall not be made prior to attainment of the relevant performance
objective.

     

    (c)           Voting and Other
Rights.  Awards of Performance Shares do not provide the
participant with voting rights or rights to dividends prior to the participant
becoming the holder of record of Shares issued pursuant to an Award; provided, however, that an
Award agreement may provide for payment of an amount of money (or Shares with a
Fair Market Value equivalent to such amount) equal to the dividends paid from
time to time on the number of Common Shares that would become payable upon
vesting of a Performance Share Award but such dividend equivalents shall be paid
only to the extent performance objectives are achieved. Prior to the issuance of
Shares, Performance Share Awards may not be sold, transferred, pledged, assigned
or otherwise encumbered.

     

    (d)           Performance-Based
Compensation.  The Committee may designate Performance Share
Awards as being “remuneration
payable solely on account of the attainment of one or more performance
goals” as described in Section 162(m)(4)(C) of the Code. Such Awards
shall be automatically amended or modified to comply with amendments to
Section 162 of the Code to the extent applicable, unless the Committee
indicates a contrary intention.

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    

     

    9.5Time Vesting of
Performance Share Awards.  Performance Share Awards, or
portions thereof, are exercisable at such time or times as determined by the
Committee in its discretion at or after grant, subject to the restrictions on
time Vesting set forth in this Section. If the Committee provides that any
Performance Shares become Vested over time (accelerated by a performance
component), the Committee may waive or accelerate such Vesting provisions at any
time, subject to the restrictions on time Vesting set forth in this
Section.

     

    9.6Special
Limitations on Performance Share Awards.  Unless an Award
agreement approved by the Committee provides otherwise, Performance Shares
awarded under this Plan are intended to meet the requirements for exclusion from
coverage under Section 409A of the Code and all Performance Share Awards
shall be construed and administered accordingly.

     

    ARTICLE
10

    Common
Share Awards

     

    10.1Eligibility.  Notwithstanding
any other provision of this Plan to the contrary, a Common Share may only be
granted to an employee or Eligible Director.

     

    10.2Terms and
Conditions of Common Share Awards.

     

    (a)           Purpose.  Common
Shares may be granted in consideration of services rendered to the Company by
employees or Eligible Directors in their capacity as Directors.

     

    (b)           Vesting.  Common
Shares shall be fully-Vested.

     

    ARTICLE
11

    Transfers
and Leaves of Absence

     

    11.1Transfer of
Participant.  For purposes of this Plan, the transfer of a
participant among the Company and its Affiliates is deemed not to be a
termination of Employment.

     

    11.2Effect of Leaves
of Absence.  For purposes of this Plan, the following leaves of
absence are deemed not to be a termination of Employment:

     

    (a)           a
leave of absence, approved in writing by the Company, for military service,
sickness or any other purpose approved by the Company, if the period of such
leave does not exceed 90 days;

     

    (b)           a
leave of absence in excess of 90 days, approved in writing by the Company, but
only if the employee’s right to reemployment is guaranteed either by a statute
or by contract, and provided that, in the case of any such leave of absence, the
employee returns to work within 30 days after the end of such leave;
and

     

    (c)           any
other absence determined by the Committee in its discretion not to constitute a
termination of Employment.

     

    ARTICLE
12

    Effect
of Change in Control

     

    12.1Change in Control
Defined.  “Change in Control” means the
occurrence of any of the following: (i) the sale or disposition, in one or
a series of related transactions, of all or substantially all, of the assets of
the Company to any Person or “group” (as such term is
defined in Sections 13(d)(3) or 14(d)(2) of the Exchange Act) other than
the Permitted Holders; (ii) any Person or group, other than the Permitted
Holders, that is or becomes the Beneficial Owner (except that a Person shall be
deemed to have “beneficial
ownership” of all shares that any such Person has the right to acquire,
whether such right is exercisable immediately or only after the passage of
time), directly or indirectly, of more than 30% of the total voting power of the
voting stock of the Company (or any entity which controls the Company or which
is a successor to all or substantially all of the assets of the Company),
including by way of merger, consolidation, tender or exchange offer or
otherwise; or (iii) during any period of two (2) consecutive years,
individuals who at the beginning of such period constituted the Board (together
with any new Directors whose election by such Board or whose nomination for
election by the Shareholders of the Company was approved by a vote of a majority
of the Directors of the Company, then still in office, who were either Directors
at the beginning of such period or whose election or nomination for election was
previously so approved) cease for any reason to constitute a majority of the
Board, then in office. Notwithstanding the foregoing, the Committee may specify
a different definition of “Change in Control” as necessary to prevent adverse
taxation under Section 409A of the Code.

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    

     

    12.2Acceleration of
Award.  Except as otherwise provided in this Plan or an Award
agreement, immediately upon the occurrence of a Change in Control:

     

    (a)           all
outstanding Stock Options automatically become fully exercisable;

     

    (b)           all
Restricted Share Awards automatically become fully Vested;

     

    (c)           subject
to Section 409A of the Code, all Restricted Share Unit Awards automatically
become fully Vested (or, if such Restricted Share Unit Awards are subject to
performance-based restrictions, they shall become Vested on a pro-rated basis as
described in Section 12.2(d)) and, to the extent Vested, convertible to
Shares at the election of the holder;

     

    (d)           all
participants holding Performance Share Awards become entitled to receive a
partial payout in an amount which is the number of Shares which would have been
earned by the participant if 100% of the performance objectives for the current
Performance Period had been achieved pro-rated based on the ratio of the number
of months of active Employment in the Performance Period to the total number of
months in the Performance Period; and

     

    (e)           Stock
Appreciation Rights automatically become fully Vested and fully
exercisable.

     

    12.3Treatment of
Awards.  If the Committee
determines that it would not trigger adverse taxation under Section 409A of
the Code, upon the occurrence of a Change in Control, the Committee may, but
shall not be obligated to, (A) cancel Awards for fair value, which, in the
case of Stock Options and Stock Appreciation Rights, shall equal the excess, if
any, of the value of the consideration to be paid in the Change in Control
transaction to holders of the same number of Shares subject to such Stock
Options or Stock Appreciation Rights (or, if no consideration is paid in any
such transaction, the Fair Market Value of the Shares subject to such Stock
Options or Stock Appreciation Rights as of the date of the Change in Control)
over the aggregate Exercise Price or Base Value (as applicable) of such Stock
Options or Stock Appreciation Rights or (B) provide for the issuance of
substitute Awards that will substantially preserve the otherwise applicable
terms and value of any affected Awards previously granted hereunder as
determined by the Committee or (C) provide that for a period of at least 15
days prior to the Change in Control, such Awards shall be exercisable, to the
extent applicable, as to all Shares subject thereto and the Committee may
further provide that upon the occurrence of the Change in Control, such Awards
shall terminate and be of no further force and effect.

     

    ARTICLE
13

    Transferability
of Awards

     

    13.1Awards Are
Non-Transferable.  Except as provided in Sections 13.2 and
13.3, Awards are non-transferable and any attempts to assign, pledge,
hypothecate or otherwise alienate or encumber (whether by operation of law or
otherwise) any Award shall be null and void.

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    

     

    13.2Inter-Vivos
Exercise of Awards.  During a participant’s lifetime, Awards
are exercisable only by the participant or, as permitted by applicable law and
notwithstanding Section 13.1 to the contrary, the participant’s guardian or
other legal representative.

     

    13.3Limited
Transferability of Certain Awards.  Notwithstanding
Section 13.1 to the contrary, Awards may be transferred by will and by the
laws of descent and distribution. Moreover, the Committee, in its discretion,
may allow at or after the time of grant the transferability of Awards which are
Vested, provided that the permitted transfer is made (a) if the Award is an
Incentive Stock Option, consistent with Section 422 of the Code;
(b) to the Company (for example in the case of forfeiture of Restricted
Shares), an Affiliate or a person acting as the agent of the foregoing, or as
otherwise determined by the Committee to be in the interests of the Company; or
(c) by a participant for no consideration to Immediate Family Members or to
a bona fide trust, partnership or other entity controlled by and for the benefit
of one or more Immediate Family Members.  “Immediate Family Members”
means the participant’s spouse, children, stepchildren, parents, stepparents,
siblings (including half brothers and sisters), in-laws and other individuals
who have a relationship to the participant arising because of a legal adoption.
No transfer may be made to the extent that transferability would cause Form S-8
or any successor form thereto not to be available to register Shares related to
an Award. The Committee in its discretion may impose additional terms and
conditions upon transferability.

     

    ARTICLE
14

    Amendment
and Discontinuation

     

    14.1Amendment or
Discontinuation of this Plan.  The Board  may amend,
alter, or discontinue this Plan at any time, provided that no amendment,
alteration, or discontinuance may be made:

     

    (a)           which
would materially and adversely affect the rights of a participant under any
Award granted prior to the date such action is adopted by the Board without the
participant’s written consent thereto; and

     

    (b)           without
Shareholder approval, if Shareholder approval is required under applicable laws,
regulations or exchange requirements (including Section 422 of the Code
with respect to ISOs, and for the purpose of qualification as “performance-based
compensation” under Section 162(m) of the Code).

     

    Notwithstanding
the foregoing, this Plan may be amended without obtaining the affected
participants’ consent in order to: (i) comply with any law;
(ii) preserve any intended favorable tax effects for the Company or
participants; or (iii) avoid any unintended unfavorable tax effects for the
Company or participants.

     

    14.2Amendment of
Grants.  The Committee may amend, prospectively or
retroactively, the terms of any outstanding Award, provided that no such
amendment may be inconsistent with the terms of this Plan (specifically
including the prohibition on granting Stock Options with an Exercise Price less
than 100% of the Fair Market Value of the Common Shares on the Date of Grant) or
would materially and adversely affect the rights of any holder without his or
her written consent.

     

    ARTICLE
15

    Share
Certificates

     

    15.1Delivery of Share
Certificates.  The Company is not required to issue or deliver
any Shares issuable with respect to Awards under this Plan prior to the
fulfillment of all of the following conditions:

     

    (a)           payment
in full for the Shares and for any tax withholding;

     

    (b)           completion
of any registration or other qualification of such Shares under any federal or
state laws or under the rulings or regulations of the Securities and Exchange
Commission or any other regulating body which the Committee in its discretion
deems necessary or advisable;

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    

     

    (c)           admission
of such Shares to listing on The Nasdaq Stock Market or any stock exchange on
which the Shares are listed;

     

    (d)           in
the event the Shares are not registered under the Securities Act of 1933, as
amended, qualification as a private placement under said act;

     

    (e)           obtaining
of any approval or other clearance from any federal or state governmental agency
which the Committee in its discretion determines to be necessary or advisable;
and

     

    (f)           full
satisfaction of the Committee that the issuance and delivery of Shares under
this Plan is in compliance with applicable federal, state or local law, rule,
regulation or ordinance or any rule or regulation of any other regulating body,
for which the Committee may seek approval of counsel for the
Company.

     

    Notwithstanding
the foregoing, with respect to any Award that is or becomes subject to
Section 409A of the Code, a payment may only be delayed where the Company
or any Affiliate reasonably anticipates that the making of the payment will
violate federal securities laws or other applicable law and provided that the
payment is made at the earliest date at which the Company or Affiliate
reasonably anticipates that the making of the payment will not cause such
violation.

     

    15.2Applicable
Restrictions on Shares.  Shares issued with respect to Awards
may be subject to such stock transfer orders and other restrictions as the
Committee may determine necessary or advisable under any applicable federal or
state securities law rules, regulations and other requirements, the rules,
regulations and other requirements of The Nasdaq Stock Market or any stock
exchange upon which the Shares are then-listed, and any other applicable federal
or state law and will include any restrictive legends the Committee may deem
appropriate to include.

     

    15.3Book
Entry.  In lieu of the issuance of stock certificates
evidencing Shares, the Company or its transfer agent may use a “book entry” system in which a
computerized or manual entry is made in the records of the Company or the
transfer agent to evidence the issuance of such Shares. Such Company records
are, absent manifest error, binding on all parties.

     

    ARTICLE
16

    Tax
Withholding

     

    16.1In
General.  The Committee shall cause the Company or its
Affiliates to withhold any taxes which it determines it is required by law or
required by the terms of this Plan to withhold in connection with any payments
incident to this Plan. The participant or other recipient shall provide the
Committee with such Stock Powers and additional information or documentation as
may be necessary for the Committee to discharge its obligations under this
Section.

     

    16.2Delivery of
Withholding Proceeds.  The Company or its Affiliates shall
deliver withholding proceeds to the Internal Revenue Service and/or other taxing
authority.

     

    ARTICLE
17

    General
Provisions

     

    17.1No Implied Rights
to Awards, Employment or Directorship.  No potential
participant has any claim or right to be granted an Award under this Plan, and
there is no obligation of uniformity of treatment of participants under this
Plan. Neither this Plan nor any Award hereunder shall be construed as giving any
individual any right to continued Employment or continued directorship with the
Company or any Affiliate. The Plan does not constitute a contract of Employment
or for services, and the Company and each Affiliate expressly reserve the right
at any time to terminate employees or service providers free from liability, or
any claim, under this Plan, except as may be specifically provided in this Plan
or in an Award agreement.

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    

     

    17.2Other
Compensation Plans.  Nothing contained in this Plan prevents
the Board from adopting other or additional compensation arrangements, subject
to Shareholder approval if such approval is required, and such arrangements may
be either generally applicable or applicable only in specific
cases.

     

    17.3Rule 16b-3
Compliance.  The Plan is intended to comply with all applicable
conditions of Rule 16b-3 under the Exchange Act, as such rule may be amended
from time to time (“Rule
16b-3”). All transactions involving any participant subject to
Section 16(b) of the Exchange Act shall be subject to the conditions set
forth in Rule 16b-3, regardless of whether such conditions are expressly set
forth in this Plan. Any provision of this Plan that is contrary to Rule 16b-3
does not apply to such participants.

     

    17.4Code
Section 162(m) Compliance.  The Plan is intended to comply
with all applicable requirements of Section 162(m) of the Code with respect
to “performance-based
compensation” for Section 162(m) Persons. Unless the Committee
expressly determines otherwise, any provision of this Plan that is contrary to
such requirements does not apply to such “performance-based
compensation.”

     

    17.5Compliance with
Section 409A.  The parties
intend that this Plan and Awards be, at all relevant times, in compliance with
(or exempt from) Section 409A of the Code and all other applicable laws,
and this Plan shall be so interpreted and administered. In addition to the
general amendment rights of the Company with respect to the Plan, the Company
specifically retains the unilateral right (but not the obligation) to make,
prospectively or retroactively, any amendment to this Plan or any related
document as it deems necessary or desirable to more fully address issues in
connection with compliance with (or exemption from) Section 409A of the
Code and other laws. In no event, however, shall this section or any other
provisions of this Plan be construed to require the Company to provide any
gross-up for the tax consequences of any provisions of, or payments under, this
Plan. The Company and its Affiliates shall have no responsibility for tax or
legal consequences to any Participant (or beneficiary) resulting from the terms
or operation of this Plan.

     

    17.6Successors.  All
obligations of the Company with respect to Awards granted under this Plan are
binding on any successor to the Company, whether as a result of a direct or
indirect purchase, merger, consolidation or otherwise of all or substantially
all of the business and/or assets of the Company.

     

    17.7Severability.  In
the event any provision of this Plan, or the application thereof to any person
or circumstances, is held illegal or invalid for any reason, the illegality or
invalidity shall not affect the remaining parts of this Plan, or other
applications, and this Plan is to be construed and enforced as if the illegal or
invalid provision had not been included.

     

    17.8Governing
Law.  This Plan and all Award agreements pursuant thereto are
construed in accordance with and governed by the internal laws of the State of
Washington. This Plan is not intended to be governed by the Employee Retirement
Income Security Act of 1974 and shall be so construed and
administered.

     

    ARTICLE
18

    Effective
Date; Expiration

     

    18.1Effective
Date.  The effective date of this Plan is the date on which the
Shareholders of the Company approve it at a duly held Shareholders’ meeting. No
Awards may be granted under this Plan after the tenth anniversary of such date,
but Awards granted before such tenth anniversary may remain outstanding under
this Plan until they expire according to their terms and the other terms of this
Plan.

     

    
      
         

      

      
        19EXHIBIT
4.5

     

    LIHUA
INTERNATIONAL, INC.

     

    Issuer

     

    AND

     

    [TRUSTEE]

     

    Trustee

     

    
      
        

      

    

     

    INDENTURE

     

    Dated
as of [·], 20[·]

     

      
        

      

    

     

    Senior
Debt Securities

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE OF
CONTENTS

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	 	 
      	 
      	 	
                                    Page

                                  
	 	 
      	 
      	 	 
      
	ARTICLE
      1 DEFINITIONS	 	
                                     1

                                  
	 	 
      	 	 
      
	 	
                                    Section
      1.01

                                  	
                                    Definitions
      of Terms

                                  	 	
                                     1

                                  
	 	 
      	 
      	 	 
      
	ARTICLE
      2 ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF
      SECURITIES	 	
                                     5

                                  
	 	 
      	 	 
      
	 	
                                    Section
      2.01

                                  	
                                    Designation
      and Terms of Securities

                                  	 	
                                     5

                                  
	 	 
      	 
      	 	 
      
	 	
                                    Section
      2.02

                                  	
                                    Form
      of Securities and Trustee’s Certificate

                                  	 	
                                     7

                                  
	 	 
      	 
      	 	 
      
	 	
                                    Section
      2.03

                                  	
                                    Denominations:
      Provisions for Payment

                                  	 	
                                     7

                                  
	 	 
      	 
      	 	 
      
	 	
                                    Section
      2.04

                                  	
                                    Execution
      and Authentication

                                  	 	
                                     9

                                  
	 	 
      	 
      	 	 
      
	 	
                                    Section
      2.05

                                  	
                                    Registration
      of Transfer and Exchange

                                  	 	
                                     9

                                  
	 	 
      	 
      	 	 
      
	 	
                                    Section
      2.06

                                  	
                                    Temporary
      Securities

                                  	 	
                                    11

                                  
	 	 
      	 
      	 	 
      
	 	
                                    Section
      2.07

                                  	
                                    Mutilated,
      Destroyed, Lost or Stolen Securities

                                  	 	
                                    11

                                  
	 	 
      	 
      	 	 
      
	 	
                                    Section
      2.08

                                  	
                                    Cancellation

                                  	 	
                                    12

                                  
	 	 
      	 
      	 	 
      
	 	
                                    Section
      2.09

                                  	
                                    Benefits
      of Indenture

                                  	 	
                                    12

                                  
	 	 
      	 
      	 	 
      
	 	
                                    Section
      2.10

                                  	
                                    Authenticating
      Agent

                                  	 	
                                    12

                                  
	 	 
      	 
      	 	 
      
	 	
                                    Section
      2.11

                                  	
                                    Global
      Securities

                                  	 	
                                    13

                                  
	 	 
      	 
      	 	 
      
	ARTICLE
      3 REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	 	
                                    14

                                  
	 	 
      	 	 
      
	 	
                                    Section
      3.01

                                  	
                                    Redemption

                                  	 	
                                    14

                                  
	 	 
      	 
      	 	 
      
	 	
                                    Section
      3.02

                                  	
                                    Notice
      of Redemption

                                  	 	
                                    14

                                  
	 	 
      	 
      	 	 
      
	 	
                                    Section
      3.03

                                  	
                                    Payment
      Upon Redemption

                                  	 	
                                    15

                                  
	 	 
      	 
      	 	 
      
	 	
                                    Section
      3.04

                                  	
                                    Sinking
      Fund

                                  	 	
                                    15

                                  
	 	 
      	 
      	 	 
      
	 	
                                    Section
      3.05

                                  	
                                    Satisfaction
      of Sinking Fund Payments with Securities

                                  	 	
                                    16

                                  
	 	 
      	 
      	 	 
      
	 	
                                    Section
      3.06

                                  	
                                    Redemption
      of Securities for Sinking Fund

                                  	 	
                                    16

                                  
	 	 
      	 
      	 	 
      
	ARTICLE
      4 COVENANTS	 	
                                    16

                                  
	 	 
      	 	 
      
	 	
                                    Section
      4.01

                                  	
                                    Payment
      of Principal, Premium and Interest

                                  	 	
                                    16

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        i

        
          

        

      

      
         

      

    

     

    TABLE OF
CONTENTS

     

    
      
        
          
            
              
                
                  
                    	 	 
      	 
      	 	
                            Page

                          
	 	 
      	 
      	 	 
      
	 	
                            Section
      4.02

                          	
                            Maintenance
      of Office or Agency

                          	 	
                            17

                          
	 	 
      	 
      	 	 
      
	 	
                            Section
      4.03

                          	
                            Paying
      Agents

                          	 	
                            17

                          
	 	 
      	 
      	 	 
      
	 	
                            Section
      4.04

                          	
                            Appointment
      to Fill Vacancy in Office of Trustee

                          	 	
                            18

                          
	 	 
      	 
      	 	 
      
	 	
                            Section
      4.05

                          	
                            Compliance
      with Consolidation Provisions

                          	 	
                            18

                          
	 	 
      	 
      	 	 
      
	ARTICLE
      5 SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE
    TRUSTEE	 	
                            18

                          
	 	 
      	 	 
      
	 	
                            Section
      5.01

                          	
                            Company
      to Furnish Trustee Names and Addresses of Securityholders

                          	 	
                            18

                          
	 	 
      	 
      	 	 
      
	 	
                            Section
      5.02

                          	
                            Preservation
      Of Information; Communications With Securityholders

                          	 	
                            19

                          
	 	 
      	 
      	 	 
      
	 	
                            Section
      5.03

                          	
                            Reports
      by the Company

                          	 	
                            19

                          
	 	 
      	 
      	 	 
      
	 	
                            Section
      5.04

                          	
                            Reports
      by the Trustee

                          	 	
                            19

                          
	 	 
      	 
      	 	 
      
	ARTICLE
      6 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF
DEFAULT	 	
                            20

                          
	 	 
      	 	 
      
	 	
                            Section
      6.01

                          	
                            Events
      of Default

                          	 	
                            20

                          
	 	 
      	 
      	 	 
      
	 	
                            Section
      6.02

                          	
                            Collection
      of Indebtedness and Suits for Enforcement by Trustee

                          	 	
                            21

                          
	 	 
      	 
      	 	 
      
	 	
                            Section
      6.03

                          	
                            Application
      of Moneys or Property Collected

                          	 	
                            23

                          
	 	 
      	 
      	 	 
      
	 	
                            Section
      6.04

                          	
                            Limitation
      on Suits

                          	 	
                            23

                          
	 	 
      	 
      	 	 
      
	 	
                            Section
      6.05

                          	
                            Rights
      and Remedies Cumulative; Delay or Omission Not Waiver

                          	 	
                            24

                          
	 	 
      	 
      	 	 
      
	 	
                            Section
      6.06

                          	
                            Control
      by Securityholders

                          	 	
                            24

                          
	 	 
      	 
      	 	 
      
	 	
                            Section
      6.07

                          	
                            Undertaking
      to Pay Costs

                          	 	
                            25

                          
	 	 
      	 
      	 	 
      
	ARTICLE
      7 CONCERNING THE TRUSTEE	 	
                            25

                          
	 	 
      	 	 
      
	 	
                            Section
      7.01

                          	
                            Certain
      Duties and Responsibilities of Trustee

                          	 	
                            25

                          
	 	 
      	 
      	 	 
      
	 	
                            Section
      7.02

                          	
                            Certain
      Rights of Trustee

                          	 	
                            26

                          
	 	 
      	 
      	 	 
      
	 	
                            Section
      7.03

                          	
                            Trustee
      Not Responsible for Recitals or Issuance or Securities

                          	 	
                            28

                          

                  

                

              

            

          

        

      

    

    
      
         

      

      
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    TABLE OF
CONTENTS

     

    
      
        
          
            
              
                
                  	 	 
      	 
      	 	
                          Page

                        
	 	 
      	 
      	 	 
      
	 	
                          Section
      7.04

                        	
                          May
      Hold Securities

                        	 	
                          28

                        
	 	 
      	 
      	 	 
      
	 	
                          Section
      7.05

                        	
                          Moneys
      Held in Trust

                        	 	
                          28

                        
	 	 
      	 
      	 	 
      
	 	
                          Section
      7.06

                        	
                          Compensation
      and Reimbursement

                        	 	
                          28

                        
	 	 
      	 
      	 	 
      
	 	
                          Section
      7.07

                        	
                          Reliance
      on Officers’ Certificate

                        	 	
                          29

                        
	 	 
      	 
      	 	 
      
	 	
                          Section
      7.08

                        	
                          Disqualification;
      Conflicting Interests

                        	 	
                          29

                        
	 	 
      	 
      	 	 
      
	 	
                          Section
      7.09

                        	
                          Corporate
      Trustee Required; Eligibility

                        	 	
                          29

                        
	 	 
      	 
      	 	 
      
	 	
                          Section
      7.10

                        	
                          Resignation
      and Removal; Appointment of Successor

                        	 	
                          30

                        
	 	 
      	 
      	 	 
      
	 	
                          Section
      7.11

                        	
                          Acceptance
      of Appointment By Successor

                        	 	
                          31

                        
	 	 
      	 
      	 	 
      
	 	
                          Section
      7.12

                        	
                          Merger,
      Conversion, Consolidation or Succession to Business

                        	 	
                          32

                        
	 	 
      	 
      	 	 
      
	 	
                          Section
      7.13

                        	
                          Preferential
      Collection of Claims Against the Company

                        	 	
                          32

                        
	 	 
      	 
      	 	 
      
	 	
                          Section
      7.14

                        	
                          Notice
      of Default

                        	 	
                          32

                        
	 	 
      	 
      	 	 
      
	ARTICLE
      8 CONCERNING THE SECURITYHOLDERS	 	
                          33

                        
	 	 
      	 	 
      
	 	
                          Section
      8.01

                        	
                          Evidence
      of Action by Securityholders

                        	 	
                          33

                        
	 	 
      	 
      	 	 
      
	 	
                          Section
      8.02

                        	
                          Proof
      of Execution by Securityholders

                        	 	
                          33

                        
	 	 
      	 
      	 	 
      
	 	
                          Section
      8.03

                        	
                          Who
      May be Deemed Owners

                        	 	
                          34

                        
	 	 
      	 
      	 	 
      
	 	
                          Section
      8.04

                        	
                          Certain
      Securities Owned by Company Disregarded

                        	 	
                          34

                        
	 	 
      	 
      	 	 
      
	 	
                          Section
      8.05

                        	
                          Actions
      Binding on Future Securityholders

                        	 	
                          34

                        
	 	 
      	 
      	 	 
      
	ARTICLE
      9 SUPPLEMENTAL INDENTURES	 	
                          35

                        
	 	 
      	 	 
      
	 	
                          Section
      9.01

                        	
                          Supplemental
      Indentures Without the Consent of Securityholders

                        	 	
                          35

                        
	 	 
      	 
      	 	 
      
	 	
                          Section
      9.02

                        	
                          Supplemental
      Indentures With Consent of Securityholders

                        	 	
                          36

                        
	 	 
      	 
      	 	 
      
	 	
                          Section
      9.03

                        	
                          Effect
      of Supplemental Indentures

                        	 	
                          36

                        
	 	 
      	 
      	 	 
      
	 	
                          Section
      9.04

                        	
                          Securities
      Affected by Supplemental Indentures

                        	 	
                          37

                        
	 	 
      	 
      	 	 
      
	 	
                          Section
      9.05

                        	
                          Execution
      of Supplemental Indentures

                        	 	
                          37

                        

                

              

            

          

        

      

    

    
      
         

      

      
        iii

        
          

        

      

      
         

      

    

     

    TABLE OF
CONTENTS

     

    
      
        
          
            
              
                
                  
                    
                      	 	 
      	 
      	 	
                              Page

                            
	 	 
      	 
      	 	 
      
	ARTICLE
      10 SUCCESSOR ENTITY	 	
                              38

                            
	 	 
      	 	 
      
	 	
                              Section
      10.01

                            	
                              Company
      May Consolidate, Etc.

                            	 	
                              38

                            
	 	 
      	 
      	 	 
      
	 	
                              Section
      10.02

                            	
                              Successor
      Entity Substituted

                            	 	
                              38

                            
	 	 
      	 
      	 	 
      
	 	
                              Section
      10.03

                            	
                              Evidence
      of Consolidation, Etc. to Trustee

                            	 	
                              38

                            
	 	 
      	 
      	 	 
      
	ARTICLE
      11 SATISFACTION AND DISCHARGE	 	
                              39

                            
	 	 
      	 	 
      
	 	
                              Section
      11.01

                            	
                              Satisfaction
      and Discharge of Indenture

                            	 	
                              39

                            
	 	 
      	 
      	 	 
      
	 	
                              Section
      11.02

                            	
                              Discharge
      of Obligations

                            	 	
                              39

                            
	 	 
      	 
      	 	 
      
	 	
                              Section
      11.03

                            	
                              Deposited
      Moneys to be Held in Trust

                            	 	
                              39

                            
	 	 
      	 
      	 	 
      
	 	
                              Section
      11.04

                            	
                              Payment
      of Moneys Held by Paying Agents

                            	 	
                              40

                            
	 	 
      	 
      	 	 
      
	 	
                              Section
      11.05

                            	
                              Repayment
      to Company

                            	 	
                              40

                            
	 	 
      	 
      	 	 
      
	ARTICLE
      12 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
    DIRECTORS	 	
                              40

                            
	 	 
      	 	 
      
	 	
                              Section
      12.01

                            	
                              No
      Recourse

                            	 	
                              40

                            
	 	 
      	 
      	 	 
      
	ARTICLE
      13 MISCELLANEOUS PROVISIONS	 	
                              41

                            
	 	 
      	 	 
      
	 	
                              Section
      13.01

                            	
                              Effect
      on Successors and Assigns

                            	 	
                              41

                            
	 	 
      	 
      	 	 
      
	 	
                              Section
      13.02

                            	
                              Actions
      by Successor

                            	 	
                              41

                            
	 	 
      	 
      	 	 
      
	 	
                              Section
      13.03

                            	
                              Surrender
      of Company Powers

                            	 	
                              41

                            
	 	 
      	 
      	 	 
      
	 	
                              Section
      13.04

                            	
                              Notices

                            	 	
                              41

                            
	 	 
      	 
      	 	 
      
	 	
                              Section
      13.05

                            	
                              Governing
      Law

                            	 	
                              41

                            
	 	 
      	 
      	 	 
      
	 	
                              Section
      13.06

                            	
                              Treatment
      of Securities as Debt

                            	 	
                              41

                            
	 	 
      	 
      	 	 
      
	 	
                              Section
      13.07

                            	
                              Certificates
      and Opinions as to Conditions Precedent

                            	 	
                              42

                            
	 	 
      	 
      	 	 
      
	 	
                              Section
      13.08

                            	
                              Payments
      on Business Days

                            	 	
                              42

                            
	 	 
      	 
      	 	 
      
	 	
                              Section
      13.09

                            	
                              Conflict
      with Trust Indenture Act

                            	 	
                              42

                            
	 	 
      	 
      	 	 
      
	 	
                              Section
      13.10

                            	
                              Indenture
      and Securities Solely Corporate Obligations

                            	 	
                              42

                            
	 	 
      	 
      	 	 
      
	 	
                              Section
      13.11

                            	
                              Counterparts

                            	 	
                              43

                            

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        iv

        
          

        

      

      
         

      

    

     

    TABLE OF
CONTENTS

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	 	 
      	 
      	 	
                                        Page

                                      
	 	 
      	 
      	 	 
      
	 	
                                        Section
      13.12

                                      	
                                        Separability

                                      	 	
                                        43

                                      
	 	 
      	 
      	 	 
      
	 	
                                        Section
      13.13

                                      	
                                        Compliance
      Certificates

                                      	 	
                                        43

                                      
	 	 	 	 	 
	
                                        (1)

                                      	
                                        This
      Table of Contents does not constitute part of the Indenture and shall not
      have any bearing on the interpretation of any of its terms or
      provisions.

                                      

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      

        
          
             

          

          
            v

            
              

            

          

          
             

          

        

      

    

     

    INDENTURE

     

    INDENTURE, dated as of [·],
20[·], among Lihua International, Inc., a Delaware
corporation (the “Company”), and [TRUSTEE], as trustee (the
“Trustee”).

     

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

     

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

     

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

     

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

     

    ARTICLE
1

     

    DEFINITIONS

     

    Section
1.01         Definitions of
Terms.

     

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

     

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

     

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

     

    “Board of
Directors” means the Board of Directors of the Company or any duly
authorized committee of such Board.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

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

     

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

     

    “Certificate”
means a certificate signed by any Officer. The Certificate need not comply with
the provisions of Section 13.07.

     

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

     

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

     

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

     

    “Default”
means any event, act or condition that with notice or lapse of time, or both,
would constitute an Event of Default.

     

    “Depositary”
means, with respect to Securities of any series for which the Company shall
determine that such Securities will be issued as a Global Security, The
Depository Trust Company, New York, New York, another clearing agency, or any
successor registered as a clearing agency under the Securities and Exchange Act
of 1934, as amended (the “Exchange Act”), or other applicable statute or
regulation, which, in each case, shall be designated by the Company pursuant to
either Section 2.01 or 2.11.

     

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

     

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

     

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

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    “herein”,
“hereof” and “hereunder”,
and other words of similar import, refer to this Indenture as a whole and not to
any particular Article, Section or other subdivision.

     

    “Indenture”
means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered
into in accordance with the terms hereof.

     

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

     

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

     

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

     

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

     

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

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

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

     

    “Predecessor
Security” of any particular Security means every previous Security
evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security
authenticated and delivered under Section 2.07 in lieu of a lost, destroyed or
stolen Security shall be deemed to evidence the same debt as the lost, destroyed
or stolen Security.

     

    “Responsible
Officer” when used with respect to the Trustee means the chairman of its
board of directors, the chief executive officer, the president, any vice
president, the secretary, the treasurer, any trust officer, any corporate trust
officer or any other officer or assistant officer of the Trustee customarily
performing functions similar to those performed by the Persons who at the time
shall be such officers, respectively, or to whom any corporate trust matter is
referred because of his or her knowledge of and familiarity with the particular
subject.

     

    “Securities”
means the debt Securities authenticated and delivered under this
Indenture.

     

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

     

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

     

    “Subsidiary”
means, with respect to any Person, (i) any corporation at least a majority of
whose outstanding Voting Stock shall at the time be owned, directly or
indirectly, by such Person or by one or more of its Subsidiaries or by such
Person and one or more of its Subsidiaries, (ii) any general partnership, joint
venture or similar entity, at least a majority of whose outstanding partnership
or similar interests shall at the time be owned by such Person, or by one or
more of its Subsidiaries, or by such Person and one or more of its Subsidiaries
and (iii) any limited partnership of which such Person or any of its
Subsidiaries is a general partner.

     

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

     

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

     

    “Voting
Stock”, as applied to stock of any Person, means shares, interests,
participations or other equivalents in the equity interest (however designated)
in such Person having ordinary voting power for the election of a majority of
the directors (or the equivalent) of such Person, other than shares, interests,
participations or other equivalents having such power only by reason of the
occurrence of a contingency.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    ARTICLE
2

     

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

     

    Section
2.01         Designation and Terms
of Securities.

     

    (a)           The
aggregate principal amount of Securities that may be authenticated and delivered
under this Indenture is unlimited. The Securities may be issued in one or more
series up to the aggregate principal amount of Securities of that series from
time to time authorized by or pursuant to a Board Resolution or pursuant to one
or more indentures supplemental hereto. Prior to the initial issuance of
Securities of any series, there shall be established in or pursuant to a Board
Resolution, and set forth in an Officers’ Certificate, or established in one or
more indentures supplemental hereto:

     

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

     

    (2)           any
limit upon the aggregate principal amount of the Securities of that series that
may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of that series);

     

    (3)           the
date or dates on which the principal of the Securities of the series is payable,
any original issue discount that may apply to the Securities of that series upon
their issuance, the principal amount due at maturity, and the place(s) of
payment;

     

    (4)           the
rate or rates at which the Securities of the series shall bear interest or the
manner of calculation of such rate or rates, if any;

     

    (5)           the
date or dates from which such interest shall accrue, the Interest Payment Dates
on which such interest will be payable or the manner of determination of such
Interest Payment Dates, the place(s) of payment, and the record date for the
determination of holders to whom interest is payable on any such Interest
Payment Dates or the manner of determination of such record dates;

     

    (6)           the
right, if any, to extend the interest payment periods and the duration of such
extension;

     

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

     

    (8)           the
obligation, if any, of the Company to redeem or purchase Securities of the
series pursuant to any sinking fund, mandatory redemption, or analogous
provisions (including payments made in cash in satisfaction of future sinking
fund obligations) or at the option of a holder thereof and the period or periods
within which, the price or prices at which, and the terms and conditions upon
which, Securities of the series shall be redeemed or purchased, in whole or in
part, pursuant to such obligation;

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    (9)           the
form of the Securities of the series including the form of the Certificate of
Authentication for such series;

     

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

     

    (11)         any
and all other terms (including terms, to the extent applicable, relating to any
auction or remarketing of the Securities of that series and any security for the
obligations of the Company with respect to such Securities) with respect to such
series (which terms shall not be inconsistent with the terms of this Indenture,
as amended by any supplemental indenture) including any terms which may be
required by or advisable under United States laws or regulations or advisable in
connection with the marketing of Securities of that series;

     

    (12)         whether
the Securities are issuable as a Global Security and, in such case, the terms
and the identity of the Depositary for such series;

     

    (13)         whether
the Securities will be convertible into or exchangeable for shares of common
stock or other securities of the Company or any other Person and, if so, the
terms and conditions upon which such Securities will be so convertible or
exchangeable, including the conversion or exchange price, as applicable, or how
it will be calculated and may be adjusted, any mandatory or optional (at the
Company’s option or the holders’ option) conversion or exchange features, and
the applicable conversion or exchange period;

     

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

     

    (15)         any
additional or different Events of Default or restrictive covenants (which may
include, among other restrictions, restrictions on the Company’s ability or the
ability of the Company’s Subsidiaries to: incur additional indebtedness; issue
additional securities; create liens; pay dividends or make distributions in
respect of their capital stock; redeem capital stock; place restrictions on such
Subsidiaries placing restrictions on their ability to pay dividends, make
distributions or transfer assets; make investments or other restricted payments;
sell or otherwise dispose of assets; enter into sale-leaseback transactions;
engage in transactions with stockholders and affiliates; issue or sell stock of
their Subsidiaries; or effect a consolidation or merger) or financial covenants
(which may include, among other financial covenants, financial covenants that
require the Company and its Subsidiaries to maintain specified interest
coverage, fixed charge, cash flow-based or asset-based ratios) provided for with
respect to the Securities of the series;

     

    (16)         if
other than dollars, the coin or currency in which the Securities of the series
are denominated (including, but not limited to, foreign
currency);

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

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

     

    (18)         any
restrictions on transfer, sale or assignment of the Securities of the
series.

     

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

     

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

     

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

     

    Section
2.02         Form of Securities and
Trustee’s Certificate.

     

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

     

    Section
2.03         Denominations:
Provisions for Payment.

     

    The
Securities shall be issuable as registered Securities and in the denominations
of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject
to Section 2.01(a)(10). The Securities of a particular series shall bear
interest payable on the dates and at the rate specified with respect to that
series. Subject to Section 2.01(a)(16), the principal of and the interest on the
Securities of any series, as well as any premium thereon in case of redemption
thereof prior to maturity, shall be payable in the coin or currency of the
United States of America that at the time is legal tender for public and private
debt, at the office or agency of the Company maintained for that purpose in the
Borough of Manhattan, the City and State of New York. Each Security shall be
dated the date of its authentication. Interest on the Securities shall be
computed on the basis of a 360-day year composed of twelve 30-day
months.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

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

     

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

     

    (1)           The
Company may make payment of any Defaulted Interest on Securities to the Persons
in whose names such Securities (or their respective Predecessor Securities) are
registered at the close of business on a special record date for the payment of
such Defaulted Interest, which shall be fixed in the following manner: the
Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each such Security and the date of the proposed payment,
and at the same time the Company shall deposit with the Trustee an amount of
money equal to the aggregate amount proposed to be paid in respect of such
Defaulted Interest or shall make arrangements satisfactory to the Trustee for
such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a
special record date for the payment of such Defaulted Interest which shall not
be more than 15 nor less than 10 days prior to the date of the proposed payment
and not less than 10 days after the receipt by the Trustee of the notice of the
proposed payment. The Trustee shall promptly notify the Company of such special
record date and, in the name and at the expense of the Company, shall cause
notice of the proposed payment of such Defaulted Interest and the special record
date therefor to be mailed, first class postage prepaid, to each Securityholder
at his or her address as it appears in the Security Register (as hereinafter
defined), not less than 10 days prior to such special record date. Notice of the
proposed payment of such Defaulted Interest and the special record date therefor
having been mailed as aforesaid, such Defaulted Interest shall be paid to the
Persons in whose names such Securities (or their respective Predecessor
Securities) are registered on such special record date.

     

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

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

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

     

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

     

    Section
2.04         Execution and
Authentication.

     

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

     

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

     

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

     

    In
authenticating such Securities and accepting the additional responsibilities
under this Indenture in relation to such Securities, the Trustee shall be
entitled to receive, and (subject to Section 7.01) shall be fully protected in
relying upon, an Opinion of Counsel stating that the form and terms thereof have
been established in conformity with the provisions of this
Indenture.

     

    The
Trustee shall not be required to authenticate such Securities if the issue of
such Securities pursuant to this Indenture will affect the Trustee’s own rights,
duties or immunities under the Securities and this Indenture or otherwise in a
manner that is not reasonably acceptable to the Trustee.

     

    Section
2.05         Registration of
Transfer and Exchange.

     

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

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

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

     

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

     

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

     

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

     

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

    
      
         

      

      
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    Section
2.06         Temporary
Securities.

     

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

     

    Section
2.07         Mutilated, Destroyed,
Lost or Stolen Securities.

     

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

     

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

     

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

    
      
         

      

      
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    Section
2.08         Cancellation.

     

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

     

    Section
2.09         Benefits of
Indenture.

     

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

     

    Section
2.10         Authenticating
Agent.

     

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

     

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

    
      
         

      

      
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    Section
2.11         Global
Securities.

     

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

     

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

     

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

    
      
         

      

      
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    ARTICLE
3

     

    REDEMPTION
OF SECURITIES AND SINKING FUND PROVISIONS

     

    Section
3.01         Redemption.

     

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

     

    Section
3.02         Notice of
Redemption.

     

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

     

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

     

    In case
any Security is to be redeemed in part only, the notice that relates to such
Security shall state the portion of the principal amount thereof to be redeemed,
and shall state that on and after the redemption date, upon surrender of such
Security, a new Security or Securities of such series in principal amount equal
to the unredeemed portion thereof will be issued.

    
      
         

      

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

     

    Section
3.03         Payment Upon
Redemption.

     

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

     

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

     

    Section
3.04         Sinking
Fund.

     

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

    
      
         

      

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

     

    Section
3.05         Satisfaction of
Sinking Fund Payments with Securities.

     

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

     

    Section
3.06         Redemption of
Securities for Sinking Fund.

     

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

     

    ARTICLE
4

     

    COVENANTS

     

    Section
4.01         Payment of Principal,
Premium and Interest.

     

    The
Company will duly and punctually pay or cause to be paid the principal of (and
premium, if any) and interest on the Securities of that series at the time and
place and in the manner provided herein and established with respect to such
Securities.

    
      
         

      

      
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    Section
4.02         Maintenance of Office
or Agency.

     

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

     

    Section
4.03         Paying
Agents.

     

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

     

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

     

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

     

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

     

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

     

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

    
      
         

      

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

     

    Section
4.04         Appointment to Fill
Vacancy in Office of Trustee.

     

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

     

    Section
4.05         Compliance with
Consolidation Provisions.

     

    The
Company will not, while any of the Securities remain Outstanding, consolidate
with or merge into any other Person, in either case where the Company is not the
survivor of such transaction, or sell or convey all or substantially all of its
property to any other Person unless the provisions of Article Ten hereof are
complied with.

     

    ARTICLE
5

     

    SECURITYHOLDERS’
LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

     

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

     

    The
Company will furnish or cause to be furnished to the Trustee (a) within 15 days
after each regular record date (as defined in Section 2.03) a list, in such form
as the Trustee may reasonably require, of the names and addresses of the holders
of each series of Securities as of such regular record date, provided that the
Company shall not be obligated to furnish or cause to furnish such list at any
time that the list shall not differ in any respect from the most recent list
furnished to the Trustee by the Company and (b) at such other times as the
Trustee may request in writing within 30 days after the receipt by the Company
of any such request, a list of similar form and content as of a date not more
than 15 days prior to the time such list is furnished; provided, however, that,
in either case, no such list need be furnished for any series for which the
Trustee shall be the Security Registrar.

    
      
         

      

      
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    Section
5.02         Preservation Of
Information; Communications With Securityholders.

     

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

     

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

     

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

     

    Section
5.03         Reports by the
Company.

     

    The
Company covenants and agrees to provide a copy to the Trustee, after the Company
files the same with the Securities and Exchange 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 Securities and Exchange Commission may
from time to time by rules and regulations prescribe) that the Company files
with the Securities and Exchange Commission pursuant to Section 13 or Section
15(d) of the Exchange Act; provided, however, the Company shall not be required
to deliver to the Trustee any materials for which the Company has sought and
received confidential treatment by the SEC. The Company shall also comply with
the requirements of Section 314 of the Trust Indenture Act, but only to the
extent then applicable to the Company.

     

    Section
5.04         Reports by the
Trustee.

     

    (a)           On
or before July 1 in each year in which any of the Securities are Outstanding,
the Trustee shall transmit by mail, first class postage prepaid, to the
Securityholders, as their names and addresses appear upon the Security Register,
a brief report dated as of the preceding May 1, if and to the extent required
under Section 313(a) of the Trust Indenture Act.

     

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

     

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

    
      
         

      

      
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    ARTICLE
6

     

    REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

     

    Section
6.01         Events of
Default.

     

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

     

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

     

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

     

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

     

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

     

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

    
      
         

      

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    (d)           All
rights of action and of asserting claims under this Indenture, or under any of
the terms established with respect to Securities of that series, may be enforced
by the Trustee without the possession of any of such Securities, or the
production thereof at any trial or other proceeding relative thereto, and any
such suit or proceeding instituted by the Trustee shall be brought in its own
name as trustee of an express trust, and any recovery of judgment shall, after
provision for payment to the Trustee of any amounts due under Section 7.06, be
for the ratable benefit of the holders of the Securities of such
series.

     

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

     

    
      
        
        

      

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

     

    Section
6.03         Application of Moneys
or Property Collected.

     

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

     

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

     

    SECOND:
To the payment of the amounts then due and unpaid upon Securities of such series
for principal (and premium, if any) and interest, in respect of which or for the
benefit of which such money has been collected, ratably, without preference or
priority of any kind, according to the amounts due and payable on such
Securities for principal (and premium, if any) and interest, respectively;
and

     

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

     

    Section
6.04         Limitation on
Suits.

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    Section
6.06         Control by
Securityholders.

     

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

    
      
         

      

      
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    Section
6.07         Undertaking to Pay
Costs.

     

    All
parties to this Indenture agree, and each holder of any Securities by such
holder’s acceptance thereof shall be deemed to have agreed, that any court may
in its discretion require, in any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Trustee for any action
taken or omitted by it as Trustee, the filing by any party litigant in such suit
of an undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Securityholder, or group of
Securityholders, holding more than 10% in aggregate principal amount of the
Outstanding Securities of any series, or to any suit instituted by any
Securityholder for the enforcement of the payment of the principal of (or
premium, if any) or interest on any Security of such series, on or after the
respective due dates expressed in such Security or established pursuant to this
Indenture.

     

    ARTICLE
7

     

    CONCERNING
THE TRUSTEE

     

    Section
7.01         Certain Duties and
Responsibilities of Trustee.

     

    (a)           The
Trustee, prior to the occurrence of an Event of Default with respect to the
Securities of a series and after the curing of all Events of Default with
respect to the Securities of that series that may have occurred, shall undertake
to perform with respect to the Securities of such series such duties and only
such duties as are specifically set forth in this Indenture, and no implied
covenants shall be read into this Indenture against the Trustee. In case an
Event of Default with respect to the Securities of a series has occurred (that
has not been cured or waived), the Trustee shall exercise with respect to
Securities of that series such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in their exercise, as a
prudent man would exercise or use under the circumstances in the conduct of his
own affairs.

     

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

    
      
         

      

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

     

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

     

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

     

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

     

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

     

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

     

    Section
7.02         Certain Rights of
Trustee.

     

    Except as
otherwise provided in Section 7.01:

     

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

     

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

    
      
         

      

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

     

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

     

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

     

    (f)           The
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, approval, bond, security, or other papers or
documents, unless requested in writing so to do by the holders of not less than
a majority in principal amount of the Outstanding Securities of the particular
series affected thereby (determined as provided in Section 8.04); provided,
however, that if the payment within a reasonable time to the Trustee of the
costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to the
Trustee by the security afforded to it by the terms of this Indenture, the
Trustee may require reasonable indemnity against such costs, expenses or
liabilities as a condition to so proceeding. The reasonable expense of every
such examination shall be paid by the Company or, if paid by the Trustee, shall
be repaid by the Company upon demand; and

     

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

     

    In
addition, the Trustee shall not be deemed to have knowledge of any Default or
Event of Default except (1) any Event of Default occurring pursuant to Sections
6.01(a)(1), 6.01(a)(2) and 4.01 hereof or (2) any Default or Event of Default of
which the Trustee shall have received written notification in the manner set
forth in this Indenture or a Responsible Officer of the Trustee shall have
obtained actual knowledge. Delivery of reports, information and documents to the
Trustee under Section 5.03 is for informational purposes only and the
information and the Trustee’s receipt of the foregoing shall not constitute
constructive notice of any information contained therein, or determinable from
information contained therein including the Company’s compliance with any of
their covenants thereunder (as to which the Trustee is entitled to rely
conclusively on an Officers’ Certificate).

    
      
         

      

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

     

    (a)           The
recitals contained herein and in the Securities shall be taken as the statements
of the Company, and the Trustee assumes no responsibility for the correctness of
the same.

     

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

     

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

     

    Section
7.04         May Hold
Securities.

     

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

     

    Section
7.05         Moneys Held in
Trust.

     

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

     

    Section
7.06         Compensation and
Reimbursement.

     

    (a)           The
Company covenants and agrees to pay to the Trustee, and the Trustee shall be
entitled to, such reasonable compensation (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust)
as the Company and the Trustee may from time to time agree in writing, for all
services rendered by it in the execution of the trusts hereby created and in the
exercise and performance of any of the powers and duties hereunder of the
Trustee, and, except as otherwise expressly provided herein, 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 of all Persons not
regularly in its employ), except any such expense, disbursement or advance as
may arise from its negligence or bad faith and except as the Company and Trustee
may from time to time agree in writing. The Company also covenants to indemnify
the Trustee (and its officers, agents, directors and employees) for, and to hold
it harmless against, any loss, liability or expense incurred without negligence
or bad faith on the part of the Trustee and arising out of or in connection with
the acceptance or administration of this trust, including the reasonable costs
and expenses of defending itself against any claim of liability in the
premises.

    
      
         

      

      
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    (b)           The
obligations of the Company under this Section to compensate and indemnify the
Trustee and to pay or reimburse the Trustee for reasonable expenses,
disbursements and advances shall constitute additional indebtedness hereunder.
Such additional indebtedness shall be secured by a lien prior to that of the
Securities upon all property and funds held or collected by the Trustee as such,
except funds held in trust for the benefit of the holders of particular
Securities.

     

    Section
7.07         Reliance on Officers’
Certificate.

     

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

     

    Section
7.08         Disqualification;
Conflicting Interests.

     

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

     

    Section
7.09         Corporate Trustee
Required; Eligibility.

     

    There
shall at all times be a Trustee with respect to the Securities issued hereunder
which shall at all times be a corporation organized and doing business under the
laws of the United States of America or any state or territory thereof or of the
District of Columbia, or a corporation or other Person permitted to act as
trustee by the Securities and Exchange Commission, authorized under such laws to
exercise corporate trust powers, having a combined capital and surplus of at
least fifty million U.S. dollars ($50,000,000), and subject to supervision or
examination by federal, state, territorial, or District of Columbia
authority.

     

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

     

    
      
        
        

      

      
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    Section
7.10         Resignation and
Removal; Appointment of Successor.

     

    (a)           The
Trustee or any successor hereafter appointed may at any time resign with respect
to the Securities of one or more series by giving written notice thereof to the
Company and by transmitting notice of resignation by mail, first class postage
prepaid, to the Securityholders of such series, as their names and addresses
appear upon the Security Register.

     

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

     

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

     

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

     

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

     

    (iii)           the
Trustee shall become incapable of acting, or shall be adjudged a bankrupt or
insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the
Trustee or of its property shall be appointed or consented to, or any public
officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation; then, in
any such case, the Company may remove the Trustee with respect to all Securities
and appoint a successor trustee by written instrument, in duplicate, executed by
order of the Board of Directors, one copy of which instrument shall be delivered
to the Trustee so removed and one copy to the successor trustee, or any
Securityholder who has been a bona fide holder of a Security or Securities for
at least six months may, on behalf of that holder and all others similarly
situated, petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor trustee. Such court may thereupon
after such notice, if any, as it may deem proper and prescribe, remove the
Trustee and appoint a successor trustee.

     

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

     

    
      
        
        

      

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

     

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

     

    Section
7.11         Acceptance of
Appointment By Successor.

     

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

     

    (b)           In
case of the appointment hereunder of a successor trustee with respect to the
Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor trustee with respect to the Securities of one or more
series shall execute and deliver an indenture supplemental hereto wherein each
successor trustee shall accept such appointment and which (i) shall contain such
provisions as shall be necessary or desirable to transfer and confirm to, and to
vest in, each successor trustee all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor trustee relates, (ii) shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the
rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series as to which the retiring Trustee is not
retiring shall continue to be vested in the retiring Trustee, and (iii) shall
add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees of the same
trust, that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other
such Trustee and that no Trustee shall be responsible for any act or failure to
act on the part of any other Trustee hereunder; and upon the execution and
delivery of such supplemental indenture the resignation or removal of the
retiring Trustee shall become effective to the extent provided therein, such
retiring Trustee shall with respect to the Securities of that or those series to
which the appointment of such successor trustee relates have no further
responsibility for the exercise of rights and powers or for the performance of
the duties and obligations vested in the Trustee under this Indenture, and each
such successor trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the
appointment of such successor trustee relates; but, on request of the Company or
any successor trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor trustee, to the extent contemplated by such
supplemental indenture, the property and money held by such retiring Trustee
hereunder with respect to the Securities of that or those series to which the
appointment of such successor trustee relates.

     

    
      
        
        

      

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

     

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

     

    (e)           Upon
acceptance of appointment by a successor trustee as provided in this Section,
the Company shall transmit notice of the succession of such trustee hereunder by
mail, first class postage prepaid, to the Securityholders, as their names and
addresses appear upon the Security Register. If the Company fails to transmit
such notice within ten days after acceptance of appointment by the successor
trustee, the successor trustee shall cause such notice to be transmitted at the
expense of the Company.

     

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

     

    Any
corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation
succeeding to the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided that such corporation shall be
qualified under the provisions of Section 7.08 and eligible under the provisions
of Section 7.09, without the execution or filing of any paper or any further act
on the part of any of the parties hereto, anything herein to the contrary
notwithstanding. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such authentication and
deliver the Securities so authenticated with the same effect as if such
successor Trustee had itself authenticated such Securities.

     

    Section
7.13         Preferential
Collection of Claims Against the Company.

     

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

     

    Section
7.14         Notice of
Default

     

    If any
Default or any Event of Default occurs and is continuing and if such Default or
Event of Default is known to a Responsible Officer of the Trustee, the Trustee
shall mail to each Securityholder in the manner and to the extent provided in
Section 313(c) of the Trust Indenture Act notice of the Default or Event of
Default within 45 days after it occurs and becomes known to the Trustee, unless
such Default or Event of Default has been cured; provided, however, that,
except in the case of a default in the payment of the principal of (or premium,
if any) or interest on any Security, the Trustee shall be protected in
withholding such notice if and so long as the board of directors, the executive
committee or a trust committee of directors and/or Responsible Officers of the
Trustee in good faith determine that the withholding of such notice is in the
interest of the Securityholders.

     

    
      
        
        

      

      
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    ARTICLE
8

     

    CONCERNING
THE SECURITYHOLDERS

     

    Section
8.01         Evidence of Action by
Securityholders.

     

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

     

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

     

    Section
8.02         Proof of Execution by
Securityholders.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    Section
8.03         Who May be Deemed
Owners.

     

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

     

    Section
8.04         Certain Securities
Owned by Company Disregarded.

     

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

     

    Section
8.05         Actions Binding on
Future Securityholders.

     

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

     

    
      
        
        

      

      
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    ARTICLE
9

     

    SUPPLEMENTAL
INDENTURES

     

    Section
9.01         Supplemental
Indentures Without the Consent of Securityholders.

     

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

     

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

     

    (b)           to
comply with Article Ten;

     

    (c)           to
provide for uncertificated Securities in addition to or in place of certificated
Securities and to make all appropriate changes for such purpose;

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    The
Trustee is hereby authorized to join with the Company in the execution of any
such supplemental indenture, and to make any further appropriate agreements and
stipulations that may be therein contained, but the Trustee shall not be
obligated to enter into any such supplemental indenture that affects the
Trustee’s own rights, duties or immunities under this Indenture or
otherwise.

     

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

     

    Section
9.02         Supplemental
Indentures With Consent of Securityholders.

     

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

     

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

     

    Section
9.03         Effect of Supplemental
Indentures.

     

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

     

    
      
        
        

      

      
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    Section
9.04         Securities Affected by
Supplemental Indentures.

     

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

     

    Section
9.05         Execution of
Supplemental Indentures.

     

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

     

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

     

    
      
        
        

      

      
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    ARTICLE
10

     

    SUCCESSOR
ENTITY

     

    Section
10.01       Company May Consolidate,
Etc.

     

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

     

    Section
10.02      Successor Entity
Substituted.

     

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

     

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

     

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

     

    Section
10.03      Evidence of Consolidation, Etc. to
Trustee.

     

    The
Trustee, subject to the provisions of Section 7.01, may receive an Officers’
Certificate or an Opinion of Counsel as conclusive evidence that any such
consolidation, merger, sale, conveyance, transfer or other disposition, and any
such assumption, comply with the provisions of this Article.

     

    
      
        
        

      

      
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    ARTICLE
11

     

    SATISFACTION
AND DISCHARGE

     

    Section
11.01      Satisfaction and Discharge of
Indenture.

     

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

     

    Section
11.02      Discharge of Obligations.

     

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

     

    Thereafter,
Sections 7.06 and 11.05 shall survive.

     

    Section
11.03      Deposited Moneys to be Held in
Trust.

     

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

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

     

    Section
11.04      Payment of Moneys Held by Paying
Agents.

     

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

     

    Section
11.05      Repayment to Company.

     

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

     

    ARTICLE
12

     

    IMMUNITY
OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND

    DIRECTORS

     

    Section
12.01      No Recourse.

     

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

    
      
         

      

      
        40

        
          

        

      

      
         

      

    

     

    ARTICLE
13

     

    MISCELLANEOUS
PROVISIONS

     

    Section
13.01      Effect on Successors and
Assigns.

     

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

     

    Section
13.02      Actions by Successor.

     

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

     

    Section
13.03      Surrender of Company
Powers.

     

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

     

    Section
13.04      Notices.

     

    Except as
otherwise expressly provided herein, any notice, request or demand that by any
provision of this Indenture is required or permitted to be given, made or served
by the Trustee or by the holders of Securities or by any other Person pursuant
to this Indenture to or on the Company may be given or served by being deposited
in first class mail, postage prepaid, addressed (until another address is filed
in writing by the Company with the Trustee), as follows: 15 Exchange
Place, Suite 500, Jersey City, NJ 07302, with a copy to Loeb & Loeb, LLP,
345 Park Avenue, New York, New York 10154, Attn: Mitchell S. Nussbaum, Esq. Any
notice, election, request or demand by the Company or any Securityholder or by
any other Person pursuant to this Indenture to or upon the Trustee shall be
deemed to have been sufficiently given or made, for all purposes, if given or
made in writing at the Corporate Trust Office of the Trustee.

     

    Section
13.05      Governing Law.

     

    This
Indenture and each Security shall be deemed to be a contract made under the
internal laws of the State of New York, and for all purposes shall be construed
in accordance with the laws of said State, except to the extent that the Trust
Indenture Act is applicable.

     

    Section
13.06      Treatment of Securities as
Debt.

     

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

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

     

    Section
13.07      Certificates and Opinions as to
Conditions Precedent.

     

    (a)           Upon
any application or demand by the Company to the Trustee to take any action under
any of the provisions of this Indenture, the Company shall furnish to the
Trustee an Officers’ Certificate stating that all conditions precedent provided
for in this Indenture (other than the certificate to be delivered pursuant to
Section 13.13) 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 documents is
specifically required by any provision of this Indenture relating to such
particular application or demand, no additional certificate or opinion need be
furnished.

     

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

     

    Section
13.08      Payments on Business Days.

     

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

     

    Section
13.09      Conflict with Trust Indenture
Act.

     

    If and to
the extent that any provision of this Indenture limits, qualifies or conflicts
with the duties imposed by Sections 310 to 317, inclusive, of the Trust
Indenture Act, such imposed duties shall control.

     

    Section
13.10      Indenture and Securities Solely
Corporate Obligations.

     

    No
recourse for the payment of the principal of, premium, if any, or interest on
any Securities, or for any claim based thereon or otherwise in respect thereof,
and no recourse under or upon any obligation, covenant or agreement of the
Company in this Indenture or in any supplemental indenture or in any Security,
or because of the creation of any indebtedness represented thereby, shall be had
against any incorporator, shareholder, employee, agent, officer, director or
subsidiary, as such, past, present or future, of the Company or of any successor
entity, either directly or through the Company or any successor entity, 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 all
such liability is hereby expressly waived and released as a condition of, and as
a consideration for, the execution of this Indenture and the issuance of the
Securities.

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

     

    Section
13.11      Counterparts.

     

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

     

    Section
13.12      Separability.

     

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

     

    Section
13.13      Compliance Certificates.

     

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

     

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

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	 
      	
                                  LIHUA
      INTERNATIONAL, INC.

                                
	 
      	 
      
	 
      	
                                  By:

                                	 
      
	 
      	 
      	 
      
	 
      	
                                  Name:

                                	 
      
	 
      	 
      	 
      
	 
      	
                                  Title:

                                	 
      

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

     

    
      	 
      	
              [TRUSTEE], as
      Trustee

            
	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	 
      	 
      
	 
      	
              Name:

            	 
      
	 
      	 
      	 
      
	 
      	
              Title:

            	 
      

    

    
      
         

      

      
        44

        
          

        

      

      
         

      

    

     

    CROSS-REFERENCE
TABLE (1)

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	
                                                  Section
      of Trust Indenture Act of 1939, as Amended

                                                	 	
                                                  Section
      of Indenture

                                                
	
                                                  310(a)

                                                	 	
                                                  7.09

                                                
	
                                                  310(b)

                                                	 	
                                                  7.08

                                                
	 
      	 	
                                                  7.10

                                                
	
                                                  310(c)

                                                	 	
                                                  Inapplicable

                                                
	
                                                  311(a)

                                                	 	
                                                  7.13

                                                
	
                                                  311(b)

                                                	 	
                                                  7.13

                                                
	 
      	 	 
      
	
                                                  311(c)

                                                	 	
                                                  Inapplicable

                                                
	
                                                  312(a)

                                                	 	
                                                  5.01

                                                
	 
      	 	
                                                  5.02(a)

                                                
	
                                                  312(b)

                                                	 	
                                                  5.02(c)

                                                
	
                                                  312(c)

                                                	 	
                                                  5.02(c)

                                                
	
                                                  313(a)

                                                	 	
                                                  5.04(a)

                                                
	
                                                  313(b)

                                                	 	
                                                  5.04(b)

                                                
	
                                                  313(c)

                                                	 	
                                                  5.04(a)

                                                
	 
      	 	
                                                  5.04(b)

                                                
	
                                                  313(d)

                                                	 	
                                                  5.04(c)

                                                
	
                                                  314(a)

                                                	 	
                                                  5.03

                                                
	 
      	 	
                                                  13.12

                                                
	
                                                  314(b)

                                                	 	
                                                  Inapplicable

                                                
	
                                                  314(c)

                                                	 	
                                                  13.07(a)

                                                
	
                                                  314(d)

                                                	 	
                                                  Inapplicable

                                                

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    	
                                                            Section
      of Trust Indenture Act of 1939, as Amended

                                                          	 	
                                                            Section
      of Indenture

                                                          
	
                                                            314(e)

                                                          	 	
                                                            13.07(b)

                                                          
	
                                                            314(f)

                                                          	 	
                                                            Inapplicable

                                                          
	
                                                            315(a)

                                                          	 	
                                                            7.01(a)

                                                          
	 
      	 	
                                                            7.01(b)

                                                          
	
                                                            315(b)

                                                          	 	
                                                            7.14

                                                          
	
                                                            315(c)

                                                          	 	
                                                            7.01

                                                          
	
                                                            315(d)

                                                          	 	
                                                            7.01(b)

                                                          
	 
      	 	 
      
	
                                                            315(e)

                                                          	 	
                                                            6.07

                                                          
	
                                                            316(a)

                                                          	 	
                                                            6.06

                                                          
	 
      	 	
                                                            8.04

                                                          
	
                                                            316(b)

                                                          	 	
                                                            6.04

                                                          
	
                                                            316(c)

                                                          	 	
                                                            8.01

                                                          
	
                                                            317(a)

                                                          	 	
                                                            6.02

                                                          
	
                                                            317(b)

                                                          	 	
                                                            4.03

                                                          
	
                                                            318(a)

                                                          	 	
                                                            13.09

                                                          

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      	
              (1)

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

            

    

    
      
         

      

      
        46

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