Document:

INDEMNIFICATION AGREEMENT

    This Indemnification Agreement (“Agreement”),

        dated as of [DATE], is by and between GSE Systems, Inc., a Delaware corporation (the “Company”) and [NAME] (the “Indemnitee”).

    WHEREAS, Indemnitee is or will become [a director/an officer] of the Company;

    WHEREAS, both the Company and Indemnitee recognize the increased risk of litigation and other
        claims being asserted against a person occupying such position with a public company;

    WHEREAS, the board of directors of the Company (the “Board”) has determined that enhancing the ability of the Company to retain and attract the most capable persons is in the best interests of the Company and, therefore, the Company should seek to assure
        such persons that indemnification and insurance coverage is available; and

    WHEREAS, in recognition of the need to provide Indemnitee with substantial protection against
        personal liability, in order to procure Indemnitee’s [continued] service and to enhance Indemnitee’s ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be
        enforceable irrespective of, among other things, any amendment to the Company’s certificate of incorporation or bylaws (collectively, the “Constituent Documents”),

        any change in the composition of the Board or any change in control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as
        defined in Section 1(f) below) to, Indemnitee as set forth in this Agreement and for the [continued] coverage of Indemnitee under the Company’s directors’ and officers’ liability insurance policies.

    NOW, THEREFORE, in consideration of the foregoing and the Indemnitee’s agreement to [continue to]
        provide services to the Company, the parties agree as follows:

    1. Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

    
      	
              (a)

            	
              “Beneficial Owner” has the meaning given to the term “beneficial owner” in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

            

    

    
      	
              (b)

            	
              “Change in Control” means the occurrence after the date of this Agreement of any of the following events:

            

    

    
      	
              (i)

            	
              any Person is or becomes the Beneficial Owner, directly
                  or indirectly, of securities of the Company representing 50% or more of the Company’s then outstanding Voting Securities;

            

    

    
      	
              (ii)

            	
              the consummation of a reorganization, merger or
                  consolidation, unless immediately following such reorganization, merger or consolidation, all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly or indirectly,
                  more than 25% of the combined voting power of the outstanding Voting Securities of the entity resulting from such transaction;

            

    

    
      	
              (iii)

            	
              during any period of two consecutive years, not
                  including any period prior to the execution of this Agreement, individuals who at the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination for election by
                  the Company’s stockholders was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so
                  approved) cease for any reason to constitute at least a majority of the Board; or

            

    

    
      	
              (iv)

            	
              the stockholders of the Company approve a plan of
                  complete liquidation or dissolution of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets.

            

    

    
      	
              (c)

            	
              “Claim” means:

            

    

    
      	
              (i)

            	
              any threatened, pending or completed action, suit,
                  proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

            

    

    
      	
              (ii)

            	
              any inquiry, hearing or investigation that the
                  Indemnitee determines might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism.

            

    

    
      	
              (d)

            	
              “Delaware Court” shall have the meaning ascribed to it in Section 9(e) below.

            

    

    
      	
              (e)

            	
              “Disinterested Director” means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

            

    

    
      	
              (f)

            	
              “Expenses” means any and all expenses including attorneys’ fees, court costs, transcript costs, travel expenses, copying, printing and binding costs, telephone charges, and all other costs and
                  expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include (i) Expenses
                  incurred in connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for
                  purposes of Section 5 only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include
                  amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

            

    

    
      	
              (g)

            	
              “Expense Advance” means any payment of Expenses advanced to Indemnitee by the Company pursuant to Section 4 or Section 5 hereof.

            

    

    
      	
              (h)

            	
              “Indemnifiable Event” means any event or occurrence, whether occurring [before,] on or after the date of this Agreement, related to the fact that Indemnitee is or was a director, officer,
                  employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company,
                  partnership, joint venture, trust or other entity or enterprise (collectively with the Company, “Enterprise”) or by reason of an action or inaction
                  by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under this Agreement).

            

    

    
      	
              (i)

            	
              “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past three (3) years has
                  performed, services for either: (i) the Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any other party to the Claim giving
                  rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict
                  of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

            

    

    
      	
              (j)

            	
              “Losses” means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement,
                  including any interest, assessments and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in,
                  any Claim.

            

    

    
      	
              (k)

            	
              “Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity
                  and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act.

            

    

    
      	
              (l)

            	
              “Standard of Conduct Determination” shall have the meaning ascribed to it in Section 9(b) below.

            

    

    
      	
              (m)

            	
              “Voting Securities” means any securities of the Company that vote generally in the election of directors.

            

    

    2. Services to the Company. Indemnitee agrees to [serve/continue to serve] as a [director or officer] of the Company for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders [his/her]
          resignation or is no longer serving in such capacity. This Agreement shall not be deemed an employment agreement between the Company (or any of its subsidiaries or Enterprise) and Indemnitee. Indemnitee specifically acknowledges that [his/her]
          [employment with/service to] the Company or any of its subsidiaries or Enterprise is at will and the Indemnitee may be discharged at any time for any reason, with or without cause, except as may be otherwise provided in any written employment
          agreement between Indemnitee and the Company (or any of its subsidiaries or Enterprise), other applicable formal severance policies duly adopted by the Board or, with respect to service as a director or officer of the Company, by the Company’s
          Constituent Documents or Delaware law. This Agreement shall continue in force after Indemnitee has ceased to serve as a director or officer of the Company or, at the request of the Company, of any of its subsidiaries or Enterprise, as provided in
          Section 12 hereof.

    3. Indemnification. Subject to Section 9
          and Section 10 of this Agreement, the Company shall indemnify Indemnitee, to the
          fullest extent permitted by the laws of the State of Delaware in effect on the date hereof, or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all Losses if
          Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including, without limitation, Claims brought by or
          in the right of the Company, Claims brought by third parties, and Claims in which the Indemnitee is solely a witness.

    4. Advancement of Expenses. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and
          all Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event. Indemnitee’s right to such advancement is not subject to the satisfaction of any standard of conduct. Without
          limiting the generality or effect of the foregoing, within thirty (30) days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an
          amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee shall not be required to provide any documentation or information to the extent that the
          provision thereof would undermine or otherwise jeopardize attorney-client privilege. In connection with any request for Expense Advances, Indemnitee shall execute and deliver to the Company an undertaking (which shall be accepted without
          reference to Indemnitee’s ability to repay the Expense Advances), in the form attached hereto as Exhibit A, to repay any amounts paid, advanced, or reimbursed by the Company for such Expenses to the extent that it is ultimately determined,
          following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee’s obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

    5. Indemnification for Expenses in Enforcing
            Rights. To the fullest extent allowable under applicable law, the Company shall also indemnify against, and, if requested by Indemnitee, shall advance to Indemnitee
          subject to and in accordance with Section 4, any Expenses actually and reasonably
          paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or
          provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or (b) recovery under any directors’ and officers’ liability insurance policies maintained by the Company. Indemnitee shall
          be required to reimburse the Company in the event that a final judicial determination is made that such action brought by Indemnitee was frivolous or not made in good faith.

    6. Partial Indemnity. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but
          not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

    7. Notification and Defense of Claims.

    
      	
              (a)

            	
              Notification of Claims. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances,
                  including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company
                  from any liability hereunder unless the Company’s ability to participate in the defense of such claim was materially and adversely affected by such failure. If at the time of the receipt of such notice, the Company has directors’ and
                  officers’ liability insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures
                  set forth in the applicable policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the
                  Claim, in each case substantially concurrently with the delivery or receipt thereof by the Company.

            

    

    
      	
              (b)

            	
              Defense of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the
                  Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable
                  to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee’s defense of such Claim other than reasonable costs of investigation or as otherwise provided
                  below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee’s own expense;
                  provided, however, that if (i) Indemnitee’s employment of its own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in
                  the defense of such Claim, (iii) after a Change in Control, Indemnitee’s employment of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not in fact have employed counsel to assume the defense of such
                  Claim, then Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any such Claim) and all Expenses related to such separate counsel shall be borne
                  by the Company.

            

    

    8. Procedure upon Application for Indemnification. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including in such request such documentation and
          information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim. Indemnification shall be made insofar
          as the Company determines Indemnitee is entitled to indemnification in accordance with Section 9 below.

    9. Determination of Right to Indemnification.

    
      	
              (a)

            	
              Mandatory Indemnification; Indemnification as a Witness.

            

    

    
      	
              (i)

            	
              To the extent that Indemnitee shall have been
                  successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee
                  shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest extent allowable by law.

            

    

    
      	
              (ii)

            	
              To the extent that Indemnitee’s involvement in a Claim
                  relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law.

            

    

    
      	
              (b)

            	
              Standard of Conduct. To the extent that the provisions of Section 9(a) are inapplicable to a Claim related to an Indemnifiable Event that shall have been finally disposed of, any
                  determination of whether Indemnitee has satisfied any applicable standard of conduct under Delaware law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim and any
                  determination that Expense Advances must be repaid to the Company (a “Standard of Conduct Determination”) shall be made as follows:

            

    

    
      	
              (i)

            	
              if no Change in Control has occurred, (A) by a
                  majority vote of the Disinterested Directors, even if less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum or (C) if
                  there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; and

            

    

    
      	
              (ii)

            	
              if a Change in Control shall have occurred, (A) if the
                  Indemnitee so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be
                  delivered to Indemnitee.

            

    

    The Company shall indemnify and hold harmless
        Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within thirty (30) days of such request, any and all Expenses incurred by Indemnitee in cooperating with the person or persons making such
        Standard of Conduct Determination.

    
      	
              (c)

            	
              Making the Standard of Conduct Determination. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under Section 9(b) to be made
                  as promptly as practicable. If the person or persons designated to make the Standard of Conduct Determination under Section 9(b) shall not have made a determination within thirty (30) days after the later of (A)
                  receipt by the Company of a written request from Indemnitee for indemnification pursuant to Section 8 (the date of such receipt being the “Notification Date”) and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct;
                  provided that such 30-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person or persons making such determination in good faith requires such additional time to obtain or evaluate
                  information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition
                  of any Claim.

            

    

    
      	
              (d)

            	
              Payment of Indemnification. If, in regard to any Losses:

            

    

    
      	
              (i)

            	
              Indemnitee shall be entitled to indemnification
                  pursuant to Section 9(a);

            

    

    
      	
              (ii)

            	
              no Standard of Conduct Determination is legally
                  required as a condition to indemnification of Indemnitee hereunder; or

            

    

    
      	
              (iii)

            	
              Indemnitee has been determined or deemed pursuant to
                  Section 9(b) or Section 9(c) to have satisfied the Standard of Conduct Determination,

            

    

    then the Company shall pay to Indemnitee,
        within five (5) days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

    
      	
              (e)

            	
              Selection of Independent Counsel for Standard of Conduct Determination. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to Section 9.1(b)(i),
                  the Independent Counsel shall be selected by the Board of Directors, and the Company shall give written notice to Indemnitee advising [him/her] of the identity of the Independent Counsel so selected. If a Standard of Conduct Determination
                  is to be made by Independent Counsel pursuant to Section 9.1(b)(ii), the Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of
                  the Independent Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within five (5) days after receiving written notice of selection from the other, deliver to the other a written objection to such
                  selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of “Independent Counsel” in Section 1(i), and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such written
                  objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without
                  merit; and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative Independent Counsel so selected,
                  in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall apply to such subsequent selection and notice. If applicable, the provisions
                  of clause (ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this Section 9(e) to make the
                  Standard of Conduct Determination shall have been selected within twenty (20) days after the Company gives its initial notice pursuant to the first sentence of this Section 9(e) or Indemnitee gives its initial
                  notice pursuant to the second sentence of this Section 9(e), as the case may be, either the Company or Indemnitee may petition the Court of Chancery of the State of Delaware (“Delaware Court”) to resolve any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or to appoint as Independent
                  Counsel a person to be selected by the Court or such other person as the Court shall designate, and the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent Counsel.
                  In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel’s determination pursuant to Section 9(b).

            

    

    
      	
              (f)

            	
              Presumptions and Defenses.

            

    

    
      	
              (i)

            	
              Indemnitee’s Entitlement to Indemnification. In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied the applicable
                  standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to
                  Indemnitee may be challenged by the Indemnitee in the Delaware Court. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may be used
                  as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of
                  conduct.

            

    

    
      	
              (ii)

            	
              Reliance as a Safe Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed to have
                  acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee’s actions or omissions to act are taken in good faith reliance upon the records of the Company,
                  including its financial statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the
                  Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other Person’s professional or expert competence and who has been selected with
                  reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the
                  right to indemnity hereunder.

            

    

    
      	
              (iii)

            	
              No Other Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere
                  or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.

            

    

    
      	
              (iv)

            	
              Defense to Indemnification and Burden of Proof. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for
                  Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. In
                  connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

            

    

    10. Exclusions from Indemnification. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

    
      	
              (a)

            	
              indemnify or advance funds to Indemnitee for Expenses
                  or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

            

    

    
      	
              (i)

            	
              proceedings referenced in Section 5
                  above (unless a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous); or

            

    

    
      	
              (ii)

            	
              where the Company has joined in or the Board has
                  consented to the initiation of such proceedings.

            

    

    
      	
              (b)

            	
              indemnify Indemnitee if a final decision by a court of
                  competent jurisdiction determines that such indemnification is prohibited by applicable law.

            

    

    
      	
              (c)

            	
              indemnify Indemnitee for the disgorgement of profits
                  arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute.

            

    

    11. Settlement of Claims. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without
          the Company’s prior written consent, which shall not be unreasonably withheld; provided, however, that if a Change in Control has occurred, the Company shall be liable for indemnification of the Indemnitee for amounts paid in settlement if an
          Independent Counsel has approved the settlement. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without the Indemnitee’s prior written consent.

    12. Duration. All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer of the Company (or is serving at the request of the Company as a
          director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto)
          and (ii) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in
          such capacity at the time of any such Claim or proceeding.

    13. Non-Exclusivity. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the General Corporation Law of the State of Delaware, any
          other contract or otherwise (collectively, “Other Indemnity Provisions”); provided,
          however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is
          made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the date hereof, Indemnitee will be deemed to have such greater right hereunder.

    14. Liability Insurance. For the duration of Indemnitee’s service as a [director/officer] of the Company, and thereafter for so long as Indemnitee shall be subject to any pending Claim relating to an
          Indemnifiable Event, the Company shall use commercially reasonable efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to continue to maintain in effect policies of directors’ and officers’
          liability insurance providing coverage that is at least substantially comparable in scope and amount to that provided by the Company’s current policies of directors’ and officers’ liability insurance. In all policies of directors’ and officers’
          liability insurance maintained by the Company, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most favorably insured of the Company’s directors, if Indemnitee
          is a director, or of the Company’s officers, if Indemnitee is an officer (and not a director) by such policy. Upon request, the Company will provide to Indemnitee copies of all directors’ and officers’ liability insurance applications, binders,
          policies, declarations, endorsements and other related materials.

    15. No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any insurance
          policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

    16. Subrogation. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute all papers
          required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

    17. Amendments. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding
          unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a
          continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

    18. Binding Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by
          purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company shall require and cause any successor (whether
          direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement in form and substances satisfactory to Indemnitee, expressly to
          assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

    19. Severability. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be
          invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law.

    20. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand, against receipt, or mailed, by postage prepaid,
          certified or registered mail:

    
      	
              (a)

            	
              if to Indemnitee, to the address set forth on the
                  signature page hereto.

            

    

    
      	
              (b)

            	
              if to the Company, to:

            

    

    GSE Systems, Inc.

    c/o General Counsel

    6940 Columbia Gateway Dr

    Suite 470

    Columbia, Maryland 21046

    

    

    Notice of change of address shall be effective only when given
        in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of hand delivery or on the third (3rd) business day after mailing.

    21. Governing Law and Forum. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to contracts made and to be performed in such state without
          giving effect to its principles of conflicts of laws. The Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the
          Delaware Court and not in any other state or federal court in the United States, (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this
          Agreement and (c) waive, and agree not to plead or make, any claim that the Delaware Court lacks venue or that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

    22. Headings. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation
          thereof.

    23. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but all of which together shall constitute one and the same
          Agreement.

    [SIGNATURE PAGE FOLLOWS]

    
      
        

    

    

    

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

    	 	
            GSE SYSTEMS, INC.

          
	 	
            By: _____________________

            Name:

            Title:

          
	 	
            INDEMNITEE

          
	 	
            _____________________

            Name:

            Address:______________

            _____________________

            _____________________

          

    

    

    
      
        

    

    EXHIBIT A

    FORM OF UNDERTAKING TO REPAY ADVANCEMENT OF EXPENSES

    
      
        

    

    The Board of Directors of GSE Systems, Inc.

    Re: Undertaking to Repay Expenses Advanced

    Ladies and Gentlemen:

    This undertaking is being provided pursuant to that certain Indemnification Agreement (the “Indemnification Agreement”) dated the ___day of _______________, 20___, by and between GSE Systems, Inc. (the “Company”) and the undersigned Indemnitee (“Indemnitee”),

        pursuant to which I am entitled to advance of expenses in connection with [Description of Claim] (the “Claim”).

    Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement.

    I am subject to the Claim by reason of my status as a _______ or by reason of alleged actions or omissions by me in
        such capacity. I hereby affirm that at all times, insofar as I was involved as [Description of Company Role] of the Company, in any of the facts or events
        giving rise to the Claim, I (1) acted in good faith and honestly, (2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or
        omission by me was unlawful.

    In consideration of the advance of Expenses by the Company for reasonable attorneys’ fees and related expenses
        incurred by me in connection with the Claim (the “Advanced Expenses”), I hereby agree that if, in connection with the Claim, it is
        established that I am not entitled to indemnification then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in the Claim as to which the foregoing findings have been established and which
        have not been successfully resolved as described in Section 6 of the Indemnification Agreement. To the extent that Advanced Expenses do not relate to a specific claim, issue or matter in the Claim, I agree that such Expenses shall be allocated on a
        reasonable and proportionate basis.

    IN WITNESS WHEREOF, I have executed this undertaking on this ___day of ______________, 20___.

    	
             

          	
             

          	
             

          	
             

          	
             

          
	
            WITNESS:Exhibit 4.2

      

      

      InflaRx N.V.

      as the Company

       

      and

       

      [ ]

      as Trustee

       
        

      
        

        

      

      Senior Indenture

       

      Dated as of [ ], [ ]

       

        

      
        
          

         

      

      
        
          

      

      TABLE OF CONTENTS

       

      	Page
	 
	
              ARTICLE 1

            
	
              Definitions and Incorporation by Reference

            
	 	 	 
	
              Section 1.01

            	
              Definitions

            	
              1

            
	
              Section 1.02

            	
              Other Definitions

            	
              4

            
	
              Section 1.03

            	
              Incorporation by Reference of Trust Indenture Act

            	
              4

            
	
              Section 1.04

            	
              Rules of Construction

            	
              4

            
	 
	
              ARTICLE 2

              

            
	
              The Securities

            
	 	 	 
	
              Section 2.01

            	
              Form and Dating

            	
              5

            
	
              Section 2.02

            	
              Execution and Authentication

            	
              5

            
	
              Section 2.03

            	
              Amount Unlimited; Issuable in Series

            	
              6

            
	
              Section 2.04

            	
              Denomination and Date of Securities; Payments of Interest

            	
              8

            
	
              Section 2.05

            	
              Registrar and Paying Agent; Agents Generally

            	
              9

            
	
              Section 2.06

            	
              Paying Agent to Hold Money in Trust

            	
              9

            
	
              Section 2.07

            	
              Transfer and Exchange

            	
              10

            
	
              Section 2.08

            	
              Replacement Securities

            	
              12

            
	
              Section 2.09

            	
              Outstanding Securities

            	
              12

            
	
              Section 2.10

            	
              Temporary Securities

            	
              13

            
	
              Section 2.11

            	
              Cancellation

            	
              13

            
	
              Section 2.12

            	
              CUSIP Numbers

            	
              13

            
	
              Section 2.13

            	
              Defaulted Interest

            	
              13

            
	
              Section 2.14

            	
              Series May Include Tranches

            	
              14

            
	 
	
              ARTICLE 3

              

            
	
              Redemption

            
	 	 	 
	
              Section 3.01

            	
              Applicability of Article

            	
              14

            
	
              Section 3.02

            	
              Notice of Redemption; Partial Redemptions

            	
              14

            
	
              Section 3.03

            	
              Payment of Securities Called for Redemption

            	
              15

            
	
              Section 3.04

            	
              Exclusion of Certain Securities from Eligibility for Selection for Redemption

            	
              16

            
	
              Section 3.05

            	
              Mandatory and Optional Sinking Funds

            	
              16

            
	 
	
              ARTICLE 4

              

            
	
              Covenants

            
	 	 	 
	
              Section 4.01

            	
              Payment of Securities

            	
              18

            
	
              Section 4.02

            	
              Maintenance of Office or Agency

            	
              18

            
	
              Section 4.03

            	
              Securityholders’ Lists

            	
              19

            
	
              Section 4.04

            	
              Certificate to Trustee

            	
              19

            
	
              Section 4.05

            	
              Reports by the Company

            	
              19

            
	
              Section 4.06

            	
              Additional Amounts

            	
              19

            

      

      

      
        
          

      

      	
              ARTICLE 5

              

            
	
              Successor Corporation

            
	 	 	 
	
              Section 5.01

            	
              When Company May Merge, Etc.

            	
              20

            
	
              Section 5.02

            	
              Successor Substituted

            	
              20

            
	 
	
              
                ARTICLE 6

                

              

            
	
              Default and Remedies

            
	 	 	 
	
              Section 6.01

            	
              Events of Default

            	
              20

            
	
              Section 6.02

            	
              Acceleration

            	
              21

            
	
              Section 6.03

            	
              Other Remedies

            	
              22

            
	
              Section 6.04

            	
              Waiver of Past Defaults

            	
              22

            
	
              Section 6.05

            	
              Control by Majority

            	
              22

            
	
              Section 6.06

            	
              Limitation on Suits

            	
              23

            
	
              Section 6.07

            	
              Rights of Holders to Receive Payment

            	
              23

            
	
              Section 6.08

            	
              Collection Suit by Trustee

            	
              23

            
	
              Section 6.09

            	
              Trustee May File Proofs of Claim

            	
              23

            
	
              Section 6.10

            	
              Application of Proceeds

            	
              24

            
	
              Section 6.11

            	
              Restoration of Rights and Remedies

            	
              24

            
	
              Section 6.12

            	
              Undertaking for Costs

            	
              25

            
	
              Section 6.13

            	
              Rights and Remedies Cumulative

            	
              25

            
	
              Section 6.14

            	
              Delay or Omission not Waiver

            	
              25

            
	 
	
              ARTICLE 7

              

            
	
              Trustee

            
	 	 	 
	
              Section 7.01

            	
              General

            	
              25

            
	
              Section 7.02

            	
              Certain Rights of Trustee

            	
              25

            
	
              Section 7.03

            	
              Individual Rights of Trustee

            	
              26

            
	
              Section 7.04

            	
              Trustee’s Disclaimer

            	
              27

            
	
              Section 7.05

            	
              Notice of Default

            	
              27

            
	
              Section 7.06

            	
              Reports by Trustee to Holders

            	
              27

            
	
              Section 7.07

            	
              Compensation and Indemnity

            	
              27

            
	
              Section 7.08

            	
              Replacement of Trustee

            	
              28

            
	
              Section 7.09

            	
              Acceptance of Appointment by Successor

            	
              29

            
	
              Section 7.10

            	
              Successor Trustee By Merger, Etc.

            	
              30

            
	
              Section 7.11

            	
              Eligibility

            	
              30

            
	
              Section 7.12

            	
              Money Held in Trust

            	
              30

            
	 
	
              ARTICLE 8

              

            
	
              Satisfaction and Discharge of Indenture; Unclaimed Moneys

            
	 	 	 
	
              Section 8.01

            	
              Satisfaction and Discharge of Indenture

            	
              30

            
	
              Section 8.02

            	
              Application by Trustee of Funds Deposited for Payment of Securities

            	
              31

            
	
              Section 8.03

            	
              Repayment of Moneys Held by Paying Agent

            	
              31

            
	
              Section 8.04

            	
              Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years

            	
              31

            
	
              Section 8.05

            	
              Defeasance and Discharge of Indenture

            	
              31

            
	
              Section 8.06

            	
              Defeasance of Certain Obligations

            	
              32

            
	
              Section 8.07

            	
              Reinstatement

            	
              33

            
	
              Section 8.08

            	
              Indemnity

            	
              33

            

      

      

      
        
          

      

      	
              Section 8.09

            	
              Excess Funds

            	
              34

            
	
              Section 8.10

            	
              Qualifying Trustee

            	
              34

            
	
              
                ARTICLE 9 

                

              

            
	
              Amendments, Supplements and Waivers

            
	
              Section 9.01

            	
              Without Consent of Holders

            	
              34

            
	
              Section 9.02

            	
              With Consent of Holders

            	
              34

            
	
              Section 9.03

            	
              Revocation and Effect of Consent

            	
              35

            
	
              Section 9.04

            	
              Notation on or Exchange of Securities

            	
              36

            
	
              Section 9.05

            	
              Trustee to Sign Amendments, Etc.

            	
              36

            
	
              Section 9.06

            	
              Conformity with Trust Indenture Act

            	
              36

            
	 
	
              
                ARTICLE 10 

                

              

            
	
              Miscellaneous

            
	 	 	 
	
              Section 10.01

            	
              Trust Indenture Act of 1939

            	
              36

            
	
              Section 10.02

            	
              Notices

            	
              36

            
	
              Section 10.03

            	
              Certificate and Opinion as to Conditions Precedent

            	
              37

            
	
              Section 10.04

            	
              Statements Required in Certificate or Opinion

            	
              37

            
	
              Section 10.05

            	
              Evidence of Ownership

            	
              38

            
	
              Section 10.06

            	
              Rules by Trustee, Paying Agent or Registrar

            	
              38

            
	
              Section 10.07

            	
              Payment Date Other Than a Business Day

            	
              38

            
	
              Section 10.08

            	
              Governing Law

            	
              38

            
	
              Section 10.09

            	
              No Adverse Interpretation of Other Agreements

            	
              38

            
	
              Section 10.10

            	
              Successors

            	
              38

            
	
              Section 10.11

            	
              Duplicate Originals

            	
              38

            
	
              Section 10.12

            	
              Separability

            	
              38

            
	
              Section 10.13

            	
              Table of Contents, Headings, Etc.

            	
              38

            
	
              Section 10.14

            	
              Incorporators, Stockholders, Officers and Directors of Company Exempt from Individual Liability

            	
              38

            
	
              Section 10.15

            	
              Judgment Currency

            	
              39

            
	
              Section 10.16

            	
              Waiver of Jury Trial

            	
              39

            
	
              Section 10.17

            	
              Force Majeure

            	
              39

            

       

      

      
        
          

      

      
        SENIOR INDENTURE, dated as of [ , ], between InflaRx N.V., a Dutch public company with limited liability (naamloze vennootschap), as the Company, and [ ], as Trustee.

         

        RECITALS OF THE COMPANY

         

        WHEREAS, the Company has duly authorized the issue from time to time of its senior debentures, notes or other evidences of
            indebtedness to be issued in one or more series (the “Securities”) up to such principal amount or amounts as may from time to time be authorized
            in accordance with the terms of this Indenture and to provide, among other things, for the authentication, delivery and administration thereof, the Company has duly authorized the execution and delivery of this Indenture; and

         

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

         

        NOW, THEREFORE:

         

        In consideration of the premises and the purchases of the Securities by the holders thereof, the Company and the Trustee
            mutually covenant and agree for the equal and proportionate benefit of the respective holders from time to time of the Securities or of any and all series thereof as follows:

         

        ARTICLE 1

        Definitions and Incorporation by Reference

         

        Section 1.01          Definitions.

         

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

         

        “Agent” means any
            Registrar, Paying Agent, transfer agent or Authenticating Agent.

         

        “Board Resolution” means
            one or more resolutions of the board of directors of the Company or any authorized committee thereof, certified by the secretary or an assistant secretary to have been duly adopted and to be in full force and effect on the date of
            certification, and delivered to the Trustee.

         

        “Business Day” means any
            day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close (i) with respect to any Security the interest on which is based on the
            offered quotations in the interbank Eurodollar market for dollar deposits in London or in The City of New York or (ii) with respect to Securities denominated in a specified currency other than United States dollars, in the principal financial
            center of the country of the specified currency.

         

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

         

        
          
            

        

        
        “Company” means the party
            named as such in the first paragraph of this Indenture until a successor replaces it pursuant to Article 5 of this Indenture and thereafter means the successor.

         

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

         

        “Default” means any event
            that is, or after notice or passage of time or both would be, an Event of Default.

         

        “Depositary” means, with
            respect to the Securities of any series issuable or issued in the form of one or more Registered Global Securities, the Person designated as Depositary by the Company pursuant to Section 2.03 until a successor Depositary shall have become such
            pursuant to the applicable provisions of this Indenture, and thereafter “Depositary” shall mean or include each Person who is then a Depositary
            hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Securities of any such series shall
            mean the Depositary with respect to the Registered Global Securities of that series.

         

        “Exchange Act” means the
            Securities Exchange Act of 1934, as amended.

         

        “Holder” or “Securityholder” means the registered holder of any Security.

         

        “IFRS” means International
            Financial Reporting Standards as issued by the International Accounting Standards Board, as in effect as of the date hereof.

         

        “Indenture” means this
            Indenture as originally executed and delivered or as it may be amended or supplemented from time to time by one or more indentures supplemental to this Indenture entered into pursuant to the applicable provisions of this Indenture and shall
            include the forms and terms of the Securities of each series established as contemplated pursuant to Sections 2.01 and 2.03.

         

        “Officer” means, with
            respect to the Company, the chairman of the board of directors, the president or chief executive officer, any executive vice president, any senior vice president, any vice president, the chief financial officer, the treasurer or any assistant
            treasurer, or the secretary or any assistant secretary.

         

        “Officers’ Certificate”
            means a certificate signed in the name of the Company (i) by the chairman of the board of directors, president or chief executive officer, an executive vice president, a senior vice president or a vice president, and (ii) by the chief financial
            officer, the treasurer or any assistant treasurer, or the secretary or any assistant secretary, and delivered to the Trustee. Each such certificate shall comply with Section 314 of the Trust Indenture Act, if applicable, and include (except as
            otherwise expressly provided in this Indenture) the statements provided in Section 10.04, if applicable.

         

        “Opinion of Counsel” means
            a written opinion signed by legal counsel, who may be an employee of or counsel to the Company, satisfactory to the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act, if applicable, and include the statements
            provided in Section 10.04, if and to the extent required thereby.

         

        “original issue date” of
            any Security (or portion thereof) means the earlier of (a) the date of authentication of such Security or (b) the date of any Security (or portion thereof) for which such Security was issued (directly or indirectly) on registration of transfer,
            exchange or substitution.

         

        
          2

          
            

        

        “Original Issue Discount Security”
            means any Security that provides for an amount less than the Principal amount thereof to be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 6.02.

         

        “Periodic Offering” means
            an offering of Securities of a series from time to time, the specific terms of which Securities, including, without limitation, the rate or rates of interest, if any, thereon, the

         

        stated maturity or maturities thereof and the redemption provisions, if any, with respect thereto, are to be determined by
            the Company or its agents upon the issuance of such Securities.

         

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

         

        “Principal” of a Security
            means the principal amount of, and, unless the context indicates otherwise, includes any premium payable on, the Security.

         

        “Registered Global Security”
            means a Security evidencing all or a part of a series of Securities, issued to the Depositary for such series in accordance with Section 2.02, and bearing the legend prescribed in Section 2.02.

         

        “Responsible Officer” when
            used with respect to the Trustee, shall mean an officer of the Trustee in the Corporate Trust Office, having direct responsibility for the administration of this Indenture, and also, with respect to a particular matter, any other officer to
            whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

         

        “Securities” means any of
            the securities, as defined in the first paragraph of the recitals hereof, that are authenticated and delivered under this Indenture.

         

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

         

        “Subsidiary” means, with
            respect to any Person, any corporation, association or other business entity of which a majority of the capital stock or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons
            performing similar functions are at the time directly or indirectly owned by such Person.

         

        “Trustee” means the party
            named as such in the first paragraph of this Indenture until a successor replaces it in accordance with the provisions of Article 7 and thereafter shall mean or include each Person who is then a Trustee hereunder, and if at any time there is
            more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of
            that series.

         

        “Trust Indenture Act”
            means the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb), as it may be amended from time to time.

         

        “U.S. Government Obligations”
            means securities that are (i) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of 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, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government
            Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt.

         

        
          3

          
            

        

        “Yield to Maturity” means,
            as the context may require, the yield to maturity (i) on a series of Securities or (ii) if the Securities of a series are issuable from time to time, on a Security of such series, calculated at the time of issuance of such series in the case of
            clause (i) or at the time of issuance of such Security of such series in the case of clause (ii), or, if applicable, at the most recent redetermination of interest on such series or on such Security, and calculated in accordance with the
            constant interest method or such other accepted financial practice as is specified in the terms of such Security.

         

        Section 1.02          Other Definitions. Each of the following terms is defined in the section set forth opposite such term:

         

        	
                
                  Term

                

              	 	
                
                  Section

                

              	 
	
                Authenticating Agent          

              	 	 	
                2.02

              	 
	
                cash transaction          

              	 	 	
                7.03

              	 
	
                Event of Default          

              	 	 	
                6.01

              	 
	
                Judgment Currency          

              	 	 	
                10.15(a

              	
                )

              
	
                mandatory sinking fund payment          

              	 	 	
                3.05

              	 
	
                optional sinking fund payment          

              	 	 	
                3.05

              	 
	
                Paying Agent          

              	 	 	
                2.05

              	 
	
                record date          

              	 	 	
                2.04

              	 
	
                Registrar          

              	 	 	
                2.05

              	 
	
                Required Currency          

              	 	 	
                10.15(a

              	
                )

              
	
                Security Register          

              	 	 	
                2.05

              	 
	
                self-liquidating paper          

              	 	 	
                7.03

              	 
	
                sinking fund payment date          

              	 	 	
                3.05

              	 
	
                Surviving Entity          

              	 	 	
                5.01(a

              	
                )

              
	
                tranche          

              	 	 	
                2.14

              	 

         

          

        Section 1.03          Incorporation by Reference of Trust Indenture Act. Whenever this
            Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this Indenture. The following terms used in this Indenture that are defined by the Trust Indenture Act have the
            following meanings:

         

        “indenture securities”
            means the Securities;

         

        “indenture security holder”
            means a Holder or a Securityholder;

         

        “indenture to be qualified”
            means this Indenture;

         

        “indenture trustee” or “institutional trustee” means the Trustee; and

         

        “obligor” on the indenture
            securities means the Company or any other obligor on the Securities.

         

        All other terms used in this Indenture that are defined by the Trust Indenture Act, defined by reference in the Trust
            Indenture Act to another statute or defined by a rule of the Commission and not otherwise defined herein have the meanings assigned to them therein.

         

        Section 1.04          Rules of Construction. Unless the context otherwise requires:

         

        (a)          an accounting term not otherwise defined has the
            meaning assigned to it in accordance with IFRS;

         

        
          4

          
            

        

        (b)          words in the singular include the plural, and
            words in the plural include the singular;

         

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

         

        (d)          all references to Sections or Articles refer to
            Sections or Articles of this Indenture unless otherwise indicated; and

         

        (e)          use of masculine, feminine or neuter pronouns
            should not be deemed a limitation, and the use of any such pronouns should be construed to include, where appropriate, the other pronouns.

         

        
          ARTICLE 2

          The Securities

           

          

        Section 2.01          Form and Dating. The Securities of each series shall be substantially in
            such form or forms (not inconsistent with this Indenture) as shall be established by or pursuant to one or more Board Resolutions or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions,
            substitutions and other variations as are required or permitted by this Indenture and may have imprinted or otherwise reproduced thereon such legend or legends or endorsements, not inconsistent with the provisions of this Indenture, as may be
            required to comply with any law, or with any rules of any securities exchange or usage, all as may be determined by the Officers executing such Securities as evidenced by their execution of the Securities.

         

        Section 2.02          Execution and Authentication. Two Officers shall execute the Securities
            for the Company by facsimile or manual signature in the name and on behalf of the Company. If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be
            valid.

         

        The Trustee, at the expense of the Company, may appoint an authenticating agent (the “Authenticating Agent”) to authenticate Securities. The Authenticating Agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to
            authentication by the Trustee includes authentication by such Authenticating Agent.

         

        A Security shall not be valid until the Trustee or Authenticating Agent signs, manually or by facsimile, the certificate of
            authentication on the Security. The signature shall be conclusive evidence that the Security has been authenticated under 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 the applicable documents referred to below in this Section, and the Trustee shall thereupon authenticate and deliver such Securities to or upon the written order
            of the Company. In authenticating any Securities of a series, the Trustee shall be entitled to receive prior to the authentication of any Securities of such series, and (subject to Article 7) shall be fully protected in relying upon, unless and
            until such documents have been superseded or revoked:

         

        (a)          any Board Resolution and/or executed supplemental
            indenture referred to in Sections 2.01 and 2.03 by or pursuant to which the forms and terms of the Securities of that series were established;

         

        (b)          an Officers’ Certificate setting forth the form or
            forms and terms of the Securities, stating that the form or forms and terms of the Securities of such series have been, or, in the case of a Periodic Offering, will be when established in accordance with such procedures as shall be referred to
            therein, established in compliance with this Indenture; and

         

        
          5

          
            

        

        (c)          an Opinion of Counsel substantially to the effect
            that the form or forms and terms of the Securities of such series have been, or, in the case of a Periodic Offering, will be when established in accordance with such procedures as shall be referred to therein, established in compliance with
            this Indenture and that the supplemental indenture, to the extent applicable, and Securities have been duly authorized and, if executed and authenticated in accordance with the provisions of the Indenture and delivered to and duly paid for by
            the purchasers thereof on the date of such opinion, would be entitled to the benefits of the Indenture and would be valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, subject
            to bankruptcy, insolvency, reorganization, receivership, moratorium and other similar laws affecting creditors’ rights generally, general principles of equity, and covering such other matters as shall be specified therein and as shall be
            reasonably requested by the Trustee.

         

        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 which is not reasonably acceptable to the Trustee.

         

        Notwithstanding the provisions of Sections 2.01 and 2.02, if, in connection with a Periodic Offering, all Securities of a
            series are not to be originally issued at one time, it shall not be necessary to deliver the Board Resolution otherwise required pursuant to Section 2.01 or the written order, Officers’ Certificate and Opinion of Counsel otherwise required
            pursuant to Section 2.02 at or prior to the authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued.

         

        With respect to Securities of a series offered in a Periodic Offering, the Trustee may rely, as to the authorization by the
            Company of any of such Securities, the forms and terms thereof and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and the other documents delivered pursuant to Sections 2.01 and 2.02, as
            applicable, in connection with the first authentication of Securities of such series.

         

        If the Company shall establish pursuant to Section 2.03 that the Securities of a series or a portion thereof are to be issued
            in the form of one or more Registered Global Securities, then the Company shall execute and the Trustee shall authenticate and deliver one or more Registered Global Securities that (i) shall represent and shall be denominated in an amount equal
            to the aggregate Principal amount of all of the Securities of such series issued in such form and not yet cancelled, (ii) shall be registered in the name of the Depositary for such Registered Global Security or Securities or the nominee of such
            Depositary, (iii) shall be delivered by the Trustee to such Depositary or its custodian or pursuant to such Depositary’s instructions and (iv) shall (unless provided otherwise in the form of such Security) bear a legend substantially to the
            following effect: “Unless and until it is exchanged in whole or in part for Securities in definitive registered form, this Security may not be transferred except as a whole by the Depositary to the nominee of the Depositary or by a nominee of
            the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.”

         

        Section 2.03          Amount Unlimited; Issuable in Series. 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 and each such series shall rank equally and pari passu with all other unsecured and unsubordinated debt of the Company. There shall be established in or pursuant to a Board Resolution or one or more indentures
            supplemental hereto, prior to the initial issuance of Securities of any series, subject to the last sentence of this Section 2.03,

         

        
          6

          
            

        

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

         

        (b)          any limit upon the aggregate Principal amount of
            the Securities of the series that may be authenticated and delivered under this Indenture and any limitation on the ability of the Company to increase such aggregate Principal amount after the initial issuance of the Securities of that series
            (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, or upon redemption of, other Securities of the series pursuant hereto);

         

        (c)          the date or dates on which the Principal of the
            Securities of the series is payable (which date or dates may be fixed or extendible);

         

        (d)          the rate or rates (which may be fixed or variable)
            per annum at which the Securities of the series shall bear interest, if any, the date or dates from which such interest shall accrue, on which such interest shall be payable and on which a record shall be taken for the determination of Holders
            to whom interest is payable and/or the method by which such rate or rates or date or dates shall be determined;

         

        (e)          if other than as provided in Section 4.02, the
            place or places where the Principal of and any interest on Securities of the series shall be payable, any Securities of the series may be surrendered for exchange, and notices and demands to or upon the Company in respect of the Securities of
            the series and this Indenture may be served;

         

        (f)          the right, if any, of the Company to redeem
            Securities of the series, in whole or in part, at its option and the period or periods within which, the price or prices at which and any terms and conditions upon which Securities of the series may be so redeemed, pursuant to any sinking fund
            or otherwise;

         

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

         

        (h)          if other than denominations of $2,000 and any
            higher integral multiple of $1,000, the denominations in which Securities of the series shall be issuable;

         

        (i)          if other than the Principal amount thereof, the
            portion of the Principal amount of Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof;

         

        (j)          if other than the coin or currency in which the
            Securities of the series are denominated, the coin or currency in which payment of the Principal of or interest on the Securities of the series shall be payable or if the amount of payments of principal of and/or interest on the Securities of
            the series may be determined with reference to an index based on a coin or currency other than that in which the Securities of the series are denominated, the manner in which such amounts shall be determined;

         

        (k)          if other than the currency of the United States of
            America, the currency or currencies, including composite currencies, in which payment of the Principal of and interest on the Securities of the series shall be payable, and the manner in which any such currencies shall be valued against other
            currencies in which any other Securities shall be payable;

         

        
          7

          
            

        

        (l)           whether the Securities of the series or any
            portion thereof will be issuable as Registered Global Securities;

         

        (m)         whether the Securities of the series may be
            exchangeable for and/or convertible into the common stock of the Company or any other security;

         

        (n)          whether and under what circumstances the Company
            will pay additional amounts on the Securities of the series held by a person who is not a U.S. person in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the Company will have the option to redeem
            such Securities rather than pay such additional amounts;

         

        (o)          if the Securities of the series are to be issuable
            in definitive form (whether upon original issue or upon exchange of a temporary Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the form and terms of such certificates,
            documents or conditions;

         

        (p)          any trustees, depositaries, authenticating or
            paying agents, transfer agents or the registrar or any other agents with respect to the Securities of the series;

         

        (q)          provisions, if any, for the defeasance of the
            Securities of the series (including provisions permitting defeasance of less than all Securities of the series), which provisions may be in addition to, in substitution for, or in modification of (or any combination of the foregoing) the
            provisions of Article 8;

         

        (r)          if the Securities of the series are issuable in
            whole or in part as one or more Registered Global Securities, the identity of the Depositary or common Depositary for such Registered Global Security or Securities;

         

        (s)          any other or alternative Events of Default or
            covenants with respect to the Securities of the series; and

         

        (t)          any other terms of the Securities of the series.

         

        All Securities of any one series shall be substantially identical, except as to date and denomination, except in the case of
            any Periodic Offering and except as may otherwise be provided by or pursuant to the Board Resolution referred to above or as set forth in any such indenture supplemental hereto. All Securities of any one series need not be issued at the same
            time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to such Board Resolution or in any such indenture supplemental hereto and any forms and terms of Securities to be issued from
            time to time may be completed and established from time to time prior to the issuance thereof by procedures described in such Board Resolution or supplemental indenture.

         

        Unless otherwise expressly provided with respect to a series of Securities, the aggregate principal amount of a series of
            Securities may be increased and additional Securities of such series may be issued up to the maximum aggregate principal amount authorized with respect to such series as increased.

         

        Section 2.04          Denomination and Date of Securities; Payments of Interest. The
            Securities of each series shall be issuable in denominations established as contemplated by Section 2.03 or, if not so established with respect to Securities of any series, in denominations of $2,000 and any higher integral multiple of $1,000.
            The Securities of each series shall be numbered, lettered or otherwise distinguished in such manner or in accordance with such plan as the Officers of the Company executing the same may determine, as evidenced by their execution thereof.

         

        
          8

          
            

        

        Unless otherwise specified with respect to a series of Securities, each Security shall be dated the date of its
            authentication. The Securities of each series shall bear interest, if any, from the date, and such interest shall be payable on the dates, established as contemplated by Section 2.03.

         

        The person in whose name any Security of any series is registered at the close of business on any record date applicable to a
            particular series with respect to any interest payment date for such series shall be entitled to receive the interest, if any, payable on such interest payment date notwithstanding any transfer or exchange of such Security subsequent to the
            record date and prior to such interest payment date, except if and to the extent the Company shall default in the payment of the interest due on such interest payment date for such series, in which case the provisions of Section 2.13 shall
            apply. The term “record date” as used with respect to any interest payment date (except a date for payment of defaulted interest) for the Securities of any series shall mean the date specified as such in the terms of the Securities of such
            series established as contemplated by Section 2.03, or, if no such date is so established, the fifteenth day next preceding such interest payment date, whether or not such record date is a Business Day.

         

        Section 2.05          Registrar and Paying Agent; Agents Generally. The Company shall maintain
            an office or agency where Securities may be presented for registration, registration of transfer or for exchange (the “Registrar”) and an office
            or agency where Securities may be presented for payment (the “Paying Agent”), which shall be in the United States of America. The Company shall
            cause the Registrar to keep a register of the Securities and of their registration, transfer and exchange (the “Security Register”). The Company
            may have one or more additional Paying Agents or transfer agents with respect to any series.

         

        The Company shall enter into an appropriate agency agreement with any Agent not a party to this Indenture. The agreement
            shall implement the provisions of this Indenture and the Trust Indenture Act that relate to such Agent. The Company shall give prompt written notice to the Trustee of the name and address of any Agent and any change in the name or address of an
            Agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall act as such. The Company may remove any Agent upon written notice to such Agent and the Trustee; provided that no such removal shall become effective until (i) the acceptance of an appointment by a successor Agent to such Agent as evidenced by an appropriate agency agreement entered into by the
            Company and such successor Agent and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as such Agent until the appointment of a successor Agent in accordance with clause (i) of this proviso. The Company
            or any Affiliate of the Company may act as Paying Agent or Registrar; provided that neither the Company nor an Affiliate of the Company shall
            act as Paying Agent in connection with the defeasance of the Securities or the discharge of this Indenture under Article 8.

         

        The Company initially appoints the Trustee as Registrar, Paying Agent and Authenticating Agent. If, at any time, the Trustee
            is not the Registrar, the Registrar shall make available to the Trustee ten days prior to each interest payment date and at such other times as the Trustee may reasonably request the names and addresses of the Holders as they appear in the
            Security Register.

         

        Section 2.06          Paying Agent to Hold Money in Trust. Not later than 10:00 a.m. New York
            City time on each due date of any Principal or interest on any Securities, the Company shall deposit with the Paying Agent money in immediately available funds sufficient to pay such Principal or interest. The Company shall require each Paying
            Agent other than the Trustee to agree in writing that such Paying Agent shall hold in trust for the benefit of the Holders of such Securities or the Trustee all money held by the Paying Agent for the payment of Principal of and interest on such
            Securities and shall promptly notify the Trustee of any default by the Company in making any such payment. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and
            the Trustee may at any time during the continuance of any payment default, upon written request to a Paying Agent, require such Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon doing so, the
            Paying Agent shall have no further liability for the money so paid over to the Trustee. If the Company or any affiliate of the Company acts as Paying Agent, it will, on or before each due date of any Principal of or interest on any Securities,
            segregate and hold in a separate trust fund for the benefit of the Holders thereof a sum of money sufficient to pay such Principal or interest so becoming due until such sum of money shall be paid to such Holders or otherwise disposed of as
            provided in this Indenture, and will promptly notify the Trustee in writing of its action or failure to act as required by this Section.

         

        
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        Section 2.07          Transfer and Exchange. At the option of the Holder thereof, Securities
            of any series (other than a Registered Global Security, except as set forth below) may be exchanged for a Security or Securities of such series and tenor having authorized denominations and an equal aggregate Principal amount, upon surrender of
            such Securities to be exchanged at the agency of the Company that shall be maintained for such purpose in accordance with Section 2.05 and upon payment, if the Company shall so require, of the charges hereinafter provided. Whenever any
            Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive.

         

        Upon surrender for registration of transfer of any Security of a series at the agency of the Company that shall be maintained
            for that purpose in accordance with Section 2.05 and upon payment, if the Company shall so require, of the charges hereinafter provided, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated
            transferee or transferees, one or more new Securities of the same series, of any authorized denominations and of like tenor and aggregate Principal amount.

         

        All Securities presented for registration of transfer, exchange, redemption or payment shall be duly endorsed by, or be
            accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and the Trustee duly executed by, the holder or his attorney duly authorized in writing.

         

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

         

        Notwithstanding any other provision of this Section 2.07, unless and until it is exchanged in whole or in part for Securities
            in definitive registered form, a Registered Global Security representing all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a nominee of such Depositary or by a nominee
            of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary.

         

        If at any time the Depositary for any Registered Global Securities of any series notifies the Company that it is unwilling or
            unable to continue as Depositary for such Registered Global Securities or if at any time the Depositary for such Registered Global Securities shall no longer be eligible under applicable law, the Company shall appoint a successor Depositary
            eligible under applicable law with respect to such Registered Global Securities. If a successor Depositary eligible under applicable law for such Registered Global Securities is not appointed by the Company within 90 days after the Company
            receives such notice or becomes aware of such ineligibility, the Company will execute, and the Trustee, upon receipt of the Company’s order for the authentication and delivery of definitive Securities of such series and tenor, will authenticate
            and deliver certificated Securities of such series and tenor, in any authorized denominations, in an aggregate Principal amount equal to the Principal amount of such Registered Global Securities, in exchange for such Registered Global
            Securities.

         

        
          10

          
            

        

        The Company may at any time and in its sole discretion and subject to the procedures of the Depositary determine that any
            Registered Global Securities of any series shall no longer be maintained in global form. In such event the Company will execute, and the Trustee, upon receipt of the Company’s order for the authentication and delivery of definitive Securities
            of such series and tenor, will authenticate and deliver, certificated Securities of such series and tenor in any authorized denominations, in an aggregate Principal amount equal to the Principal amount of such Registered Global Securities, in
            exchange for such Registered Global Securities.

         

        Any time the Securities of any series are not in the form of Registered Global Securities pursuant to the preceding two
            paragraphs, the Company agrees to supply the Trustee with a reasonable supply of certificated Securities without the legend required by Section 2.02 and the Trustee agrees to hold such Securities in safekeeping until authenticated and delivered
            pursuant to the terms of this Indenture.

         

        If established by the Company pursuant to Section 2.03 with respect to any Registered Global Security, the Depositary for
            such Registered Global Security may surrender such Registered Global Security in exchange in whole or in part for Securities of the same series and tenor in definitive registered form on such terms as are acceptable to the Company and such
            Depositary. Thereupon, the Company shall execute, and the Trustee shall authenticate and deliver, without service charge,

         

        (a)          to the Person specified by such Depositary new
            certificated Securities of the same series and tenor, of any authorized denominations as requested by such Person, in an aggregate Principal amount equal to and in exchange for such Person’s beneficial interest in the Registered Global
            Security; and

         

        (b)          to such Depositary a new Registered Global
            Security in a denomination equal to the difference, if any, between the Principal amount of the surrendered Registered Global Security and the aggregate Principal amount of certificated Securities authenticated and delivered pursuant to clause
            (a) above.

         

        Certificated Securities issued in exchange for a Registered Global Security pursuant to this Section 2.07 shall be registered
            in such names and in such authorized denominations as the Depositary for such Registered Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee or an agent of the Company or
            the Trustee. The Trustee or such agent shall deliver such Securities to or as directed by the Persons in whose names such Securities are so registered.

         

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

         

        The Registrar shall not be required (i) to issue, authenticate, register the transfer of or exchange Securities of any series
            for a period of 15 days before a selection of such Securities to be redeemed or (ii) to register the transfer of or exchange any Security selected for redemption in whole or in part.

         

        
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        Section 2.08          Replacement Securities. If any mutilated Security is surrendered to the
            Trustee, the Company shall execute and the Trustee shall authenticate and deliver, in exchange for such mutilated Security, a new Security of the same series and of like tenor and Principal amount and bearing a number not contemporaneously
            outstanding.

         

        If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or
            theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of any of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired
            by a bona fide purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and Principal amount and bearing a
            number not contemporaneously outstanding.

         

        In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company
            in its discretion may, instead of issuing a new Security, pay such Security (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 may be required by them to save each of them and any agent of any of them harmless, and in the case of destruction, loss or theft, evidence satisfactory to the Company and the Trustee and any agent of them of the destruction, loss
            or theft of such Security and the ownership thereof.

         

        Upon the issuance of any new Security under this Section, the Company may require 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.

         

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

         

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

         

        Section 2.09          Outstanding Securities. Securities outstanding at any time are all
            Securities that have been authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation, those described in this Section as not outstanding and those that have been defeased pursuant to Section 8.05.

         

        If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding unless and until the Trustee and the Company
            receive proof satisfactory to them that the replaced Security is held by a holder in due course.

         

        If the Paying Agent (other than the Company or an affiliate of the Company) holds on the maturity date or any redemption date
            or date for repurchase of the Securities money sufficient to pay Securities payable or to be redeemed or repurchased on that date, then on and after that date such Securities cease to be outstanding and interest on them shall cease to accrue.

         

        
          12

          
            

        

        A Security does not cease to be outstanding because the Company or one of its affiliates holds such Security, provided, however, that, in determining whether
            the Holders of the requisite Principal amount of the outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Securities owned by the Company or any affiliate of the Company shall be
            disregarded and deemed not to be outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities as to which a
            Responsible Officer of the Trustee has received written notice to be so owned shall be so disregarded. Any Securities so owned which are pledged by the Company, or by any affiliate of the Company, as security for loans or other obligations,
            otherwise than to another such affiliate of the Company, shall be deemed to be outstanding, if the pledgee is entitled pursuant to the terms of its pledge agreement and is free to exercise in its or his discretion the right to vote such
            securities, uncontrolled by the Company or by any such affiliate.

         

        Section 2.10          Temporary Securities. Until definitive Securities of any series are
            ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities of such series. Temporary Securities of any series shall be substantially in the form of definitive Securities of such series but may have
            insertions, substitutions, omissions and other variations determined to be appropriate by the Officers executing the temporary Securities, as evidenced by their execution of such temporary Securities. If temporary Securities of any series are
            issued, the Company will cause definitive Securities of such series to be prepared without unreasonable delay. After the preparation of definitive Securities of any series, the temporary Securities of such series shall be exchangeable for
            definitive Securities of such series and tenor upon surrender of such temporary Securities at the office or agency of the Company designated for such purpose pursuant to Section 4.02, without charge to the Holder. Upon surrender for
            cancellation of any one or more temporary Securities of any series the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like Principal amount of definitive Securities of such series and tenor and
            authorized denominations. Until so exchanged, the temporary Securities of any series shall be entitled to the same benefits under this Indenture as definitive Securities of such series.

         

        Section 2.11          Cancellation. The Company at any time may deliver to the Trustee for
            cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee for cancellation any Securities previously authenticated hereunder which
            the Company has not issued and sold. The Registrar, any transfer agent and the Paying Agent shall forward to the Trustee any Securities surrendered to them for transfer, exchange or payment. The Trustee shall cancel and dispose of in accordance
            with its customary procedures all Securities surrendered for transfer, exchange, payment or cancellation and shall deliver a certificate of disposition to the Company. The Company may not issue new Securities to replace Securities it has paid
            in full or delivered to the Trustee for cancellation.

         

        Section 2.12          CUSIP Numbers. The Company in issuing the Securities may use “CUSIP,”
            “ISIN” and/or “CINS” numbers (if then generally in use), and the Trustee shall use CUSIP numbers, ISIN numbers or CINS numbers, as the case may be, in notices of redemption or exchange as a convenience to Holders and no representation shall be
            made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of redemption or exchange.

         

        Section 2.13          Defaulted Interest. If the Company defaults in a payment of interest on
            the Securities, it shall pay, or shall deposit with the Paying Agent money in immediately available funds sufficient to pay, the defaulted interest plus (to the extent lawful) any interest payable on the defaulted interest (as may be specified
            in the terms thereof, established pursuant to Section 2.03) to the Persons who are Holders on a subsequent special record date, which shall mean the 15th day next preceding the date fixed by the Company for the payment of defaulted interest,
            whether or not such day is a Business Day. At least 15 days before such special record date, the Company shall mail to each Holder of such Securities and to the Trustee a notice that states the special record date, the payment date and the
            amount of defaulted interest to be paid.

         

        
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        Section 2.14          Series May Include Tranches. A series of Securities may include one or
            more tranches (each a “tranche”) of Securities, including Securities issued in a Periodic Offering. The Securities of different tranches may have
            one or more different terms, including authentication dates and public offering prices, but all the Securities within each such tranche shall have identical terms, including authentication date and public offering price. Notwithstanding any
            other provision of this Indenture, with respect to Sections 2.02 (other than the fourth, sixth and seventh paragraphs thereof) through 2.04, 2.07, 2.08, 2.10, 3.01 through 3.05, 4.02, 6.01 through 6.14, 8.01 through 8.07, 9.02 and 10.07, if any
            series of Securities includes more than one tranche, all provisions of such sections applicable to any series of Securities shall be deemed equally applicable to each tranche of any series of Securities in the same manner as though originally
            designated a series unless otherwise provided with respect to such series or tranche pursuant to Section 2.03. In particular, and without limiting the scope of the next preceding sentence, any of the provisions of such sections which provide
            for or permit action to be taken with respect to a series of Securities shall also be deemed to provide for and permit such action to be taken instead only with respect to Securities of one or more tranches within that series (and such
            provisions shall be deemed satisfied thereby), even if no comparable action is taken with respect to Securities in the remaining tranches of that series.

         

        
          ARTICLE 3 

          

          Redemption

        

         

        

        Section 3.01          Applicability of Article. The provisions of this Article shall be
            applicable to the Securities of any series that are redeemable before their maturity or to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 2.03 for Securities of such
            series.

         

        Section 3.02          Notice of Redemption; Partial Redemptions. Notice of redemption to the
            Holders of Securities of any series to be redeemed as a whole or in part at the option of the Company shall be given by mailing notice of such redemption by first class mail, postage prepaid, at least 30 days and not more than 60 days prior to
            the date fixed for redemption to such Holders of Securities of such series at their last addresses as they shall appear upon the Security Register. Any notice which is mailed in the manner herein provided shall be conclusively presumed to have
            been duly given, whether or not the Holder receives the notice. Failure to give notice by mail, or any defect in the notice to the Holder of any Security of a series designated for redemption as a whole or in part, shall not affect the validity
            of the proceedings for the redemption of any other Security of such series.

         

        The notice of redemption to each such Holder shall specify the Principal amount of each Security of such series held by such
            Holder to be redeemed, the CUSIP numbers of the Securities to be redeemed, the date fixed for redemption, the redemption price, or if not then ascertainable, the manner of calculation thereof, the place or places of payment, that payment will
            be made upon presentation and surrender of such Securities, that such redemption is pursuant to the mandatory or optional sinking fund, or both, if such be the case, that interest accrued to the date fixed for redemption will be paid as
            specified in such notice and that on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue. In case any Security of a series is to be redeemed in part only, the notice of redemption shall state the
            portion of the Principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Security, a new Security or Securities of such series and tenor in Principal amount equal to the
            unredeemed portion thereof will be issued.

         

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

         

        On or before 10:00 a.m. New York City time on the redemption date specified in the notice of redemption given as provided in
            this Section, the Company will deposit with the Trustee or with one or more Paying Agents (or, if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 2.06) an amount of money sufficient
            to redeem on the redemption date all the Securities of such series so called for redemption at the appropriate redemption price, together with accrued interest to the date fixed for redemption. If all of the outstanding Securities of a series
            are to be redeemed, the Company will deliver to the Trustee at least 10 days prior to the last date on which notice of redemption may be given to Holders pursuant to the first paragraph of this Section 3.02 (or such shorter period as shall be
            acceptable to the Trustee) an Officers’ Certificate stating that all such Securities are to be redeemed. If less than all the outstanding Securities of a series are to be redeemed, the Company will deliver to the Trustee at least 15 days prior
            to the last date on which notice of redemption may be given to Holders pursuant to the first paragraph of this Section 3.02 (or such shorter period as shall be acceptable to the Trustee) an Officers’ Certificate stating the aggregate Principal
            amount of such Securities to be redeemed. In the case of any redemption of Securities (a) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, or (b) pursuant to
            an election of the Company which is subject to a condition specified in the terms of such Securities or elsewhere in this Indenture, the Company shall deliver to the Trustee, prior to the giving of any notice of redemption to Holders pursuant
            to this Section, an Officers’ Certificate evidencing compliance with such restriction or condition.

         

        If less than all the Securities of a series are to be redeemed, the Trustee shall select, pro rata, by lot or in such manner
            as it shall deem appropriate and fair, Securities of such series to be redeemed in whole or in part. Securities may be redeemed in part in Principal amounts equal to authorized denominations for Securities of such series. The Trustee shall
            promptly notify the Company in writing of the Securities of such series selected for redemption and, in the case of any Securities of such series selected for partial redemption, the Principal amount thereof to be redeemed. For all purposes of
            this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the Principal amount of such
            Security which has been or is to be redeemed.

         

        Section 3.03          Payment of Securities Called for Redemption. If notice of redemption has
            been given as above provided, the Securities or portions of Securities specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued
            to the date fixed for redemption, and on and after such date (unless the Company shall default in the payment of such Securities at the redemption price, together with interest accrued to such date) interest on the Securities or portions of
            Securities so called for redemption shall cease to accrue, and, except as provided in Sections 7.12 and 8.02, such Securities shall cease from and after the date fixed for redemption to be entitled to any benefit under this Indenture, and the
            Holders thereof shall have no right in respect of such Securities except the right to receive the redemption price thereof and unpaid interest to the date fixed for redemption. On presentation and surrender of such Securities at a place of
            payment specified in said notice, said Securities or the specified portions thereof shall be paid and redeemed by the Company at the applicable redemption price, together with interest accrued thereon to the date fixed for redemption; provided
            that payment of interest becoming due on or prior to the date fixed for redemption shall be payable to the Holders registered as such on the relevant record date subject to the terms and provisions of Sections 2.04 and 2.13 hereof.

         

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

         

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

         

        Section 3.04          Exclusion of Certain Securities from Eligibility for Selection for Redemption.
            Unless otherwise provided with respect to any series of Securities, Securities shall be excluded from eligibility for selection for redemption if they are identified by registration and certificate number in a written statement signed by an
            authorized Officer of the Company and delivered to the Trustee at least 40 days prior to the last date on which notice of redemption may be given as being owned of record and beneficially by, and not pledged or hypothecated by, either (a) the
            Company or (b) an entity specifically identified in such written statement as directly or indirectly controlling or controlled by or under direct or indirect common control with the Company.

         

        Section 3.05          Mandatory and Optional Sinking Funds. The minimum amount of any sinking
            fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of the Securities of any series is herein
            referred to as an “optional sinking fund payment.” The date on which a sinking fund payment is to be made is herein referred to as the “sinking fund payment date.”

         

        In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, the
            Company may at its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except through a mandatory sinking fund payment) by the Company or receive credit for Securities of such series (not
            previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by the Company and delivered to the Trustee for cancellation pursuant to Section 2.11, (b) receive credit for optional sinking fund payments (not
            previously so credited) made pursuant to this Section, or (c) receive credit for Securities of such series (not previously so credited) redeemed by the Company at the option of the Company pursuant to the terms of such Securities or through any
            optional sinking fund payment. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities.

         

        On or before the sixtieth day next preceding each sinking fund payment date for any series, or such shorter period as shall
            be acceptable to the Trustee, the Company will deliver to the Trustee an Officers’ Certificate (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of
            specified Securities of such series and the basis for such credit, (b) stating that none of the specified Securities of such series has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default
            with respect to such series have occurred (which have not been waived or cured) and are continuing and (d) stating whether or not the Company intends to exercise its right to make an optional sinking fund payment with respect to such series
            and, if so, specifying the amount of such optional sinking fund payment which the Company intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to
            the Trustee in order for the Company to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section 2.11 to the Trustee with such Officers’
            Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officers’ Certificate shall be irrevocable and upon its receipt by the Trustee the Company shall become unconditionally obligated to make all the cash payments
            or delivery of Securities therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure of the Company, on or before any such 60th day, to deliver such Officer’s Certificate and Securities specified in this
            paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of the Company (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment
            date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect thereof and (ii) that the Company will make no optional sinking fund payment with respect to such series as provided in this
            Section.

         

        
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        If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking
            fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or a lesser sum if the Company shall so request with respect to the Securities of any series), such cash shall be applied on the
            next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price thereof together with accrued interest thereon to the date fixed for redemption. If such amount shall be $50,000 (or
            such lesser sum) or less and the Company makes no such request then it shall be carried over until a sum in excess of $50,000 (or such lesser sum) is available. The Trustee shall select, in the manner provided in Section 3.02, for redemption on
            such sinking fund payment date a sufficient Principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by the Company) inform the Company of the serial numbers of the Securities of
            such series (or portions thereof) so selected. Securities shall be excluded from eligibility for redemption under this Section if they are identified by registration and certificate number in an Officers’ Certificate delivered to the Trustee at
            least 60 days prior to the sinking fund payment date as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Company or (b) an entity specifically identified in such Officers’ Certificate as directly or
            indirectly controlling or controlled by or under direct or indirect common control with the Company. The Trustee, in the name and at the expense of the Company (or the Company, if it shall so request the Trustee in writing) shall cause notice
            of redemption of the Securities of such series to be given in substantially the manner provided in Section 3.02 (and with the effect provided in Section 3.03) for the redemption of Securities of such series in part at the option of the Company.
            The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in
            accordance with the provisions of this Section. Any and all sinking fund moneys held on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or
            redemption of particular Securities of such series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the payment of the Principal of, and interest on, the Securities of such series at maturity.

         

        On or before 10:00 a.m. New York City time on each sinking fund payment date, the Company shall pay to the Trustee in cash or
            shall otherwise provide for the payment of all interest accrued to the date fixed for redemption on Securities to be redeemed on the next following sinking fund payment date.

         

        The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or mail any notice
            of redemption of Securities of such series by operation of the sinking fund during the continuance of a Default in payment of interest on such Securities or of any Event of Default except that, where the mailing of notice of redemption of any
            Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from the Company a sum sufficient for such redemption. Except as aforesaid, any moneys in the
            sinking fund for such series at the time when any such Default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such Default or Event of Default, be deemed to have been
            collected under Article 6 and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section 6.04 or the Default cured on or before the sixtieth day preceding the sinking fund payment
            date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section to the redemption of such Securities.

         

          

        
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          ARTICLE 4

          Covenants

           

        

        Section 4.01          Payment of Securities. The Company shall pay the Principal of and
            interest on the Securities on the dates and in the manner provided in the Securities and this Indenture. The interest on Securities (together with any additional amounts payable pursuant to the terms of such Securities) shall be payable only to
            the Holders thereof (subject to Section 2.04) and at the option of the Company may be paid by mailing checks for such interest payable to or upon the written order of such Holders at their last addresses as they appear on the Security Register
            of the Company.

         

        Notwithstanding any provisions of this Indenture and the Securities of any series to the contrary, if the Company and a
            Holder of any Security so agree, payments of interest on, and any portion of the Principal of, such Holder’s Security (other than interest payable at maturity or on any redemption or repayment date or the final payment of Principal on such
            Security) shall be made by the Paying Agent, upon receipt from the Company of immediately available funds by 11:00 A.M., New York City time (or such other time as may be agreed to between the Company and the Paying Agent), directly to the
            Holder of such Security (by Federal funds wire transfer or otherwise) if the Holder has delivered written instructions to the Trustee 15 days prior to such payment date requesting that such payment will be so made and designating the bank
            account to which such payments shall be so made and in the case of payments of Principal, surrenders the same to the Trustee in exchange for a Security or Securities aggregating the same Principal amount as the unredeemed Principal amount of
            the Securities surrendered. The Trustee shall be entitled to rely on the last instruction delivered by the Holder pursuant to this Section 4.01 unless a new instruction is delivered 15 days prior to a payment date. The Company will indemnify
            and hold each of the Trustee and any Paying Agent harmless against any loss, liability or expense (including attorneys’ fees) resulting from any act or omission to act on the part of the Company or any such Holder in connection with any such
            agreement or from making any payment in accordance with any such agreement.

         

        The Company shall pay interest on overdue Principal, and interest on overdue installments of interest, to the extent lawful,
            at the rate per annum specified in the Securities.

         

        Section 4.02          Maintenance of Office or Agency. The Company will maintain in the United
            States of America, an office or agency where Securities may be surrendered for registration of transfer or exchange or for presentation for payment and where notices and demands to or upon the Company in respect of the Securities and this
            Indenture may be served. The Company hereby initially designates [ ], as such office or agency of the Company. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency.
            If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the
            Trustee set forth in Section 10.02.

         

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

         

        
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        Section 4.03          Securityholders’ Lists. The Company will furnish or cause to be
            furnished to the Trustee a list in such form as the Trustee may reasonably require of the names and addresses of the holders of the Securities pursuant to Section 312 of the Trust Indenture Act (a) semi-annually not more than 15 days after each
            record date for the payment of semi-annual interest on the Securities, as hereinabove specified, as of such record date, and (b) at such other times as the Trustee may request in writing, within 30 days after receipt by the Company of any such
            request as of a date not more than 15 days prior to the time such information is furnished.

         

        Section 4.04          Certificate to Trustee. The Company will furnish to the Trustee
            annually, on or before a date not more than four months after the end of its fiscal year (which, on the date hereof, is a calendar year), a brief certificate (which need not contain the statements required by Section 10.04) from its principal
            executive, financial or accounting officer as to his or her knowledge of the compliance of the Company with all conditions and covenants under this Indenture (such compliance to be determined without regard to any period of grace or requirement
            of notice provided under this Indenture) which certificate shall comply with the requirements of the Trust Indenture Act.

         

        Section 4.05          Reports by the Company. The Company covenants to file with the Trustee,
            within 15 days after the Company files the same with the Commission, copies of the annual reports and of the information, documents, and other reports which the Company may be required to file with the Commission pursuant to Section 13 or
            Section 15(d) of the Exchange Act.

         

        Section 4.06          Additional Amounts. If the Securities of a series provide for the
            payment of additional amounts, at least 10 days prior to the first interest payment date with respect to that series of Securities and at least 10 days prior to each date of payment of Principal of or interest on the Securities of that series
            if there has been a change with respect to the matters set forth in the below-mentioned Officers’ Certificate, the Company shall furnish to the Trustee and the principal paying agent, if other than the Trustee, an Officers’ Certificate
            instructing the Trustee and such paying agent whether such payment of Principal of or interest on the Securities of that series shall be made to Holders of the Securities of that series without withholding or deduction for or on account of any
            tax, assessment or other governmental charge described in the Securities of that series. If any such withholding or deduction shall be required, then such Officers’ Certificate shall specify by country the amount, if any, required to be
            withheld or deducted on such payments to such Holders and shall certify the fact that additional amounts will be payable and the amounts so payable to each Holder, and the Company shall pay to the Trustee or such paying agent the additional
            amounts required to be paid by this Section. The Company covenants to indemnify the Trustee and any paying agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without negligence or bad faith on their
            part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officers’ Certificate furnished pursuant to this Section.

         

        Whenever in this Indenture there is mentioned, in any context, the payment of the Principal of or interest or any other
            amounts on, or in respect of, any Security of any series, such mention shall be deemed to include mention of the payment of additional amounts provided by the terms of such series established hereby or pursuant hereto to the extent that, in
            such context, additional amounts are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of additional amounts (if applicable) in any provision hereof shall not be construed as excluding the
            payment of additional amounts in those provisions hereof where such express mention is not made.

         

          

        
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          ARTICLE 5

          Successor Corporation

        

         

        Section 5.01          When Company May Merge, Etc. Unless otherwise provided pursuant to
            Section 2.03 in connection with the establishment of a series, the Company shall not consolidate or combine with, merge with or into, directly or indirectly, or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially
            all of its property and assets to any Person or Persons in a single transaction or through a series of transactions unless:

         

        (a)          the Company shall be the continuing Person or, if
            the Company is not the continuing Person, the resulting, surviving or transferee Person (the “Surviving Entity”) is a company organized and
            existing under the laws of any member state of the European Union or the United States of America or any State or territory thereof;

         

        (b)          the Surviving Entity shall expressly assume all of
            the Company’s obligations under the Securities and this Indenture, and shall, if required by law to effectuate the assumption, execute supplemental indentures which shall be delivered to the Trustee and shall be in form and substance reasonably
            satisfactory to the Trustee;

         

        (c)          immediately after giving effect to such
            transaction or series of transactions on a pro forma basis, no Default has occurred and is continuing; and

         

        (d)          the Company or the Surviving Entity shall have
            delivered to the Trustee an Officers’ Certificate and Opinion of Counsel stating that (x) the transaction or series of transactions and such supplemental indenture, if any, complies with this Section 5.01, (y) such supplemental indenture (if
            any) constitutes the legal, valid and binding obligation of the Company and such Surviving Entity enforceable against such Surviving Entity in accordance with its terms, subject to customary exceptions and (z) all conditions precedent in this
            Indenture relating to the transaction or series of transactions have been satisfied.

         

        Section 5.02          Successor Substituted. Upon any consolidation, combination or merger, or
            any sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all of the property and assets of the Company in accordance with Section 5.01 of this Indenture, the Surviving Entity shall succeed to, and be
            substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such Surviving Entity had been named as the Company herein and thereafter the predecessor Person, except in the case of (x)
            a lease or (y) any sale, assignment, conveyance, transfer, lease or other disposition to one or more Subsidiaries of the Company, shall be discharged from all obligations and covenants under this Indenture and the Securities.

         

        ARTICLE 6

            Default and Remedies

         

        Section 6.01          Events of Default. An “Event of Default” shall occur with respect to the Securities of any series if:

         

        (a)          the Company defaults in the payment of the
            Principal of any Security of such series when the same becomes due and payable at maturity, upon acceleration, redemption or mandatory repurchase, including as a sinking fund installment, or otherwise;

         

        (b)          the Company defaults in the payment of interest on
            any Security of such series when the same becomes due and payable, and such default continues for a period of 30 days;

         

        
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        (c)          the Company defaults in the performance of or
            breaches any other covenant or agreement of the Company in this Indenture with respect to any Security of such series or in the Securities of such series (other than a covenant or agreement in respect of which noncompliance by the Company would
            otherwise be an Event of Default) and such default or breach continues for a period of 90 consecutive days or more after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of 25% or more in aggregate
            Principal amount of the Securities of all series affected thereby specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder;

         

        (d)          a court having jurisdiction in the premises shall
            enter a decree or order for relief in respect of the Company in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee,
            sequestrator (or similar official) of the Company or for any substantial part of its property or ordering the winding up or liquidation of its affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive
            days;

         

        (e)          the Company (i) commences a voluntary case under
            any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case under any such law, (ii) consents to the appointment of or taking possession by a
            receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company or for all or substantially all of the property and assets of the Company or (iii) effects any general assignment for the benefit of creditors;
            or

         

        (f)          any other Event of Default established pursuant to
            Section 2.03 with respect to the Securities of such series occurs.

         

        Section 6.02          Acceleration. (a) If an Event of Default other than as described in
            clauses (d) or (e) of Section 6.01 with respect to the Securities of any series then outstanding occurs and is continuing, then, and in each and every such case, except for any series of Securities the Principal of which 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 all such series then outstanding hereunder in respect of which an Event of Default has occurred (all such series
            voting together as a single class) by notice in writing to the Company (and to the Trustee if given by Securityholders), may declare the entire Principal (or, if the Securities of any such series are Original Issue Discount Securities, such
            portion of the Principal amount as may be specified in the terms of such series established pursuant to Section 2.03) of all Securities of the affected series, and the interest accrued thereon, if any, to be due and payable immediately, and
            upon any such declaration the same shall become immediately due and payable.

         

        (b)          If an Event of Default described in clause (d) or
            (e) of Section 6.01 occurs and is continuing, then the Principal amount (or, if any Securities are Original Issue Discount Securities, such portion of the Principal as may be specified in the terms thereof established pursuant to Section 2.03)
            of all the Securities then outstanding and interest accrued thereon, if any, shall be and become immediately due and payable, without any declaration, notice or other action by any Holder or the Trustee, to the full extent permitted by
            applicable law.

         

        The foregoing provisions, however, are subject to the condition that if, at any time after the Principal (or, if the
            Securities are Original Issue Discount Securities, such portion of the Principal as may be specified in the terms thereof established pursuant to Section 2.03) of the Securities of any series (or of all the Securities, as the case may be) shall
            have been so declared or become due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum
            sufficient to pay all matured installments of interest upon all the Securities of each such series (or of all the Securities, as the case may be) and the Principal of any and all Securities of each such series (or of all the Securities, as the
            case may be) which shall have become due otherwise than by acceleration (with interest upon such Principal and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest, at the same
            rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of each such series to the date of such payment or deposit) and such amount as shall be sufficient to cover all
            amounts owing the Trustee under Section 7.07, and if any and all Events of Default under the Indenture, other than the non-payment of the Principal of and interest on Securities which shall have become due by acceleration, shall have been
            cured, waived or otherwise remedied as provided herein, then and in every such case the Holders of a majority in aggregate Principal amount of all the then outstanding Securities of all such series that have been accelerated (voting as a single
            class), by written notice to the Company and to the Trustee, may waive all defaults with respect to all such series (or with respect to all the Securities, as the case may be) and rescind and annul such declaration and its consequences, but no
            such waiver or rescission and annulment shall extend to or shall affect any subsequent default or shall impair any right consequent thereon.

         

        
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        For all purposes under this Indenture, if a portion of the Principal of any Original Issue Discount Securities shall have
            been accelerated and declared or become due and payable pursuant to the provisions hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled, the Principal amount of such Original Issue Discount
            Securities shall be deemed, for all purposes hereunder, to be such portion of the Principal thereof as shall be due and payable as a result of such acceleration, and payment of such portion of the Principal thereof as shall be due and payable
            as a result of such acceleration, together with interest, if any, thereon and all other amounts owing thereunder, shall constitute payment in full of such Original Issue Discount Securities.

         

        Section 6.03          Other Remedies. If a payment default or an Event of Default with respect
            to the Securities of any series occurs and is continuing, the Trustee may pursue, in its own name or as trustee of an express trust, any available remedy by proceeding at law or in equity to collect the payment of Principal of and interest on
            the Securities of such series or to enforce the performance of any provision of the Securities of such series or this Indenture.

         

        The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in
            the proceeding.

         

        Section 6.04          Waiver of Past Defaults. Subject to Sections 6.02, 6.07 and 9.02, the
            Holders of at least a majority in Principal amount (or, if the Securities are Original Issue Discount Securities, such portion of the Principal as is then accelerable under Section 6.02) of the outstanding Securities of all series affected
            (voting as a single class), by notice to the Trustee, may waive an existing Default or Event of Default with respect to the Securities of such series and its consequences, except a Default in the payment of Principal of or interest on any
            Security as specified in clauses (a) or (b) of Section 6.01 or in respect of a covenant or provision of this Indenture which cannot be modified or amended without the consent of the Holder of each outstanding Security affected. Upon any such
            waiver, such Default shall cease to exist, and any Event of Default with respect to the Securities of such series arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any
            subsequent or other Default or Event of Default or impair any right consequent thereto.

         

        Section 6.05          Control by Majority. Subject to Sections 7.01 and 7.02(e), the Holders
            of at least a majority in aggregate Principal amount (or, if any Securities are Original Issue Discount Securities, such portion of the Principal as is then accelerable under Section 6.02) of the outstanding Securities of all series affected
            (voting as a single class) may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Securities of such series by
            this Indenture; provided, that the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that may involve the
            Trustee in personal liability or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders not joining in the giving of such direction; and provided further, that the Trustee may take any other action it deems
            proper that is not inconsistent with any directions received from Holders of Securities pursuant to this Section 6.05.

         

        
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        Section 6.06          Limitation on Suits. No Holder of any Security of any series may
            institute any proceeding, judicial or otherwise, with respect to this Indenture or the Securities of such series, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

         

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

         

        (b)          the Holders of at least 25% in aggregate Principal
            amount of outstanding Securities of all such series affected shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

         

        (c)          such Holder or Holders have offered to the Trustee
            indemnity or security reasonably satisfactory to it against any costs, liabilities or expenses to be incurred in compliance with such request;

         

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

         

        (e)          during such 60-day period, the Holders of a
            majority in aggregate Principal amount of the outstanding Securities of all such affected series have not given the Trustee a direction that is inconsistent with such written request.

         

        A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over such
            other Holder.

         

        Section 6.07          Rights of Holders to Receive Payment. Notwithstanding any other
            provision of this Indenture, the right of any Holder of a Security to receive payment of Principal of or interest, if any, on such Holder’s Security on or after the respective due dates expressed on such Security, or to bring suit for the
            enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder.

         

        Section 6.08          Collection Suit by Trustee. If an Event of Default with respect to the
            Securities of any series in payment of Principal or interest specified in clause (a) or (b) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for
            the whole amount (or such portion thereof as specified in the terms established pursuant to Section 2.03 of Original Issue Discount Securities) of Principal of, and accrued interest remaining unpaid on, together with interest on overdue
            Principal of, and, to the extent that payment of such interest is lawful, interest on overdue installments of interest on, the Securities of such series, in each case at the rate or Yield to Maturity (in the case of Original Issue Discount
            Securities) specified in such Securities, and such further amount as shall be sufficient to cover all amounts owing the Trustee under Section 7.07.

         

        Section 6.09          Trustee May File Proofs of Claim. The Trustee may file such proofs of
            claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for amounts due the Trustee under Section 7.07) and the Holders allowed in any judicial proceedings relative to
            the Company (or any other obligor on the Securities), its creditors or its property and shall be entitled and empowered to collect and receive any moneys, securities or other property payable or deliverable upon conversion or exchange of the
            Securities or upon any such claims and to distribute the same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such
            payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it under Section 7.07. Nothing herein contained shall be deemed to empower
            the Trustee to authorize or consent to, or accept or adopt on behalf of any Holder, any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to
            vote in respect of the claim of any Holder in any such proceeding.

         

        
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        Section 6.10          Application of Proceeds. Any moneys collected by the Trustee pursuant to
            this Article in respect of the Securities of any series shall be applied in the following order at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of Principal or interest, upon presentation of
            the several Securities in respect of which moneys have been collected and noting thereon the payment, or issuing Securities of such series and tenor in reduced Principal amounts in exchange for the presented Securities of such series and tenor
            if only partially paid, or upon surrender thereof if fully paid:

         

        FIRST: To the payment of all amounts due the Trustee under Section 7.07 applicable to the Securities of such series in
            respect of which moneys have been collected;

         

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

         

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

         

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

         

        Section 6.11          Restoration of Rights and Remedies. If the Trustee or any Holder has
            instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then, and in every such
            case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored to their former positions hereunder and thereafter all rights and remedies of the Company, Trustee and the Holders shall continue
            as though no such proceeding had been instituted.

         

        
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        Section 6.12          Undertaking for Costs. In any suit for the enforcement of any right or
            remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, in either case in respect to the Securities of any series, a court may require any party litigant in such suit (other than the
            Trustee) to file an undertaking to pay the costs of the suit, and the court may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant (other than the Trustee) in the suit having due regard to the merits and
            good faith of the claims or defenses made by the party litigant. This Section 6.12 does not apply to a suit by a Holder pursuant to Section 6.07, a suit instituted by the Trustee or a suit by Holders of more than 10% in Principal amount of the
            outstanding Securities of such series.

         

        Section 6.13          Rights and Remedies Cumulative. Except as otherwise provided with
            respect to the replacement or payment of mutilated, destroyed, lost or wrongfully taken Securities in Section 2.08, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other
            right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or
            employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

         

        Section 6.14          Delay or Omission not Waiver. No delay or omission of the Trustee or of
            any Holder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article 6
            or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

         

        ARTICLE 7

            Trustee

         

        Section 7.01          General. The duties and responsibilities of the Trustee shall be as
            provided by the Trust Indenture Act and as set forth herein. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance
            of any of its duties hereunder, or in the exercise of any of its rights or powers, unless it receives indemnity satisfactory to it against any loss, liability or expense. Whether or not therein expressly so provided, every provision of this
            Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Article 7.

         

        Section 7.02          Certain Rights of Trustee. Subject to Trust Indenture Act Sections
            315(a) through (d):

         

        (a)          the Trustee may rely and shall be protected in
            acting or refraining from acting upon any resolution, certificate, Officers’ Certificate, Opinion of Counsel (or both), statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of
            indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper person or persons. The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its
            discretion, may make such further inquiry or investigation into such facts or matters as it may see fit;

         

        
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        (b)          before the Trustee acts or refrains from acting,
            it may require an Officers’ Certificate and/or an Opinion of Counsel, which shall conform to Section 10.04 and shall cover such other matters as the Trustee may reasonably request. The Trustee shall not be liable for any action it takes or
            omits to take in good faith in reliance on such certificate or opinion. Subject to Sections 7.01 and 7.02, whenever in the administration of the trusts of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved
            or established prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be
            deemed to be conclusively proved and established by an 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 by it under the provisions of this Indenture upon the faith thereof;

         

        (c)          the Trustee may act through its attorneys and
            agents not regularly in its employ and shall not be responsible for the misconduct or negligence of any agent or attorney appointed with due care;

         

        (d)          any request, direction, order or demand of the
            Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy thereof
            certified by the Secretary or an Assistant Secretary of the Company;

         

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

         

        (f)          the Trustee shall not be liable for any action it
            takes or omits to take in good faith that it believes to be authorized or within its rights or powers or for any action it takes or omits to take in accordance with the direction of the Holders in accordance with Section 6.05 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;

         

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

         

        (h)          prior to the occurrence of an Event of Default
            hereunder and after the curing or waiving of all Events of Default, the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, Officers’ Certificate, Opinion of Counsel, Board
            Resolution, statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal, bond, debenture, note, coupon, security, or other paper or document unless requested in writing so to do by the Holders of not less than a
            majority in aggregate Principal amount of the Securities of all series affected then outstanding; provided that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the
            making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such expenses or
            liabilities as a condition to proceeding.

         

        Section 7.03          Individual Rights of Trustee. The Trustee, in its individual or any
            other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not the Trustee. Any Agent may do the same with like rights. However, the
            Trustee is subject to Trust Indenture Act Sections 310(b) and 311. For purposes of Trust Indenture Act Section 311(b)(4) and (6), the following terms shall mean:

         

        
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        (a)          “cash transaction” means any transaction in which full payment for goods or securities sold is made within seven days after delivery of the goods or securities in currency or in checks or
            other orders drawn upon banks or bankers and payable upon demand; and

         

        (b)          “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation which is made, drawn, negotiated or incurred by the Company for the purpose of financing the purchase,
            processing, manufacturing, shipment, storage or sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon, the goods, wares or merchandise or the receivables or proceeds arising
            from the sale of the goods, wares or merchandise previously constituting the security, provided the security is received by the Trustee simultaneously with the creation of the creditor relationship with the Company arising from the making,
            drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation.

         

        Section 7.04          Trustee’s Disclaimer. The recitals contained herein and in the
            Securities (except the Trustee’s certificate of authentication) shall be taken as statements of the Company and not of the Trustee and the Trustee assumes no responsibility for the correctness of the same. Neither the Trustee nor any of its
            agents (a) makes any representation as to the validity or adequacy of this Indenture or the Securities and (b) shall be accountable for the Company’s use or application of the proceeds from the Securities.

         

        Section 7.05          Notice of Default. If any Default with respect to the Securities of any
            series occurs and is continuing and if such Default is known to the actual knowledge of a Responsible Officer with the Corporate Trust Office of the Trustee, the Trustee shall give to each Holder of Securities of such series notice of such
            Default within 90 days after it occurs to all Holders of Securities of such series in the manner and to the extent provided in Section 313(a) of the Trust Indenture Act, unless such Default shall have been cured or waived before the mailing of
            such notice; provided, however, that,
            except in the case of a Default in the payment of the Principal of or interest on any Security, the Trustee shall be protected in withholding such notice if the Trustee in good faith determines that the withholding of such notice is in the
            interests of the Holders.

         

        Section 7.06          Reports by Trustee to Holders. The Trustee shall transmit to Holders
            such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act,
            the Trustee shall, within 60 days after each May 15 following the date of this Indenture, deliver to Holders a brief report, dated as of such May 15, which complies with the provisions of such Section 313(a).

         

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

         

        Section 7.07          Compensation and Indemnity. The Company shall pay to the Trustee such
            compensation as shall be agreed upon in writing from time to time for its services. The compensation of the Trustee shall not be limited by any law on compensation of a Trustee of an express trust. The Company shall reimburse the Trustee and
            any predecessor Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Trustee or such predecessor Trustee. Such expenses shall include the reasonable compensation and expenses of the
            Trustee’s or such predecessor Trustee’s agents, counsel and other persons not regularly in their employ.

         

        
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        The Company shall indemnify the Trustee and any predecessor Trustee for, and hold them harmless against, any loss or
            liability or expense incurred by them without negligence or bad faith on their part arising out of or in connection with the acceptance or administration of this Indenture and the Securities or the issuance of the Securities or of series
            thereof or the trusts hereunder and the performance of duties under this Indenture and the Securities, including the costs and expenses of defending themselves against or investigating any claim or liability and of complying with any process
            served upon them or any of their officers in connection with the exercise or performance of any of their powers or duties under this Indenture and the Securities.

         

        To secure the Company’s payment obligations in this Section 7.07, the Trustee shall have a lien prior to the Securities on
            all money or property held or collected by the Trustee, in its capacity as Trustee, except money or property held in trust to pay Principal of, and interest on particular Securities.

         

        The obligations of the Company under this Section to compensate and indemnify the Trustee and each predecessor Trustee and to
            pay or reimburse the Trustee and each predecessor Trustee for expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture or the rejection or
            termination of this Indenture under bankruptcy law. Such additional indebtedness shall be a senior claim to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit
            of the Holders of particular Securities, and the Securities are hereby subordinated to such senior claim. Without prejudice to any other rights available to the Trustee under applicable law, if the Trustee renders services and incurs expenses
            following an Event of Default under Section 6.01(d) or Section 6.01(e) hereof, the parties hereto and the holders by their acceptance of the Securities hereby agree that such expenses are intended to constitute expenses of administration under
            any bankruptcy law.

         

        Section 7.08          Replacement of Trustee. A resignation or removal of the Trustee as
            Trustee with respect to the Securities of any series and appointment of a successor Trustee as Trustee with respect to the Securities of any series shall become effective only upon the successor Trustee’s acceptance of appointment as provided
            in this Section 7.08.

         

        The Trustee may resign as Trustee with respect to the Securities of any series at any time by so notifying the Company in
            writing. The Holders of a majority in Principal amount of the outstanding Securities of any series may remove the Trustee as Trustee with respect to the Securities of such series by so notifying the Trustee in writing and may appoint a
            successor Trustee with respect thereto with the consent of the Company. The Company may remove the Trustee as Trustee with respect to the Securities of any series if: (i) the Trustee is no longer eligible under Section 7.11 of this Indenture;
            (ii) the Trustee is adjudged a bankrupt or insolvent; (iii) a receiver or other public officer takes charge of the Trustee or its property; or (iv) the Trustee becomes incapable of acting.

         

        If the Trustee resigns or is removed as Trustee with respect to the Securities of any series, or if a vacancy exists in the
            office of Trustee with respect to the Securities of any series for any reason, the Company shall promptly appoint a successor Trustee with respect thereto. Within one year after the successor Trustee takes office, the Holders of a majority in
            Principal amount of the outstanding Securities of such series may appoint a successor Trustee in respect of such Securities to replace the successor Trustee appointed by the Company. If the successor Trustee with respect to the Securities of
            any series does not deliver its written acceptance required by Section 7.09 within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of a majority in Principal amount of the outstanding
            Securities of such series may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect thereto.

         

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

         

        Notwithstanding replacement of the Trustee with respect to the Securities of any series pursuant to this Section 7.08 and
            Section 7.09, the Company’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee.

         

        Section 7.09          Acceptance of Appointment by Successor. In case of the appointment
            hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon
            the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but,
            on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges and subject to the lien provided for in Section 7.07, execute and deliver an instrument transferring to such successor Trustee all
            the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.

         

        In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all)
            series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment
            and which (1) 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, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm
            that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall
            add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental
            indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and
            upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or
            conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the
            Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to
            which the appointment of such successor Trustee relates.

         

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

         

        
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        No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be
            eligible under this Article and qualified under Section 310(b) of the Trust Indenture Act.

         

        Section 7.10          Successor Trustee By Merger, Etc. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to,
            another corporation or national banking association, the resulting, surviving or transferee corporation or national banking association without any further act shall be the successor Trustee with the same effect as if the successor Trustee had
            been named as the Trustee herein.

         

        Section 7.11          Eligibility. This Indenture shall always have a Trustee who satisfies
            the requirements of Trust Indenture Act Section 310(a). The Trustee shall have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition.

         

        Section 7.12          Money Held in Trust. The Trustee shall not be liable for interest on any
            money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law and except for money held in trust under Article 8
            of this Indenture.

         

        ARTICLE 8

            Satisfaction and Discharge of Indenture; Unclaimed Moneys

         

        Section 8.01          Satisfaction and Discharge of Indenture. If at any time (a) (i) all
            Securities of any series issued that have been authenticated and delivered have been delivered by the Company to the Trustee for cancellation (other than Securities of such series which have been destroyed, lost or stolen and which have been
            replaced or paid as provided in Section 2.08); or (ii) all the Securities of any series issued that have not been delivered by the Company 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 by such Trustee in the Company’s name and at the Company’s expense, the Company
            shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds the entire amount in cash (other than moneys repaid by the Trustee or any paying agent to the Company in accordance with Section 8.04) or U.S. Government
            Obligations, maturing as to principal and interest in such amounts and at such times as will insure (without consideration of the reinvestment of such interest) the availability of cash, or a combination thereof, sufficient to pay at maturity
            or upon redemption all Securities of such series (other than any Securities of such series which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.08) not theretofore delivered to the
            Trustee for cancellation, including Principal and interest due or to become due on or prior to such date of maturity or redemption as the case may be; (b) the Company has paid or caused to be paid all other sums then due and payable under this
            Indenture; and (c) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture
            pursuant to this Section 8.01 have been complied with, then this Indenture shall cease to be of further effect with respect to Securities of such series (except as to (i) rights of registration of transfer and exchange of securities of such
            series, and the Company’s right of optional redemption, if any, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Securities, (iii) rights of holders to receive payments of Principal thereof and interest thereon, upon the
            original stated due dates therefor (but not upon acceleration) and remaining rights of the holders to receive mandatory sinking fund payments, if any, (iv) the rights, obligations and immunities of the Trustee hereunder and (v) the rights of
            the Securityholders of such series as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them), and the Trustee, on demand of the Company accompanied by an Officers’ Certificate and an
            Opinion of Counsel and at the cost and expense of the Company, shall execute proper instruments acknowledging such satisfaction of and discharging this Indenture with respect to such series; provided that the rights of Holders of the Securities
            to receive amounts in respect of Principal of and interest on the Securities held by them shall not be delayed longer than required by then-applicable mandatory rules or policies of any securities exchange upon which the Securities are listed.
            The Company agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred and to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee in connection with this
            Indenture or the Securities of such series.

         

        
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        Section 8.02          Application by Trustee of Funds Deposited for Payment of Securities.
            Subject to Section 8.04, all moneys (including U.S. Government Obligations and the proceeds thereof) deposited with the Trustee pursuant to Section 8.01, Section 8.05 or Section 8.06 shall be held in trust and applied by it to the payment,
            either directly or through any paying agent to the Holders of the particular Securities of such series for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for
            Principal and interest; but such money need not be segregated from other funds except to the extent required by law.

         

        Section 8.03          Repayment of Moneys Held by Paying Agent. In connection with the
            satisfaction and discharge of this Indenture with respect to Securities of any series, all moneys then held by any paying agent under the provisions of this Indenture with respect to such series of Securities shall, upon demand of the Company,
            be repaid to it or paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys.

         

        Section 8.04          Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years.
            Any moneys deposited with or paid to the Trustee or any paying agent for the payment of the Principal of or interest on any Security of any series and not applied but remaining unclaimed for two years after the date upon which such Principal or
            interest shall have become due and payable, shall, upon the written request of the Company and unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be repaid to the Company by the
            Trustee for such series or such paying agent, and the Holder of the Security of such series shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property laws, thereafter look only to the
            Company for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any paying agent with respect to such moneys shall thereupon cease.

         

        Section 8.05          Defeasance and Discharge of Indenture. The Company shall be deemed to
            have paid and shall be discharged from any and all obligations in respect of the Securities of any series, after the deposit referred to in clause (i) hereof has been made, and the provisions of this Indenture shall no longer be in effect with
            respect to the Securities of such series (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except as to: (a) rights of Holders of the Securities of such series to receive payments of
            Principal thereof, premium thereto, and interest thereon, upon the original stated due dates therefor, (b) the Company’s obligations with respect to the issuance of temporary Securities and the registration of transfer with respect to the
            Securities of such series, the Company’s right of optional redemption, substitution of mutilated, defaced, destroyed, lost or stolen Securities of such series and the maintenance of an office or agency for payment for security payments held in
            trust pursuant to clause (i) hereof, (c) the rights, obligations and immunities of the Trustee hereunder, and (d) the defeasance provisions contained in Article 8 of this Indenture; provided that the following conditions shall have been
            satisfied:

         

        
          
            (i)           with reference to this Section 8.05 the Company irrevocably has deposited or caused to be deposited with the Trustee (or another qualifying trustee satisfying the requirements of Section 7.11) as trust funds in trust, for the
                purposes of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities of such series, (A) money in an amount, (B) U.S. Government Obligations which through the
                payment of interest and principal in respect thereof in accordance with their terms will provide not later than one day before the due date of any payment referred to in subclause (x) or (y) of this clause (i), or (C) a combination thereof,
                in each case sufficient, in the written opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, without consideration of
                reinvestment and after payment of all federal, state and local taxes or other charges and assessments in respect thereof, and which shall be applied by the Trustee to pay and discharge (x) all of the Principal of, premium, if any, and each
                installment of interest on the outstanding Securities of such series on the maturity or due dates thereof or if the Company has made irrevocable arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee,
                the redemption date, as the case may be, and (y) any mandatory sinking fund payments or analogous payments applicable to the Securities of such series on the day on which such payments are due and payable in accordance with the terms of
                Securities of such series and the Indenture with respect to the Securities of such series;

             

              

          

        

        
          
            
              31

              
                

            

            (ii)          the Company has delivered to the Trustee an Opinion of Counsel to the effect that, under then applicable U.S. federal income tax law, Holders of Securities of such series will not recognize gain or loss for U.S. federal income
                tax purposes as a result of the Company’s exercise of its option under this Section 8.05 and will be subject to U.S. federal income tax on the same amount and in the same manner and at the same times as would have been the case if such
                deposit, defeasance and discharge had not occurred;

             

              

          

        

        
          
            (iii)         no Default under either clause (d) or clause (e) of Section 6.01 shall have occurred and be continuing at such time;

             

              

          

        

        
          
            (iv)         if at such time the Securities of such series are listed on a national securities exchange, the Company has delivered to the Trustee an Opinion of Counsel to the effect that the Securities of such series will not be delisted
                as a result of such deposit, defeasance and discharge;

             

              

          

        

        
          
            (v)          the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge under this Section 8.05 have been complied with;
                and

             

              

          

        

        
          
            (vi)         if the Securities of such series are to be redeemed prior to the final maturity thereof (other than from mandatory sinking fund payments or analogous payments), notice of such redemption shall have been duly given pursuant to
                this Indenture or provision therefor satisfactory to the Trustee shall have been made.

             

              

          

        

        Section 8.06          Defeasance of Certain Obligations. The Company may omit to comply with
            any term, provision or condition set forth in, and this Indenture will no longer be in effect with respect to, any covenant established pursuant to Section 2.03(s) and clause (c) and clause (f) (with respect to any covenants established
            pursuant to Section 2.03(s)) of Section 6.01 shall be deemed not to constitute a Default or an Event of Default with respect to Securities of any series, if:

         

        (a)          with reference to this Section 8.06, the Company
            has irrevocably deposited or caused to be deposited with the Trustee (or another qualifying trustee satisfying the requirements of Section 7.11) as trust funds in trust, for the purposes of making the following payments, specifically pledged as
            security for, and dedicated solely to, the benefits of the Holders of the Securities of such series, (i) money in an amount, (ii) U.S. Government Obligations which through the payment of interest and principal in respect thereof in accordance
            with their terms will provide not later than one day before the due date of any payment referred to in subclause (x) or (y) of this clause (a), or (iii) a combination thereof, in each case sufficient, in the written opinion of a nationally
            recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, without consideration of reinvestment and after payment of all federal, state and local taxes or
            other charges and assessments in respect thereof, and which shall be applied by the Trustee to pay and discharge (x) all of the Principal of, premium, if any, and each installment of interest on the outstanding Securities of such series on the
            maturity or due dates thereof or if the Company has made irrevocable arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee, the redemption date, as the case may be, and (y) any mandatory sinking fund
            payments or analogous payments applicable to the Securities of such series on the day on which such payments are due and payable in accordance with the terms of the Securities of such series and the Indenture with respect to the Securities of
            such series;

         

        
          32

          
            

        

        (b)          the Company has delivered to the Trustee an
            Opinion of Counsel to the effect that Holders of Securities of such series will not recognize gain or loss for U.S. federal income tax purposes as a result of the Company’s exercise of its option under this Section 8.06 and will be subject to
            U.S. federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred;

         

        (c)          no Default with respect to the outstanding
            Securities of such series shall have occurred and be continuing at the time of such deposit immediately after giving effect to such deposit;

         

        (d)          if at such time the Securities of such series are
            listed on a national securities exchange, the Company has delivered to the Trustee an Opinion of Counsel to the effect that the Securities of such series will not be delisted as a result of such deposit, defeasance and discharge;

         

        (e)          the Company shall have delivered to the Trustee an
            Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance under this Section have been complied with; and

         

        (f)          if the Securities of such series are to be
            redeemed prior to the final maturity thereof (other than from mandatory sinking fund payments or analogous payments), notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory to the
            Trustee shall have been made.

         

        Section 8.07          Reinstatement. If the Trustee or paying agent is unable to apply any
            monies or U.S. Government Obligations in accordance with Article 8 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
            the Company’s obligations under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to this Article until such time as the Trustee or paying agent is permitted to apply all such monies or
            U.S. Government Obligations in accordance with Article 8; provided, however, that if the Company has made any payment of Principal of or interest on any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such
            Securities to receive such payment from the monies or U.S. Government Obligations held by the Trustee or paying agent.

         

        Section 8.08          Indemnity. The Company shall pay and indemnify the Trustee (or other
            qualifying trustee, collectively for purposes of this Section 8.08 and Section 8.02, the “Trustee”) against any tax, fee or other charge, imposed
            on or assessed against the U.S. Government Obligations deposited pursuant to Section 8.01, 8.05 or 8.06 or the principal or interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the
            Holders of the Securities.

         

        
          33

          
            

        

        Section 8.09          Excess Funds. Anything in this Article 8 to the contrary
            notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon request of the Company, any money or U.S. Government Obligations (or other property and any proceeds therefrom) held by it as provided in Section 8.01, 8.05
            or 8.06 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be
            deposited to effect a discharge or defeasance, as applicable, in accordance with this Article 8.

         

        Section 8.10          Qualifying Trustee. Any trustee appointed pursuant to Section 8.05 or
            8.06 for the purpose of holding money or U.S. Government Obligations deposited pursuant to such Sections shall be appointed under an agreement in form acceptable to the Trustee and shall provide to the Trustee a certificate, upon which
            certificate the Trustee shall be entitled to conclusively rely, that all conditions precedent provided for herein to the related defeasance have been complied with. In no event shall the Trustee be liable for any acts or omissions of said
            trustee.

         

        ARTICLE 9

            Amendments, Supplements and Waivers

         

        Section 9.01          Without Consent of Holders. The Company and the Trustee may amend or
            supplement this Indenture or the Securities of any series without notice to or the consent of any Holder:

         

        (a)          to cure any ambiguity, defect or inconsistency in
            this Indenture;

         

        (b)          to comply with Article 5;

         

        (c)          to maintain the qualification of this Indenture
            under the Trust Indenture Act;

         

        (d)          to evidence and provide for the acceptance of
            appointment hereunder with respect to the Securities of any or all series by a successor Trustee and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts
            hereunder by more than one Trustee, pursuant to the requirements of Section 7.09;

         

        (e)          to establish the form or forms or terms of
            Securities of any series as permitted by Section 2.03;

         

        (f)          to provide for uncertificated Securities and to
            make all appropriate changes for such purpose;

         

        (g)          to conform any provision to the applicable
            corresponding provision set forth in the offering document for the offering of such series of Securities; and

         

        (h)          to make any change that does not materially and
            adversely affect the rights of any Holder.

         

        Section 9.02          With Consent of Holders. Subject to Sections 6.04 and 6.07, without
            prior notice to any Holders, the Company and the Trustee may amend this Indenture and the Securities of any series with the written consent of the Holders of a majority in Principal amount of the outstanding Securities of each series affected
            by such amendment (all such series voting together as a single class), and the Holders of a majority in Principal amount of the outstanding Securities of each series affected thereby (all such series voting together as a single class) by
            written notice to the Trustee may waive future compliance by the Company with any provision of this Indenture or the Securities of such series.

         

        
          34

          
            

        

        Notwithstanding the provisions of this Section 9.02, without the consent of each Holder affected thereby, an amendment or
            waiver, including a waiver pursuant to Section 6.04, may not:

         

        (a)          change the stated maturity of the Principal of, or
            any sinking fund obligation or any installment of interest on, such Holder’s Security,

         

        (b)          reduce the Principal amount thereof or the rate of
            interest thereon (including any amount in respect of original issue discount);

         

        (c)          reduce the above stated percentage of outstanding
            Securities the consent of whose holders is necessary to modify or amend the Indenture with respect to the Securities of the relevant series; and

         

        (d)          reduce the percentage in Principal amount of
            outstanding Securities of the relevant series the consent of whose Holders is required for any supplemental indenture or for any waiver of compliance with certain provisions of this Indenture or certain Defaults and their consequences provided
            for in this Indenture.

         

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

         

        It shall not be necessary for the consent of any Holder under this Section 9.02 to approve the particular form of any
            proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof.

         

        After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall give to the Holders
            affected thereby a notice briefly describing the amendment, supplement or waiver. The Company will mail supplemental indentures to Holders upon request. Any failure of the Company to mail such notice, or any defect therein, shall not, however,
            in any way impair or affect the validity of any such supplemental indenture or waiver.

         

        Section 9.03          Revocation and Effect of Consent. Until an amendment or waiver becomes
            effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the Security of the consenting Holder, even if notation of the
            consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to its Security or portion of its Security. Such revocation shall be effective only if the Trustee receives the notice of revocation
            before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver shall become effective with respect to any Securities affected thereby on receipt by the Trustee of written consents from the requisite
            Holders of outstanding Securities affected thereby.

         

        The Company may, but shall not be obligated to, fix a record date (which may be not less than five nor more than 60 days
            prior to the solicitation of consents) for the purpose of determining the Holders of the Securities of any series affected entitled to consent to any amendment, supplement or waiver. If a record date is fixed, then, notwithstanding the
            immediately preceding paragraph, those Persons who were such Holders at such record date (or their duly designated proxies) and only those Persons shall be entitled to consent to such amendment, supplement or waiver or to revoke any consent
            previously given, whether or not such Persons continue to be such Holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date.

         

        
          35

          
            

        

        After an amendment, supplement or waiver becomes effective with respect to the Securities of any series affected thereby, it
            shall bind every Holder of such Securities unless it is of the type described in any of clauses (a) through (d) of Section 9.02. In case of an amendment or waiver of the type described in clauses (a) through (d) of Section 9.02, the amendment
            or waiver shall bind each such Holder who has consented to it and every subsequent Holder of a Security that evidences the same indebtedness as the Security of the consenting Holder.

         

        Section 9.04          Notation on or Exchange of Securities. If an amendment, supplement or
            waiver changes the terms of any Security, the Trustee may require the Holder thereof to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security about the changed terms and return it to the Holder and the Trustee
            may place an appropriate notation on any Security of such series thereafter authenticated. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a new
            Security of the same series and tenor that reflects the changed terms.

         

        Section 9.05          Trustee to Sign Amendments, Etc. The Trustee shall be entitled to
            receive, and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of any amendment, supplement or waiver authorized pursuant to this Article 9 is authorized or permitted by this Indenture, stating that all
            requisite consents have been obtained or that no consents are required and stating that such supplemental indenture constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its
            terms, subject to customary exceptions. The Trustee may, but shall not be obligated to, execute any such amendment, supplement or waiver that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

         

        Section 9.06          Conformity with Trust Indenture Act. Every supplemental indenture
            executed pursuant to this Article 9 shall conform to the requirements of the Trust Indenture Act as then in effect.

         

        ARTICLE 10

            Miscellaneous

         

        Section 10.01        Trust Indenture Act of 1939. This Indenture shall incorporate and be
            governed by the provisions of the Trust Indenture Act that are required to be part of and to govern indentures qualified under the Trust Indenture Act.

         

        Section 10.02        Notices. Any notice or communication shall be sufficiently given if
            written and (a) if delivered in person, when received or (b) if mailed by first class mail, 5 days after mailing, or (c) as between the Company and the Trustee if sent by facsimile transmission, when transmission is confirmed, in each case
            addressed as follows:

         

          

         
        	 	
                if to the Company:

              
	 	 
	 	 	
                InflaRx N.V.

              
	 	 	
                Winzerlaer Str. 2

              
	 	 	
                07745 Jena, Germany

              
	 	 	
                Facsimile: [●]

              
	 	 	
                Attention: Chief Legal Officer

              

        

        

        
          36

          
            

        

        	 	
                if to the Trustee:

              
	 	 
	 	 	
                [●]

              
	 	 	
                [●]

              
	 	 	
                [●]

              
	 	 	
                Facsimile: [●]

              
	 	 	
                Attention: [●]

              

         

        The Company or the Trustee by written notice to the other may designate additional or different addresses for subsequent
            notices or communications.

         

        Any notice or communication shall be sufficiently given to Holders by mailing to such Holders at their addresses as they
            shall appear on the Security Register. Notice mailed shall be sufficiently given if so mailed within the time prescribed. Copies of any such communication or notice to a Holder shall also be mailed to the Trustee and each Agent at the same
            time.

         

        Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to
            other Holders. Except as otherwise provided in this Indenture, if a notice or communication is mailed in the manner provided in this Section 10.02, it is duly given, whether or not the addressee receives it.

         

        Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to
            receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of
            any action taken in reliance upon such waiver.

         

        In case it shall be impracticable to give notice as herein contemplated, then such notification as shall be made with the
            approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

         

        Section 10.03        Certificate and Opinion as to Conditions Precedent. Upon any request or
            application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

         

        (a)          an Officers’ Certificate stating that, in the
            opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and

         

        (b)          an Opinion of Counsel stating that, in the opinion
            of such counsel, all such conditions precedent have been complied with.

         

        Section 10.04        Statements Required in Certificate or Opinion. Each certificate or
            opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than the certificate required by Section 4.04) shall include:

         

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

         

        (b)          a brief statement as to the nature and scope of
            the examination or investigation upon which the statement or opinion contained in such certificate or opinion is based;

         

        
          37

          
            

        

        (c)          a statement that, in the opinion of each such
            person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

         

        (d)          a statement as to whether or not, in the opinion
            of each such person, such condition or covenant has been complied with; provided, however, that, with respect to matters of fact, an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials.

         

        Section 10.05        Evidence of Ownership. The Company, the Trustee and any agent of the
            Company or the Trustee may deem and treat the person in whose name any Security shall be registered upon the Security Register for such series as the absolute owner of such Security (whether or not such Security shall be overdue and
            notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the Principal of and, subject to the provisions of this Indenture, interest on such Security and for all other
            purposes; and neither the Company nor the Trustee nor any agent of the Company or the Trustee shall be affected by any notice to the contrary.

         

        Section 10.06        Rules by Trustee, Paying Agent or Registrar. The Trustee may make
            reasonable rules for action by or at a meeting of Holders. The Paying Agent or Registrar may make reasonable rules for its functions.

         

        Section 10.07        Payment Date Other Than a Business Day. Except as otherwise provided
            with respect to a series of Securities, if any date for payment of Principal or interest on any Security shall not be a Business Day at any place of payment, then payment of Principal of or interest on such Security, as the case may be, need
            not be made on such date, but may be made on the next succeeding Business Day at any place of payment with the same force and effect as if made on such date and no interest shall accrue in respect of such payment for the period from and after
            such date.

         

        Section 10.08        Governing Law. The laws of the State of New York shall govern this
            Indenture and the Securities.

         

        Section 10.09        No Adverse Interpretation of Other Agreements. This Indenture may not be
            used to interpret another indenture or loan or debt agreement of the Company or any Subsidiary of the Company. Any such indenture or agreement may not be used to interpret this Indenture.

         

        Section 10.10        Successors. All agreements of the Company in this Indenture and the
            Securities shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors.

         

        Section 10.11        Duplicate Originals. The parties may sign any number of copies of this
            Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

         

        Section 10.12        Separability. In case any provision in this Indenture or in the
            Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

         

        Section 10.13        Table of Contents, Headings, Etc. The Table of Contents and headings of
            the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms and provisions hereof.

         

        Section 10.14        Incorporators, Stockholders, Officers and Directors of Company Exempt from Individual Liability. No recourse under or upon any obligation, covenant or agreement contained in this Indenture or any indenture supplemental hereto, or in any Security, or because of any indebtedness evidenced thereby, shall be had
            against any incorporator, as such or against any past, present or future stockholder, officer, director or employee, as such, of the Company or of any successor, either directly or through the Company or any successor, under any rule of law,
            statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Securities by the holders thereof
            and as part of the consideration for the issue of the Securities.

         

        
          38

          
            

        

        Section 10.15        Judgment Currency. The Company agrees, to the fullest extent that it may
            effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the Principal of or interest on the Securities of any series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the
            Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a Business Day, then, to the extent permitted by applicable law, the rate of exchange used shall be the rate at which in accordance with normal
            banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the Business Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this
            Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the
            Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as
            an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and
            (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture.

         

        Section 10.16        Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE IRREVOCABLY
            WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

         

        Section 10.17        Force Majeure. In no event shall the Trustee be responsible or liable
            for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or
            terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee
            shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

         

        
          39

          
            

        

      

      
        SIGNATURES

         

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

         

        	 	
                INFLARX N.V.

              
	 	
                as the Company

              
	 	 
	 	
                By:

              	 
	 	 	
                Name:

              
	 	 	
                Title:

              
	 	 	 
	 	 	 
	 	 	
                Name:

              
	 	 	
                Title:

              
	 	 	 
	 	
                [ ]

              
	 	
                as the Trustee

              
	 	 
	 	
                By:

              	 
	 	 	
                Name:

              
	 	 	
                Title:

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