Document:

Exhibit 10.13.1

  

  

    

  Private & confidential 
  

  

  WARNING TO THE GUARANTOR

  

  

  This is an important document. You should take independent legal advice before signing and sign only if you want to be legally
    bound. If you sign and the Lender is not paid you may have to pay instead of the Borrower. Your liability will be as provided in Clause 2.1.

   

  

   

  

   

  

  
    Dated: 8th July, 2020

    PYXIS TANKERS INC.

    as Guarantor

    - and -

    ALPHA BANK S.A.

    as Lender

    	
             

            

            CORPORATE GUARANTEE

            in respect of the obligations of

            Seventhone Corp. under a Loan Agreement dated 8th July, 2020 for a secured loan
                facility of US$15,250,000

             

              

          

     

    

      

     

    

     

    

    
      
        

    

    TABLE OF CONTENTS

    

    

    HEADINGS

    

    

    	
            CLAUSE

          	
            PAGE

          
	 	 	 
	
            1.

          	
            INTERPRETATION

          	
            1

          
	
            2.

          	
            GUARANTEE

          	
            3

          
	
            3.

          	
            PAYMENTS

          	
            8

          
	
            4.

          	
            REPRESENTATIONS AND WARRANTIES

          	
            9

          
	
            5.

          	
            UNDERTAKINGS

          	
            12

          
	
            6.

          	
            SET-OFF

          	
            14

          
	
            7.

          	
            ASSIGNMENT

          	
            15

          
	
            8.

          	
            FURTHER ASSURANCE

          	
            16

          
	
            9.

          	
            EXPENSES

          	
            16

          
	
            10.

          	
            MISCELLANEOUS

          	
            17

          
	
            11.

          	
            NOTICES AND DEMANDS

          	
            19

          
	12. 

          	LAW AND JURISDICTION 

          	20 

          

    

    

    

    

    APPENDIX

     

    

    “A”      Execution form of the Loan Agreement

    
      
        

    

    
    THIS GUARANTEE is dated 8th July, 2020 and made

    BETWEEN:

    	(1)	
            PYXIS TANKERS INC., a corporation incorporated in the Republic of the Marshall Islands whose registered office is at the Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall IslandsMH96960  (hereinafter called
              the “Guarantor”, which expression shall include its successors); and

          

    	(2)	
            ALPHA BANK S.A., a banking société anonyme incorporated and existing under the
                laws of Greece, having its registered office at 40 Stadiou Street, Athens, Greece, acting except as otherwise herein provided through its Shipping Branch at 93 Akti Miaouli, Piraeus, Greece (hereinafter called the “Lender”, which expression shall include its successors and assigns).

          

    WHEREAS:

    	(A)	
            (i) Seventhone Corp., a Marshall Islands corporation, as borrower (the “Borrower”), and (ii) the Lender, as lender, have entered into a loan agreement dated 8th July, 2020 (a true copy of the execution form of which has been received
              by the Guarantor, is attached hereto as Appendix “A” and is made an integral part hereof) (the said loan agreement as the same may from time to time hereafter be varied, supplemented and/or amended hereinafter called the “Loan Agreement”), pursuant to which the Lender agreed, under the terms and conditions contained therein, to make available to the Borrower a secured loan facility in the amount of United States Dollars Fifteen million two hundred fifty thousand (US$15,250,000) (the “Commitment”) for the purposes referred to therein;

          

    	(B)	
            it is a condition precedent to the Lender making the Commitment (or any part thereof) available to the Borrower that the Guarantor shall execute and deliver to the Lender this Guarantee, which
              is the “Corporate Guarantee” referred to in Clause 1.2 (Definitions) of

              the Loan Agreement, and the Guarantor has agreed to execute this Guarantee in consideration of the Lender agreeing, at the request of the Borrower, to make the Commitment available to the Borrower and for other valuable consideration provided
              by the Lender (the sufficiency of which the Guarantor hereby acknowledges); and

          

    	(C)	
            this Guarantee is given by the Guarantor in favour of the Lender by way of security of any and all monies now or hereafter due or payable by the Borrower to the Lender under or pursuant to the
              Loan Agreement and the Security Documents (as hereinafter defined).

          

    NOW IT IS HEREBY WITNESSED AND AGREED as follows:

    
      	1.	
              INTERPRETATION

            

      
        
 

    

     

    

    	1.1	
            Defined terms and expressions

          

    In this Guarantee, unless the context otherwise requires or unless otherwise defined in this Guarantee, words and expressions defined in
      the Loan Agreement and used in this Guarantee shall have the same meaning when used in this Guarantee and it is hereby acknowledged and admitted by the Guarantor that the Guarantor is fully aware of the terms and conditions of the Loan Agreement.

    	1.2	
            Additional definitions

          

    In this Guarantee, unless the context otherwise requires:

    “Collateral Instruments” means notes, bills of exchange, certificates of
      deposit and other negotiable and non‐negotiable instruments, guarantees, indemnities and other assurances against financial loss and any other documents or instruments which contain or evidence an obligation (with or without security) to pay,
      discharge or be responsible directly or indirectly for, any indebtedness or liabilities of the Borrower or any other person

    
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    liable and includes any documents or instruments creating or evidencing a mortgage, charge (whether fixed or floating), pledge, lien,
      hypothecation, assignment, trust assignment or security interest of any kind;

    “Finance Documents” means the Loan Agreement, the Security Documents (as
      hereinafter defined) and any other document designated as such by the Lender and the Borrower;

    “Group” means,
      together, the Corporate Guarantor and its direct or indirect Subsidiaries (including the Borrower) and “Group Member” means any member of the Group;

    “Guarantee” includes each separate or independent
      stipulation or agreement by the Guarantor contained in this Guarantee;

    “Guaranteed Liabilities” means all moneys, obligations and liabilities
      expressed to be guaranteed by the Guarantor in Clause 2.1 (Guarantee to pay and perform);

    “Incapacity” means, in relation to a person, the death, bankruptcy, unsoundness
      of mind, insolvency, liquidation, dissolution, winding‐up, administration, receivership, or other incapacity of that person whatsoever (and, in the case of a partnership, includes the termination of the partnership); and

    “Relevant Jurisdiction” means any jurisdiction in which or where the Guarantor
      is incorporated, resident, domiciled, has a permanent establishment, carries on, or has a place of business or is otherwise effectively connected;

    “Security Documents” means
        together the Security Documents (as defined in the Loan Agreement) and “Security Document” means any of them as the context may require; and

    “Security Parties” means together the Security

      Parties (as defined in the Loan Agreement) and “Security Party” means any of them as the context may require; and

    	1.3	
            Headings

          

    Clause headings and the table of contents are inserted for convenience of reference only and shall be ignored in the interpretation of this
      Guarantee.

    	1.4	
            Construction of certain terms

          

    In this Guarantee, unless the context otherwise requires:

    	

          	(a)	
            reference to this Guarantee includes all the terms of this Guarantee and any Schedules, Annexes or Appendices to the Loan Agreement and this Guarantee, which form an integral part of same;

          

    	

          	(b)	
            reference to Clauses, Sub-Clauses, Annexes or Appendices and Schedules are to Clauses, Sub-Clauses, Annexes or Appendices and Schedules of this Guarantee and references to this Guarantee
              includes all the terms of this Guarantee and the Appendix(ces) hereto;

          

    	

          	(c)	
            references to (or to any specified provision of) this Guarantee or any other document shall be construed as references to this Guarantee, that provision or that document as in force for the
              time being and as amended from time to time in accordance with the terms thereof, or, as the case may be, with the agreement of the relevant parties;

          

    	

          	(d)	
            where the context so admits, words in the singular include the plural and vice versa and terms defined in plural or words used in plural (and unless in the specific clause or sentence is
              otherwise expressly specified) mean all of them collectively and/or each of them and/or anyone of them (even if this is not

          

    
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    expressly so spelled out) as the context may require or permit;

    	

          	(e)	
            references to a time of day are to Piraeus time;

          

    	

          	(f)	
            reference to the opinion of the Lender or a determination or acceptance by the Lender or to documents, acts, or persons acceptable or satisfactory to the Lender or the like shall, save as
              otherwise provided, be construed as reference to the reasonable opinion, determination, acceptance or satisfaction of the Lender at the sole discretion of the Lender and such opinion, determination, acceptance or satisfaction of the Lender
              shall be conclusive and binding on the Guarantor even if not expressly so spelled out in the particular Clause save for manifest error;

          

    	

          	(g)	
            subject to any specific provision of the Loan Agreement and this Guarantee, reference to each of the parties hereto and to the other Finance Documents shall be deemed to be reference to and/to
              or include, as appropriate, their respective successors and permitted assigns;

          

    	

          	(h)	
            references to a person shall be construed as including references to an individual, firm, company, corporation, unincorporated body of persons or any Government Entity;

          

    	

          	(i)	
            this Guarantee and all documents referred to in this Guarantee include the same as varied and/or amended and/or supplemented from time to time;

          

    	

          	(j)	
            all obligations imposed on, or assumed by the Guarantor and any other guarantor are joint and several even if not so expressed;

          

    	

          	(k)	
            reference to “any other guarantor” means any person which has guaranteed or at any time may guarantee the obligations of the Borrower under the Loan
              Agreement;

          

    	

          	(l)	
            references to a “guarantee” include references to an indemnity or other assurance against financial loss including, without limitation, an obligation
              to purchase assets or services as a consequence of a default by any other person to pay any Financial Indebtedness and “guaranteed” shall be construed accordingly;

          

    	

          	(m)	
            reference to an Event Default that is “continuing” means an Event of Default that has not been waived or remedied; and

          

    	

          	(n)	
            references to any law or enactment, amended or extended shall be deemed to include reference to such enactment as re‐enacted, amended or extended.

          

    	1.5	
            Inconsistency between Loan Agreement and this Guarantee

          

    This Guarantee shall be read together with the Loan Agreement, but in case of any conflict between the Loan Agreement and this Guarantee,
      the provisions of the Loan Agreement shall prevail.

    
      	2.	
              GUARANTEE

            

      
        
 

    

     

    

    	2.1	
            Guarantee to pay and perform

          

    	

          	(a)	
            In consideration of the Lender agreeing to make available to the Borrower, as borrower, the Commitment pursuant to the terms and conditions of the Loan Agreement
                and other good and valuable consideration (the receipt and adequacy whereof the Guarantor hereby acknowledges), the Guarantor as primary obligor and not merely as surety and waiving all the rights,
                exceptions and objections granted by any applicable law to the Guarantor, hereby jointly and severally with any other guarantor irrevocably and unconditionally guarantees to the Lender the full, complete and prompt performance of all
              the obligations of the Borrower under the Loan Agreement and/or the other Finance Documents and the

          

    
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    due and punctual payment to the Lender of all sums payable now or in the future by the Borrower under the Loan Agreement and/or the other
      Finance Documents as and when the same shall become due, whether by acceleration or otherwise and jointly and severally with any other guarantor, unconditionally undertakes with the Lender that in case of failure by the Borrower to make payment when
      due of any sum whatsoever under the Loan Agreement and/or the other Finance Documents, the Guarantor shall, upon demand, pay all sums in respect of which default has been made in accordance with the provisions of the Loan Agreement or the relevant
      Security Document as the case may be (including, without limitation interest to the date of payment at the rate specified in Clause 3.4 (Default interest) of the Loan Agreement in respect of which an amount has become due and remains
        unpaid and all other charges and Expenses (including legal and other costs on a full indemnity basis).

    	

          	(b)	
            The liability of the Guarantor shall be to pay to the Lender the full amount from time to time owing to the Lender by the Borrower under the Loan Agreement and/or the other Finance Documents
              and the Guarantor confirms and agrees (without prejudice to Clause 2.5 (Obligations unaffected)) that the liability of the Guarantor hereunder shall not be discharged or diminished by any failure by any other guarantor to execute its or his/its guarantee or any release by the Lender of any other
              guarantor or person from its/his obligations thereunder.

          

    	2.2	
            Statements of account conclusive

          

    The Guarantor expressly agrees and admits that abstracts or photocopies of the books of the Lender as well as statements of
      accounts or certificates signed by an authorised officer of the Lender shall (save for manifest error) be conclusive, binding and full evidence on the Guarantor as to the existence and/or the amount of the at any time Outstanding Indebtedness, under
      the Loan Agreement and/or the other Finance Documents, the applicable interest rate or Default Rate, or any other rate provided for or referred to in the Loan Agreement, the Interest Period, the value of additional securities (to be calculated in
      accordance with the respective provisions of the Loan Agreement), the payment or non-payment of any amount due under the Loan Agreement and/or the other Finance Documents.

    	2.3	
            Liability unaffected

          

    The liability of the Guarantor hereunder shall not be lessened or impaired and the Guarantor shall not be exonerated by any time,
      indulgence or relief being given by the Lender to the Borrower, any other guarantor or any other person, by any amendment of or supplement to the Loan Agreement or any of the other Finance Documents or any other document, by the taking, variation,
      compromise, renewal or release of or refusal or neglect to perfect or enforce any right, remedies or securities against the Borrower, the Guarantor or any other person or by anything done or omitted which but for this provision might operate to
      exonerate the Guarantor.

    	2.4	
            Obligations unaffected

          

    The obligations of the Guarantor hereunder shall not be affected by any legal limitation, disability, incapacity (including, without
      limitation, any irregular exercise or absence of corporate power or lack of authority of or any breach of duty by any person purporting to act on behalf of the Borrower, death, unsoundness of mind, bankruptcy, administration, receivership,
      liquidation and dissolution) or other circumstances relating to the Borrower, any other guarantor or any other person, whether known or not to the Lender, by any invalidity in or irregularity or unenforceability of the obligations of the Borrower,
      any other guarantor or any other person under the Loan Agreement or any of the other Finance Documents or otherwise or by any change in the constitution of, or any amalgamation or reconstruction of the Borrower, any other guarantor, the Lender or any
      other person.

    	2.5	
            Lender’s right to enforce security

          

    The Guarantor hereby waives all rights the Guarantor may have of first requiring the Lender to proceed against or enforce any guarantee or
      security of, or claim payment from, the Borrower or any other person before

    
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    enforcing this Guarantee and no action taken or omitted by the Lender in connection with any other guarantee or security or other means of
      payment in respect of the Borrower’s obligations under the Loan Agreement shall discharge, reduce, prejudice or affect the liability of the Guarantor under this Guarantee nor shall the Lender be obliged to apply any money or other property received
      in consequence of any enforcement or realisation of any other guarantee or security or other means of payment in reduction of the liabilities of the Borrower under the Loan Agreement and the other Finance Documents.

    	2.6	
            No right of subrogation and indemnity

          

    	

          	(a)	
            Until all the Guaranteed Liabilities have been paid, discharged or satisfied in full (and notwithstanding payment of a dividend in any liquidation or under any compromise or arrangement) the
              Guarantor agrees that, without the prior written consent of the Lender, it will not:

          

    	

          	(i)	
            exercise its rights of subrogation, reimbursement and indemnity against the Borrower or any other person liable;

          

    	

          	(ii)	
            any right to object to any payment to the Lender resulting from any counter claim which the Guarantor might have against the Borrower or any other Security Party;

          

    	

          	(iii)	
            any right to object to any payment, as a result of errors or omissions made by the Lender, which caused the Guarantor to lose any right or recourse against the Borrower or any third party; and

          

    	

          	(iv)	
            any other right, benefit or privilege which the Guarantor has under the law and is subject to waiver.

          

    The Guarantor shall not have, as regards this Guarantee, any of the rights and defences of a surety.

    	2.7	
            Settlements conditional

          

    Any release settlement or discharge between the Lender and the Guarantor shall be conditional upon no
        security or payment to the Lender by the Borrower or any other guarantor or any other person being avoided or set aside or ordered to be refunded or reduced by virtue of any provision or enactment relating to
        bankruptcy, insolvency or liquidation for the time being in force or for any other reason whatsoever and the Lender shall be entitled to recover from the Guarantor the value which the Lender has placed upon such security or the amount of any such
        payment as if such settlement or discharge had not occurred and any such payment has not been made.

    	2.8	
            Interest

          

    The Guarantor agrees to pay interest (to the extent that such interest is not paid by the Borrower) from the
        date upon which the Borrower fails to make payment under the Loan Agreement or any of the other Finance Documents (or, if earlier, from the date when the legal liability of the Borrower to pay interest under
        the Loan Agreement ceased by reason of provisions or enactments relating to bankruptcy, insolvency, liquidation or otherwise) until payment has been effected in full of all moneys, obligations and liabilities hereby guaranteed, such interest to be
        payable before and after judgment at the default rate of interest described in Clause 3.4 (Default interest) of the Loan Agreement (the “Default Rate”). Such interest payment shall – unless the demanded amount already includes interest at the Default Rate - be compounded (to the extent it remains unpaid) semi-annually in the event of the demanded amount not being paid by
        the Guarantor within three (3) Banking Days after receipt by the Guarantor of the Lender’s written demand under this Guarantee and shall be payable on demand.

    	2.9	
            No security taken by Guarantor

          

    The Guarantor warrants that it has not taken or received, and undertakes that until all the Guaranteed Liabilities of the Borrower have
      been paid or discharged in full, it will not take or receive, the benefit of any security from

    
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    the Borrower or any other person in respect of its obligations under this Guarantee.

    	2.10	
            Continuing security and other matters

          

    This Guarantee shall:

    	

          	(a)	
            secure the ultimate balance from time to time owing to the Lender by the Borrower and shall be a continuing security, notwithstanding any settlement of account or other matter whatsoever;

          

    	

          	(b)	
            be in addition to any present or future Collateral Instrument, right or remedy held by or available to the Lender; and

          

    	

          	(c)	
            not be in any way prejudiced or affected by the existence of any such Collateral Instrument, rights or remedies or by the same becoming wholly or in part void, voidable or unenforceable on any
              ground whatsoever or by the Lender dealing with, exchanging, varying or failing to perfect or enforce any of the same or giving time for payment or indulgence or compounding with any other person liable.

          

    	2.11	
            Liability unconditional

          

    The liability of the Guarantor shall not be affected nor shall this Guarantee be discharged or reduced by reason of:

    	

          	(a)	
            the Incapacity or any change in the name, style or constitution of the Borrower or any other person liable;

          

    	

          	(b)	
            the Lender granting any time, indulgence or concession to, or compounding with, discharging, releasing or varying the liability of, the Borrower or any other person liable or renewing,
              determining, varying or increasing any accommodation, facility or transaction or otherwise dealing with the same in any manner whatsoever or concurring in, accepting or varying any compromise, arrangement or settlement or omitting to claim or
              enforce payment from the Borrower or any other person liable; or

          

    	

          	(c)	
            any act or omission which would not have discharged or affected the liability of the Guarantor had it been a principal debtor instead of a guarantor or by anything done or omitted which but
              for this provision might operate to exonerate the Guarantor.

          

    	2.12	
            Collateral Instruments

          

    The Lender shall not be obliged to make any claim or demand on the Borrower or to resort to any Collateral Instrument or other means of
      payment now or hereafter held by or available to them or it before enforcing this Guarantee and no action taken or omitted by the Lender in connection with any such Collateral Instrument or other means of payment shall discharge, reduce, prejudice or
      affect the liability of the Guarantor under this Guarantee nor shall the Lender be obliged to apply any money or other property received or recovered in consequence of any enforcement or realisation of any such Collateral Instrument or other means of
      payment in reduction of the Guaranteed Liabilities.

    	2.13	
            Waiver of Guarantor's rights

          

    Without prejudice to the generality of any waivers included in the preceding Clauses the Guarantor hereby specifically waives without
      reservation, absolutely and unconditionally:

    	

          	(i)	
            the benefit of discussion and any other rights, benefits or privileges granted to the Guarantor by any applicable law;

          

    
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          	(ii)	
            any right to object to any payment to the Lender resulting from any counter claim which the Guarantor might have against the Lender;

          

    	

          	(iii)	
            any right to object to any payment, as a result of errors or omissions made by the Lender, which caused the Guarantor to lose any right or recourse against the Borrower or any third party; and

          

    	

          	(vi)	
            any other right, benefit or privilege which the Guarantor has under the law and it is subject to waiver.

          

    	2.14	
            Suspense account

          

    Any money received in connection with this Guarantee (whether before or after any Incapacity of the Borrower or the Guarantor) may be
      placed to the credit of a suspense account with a view to preserving the rights of the Lender to prove for the whole of its claims against the Borrower or any other person liable or may be applied in or towards satisfaction of such of the Guaranteed
      Liabilities in accordance with the provisions of Clause 11.3

    	2.15	
            Indemnity

          

    In addition to the obligations of the Guarantor under Clause 2.1 (Guarantee to pay and perform) and separate therefrom, the Guarantor irrevocably agrees to indemnify and keep the Lender indemnified forthwith upon demand against (i) any loss of
      whatsoever kind resulting from the failure by the Borrower to make when stated to be due any payment due to the Lender or to perform when due any other obligation under or in respect of the Loan Agreement, the Finance Documents or any of them,
      whether or not the Lender has attempted to enforce any right against the Borrower and (ii) all costs, charges and Expenses (including, without limitation, legal expenses on a full indemnity basis) which the Lender may
        incur in proceedings against the Borrower and/or the Guarantor. Without prejudice to the generality of the foregoing, such loss shall include the total amount of all those amounts (to the extent to which the Lender shall not already have
      received them) as are expressed to fall within the obligations of the Guarantor under this Clause 2.1 (Guarantee to pay and perform).

    	2.16	
            Admission of debt binding

          

    Any admission of debt by the Borrower made in writing will be binding automatically on the Guarantor.

    	2.17	
            Guarantor to deliver up certain property

          

    If, contrary to Clause 2.9 (No security taken by Guarantor) or Clause 2.13 (Waiver of Guarantor's rights), the Guarantor takes or receives
      the benefit of any security or receives or recovers any money or other property from the Borrower, such security, money or other property shall be held on trust for the Lender and shall be delivered to the Lender on demand.

    	2.18	
            Guarantor bound

          

    The Guarantor agrees to be bound by the Guarantee notwithstanding that any other person intended to execute
        or to be bound by any other guarantee or assurance under or pursuant to the Loan Agreement may not do so or may not be effectually bound and notwithstanding that such other guarantee or assurance may be determined or be or become invalid or
        unenforceable against any other person, whether or not the deficiency is known to the Lender.

    	2.19	
            Judgements relating to Loan Agreement

          

    This Guarantee shall cover any amount payable by the Borrower under or in connection with any judgment relating to the Loan
      Agreement and any other Finance Document.

    
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    	2.20	
            No limit on number of demands

          

    The Lender may serve more than one demand under Clause 2.1 (Guarantee to pay and perform).

    	2.21	
            Release of Guarantee

          

    This Guarantee shall terminate and be cancelled upon the receipt by the Lender of all amounts due or
      to become due to it hereunder (i.e. the Outstanding Indebtedness in full) in accordance with the terms hereof, whereupon, the Guarantor shall be fully released from any and all of its obligations hereunder, the Loan Agreement and the other Finance
      Documents and the Lender shall execute, at the Guarantor’s cost and request, a deed of release of the Guarantor.

    
      	3.	
              PAYMENTS

            

      
        
 

    

     

    

    	3.1	
            Payments

          

    All payments to be made by the Guarantor to the Lender under this Guarantee shall be made pursuant to Clause
        5.1 (Payments-No set-off or counterclaims) of
        the Loan Agreement.

    	3.2	
            Banking Days

          

    All payments due shall be made on a Banking Day. If the due date for payment falls on a day which is not a Banking Day, that payment due
      shall be made on the first Banking Day thereafter, provided that this falls in the same calendar month. If it does not, payments shall fall due and be made on the last Banking Day before the said due date. Payment shall be made to the account
      which the Lender shall designate.

    	3.3	
            No set-off or counterclaim

          

    All payments to be made by the Guarantor under any of the Security Documents shall be made without any set-off or counterclaim whatsoever,
      and free and clear of, and without withholding or deduction now or hereafter, Taxes or withholdings and any restrictions or conditions resulting in any charge whatsoever imposed, either now or hereafter, by any sovereign state or by any political
      sub-division or taxing authority of any sovereign state or any other deductions or withholdings (collectively referred to below as “Governmental Withholdings”).

    	3.4	
            Grossing up for Taxes

          

    If at any time any law, regulation, regulatory requirement or requirement of any governmental authority, monetary agency, central bank or
      the like compels the Guarantor to make payment subject to Governmental Withholdings, or any other deduction or withholding (other than a FATCA Deduction), the Guarantor shall in addition pay to the Lender on the due date for payment such additional
      amounts as may be necessary to ensure that there will be received by the Lender (and retained by it, free from any liability in respect of any Governmental Withholdings or any other deduction or withholding) a net amount equal to the full amount
      which would have been received had payment not been made subject to such Governmental Withholdings or other deduction or withholding (other than a FATCA Deduction). The Guarantor shall indemnify the Lender against any losses or costs incurred by the
      Lender by reason of any failure of the Guarantor to make any such Governmental Withholdings or other deduction or withholding or by reason of any increased payment not being made on the due date for such payment. The Guarantor shall, not later than
      30 days after each deduction, withholding or payment of any Governmental Withholdings (other than a FATCA Deduction), forward to the Lender official receipts and any other documentary receipts and any other documentary evidence reasonably required by
      the Lender in respect of the payment of any Governmental Withholdings or other deduction or withholding (other than a FATCA Deduction).

    
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    	3.5	
            Tax credit

          

    If the Lender receives for its own account a repayment or credit in respect of tax on account for which the Guarantor has
      made an increased payment under this Clause, it shall pay to the Guarantor a sum equal to the repayment or credit received, provided always that:

    	

          	(a)	
            the Lender shall not be obliged to allocate this transaction any part of a tax repayment or credit which is referable to a number of transactions;

          

    	

          	(b)	
            nothing in this Clause shall oblige the Lender to arrange its tax affairs in any particular manner, to claim any type of relief, credit, allowance or deduction instead of, or
              in priority to, another or to make any such claim within any particular time; and

          

    	

          	(c)	
            nothing in this Clause shall oblige the Lender to make a payment which exceeds any repayment or credit in respect of tax on account of which the Guarantor has made an increased
              payment under this Clause; and any allocation or determination made by the Lender under or in connection with this Clause shall be binding on the Guarantor.

          

    	3.6	
            Currency indemnity

          

    If any sum due from the Borrower and/or the Guarantor under the Loan Agreement, this Guarantee and any of the other Security Documents or
      any order or judgement given or made in relation hereto has to be converted from the currency (the “first currency”)
      in which the same is payable under the Loan Agreement, this Guarantee or any of the other Security Documents respectively or under such order or judgement into another currency (the “second currency”) for the purpose of (i) making or filing a claim or proof against the Borrower, the Guarantor or any other Security Party, as the case may be, (ii)
      obtaining an order or judgement in any court or other tribunal or (iii) enforcing any order or judgement given or made in relation to any of the other Security Documents, the Borrower, the Guarantor and any other Security Party shall (and it is
      hereby expressly undertaken by the Guarantor to) indemnify and hold the Lender harmless from and against any loss suffered as a result of any difference between (a) the rate of exchange used for such purpose to convert the sum in question from the
      first currency into the second currency and (b) the rate or rates of exchange at which the Lender may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole
      or in part, of any such order, judgement, claim or proof. Any amount due from the Guarantor under this Clause shall be due as a separate debt and shall not be affected by judgement being obtained for any other sums due under or in respect of any of
      the other Security Documents, and the term “rate of exchange” includes any premium and costs of exchange payable in connection with the purchase of the first currency with the second currency.

    
      	4.	
              REPRESENTATIONS AND WARRANTIES

            

      
        
 

    

     

    

    	4.1	
            Representations and warranties

          

    The Guarantor represents and warrants that:

    	

          	(a)	
            Due incorporation: the Guarantor is a corporation duly incorporated and validly existing in good standing under the laws of the Republic of the Marshall Islands, as a Marshall Islands corporation and has power to carry on its business as it is now being lawfully conducted and to own its property and other assets;

          

    	

          	(b)	
            Corporate power to guarantee: the Guarantor has power to enter into, execute, deliver, and perform its obligations under, this Guarantee; all necessary corporate and other action has
              been taken to authorise the execution, delivery and performance of the same and no limitation on the powers of the Guarantor to give guarantees will be exceeded as a result of this Guarantee;

          

    
      9

      
        

    

    

    

    

    

    	

          	(c)	
            No conflict with other obligations: the execution and delivery of, the performance of its obligations under, and compliance with the provisions of, this Guarantee by the Guarantor will
              not (i) contravene any existing applicable law, statute, rule or regulation or any judgment, decree or permit to which the Guarantor is subject, (ii) conflict with, or result in any breach of any of the terms of, or constitute a default
              under, any agreement or other instrument to which the Guarantor is a party or is subject or by which it or any of its property is bound, (iii) contravene or conflict with any provision of the Guarantor's Articles

                of Incorporation or (iv) result in the creation or imposition of or oblige the Guarantor to create any Security Interest (other than a Permitted Security Interest) on any of the Guarantor's undertakings, assets, rights or revenues;

          

    	

          	(d)	
            No litigation: no action, suit, proceeding, litigation, arbitration, tax claim or administrative proceeding or dispute against the Guarantor is presently taking place or pending
              relating to a sum exceeding the amount of One million two hundred thousand Dollars ($1,200,000) nor is there subsisting any judgment or award given against the Guarantor before any court, board of arbitration or other body relating to a sum
              exceeding the amount of One million two hundred thousand Dollars ($1,200,000), which, in either case, if adversely determined, would result in a Material Adverse Change in the financial condition of the Guarantor;

          

    	

          	(e)	
            No filings required:  it is not necessary to ensure the legality, validity, enforceability or admissibility in evidence of this Guarantee that it or any other instrument be notarised,
              filed, recorded, registered or enrolled in any court, public office or elsewhere in any Relevant Jurisdiction or that any stamp, registration or similar tax or charge be paid in any Relevant Jurisdiction on or in relation to this Guarantee
              and this Guarantee is in proper form for its enforcement in the courts of each Relevant Jurisdiction;

          

    	

          	(f)	
            Choice of law: the choice by the Guarantor of English law to govern this Guarantee and the submission by the Guarantor to the non‐exclusive jurisdiction of the English courts is valid
              and binding;

          

    	

          	(g)	
            No immunity:  neither the Guarantor nor any of its assets is entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (which shall include,
              without limitation, suit, attachment prior to judgment, execution or other enforcement);

          

    	

          	(h)	
            Consents obtained:  every consent, authorisation, licence or approval of, or registration with or declaration to, governmental or public bodies or authorities or courts (if any)
              required by the Guarantor to authorise, or required by the Guarantor in connection with, the execution, delivery, validity, enforceability or admissibility in evidence of this Guarantee or the performance by the Guarantor of its obligations
              under this Guarantee has been obtained or made and is in full force and effect and there has been no default in the observance of the conditions or restrictions (if any) imposed in, or in connection with, any of the same;

          

    	

          	(i)	
            No material adverse change:  there has been no Material Adverse Change in the financial position of the Guarantor from that described by the Guarantor to the Lender in the negotiation
              of this Guarantee;

          

    	

          	(j)	
            No default under other Financial Indebtedness:  the Guarantor is not, to the knowledge of Directors/Officers of the Guarantor, (nor would with the giving of notice or lapse of time be)
              in breach of or in default under any agreement relating to Financial Indebtedness to which it is a party or by which it may be bound nor any Event of Default relating to the Guarantor (or event which, with the giving of notice and/or lapse of
              time or other applicable condition might constitute an Event of Default relating to the Guarantor) has occurred and is continuing and nor will such a default or Event of Default (or such event) result from the entry by the Guarantor into this
              Guarantee or the performance by the Guarantor of any of its obligations under this Guarantee (including, without limitation, obligations under guarantees);

          

    
      10

      
        

    

    

    

    

    

    	

          	(k)	
            Financial information: all financial and other information, accounts, statements of financial position, exhibits and reports furnished by or on behalf of the Borrower
              and the Guarantor to the Lender in connection with the negotiation and preparation of the Loan Agreement, this Guarantee and each of the Security Documents are true and accurate in all material respects and not misleading, do not omit
              material facts and all reasonable enquiries have been made to verify the facts and statements contained therein; there are no other facts the omission of which would make any fact or statement therein misleading and, in the case of accounts
              and statements of financial position, have been prepared in accordance with generally accepted accounting principles which have been consistently applied;

          

    	

          	(l)	
            No Security Interests: none of the assets of the Guarantor is subject to any Security Interest except as disclosed in writing to the Lender on or prior to the date of
              this Guarantee;

          

    	

          	(m)	
            Financial condition: the financial condition of the Borrower or the Guarantor has not suffered any material deterioration since that condition was last disclosed to the
              Lender;

          

    	

          	(n)	
            Payment, no withholdings etc.: all payments made or to be made by the Guarantor under or pursuant to this Guarantee may be free and clear of, and without deduction or withholding for or
              on account of, any Taxes;

          

    	

          	(o)	
            Commercial benefit: the giving of this Guarantee by the Guarantor is to the commercial benefit of the Guarantor in that the Guarantor is the  shareholder of the
              Borrower, has close co-operation and mutual assistance with the Borrower and that by lending its support to the Borrower through this Guarantee it furthers its own business interests within the scope of its constitutional documents;

          

    	

          	(p)	
            Binding obligations: this Guarantee constitutes valid and legally binding and enforceable against the Guarantor in accordance with its terms and conditions, and that
              there are no other agreements or arrangements which may adversely affect or conflict with the Loan Agreement or this Guarantee or the security thereby created;

          

    	

          	(q)	
            Pari passu: the obligations imposed on the Guarantor by this Guarantee do and will constitute direct, general and
                unconditional obligations of the Guarantor and rank at least pari passu with all other present and future unsecured and unsubordinated Financial Indebtedness of the Guarantor with the exception of any
                obligations which are mandatorily preferred by law and not by contract;

          

    	

          	(r)	
            Choice of law:  the choice of law agreed to, in this Guarantee and the other Finance Documents to which the Guarantor is or is to be a party and the submission to the non/exclusive
              jurisdiction of the courts agreed in each of this Guarantee and the other Finance Documents to which the Guarantor is or is to be a party are or will be, on execution of thereof, valid and binding on the Guarantor;

          

    	

          	(s)	
            Guarantor’s awareness: all the terms and provisions of the Loan Agreement and the other Finance Documents have been perused by the Guarantor and the Guarantor is fully familiar with
              such terms and provisions which have been fully understood by the Guarantor and the Guarantor agrees to all the provisions of the Loan Agreement and the other Finance Documents;

          

    	

          	(t)	
            Independent legal advice: the Guarantor has read and understood the provisions of this Guarantee and has taken
                independent legal advice as to the effect hereof and, in particular, the Guarantor understands that failure to comply with this Guarantee may result in the Guarantor's assets being seized and/or bankruptcy of the Guarantor;

          

    	

          	(u)	
            No waiver: no oral or written statement has been made by or on behalf of the Lender which could be construed as a
                waiver of any provisions of this Guarantee or a statement of intention not to enforce the same in accordance with its terms;

          

    
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          	(v)	
            Holding company: the Guarantor is the direct holding company of various shipping companies involved in the owning of vessels engaged in international voyages and earning profits in free
              foreign currency;

          

    	

          	(w)	
            Sanctions: as regards Sanctions:

          

    	

          	(i)	
            the Guarantor is not a Sanctions Restricted Person; and

          

    	

          	(ii)	
            the Guarantor is in compliance with all Sanctions.

          

    	4.2	
            Additional representations and warranties

          

    The Guarantor further represents and warrants to the Lender that:

    	

          	(a)	
            No representation or warranty: the Guarantor has not received from the Lender any representation or warranty concerning this Guarantee other than as expressly provided in this
              Guarantee;

          

    	

          	(b)	
            Borrower’s representations and warranties: all the representations made by the Borrower in Clause 6 (Representations and warranties) of the Loan Agreement are in every
                respect true and accurate and are correct and are repeated herein by the Guarantor as if they are made in extenso in this Guarantee;

          

    	

          	(c)	
            Representations and warranties true and correct: at the time of entering this Guarantee all above representations and warranties and/or any other
                information given by the Borrower and/or the Guarantor to the Lender are true and accurate; and

          

    	

          	(d)	
            Survival: the representations and warranties of the Guarantor set out in Clause 4.1 (Representations and warranties) shall survive the execution of this Guarantee and shall be deemed to be repeated upon the
                Drawdown Date with respect to the facts and circumstances existing at that time, as if made at that time.

          

    	4.3	
            Repetition of representations and warranties

          

    The representations and warranties in Clauses 4.1 (Representations and warranties) and 4.2 (Additional representations and warranties), except (i) in relation to the Borrower’s representations and warranties in Clause 6.2 (Initial representations and warranties) of the Loan Agreement, and (ii) the representations and warranties under
      sub-clauses (d) (No filings required), (j) (No

          default under other Financial Indebtedness), (k) (Financial information), (l)  (No Security Interests), (m) (Financial condition) and (n) (Payment, no withholdings etc.) of Clause 4.1, shall be deemed to be repeated by the Guarantor on each Interest Payment Date
      throughout the Security Period as if made with reference to the facts and circumstances existing on each such day.

    
      	5.	
              UNDERTAKINGS

            

      
        
 

    

     

    

    	5.1	
            General undertakings

          

    The Guarantor undertakes that, from the date of this Guarantee and throughout the Security Period, it will
        comply in full with the following undertakings:

    	

          	(a)	
            Notice of default:  the Guarantor will promptly inform the Lender of any occurrence of which it becomes aware which might adversely affect its ability to perform its obligations under
              this Guarantee and of any Event of Default forthwith upon becoming aware thereof and will from time to time, if so requested by the Lender, confirm to the Lender in writing that, save as otherwise stated in such confirmation, no Event of
              Default has occurred and is continuing;

          

    	

          	(b)	
            Notice of litigation etc.:  the Guarantor will send (or procure that there is sent) to the Lender as soon as the same is instituted, details of
              any litigation, arbitration or administrative proceedings against or

          

    
      12

      
        

    

    

    

    involving the Guarantor relating to a sum exceeding the amount of One million two hundred thousand Dollars ($1,200,000) and which, if
      adversely determined, would result in a Material Adverse Change on the Guarantor;

    	

          	(c)	
            Consents and licences:  the Guarantor will obtain or cause to be obtained, maintain in full force and effect and promptly renew from time to time, and will, on Lenders’ reasonable
              request promptly furnish certified copies to the Lenders of, all such authorisations, approvals, consents and licences as may be required under any applicable law or regulation to enable the Guarantor to perform its

              obligations under this Guarantee or required for the validity or enforceability of this Guarantee, and the Guarantor shall comply with the terms of the same;

          

    	

          	(d)	
            Pari passu: the Guarantor will ensure that its obligations under this Guarantee shall at all times rank at least pari passu with all its other present and future unsecured and
              unsubordinated indebtedness with the exception of any obligations which are mandatorily preferred by law and not by contract;

          

    	

          	(e)	
            Provision of Financial Statements and other information:  the Guarantor will provide (or procure that there is provided to) the Lender:

          

    	

          	(i)	
            the financial statements referred to in Clause 8.1(e) (Financial statements) of the Loan Agreement; and

          

    	

          	(ii)	
            the information referred to in Clauses 8.1(f) (Provision of further information) and 8.1(g) (Financial Information) of the Loan
              Agreement ;

          

    	

          	(f)	
            Obligations under Finance Documents: the Guarantor will duly and punctually perform each of the obligations expressed to be assumed by it under the Finance Documents to which it is or
              is to be a party;

          

    	

          	(g)	
            Banking operations: the Guarantor will ensure that all banking operations in connection with the Vessel are carried out through the Operating Account;

          

    	

          	(h)	
            Taxes: pay all Taxes, assessments and other governmental charges when the same fall due, except to the extent that the same are being contested in good faith by appropriate proceedings
              and adequate reserves have been set aside for their payment if such proceedings fail;

          

    	

          	(i)	
            Know your customer and money laundering compliance: provide the Lender with such documents and evidence as the Lender shall from time to time require, based on law and regulations
              applicable from time to time and the Lender’s own internal guidelines applicable from time to time to identify the Guarantor, including the ultimate legal and beneficial owner or owners of at least 40% of the Guarantor’s share capital, and
              any other persons involved or affected by the transaction(s) contemplated by the Loan Agreement and this Guarantee.

          

    	5.2	
            Negative undertakings

          

    The Guarantor hereby undertakes with the Lender that, from the date of this Guarantee and and throughout the
        Security Period, it will not, without the prior written consent of the Lender:

    	

          	(a)	
            Maintenance of Legal Structure: permit any of the documents defining its constitution to be altered in any material manner whatsoever;

          

    	

          	(b)	
            Maintenance of Business Structure: change the nature, organisation and conduct of its business as the shareholder of the Borrower or carry on any
              business other than the business carried on the date hereof;

          

    	

          	(c)	
            No merger: (such consent not to be unreasonably withheld)  merge or consolidate with any other

          

    
      13

      
        

    

    

    company or person;

    	

          	(d)	
            No change of control:  permit any change to be made be made directly or indirectly in the ownership, beneficial ownership, control or management of the Guarantor or any share therein,
              as a result of which less than 40% of the shares and voting rights in the Guarantor remain in the ultimate legal and beneficial ownership of the Beneficial Shareholder(s) disclosed to the Lender at the negotiation of the Loan Agreement and
              confirmed in writing on or before the date hereof without the prior written consent of the Lender.

          

    	5.3	
            Compliance with Sanctions, laws etc.

          

    The Guarantor:

    	

          	(a)	
            Compliance with laws etc.: shall comply, in all respects with all laws to which it may be subject, if (except as regards Sanctions, to which Clause 5.3(b) applies, and anti-corruption
              laws, to which Clauses 5.3(c), failure so to comply has or is reasonably likely to have a Material Adverse Effect;

          

    	

          	(b)	
            Compliance with Sanctions: shall comply in all respects with all Sanctions;

          

    	

          	(c)	
            Compliance with anti-corruption laws:

          

    	

          	(i)	
            shall not directly or indirectly use the proceeds of the Loan for any purpose which would breach the Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other similar
              legislation in other jurisdictions; and

          

    	

          	(ii)	
            shall conduct its businesses in compliance with applicable anti-corruption laws.

          

    	5.4	
            Additional Documents

          

    The Guarantor hereby further undertakes and agrees with the Lender that throughout the Security Period it
        will from time to time at the request of the Lender execute and deliver to the Lender or procure the execution and delivery to the Lender of all such documents as shall be deemed necessary or appropriate at the reasonable discretion of the
      Lender for giving full effect to this Guarantee, and for perfecting, protecting the value of or enforcing any rights or securities granted to the Lender under this Guarantee and any other documents executed pursuant hereto or thereto and in case that
      any conditions precedent (with the Lender’s consent) have not been fulfilled prior to the Drawdown Date, such conditions shall be complied with within fifteen (15) Banking Days after the Lender’s written request (unless the Lender agrees otherwise in
      writing) and failure to comply with this covenant shall be an Event of Default.

    
      	6.	
              SET-OFF

            

    

    
      

     

    

    	6.1	
            Right of set-off

          

    In the occurrence of an Event of Default which is continuing, express authority is hereby given by the Guarantor to the Lender without
      prejudice to any of the rights of the Lender at law, in equity or otherwise, at any time and without notice to the Guarantor:

    	

          	(a)	
            to apply any credit balance standing upon any account of the Guarantor with any branch of the Lender and in whatever currency in or towards satisfaction of any sum due to the Lender from the
              Guarantor under this Guarantee and/or any of the other Security Documents;

          

    	

          	(b)	
            in the name of the Guarantor and/or the Lender to do all such acts and execute all such documents as may be necessary or expedient to effect such application; and

          

    
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          	(c)	
            to combine and/or consolidate all or any accounts in the name of the Guarantor with the Lender.

          

    For all or any of the above purposes authority is hereby given to the Lender to purchase with the monies standing to the credit of any such
      account or accounts such other currencies as may be necessary to effect such application. The Lender shall notify the Guarantor upon the exercise of any right of set‐off giving full details in relation thereto.

    
      	7.	
              ASSIGNMENT

            

      
        

       

      

    

    	7.1	
            Assignment by the Lender

          

    The provisions of Clause 14 (Assignment, Transfer, Participation, Lending Office) of the Loan Agreement shall apply, with necessary adoption (such as construing
      references to the Borrower as references to the Guarantor) in relation to the right and ability of the Lender and the procedure for such assignment or transfer or change of Lending Office, to assign its rights and/or obligations under this Guarantee, provided always that the liabilities of the Guarantor under this Guarantee or any other Finance
      Document shall not be increased as a result of any such assignment, transfer, participation or change of Lending Office and that in the event, the Guarantor’s liabilities (actual or contingent) are increased, notwithstanding this provision, the
      Guarantor shall not be liable for any such excess.

    	7.2	
            Benefit and Burden

          

    This Guarantee shall be binding upon the Guarantor and its successors in title and shall enure for the
        benefit of the Lender and its successors in title and its assignees, transferees and participants. The Guarantor expressly acknowledges and accepts the provisions of Clause 14 (Assignment, Transfer, Participation, Lending Office) of the Loan Agreement and agrees that any person in favour of whom an assignment or a transfer is made in
      accordance with that Clause shall be entitled to the benefit of this Guarantee.

    	7.3	
            No assignment by the Guarantor

          

    The Guarantor may not assign or transfer any of its rights or obligations under this Guarantee.

    	7.4	
            Disclosure of information

          

    The Guarantor does, irrevocably authorise the Lender to give, divulge and reveal from time to time information and
      details relating to its accounts, the Loan, and any agreement entered into by the Guarantor or information provided by the Guarantor in connection with this Guarantee to:

    	

          	(a)	
            any public or internationally recognised authorities that are entitled to and have requested to obtain such information; and/or

          

    	

          	(b)	
            the Lender’s head offices, branches and affiliates and professional advisors; and/or

          

    	

          	(c)	
            any other parties to the Finance Documents; and/or

          

    	

          	(d)	
            a rating agency or their professional advisors; and/or

          

    	

          	(e)	
            any person with whom a Lender proposes to enter (or considers to enter) into contractual relations in relation to the Loan; and/or

          

    	

          	(f)	
            any other person regarding the funding, re-financing, transfer, assignment, sale, sub-participation, operational arrangement or other transaction in relation to the Loan,
              including without limitation, for

          

    
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    purposes in connection with a securitisation or similar transaction or any enforcement, preservation, assignment, transfer,
      sale or sub-participation of any of the relevant Lender's rights and obligations,

    Provided that, prior to the provision of any information under sub-Clauses (e) and (f) above, such persons therein referred to will
      be required to sign a confidentiality agreement.

    	7.5	
            Documentation

          

    If the Lender assigns, transfers or in any other manner grants participation in respect of all or any part of its rights or benefits or
      transfers all or any of its obligations pursuant to Clause 14 (Assignment, Transfer, Participation, Lending Office) of
      the Loan Agreement, the Guarantor undertakes, immediately on being requested to do so by the Lender, to enter into such documents as may be necessary or desirable to transfer to the assignee, transferee or participant all or the relevant part of the
      interest of the Lender in the Security Documents and all relevant references in this Guarantee to the Lender shall thereafter be construed as a reference to the Lender and/or assignee, transferee or participant  of the Lender to the extent of their
      respective interests and, in the case of a transfer of all or part of the obligations of the Lender, the Guarantor shall thereafter look only to the assignee, transferee or participant in respect of that proportion of the obligations of the Lender
      under this Guarantee assumed by such assignee, transferee or participant. The Guarantor shall join in and execute such supplemental or substitute agreements as may be necessary to enable the Lender to assign and/or transfer and/or grant participation
      in respect of its rights and obligations to another branch or to one or more banks or financial institutions in syndicate or otherwise. Any costs, fees and expenses incurred in relation to any such assignment or transfer shall be borne by the Lender.

    	7.6	
            Changes in constitution or reorganisation of the Lender

          

    For the avoidance of doubt and without prejudice to the provisions of Clause 7.1 (Assignment by the Lender), this Guarantee shall remain
        binding on the Guarantor notwithstanding any change in the constitution of the Lender or its absorption in, or amalgamation with, or the acquisition of all or part of its undertaking or assets by, any other person, or any reconstruction or
        reorganisation of any kind, to the intent that this Guarantee shall remain valid and effective in all respects in favour of any assignee, transferee or other successor in title of the Lender in the same manner as if such assignee, transferee or
        other successor in title had been named in this Guarantee as party instead of, or in addition to, the Lender.

    
      	8.	
              FURTHER ASSURANCE

            

      
        

       

      

    

    The Guarantor hereby undertakes with the Lender that this Guarantee shall both at the date of execution and delivery thereof and for so
      long as any moneys whatsoever are outstanding under the Loan Agreement and the other Security Documents remain valid and binding upon the Guarantor and the Guarantor will, bearing all expenses, execute, sign, perfect and do any and every such further
      assurance, document, act or thing as in the reasonable opinion of the Lender may be necessary or desirable for perfecting the security contemplated or constituted by this Guarantee.

    
      	9.	
              EXPENSES

            

      
        

       

      

    

    	9.1	
            General Expenses

          

    The Guarantor shall pay to the Lender on demand all costs, fees and
      expenses (including, but not limited to, legal fees and expenses) and taxes thereon incurred by the Lender in connection with:

    	

          	(a)	
            the negotiation, preparation and execution of this Guarantee; and/or

          

    	

          	(b)	
            the preserving or enforcing of, or attempting to preserve or enforce any of its rights under this Guarantee.

          

    
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          	(c)	
            any variation of, or amendment or supplement to, any of the terms of this Guarantee; and/or

          

    	

          	(d)	
            any consent or waiver required from the Lender in relation to this Guarantee, and in each case, regardless of whether the same is actually implemented, completed or granted, as
              the case may be.

          

    	9.2	
            Stamp duty etc.

          

    The Guarantor shall pay promptly all stamp, documentary and other like duties and taxes
      to which this Guarantee may be subject or give rise and shall indemnify the Lender on demand against any and all liabilities with respect to or resulting from any delay or omission on the part of the Guarantor to pay any such duties or taxes.

     

    

    
      	10.	
              MISCELLANEOUS

            

      
        

       

      

    

    	10.1	
            Time of essence

          

    Time is of the essence as regards every obligation of the Guarantor under this Guarantee.

    	10.2	
            Severability of provisions

          

    If any provision contained this Guarantee is or subsequently becomes, void, illegal, unenforceable or otherwise invalid in any respect
      under any applicable law of any jurisdiction whatsoever such provision shall be ineffective as to that jurisdiction only without modifying the remaining provisions hereof or thereof. Where however the provisions of any such applicable law may be
      waived they are hereby waived by the parties hereto to the full extent permitted by the law to the intent that this Guarantee shall be deemed to be valid binding and enforceable in accordance with its terms.

    	10.3	
            Entire agreement

          

    This Guarantee contains the entire agreement of the parties and its provisions supersede the provisions of the Commitment Letter and any
      and all other prior correspondence and oral negotiation by the parties in respect of the matters regulated by the Loan Agreement and/or the Guarantee.

    	10.4	
            No implied waivers, remedies cumulative

          

    No failure or delay or omission by the Lender to exercise any right, remedy or power vested in the
      Lender under the Loan Agreement and/or this Guarantee and/or the other Security Documents or by law shall impair such right or power, or be construed as a waiver of, or as an acquiescence in any default by the Guarantor and/or any of the Security
      Parties nor shall any single or partial exercise by the Lender of any power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy. In the event of the Lender on any occasion agreeing to
      waive any such right, remedy or power, or consent to any departure from the strict application of the provisions of the Loan Agreement, this Guarantee or of any of the other Security Documents, such waiver shall not in any way prejudice or affect the
      powers conferred upon the Lender under this Guarantee and the other Security Documents or the right of the Lender thereafter to act strictly in accordance with the terms of the Loan Agreement, this Guarantee and the other Security Documents. No
      modification or waiver by the Lender of any provision of the Loan Agreement and/or this Guarantee and/or of any of the other Security Documents nor any consent by the Lender to any departure therefrom by any Security Party shall be effective unless
      the same shall be in writing and then shall only be effective in the specific case and for the specific purpose for which given. No notice to or demand on any such party in any such case shall entitle such party to any other or further notice or
      demand in similar or other circumstances.

    	10.5	
            Amendment

          

    This Guarantee shall not be amended or varied in its terms by any oral agreement or representation or in any other manner other than by an
      instrument in writing of even date herewith or subsequent hereto executed by or

    
      17

      
        

    

    

    

    on behalf of the parties hereto.

    	10.6	
            Other guarantors

          

    The Guarantor agrees to be bound by this Guarantee notwithstanding that any other person intended to execute or to be bound by any other
      guarantee or assurance under or pursuant to the Loan Agreement may not do so or may not be effectually bound and notwithstanding that such other guarantee or assurance may be determined or be or become invalid or unenforceable against any other
      person, whether or not the deficiency is known to the Lender.

    	10.7	
            Language

          

    All certificates, instruments and other documents to be delivered under or supplied in connection with this Guarantee shall
      be in the English language.

    	10.8	
            Binding effect

          

    A certificate or determination of the Lender as to any matter provided
        for in this Guarantee, in the absence of manifest error, shall be conclusive and binding on the Guarantor.

    	10.9	
            Survival

          

    Without prejudice to the foregoing, the obligations of the Guarantor under Clauses 2.10 (No security taken by Guarantor), 2.13 (Indemnity), 3.6 (Currency Indemnity), and 9 (Expenses) shall survive any repayment of the Facility made prior to the termination or cancellation of this Guarantee.

    	10.10	
            Counterparts

          

    This Guarantee may be executed in several counterparts, each of which, when duly exchanged or delivered, shall be deemed to
      be an original but, taken together, they shall constitute but one and the same document.

    	10.11	
            Personal Data

          

    	

          	(a)	
            Process of personal data: The Guarantor hereby confirms that it has been informed that its personal data and/or the personal data of its director(s), officer(s) and legal
              representative(s) (together the “personal data”) contained in this Guarantee or the personal data that have been or will be lawfully received by the Lender in relation to this Guarantee will be
              included at the personal data database maintained by the Lender as processing agent (Υπεύθυνη Επεξεργασίας) and will be processed by the Lender for the purpose of properly
              serving, supporting and monitoring their current business relationship.

          

    	

          	(b)	
            Process of personal data to Teiresias: The Guarantor hereby expressly gives its consent to the communication for process in the meaning of law 2472/97 by the Lender of its personal
              data contained in this Agreement, the Finance Documents, in the Operating Accounts for onwards communication thereof to an inter-banking database record called “Teiresias” kept and solely used by
              banks and financial institutions. The Guarantor is entitled at any relevant time throughout the Security Period to revoke its consent given hereunder by written notice addressed to the Lender and the Registrar of “Teiresias A.E.” at 2, Alamanas street, 15125 Maroussi, Athens, Greece.

          

    	

          	(a)	
            Duration of the process: The personal data process shall survive the termination of this Guarantee for such period as it is required by the applicable law.

          

    
      18

      
        

    

    

    

    

    

    
      	11.	
              NOTICES AND DEMANDS

            

      
        

       

      

    

    	11.1	
            Notices

          

    Every notice, request, demand or other communication under this Guarantee shall:

    	

          	(a)	
            Notices etc. in writing:  be in writing delivered personally or by first-class prepaid letter (airmail if available),
                shall be served through a process server or subject to Clause 10.9 (Communications Indemnity) of the Loan Agreement by facsimile transmission or electronic mail or other means of telecommunication in permanent written form;

          

    	

          	(b)	
            Receipt:  be deemed to have been received, subject as otherwise provided in this Guarantee, in the case of a letter, when delivered personally or five (5) days after it has been put in the post and, in the case of a facsimile transmission or other means of telecommunication in permanent written form, at the time of
                despatch (provided that if the date of despatch is not a business day in the country of the addressee or if the time of despatch is after the close of business in the country of the addressee it shall be deemed to have been received at the
                opening of business on the next such business day);

          

    	

          	(c)	
            Addresses: be sent:

          

    	

          	(i)	
            if to be sent to the Guarantor, to:

          

    c/o Pyxis Maritime corp.,

    59 K. Karamanli Street

    Maroussi 15125, Greece

    Fax: +30 210 6510530

    Attention:  Mr. Kostantinos Lytras

    E-mail: fin@pyxis.gr

    and hwilliams@pyxistankers.com

    

    

    	

          	(ii)	
            if to be sent to the Lender, to:

          

    ALPHA BANK S.A.

    93 Akti Miaouli, Piraeus, Greece

    Fax No. +30 210 42 90 268

    Attention: The Manager

    E-mail: shipdivision@alpha.gr

    or to such other person, address, fax number or electronic mail address as is notified by the Guarantor or
        the Lender (as the case may be) to the other parties to this Guarantee and, in the case of any such change of address, fax number or electronic mail address notified to the Lender, the same shall not become effective until notice of such change is
        actually received by the Lender and a copy of the notice of such change is signed by the Lender; and

    	

          	(d)	
            a written notice includes a notice by facsimile or electronic mail.

          

    	11.2	
            Illegible notices

          

    Clause 11.1 (Notices) does not apply if the recipient of a notice notifies the sender within one hour after the time at which the notice would otherwise be deemed to be served that the notice has been received in a form which is illegible in a
      material respect.

    
      19

      
        

    

    

    

    

    

    	11.3	
            Valid notices

          

    A notice under or in connection with a Finance Document shall not be invalid by reason that its contents or the manner of
      serving it do not comply with the requirements of this Agreement or, where appropriate, any other Finance Document under which it is served if:

    	

          	(a)	
            the failure to serve it in accordance with the requirements of this Agreement or other Finance Document, as the case may be, has not caused any party to suffer any significant loss or
              prejudice; or

          

    	

          	(b)	
            in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the party on which the notice was served what the correct or missing particulars should have been.

          

    	11.4	
            Meaning of “notice”

          

    In this Clause 11, “notice” includes any demand, consent, authorisation, approval, instruction, waiver or other communication.

    	11.5	
            Communication Indemnity

          

    The Guarantor so far as the Guarantee is concerned gives the Lender the authorities, admissions, indemnities, undertakings and the
      Guarantor undertakes the responsibilities provided for in Clause 10.9 (Communications Indemnity) of the Loan Agreement as if they are repeated herein in extenso.

    
      	12.	
              LAW AND JURISDICTION

            

      
        

       

      

    

    	12.1	
            Governing Law

          

    	

          	(a)	
            This Guarantee and any non-contractual obligations connected with it shall be governed by, and construed in accordance with, English Law.

          

    	

          	(b)	
            For the purposes of enforcement in Greece, it is hereby expressly agreed that English law as the governing law of the Loan Agreement will be proved by an affidavit of a solicitor from an
              English law firm to be appointed by the Lender and the said affidavit shall constitute full and conclusive evidence binding on the Borrower but the Borrower shall be allowed to rebut such evidence save for witness.

          

     

    

    	12.2	
            Submission to jurisdiction

          

    For the benefit of the Lender and subject to Clause 12.6 (Right
          of the Lender, but not Guarantor, to bring proceedings in any other jurisdiction), the Guarantor irrevocably and unconditionally submits to the jurisdiction of the courts of England and hereby
      irrevocably agrees, that that the courts of England shall have exclusive jurisdiction:

    	

          	(i)	
            to settle any dispute or other matters whatsoever arising under or in connection with or in any way related to this Guarantee or any non-contractual obligations connected with it (including
              any dispute or other such matter arising in connection with the negotiation, validity, existence or enforceability of this Guarantee or any part thereof, whether the dispute or such other matter arises under the law of England or under the
              law of some other country, and including claims arising out of tort or delict) (a “Dispute”). The Guarantor irrevocably and unconditionally submits to the jurisdiction of such courts; and

          

    	

          	(ii)	
            to grant interim remedies, or other provisional or protective relief.

          

    	

          	(b)	
            The Parties agree that the courts of England are the most appropriate and convenient courts to settle

          

    
      20

      
        

    

    

    

    Disputes and accordingly no Party will argue to the contrary and waives any objections to the inconvenience
        of England as a forum.

    	12.3	
            Choice of forum for the exclusive benefit of the Lender

          

    Clause 12.2 (Submission to jurisdiction) is for the exclusive benefit of the Lender only. As a result, the Lender shall not be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law,
      the Lender may take concurrent proceedings in any number of jurisdictions. The Lender reserves the right:

    	

          	(a)	
            to commence proceedings in relation to any Dispute in the courts of any country other than England and which have or claim jurisdiction to that Dispute; and

          

    	

          	(b)	
            to commence such proceedings in the courts of any such country or countries concurrently with or in addition to proceedings in England or without commencing proceedings in England.

          

    The Guarantor shall not commence any proceedings in any country other than England in relation to a Dispute.

    	12.4	
            Process Agent for English Proceedings

          

    Without prejudice to any other mode of service allowed under any relevant law the Guarantor irrevocably designates,
        appoints and empowers Messrs. Atlas Maritime Services Limited at its registered office for the time being at Enterprise House, 113-115 George Lane, E18 1AB, London, England (hereinafter called the “Process Agent for English Proceedings”), to receive for it and on its behalf, service of process issued out of the English courts in relation to any proceedings before the English courts in connection with the Guarantee, provided, however, that:

    	

          	(a)	
            the Guarantor hereby agrees and undertakes to maintain a Process Agent for English Proceedings throughout the Security Period and hereby agrees that in the event
                that if any Process Agent for English Proceedings is unable for any reason to act as agent for service of process, the Guarantor must immediately (and in
              any event within ten (10) days of such event taking place) appoint another agent on terms acceptable to the Lender. Failing this, the Lender may appoint for this purpose a substitute Process Agent for English
                Proceedings and the Lender is hereby irrevocably authorised to effect such appointment on Guarantor’s behalf. The appointment of such Process Agent for English Proceedings shall be valid and binding from the date notice of such appointment
                is given by the Lender to the Guarantor in accordance with Clause 11.1 (Notices); and

          

    	

          	(b)	
            the Guarantor hereby agrees that failure by a Process Agent for English Proceedings to notify the Guarantor of the process will not invalidate the proceedings concerned.

          

    	12.5	
            Forum non conveniens and enforcement abroad

          

    The Guarantor hereby:

    	

          	(a)	
            waives any right and agrees not to apply to the English court or any other Court in any jurisdiction whatsoever or to stay or strike out proceedings commenced in England on the ground that
              England is an inappropriate forum and/or that there is another more appropriate forum and/or that proceedings have been or will be commenced in any other jurisdiction in connection with any dispute or other matter and/or related matter
              falling within Clause 12.2 (Submission to jurisdiction), and

          

    	

          	(b)	
            agrees that a judgment or order of an English court in a dispute or other matter falling within Clause 12.2 (Submission
                  to jurisdiction) shall be conclusive and binding on the Guarantor and may be enforced against it in the courts of any other jurisdiction.

          

    
      21

      
        

    

    

    

    

    

    	12.6	
            Right of Lender, but not Guarantor, to bring proceedings in any other jurisdiction

          

    	

          	(a)	
            Nothing in this Clause 12.6 limits the right of the Lender to bring proceedings, including third party proceedings, against the Guarantor, or to apply for interim remedies, in connection with
              this Guarantee in any other court and/or concurrently in more than one jurisdiction. The obtaining by the Lender of judgment in one jurisdiction shall not prevent the Lender from bringing or continuing proceedings in any other jurisdiction,
              whether or not these shall be founded on the same cause of action.

          

    	

          	(b)	
            If the Lender decides that any such proceedings should be commenced in any other country, then the Guarantor hereby waives any objections as to the jurisdiction or any claim as to the
              inconvenience of the forum and covenants and undertakes to instruct lawyers in that country to accept service of legal process and not to contest the validity of such proceedings as far as the jurisdiction of the Court or courts involved is
              concerned.

          

    	12.7	
            Process Agent in Greece

          

    Mrs. Alexandra tatagia, an Attorney-at-Law, presently of 61-65 Filonos Street, Piraeus, Greece, is hereby appointed by the Guarantor as agent to accept service
      (hereinafter “Process Agent for Greek Proceedings”) upon whom any judicial process may be served and any notice, request, demand or other communication under this Guarantee and the Loan
      Agreement. In the event that the Process Agent for Greek Proceedings (or any substitute process agent notified to the Lender in accordance with the foregoing) cannot be found at the address specified above (or, as the case may be, notified to the
      Lender), which will be conclusively proved by an affidavit of a process server to the effect that the Process Agent for Greek Proceedings was not found at such address, the authority of the Process Agent for Greek Proceedings as agent to accept
      service shall be deemed to have ceased and service of documents may be effected in accordance with the procedure provided by the relevant law. In case, however, that such Process Agent is found in any other address, the Lender shall have the right to
      serve the documents either on the Process Agent at such address or in accordance with the procedure provided by the relevant law.

    	12.8	
            Third Party rights

          

    No term of this Guarantee is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to this
      Guarantee.

    	12.9	
            Meaning of “proceedings”

          

    In this Clause 12 “proceedings” means proceedings of any kind, including an
      application for a provisional or protective measure.

    IN WITNESS whereof the parties to this Guarantee have caused this Guarantee to be duly executed as a deed on the date
      first above written.

    

    

    

    

    [Intentionally left blank]

    
      22

      
        

    

    EXECUTION PAGE

    

    

    

    

    THE GUARANTOR

    

    

    	
            EXECUTED and DELIVERED as a DEED

          	
            )

          	 	 	 
	
            by Mr. Vasileios Poulis

          	
            )

          	 	 	 
	
            for and on behalf of

          	
            )

          	 	 	 
	
            PYXIS TANKERS INC.

          	
            )

          	 	 	 
	
            of the Marshall Islands,

          	
            )

          	 	 	 
	
            its duly appointed attorney-in-fact

          	
            )

          	 	
            /s/ Vasileios Poulis

          	 
	
            in the presence of:

          	
            )

          	 	
            Attorney-in-fact

          	 
	 	 	 	 	 

    

    

    	
            Witness:

          	
            /s/ Dimitrios P. Sioufas

          	 	 	 	 
	
            Name:

          	
            Dimitrios P. Sioufas

          	 	 	 	 
	
            Address:

          	
            13 Defteras Merarchias

          	 	 	 	 
	 	
            Piraeus, Greece

          	 	 	 	 
	
            Occupation:

          	
            Attorney-at-Law

          	 	 	 	 

    

    

    

    

    THE LENDER

    

    

    	
            EXECUTED as a DEED

          	
            )

          	 	 	 
	
            Mr. Konstantinos Flokos and

          	
            )

          	 	 	 
	
            Mrs. Chrysanthi Papathanasopoulou

          	
            )

          	 	
            /s/ Konstantinos Flokos

          	 
	
            for and on behalf of

          	
            )

          	 	
            Attorney-in-fact

          	 
	
            ALPHA BANK S.A.,

          	
            )

          	 	 	 
	
            of Greece,

          	
            )

          	 	
            /s/ Chrysanthi Papathanasopoulou

          	 
	
            in the presence of:

          	
            )

          	 	
            Attorney-in-fact

          	 
	 	 	 	 	 

    

    

    	
            Witness:

          	
            /s/ Dimitrios P. Sioufas

          	 	 	 	 
	
            Name:

          	
            Dimitrios P. Sioufas

          	 	 	 	 
	
            Title:

          	
            Attorney-at-Law

          	 	 	 	 
	
            Address:

          	
            13 Defteras Merarchias Street,

          	 	 	 	 
	 	
            Piraeus, Greece

          	 	 	 	 

    

    

    

    

    
      23

      
        

    

    APPENDIX “A”

    (Execution form of the Loan Agreement)EX-4.1

 Exhibit 4.1 

REPUBLIC SERVICES, INC. 
 to 

U.S. BANK NATIONAL ASSOCIATION 

as Trustee 
  

 
 TENTH
SUPPLEMENTAL INDENTURE, 
 Dated as of August 20, 2020 

 
  

$650,000,000 
 1.450% Notes due
2031 
  
  

Supplement to Indenture dated as of November 25, 2009 
  

 TENTH SUPPLEMENTAL INDENTURE, dated as of August 20, 2020 (the “Tenth Supplemental
Indenture”), between REPUBLIC SERVICES, INC., a Delaware corporation (hereinafter called the “Company”) and U.S. BANK NATIONAL ASSOCIATION, as trustee under the Base Indenture referred to below (hereinafter called the
“Trustee”). 
 WHEREAS, the Company entered into an Indenture dated as of November 25, 2009 (the “Base Indenture,”
all capitalized terms used in this Tenth Supplemental Indenture and not otherwise defined being used as defined in the Base Indenture) (the Base Indenture, as supplemented, including as supplemented by this Tenth Supplemental Indenture is
hereinafter collectively called the “Indenture”) with the Trustee, providing for the issuance of senior debt securities, unlimited as to principal amount, to bear such rates of interest, to mature at such time or times, to be issued in one
or more series and to have such other provisions as authorized by or pursuant to the authority granted in one or more resolutions of the Board of Directors of the Company; and 

WHEREAS, the Company proposes to issue $650,000,000 aggregate principal amount of its 1.450% Notes due 2031 (such notes being referred to
herein as the “Notes” and all references to Securities in the Base Indenture shall be deemed to refer also to the Notes unless the context otherwise provides); and 

WHEREAS, Section 9.01 of the Base Indenture provides that without the consent of the Holders of the Securities of any series issued under
the Base Indenture, the Company, when authorized by a Board Resolution, and the Trustee may enter into one or more indentures supplemental to the Base Indenture to, among other things, establish the form or terms of securities of any series as
permitted by Sections 2.01 and 3.01 thereof; and 
 WHEREAS, the entry into this Tenth Supplemental Indenture by the parties hereto is in
all respects authorized by the provisions of the Base Indenture; and 
 WHEREAS, all things necessary have been done to make this Tenth
Supplemental Indenture, when executed and delivered by the Company, the legal, valid and binding agreement of the Company, in accordance with its terms; and 

WHEREAS, all things necessary have been done to make the Notes, when executed and delivered by the Company and authenticated by the Trustee as
provided for in the Indenture, the legal, valid and binding agreements of the Company, in accordance with their terms; and 
 NOW,
THEREFORE, THIS TENTH SUPPLEMENTAL INDENTURE WITNESSETH: 
 The parties hereto mutually covenant and agree as follows: 

SECTION 1. The Base Indenture is hereby amended solely with respect to the Notes, except as otherwise expressly provided herein, as follows:

 (A) By amending Section 1.01 to replace in whole the following definitions thereto in lieu of the corresponding existing definitions,
so that in the event of a 

  
 1 

 
conflict with the definition of terms in the Base Indenture, the following definitions shall control: 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a
maturity comparable to the remaining term of the Notes to be redeemed (assuming that the Notes matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues
of corporate debt securities of a comparable maturity to the remaining term of the Notes (assuming that the Notes matured on the Par Call Date). 

“Comparable Treasury Price” means, with respect to any Redemption Date, (A) the average of six Reference Treasury Dealer
Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations; or (B) if the Independent Investment Banker obtains fewer than six such Reference Treasury Dealer Quotations, the average of all
such quotations. 
 “Independent Investment Banker” means one of BofA Securities, Inc., Barclays Capital Inc., J.P. Morgan
Securities LLC or Truist Securities, Inc. as selected by the Company, and their respective successors, or if each of such firms is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national
standing appointed by the Company. 
 “Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s
Corporation, and its successors. 
 “Reference Treasury Dealer” means (1) each of BofA Securities, Inc., Barclays Capital Inc.
and J.P. Morgan Securities LLC and their respective successors, provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will
substitute for such firm another Primary Treasury Dealer, and (2) up to three additional Primary Treasury Dealers selected by the Independent Investment Banker after consultation with the Company. 

“Restricted Subsidiary” means any Subsidiary of the Company which, at the time of determination, owns or is a lessee pursuant to a
capital lease of any Principal Property. 
 “S&P” means S&P Global Ratings, a division of S&P Global Inc., and its
successors. 
 “Treasury Rate” means, with respect to any Redemption Date, (1) the yield, under the heading that represents
the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor publication that is published weekly by the Board of Governors of the Federal Reserve System
and that establishes yields on actively traded U.S. Treasury 

  
 2 

 
securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within
three months before or after the Par Call Date, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such yields on a
straight line basis, rounding to the nearest month) or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The
Treasury Rate will be calculated on the third Business Day preceding the Redemption Date. 
 (B) By amending Section 1.01 to add the
following new definitions in correct alphabetical order: 
 “Change of Control” means the occurrence of any of the following after
the date of issuance of the Notes: 
 1. the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of
merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole to any “person” or “group” (as those terms are used in
Section 13(d)(3) of the Exchange Act) other than to the Company or one of its Subsidiaries; 
 2. the consummation of any transaction
(including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act, it being agreed that an employee of the
Company or any of its Subsidiaries for whom shares are held under an employee stock ownership, employee retirement, employee savings or similar plan and whose shares are voted in accordance with the instructions of such employee shall not be a
member of a “group” (as that term is used in Section 13(d)(3) of the Exchange Act) solely because such employee’s shares are held by a trustee under said plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of the Company’s Voting Stock representing more than 50% of the voting power of its outstanding Voting
Stock; 
 3. the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the
Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or Voting Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any such
transaction where the Company’s Voting Stock outstanding immediately prior to such transaction 

  
 3 

 
constitutes, or is converted into or exchanged for, Voting Stock representing more than 50% of the voting power of the Voting Stock of the surviving Person immediately after giving effect to such
transaction; 
 4. during any period of 24 consecutive calendar months, the majority of the members of the Company’s Board of Directors
shall no longer be composed of individuals (a) who were members of the Company’s Board of Directors on the first day of such period or (b) whose election or nomination to the Company’s Board of Directors was approved by
individuals referred to in clause (a) above constituting, at the time of such election or nomination, at least a majority of the Company’s Board of Directors or, if directors are nominated by a committee of the Company’s Board of
Directors, constituting at the time of such nomination, at least a majority of such committee; or 
 5. the adoption of a plan relating to
the Company’s liquidation or dissolution. 
 “Change of Control Triggering Event” means, with respect to the Notes, the Notes
cease to be rated Investment Grade by each of the Rating Agencies on any date during the period (the “Trigger Period”) commencing 60 days prior to the first public announcement by the Company of any Change of Control (or pending Change of
Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for so long as any of the Rating Agencies has publicly announced that it is considering
a possible ratings change). If a Rating Agency is not providing a rating for the Notes at the commencement of any Trigger Period, the Notes will be deemed to have ceased to be rated Investment Grade by such Rating Agency during that Trigger Period.
Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated. 

“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of
Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P), and the equivalent investment grade credit rating from any replacement rating agency
or rating agencies selected by the Company under the circumstances permitting the Company to select a replacement agency and in the manner for selecting a replacement agency, in each case as set forth in the definition of “Rating Agency.”

 “Notes” has the meaning set forth in the Recitals. 

“Par Call Date” has the meaning set forth in Section 11.01. 

  
 4 

 “Rating Agency” means each of Moody’s and S&P; provided, that if either
of Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside the Company’s control, the Company may appoint another “nationally recognized statistical rating
organization” within the meaning of Section 3(a)(62) of the Exchange Act as a replacement for such Rating Agency; provided, that the Company shall give notice of such appointment to the Trustee. 

“Voting Stock” of any specified Person as of any date means the capital stock of such Person that is at the time entitled to vote
generally in the election of the board of directors of such Person. 
 (C) By amending Section 4.01 by adding the following sentence at
the end of thereof: 
 “Both Section 4.02 (defeasance and discharge) and Section 4.03 (covenant defeasance) shall apply to the
Notes.” 
 (D) By replacing Section 4.03 in its entirety with the following: 

“Upon the Company’s exercise of the option applicable to this Section 4.03 with respect to the Notes, the Company shall be
released from its obligations under any covenant or provision contained or referred to in Sections 10.05, 10.06, 10.07 and 14.01, with respect to the Defeased Securities, on and after the date the conditions set forth in Section 4.04 below are
satisfied (hereinafter, “covenant defeasance”), and the Defeased Securities shall thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall continue to be deemed “Outstanding” for all other purposes hereunder, and the Events of Default under Section 5.01(c), (d) and (e) shall cease to be in
full force and effect with respect to the Notes. For this purpose, such covenant defeasance means that, with respect to the Defeased Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such Section, whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or by reason of reference in any such Section to any other provision herein or in any other document and such
omission to comply shall not constitute a Default or an Event of Default under Section 5.01(c), (d) and (e) but, except as specified above, the remainder of this Indenture and such Defeased Securities shall be unaffected thereby.”

 (E) By amending Section 9.01 by: 

(a) deleting the period at the end of clause (m) and inserting the following: “; and”; and 

(b) inserting the following clause after clause (m): 

  
 5 

 “(n) to add additional Securities of the same class and series in one or more tranches
from time to time.” 
 (F) By amending Section 9.02 by: 

(a) deleting the word “or” at the end of clause (j); 

(b) deleting the period at the end of clause (k) and inserting the following: “; or”; and 

(c) inserting the following clause after clause (k): 

“(l) amend, change or modify the Company’s obligation to make and consummate a Change of Control Offer in the event
of a Change of Control Triggering Event in accordance with Section 14.01 after such Change of Control Triggering Event has occurred, including amending, changing or modifying any definition related thereto.” 

(G) By inserting after the first sentence in Section 3.01 the following: 

“The aggregate principal amount of Notes which may be issued under this Indenture shall be unlimited and the Company may issue additional
notes of the same class and series as the Notes (the “Additional Notes”) in one or more tranches from time to time, without notice to or the consent of existing Holders of the Securities of any series, including the Notes. The Additional
Notes shall have the same terms as all other Notes and all references in the Indenture shall be deemed to also refer to the Additional Notes. The Additional Notes shall vote as a class with all other Notes as to matters as to which such Notes have a
vote.” 
 (H) By replacing Section 11.01 in its entirety with the following: 

“(a) Prior to November 15, 2030 (three months prior to the Stated Maturity of the Notes) (the “Par Call Date”), the Notes
will be redeemable, in whole or in part, at the option of the Company, at any time or from time to time, at a Redemption Price equal to the greater of: 

(1) 100% of the principal amount of the Notes to be redeemed, and 

(2) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (assuming that
such Notes matured on the Par Call Date) discounted to the Redemption Date on a semi-annual 

  
 6 

 
basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate, plus 15 basis
points. 
 In the case of each of clauses (1) and (2), accrued and unpaid interest will be payable to, but excluding, the Redemption
Date, if any (subject to the right of holders of record of such Notes on the relevant record date to receive interest due on an Interest Payment Date). 

(b) On or after the Par Call Date, the Notes will be redeemable, in whole or in part, at the option of the Company, at any time or from time
to time, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date, if any (subject to the right of holders of record of such Notes on the
relevant record date to receive interest due on an Interest Payment Date).” 
 (I) By amending Section 11.04 by deleting the number
30 and inserting “15”. 
 (J) By amending Section 11.05 by deleting the number 30 and inserting “15”. 

(K) By replacing the first sentence in Section 11.06 with the following: 

“On or prior to 10:00 a.m., New York City time, on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent
(or, if the Company or any of its Affiliates is acting as Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money in same day funds sufficient to pay the Redemption Price of, and (except if the Redemption Date
shall be an Interest Payment Date or Special Payment Date) accrued and unpaid interest on, all the applicable series of Securities or portions thereof which are to be redeemed.” 

(L) By adding as a new “Article XIV” thereto the following: 

“Article XIV 
 Repurchase
of Notes at the Option of the Holders 
 Section 14.01. REPURCHASE AT OPTION OF HOLDERS UPON A CHANGE OF CONTROL 

(a) Upon the occurrence of a Change of Control Triggering Event with respect to the Notes, unless the Company has exercised its right to
redeem the Notes pursuant to Article XI of the Indenture, each Holder of Notes shall have the right to require the Company to purchase all or a portion (equal to 

  
 7 

 
$2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”), at a purchase price equal
to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the date of purchase (the “Change of Control Payment”), subject to the rights of Holders on the relevant Regular Record Date to receive
interest due on the relevant Interest Payment Date. 
 (b) Within 30 days following the date upon which the Change of Control Triggering
Event occurred with respect to the Notes, or at the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company shall send, by first class mail, a notice to each Holder of
Notes, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. 
 Such notice shall state: 

(i) the events causing the Change of Control; 

(ii) the date of the Change of Control; 

(iii) the amount of the Change of Control Payment; 

(iv) that the Holder must exercise the repurchase right prior to the close of business on the purchase date, which must be no earlier than 30
days nor later than 60 days from the date such notice is mailed, other than as may be required by law (the “Change of Control Payment Date”); 

(v) if the notice is mailed prior to any Change of Control but after the public announcement of the pending Change of Control, that the offer
is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date; 
 (vi) the name and address of
the Paying Agent; 
 (vii) that the Holder must complete the Change of Control Repurchase Notice (as defined below) to participate in the
Change of Control Offer; and 
 (viii) any other procedures that Holders must follow to require the Company to repurchase the Notes. 

(c) Repurchases of Notes under this Section 14.01 shall be made, at the option of the Holder thereof, upon 

(i) delivery to the Trustee (or other Paying Agent appointed by the Company) by a Holder of a duly completed

  
 8 

 
notice (the “Change of Control Repurchase Notice”) in the form set forth on the reverse of the Note at any time prior to 5:00 p.m., New York City Time, on the Change of Control Payment
Date; or 
 (ii) delivery or book-entry transfer of the Notes to the Trustee (or other Paying Agent appointed by the Company) at any time
after delivery of the Change of Control Repurchase Notice (together with all necessary endorsements) at the Corporate Trust Office of the Trustee or the corporate trust office of its Affiliate (or other Paying Agent appointed by the Company) in the
Borough of Manhattan, such delivery being a condition to receipt by the Holder of the Change of Control Payment therefor; provided that such Change of Control Payment shall be so paid pursuant to this Section 14.01 only if the Note so delivered
to the Trustee (or other Paying Agent appointed by the Company) shall conform in all respects to the description thereof in the related Change of Control Repurchase Notice. 

The Change of Control Repurchase Notice shall state: 

(i) if certificated, the certificate numbers of Notes to be delivered for repurchase; 

(ii) the portion of the principal amount of Notes to be repurchased, which must be $2,000 or an integral multiple of $1,000 in excess thereof;

 (iii) that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and the Indenture; and 

(iv) if such Change of Control Repurchase Notice is delivered prior to the occurrence of a Change of Control pursuant to a definitive
agreement giving rise to a Change of Control, that the Holder acknowledges that the Company’s offer is conditioned on the consummation of such Change of Control. 

provided, however, that if the Notes are not in certificated form, the Change of Control Repurchase Notice must comply with appropriate
procedures of the Depositary. 
 (d) On the Change of Control Payment Date, the Company shall, to the extent lawful: 

(i) accept or cause a third party to accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control
Offer, 

  
 9 

 (ii) deposit or cause a third party to deposit with the Paying Agent an amount equal to the
Change of Control Payment in respect of all the Notes or portions of the Notes properly tendered, and 
 (iii) deliver or cause to be
delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased. 

(e) The Company shall not be required to make a Change of Control Offer with respect to the Notes if a third party makes such an offer in the
manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all the Notes properly tendered and not withdrawn under its offer. 

Section 14.02. COMPLIANCE WITH TENDER OFFER RULES 

The Company shall comply in all material respects with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the
provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached the Company’s
obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict.” 
 (M) The form of Security
attached as Exhibit A hereto shall be the form of Note for the series of Notes established by this Tenth Supplemental Indenture and the terms therein shall be incorporated by reference into this Tenth Supplemental Indenture. 

SECTION 2. Unless otherwise supplemented or amended by this Tenth Supplemental Indenture, the Base Indenture is incorporated by reference in
full into this Tenth Supplemental Indenture, and all parties to this Tenth Supplemental Indenture agree to be bound by the terms and provisions of the Base Indenture as supplemented and amended by this Tenth Supplemental Indenture. The Base
Indenture and this Tenth Supplemental Indenture shall be read, taken and construed as one and the same instrument. All provisions included in this Tenth Supplemental Indenture supersede any similar provisions included in the Base Indenture unless
not permitted by law. 
 SECTION 3. If any provision hereof limits, qualifies or conflicts with another provision hereof which is required
to be included in this Tenth Supplemental Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

  
 10 

 SECTION 4. All covenants and agreements in this Tenth Supplemental Indenture by the Company
shall bind its successors and assigns, whether so expressed or not. 
 SECTION 5. In case any provision in this Tenth Supplemental Indenture
or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions herein and therein shall not in any way be affected or impaired thereby. 

SECTION 6. Nothing in this Tenth Supplemental Indenture, expressed or implied, shall give to any Person, other than the parties hereto and
their successors hereunder, and the Holders of the Notes any benefit or any legal or equitable right, remedy or claim under this Tenth Supplemental Indenture. 

SECTION 7. This Tenth Supplemental Indenture and each Note shall be deemed to be a contract made under the laws of the State of New York and
this Tenth Supplemental Indenture and each such Note shall be governed by and construed in accordance with the laws of the State of New York. 

SECTION 8. All terms used in this Tenth Supplemental Indenture not otherwise defined herein that are defined in the Base Indenture shall have
the meanings set forth therein. 
 SECTION 9. This Tenth Supplemental Indenture may be executed in any number of counterparts, each of which
shall be an original; but such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page hereto by facsimile or electronic transmission shall be as effective as delivery of a
manually executed counterpart of this Tenth Supplemental Indenture. 
 SECTION 10. The recitals contained herein and in the Notes, except
the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Tenth
Supplemental Indenture or the Notes. The Trustee shall not be accountable for the use or application by the Company of Notes or the proceeds thereof. 

  
 11 

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

					
	REPUBLIC SERVICES, INC., as Issuer
		
	By:	 	
                     

		 	Name:	 	Brian M. DelGhiaccio
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer

 [Signature Page to Tenth Supplemental Indenture] 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as
	Trustee	 	
		
	By:	 	
                 

	Name:	 	
	Title:	 	

 [Signature Page to Tenth Supplemental Indenture] 

 EXHIBIT A 

[FORM OF FACE OF SECURITY] 
 [THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR DEPOSITARY. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN SECTION 3.06 OF THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT AND ANY SUCH CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1 

 

	1 	 These paragraphs should be included only if the Note is issued in global form. 

  
 A-1 

 REPUBLIC SERVICES, INC. 

1.450% NOTES DUE 2031 
 CUSIP NO.
760759 AX8 
 ISIN NO. US760759AX86 
  

							
	No. _______	  		  		  	$___________________

 Republic Services, Inc., a Delaware corporation (herein called the “Company,” which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to ____________________ or its registered assigns, the principal sum of ____________________ ($___________________) United States dollars[,or such
greater or lesser amount as may from time to time be endorsed on the Schedule of Increases and Decreases of Interests in the Global Note attached hereto (but in no event may such amount exceed the aggregate principal amount of Notes authenticated
pursuant to Section 3.03 of the Indenture referred to below and then Outstanding pursuant to the terms of the Indenture)]2, on February 15, 2031, at the office or agency of the Company
referred to below, and to pay interest thereon from ____________________ or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on February 15 and August 15 in each year,
commencing February 15, 2021 at the rate of 1.450% per annum, in United States dollars, until the principal hereof is paid or duly provided for. Interest shall be computed on the basis of a 360-day year
comprised of twelve 30-day months. 
 The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or any Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall
be the February 1 or August 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid, or duly provided for, and interest on such defaulted interest at the
interest rate borne by the Securities, to the extent lawful, shall forthwith cease to be payable to the Holder on such Regular Record Date, and may either be paid to the Person in whose name this Security (or any Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice thereof shall be given to Holders of Securities not less than 10 days prior to such Special Record Date, or be
paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the
Indenture. 
 Payment of the principal of, premium, if any, and interest on, this Security, and exchange or transfer of this Security, will
be made at the office or agency of the Company in The City of New York maintained for such purpose (which initially will be a corporate trust office of the Trustee or its affiliate located at 100 Wall Street, Suite 1600, New York, NY 10005), or at
such other office or agency as may be maintained for such purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of 

  

	2 	 Use if Global Security 

  
 A-2 

 
interest may be made at the option of the Company by check mailed to the address of the Person entitled thereto as such address shall appear on the Security Register. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been duly executed by
the Trustee referred to on the reverse hereof or by the authenticating agent appointed as provided in the Indenture by manual signature of an authorized signer, this Security shall not be entitled to any benefit under the Indenture, or be valid or
obligatory for any purpose. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by the manual or facsimile
signature of one of its authorized officers. 
  

			
	REPUBLIC SERVICES, INC., as Issuer
		
	By:	 	
                 

		 	 Name:

		 	 Title:

  
 A-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the 1.450% Notes due 2031 referred to in the within-mentioned Indenture. 

 

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	              

		 	 Authorized Signatory

 Dated: 

  
 A-4 

 [FORM OF REVERSE SIDE OF SECURITY] 

REPUBLIC SERVICES, INC. 
 1.450%
Notes due 2031 
 This Security is one of a duly authorized issue of Securities of the Company designated as its 1.450% Notes due 2031
(herein called the “Securities”), limited (except as otherwise provided in the Indenture referred to below) in aggregate principal amount to $650,000,000, issued under and subject to the terms of an indenture (herein called the
“Indenture”) dated as of November 25, 2009, between the Company and U.S. Bank National Association, as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), as supplemented by
a Tenth Supplemental Indenture, dated as of August 20, 2020, between the Company and the Trustee to which the Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of
rights, duties, obligations and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. 

Prior to November 15, 2030 (three months prior to their Stated Maturity) (the “Par Call Date”), the Securities may be redeemed,
as a whole or in part, at the option of the Company, at any time or from time to time at a Redemption Price equal to the greater of (1) 100% of the principal amount of the Securities to be redeemed and (2) the sum of the present values of the
remaining scheduled payments of principal and interest thereon (assuming such Securities matured on the Par Call Date), discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the applicable Treasury Rate, plus 15 basis points, plus, in each case, accrued and unpaid interest to, but excluding, the Redemption Date, if any (subject to the right
of holders of record of such Securities on the relevant record date to receive interest due on an Interest Payment Date). On or after the Par Call Date, the Securities may be redeemed in whole or in part, at the option of the Company, at any time or
from time to time at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date, if any (subject to the right of holders of record of such
Securities on the relevant record date to receive interest due on an Interest Payment Date). 
 Any redemption may be made upon not less
than 15 and not more than 60 days’ notice to the Holders thereof as provided in the Indenture. 
 If less than all of the Securities
are to be redeemed, the Trustee shall select, not more than 60 nor less than 15 days before the Redemption Date, the Securities or portions thereof to be redeemed, by such method the Trustee shall deem fair and appropriate. 

In the case of any redemption of Securities in accordance with the Indenture, interest installments whose Stated Maturity is on or prior to
the Redemption Date will be payable to the Holders of such Securities of record as of the close of business on the relevant Regular Record Date or Special Record Date referred to on the face hereof. Securities (or portions thereof) for whose
redemption and payment provision is made in accordance with the Indenture shall cease to bear interest from and after the Redemption Date. 

  
 A-5 

 In the event of a redemption or repurchase of this Security in accordance with the Indenture
in part only, a new Security or Securities for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 

Upon the occurrence of a Change of Control Triggering Event with respect to the Securities, unless the Company has exercised its right to
redeem the Securities pursuant to Article XI of the Indenture, each Holder of the Securities shall have the right to require the Company to purchase all or a portion (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such
Holder’s Security pursuant to Article XIV of the Indenture. 
 If an Event of Default shall occur and be continuing, the principal
amount of all the Securities may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture
contains provisions for defeasance at any time of (a) the entire Indebtedness on the Securities and (b) certain covenants and Defaults and Events of Default, in each case upon compliance with certain conditions set forth therein. 

The Indenture permits, with certain exceptions (including certain amendments permitted without the consent of any Holders and certain
amendments which require the consent of all of the Holders) as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders under the Indenture and the Securities at any time
by the Company and the Trustee with the consent of the Holders of at least a majority in aggregate principal amount of the Securities at the time Outstanding that are affected. The Indenture also contains provisions permitting the Holders of at
least a majority in aggregate principal amount of the Securities (100% of the Holders in certain circumstances) at the time Outstanding that are affected, on behalf of the Holders of all the Securities, to waive compliance by the Company with
certain provisions of the Indenture and the Securities of such series and certain past Defaults and Events of Default under the Indenture and the Securities and their consequences. Any such consent or waiver by or on behalf of the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent or waiver is made upon this Security. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company or any other obligor on the Securities (in the event such other obligor is obligated to make payments in respect of the Securities), which is absolute and unconditional, to pay the principal of,
and premium, if any, and interest on, this Security at the times, place, and rate, and in the coin or currency, herein prescribed. 
 As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the
Company in the Borough of Manhattan, The City of New York, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or its attorney duly
authorized in writing, and thereupon one or more new Securities, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

  
 A-6 

 The Securities in certificated form are issuable only in registered form without coupons in
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Securities are exchangeable for a like aggregate principal amount of Securities of
a differing authorized denomination, as requested by the Holder surrendering the same. 
 Except as indicated in the Indenture, no service
charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations under the Securities or
the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the
issue of the Securities. 
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary. 
 THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 
 All terms used in this Security which are defined in the Indenture and not
otherwise defined herein shall have the meanings assigned to them in the Indenture. 

  
 A-7 

 CHANGE OF CONTROL REPURCHASE NOTICE 

If you want to elect to have only part of the Security purchased by the Company pursuant to Section 14.01 of the Indenture, state the
amount you elect to have purchased: 
 $_______________________ 

Date:___________________ 
 Your
Signature:_____________________________ 
 (Sign exactly as your name appears on the face of this Security) 

Tax Identification No: _______________________ 

Signature Guarantee*:_______________________ 
  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-8 

 SCHEDULE OF INCREASES AND DECREASES OF INTERESTS 

IN THE GLOBAL SECURITY3 

The following increases or decreases in this Global Security have been made: 
  

									
	 Date of
 Exchange
	 	 Amount of

decrease in
 Principal Amount

of this Global
 Security
	 	 Amount of increase

in Principal
 Amount of this

Global Security
	 	 Principal Amount

of this Global Security
 following
such decrease
 (or increase)
	 	 Signature of

authorized officer
 of Trustee or
Note
 Custodian

  

 

	3 	 This should be included only if the Security is a Global Security. 

  
 A-9

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