Document:

Document

Exhibit 10.2

CHANGE OF CONTROL SEVERANCE AGREEMENT

This Change of Control Severance Agreement is entered into January 1, 2023,  (the “Effective Date”), by and between SM Energy Company, a Delaware corporation (the “Company”), and David Copeland (the “Employee”).
RECITALS

A.    The Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the Company to ensure that the Company will have the continued dedication of the Employee notwithstanding the possibility of a Change of Control (as defined in Section 1) of the Company and to provide the Employee with customary compensation and benefits arrangements upon a Change of Control which ensure that the compensation and benefits expectations of the Employee will be satisfied and which are competitive with those of other companies.
B.    The Company desires to continue the employment of the Employee and the Employee desires to continue employment with the Company, all upon and subject to the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the Employee’s continued employment with the Company and the mutual agreements set forth herein, the parties agree as follows:
AGREEMENT

Section 1.    Certain Definitions.  The following terms shall for purposes of this Agreement have the following respective definitions:
(a)    “Accrued Compensation” shall mean all compensation amounts earned or accrued by the Employee through the Termination Date (as defined below) but not paid to the Employee as of the Termination Date, including (i) Base Salary (as defined below), (ii) PTO pay (to the extent provided by Company policy, plan, program or practice or applicable law), (iii) bonuses and incentive compensation, and (iv) reimbursement for reasonable and necessary business expenses incurred by the Employee on behalf of the Company during the period ending on the Termination Date.  For the avoidance of doubt, if the Termination Date occurs prior to the payment of an award pursuant to the Company’s Short Term Incentive Plan but after the completion of the calendar year related to such award, then the amount of such award shall be included as Accrued Compensation.
(b)    “Base Salary” shall mean the greater of (i) the Employee’s annual base salary at the rate in effect on the Termination Date or (ii) the Employee’s annual base salary at the rate in effect immediately prior to a Change of Control, and shall include all amounts of the Employee’s base salary that are deferred under the qualified and nonqualified employee benefits plans, policies, programs or practices of the Company or any other compensation agreement or arrangement.
(c)    “Cause” shall mean for purposes of termination of employment (i) the conviction of the Employee of a felony involving moral turpitude or (ii) a resolution adopted in good faith by two-thirds of the members of the Board that the Employee (A) intentionally and continually failed to substantially perform the Employee’s reasonably assigned duties with the Company (other than a failure resulting from the Employee’s incapacity due to physical or mental illness or from the assignment to the Employee of duties that would constitute Good Reason (as defined below)), which failure continued for a period of at least 30 days after a written notice of demand 

for substantial performance has been delivered by the Company to the Employee, which notice specifies the manner in which the Employee failed to substantially perform, or (B) intentionally engaged in conduct which is demonstrably and materially injurious to the Company; provided, however, that no termination of the Employee’s employment shall be for Cause until written notice has been delivered to the Employee which sets forth the conduct under this Section 1(c) of which the Employee is allegedly guilty and specifying the particulars thereof in detail.  Neither an act nor a failure to act on the Employee’s part shall be considered “intentional” unless the Employee has acted or failed to act with a lack of good faith and with a lack of reasonable belief that the Employee’s action or failure to act was in the best interests of the Company.  Notwithstanding anything to the contrary contained in this Agreement, no failure to perform by the Employee after a Notice of Termination (as defined below) is given by the Employee to the Company shall constitute Cause for purposes of this Agreement.
(d)    “Change of Control” shall mean any of the following events:
(i)    (A)    The acquisition by any individual or entity (a “Person”) or group of Persons of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934) of more than 50% of either (1) the then value of the outstanding shares of common stock of the Company, or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors.
(B)    For purposes of paragraph (A), Persons will not be considered to be acting as a group solely because they purchase or own stock of the same corporation at the same time, or as a result of the same public offering.  However, Persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.  If a Person, including an entity, owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of stock, or similar transaction, such shareholder is considered to be acting as a group with other shareholders in a corporation prior to the transaction giving rise to the change and not with respect to the ownership interest in the other corporation.  For purposes of determining stock ownership, see (d)(iv), below.
(ii)    A majority of members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election; or
(iii)    (A)    Any one Person, or more than one Person acting as a group (as determined in (d)(iii)(C) below), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Persons) assets from the Company that have a total gross fair market value equal to or more than 50 percent of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions.  For this purpose, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.
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(B)    A transfer of assets by the Company is not treated as a change in the ownership of such assets if the assets are transferred to –
(1)    A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;
(2)    An entity, 50 percent or more of the total value or voting power of which is owned, directly or indirectly, by the Company;
(3)    A Person, or more than one Person acting as a group, that owns, directly or indirectly, 50 percent or more of the total value or voting power of all the outstanding stock of the Company; or
(4)    An entity, at least 50 percent of the total value or voting power of which is owned, directly or indirectly, by a Person described in (d)(iii)(B)(3).
For purposes of this paragraph (d)(iii)(B) and except as otherwise provided, a Person’s status is determined immediately after the transfer of the assets.  For example, a transfer to a corporation in which the Company has no ownership interest before the transaction, but which is a majority-owned subsidiary of the Company after the transaction, is not treated as a change in the ownership of the assets of the Company.
(C)    Persons will not be considered to be acting as a group for purposes of this paragraph (d)(iii) solely because they purchase assets of the Company at the same time, or as a result of the same public offering.  However, Persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of assets, or similar business transaction with the Company.  If a Person, including an entity shareholder, owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of stock, or similar transaction, such shareholder is considered to be acting as a group with other shareholders in a corporation only to the extent of the ownership in that corporation prior to the transaction giving rise to the change and not with respect to the ownership interest in the other corporation.
(D)    For purposes of determining stock ownership, see (d)(iv) below.
(iv)    For purposes of determining whether there has been a Change of Control, Code Section 318(a) applies to determine stock ownership.  Stock underlying a vested option is considered owned by the individual who holds the vested option (and the stock underlying an unvested option is not considered owned by the individual who holds the unvested option).  For purposes of the preceding sentence, however, if a vested option is exercisable for stock that is not substantially vested (as defined by §§1.83-3(b) and (j) of the income tax regulations promulgated by the Internal Revenue Service), the stock underlying the option is not treated as owned by the individual who holds the option.
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(e)    “Change of Control Date” shall mean the first date during the term of this Agreement (as specified in Section 2) on which a Change of Control occurs.  Notwithstanding anything to the contrary contained in this Agreement, if a Change of Control occurs and if the Employee’s employment with the Company is terminated prior to the date on which the Change of Control occurs, and if it is reasonably demonstrated by the Employee that such termination of employment (i) was at the request of a third party who has taken steps reasonably calculated to effect the Change of Control or (ii) otherwise arose in connection with or anticipation of the Change of Control, then for all purposes of this Agreement the “Change of Control Date” shall mean the date immediately prior to the date of such termination of employment.
(f)    “Change of Control Period” shall mean the period commencing on the Change of Control Date and ending on the date one year after the Change of Control Date.
(g)    “Code” shall mean the Internal Revenue Code of 1986, as amended.
(h)    “Disability” shall mean a physical or mental infirmity which impairs the Employee’s ability to substantially perform the Employee’s employment duties with the Company on a full-time basis for a period of 120 consecutive business days, and the Employee has not returned to full-time performance of the Employee’s employment duties within 30 days after notice by the Company of its intention to terminate employment of the Employee as a result thereof.
(i)    “Good Reason” shall mean the occurrence after a Change of Control of any of the following events or conditions:
(i)    a change in the Employee’s status, authority, position, offices, titles, duties or responsibilities (including reporting responsibilities) with the Company which in the Employee’s reasonable judgment represents a diminution or adverse change in, or are inconsistent with, such status, authority, position, offices, titles, duties or responsibilities in effect at any time within the 90 days preceding the Change of Control Date or at any time thereafter, excluding for this purpose (A) an isolated, unsubstantial and inadvertent action by the Company not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Employee and (B) any removal or failure to reappoint or reelect the Employee to any such position or offices in connection with the termination of the Employee’s employment for death, Disability or Cause;
(ii)    any reduction in the Employee’s salary or any failure to pay the Employee any compensation or benefits to which the Employee is entitled within ten business days after notice thereof;
(iii)    the failure by the Company to provide the Employee with compensation and benefits, in the aggregate, at least equal (in terms of benefit levels and/or incentive or reward opportunities) to those provided for under each compensation and employee benefit policy, plan, program and practice in which the Employee was participating at any time within 90 days preceding the Change of Control Date or at any time thereafter;
(iv)    the Company’s requiring the Employee to be based at any place outside a 25-mile radius from the Employee’s current location of employment, except for reasonably required travel for the Company’s business which is not materially greater than such travel requirements prior to the Change of Control;
(v)    any material breach by the Company of any provision of this Agreement;
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(vi)    any purported termination by the Company of the Employee’s employment other than as expressly permitted by this Agreement; or
(vii)    the failure by the Company to obtain an agreement reasonably satisfactory to the Employee from any successor to the Company to assume and agree to perform this Agreement as contemplated by Section 7(b).
Any event or condition described in clauses (i) through (vii) above which occurs prior to a Change of Control but which the Employee reasonably demonstrates (A) resulted from the request of a third party who has taken steps reasonably calculated to effect a Change of Control which actually occurs or (B) otherwise arose in connection with or anticipation of a Change of Control which actually occurs, shall constitute Good Reason for purposes of this Agreement notwithstanding the fact that it occurred prior to the Change of Control.  The Employee’s right to terminate the Employee’s employment for Good Reason shall not be affected by the Employee’s incapacity due to a Disability.
(j)    “Notice of Termination” shall mean a written notice of termination of the Employee’s employment which (i) indicates the specific termination provision in this Agreement relied upon for such termination, (ii) to the extent applicable sets forth in reasonable detail the facts and circumstances claimed to provide a basis for such termination under the provision so indicated and (iii) if the Termination Date is other than the date of receipt of such notice, specifies the Termination Date under such notice.
(k)    “Termination Date” shall mean (i) if the Employee’s employment is terminated by the Employee for Good Reason, the date of receipt of the Notice of Termination or any later date of employment termination as specified therein, (ii) if the Employee’s employment is terminated by reason of death, the Termination Date shall be the date of death and (iii) in all other cases, the date of employment termination specified in the Notice of Termination; provided, however, that if the Employee’s employment is terminated by the Company for Cause or due to a Disability, the date specified in the Notice of Termination shall be at least 30 days from the date the Notice of Termination is given to the Employee, provided that in the case of Disability the Employee shall not have returned to the full-time performance of the Employee’s duties during such 30-day period.
Section 2.    Term of Agreement.  This Agreement shall commence as of the Effective Date and shall continue in effect until December 31, 2023; provided, however, that on December 31,  2023, and on each annual anniversary of such date (such date and each annual anniversary thereof shall be hereinafter referred to as the “Renewal Date”), the term of the Agreement shall be automatically extended so as to terminate one year from such Renewal Date, unless at least 60 days prior to the Renewal Date the Company has given written notice to the Employee that the term of the Agreement shall not be so extended, and provided further that notwithstanding any such notice by the Company not to extend, the term of the Agreement shall not expire after the occurrence of a Change of Control until the expiration of the Change of Control Period, as long as the term of the Agreement had not expired prior to the occurrence of the Change of Control.
Section 3.    Payments and Benefits Upon Termination of Employment During Change of Control Period.  If during the term of this Agreement the Employee shall cease to be employed by the Company within a Change of Control Period, the Employee shall be entitled to the following compensation payments and benefits:
(a)    If the Employee’s employment with the Company shall be terminated before the Employee’s death either (i) by the Company other than for Cause or Disability or (ii) by the Employee for Good Reason, the Employee shall be entitled to the following:
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(i)    the Company shall pay the Employee all Accrued Compensation;
(ii)    the Company shall pay the Employee a lump sum equal to 1.0 multiplied by Employee’s Base Salary;
(iii)    the Company shall pay the Employee a lump sum equal to (A) the Employee’s Short Term Incentive Plan target percentage multiplied by (B) the Employee’s Base Salary multiplied by (C) a fraction, the numerator of which is the number of days between January 1 and the Termination Date and the denominator of which is 365; and
(iv)    the Company shall pay the Employee a lump sum equal to 12 multiplied by the Company’s then monthly contribution for medical, dental, and vision insurance on behalf of the Employee and his or her family.
(b)    Termination for Cause, Disability or Death or Other than for Good Reason.  If the Employee’s employment with the Company shall be terminated either (i) by the Company for Cause or Disability, (ii) by reason of the Employee’s death, or (iii) by the Employee other than for Good Reason, the Company shall pay to the Employee all Accrued Compensation.
(c)    Other Compensation and Benefits.  The Employee’s entitlement to any other compensation or benefits from or any indemnification by the Company shall be determined in accordance with the Company’s employee benefit and other applicable compensation plans, programs, policies and practices, and any applicable indemnification provisions or agreements then in effect.  Nothing in this Agreement shall prevent or limit the Employee’s continuing or future participation in any plan, program, policy or practice provided by the Company or any of its affiliated companies and for which the Employee may qualify, nor shall anything herein limit or otherwise affect such rights as the Employee may have under any contract or agreement with the Company or any of its affiliated companies.  Amounts which are vested benefits or which the Employee is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company or any of its affiliated companies at or subsequent to the Termination Date shall be payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement.  If the Employee is entitled to severance pay and benefits pursuant to Section 3(a)(ii) and (iii), such severance pay and benefits shall be reduced to the extent of any other severance or termination pay explicitly designated as such to which the Employee may be entitled under any agreement with the Company or any of its affiliated companies.
(d)    Section 409A of the Code.  This Agreement is intended in all respects to comply with the provisions of Section 409A of the Code and in particular, those provisions of Section 409A dealing with distributions.  This Agreement shall be interpreted and applied in a manner consistent with Section 409A of the Code and any ambiguity shall be resolved in favor of compliance with Section 409A of the Code.  In the event any payments or benefits pursuant to the other provisions of this Agreement would result in the imposition on the Employee of any additional taxes or interest pursuant to the provisions of Section 409A of the Code and final Treasury Regulations, Internal Revenue Service guidance or other provisions of law, the amount of such payments shall be appropriately and equitably adjusted in order that the Employee may receive the same economic benefits as provided under this Agreement and in compliance with Section 409A of the Code and without the imposition on the Employee of any additional taxes and interest thereunder.  Any payments to the Employee under this Agreement which Section 409A(a)(2)(B)(i) of the Code indicates may not be made before the date which is six months after the date of Employee’s separation from employment service (the “Section 409A Six-Month Waiting Period”) shall not be made during the Section 409A Six-Month Waiting Period but rather shall be delayed and shall be paid upon the expiration of the Section 409A Six-Month 
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Waiting Period.  In particular, with respect to severance payments provided for under Section 3(a)(ii) of this Agreement, such severance payments that would otherwise be paid during the Section 409A Six-Month Waiting Period shall be paid in lump sum upon the expiration of the Section 409A Six-Month Waiting Period, together with simple interest on the amount of each deferred payment at the short term applicable federal rate as of the date of termination of employment.  For purposes of this Agreement, “termination of employment,” “separation from service” or similar language means separation from service by the Employee from the Company for any reason whatsoever within the meaning of Code Section 409A and Treasury Regulation § 1.409A-1(h).
Section 4.    Notice of Termination.  Following a Change of Control, any purported termination of the Employee’s employment by the Company, for Cause or otherwise, or by the Employee for Good Reason, shall be communicated by a Notice of Termination to the other party hereto given in accordance with Section 8(d).  For purposes of this Agreement, no such purported termination shall be effective without such Notice of Termination.  The failure by the Employee or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Employee or the Company hereunder or preclude the Employee or the Company from asserting such fact or circumstance in enforcing the Employee’s or the Company’s rights hereunder.  If the Company determines in good faith that a Disability of the Employee has occurred while the Employee is employed by the Company during the Change of Control Period, it may give to the Employee written notice in accordance with Section 8(d) of its intention to terminate the Employee’s employment.  In such event, the Employee’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Employee, provided that within the 30 days after such receipt the Employee shall not have returned to full-time performance of the Employee’s duties.
Section 5.    No Set-Off or Mitigation; Resolution of Disputes.
(a)    No Set-Off.  The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the Employee or others.
(b)    No Mitigation Required.  In no event shall the Employee be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Employee under any of the provisions of this Agreement and, except as provided in Section 3(a)(iii), such amounts shall not be reduced whether or not the Employee obtains other employment.
(c)    Payments Pending Resolution of Disputes.  If there shall be any dispute between the Company and the Employee under this Agreement (i) in the event of any termination of the Employee’s employment by the Company, whether such termination was validly for Cause, or (ii) in the event of any termination of employment by the Employee, whether Good Reason existed, then, unless and until there is a final, nonappealable judgment by a court of competent jurisdiction declaring that such termination was for Cause or that the determination by the Employee of the existence of Good Reason was not made in good faith, the Company shall pay all amounts and provide all benefits to the Employee and/or the Employee’s dependents or other beneficiaries, as the case may be, that the Company would be required to pay or provide pursuant to Section 3(a) as though such termination were by the Company other than for Cause, or by the Employee for Good Reason; provided, however, that the Company shall not be required to pay any disputed amount pursuant to this Section 5(c) except upon receipt of an undertaking by or on behalf of the Employee to repay all such amounts to which the Employee is ultimately adjudged by such court not to be entitled.
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(d)    Attorney Fees and Expenses.  The Company shall pay as they become due all attorney fees and related expenses (including the costs of experts, evidence and counsel) reasonably incurred by the Employee as a result of the Employee seeking to obtain or enforce any right or benefit provided by this Agreement.
Section 6.    Excise Tax Limitation.
(a)    Notwithstanding anything to the contrary contained in this Agreement, if the payments and benefits provided under this Agreement and benefits provided to, or for the benefit of, the Employee under any other Company plan or agreement (such payments or benefits are collectively referred to as the “Payments”) would be subject to the excise tax (the “Excise Tax”) imposed under Section 4999 of the Code, the Payments shall be reduced to the Limited Payment Amount of the greater of (i) the largest amount of Payments that would result in no portion of the Payments being subject to the Excise Tax, or (ii) the largest amount of Payments, up to and including the total Payments, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), that results in the Employee’s receipt, on an after-tax basis, of the greater amount of Payments notwithstanding that all or some portion of the Payments may be subject to the Excise Tax.  The intent of the foregoing provision is to reduce the Payments only in the event and to the extent that doing so will maximize the net present value of the Payments, on an after-tax basis, to be received by the Employee.  Unless the Employee shall have given prior written notice specifying a different order to the Company to effectuate any reduction in Payments, the Company shall reduce or eliminate the Payments by first reducing or eliminating the portion of the Payments which are not payable in cash and then by reducing or eliminating cash payments, in each case in reverse order beginning with payments or benefits which are to be paid the farthest in time from the Determination (as defined below).  Any notice given by the Employee pursuant to the preceding sentence shall take precedence over the provisions of any other plan, arrangement or agreement governing the Employee’s rights and entitlements to any benefits or compensation.
(b)    The determination of whether the Payments shall be reduced to the Limited Payment Amount pursuant to this Agreement and the amount of such Limited Payment Amount shall be made, at the Company’s expense, by an accounting firm selected by the Employee which is one of the four largest accounting firms in the United States (the “Accounting Firm”).  The Accounting Firm shall provide its determination (the “Determination”), together with detailed supporting calculations and documentation, to the Company and the Employee within ten business days of the Termination Date, if applicable, or such other time as requested by the Company or by the Employee (provided that the Employee reasonably believes that any of the Payments may be subject to the Excise Tax), and if the Accounting Firm determines that no Excise Tax is payable by the Employee with respect to the Payments it shall furnish the Employee with an opinion reasonably acceptable to the Employee that no Excise Tax will be imposed with respect to any such Payments.  The Determination shall be binding, final and conclusive upon the Company and the Employee.
Section 7.    Successors and Assigns.
(a)    This Agreement is personal to the Employee and without the prior written consent of the Company shall not be assignable by the Employee otherwise than by will or the laws of descent and distribution.  This Agreement shall inure to the benefit of and be enforceable by the Employee’s legal representatives.
(b)    This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.  The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to the business and/or 50% or more of 
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the assets of the Company (on a consolidated basis) to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.  As used in this Agreement, the term “Company” shall mean the Company as previously defined and any successor to its business and/or assets which assumes and agrees to perform this Agreement by operation of law or otherwise.
Section 8.    Miscellaneous.
(a)    Governing Law and Venue.  This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado, without reference to principles of conflict of laws.  Any action brought by any party to this Agreement shall be brought and maintained in a court of competent jurisdiction located in Denver, Colorado.
(b)    Captions.  The captions of this Agreement are for convenience of reference only, are not part of the provisions hereof and shall have no force or effect in the interpretation of this Agreement.
(c)    Amendment.  This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.
(d)    Notice.  All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party, by confirmed telefax, or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
If to the Employee:    David Copeland
119 Tennyson Place
Coppell, TX  75019

If to the Company:    SM Energy Company
1700 Lincoln Street, Suite 3200
Denver, CO  80203
Attention:  President and Chief Executive Officer
email:  hvogel@sm-energy.com 

or to such other address as either party shall have furnished to the other in writing in accordance herewith.  Notice and communications shall be effective when actually received by the addressee.

(e)    Severability.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and any provision that is determined to be invalid or unenforceable shall be enforced to the maximum extent permissible under law.
(f)    Entire Agreement.  This Agreement constitutes the entire agreement between the parties concerning the subject matter hereof.
(g)    Tax Withholding.  The Company may withhold from any amounts payable under this Agreement such federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation.
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(h)    Waiver.  The Employee’s or the Company’s failure to insist upon strict compliance with any provision hereof or the failure to assert any right the Employee or the Company may have hereunder, including, without limitation, the right of the Employee to terminate employment for Good Reason, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.
(i)    No Guaranteed Employment.  The Employee and the Company acknowledge that, except as may otherwise be provided under any other written agreement between the Employee and the Company concerning the Employee’s employment with the Company, the provisions of such other agreement not inconsistent herewith which shall remain in full force and effect, the employment of the Employee by the Company is “at will” and, prior to the Change of Control Date, may be terminated by either the Employee or the Company at any time.
(j)    Execution in Counterparts and by Facsimile.  This Agreement may be executed in counterparts and signature pages may be delivered by facsimile transmission.

*     *     *     *     *

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IN WITNESS WHEREOF, this Change of Control Severance Agreement is hereby duly executed by each party hereto as of the day and year first above written.

COMPANY:

SM ENERGY COMPANY,
a Delaware corporation

By: 

/s/ HERBERT S. VOGEL
Herbert Vogel, President and Chief Executive Officer

EMPLOYEE:

/s/ DAVID COPELAND
David Copeland
    11Exhibit 4.14

 

 

Tellurian Inc.

 

INDENTURE

 

Dated as of [               ]

 

Wilmington Trust, National
Association

Trustee

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	1
	Section 1.1	Definitions	1
	Section 1.2	Other Definitions	4
	Section 1.3	Incorporation by Reference of Trust Indenture Act	5
	Section 1.4	Rules of Construction	5
	 	 	 
	ARTICLE II THE SECURITIES	5
	Section 2.1	Issuable in Series	5
	Section 2.2	Establishment of Terms of Series of Securities	6
	Section 2.3	Execution and Authentication	7
	Section 2.4	Registrar and Paying Agent	8
	Section 2.5	Paying Agent to Hold Money in Trust	9
	Section 2.6	Securityholder Lists	9
	Section 2.7	Transfer and Exchange	9
	Section 2.8	Mutilated, Destroyed, Lost and Stolen Securities	10
	Section 2.9	Outstanding Securities	11
	Section 2.10	Treasury Securities	11
	Section 2.11	Temporary Securities	11
	Section 2.12	Cancellation	11
	Section 2.13	Defaulted Interest	12
	Section 2.14	Global Securities	12
	Section 2.15	CUSIP Numbers	13
	Section 2.16	Trustee Not Responsible for Securities Laws	13
	 	 	 
	ARTICLE III REDEMPTION	13
	Section 3.1	Notice to Trustee	13
	Section 3.2	Selection of Securities to be Redeemed	14
	Section 3.3	Notice of Redemption	14
	Section 3.4	Effect of Notice of Redemption	15
	Section 3.5	Deposit of Redemption Price	15
	Section 3.6	Securities Redeemed in Part	15
	 	 	 
	ARTICLE IV COVENANTS	15
	Section 4.1	Payment of Principal and Interest	15
	Section 4.2	SEC Reports	15
	Section 4.3	Compliance Certificate	16
	Section 4.4	Stay, Extension and Usury Laws	16
	 	 	 
	ARTICLE V SUCCESSORS	16
	Section 5.1	When Company May Merge, Etc.	16
	Section 5.2	Successor Corporation Substituted	17

 

    i 

     

    

 

	ARTICLE VI DEFAULTS AND REMEDIES	17
	Section 6.1	Events of Default	17
	Section 6.2	Acceleration of Maturity; Rescission and Annulment	18
	Section 6.3	Collection of Indebtedness and Suits for Enforcement by Trustee	19
	Section 6.4	Trustee May File Proofs of Claim	20
	Section 6.5	Trustee May Enforce Claims Without Possession of Securities	20
	Section 6.6	Application of Money Collected	20
	Section 6.7	Limitation on Suits	21
	Section 6.8	Unconditional Right of Holders to Receive Principal and Interest	21
	Section 6.9	Restoration of Rights and Remedies	22
	Section 6.10	Rights and Remedies Cumulative	22
	Section 6.11	Delay or Omission Not Waiver	22
	Section 6.12	Control by Holders	22
	Section 6.13	Waiver of Past Defaults	22
	Section 6.14	Undertaking for Costs	23
	 	 	 
	ARTICLE VII TRUSTEE	23
	Section 7.1	Duties of Trustee	23
	Section 7.2	Rights of Trustee	24
	Section 7.3	Individual Rights of Trustee	26
	Section 7.4	Trustee’s Disclaimer	26
	Section 7.5	Notice of Defaults	26
	Section 7.6	Reports by Trustee to Holders	26
	Section 7.7	Compensation and Indemnity	26
	Section 7.8	Replacement of Trustee	27
	Section 7.9	Successor Trustee by Merger, Etc.	28
	Section 7.10	Eligibility; Disqualification	28
	Section 7.11	Preferential Collection of Claims Against Company	28
	 	 	 
	ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE	29
	Section 8.1	Satisfaction and Discharge of Indenture	29
	Section 8.2	Application of Trust Funds; Indemnification	30
	Section 8.3	Legal Defeasance of Securities of any Series	30
	Section 8.4	Covenant Defeasance	32
	Section 8.5	Repayment to Company	33
	Section 8.6	Reinstatement	33
	 	 	 
	ARTICLE IX AMENDMENTS AND WAIVERS	33
	Section 9.1	Without Consent of Holders	33
	Section 9.2	With Consent of Holders	34
	Section 9.3	Limitations	34
	Section 9.4	Compliance with Trust Indenture Act	35
	Section 9.5	Revocation and Effect of Consents	35
	Section 9.6	Notation on or Exchange of Securities	35
	Section 9.7	Trustee Protected	36

 

    ii 

     

    

 

	ARTICLE X MISCELLANEOUS	36
	Section 10.1	Trust Indenture Act Controls	36
	Section 10.2	Notices	36
	Section 10.3	Communication by Holders with Other Holders	37
	Section 10.4	Certificate and Opinion as to Conditions Precedent	37
	Section 10.5	Statements Required in Certificate or Opinion	37
	Section 10.6	Rules by Trustee and Agents	38
	Section 10.7	Legal Holidays	38
	Section 10.8	No Recourse Against Others	38
	Section 10.9	Counterparts	38
	Section 10.10	Governing Law; WAIVER OF JURY TRIAL	39
	Section 10.11	No Adverse Interpretation of Other Agreements	39
	Section 10.12	Successors	39
	Section 10.13	Severability	39
	Section 10.14	Table of Contents, Headings, Etc.	39
	Section 10.15	Securities in a Foreign Currency	39
	Section 10.16	Judgment Currency	40
	Section 10.17	Submission to Jurisdiction	40
	Section 10.18	Force Majeure	41
	Section 10.19	USA PATRIOT Act	41
	 	 	 
	ARTICLE XI SINKING FUNDS	41
	Section 11.1	Applicability of Article	41
	Section 11.2	Satisfaction of Sinking Fund Payments with Securities	41
	Section 11.3	Redemption of Securities for Sinking Fund	42

 

    iii 

     

    

 

TELLURIAN INC.

 

Reconciliation and tie between Trust Indenture
Act of 1939 and

Indenture, dated as of [               ]

 

	 	§ 310(a)(1)	7.10	 
	 	(a)(2)	7.10	 
	 	(a)(3)	Not Applicable	 
	 	(a)(4)	Not Applicable	 
	 	(a)(5)	7.10	 
	 	(b)	7.10	 
	 	§ 311(a)	7.11	 
	 	(b)	7.11	 
	 	§ 312(a)	2.6	 
	 	(b)	10.3	 
	 	(c)	10.3	 
	 	§ 313(a)	7.6	 
	 	(b)(1)	7.6	 
	 	(b)(2)	7.6	 
	 	(c)(1)	7.6	 
	 	(d)	7.6	 
	 	§ 314(a)	4.2	 
	 	(b)	Not Applicable	 
	 	(c)(1)	10.4	 
	 	(c)(2)	10.4	 
	 	(c)(3)	Not Applicable	 
	 	(d)	Not Applicable	 
	 	(e)	10.5	 
	 	(f)	Not Applicable	 
	 	§ 315(a)	7.1	 
	 	(b)	7.5	 
	 	(c)	7.1	 
	 	(d)	7.1	 
	 	(e)	6.14	 
	 	§ 316(a)	2.10	 
	 	(a)(1)(A)	6.12	 
	 	(a)(1)(B)	6.13	 
	 	(b)	6.8	 
	 	(c)	9.5	 
	 	§ 317(a)(1)	6.3	 
	 	(a)(2)	6.4	 
	 	(b)	2.5	 
	 	§ 318(a)	10.1	 

 

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

 

    iv 

     

    

 

Indenture dated as of [               ]
by and between Tellurian Inc., a Delaware corporation (“Company”), and Wilmington Trust, National Association (“Trustee”).

 

Each party agrees as follows
for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.

 

Article I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1            Definitions.

 

“Additional Amounts”
means any additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to be paid
by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.

 

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

 

“Agent”
means any Registrar, Paying Agent or Notice Agent.

 

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

 

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

 

“Business Day”
means, unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series,
any day except a Saturday, Sunday or a legal holiday in The City of New York (or in connection with any payment, the place of payment)
on which banking institutions are authorized or required by law, regulation or executive order to close.

 

“Capital Stock”
means any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.

 

“Company”
means the party named as such above until a successor replaces it and thereafter means the successor.

 

“Company Order”
means a written order signed in the name of the Company by an Officer.

 

    1

     

    

 

“Corporate Trust
Office” means the office of the Trustee at which at any particular time its corporate trust business related to this Indenture
shall be principally administered.

 

“Default”
means any event which 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 whole or in part in the form of one or more Global Securities,
which shall initially be The Depositary Trust Company, New York, New York, known as DTC; and if at any time there is more than one such
person, “Depositary” as used with respect to the Securities of any Series shall mean the Depositary with respect to
the Securities of such Series.

 

“Discount Security”
means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of
acceleration of the maturity thereof pursuant to Section 6.2.

 

“Dollars”
and “$” means the currency of The United States of America.

 

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

 

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

 

“Foreign Government
Obligations” means, with respect to Securities of any Series that are denominated in a Foreign Currency, direct obligations
of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations
its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof.

 

“GAAP”
means accounting principles generally accepted in the United States of America set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect as of the date of determination.

 

“Global Security”
or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2
evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered
in the name of such Depositary or nominee.

 

“Holder”
or “Securityholder” means a person in whose name a Security is registered.

 

“Indenture”
means this Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of Securities
established as contemplated hereunder.

 

    2

     

    

 

“interest”
with respect to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.

 

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

 

“Officer”
means the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer or any Assistant Treasurer, the Secretary
or any Assistant Secretary, or any Vice President of the Company, whether or not designated by a number or numbers or a word or words
added before or after the title “Vice President.”

 

“Officer’s
Certificate” means a certificate signed by any Officer.

 

“Opinion of Counsel”
means a written opinion of legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to the Company.

 

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

 

“principal”
of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect
of, the Security.

 

“Responsible Officer”
means any officer of the Trustee in its Corporate Trust Office and also means, with respect to a particular corporate trust matter, any
other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular subject
and, in each case, with direct responsibility for the administration of this Indenture.

 

“SEC”
means the Securities and Exchange Commission.

 

“Securities”
means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.

 

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

 

“Series”
or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created
pursuant to Sections 2.1 and 2.2 hereof.

 

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

 

“Subsidiary”
of any specified person means any corporation, association or other business entity of which more than 50% of the total voting power
of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers
or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries
of that person or a combination thereof.

 

    3

     

    

 

“TIA”
means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent
required by any such amendment, the Trust Indenture Act as so amended.

 

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

 

“U.S. Government
Obligations” means securities which are direct obligations of, or guaranteed by, The United States of America for the payment
of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, 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; provided that (except as required by law) such custodian is not authorized to make any deduction from
the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government
Obligation evidenced by such depository receipt.

 

Section 1.2            Other
Definitions.

 

	TERM
	 	DEFINED IN SECTION

	 	 	 
	“Bankruptcy Law”	 	6.1
	“Custodian”	 	6.1
	“Event of Default”	 	6.1
	“Judgment Currency”	 	10.16
	“Legal Holiday”	 	10.7
	“mandatory sinking fund payment”	 	11.1
	“New York Banking Day”	 	10.16
	“Notice Agent”	 	2.4
	“optional sinking fund payment”	 	11.1
	“Paying Agent”	 	2.4
	“Registrar”	 	2.4
	“Required Currency”	 	10.16
	“successor person”	 	5.1

 

    4

     

    

 

Section 1.3            Incorporation
by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the
TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture
have the following meanings:

 

“default”
means Event of Default.

 

“indenture securities”
means the Securities.

 

“indenture security
holder” means a Securityholder.

 

“indenture to be
qualified” means this Indenture.

 

“indenture trustee”
or “institutional trustee” means the Trustee.

 

“obligor”
on the indenture securities means the Company and any successor obligor upon the Securities.

 

All other terms used in this
Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not
otherwise defined herein are used herein as so defined.

 

Section 1.4            Rules of
Construction. Unless the context otherwise requires:

 

(a)            a
term has the meaning assigned to it;

 

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

 

(c)            “or”
is not exclusive;

 

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

 

(e)            provisions
apply to successive events and transactions.

 

Article II

THE SECURITIES

 

Section 2.1            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. All Securities of a Series shall be identical
except as may be set forth or determined in the manner provided in a Board Resolution, supplemental indenture or Officer’s Certificate
detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to
be issued from time to time, the Board Resolution, Officer’s Certificate or supplemental indenture detailing the adoption of the
terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest
rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in
respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of this Indenture.

 

    5

     

    

 

Section 2.2            Establishment
of Terms of Series of Securities. At or prior to the issuance of any Securities within
a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1 and either as to
such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.21)
by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture
or Officer’s Certificate:

 

(a)            the
title of the Securities of the Series;

 

(b)            the
price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;

 

(c)            any
limit upon the aggregate principal amount of the Securities of the Series;

 

(d)            the
date or dates, or the method of determining the dates, on which the Securities of the Series will mature;

 

(e)            the
interest rate or rates, which may be fixed or variable, of the Securities of the Series, or the method of determining those rates, the
interest payment dates and the regular record dates;

 

(f)            the
places where payments may be made on the Securities of the Series and where the Securities of such Series may be surrendered
for registration of transfer and exchange and where notices and demands in respect of the Securities of such Series may be served
and the method of such payment, if by wire transfer, mail or other means;

 

(g)            any
mandatory or optional redemption provisions applicable to the Securities of the Series;

 

(h)            any
sinking fund or analogous provisions applicable to the Securities of the Series;

 

(i)             whether
and on what terms the Company will pay additional amounts to Holders of the Securities of the Series that are not U.S. persons in
respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether and on what terms the Company will have
the option to redeem the Securities of such Series rather than pay the additional amounts;

 

(j)             whether
the Securities of the Series will be senior or subordinated;

 

(k)            any
terms for the attachment to Securities of the Series of warrants, options or other rights to purchase or sell Company securities;

 

    6

     

    

 

(l)            if
the Securities of the Series will be secured by any collateral and, if so, a general description of the collateral and the terms
and provisions of such collateral security, pledge or other agreements;

 

(m)           any
depositaries, interest rate calculation agents, exchange rate calculation agents or other agents;

 

(n)            the
portion of the principal amount of the Securities of the Series payable upon the acceleration of maturity if other than the entire
principal amount of the Securities of such Series;

 

(o)           any
deletions of, or changes or additions to, the events of default or covenants applicable to the Securities of the Series;

 

(p)            if
other than Dollars, the currency or currencies in which payments of principal, premium and/or interest on the Securities of the Series will
be payable and whether the holder may elect payment to be made in a different currency;

 

(q)            the
method of determining the amount of any payments on the Securities of the Series which are linked to an index;

 

(r)            whether
the Securities of the Series will be issued in the form of one or more global securities in temporary or definitive form;

 

(s)            whether
the Securities of the Series will be convertible or exchangeable into or for Capital Stock or other Securities and the conversion
price or exchange ratio, the conversion or exchange period and any other conversion or exchange provisions;

 

(t)            any
terms relating to the delivery of the Securities of the Series if they are to be issued upon the exercise of warrants; and

 

(u)           any
other specific terms of the Securities of the Series.

 

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 the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above.

 

Section 2.3            Execution
and Authentication. An Officer shall sign the Securities for the Company by manual, electronic
or facsimile signature.

 

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.

 

A Security shall not be valid
until authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that
the Security has been authenticated under this Indenture.

 

    7

     

    

 

The Trustee shall at any
time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental
indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date
of its authentication.

  

The aggregate principal amount
of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set
forth in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2,
except as provided in Section 2.8.

 

Prior to the issuance of
Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying
on (a) the Board Resolution, supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities
of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within
that Series, (b) an Officer’s Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying
with Section 10.4.

 

The Trustee shall have the
right to decline to authenticate and deliver any Securities of such Series (a) if the Trustee, being advised by counsel, determines
that such action may not be taken lawfully; (b) if the Trustee in good faith by its board of directors or trustees, executive committee
or a Responsible Officer shall determine that such action would expose the Trustee to personal liability to Holders of any then outstanding
Series of Securities or (c) if the Trustee in good faith shall determine that the terms of any such Securities as set forth
in a Board Resolution, supplemental indenture or Officer’s Certificate would adversely affect it.

 

The Trustee may appoint an
authenticating agent acceptable to the Company to authenticate Securities. An 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 agent. An authenticating
agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.

 

Section 2.4            Registrar
and Paying Agent. The Company shall maintain, with respect to each Series of Securities,
at the place or places specified with respect to such Series pursuant to Section 2.2, an office or agency where Securities
of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may
be surrendered for registration of transfer or exchange (“Registrar”) and where notices and demands to or upon the
Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice Agent”). The
Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange. The Company will give
prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent
or Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent or shall
fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or served
at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations,
surrenders, notices and demands.

 

    8

     

    

 

The Company may also from
time to time designate one or more co-registrars, additional paying agents or additional notice agents and may from time to time rescind
such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations
to maintain a Registrar, Paying Agent and Notice Agent in each place so specified pursuant to Section 2.2 for Securities
of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission
and of any change in the name or address of any such co-registrar, additional paying agent or additional notice agent. The term “Registrar”
includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Notice
Agent” includes any additional notice agent. The Company or any of its Affiliates may serve as Registrar or Paying Agent.

 

The Company hereby appoints
the Trustee the initial Registrar, Paying Agent and Notice Agent for each Series unless another Registrar, Paying Agent or Notice
Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued. None of the Trustee, the Registrar,
the Paying Agent nor the Notice Agent shall be deemed an agent of the Company for purposes of service of legal process.

 

Section 2.5            Paying
Agent to Hold Money in Trust. The Company shall require each Paying Agent other than the
Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of Securities,
or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and
will notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require
a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by
it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall
have no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold
in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent. Upon
any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying Agent for the Securities.

 

Section 2.6            Securityholder
Lists. The Trustee shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of Securityholders of each Series of Securities and shall otherwise
comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten days before
each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of such date as
the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities.

 

Section 2.7            Transfer
and Exchange. Where Securities of a Series are presented to the Registrar or a co-registrar
with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar
shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers
and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be made for any registration
of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to
cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental
charge payable upon exchanges pursuant to Section 2.11, 3.6 or 9.6).

 

    9

     

    

 

Neither the Company nor the
Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning
at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series selected
for redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer of or exchange Securities
of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected,
called or being called for redemption in part.

 

Section 2.8            Mutilated,
Destroyed, Lost and Stolen Securities. If any mutilated Security is surrendered to the Trustee,
the Company shall execute and upon its request the Trustee shall authenticate and deliver in exchange therefor a new Security of the
same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

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 bond as may be required by each of them to hold itself and any of its agents 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 upon
its request the Trustee shall authenticate and make available for delivery, 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.

 

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

 

Every new Security of any
Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone,
and shall be entitled to all the benefits of 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) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities.

 

    10

     

    

 

Section 2.9            Outstanding
Securities. The Securities outstanding at any time are all the Securities authenticated
by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global
Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding.

 

If a Security is replaced
pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced
Security is held by a bona fide purchaser.

 

If the Paying Agent (other
than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money
sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding
and interest on them ceases to accrue.

 

The Company may purchase
or otherwise acquire the Securities, whether by open market purchases, negotiated transactions or otherwise. A Security does not cease
to be outstanding because the Company or an Affiliate of the Company holds the Security (but see Section 2.10 below).

 

In determining whether the
Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall
be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration
of the Maturity thereof pursuant to Section 6.2.

 

Section 2.10          Treasury
Securities. In determining whether the Holders of the required principal amount of Securities
of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver, Securities of a Series owned
by the Company or any Affiliate of the Company shall be disregarded, except that for the purposes of determining whether the Trustee
shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that
a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded.

 

Section 2.11          Temporary
Securities. Until definitive Securities are ready for delivery, the Company may prepare
and upon its request the Trustee shall authenticate temporary Securities upon a Company Order. Temporary Securities shall be substantially
in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without
unreasonable delay, the Company shall prepare and the Trustee upon receipt of a Company Order shall authenticate definitive Securities
of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall have
the same rights under this Indenture as the definitive Securities.

 

Section 2.12          Cancellation.
The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the
Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities
surrendered for transfer, exchange, payment, replacement or cancellation and shall dispose of such canceled Securities (subject to the
record retention requirements of the Exchange Act and the Trustee) and deliver a certificate of such cancellation to the Company, upon
written request of the Company. The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee
for cancellation.

 

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Section 2.13          Defaulted
Interest. If the Company defaults in a payment of interest on a Series of Securities,
it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons
who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date and payment date.
At least 10 days before the special record date, the Company shall mail to the Trustee and to each Securityholder of the Series a
notice that states the special record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest
in any other lawful manner. Notwithstanding the foregoing, any interest which is paid prior to the expiration of the 30-day period set
forth in Section 6.1(a) shall be paid to Holders as of the record date for the interest payment date for which interest
has not been paid.

 

Section 2.14          Global
Securities.

 

(a)            Terms
of Securities. A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate shall establish whether the
Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such
Global Security or Securities.

 

(b)            Transfer
and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of this Indenture and in addition
thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of this Indenture for Securities registered in
the names of Holders other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company
that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing
agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing
agency under the Exchange Act within 90 days of such event or (ii) the Company executes and delivers to the Trustee an Officer’s
Certificate to the effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the
preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate
principal amount equal to the principal amount of the Global Security with like tenor and terms.

 

Except as provided
in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depositary with respect to such
Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary
or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

 

(c)            Legend.
Any Global Security issued hereunder shall bear a legend in substantially the following form:

 

“This Security is a Global
Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depositary or a nominee of
the Depositary. This Security is exchangeable for Securities registered in the name of a person other than the Depositary or its nominee
only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depositary to a nominee
of the Depositary, 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 a successor Depositary.”

 

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(d)            Acts
of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand,
authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under this Indenture.

 

(e)            Payments.
Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment
of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.

 

(f)            Consents,
Declaration and Directions. The Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount of
outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depositary
or by the applicable procedures of the Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations,
waivers or directions required to be given by the Holders pursuant to this Indenture.

 

Section 2.15          CUSIP
Numbers. The Company in issuing the Securities may use “CUSIP” numbers (if then
generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders;
provided, however, (i) that the Trustee is not liable for CUSIP numbers printed on any Security, notice or elsewhere, (ii) that
the Trustee makes no representation as to the correctness or accuracy of such CUSIP number, and (iii) that any such notice may state
that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice
of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such
redemption shall not be affected by any defect in or omission of such numbers.

 

Section 2.16          Trustee
Not Responsible for Securities Laws. Notwithstanding anything herein to the contrary, neither
the Trustee nor the Registrar shall be responsible for ascertaining whether any transfer complies with the registration provisions of
or exemptions from the Securities Act, applicable state securities laws or other applicable laws.

 

Article III

REDEMPTION

 

Section 3.1            Notice
to Trustee. The Company may, with respect to any Series of Securities, reserve the
right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof
prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities
is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of
Securities pursuant to the terms of such Securities, it shall notify the Trustee of the redemption date and the principal amount of Series of
Securities to be redeemed. The Company shall give the notice at least 15 days before the redemption date (or such shorter notice as may
be acceptable to the Trustee).

 

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Section 3.2            Selection
of Securities to be Redeemed. Unless otherwise indicated for a particular Series by
a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, if less than all the Securities of a Series are
to be redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner that the Trustee deems fair and
appropriate, including by lot or other method, unless otherwise required by law or applicable stock exchange requirements, subject, in
the case of Global Securities, to the applicable rules and procedures of the Depositary. The Trustee shall make the selection from
Securities of the Series outstanding not previously called for redemption. The Trustee may select for redemption portions of the
principal of Securities of the Series that have denominations larger than $1,000. Securities of the Series and portions of
them it selects shall be in amounts of $1,000 or whole multiples of $1,000 or the minimum principal denomination for each Series and
the authorized integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption
also apply to portions of Securities of that Series called for redemption.

 

Section 3.3            Notice
of Redemption. Unless otherwise indicated for a particular Series by Board Resolution,
a supplemental indenture hereto or an Officer’s Certificate, at least 15 days but not more than 60 days before a redemption date,
the Company shall send or cause to be sent by first class mail or electronically, in accordance with the procedures of the Depositary
a notice of redemption to each Holder whose Securities are to be redeemed.

 

The notice shall identify
the Securities of the Series to be redeemed and shall state:

 

(a)            the
redemption date;

 

(b)            the
redemption price;

 

(c)            the
name and address of the Paying Agent;

 

(d)            if
any Securities are being redeemed in part, the portion of the principal amount of such Securities to be redeemed and that, after the
redemption date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion
of the original Security shall be issued in the name of the Holder thereof upon cancellation of the original Security;

 

(e)            that
Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(f)            that
interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date;

 

(g)            the
CUSIP number, if any; and

 

(h)           any
other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.

 

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At the Company’s request,
the Trustee shall give the notice of redemption in the Company’s name and at its expense, provided, however, that the Company has
delivered to the Trustee, at least 5 days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer’s
Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice.

 

Section 3.4            Effect
of Notice of Redemption. Once notice of redemption is mailed as provided in Section 3.3,
Securities of a Series called for redemption become due and payable on the redemption date and at the redemption price. Except as
otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate for a Series of Securities, a
notice of redemption pertaining to such Series may not be conditional. Upon surrender to the Paying Agent, such Securities shall
be paid at the redemption price plus accrued interest to the redemption date.

 

Section 3.5            Deposit
of Redemption Price. On or before 11:00 a.m., New York City time, on the redemption date,
the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all
Securities to be redeemed on that date.

 

Section 3.6            Securities
Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Trustee shall
authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount to the unredeemed
portion of the Security surrendered.

 

Article IV

COVENANTS

 

Section 4.1            Payment
of Principal and Interest. The Company covenants and agrees for the benefit of the Holders
of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities of that
Series in accordance with the terms of such Securities and this Indenture.

 

Section 4.2            SEC
Reports. The Company shall, so long as any Securities are outstanding, deliver to the Trustee
within 15 days after it files them with the SEC copies of the annual reports and of the information, documents, and other reports (or
copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required
to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with the other provisions
of TIA § 314(a). Reports, information and documents filed with the SEC via the EDGAR system will be deemed to be delivered to the
Trustee as of the time of such filing via EDGAR for purposes of this Section 4.2. The Trustee need not determine whether
the Company has filed any material via the EDGAR system (or any successor system). The Trustee shall have no duty to review or analyze
reports delivered to it. Delivery of reports, information and documents to the Trustee under this Section 4.2 is for informational
purposes only and the sending or filing of reports pursuant to Section 4.2 will not be deemed to constitute actual or constructive
notice to or knowledge of the Trustee of any information contained, or determinable from information contained, therein, including the
Company’s compliance with any of its covenants under this Indenture.

 

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Section 4.3            Compliance
Certificate. The Company shall, so long as any Securities are outstanding, deliver to the
Trustee, within 90 days after the end of each fiscal year of the Company, an Officer’s Certificate stating that a review of the
activities of the Company during the preceding fiscal year has been made under the supervision of the signing Officer with a view to
determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating,
as to such Officer signing such certificate, that to the best of such Officer’s knowledge the Company has kept, observed, performed
and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the
terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events
of Default of which such Officer may have knowledge).

 

The Company will, so long
as any of the Securities are outstanding, deliver to the Trustee, promptly upon becoming aware of any Default or Event of Default, an
Officer’s Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with
respect thereto.

 

Section 4.4            Stay,
Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so)
that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension
or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture
or the Securities; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such
law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the
Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted.

 

Article V

SUCCESSORS

 

Section 5.1            When
Company May Merge, Etc. The Company shall not consolidate with or merge with or into,
or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor person”)
unless:

 

(a)            the
Company is the surviving corporation or the successor person (if other than the Company) is a corporation organized and validly existing
under the laws of any U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the Securities and under this
Indenture; and

 

(b)            immediately
after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing.

 

The Company shall deliver
to the Trustee prior to the consummation of the proposed transaction an Officer’s Certificate to the foregoing effect and an Opinion
of Counsel stating that the proposed transaction and any supplemental indenture hereto comply with this Indenture.

 

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Notwithstanding the above,
any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the Company. Neither an Officer’s
Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.

 

Section 5.2            Successor
Corporation Substituted. Upon any consolidation or merger, or any sale, lease, conveyance
or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1, the successor
corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other
disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture
with the same effect as if such successor person has been named as the Company herein; provided, however, that the predecessor Company
in the case of a sale, conveyance or other disposition (other than a lease) shall be released from all obligations and covenants under
this Indenture and the Securities.

 

Article VI

DEFAULTS AND REMEDIES

 

Section 6.1            Events
of Default.

 

“Event of Default,”
wherever used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board
Resolution, supplemental indenture hereto or Officer’s Certificate, it is provided that such Series shall not have the benefit
of said Event of Default:

 

(a)            default
in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default for
a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior
to 11:00 a.m., New York City time, on the 30th day of such period); or

 

(b)            default
in the payment of principal or any premium of any Security of that Series when due;

 

(c)            default
in the payment of any sinking fund when it becomes due and payable;

 

(d)            default
in the performance or breach of any covenant or warranty of the Company in this Indenture (other than defaults pursuant to paragraph
(a), (b) or (c) above or pursuant to a covenant or warranty that has been included in this Indenture solely for the benefit
of Series of Securities other than that Series), which default continues uncured for a period of 180 days after there has been given,
by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal
amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied
and stating that such notice is a “Notice of Default” hereunder; or

 

(e)            the
Company pursuant to or within the meaning of any Bankruptcy Law:

 

(i)            commences
a voluntary case,

 

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(ii)            consents
to the entry of an order for relief against it in an involuntary case,

 

(iii)           consents
to the appointment of a Custodian of it or for all or substantially all of its property,

 

(iv)           makes
a general assignment for the benefit of its creditors, or

 

(v)            generally
is unable to pay its debts as the same become due; or

 

(vi)           a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(A)            is
for relief against the Company in an involuntary case,

 

(B)            appoints
a Custodian of the Company or for all or substantially all of its property, or

 

(C)            orders
the liquidation of the Company, and the order or decree remains unstayed and in effect for 60 days; or

 

(D)            any
other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture
hereto or an Officer’s Certificate, in accordance with Section 2.2.15.

 

The term “Bankruptcy
Law” means title 11, U.S. Code or any similar federal or state law for the relief of debtors. The term “Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

Section 6.2            Acceleration
of Maturity; Rescission and Annulment. If an Event of Default with respect to Securities
of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(e) or
(f)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities
of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion
of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the
Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given
by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall
become immediately due and payable. If an Event of Default specified in Section 6.1(e) or (f) shall occur,
the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto
become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

At any time after such a
declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment of the money due
has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding
Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences
if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal and interest, if any,
of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided
in Section 6.13.

 

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

 

Section 6.3            Collection
of Indebtedness and Suits for Enforcement by Trustee. The Company covenants that if:

 

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

 

(b)            default
is made in the payment of principal of any Security at the Maturity thereof, or

 

(c)            default
is made in the deposit of any sinking fund payment when and as due by the terms of a Security,

 

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

 

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

 

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

 

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Section 6.4            Trustee
May File Proofs of Claim. In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or
any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective
of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled
and empowered, by intervention in such proceeding or otherwise,

 

(a)            to
file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial
proceeding, and

 

(b)            to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same,

 

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments
to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section 7.7.

 

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

 

Section 6.5            Trustee
May Enforce Claims Without Possession of Securities. All rights of action and claims
under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities
or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its
own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities
in respect of which such judgment has been recovered.

 

Section 6.6            Application
of Money Collected. Any money or property collected by the Trustee pursuant to this Article shall
be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money or property
on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid
and upon surrender thereof if fully paid:

 

First: To the payment of
all amounts due the Trustee under this Indenture; and

 

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

 

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Third: To the Company.

 

Section 6.7            Limitation
on Suits. No Holder of any Security of any Series shall have any right to institute
any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

 

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

 

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

 

(c)            such
Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the costs, expenses and liabilities
which might be incurred by the Trustee 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)            no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in principal amount of the outstanding Securities of that Series;

 

it being understood, intended and expressly covenanted
by the Holder of every Security with every other Holder and the Trustee that no one or more of such Holders shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other
of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under
this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders of the applicable Series.
The Trustee shall have no duty to determine whether any Holder’s use of the Indenture complies with the preceding sentence.

 

Section 6.8            Unconditional
Right of Holders to Receive Principal and Interest. Notwithstanding any other provision
in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal
of and interest, if any, on such Security on the Maturity of such Security, including the Stated Maturity expressed in such Security
(or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights
shall not be impaired without the consent of such Holder.

 

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Section 6.9            Restoration
of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce
any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined
adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company,
the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights
and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

 

Section 6.10          Rights
and Remedies Cumulative. Except as otherwise provided with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, 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, to the extent permitted
by law, prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 6.11          Delay
or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Securities
to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any
such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the
Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may
be.

 

Section 6.12          Control
by Holders. The Holders of a majority in principal amount of the outstanding Securities
of any Series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to
the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series; provided that:

 

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

 

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

 

(c)            the
Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of
the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability, and

 

(d)            prior
to taking any action as directed under this Section 6.12, the Trustee shall be entitled to indemnity satisfactory to it against
the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction.

 

Section 6.13          Waiver
of Past Defaults. The Holders of not less than a majority in principal amount of the outstanding
Securities of any Series may on behalf of the Holders of all the Securities of such Series waive any past Default hereunder
with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security
of such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may
rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration). Upon any such
waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose
of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

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Section 6.14          Undertaking
for Costs. All parties to this Indenture agree, and each Holder of any Security by his acceptance
thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing
by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any
suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding
in the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder
for the enforcement of the payment of the principal of or interest on any Security on or after the Maturity of such Security, including
the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date).

 

Article VII

TRUSTEE

 

Section 7.1            Duties
of Trustee.

 

(a)            If
an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and
use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct
of such person’s own affairs.

 

(b)            Except
during the continuance of an Event of Default:

 

(i)            The
Trustee need perform only those duties that are specifically set forth in this Indenture and no others.

 

(ii)            In
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements
of this Indenture;

 

however, in the case of any such Officer’s
Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee
shall examine such Officer’s Certificates and Opinions of Counsel to determine whether or not they conform to the form requirements
of this Indenture.

 

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(c)            The
Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct,
except that:

 

(i)            This
paragraph does not limit the effect of paragraph (b) of this Section.

 

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

 

(iii)            The
Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any
Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities
of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series in accordance
with Section 6.12.

 

(iv)            Every
provision of this Indenture that in any way relates to the Trustee is subject to this Section 7.1 and Section 7.2.

 

(v)            The
Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity reasonably satisfactory to it, in
its sole discretion, against the costs, expenses and liabilities that might be incurred by it in performing such duty or exercising such
right or power.

 

(vi)            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.

 

(vii)          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, or in the exercise of any of its rights or powers, if adequate indemnity against such risk is not assured
to the Trustee to its satisfaction.

 

(viii)         The
Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections and immunities as are set forth in paragraphs
(e), (f) and (g) of this Section, Section 7.2 and Section 7.7, each with respect to the Trustee.

 

Section 7.2            Rights
of Trustee.

 

(a)            The
Trustee may conclusively rely on and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, judgment, bond, debenture, note, other evidence of indebtedness
or other paper or document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented
by the proper person. The Trustee need not investigate any fact or matter stated in the document.

 

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(b)            Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion
of Counsel.

 

(c)            The
Trustee may act through agents and shall not be responsible for the acts or omissions of any agent appointed with due care. No Depositary
shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depositary.

 

(d)            The
Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights
or powers, provided that the Trustee’s conduct does not constitute willful misconduct or negligence.

 

(e)            The
Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder without willful misconduct or negligence, and in accordance
therewith.

 

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

 

(g)            The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, judgment, bond, debenture, note, other evidence of indebtedness or other
paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it
may see fit.

 

(h)           The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust
Office of the Trustee, and such notice references the Securities generally or the Securities of a particular Series and this Indenture
and states that it is a notice of Default or Event of Default.

 

(i)            The
permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty and, with respect to such
permissive rights, the Trustee shall not be answerable for other than its negligence or willful misconduct.

 

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

 

(k)            The
Trustee shall be entitled to request and receive written instructions from the Company or the Holders and shall have no responsibility
or liability for any losses or damages of any nature that may arise from any action taken or not taken by the Trustee in accordance with
the written direction of the Company or the Holders.

 

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(l)            The
Trustee is not responsible for monitoring the performance of other persons or for the failure of others to perform their duties.

 

(m)          Any
action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or authority or consent
of any person who, at the time of making such request or giving such authority or consent, is the Holder of any Security, shall be conclusive
and binding upon future Holders of Securities, and upon Securities executed and delivered in exchange therefor or in place thereof.

 

(n)           The
Trustee shall not be required to give any bond or surety in respect of the execution of trusts and powers under this Indenture.

 

Section 7.3            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 an Affiliate of the Company with the same rights it would have if
it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11.

 

Section 7.4            Trustee’s
Disclaimer. The Trustee makes no representation as to the validity or adequacy of this Indenture
or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible
for any statement in the Securities other than its authentication.

 

Section 7.5            Notice
of Defaults. If a Default or Event of Default occurs and is continuing with respect to the
Securities of any Series and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder
of the Securities of that Series notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible
Officer of the Trustee has knowledge of such Default or Event of Default. Except in the case of a Default or Event of Default in payment
of principal of or interest on any Security of any Series, the Trustee may withhold the notice if and so long as a Responsible Officer
in good faith determines that withholding the notice is in the interests of Securityholders of that Series.

 

Section 7.6            Reports
by Trustee to Holders. Within 60 days after each anniversary of the date of this Indenture,
the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear on the register kept by the Registrar,
a brief report dated as of such anniversary date, in accordance with, and to the extent required under, TIA § 313.

 

A copy of each report at
the time of its mailing to Securityholders of any Series shall be filed with the SEC and each national securities exchange on which
the Securities of that Series are listed. The Company shall promptly notify the Trustee when Securities of any Series are listed
on any national securities exchange.

 

Section 7.7            Compensation
and Indemnity. The Company shall pay to the Trustee from time to time compensation for its
services as the Company and the Trustee shall from time to time agree upon in writing. The Trustee’s compensation shall not be
limited by any law on compensation of a trustee of an express trust. The Company shall pay or reimburse the Trustee upon request for
all reasonable out of pocket disbursements, expenses and advances incurred by it or made in accordance with the provisions of this Indenture.
Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel.

 

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The Company shall indemnify
each of the Trustee and any predecessor Trustee (including the cost of defending itself) and hold it harmless against any claim, action,
suit or proceeding at law or in equity, damage, demand, loss, liability, fees, charges or expenses (including, but not limited to, reasonable
compensation, disbursements and expenses of the Trustee’s agents and counsel), including taxes (other than taxes based upon, measured
by or determined by the income of the Trustee) incurred by it except as set forth in the next paragraph arising out of or in connection
with the acceptance or administration of this Indenture and its rights or the performance of its duties under this Indenture as Trustee
or Agent (including enforcement of its right to indemnity hereunder) whether brought by the Company, a Holder or any other person. The
Trustee shall notify the Company promptly of any third party claim for which it may seek indemnity. The Company shall defend the claim
and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel (plus local counsel, if applicable) and the
Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent,
which consent shall not be unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders and
agents of the Trustee.

 

The Company need not reimburse
any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or
agent of the Trustee through willful misconduct or negligence.

 

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

 

When the Trustee incurs expenses
or renders services after an Event of Default specified in Section 6.1(e) or (f) occurs, the expenses and
the compensation for the services are intended to constitute administrative expenses for purposes of priority under any Bankruptcy Law.

 

The provisions of this Section shall
survive the termination or discharge of this Indenture, the repayment of any Series of Securities and the resignation or removal
of the Trustee.

 

Section 7.8            Replacement
of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee
shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section.

 

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The Trustee may resign with
respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation.
The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by
so notifying the Trustee and the Company at least 30 days prior to the requested date of removal. The Company may remove the Trustee
with respect to Securities of one or more Series if:

 

(a)            the
Trustee fails to comply with Section 7.10;

 

(b)            the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;

 

(c)            a
Custodian or public officer takes charge of the Trustee or its property; or

 

(d)            the
Trustee becomes incapable of acting.

 

If the Trustee resigns or
is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within
one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may
appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

If a successor Trustee with
respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee resigns or is
removed, the retiring Trustee (at the Company’s expense), the Company or the Holders of at least a majority in principal amount
of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

A successor Trustee shall
deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee
shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7,
the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers
and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor
Trustee shall mail a notice of its succession to each Securityholder of each such Series. Notwithstanding replacement of the Trustee
pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the
benefit of the retiring Trustee with respect to expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance
with its rights, powers and duties under this Indenture prior to such replacement.

 

Section 7.9            Successor
Trustee by Merger, Etc. If the Trustee consolidates with, merges or converts into, or sells
or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any
further act shall be the successor Trustee, subject to Section 7.10.

 

Section 7.10          Eligibility;
Disqualification. This Indenture shall always have a Trustee who satisfies the requirements
of TIA § 310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus of at least $50,000,000 as set
forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b).

 

Section 7.11          Preferential
Collection of Claims Against Company. The Trustee is subject to TIA § 311(a), excluding
any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to
the extent indicated.

 

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Article VIII

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section 8.1            Satisfaction
and Discharge of Indenture. This Indenture shall upon Company Order cease to be of further
effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute
instruments acknowledging satisfaction and discharge of this Indenture, when

 

(a)            either:

 

(i)            all
Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have been
replaced or paid) have been delivered to the Trustee for cancellation; or (ii)  all such Securities not theretofore delivered to
the Trustee for cancellation

 

(A)            have
become due and payable, or

 

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

 

(C)            have
been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the
giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or

 

(D)            are
deemed paid and discharged pursuant to Section 8.3, as applicable;

 

and the Company, in the case of (1),
(2) or (3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount of
money or U.S. Government Obligations sufficient for the purpose of paying and discharging the entire indebtedness on such Securities
not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Securities
which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case
may be;

 

(ii)            the
Company has paid or caused to be paid all other sums payable hereunder by the Company; and

 

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

 

Notwithstanding the satisfaction
and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have
been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8,
8.2 and 8.5 shall survive.

 

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Section 8.2            Application
of Trust Funds; Indemnification.

 

(a)            Subject
to the provisions of Section 8.5, all money or U.S. Government Obligations deposited with the Trustee pursuant to Section 8.1,
all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3
or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited
with the Trustee pursuant to Section 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the
provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting
as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment
such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated
by Section 8.3 or 8.4.

 

(b)            The
Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government
Obligations or Foreign Government Obligations deposited pursuant to Section 8.3 or 8.4 or the interest and principal
received in respect of such obligations other than any payable by or on behalf of Holders.

 

(c)            The
Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government Obligations or Foreign Government
Obligations or money held by it as provided in Section 8.3 or 8.4 which, in the opinion of a nationally recognized
firm of independent certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee,
are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government
Obligations or Foreign Government Obligations or money were deposited or received. This provision shall not authorize the sale by the
Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.

 

Section 8.3            Legal
Defeasance of Securities of any Series. Unless this Section 8.3 is otherwise
specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company shall be deemed to have paid
and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit
referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such
Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute
instruments acknowledging the same), except as to:

 

(a)            the
rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment
of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Maturity
of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund 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 this Indenture
and the Securities of such Series;

 

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(b)            the
provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and

 

(c)            the
rights, powers, trust, indemnities and immunities of the Trustee hereunder and the Company’s obligations in connection therewith;
provided that, the following conditions shall have been satisfied:

 

(d)            the
Company shall have irrevocably deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with
the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated
solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars,
cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign
Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal
in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed
on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of
a nationally recognized firm of independent public accountants or investment bank expressed in a written certification thereof delivered
to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments
in respect of all the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments
are due;

 

(e)            such
deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound;

 

(f)            no
Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such
deposit or during the period ending on the 91st day after such date;

 

(g)            the
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that (i) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution
of this Indenture, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss
for federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to federal income tax on the
same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not
occurred;

 

(h)            the
Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with
the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

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

 

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Section 8.4            Covenant
Defeasance. Unless this Section 8.4 is otherwise specified pursuant to Section 2.2 to
be inapplicable to Securities of any Series, the Company may omit to comply with respect to the Securities of any Series with
any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, and 5.1 as well as any
additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or an
Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall
not constitute a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of
any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s
Certificate delivered pursuant to Section 2.2 and designated as an Event of Default shall not constitute a Default or
Event of Default hereunder, with respect to the Securities of such Series, provided that the following conditions shall have been
satisfied:

 

(a)            With
reference to this Section 8.4, the Company has irrevocably deposited or caused to be irrevocably deposited (except as provided
in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically
pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of
such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of
such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which
through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment
and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an
amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants or investment
bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and
interest, if any, on and any mandatory sinking fund payments in respect of the Securities of such Series on the dates such installments
of interest or principal and such sinking fund payments are due;

 

(b)            Such
deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound;

 

(c)            No
Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such
deposit;

 

(d)            The
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such Series will
not recognize income, gain or loss for federal income tax purposes as a result of such deposit and covenant defeasance and will be subject
to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and covenant
defeasance had not occurred;

 

(e)            The
Company shall have delivered to the Trustee an Officer’s Certificate stating the deposit was not made by the Company with the intent
of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

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(f)            The
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with.

 

Section 8.5            Repayment
to Company. Subject to applicable abandoned property law, the Trustee and the Paying Agent
shall pay to the Company upon request any money held by them for the payment of principal and interest that remains unclaimed for two
years. After that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable
abandoned property law designates another person.

 

Section 8.6            Reinstatement.
If the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in accordance
with Section 8.1 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 obligations of the Company under this Indenture with respect to
the Securities of such Series and under the Securities of such Series shall be revived and reinstated as though no deposit
had occurred pursuant to Section 8.1 until such time as the Trustee or the Paying Agent is permitted to apply all such money
in accordance with Section 8.1; provided, however, that if the Company has made any payment of principal of or interest on
or any Additional Amounts with respect to 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 money or U.S. Government Obligations held by the Trustee
or Paying Agent after payment in full to the Holders.

 

Article IX

AMENDMENTS AND WAIVERS

 

Section 9.1            Without
Consent of Holders. The Company and the Trustee may amend or supplement this Indenture or
the Securities of one or more Series without the consent of any Securityholder:

 

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

 

(b)            to
comply with Article V;

 

(c)            to
provide for uncertificated Securities in addition to or in place of certificated Securities;

 

(d)            to
surrender any of the Company’s rights or powers under this Indenture

 

(e)            to
add covenants or events of default for the benefit of the holders of Securities of any Series;

 

(f)            to
comply with the applicable procedures of the applicable depositary;

 

(g)            to
make any change that does not adversely affect the rights of any Securityholder;

 

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(h)           to
provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;

 

(i)            to
evidence and provide for the acceptance of appointment hereunder by a successor or a separate Trustee with respect to the Securities
of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee; or

 

(j)            to
comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA.

 

Section 9.2            With
Consent of Holders. The Company and the Trustee may enter into a supplemental indenture
with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected
by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of
such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture
or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series. Except as provided
in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of any Series by
notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series)
may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series.

 

It shall not be necessary
for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental
indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver
under this section becomes effective, the Company shall mail to the Holders of Securities affected thereby, a notice briefly describing
the supplemental indenture or waiver. Any failure by the Company to mail or publish 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 9.3            Limitations.
Without the consent of each Securityholder affected, an amendment or waiver may not:

 

(a)            reduce
the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;

 

(b)            reduce
the rate of or extend the time for payment of interest (including default interest) on any Security;

 

(c)            reduce
the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any
sinking fund or analogous obligation;

 

(d)            reduce
the principal amount of Discount Securities payable upon acceleration of the maturity thereof;

 

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(e)            waive
a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration
of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such
Series and a waiver of the payment default that resulted from such acceleration);

 

(f)            make
the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security;

 

(g)            make
any change in Section 6.8, 6.13 or 9.3 (this sentence); or

 

(h)            waive
a redemption payment with respect to any Security, provided that such redemption is made at the Company’s option.

 

Section 9.4            Compliance
with Trust Indenture Act. Every amendment to this Indenture or the Securities of one or
more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.

 

Section 9.5            Revocation
and Effect of Consents. Until an amendment is set forth in a supplemental indenture or a
waiver becomes effective, a consent to it by a Holder of a Security 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 consenting Holder’s Security, 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 his Security or portion
of a Security if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver becomes
effective.

 

Any amendment or waiver once
effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described
in any of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder
of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt
as the consenting Holder’s Security.

 

The Company may, but shall
not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action
described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the
immediately preceding paragraph, those persons who were Holders at such record date (or their duly designated proxies), and only those
persons, shall be entitled to give such consent or to revoke any consent previously given or take any such action, whether or not such
persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such
record date.

 

Section 9.6            Notation
on or Exchange of Securities. The Company or the Trustee, at the Company’s direction,
may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated. The Company
in exchange for Securities of that Series may issue and the Trustee shall authenticate upon request new Securities of that Series that
reflect the amendment or waiver.

 

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Section 9.7            Trustee
Protected. In executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled
to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Officer’s Certificate and an
Opinion of Counsel complying with Section 10.4 and stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture and, with respect to such Opinion of Counsel, that such supplemental indenture creating any additional
trust is the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. The Trustee
shall sign all supplemental indentures upon delivery of such an Officer’s Certificate and Opinion of Counsel, except that the Trustee
need not sign any supplemental indenture that adversely affects its rights, duties, indemnities or immunities under this Indenture or
otherwise.

 

Article X

MISCELLANEOUS

 

Section 10.1          Trust
Indenture Act Controls. If any provision of this Indenture limits, qualifies, or conflicts
with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision shall
control.

 

Section 10.2          Notices.
Any notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if
in writing and delivered in person or mailed by first-class mail:

 

if to the Company:

 

Tellurian Inc.

1201 Louisiana Street, Suite 3100

Houston, Texas 77002

Attention: Graham A. McArthur, Treasurer

 

With copies to:

 

Davis Graham & Stubbs LLP

1550 Seventeenth Street, Suite 500

Denver, Colorado 80202

Attention: John A. Elofson, Esq.

 

if to the Trustee:

 

Wilmington Trust, National Association

50 South Sixth Street, Suite 1290

Minneapolis, Minnesota 55402

Attention: Tellurian Inc. Securities
Administrator

 

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

 

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Any notice or communication
to a Securityholder shall be sent electronically or mailed by first-class mail to his address shown on the register kept by the Registrar.
Failure to mail or send a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency
with respect to other Securityholders of that or any other Series.

 

If a notice or communication
is sent or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives
it.

 

If the Company sends a notice
or communication to Securityholders, it shall mail a copy to the Trustee and each Agent at the same time.

 

Notwithstanding any other
provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including any notice
of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the Depositary
for such Security (or its designee) pursuant to the customary procedures of such Depositary.

 

Section 10.3          Communication
by Holders with Other Holders. Securityholders of any Series may communicate pursuant
to TIA § 312(b) with other Securityholders of that Series or any other Series with respect to their rights under
this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have
the protection of TIA § 312(c).

 

Section 10.4          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
Officer’s 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 10.5          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 a certificate provided pursuant to TIA § 314(a)(4)) shall
comply with the provisions of TIA § 314(e) and shall include:

 

(a)            a
statement that the person making such certificate or opinion has read such covenant or condition;

 

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

 

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

 

(d)            a
statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.

 

Section 10.6          Rules by
Trustee and Agents. The Trustee may make reasonable rules for action by or a meeting
of Securityholders of one or more Series. Any Agent may make reasonable rules and set reasonable requirements for its functions.

 

Section 10.7          Legal
Holidays. Unless otherwise provided by Board Resolution, Officer’s Certificate or
supplemental indenture hereto for a particular Series, a “Legal Holiday” is any day that is not a Business Day. If a payment
date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday,
and no interest shall accrue for the intervening period.

 

Section 10.8          No
Recourse Against Others. A director, officer, employee or stockholder (past or present),
as such, of the Company shall not have any liability for any obligations of the Company under the Securities or this Indenture or for
any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives
and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities.

 

Section 10.9          Counterparts.
This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange
of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery
of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties
hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. In furtherance of the foregoing,
the words “execution,” “signed,” “signature,” “delivery” and words of like import in
or relating to any document to be signed in connection with this Indenture and the transactions contemplated hereby shall be deemed to
include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system,
as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform
Electronic Transactions Act; provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation
to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Trustee, pursuant to reasonable
procedures approved by the Trustee. As used herein, “Electronic Signature” means an electronic sound, symbol, or process
attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such
contract or other record.

 

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Section 10.10        Governing
Law; WAIVER OF JURY TRIAL. THIS INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR
CONTROVERSY ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT
REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW). EACH
OF THE COMPANY, THE TRUSTEE AND THE HOLDERS, BY THEIR ACCEPTANCE OF THE NOTES 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 THE INDENTURE, THE NOTES OR
THE TRANSACTIONS CONTEMPLATED BY THE INDENTURE OR THE NOTES.

 

Section 10.11        No
Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret
another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may
not be used to interpret this Indenture.

 

Section 10.12        Successors.
All agreements of the Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture
shall bind its successor.

 

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

 

Section 10.15        Securities
in a Foreign Currency. Unless otherwise specified in a Board Resolution, a supplemental
indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a
particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage
in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding
and, at such time, there are outstanding Securities of any Series which are denominated in more than one currency, then the principal
amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be determined
by converting any such other currency into a currency that is designated upon issuance of any particular Series of Securities. Unless
otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2
of this Indenture with respect to a particular Series of Securities, such conversion shall be at the spot rate for the purchase
of the designated currency as published in The Financial Times in the “Currency Rates” section (or, if The Financial Times
is no longer published, or if such information is no longer available in The Financial Times, such source as may be selected in good
faith by the Company) on any date of determination. The provisions of this paragraph shall apply in determining the equivalent principal
amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders
of Securities pursuant to the terms of this Indenture.

 

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All decisions and determinations
provided for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all
purposes and irrevocably binding upon the Trustee and all Holders.

 

Section 10.16            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 or other amount 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 Required Currency could be purchased
with the Judgment Currency in the City of New York on the day on which final unappealable judgment is entered, unless such day is not
a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Required
Currency could be purchased with the Judgment Currency in The City of New York on the New York Banking 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, any recovery pursuant to any judgment (whether or not entered in accordance with clause
(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. For purposes of the foregoing, “New York
Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions
are authorized or required by law, regulation or executive order to close.

 

Section 10.17            Submission
to Jurisdiction. Any legal suit, action or proceeding arising out of or based upon the Indenture
or the transactions contemplated by the Indenture may be instituted in the federal courts of the United States of America located in
the City of New York or the courts of the State of New York, in each case located in the City of New York (collectively, the “Specified
Courts”), and each party irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding.
Service of any process, summons, notice or document by mail (to the extent allowed under any applicable statute or rule of court)
to such party’s address set forth in Section 10.2 will be effective service of process for any such suit, action or
proceeding brought in any such court. Each of the Company, the Trustee and each Holder (by its acceptance of any Security) irrevocably
and unconditionally waives any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably
and unconditionally waives and agrees not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient
forum.

 

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Section 10.18          Force
Majeure. The Trustee shall not be responsible or liable for any failure or delay in the
performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its control,
including without limitation, any act or provision of any present or future law or regulation or governmental authority; acts of God;
earthquakes; fires; floods; wars; terrorism; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions
of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority
or governmental actions; or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility.

 

Section 10.19          USA
PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of
the U.S.A. Patriot Act, the Trustee is required to obtain, verify and record information that identifies each person or legal entity
that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the
Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

Article XI

SINKING FUNDS

 

Section 11.1            Applicability
of Article. The provisions of this Article shall be applicable to any sinking fund
for the retirement of the Securities of a Series if so provided by the terms of such Securities pursuant to Section 2.2,
except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture.

 

The minimum amount of any
sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking
fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an
 “optional sinking fund payment.” If provided for by the terms of Securities of any Series, the cash amount of any
sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied
to the redemption of Securities of any Series as provided for by the terms of the Securities of such Series.

 

Section 11.2            Satisfaction
of Sinking Fund Payments with Securities. The Company may, in satisfaction of all or any
part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities
(1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such
Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which
such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company
pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of
permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities
have not been previously so credited. Such Securities shall be received by the Trustee, together with an Officer’s Certificate
with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption,
and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the
sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities
in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed
in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for
redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a
Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall
from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or
such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid
principal amount equal to the cash payment required to be released to the Company.

 

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Section 11.3            Redemption
of Securities for Sinking Fund. Not less than 45 days (unless otherwise indicated in the
Board Resolution, supplemental indenture hereto or Officer’s Certificate in respect of a particular Series of Securities)
prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officer’s
Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that
Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied
by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional amount, if any,
to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount
therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental
indenture in respect of a particular Series of Securities) before each such sinking fund payment date, the Trustee shall select
the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2 and the Company
shall send or cause to be sent a notice of the redemption thereof to be given in the name of and at the expense of the Company in the
manner provided in and in accordance with Section 3.3. Such notice having been duly given, the redemption of such Securities
shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.

 

[Signature Pages to Follow]

 

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

 

	 	Tellurian Inc.
	 	 	 
	 	By:	            
	 	Name:	 
	 	Its:	 
	 	 	 
	 	Wilmington Trust, National Association, as Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 

 

[Signature Page to the Indenture]

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